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RealPage Reports Q4 And Full Year 2012 Financial Results

RealPage, Inc. (NASDAQ:RP), a leading provider of on-demand software and software-enabled services to the rental housing industry, today announced financial results for its fourth quarter and year ended December 31, 2012.

“2012 was a solid year of financial performance,” said Steve Winn, Chairman and CEO of Realpage. “It was also a year of investment, which helped us start to solidify our marketing solutions. 2013 will be a continuation of what we have done since we built this company: expand new units and cross-sell additional software and software-enabled services into our installed base.”

Fourth Quarter 2012 Financial Highlights
  • Non-GAAP total revenue was $85.7 million, an increase of 20.2% year-over-year;
  • Non-GAAP on demand revenue was $81.8 million, an increase of 22.3% year-over-year;
  • Adjusted EBITDA was $20.8 million, an increase of 33.5% year-over-year;
  • Non-GAAP net income was $10.2 million, or $0.14 per diluted share, a year-over-year increase of 42.7% and 40.0%, respectively; and
  • GAAP net income was $3.7 million, or $0.05 per diluted share, compared to GAAP net income of $0.2 million, or $0.00 per diluted share, in the prior year quarter.

Full Year 2012 Financial Highlights
  • Non-GAAP total revenue was $322.3 million, an increase of 24.6% year-over-year;
  • Non-GAAP on demand revenue was $306.5 million, an increase of 27.6% year-over-year;
  • Adjusted EBITDA was $73.3 million, an increase of 29.9% year-over-year;
  • Non-GAAP net income was $34.9 million, or $0.47 per diluted share, a year-over-year increase of 37.1% and 30.6%, respectively; and
  • GAAP net income was $5.2 million, or $0.07 per diluted share, compared to a GAAP net loss of $1.2 million, or $0.02 per diluted share, in the prior year quarter.

Financial Outlook

RealPage management expects to achieve the following results during its first quarter ended March 31, 2013:
  • Non-GAAP total revenue is expected to be in the range of $88.0 million to $89.5 million;
  • Adjusted EBITDA is expected to be in the range of $20.0 million to $21.0 million;
  • Non-GAAP net income is expected to be in the range of $9.6 million to $10.2 million, or $0.13 to $0.14 per diluted share;
  • Non-GAAP tax rate of approximately 40.0%; and
  • Weighted average shares outstanding of approximately 75.6 million.

RealPage management expects to achieve the following results during its calendar year ended December 31, 2013:
  • Non-GAAP total revenue is expected to be in the range of $382.0 million to $390.0 million;
  • Adjusted EBITDA is expected to be in the range of $90.0 million to $93.0 million;
  • Non-GAAP net income is expected to be in the range of $43.9 million to $45.7 million, or $0.57 to $0.60 per diluted share;
  • Non-GAAP tax rate of approximately 40.0%; and
  • Full year weighted average shares outstanding of approximately 76.7 million.

Please note that the above statements are forward looking and that Non-GAAP total revenue includes an adjustment for the effect of deferred revenue from acquired companies that is required to be written down for GAAP purposes under purchase accounting rules. In addition, the above statements also include the impact of acquisitions and exclude any costs resulting from the Yardi litigation (including settlement costs and related insurance litigation). Actual results may differ materially. Please reference the information under the caption "Non-GAAP Financial Measures" as part of this press release.

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