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RealPage Reports Q2 2013 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 second quarter ended June 30, 2013.

“RealPage delivered another quarter of solid financial performance, demonstrating the broad-based acceptance of the RealPage suite of software solutions and services,” said Steve Winn, Chairman and CEO of RealPage. “Every product family expanded and we are now serving over 8.6 million units with one or more of our solutions. We expect RealPage will continue to expand market share by delivering SaaS solutions that enable property owners and managers to outperform their peers.”

Second Quarter 2013 Financial Highlights

  • Non-GAAP total revenue was $94.5 million, an increase of 19.9% year-over-year;
  • Non-GAAP on demand revenue was $90.8 million, an increase of 21.2% year-over-year;
  • Adjusted EBITDA was $21.1 million, an increase of 21.6% year-over-year;
  • Non-GAAP net income was $10.4 million, or $0.14 per diluted share, a year-over-year increase of 27.7% and 27.3%, respectively; and
  • GAAP net income was $4.6 million, or $0.06 per diluted share, compared to a GAAP net loss of $2.4 million, or $0.03 per diluted share, in the prior year quarter.

Financial Outlook

RealPage management expects to achieve the following results during its third quarter ended September 30, 2013:

  • Non-GAAP total revenue is expected to be in the range of $99.0 million to $100.0 million;
  • Adjusted EBITDA is expected to be in the range of $23.0 million to $24.0 million;
  • Non-GAAP net income is expected to be in the range of $11.3 million to $12.0 million, or $0.15 to $0.16 per diluted share;
  • Non-GAAP tax rate of approximately 40.0%; and
  • Weighted average shares outstanding of approximately 76.8 million.

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