RealPage Reports Q3 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 third quarter ended September 30, 2013.

“We are pleased with third quarter results,” said Steve Winn, Chairman and CEO of RealPage. “Across the board revenue traction for our solutions resulted in solid total revenue growth. The revenue performance, combined with our focus on expense discipline, resulted in strong growth in earnings and cash flow.”

Third Quarter 2013 Financial Highlights
  • Non-GAAP total revenue was $99.9 million, an increase of 20.0% year-over-year, while GAAP total revenue was $98.1 million, an increase of 17.8% year-over-year;
  • Non-GAAP on demand revenue was $95.9 million, an increase of 21.4% year-over-year, while GAAP on demand revenue was $94.1 million, an increase of 19.1% year-over-year;
  • Adjusted EBITDA was $23.7 million, an increase of 26.5% year-over-year;
  • Non-GAAP net income was $12.1 million, or $0.16 per diluted share, a year-over-year increase of 35.7% and 33.3%, respectively; and
  • GAAP net income was $12.9 million, or $0.17 per diluted share, compared to GAAP net income of $2.1 million, or $0.03 per diluted share, in the prior year quarter.

Financial Outlook

RealPage management expects to achieve the following results during its fourth quarter ended December 31, 2013:
  • Non-GAAP total revenue is expected to be in the range of $102.7 million to $104.2 million;
  • Adjusted EBITDA is expected to be in the range of $25.0 million to $26.0 million;
  • Non-GAAP net income is expected to be in the range of $12.5 million to $13.1 million, or $0.16 to $0.17 per diluted share;
  • Non-GAAP tax rate of approximately 40.0%; and
  • Weighted average shares outstanding of approximately 77.4 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 $386.0 million to $387.5 million;
  • Adjusted EBITDA is expected to be in the range of $90.5 million to $91.5 million;
  • Non-GAAP net income is expected to be in the range of $45.0 million to $45.6 million, or $0.59 to $0.60 per diluted share;
  • Non-GAAP tax rate of approximately 40.0%; and
  • Full year weighted average shares outstanding of approximately 76.1 million.

Please note that the above statements are forward looking and that Non-GAAP total revenue includes an adjustment for the effect of acquisition-related and other deferred revenue. 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 well as reconciliation tables of GAAP financial measures to non-GAAP financial measures as set forth in this press release.

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