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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.
Conference Call and Webcast
The Company will host a conference call today at 5:00 p.m. EDT to
discuss its financial results. Participants are encouraged to listen to
the presentation via a live web broadcast at www.realpage.com
on the Investor Relations section. In addition, a live dial-in is
available domestically at 866-743-9666 and internationally at
760-298-5103. A replay will be available at 855-859-2056 or
404-537-3406, passcode 10159496, until March 2, 2013.
About RealPage
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on
demand (also referred to as "Software-as-a-Service" or "SaaS") products
and services to apartment communities and single family rentals across
the United States. Its on demand product lines include OneSite® property
management systems that automate the leasing, renting, management, and
accounting of conventional, affordable, tax credit, student living,
senior living and military housing properties; LeaseStar™ multichannel
managed marketing that enables owners to originate, syndicate, manage
and capture leads more effectively and at less overall cost; YieldStar®
asset optimization systems that enable owners and managers to optimize
rents to achieve the overall highest yield, or combination of rent and
occupancy, at each property; Velocity™ billing and utility management
services that increase collections and reduce delinquencies;
LeasingDesk® risk mitigation systems that are designed to reduce a
community's exposure to risk and liability; OpsTechnology® spend
management systems that help owners manage and control operating
expenses; and Compliance Depot™ vendor management and qualification
services to assist a community in managing its compliance vendor
program. Supporting this family of SaaS products is a suite of shared
cloud services including electronic payments, document management,
decision support and learning. Through its Propertyware subsidiary,
RealPage also provides software and services to single-family rentals
and low density, centrally-managed multifamily housing. For more
information, call 1-87-REALPAGE or visit www.realpage.com.
This press release contains "forward-looking" statements relating to
RealPage, Inc.'s expected, possible or assumed future results of
operations, growth, expenditures, tax rates, outstanding shares and
expansion of new units and cross-selling of additional software and
software-enabled services into RealPage’s installed base. These
forward-looking statements are based on management's beliefs and
assumptions and on information currently available to management.
Forward-looking statements include all statements that are not
historical facts and may be identified by terms such as “expects,”
“believes,” “plans,” or similar expressions and the negatives of those
terms. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, the following: (a) the
possibility that general economic conditions or uncertainty cause
information technology spending, particularly in the rental housing
industry, to be reduced or purchasing decisions to be delayed; (b) an
increase in customer cancellations; (c) the inability to increase sales
to existing customers and to attract new customers; (d) RealPage, Inc.'s
failure to integrate acquired businesses and any future acquisitions
successfully; (e) the timing and success of new product introductions by
RealPage, Inc. or its competitors; (f) changes in RealPage, Inc.'s
pricing policies or those of its competitors; (g) litigation; (h)
inability to complete the integration of our LeaseStar products and
deliver enhanced functionality on a timely basis; or (i) the discovery
of facts and circumstances currently not available to management; and
such other risks and uncertainties described more fully in documents
filed with or furnished to the Securities and Exchange Commission
("SEC") by RealPage, including its Quarterly Report on Form 10-Q
previously filed with the SEC on November 9, 2012, its Registration
Statement on Form S-3ASR and related prospectus supplement previously
filed with the SEC on September 13, 2012. All information provided in
this release is as of the date hereof and RealPage undertakes no duty to
update this information except as required by law.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. These measures
differ from GAAP in that they exclude amortization of intangible assets,
stock-based compensation expenses, any impact related to the Yardi
litigation (including settlement costs and related insurance
litigation), acquisition-related deferred revenue adjustments, and
acquisition related expenses (including any purchase accounting
adjustments). Reconciliation tables comparing GAAP financial measures to
non-GAAP financial measures are included at the end of this release.
We define Adjusted EBITDA as net (loss) income plus acquisition-related
deferred revenue adjustment, depreciation and asset impairment,
amortization of intangible assets, net interest expense, income tax
expense (benefit), stock-based compensation expense, any impact related
to Yardi litigation (including settlement costs and related insurance
litigation), and acquisition-related expense.
We believe that the use of Adjusted EBITDA is useful to investors and
other users of our financial statements in evaluating our operating
performance because it provides them with an additional tool to compare
business performance across companies and across periods. We believe
that:
Adjusted EBITDA provides investors and other users of our financial
information consistency and comparability with our past financial
performance, facilitates period-to-period comparisons of operations
and facilitates comparisons with our peer companies, many of which use
similar non-GAAP financial measures to supplement their GAAP results;
and
it is useful to exclude certain non-cash charges, such as depreciation
and asset impairment, amortization of intangible assets and
stock-based compensation and non-core operational charges, such as
acquisition-related expense and any impact related to the Yardi
litigation (including settlement costs and related insurance
litigation), from Adjusted EBITDA because the amount of such expenses
in any specific period may not directly correlate to the underlying
performance of our business operations and these expenses can vary
significantly between periods as a result of new acquisitions, full
amortization of previously acquired tangible and intangible assets or
the timing of new stock-based awards, as the case may be.
We use Adjusted EBITDA in conjunction with traditional GAAP operating
performance measures as part of our overall assessment of our
performance, for planning purposes, including the preparation of our
annual operating budget, to evaluate the effectiveness of our business
strategies and to communicate with our board of directors concerning our
financial performance.
We do not place undue reliance on Adjusted EBITDA as our only measure of
operating performance. Adjusted EBITDA should not be considered as a
substitute for other measures of liquidity or financial performance
reported in accordance with GAAP. There are limitations to using
non-GAAP financial measures, including that other companies may
calculate these measures differently than we do, that they do not
reflect our capital expenditures or future requirements for capital
expenditures and that they do not reflect changes in, or cash
requirements for, our working capital. We compensate for the inherent
limitations associated with using Adjusted EBITDA measures through
disclosure of these limitations, presentation of our financial
statements in accordance with GAAP and reconciliation of Adjusted EBITDA
to the most directly comparable GAAP measure, net (loss) income.
Condensed Consolidated Statements of Operations
For the Three and Twelve Months Ended December 31, 2012 and 2011
(unaudited, in thousands, except per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Revenue:
On demand
$
81,771
$
66,695
$
306,400
$
239,436
On premise
1,313
1,536
5,216
6,581
Professional and other
2,640
2,910
10,556
11,962
Total revenue
85,724
71,141
322,172
257,979
Cost of revenue(1)
33,204
28,924
128,562
108,155
Gross profit
52,520
42,217
193,610
149,824
Operating expense:
Product development(1)
12,852
11,945
48,177
43,441
Sales and marketing(1)
19,806
18,762
76,992
63,775
General and administrative(1)
12,199
10,195
56,993
40,798
Total operating expense
44,857
40,902
182,162
148,014
Operating income (loss)
7,663
1,315
11,448
1,810
Interest expense and other, net
(426
)
(669
)
(2,046
)
(3,251
)
Income (loss) before income taxes
7,237
646
9,402
(1,441
)
Income tax expense (benefit)
3,515
405
4,219
(210
)
Net income (loss)
$
3,722
$
241
$
5,183
$
(1,231
)
Net income (loss) per share
Basic
$
0.05
$
0.00
$
0.07
$
(0.02
)
Diluted
$
0.05
$
0.00
$
0.07
$
(0.02
)
Weighted average shares used in computing net income (loss) per
share
Basic
73,460
69,632
71,838
68,480
Diluted
74,960
72,287
74,002
68,480
(1)Includes stock-based compensation expense as follows:
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Cost of revenue
$
718
$
586
$
2,806
$
1,655
Product development
1,211
1,251
4,391
4,594
Sales and marketing
368
3,224
4,790
12,017
General and administrative
1,564
1,327
6,191
4,352
$
3,861
$
6,388
$
18,178
$
22,618
Condensed Consolidated Balance Sheets
At December 31, 2012 and 2011
(unaudited, in thousands except share data)
December 31, 2012
December 31, 2011
Assets
Current assets:
Cash and cash equivalents
$
33,804
$
51,273
Restricted cash
35,202
19,098
Accounts receivable, less allowance for doubtful accounts of
$1,087 and $979 at December 31, 2012 and 2011, respectively
51,937
43,883
Deferred tax asset
-
272
Other current assets
6,541
10,232
Total current assets
127,484
124,758
Property, equipment and software, net
32,487
27,974
Goodwill
134,025
129,292
Identified intangible assets, net
104,640
112,308
Deferred tax asset
-
2,539
Other assets
3,561
3,194
Total assets
$
402,197
$
400,065
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
9,805
$
12,218
Accrued expenses and other current liabilities
19,246
25,816
Current portion of deferred revenue
60,633
57,325
Deferred tax liability
2
-
Customer deposits held in restricted accounts
35,171
19,017
Total current liabilities
124,857
114,376
Deferred revenue
9,446
8,693
Deferred tax liability
10
-
Revolving credit facility
10,000
50,312
Other long-term liabilities
2,813
3,803
Total liabilities
147,126
177,184
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized
and zero shares issued and outstanding at December 31, 2012 and
2011, respectively
-
-
Common stock, $0.001 par value per share: 125,000,000 shares
authorized, 77,012,925 and 73,115,779 shares issued and 75,826,615
and 72,701,571 shares outstanding at December 31, 2012 and 2011,
respectively
77
73
Additional paid-in capital
347,203
316,964
Treasury stock, at cost: 1,186,310 and 414,208 shares at and
December 31, 2012 and 2011, respectively
(6,323
)
(3,138
)
Accumulated deficit
(85,778
)
(90,961
)
Accumulated other comprehensive loss
(108
)
(57
)
Total stockholders' equity
255,071
222,881
Total liabilities and stockholders' equity
$
402,197
$
400,065
Condensed Consolidated Statements of Cash Flows
For the Three and Twelve Months Ended December 31, 2012 and 2011
(unaudited, in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Cash flows from operating activities:
Net income (loss)
$
3,722
$
241
$
5,183
$
(1,231
)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization
8,787
7,689
32,469
29,147
Deferred tax expense (benefit)
2,698
1,954
2,624
524
Stock-based compensation
3,861
6,388
18,178
22,618
Excess tax benefit from stock options
-
161
-
161
Loss on disposal of assets
181
-
568
398
Acquisition-related contingent consideration
(300
)
(512
)
(722
)
(410
)
Changes in assets and liabilities, net of assets acquired and
liabilities assumed in business combinations:
(1,692
)
3,606
112
(1,981
)
Net cash provided by operating activities
17,257
19,527
58,412
49,226
Cash flows from investing activities:
Purchases of property, equipment and software, net
(3,173
)
(5,365
)
(18,774
)
(16,147
)
Acquisition of businesses, net of cash acquired
(2,693
)
(3,414
)
(22,184
)
(91,231
)
Intangible asset additions
(150
)
(1,850
)
(3,375
)
(1,850
)
Net cash used by investing activities
(6,016
)
(10,629
)
(44,333
)
(109,228
)
Cash flows from financing activities:
Stock issuance costs from public offerings
$
-
$
-
$
-
$
(775
)
Payments on and proceeds from debt, net
(15,000
)
(7,728
)
(40,377
)
(16,252
)
Issuance of common stock
2,191
4,175
12,065
12,674
Excess tax benefit from stock options
-
(161
)
-
(161
)
Purchase of treasury stock
(797
)
(1,397
)
(3,185
)
(2,180
)
Net cash used in financing activities
(13,606
)
(5,111
)
(31,497
)
(6,694
)
Net decrease in cash and cash equivalents
(2,365
)
3,787
(17,418
)
(66,696
)
Effect of exchange rate on cash
(51
)
(5
)
(51
)
(41
)
Cash and cash equivalents:
Beginning of period
36,220
47,491
51,273
118,010
End of period
$
33,804
$
51,273
$
33,804
$
51,273
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Twelve Months Ended December 31, 2012 and 2011
(unaudited, in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Revenue:
$
85,724
$
71,141
$
322,172
$
257,979
Acquisition related deferred revenue adjustment
3
186
89
706
Non-GAAP revenue
$
85,727
$
71,327
$
322,261
$
258,685
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Adjusted gross profit:
Gross profit
$
52,520
$
42,217
$
193,610
$
149,824
Acquisition related deferred revenue adjustment
3
186
89
706
Depreciation
1,598
1,615
6,515
6,052
Amortization of intangible assets
2,560
2,272
9,560
9,002
Stock-based compensation expense
718
586
2,806
1,655
Adjusted gross profit
$
57,399
$
46,876
$
212,580
$
167,239
Adjusted gross profit margin
67.0
%
65.7
%
66.0
%
64.6
%
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Adjusted EBITDA:
Net income (loss)
$
3,722
$
241
$
5,183
$
(1,231
)
Acquisition related deferred revenue adjustment
3
186
89
706
Depreciation, asset impairment and loss on disposal of asset
3,521
2,969
13,539
11,539
Amortization of intangible assets
5,447
4,720
19,498
18,006
Interest expense, net
426
669
2,160
2,868
Income tax expense (benefit)
3,515
405
4,219
(210
)
Litigation-related expense
399
337
10,158
1,298
Stock-based compensation expense
3,861
6,388
18,178
22,618
Acquisition related (income) expense
(94
)
(334
)
(350
)
865
Stock registration costs
7
-
675
-
Adjusted EBITDA
$
20,807
$
15,581
$
73,349
$
56,459
Adjusted EBITDA margin
24.3
%
21.8
%
22.8
%
21.8
%
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP total product development:
Product development
$
12,852
$
11,945
$
48,177
$
43,441
Less: Amortization of intangible assets
-
-
-
-
Stock-based compensation expense
1,211
1,251
4,391
4,594
Non-GAAP total product development:
$
11,641
$
10,694
$
43,786
$
38,847
Non-GAAP total product development as % of non-GAAP revenue:
13.6
%
15.0
%
13.6
%
15.0
%
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Twelve Months Ended December 31, 2012 and 2011
(unaudited, in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP total sales and marketing:
Sales and marketing
$
19,806
$
18,762
$
76,992
$
63,775
Less: Amortization of intangible assets
2,887
2,448
9,938
9,004
Stock-based compensation expense
368
3,224
4,790
12,017
Non-GAAP total sales and marketing:
$
16,551
$
13,090
$
62,264
$
42,754
Non-GAAP total sales and marketing as % of non-GAAP revenue:
19.3
%
18.4
%
19.3
%
16.5
%
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP total general and administrative:
General and administrative
$
12,199
$
10,195
$
56,993
$
40,798
Less: Acquisition related (income) expense
(94
)
(334
)
(350
)
865
Stock-based compensation expense
1,564
1,327
6,191
4,352
Litigation related expense
399
337
10,158
1,298
Stock registration costs
7
-
675
-
Non-GAAP total general and administrative:
$
10,323
$
8,865
$
40,319
$
34,283
Non-GAAP total general and administrative as % of non-GAAP revenue:
12.0
%
12.4
%
12.5
%
13.3
%
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP total operating expense:
Operating expense
$
44,857
$
40,902
$
182,162
$
148,014
Less: Amortization of intangible assets
2,887
2,448
9,938
9,004
Acquisition related (income) expense
(94
)
(334
)
(350
)
865
Stock-based compensation expense
3,143
5,802
15,372
20,963
Litigation related expense
399
337
10,158
1,298
Stock registration costs
7
-
675
-
Non-GAAP total operating expense:
$
38,515
$
32,649
$
146,369
$
115,884
Non-GAAP total operating expense as % of non-GAAP revenue:
44.9
%
45.8
%
45.4
%
44.8
%
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP operating income (loss):
Operating income (loss)
$
7,663
$
1,315
$
11,448
$
1,810
Acquisition related deferred revenue adjustment
3
186
89
706
Amortization of intangible assets
5,447
4,720
19,498
18,006
Stock-based compensation expense
3,861
6,388
18,178
22,618
Acquisition related (income) expense
(94
)
(334
)
(350
)
865
Litigation related expense
399
337
10,158
1,298
Stock registration costs
7
-
675
-
Non-GAAP operating income
$
17,286
$
12,612
$
59,696
$
45,303
Non-GAAP operating margin
20.2
%
17.7
%
18.5
%
17.5
%
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Twelve Months Ended December 31, 2012 and 2011
(unaudited, in thousands, except per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP net income:
Net income (loss)
$
3,722
$
241
$
5,183
$
(1,231
)
Acquisition related deferred revenue adjustment
3
186
89
706
Amortization of intangible assets
5,447
4,720
19,498
18,006
Stock-based compensation expense
3,861
6,388
18,178
22,618
Acquisition related (income) expense
(94
)
(334
)
(350
)
865
Litigation related expense
399
337
10,158
1,298
Loss on disposal of assets
181
-
568
398
Stock registration costs
7
-
675
-
Subtotal of tax deductible items
9,804
11,297
48,816
43,891
Tax impact of tax deductible items(1)
(3,922
)
(4,519
)
(19,526
)
(17,556
)
Tax expense resulting from applying effective tax rate(2)
620
147
458
366
Non-GAAP net income
$
10,224
$
7,166
$
34,931
$
25,470
Non-GAAP net income per share - diluted
$
0.14
$
0.10
$
0.47
$
0.36
Weighted average shares - diluted
74,960
72,287
74,002
68,480
Weighted average effect of dilutive securities
-
-
-
3,181
Non-GAAP weighted average shares - diluted
74,960
72,287
74,002
71,661
(1)Reflects the removal of the tax benefit associated
with the amortization of intangible assets, stock-based
compensation expense, Acquisition related deferred revenue
adjustment and Acquisition related (income) expense.
(2)Represents adjusting to a normalized effective tax
rate of 40%.
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Annualized Non-GAAP on demand revenue per average on demand unit:
On demand revenue
$
81,771
$
66,695
$
306,400
$
239,436
Acquisition related deferred revenue adjustment
3
186
89
706
Non-GAAP on demand revenue
$
81,774
$
66,881
$
306,489
$
240,142
Ending on demand units
8,113
7,302
8,113
7,302
Average on demand units
7,968
7,188
7,625
6,574
Annualized Non-GAAP on demand revenue per average on demand unit
$
41.05
$
37.22
$
40.20
$
36.53
Annual customer value of on demand revenue(1)
$
333,039
$
271,780
(1)This metric represents management's estimate for the
current annual run-rate value of on demand customer relationships.
This metric is calculated by multiplying ending on demand units
times annualized Non-GAAP on demand revenue per average on demand
unit for the periods presented.
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“Open source has always provided a number of benefits, including easing adoption costs, propagating a better understanding of the technology, and allowing for faster evolution and commercialization of products and services based on it,” noted Terry Woloszyn, Founder & CEO, Leeward Secu...
SYS-CON Events announced today that OpenStack will exhibit at SYS-CON's 12th International Cloud Expo, which will take place on June 10–13, 2013, at the Javits Center in New York City, New York. OpenStack software controls large pools of compute, storage, and networking resources thro...
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Cloud computing must have been brushing up on its bedside manner.
HIPAA requirements now stipulate everyone in the health-care industry must begin migrating patient records and other data to cloud computing. By 2015, all medical professionals with access to patient records must utiliz...
Cloudscaling, the four-year old start-up that insists it’s got the most advanced OpenStack infrastructure system, has picked up a $10 million B round from Trinity Ventures and two new investors, new strategic partners Juniper Networks and Seagate.
It reportedly got a $4 million A rou...
You're getting pitched every day from your legacy enterprise software and hardware vendors about "cloud." They're doing an amazing job of convincing your CIO and CTO about what cloud is and how you should use it. The reality is they're defending their shrinking market share and keeping...
