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REALPAGE, INC. (RP)

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RealPage, Inc. : RealPage Reports Q1 2012 Financial Results

05/03/2012 | 05:10pm US/Eastern

CARROLLTON, Texas, May 3, 2012 /PRNewswire/ -- 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 first quarter ended March 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20110912/DA66533LOGO)

"RealPage has started the year strongly as evidenced by our solid first quarter financial performance," says Steve Winn, Chairman and CEO of RealPage. "Non-GAAP total revenue performance was up 29% year over year and Adjusted EBITDA grew 35% over the same period. Our growth in on demand units and revenue per unit resulted in an annual customer value of $286 million, an increase of 34% compared to the prior year quarter. We believe this demonstrates our success in cross selling additional software solutions and services into our installed base and our ability to capture new units effectively across property managers and owners of all sizes."

First Quarter 2012 Financial Highlights

    --  Non-GAAP total revenue was $74.5 million, an increase of 29.5%
        year-over-year;
    --  Non-GAAP on demand revenue was $70.8 million, an increase of 33.7%
        year-over-year;
    --  Adjusted EBITDA was $16.4 million, an increase of 35.4% year-over-year;
    --  Non-GAAP net income was $7.6 million, or $0.10 per diluted share, a
        year-over-year increase of 47.8% and 42.9%, respectively;
    --  GAAP net income was $1.7 million, or $0.02 per diluted share, compared
        to a GAAP net loss of $0.6 million, or $0.01 per diluted share, in the
        prior year quarter; and
    --  Net cash provided by operating activities was $10.9 million, an increase
        of 17.7% year-over-year.

Financial Outlook

RealPage management expects to achieve the following results during its second quarter ended June 30, 2012:

    --  Non-GAAP total revenue is expected to be in the range of $77.5 million
        to $79.0 million;
    --  Adjusted EBITDA is expected to be in the range of $16.8 million to $17.3
        million;
    --  Non-GAAP net income is expected to be in the range of $7.9 million to
        $8.2 million, or $0.11 per diluted share;
    --  Non-GAAP tax rate of approximately 40.0%; and
    --  Weighted average shares outstanding of approximately 74.0 million.

RealPage management expects to achieve the following results during its calendar year ended December 31, 2012:

    --  Non-GAAP total revenue is expected to be in the range of $321.5 million
        to $330.0 million;
    --  Adjusted EBITDA is expected to be in the range of $71.9 million to $75.0
        million;
    --  Non-GAAP net income is expected to be in the range of $34.0 million to
        $36.0 million, or $0.46 to $0.49 per diluted share;
    --  Non-GAAP tax rate of approximately 40.0%; and
    --  Full year weighted average shares outstanding of approximately 74.1
        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 impact resulting from the Yardi Systems 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 75552849, until May 13, 2012.

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(TM) 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(TM) 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(TM) 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. RealPage's MyNewPlace® subsidiary is one of the largest lead generation apartment and home rental websites, offering apartment owners and managers qualified, prospective residents through subscription, pay-per-lead and LeaseMatch pay-per-lease programs. 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.

Cautionary Statement Regarding Forward-Looking Statements

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 potential benefits of completed acquisitions. 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; and (h) such other risk and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC"), including RealPage's Annual Report on Form 10-K previously filed with the SEC on February 24, 2012. All information provided in this release is as of the date hereof and RealPage, Inc. 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 Systems 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 the Yardi Systems 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 Systems
        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 Months Ended March 31, 2012 and
                                     2011
                (unaudited, in thousands, except per share
                                   data)

                                                                       Three Months Ended
                                                                            March 31,
                                                                            ---------
                                                                                      2012            2011
                                                                                      ----            ----
     Revenue:
                               On demand                       $70,718                      $52,937
                               On premise                        1,416                        1,645
                                Professional and
                                other                            2,283                        2,966
                                                                 -----                        -----
                                                    Total revenue                   74,417          57,548
     Cost of revenue(1)                     30,613                                  24,683
                                            ------                                  ------
     Gross profit                           43,804                                  32,865
     Operating expense:
                                Product
                                development(1)                  11,313                       10,316
                                Sales and
                                marketing(1)                    16,806                       12,794
                                General and
                                administrative(1)               12,303                        9,776
                                                                ------                        -----
                                                     Total
                                                     operating
                                                     expense                        40,422          32,886
                                                                                    ------          ------
     Operating income (loss)                 3,382                                     (21)
      Interest expense and
      other, net                              (636)                                 (1,166)
                                                                                    ------
      Income (loss) before
      income taxes                           2,746                                  (1,187)
      Income tax expense
      (benefit)                              1,026                                    (539)
                                             -----                                    ----
     Net income (loss)                      $1,720                                   $(648)
                                            ======                                   =====

      Net income (loss) per
      share
                                                    Basic                            $0.02          $(0.01)
                                                    Diluted                          $0.02          $(0.01)
      Weighted average shares
      used in
      computing net income
      (loss) per share
                                                    Basic                           70,590          66,800
                                                    Diluted                         73,170          66,800


                           (1)  Includes stock-
                                based compensation  Three Months Ended
                               expense as follows:       March 31,
                                                         ---------
                                                                                      2012            2011
                                                                                      ----            ----
                                                     Cost of
                                                     revenue                          $689            $298
                                                     Product
                                                     development                     1,062             980
                                                     Sales and
                                                     marketing                         737           2,733
                                                     General and
                                                     administrative                  1,500             842
                                                                                    $3,988          $4,853
                                                                                    ======          ======


                   Condensed Consolidated Balance Sheets
                  At March 31, 2012 and December 31, 2011
                (unaudited, in thousands, except share data)

                                                                         March 31,            December 31,
                                                                               2012                   2011
                                                                               ----                   ----
     Assets
     Current assets:
                 Cash and cash
                 equivalents                                                $49,575                        $51,273
                Restricted cash                                  22,557               19,098
       Accounts
                 receivable, less
                 allowance for
                 doubtful
                 accounts
                                       of $1,192 and $979 at March 31,
                                       2012 and
                                      December 31, 2011, respectively        42,648                 43,883
                 Deferred tax
                 asset, net of
                 valuation
                 allowance                                          225                  272
                 Other current
                 assets                                          10,069               10,232
                                                                 ------               ------
                                      Total current assets                  125,074                124,758
      Property, equipment
      and software, net                                         28,224               27,974
     Goodwill                                                  131,901              129,292
      Identified
      intangible assets,
      net                                                      110,507              112,308
      Deferred tax asset,
      net of valuation
      allowance                                                  2,008                2,539
     Other assets                                                4,439                3,194
                                                                 -----                -----
                                      Total assets                                  $402,153                       $400,065
                                                                                    ========                       ========
      Liabilities and
      stockholders'
      equity
     Current liabilities:
                Accounts payable                                             $8,043                        $12,218
                 Accrued expenses
                 and other
                 current
                 liabilities                                     29,029               25,816
                 Current portion
                 of deferred
                 revenue                                         55,075               57,325
                 Customer deposits
                 held in
                 restricted
                 accounts                                        22,478               19,017
                                                                 ------               ------
                                      Total current liabilities             114,625                114,376
     Deferred revenue                                            9,579                8,693
      Revolving credit
      facility                                                  45,000               50,312
      Other long-term
      liabilities                                                3,649                3,803
                                                                 -----                -----
                                      Total liabilities                     172,853                177,184
      Stockholders'
      equity:
       Preferred stock,
                 $0.001 par
                 value,
                 10,000,000
                 shares
                  authorized and
                   zero shares
                   March 31, 2012
                  and December 31,
                   2011,
                   respectively                                       -                    -
       Common stock,
                 $0.001 par value
                 per share:
                 125,000,000
                 shares
         authorized,
                    73,916,813 and
                    73,115,779
                    shares issued
                    and
                   73,433,527 and
                    72,701,571
                    shares
                    outstanding at
                   March 31, 2012
                    and December 31,
                    2011,
                    respectively                                     74                   73
                 Additional paid-
                 in capital                                     322,712              316,964
                 Treasury stock,
                 at cost: 483,286
                 and 414,208
                 shares at                                       (4,184)              (3,138)
                  March 31, 2012
                   and December 31,
                   2011,
                   respectively
                 Accumulated
                 deficit                                        (89,241)             (90,961)
                 Accumulated other
                 comprehensive
                 loss                                               (61)                 (57)
                                                                    ---                  ---
                                      Total stockholders' equity            229,300                222,881
                                                                            -------                -------
                                       Total liabilities and
                                       stockholders' equity                         $402,153                       $400,065
                                                                                    ========                       ========
                                                                                                                                                                
                                                                                                                                                                
                                                       Condensed Consolidated Statements of Cash Flows
                                                      For the Three Months Ended March 31, 2012 and 2011
                                                                  (unaudited, in thousands)
                                                                                                                                                                
                                                                                           Three Months Ended
                                                                                                March 31,
                                                                                                ---------
                                                                                                           2012                                  2011
                                                                                                           ----                                  ----
    Cash flows from operating activities:
                     Net income (loss)                                           $1,720                              $(648)
                      Adjustments to
                      reconcile net income
                      (loss) to net cash
                      provided by
                      operating
                      activities:
                      Depreciation and
                      amortization                                                7,878                              6,773
                      Deferred tax
                      expense (benefit)                                             578                               (778)
                      Stock-based
                      compensation                                                3,988                              4,853
                      Loss on disposal of
                      assets                                                        178                                397
                      Acquisition-
                      related contingent
                      consideration                                                 430                                 62
                      Changes in assets
                      and liabilities,
                      net of assets
                      acquired
                                               and liabilities assumed in business
                                               combinations:                                             (3,870)                               (1,398)
                                                                                                         ------                                ------
                                               Net cash provided by operating
                                               activities                                                10,902                                 9,261
    Cash flows from investing activities:
                      Purchases of property,
                      equipment and
                      software                                                   (3,560)                            (1,954)
                      Acquisition of
                      businesses, net of
                      cash acquired                                              (4,303)                              (184)
                      Intangible asset
                      purchase                                                      (75)                                 -
                                                                                   ----
                                              Net cash used by investing activities                      (7,938)                               (2,138)
                                                                                                         ------                                ------
    Cash flows from financing activities:
                      Stock issuance costs
                      from public offerings                           $               -                              $(775)
                      Payments on and
                      proceeds from debt,
                      net                                                        (5,373)                            (2,961)
                      Issuance of common
                      stock                                                       1,761                              3,044
                      Purchase of treasury
                      stock                                                      (1,046)                              (186)
                                                                                -------
                                              Net cash used by financing activities                      (4,658)                                 (878)
                                                                                                         ------                                  ----
                                               Net (decrease) increase in cash and cash
                                               equivalents                                               (1,694)                                6,245
                                              Effect of exchange rate on cash                                (4)                                  (12)
    Cash and cash equivalents:
                     Beginning of period                                         51,273                            118,010
                                                                                 ------
                     End of period                                              $49,575                           $124,243
                                                                                =======
                                                                                                                                                        
                                                                                                                                                        
                                                      Reconciliation of GAAP to Non-GAAP Measures
                                                  For the Three Months Ended March 31, 2012 and 2011
                                                               (unaudited, in thousands)
                                                                                                                                                        
                                                                            Three Months Ended
                                                                                March 31,
                                                                                ---------
                                                                                             2012                                    2011
                                                                                             ----                                    ----
                                                                                                                                                        
    Revenue:                                                                              $74,417                                 $57,548
                             Acquisition-
                             related deferred
                             revenue
                             adjustment                             81                                       -
    Non-GAAP revenue                                                                      $74,498                                 $57,548
                                                                                          =======                                 =======
                                                                                                                                                        
                                                                            Three Months Ended
                                                                                March 31,
                                                                                ---------
                                                                                             2012                                    2011
                                                                                             ----                                    ----
    Adjusted gross profit:
                            Gross profit                       $43,804                                 $32,865
                             Acquisition-
                             related
                             deferred
                             revenue
                             adjustment                             81                                       -
                            Depreciation                         1,585                                   1,490
                             Amortization
                             of intangible
                             assets                              2,418                                   2,176
                             Stock-based
                             compensation
                             expense                               689                                     298
                                                                   ---                                     ---
                             Adjusted gross
                             profit                            $48,577                                 $36,829
                            ===============
                                                                                                                                                        
                             Adjusted gross
                             profit                               65.2%                                   64.0%
                                                                                                                                                        
                                                                            Three Months Ended
                                                                                March 31,
                                                                                ---------
                                                                                             2012                                    2011
                                                                                             ----                                    ----
    Adjusted EBITDA:
                            Net income (loss)                   $1,720                                   $(648)
                             Acquisition-
                             related
                             deferred
                             revenue
                             adjustment                             81                                       -
                             Depreciation,
                             asset
                             impairment
                             and loss on
                             disposal of
                             asset                               3,227                                   3,124
                             Amortization
                             of intangible
                             assets                              4,829                                   4,046
                             Interest
                             expense, net                          638                                     783
                             Income tax
                             expense
                             (benefit)                           1,026                                    (539)
                             Litigation-
                             related
                             expense                               360                                     320
                             Stock-based
                             compensation
                             expense                             3,988                                   4,853
                             Acquisition-
                             related
                             expense                               553                                     186
                            Adjusted EBITDA                    $16,422                                 $12,125
                            ===============
                                                                                                                                                        
                             Adjusted EBITDA
                             margin                               22.0%                                   21.1%
                                                                                                                                                        
                                                                            Three Months Ended
                                                                                March 31,
                                                                                ---------
                                                                                             2012                                    2011
                                                                                             ----                                    ----
    Non-GAAP total product development:
                             Product
                             Development                       $11,313                                 $10,316
                             Less:
                             Amortization
                             of intangible
                             assets                                  -                                       -
                                      Stock-based
                                       compensation
                                       expense                   1,062                                     980
                                                                 -----                                     ---
                             Non-GAAP total
                             product
                             development:                      $10,251                                  $9,336
                            ===============
                                                                                                                                                        
                             Non-GAAP total
                             product
                             development as %
                             of non-GAAP
                             revenue:                             13.8%                                   16.2%
                                                                                                                                                             
                                                                                                                                                             
                                                        Reconciliation of GAAP to Non-GAAP Measures
                                                    For the Three Months Ended March 31, 2012 and 2011
                                                                 (unaudited, in thousands)
                                                                                                                                                             
                                                                                  Three Months Ended
                                                                                      March 31,
                                                                                      ---------
                                                                                                   2012                                    2011
                                                                                                   ----                                    ----
    Non-GAAP total sales and marketing:
                          Sales and marketing                        $16,806                                 $12,794
                           Less:
                           Amortization of
                           intangible
                           assets                                      2,411                                   1,870
                                    Stock-based
                                     compensation
                                     expense                             737                                   2,733
                                                                         ---                                   -----
                           Non-GAAP total
                           sales and
                           marketing:                                $13,658                                  $8,191
                          ===============
                                                                                                                                                             
                           Non-GAAP total
                           sales and marketing
                           as % of non-GAAP
                           revenue:                                     18.3%                                   14.2%
                                                                                                                                                             
                                                                                  Three Months Ended
                                                                                      March 31,
                                                                                      ---------
                                                                                                   2012                                    2011
                                                                                                   ----                                    ----
    Non-GAAP total general and administrative:
                           General and
                           administrative                            $12,303                                  $9,776
                           Less:
                           Acquisition-
                           related expense                               553                                     186
                                   Stock-based
                                    compensation
                                    expense                            1,500                                     842
                                   Litigation
                                    related expense                      360                                     320
                           Non-GAAP total
                           general and
                           administrative:                            $9,890                                  $8,428
                          ===============
                                                                                                                                                             
                           Non-GAAP total
                           general and
                           administrative as %
                           of non-GAAP
                           revenue:                                     13.3%                                   14.6%
                                                                                                                                                             
                                                                                  Three Months Ended
                                                                                      March 31,
                                                                                      ---------
                                                                                                   2012                                    2011
                                                                                                   ----                                    ----
    Non-GAAP total operating expenses:
                          Operating expenses                         $40,422                                 $32,886
                           Less:
                           Amortization of
                           intangible
                           assets                                      2,411                                   1,870
                                    Acquisition-related expense                                     553                                     186
                                    Stock-based
                                     compensation
                                     expense                           3,299                                   4,555
                                    Litigation
                                     related expense                     360                                     320
                           Non-GAAP total
                           operating expenses:                       $33,799                                 $25,955
                          ====================
                                                                                                                                                             
                           Non-GAAP total
                           operating expenses
                           as % of non-GAAP
                           revenue:                                     45.4%                                   45.1%
                                                                                                                                                             
                                                                                  Three Months Ended
                                                                                      March 31,
                                                                                      ---------
                                                                                                   2012                                    2011
                                                                                                   ----                                    ----
    Non-GAAP operating income:
                           Operating income
                           (loss)                                     $3,382                                    $(21)
                           Acquisition-
                           related
                           deferred
                           revenue
                           adjustment                                     81                                       -
                           Amortization of
                           intangible
                           assets                                      4,829                                   4,046
                           Stock-based
                           compensation
                           expense                                     3,988                                   4,853
                           Acquisition-
                           related expense                               553                                     186
                           Litigation
                           related expense                               360                                     320
                           Non-GAAP operating
                           income                                    $13,193                                  $9,384
                           ==================
                                                                                                                                                             
                           Non-GAAP operating
                           margin                                       17.7%                                   16.3%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                 Reconciliation of GAAP to Non-GAAP Measures
                                                                                                                                                                                                                                              For the Three Months Ended March 31, 2012 and 2011
                                                                                                                                                                                                                                               (unaudited, in thousands, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                              Three Months Ended
                                                                                                                                                                                                                                                                                                                                                                                                  March 31,
                                                                                                                                                                                                                                                                                                                                                                                                  ---------
                                                                                                                                                                                                                                                                                                                                                                                                                                    2012                                                                                        2011
                                                                                                                                                                                                                                                                                                                                                                                                                                    ----                                                                                        ----
    Non-GAAP net income:
                                       Net income (loss)                                                                                                                                                                                                                                                                                                     $1,720                                                                                       $(648)
                                       Acquisition-related deferred revenue adjustment                                                                                                                                                                                                                                                                           81                                                                                           -
                                       Amortization of intangible assets                                                                                                                                                                                                                                                                                      4,829                                                                                       4,046
                                       Stock-based compensation expense                                                                                                                                                                                                                                                                                       3,988                                                                                       4,853
                                       Acquisition-related expense                                                                                                                                                                                                                                                                                              553                                                                                         186
                                       Litigation related expense                                                                                                                                                                                                                                                                                               360                                                                                         320
                                       Loss on disposal of assets                                                                                                                                                                                                                                                                                               178                                                                                         397
                                                                                                                                                                                            Subtotal of tax deductible items                                                                                                                                                                                                       9,989                                                                                       9,802
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                       Tax impact of tax deductible items(1)                                                                                                                                                                                                                                                                                 (3,996)                                                                                     (3,921)
                                       Tax expense resulting from applying effective tax rate(2)                                                                                                                                                                                                                                                                (72)                                                                                        (64)
                                                                                                                                                                                                                                                                                                                                                                ---                                                                                         ---
                                       Non-GAAP net income                                                                                                                                                                                                                                                                                                   $7,641                                                                                      $5,169
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                       Non-GAAP net income per share - diluted                                                                                                                                                                                                                                                                                $0.10                                                                                       $0.07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                       Weighted average shares - diluted                                                                                                                                                                                                                                                                                     73,170                                                                                      66,800
                                       Weighted average effect of dilutive securities                                                                                                                                                                                                                                                                             -                                                                                       3,811
                                                                                                                                                                                                                                                                                                                                                                ---                                                                                       -----
                                       Non-GAAP weighted average shares - diluted                                                                                                                                                                                                                                                                            73,170                                                                                      70,611
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                  (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 expense.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                  (2)  Represents adjusting to a normalized effective tax rate of 40%.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                              Three Months Ended
                                                                                                                                                                                                                                                                                                                                                                                                  March 31,
                                                                                                                                                                                                                                                                                                                                                                                                  ---------
                                                                                                                                                                                                                                                                                                                                                                                                                                    2012                                                                                        2011
                                                                                                                                                                                                                                                                                                                                                                                                                                    ----                                                                                        ----
    Annualized on demand revenue per average on demand unit:
                                       On demand revenue                                                                                                                                                                                                                                                                                                    $70,718                                                                                     $52,937
                                       Acquisition-related deferred revenue adjustment                                                                                                                                                                                                                                                                           81                                                                                           -
                                                                                                                                                                                                                                                                                                                                                                ---                                                                                         ---
                                       Non-GAAP on demand revenue                                                                                                                                                                                                                                                                                           $70,799                                                                                     $52,937
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                       Ending on demand units                                                                                                                                                                                                                                                                                                 7,431                                                                                       6,159
                                       Average on demand units                                                                                                                                                                                                                                                                                                7,366                                                                                       6,113
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                       Annualized on demand revenue per average on demand unit                                                                                                                                                                                                                                                               $38.45                                                                                      $34.64
                                                                                                                                                                                                                                                                                                                                                             ======
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                       Annual customer value of on demand revenue(1)                                                                                                                                                                                                                                                                       $285,722                                                                                    $213,348
                                       On demand customers                                                                                                                                                                                                                                                                                                    8,039                                                                                       7,078
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                  (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 on demand revenue per average non-GAAP on demand unit for the periods presented.

SOURCE RealPage, Inc.

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