RealPage (RP) Tops Q4 EPS by 1c, Revenues Beat; Offers Q1 & FY20 EPS/Revenues Guidance

RealPage (NASDAQ: RP) reported Q4 EPS of $0.48, $0.01 better than the analyst estimate of $0.47. Revenue for the quarter came in at $254.8 million versus the consensus estimate of $251.57 million.

Fourth Quarter 2019 Financial Highlights

• GAAP total revenue of $254.8 million, an increase of 12% year-over-year;
• Net income of $20.2 million, or $0.21 in net income per diluted share, a year-over-year increase of 222% and 200%, respectively;
• Adjusted EBITDA of $76.2 million, an increase of 25% year-over-year; and
• Non-GAAP net income of $45.2 million, or $0.48 in non-GAAP net income per diluted share, a year-over-year increase of 23% and 23%, respectively.

“2019 was a key year of organic and inorganic investment to fuel our long-term strategy to accelerate innovation and make RealPage an easier company to do business with,” said Steve Winn, Chairman and CEO of RealPage. “Financial performance for the year shows healthy progress toward execution of that strategy, with total revenue growth of 14% and adjusted EBITDA growth of 22%. We have released one of the largest waves of innovation in the company’s history and we must build on that momentum. Whether in our traditional multifamily market or our SMB category recently augmented with the acquisition of Buildium, our platform is thinly penetrated into an enormous market opportunity.”

“We finished 2019 strong with fourth quarter total revenue growth of 12% year-over-year and adjusted EBITDA growth of 25%,” said Tom Ernst, CFO and Treasurer of RealPage. “Our efforts on improving our Yes-To-Success customer journeys, our internal wave of innovation, and our 2019 strategic acquisition efforts have laid a solid foundation to accelerate our organic revenue growth profile. 2020 will be about leveraging and extending these efforts to expand shareholder value.”

GUIDANCE:

RealPage sees Q1 2020 EPS of $0.41-$0.43, versus the consensus of $0.43. RealPage sees Q1 2020 revenue of $276-280 million, versus the consensus of $268.52 million.

RealPage sees FY2020 EPS of $1.95-$2.00, versus the consensus of $1.90. RealPage sees FY2020 revenue of $1.163-1.183 billion, versus the consensus of $1.14 billion.

RealPage management expects to achieve the following results during the first quarter ending March 31, 2020:

• GAAP total revenue is expected to be in the range of $276 million to $280 million;
• GAAP net income per diluted share is expected to be in the range of $0.00 to $0.02;
• Non-GAAP total revenue is expected to be in the range of $277 million to $281 million;
• Adjusted EBITDA is expected to be in the range of $70 million to $72 million;
• Non-GAAP net income per diluted share is expected to be in the range of $0.41 to $0.43;
• Non-GAAP diluted weighted average shares outstanding are expected to be approximately 93.8 million.

RealPage management expects to achieve the following results during the calendar year ending December 31, 2020:

• GAAP total revenue is expected to be in the range of $1,163 million to $1,183 million;
• GAAP net income per diluted share is expected to be in the range of $0.29 to $0.35;
• Non-GAAP total revenue is expected to be in the range of $1,165 million to $1,185 million;
• Adjusted EBITDA is expected to be in the range of $320 million to $324 million;
• Non-GAAP net income per diluted share is expected to be in the range of $1.95 to $2.00;
• Non-GAAP diluted weighted average shares outstanding are expected to be approximately 94.5 million.

For earnings history and earnings-related data on RealPage (RP) click here.

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