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RealPage, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2020 10-K, filed Mar 1, 2021. Its latest SEC filing is a 15-12B from May 3, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Provides property management software and data analytics to rental property owners, managers, and investors, helping them handle leasing and operations and assess portfolio performance.

How Did They Make Money?

Most revenue comes from on-demand software subscriptions: clients pay for access monthly or annually, generally in advance. Additional fees depend on transactions, while implementation and consulting are billed by time or fixed price; equipment projects may require an upfront payment and progress payments.

FY2020 revenue by product or service revenue
SegmentShareRevenue
On demand
Mix

97%
FY2017: 96%
Professional and other
2.8%
FY2017: 4.2%
Service
Mix

100%
FY2017: 100%

Who Were Their Customers?

Real estate owners, property managers, and investors buy the software and services directly through RealPage’s sales organization. Residents also use transactional services, such as online payments and renter’s insurance, through products offered on behalf of property managers.

Did Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2020.

Operating income, FY2020
9% of revenue
▲ +11% vs FY2019 ($92.4M, 9%)
Net income, FY2020
4% of revenue
▼ −20% vs FY2019 ($58.2M, 6%)

How Were They Changing?

Since the FY2020 annual report
  • Apr 22, 2021 Thoma Bravo completed its acquisition of RealPage RealPage became privately held, and its common stock ceased trading and was no longer listed on Nasdaq.

Grew. Revenue grew 2.0x in 4 years, from $568.1M in FY2016 to $1.2B in FY2020, about 19% a year.

New property markets The latest report includes homeowner associations and short-term rentals among the markets served, extending the earlier report’s list of rental markets.

Revenue over time
On demand Professional and other Service
$2B$1B$0

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