RealPage Inc (NASDAQ: RP) stock lost over 3.4% on 26th feb, 2019 (as of 11:00 am GMT-5; Source: Google finance) after the company in the fourth quarter of FY 18 has reported the 68% rise in the Non-GAAP net income to $36.6 million. For FY 18, total non-GAAP revenue grew 29% year-on-year and adjusted EBITDA grew 41%, representing margin expansion of nearly 230 basis points. The revenue per unit of the top 50 RPU clients averaged almost 20% expansion in 2018. The reported ACV grew 17% compared to 2017. The bookings have beaten the internal expectations growing 28% compared to 2017 and the turn metrics are consistent with the historical average. Cash flow from operations is also impressive growing 34% to nearly $188 million, excluding the impact resulting from changes in restricted cash relating to accounting treatment changes.
During the fourth quarter, RP had also executed $30 million of the $100 million repurchase authorization, resulting in the repurchase of 600,000 shares at an average purchase price of $46.83.
Additionally, Axiometics and MPF was the first database integration that the company had to contend with and that is complete, the LRO, YieldStar database integration is partially complete. The last integration is BI, Performance Analytics and the company are in the middle of combining the analytics, database to the business intelligence performance analytics databases that RealPage operates.
For the first quarter ending March 31, 2019, RP expects the Non-GAAP total revenue to be in the range of $233.0 million to $235.0 million, adjusted EBITDA is expected to be in the range of $64.0 million to $66.0 million and Non-GAAP net income per diluted share is expected to be in the range of $0.39 to $0.41.
For FY 19, RP expects Non-GAAP total revenue is expected to be in the range of $980.0 million to $1.0 billion, adjusted EBITDA is expected to be in the range of $275.0 million to $285.0 million and Non-GAAP net income per diluted share is expected to be in the range of $1.70 to $1.79.
Meanwhile, RP has secured a seven-figure deal in the fourth quarter with a leading regional property manager that operates 34,000 units in 14 states. This New York based client implemented a competitor’s core accounting system just three years ago, but also continued to rely upon several third-party point solutions. This client has chosen to fully convert to the RealPage platform and take advantage of the solutions across every product family.