RICHARDSON, Texas--(BUSINESS WIRE)--RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, today announced that its Board of Directors has approved the repurchase of up to an aggregate of $100 million of shares of its common stock, subject to compliance with applicable law and the limitations in the Company's credit facility. The Company's common stock is listed on The Nasdaq Global Market under the symbol “RP.” The repurchase authorization is effective through November 7, 2020, unless extended or shortened by the Company's Board of Directors.
“The Board’s decision authorizing the repurchase of up to $100 million of our common stock reflects strong confidence in our strategy and long-term outlook of the business,” said Tom Ernst, CFO and Treasurer of RealPage. “This new authorization allows us to use our strong balance sheet opportunistically in shareholder value creation.”
Pursuant to the repurchase program, the Company is authorized to repurchase shares from time to time in one or more transactions through open market purchases, block trades, privately negotiated transactions, repurchase plans under Rule 10b5-1 of the Securities Exchange Act of 1934 (“Exchange Act”), or otherwise in accordance with applicable securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of any repurchases made under the repurchase program will depend on a variety of factors, including available liquidity, cash flow and market conditions.
The program does not obligate the Company to acquire any particular amount of common stock and the program may be modified or suspended at any time at the Company's discretion. The repurchases would be funded from available working capital and are subject to compliance with the terms and limitations of the Company's credit facility. Any repurchased shares will be retired to the status of authorized and unissued shares.
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency in asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves 16.8 million units from offices in North America, Europe and Asia. For more information about RealPage, please visit https://www.RealPage.com/.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to RealPage, Inc.’s intended use of its balance sheet opportunistically in shareholder value creation pursuant to its share repurchase authorization. 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. These 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. The Company may be required to revise its results contained herein upon finalizing its review of quarterly and full-year results and completion of the annual audit, which could cause or contribute to such differences. Additional factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the possibility that general economic conditions, including leasing velocity or uncertainty, could cause information technology spending, particularly in the rental housing industry, to be reduced or purchasing decisions to be delayed; (b) an increase in insurance claims; (c) an increase in client cancellations; (d) the inability to increase sales to existing clients and to attract new clients; (e) RealPage’s failure to integrate recent or future acquired businesses successfully or to achieve expected synergies; (f) the timing and success of new product introductions by RealPage or its competitors; (g) changes in RealPage’s pricing policies or those of its competitors; (h) legal or regulatory proceedings; (i) the inability to achieve revenue growth or to enable margin expansion; (j) changes in RealPage’s estimates with respect to its long-term corporate tax rate or any other impact from the Tax Cuts and Jobs Act; and (k) 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 Annual Report on Form 10-K previously filed with the SEC on February 27, 2019 (as amended November 5, 2019) and its Quarterly Report on Form 10-Q previously filed with the SEC on August 9, 2019 (as amended November 5, 2019). 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.