Overview Key strengths Key risks Market leader in an underpenetrated industry supported by digital transformation tailwinds. Rising interest rates with no hedges in place result in weaker free operating cash flow (FOCF). Highly predictable subscription-based revenue model. Antitrust lawsuit could impact cash flow and liquidity. Good opportunities to improve operating leverage and EBITDA margin. Highly leveraged financial policy and debt-funded merger and acquisition (M&A) growth strategy will likely cause credit metrics to remain weak. Competes against well-established players and new entrants, such as Yardi, MRI Software, Appfolio, and Entrata. The company's 90% subscription-based recurring revenue model and high retention rates over 90% will support revenues despite a slowdown in global growth and persistent property market weakness. RealPage's revenue model is
