The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ryan John Tomasello - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Just wanted to drill down a bit more into the major assumptions of the revised 2020 guide. Tom, can you quantify how much of the 300 basis point
to 500 basis point revenue growth reduction specifically relates to these more temporary transactional headwinds from things like screening,
leasing and turnover volumes? And then similarly, how much of that relates to delays in new project activation and lower bookings levels from
clients?
Question: Ryan John Tomasello - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Okay. Got it. That's helpful. And then just regarding the M&A landscape, are you seeing an increase in volumes of unsolicited inbounds there? And
if so, what approach are you taking to underwriting in this new environment? Do you have appetite to consummate M&A at these leverage levels?
And specifically, what areas of the market might interest you and kind of present the most value, assuming we start to see more distress amongst
the smaller players in that landscape there?
Question: Stephen Hardy Sheldon - William Blair & Company L.L.C., Research Division - Analyst
: And really appreciate the data on daily visitors and leasing activity. Wanted to ask about bookings activity so far in 2020 by product category. And
is there anywhere that's been notably above-average or below average by product? And I'm just wanting to gauge maybe more recently, what
types of product clients are focused on in this environment? And maybe where they're not willing to make decisions yet or pushing out activations?
Question: Stephen Hardy Sheldon - William Blair & Company L.L.C., Research Division - Analyst
: Got it. That's helpful. I guess, the weaker bookings in late March, was that concentrated in any specific product category?
Question: Stephen Hardy Sheldon - William Blair & Company L.L.C., Research Division - Analyst
: Got it. And one more, if I could. Just wanted to ask about the risk to implementations in this environment from in-person restrictions. I know you're
working and have made progress to simplify processes and allow for more self-provisioning. Is it -- could it be a meaningful headwind to what
revenue streams could be implemented and come live this year?
Question: Jackson Edmund Ader - JP Morgan Chase & Co, Research Division - Analyst
: Great. This is Jackson Ader on for Sterling tonight. A couple of questions from our side. The first is, could we maybe just talk about the balance
between net new logo additions being delayed in terms of their bookings deals versus maybe existing customers that are looking to -- that RealPage
is looking to cross-sell and they have delayed maybe their decision making?
Question: Jackson Edmund Ader - JP Morgan Chase & Co, Research Division - Analyst
: Okay. So nothing necessarily to call out, one way more impacted than the other?
Question: Jackson Edmund Ader - JP Morgan Chase & Co, Research Division - Analyst
: Okay. And then, Steve, a follow-up for you. How do you view maybe end customer consolidation? Would you view that as a net positive, net negative
or neutral to RealPage? And how have you handled that in the past?
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