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•	require significant customization to implement, which frequently inhibits upgrading to new versions or platforms in a timely manner;

•	require information technology, or IT, resources to support integration points between property management systems and disparate value-added services;

•	require IT resources to implement and maintain data security, data integrity, performance and business continuity solutions;

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•	lack scalability and flexibility to account for the expansion or contraction of a property portfolio;

•	lack material organic lease generation capability and do not track the cost of leads generated by each source;

•	lack effective spend management capabilities for controlling property management costs;

•	lack comprehensive analytics for pricing and yield optimization;

•	lack workflow level integration;

•	do not provide owners and managers with visibility into overall property performance; and

•	cannot be easily updated to meet new regulations and compliance requirements.

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•	conventional single family properties (four units or less);

•	conventional multifamily properties (five or more units);

•	affordable Housing and Urban Development, or HUD, properties;

•	affordable tax credit properties;

•	rural housing properties;

•	privatized military housing;

•	commercial;

•	student housing;

•	senior living; and

•	vacation rentals.

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•	field marketing events for customers and prospects;

•	participation in, and sponsorship of, user conferences, trade shows and industry events;

•	customer programs, including customer user meetings and our online customer community;

•	online marketing activities, including online advertising and search engine optimization, email campaigns, web campaigns, white papers, free product trials and demos, webcasts, case studies and the use of social media, including blogging, Facebook, LinkedIn and Twitter;

•	public relations;

•	use of our website to provide product and company information, as well as learning opportunities for potential customers; and

•	ongoing consumer email marketing campaigns that drive adoption of transactional products such as online payments and renter's insurance by residents on behalf of our property management customers.

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•	the extent to which on demand software solutions maintain current and achieve broader market acceptance;

•	fluctuations in leasing activity by our customers;

•	increase in the number or severity of insurance claims on policies sold by us;

•	our ability to timely introduce enhancements to our existing solutions and new solutions;

•	our ability to renew the use of our on demand solutions by units managed by our existing customers and to increase the use of our on demand solutions for the management of units by our existing and new customers;

•	changes in our pricing policies or those of our competitors or new competitors;

•	changes in local economic, political and regulatory environments of our international operations;

•	the variable nature of our sales and implementation cycles;

•	general economic, industry and market conditions in the rental housing industry that impact our current and potential customers;

•	the amount and timing of our investment in research and development activities;

•	technical difficulties, service interruptions, data or document losses or security breaches;

•	Internet usage trends among consumers and the methodologies Internet search engines utilize to direct those consumers to websites such as our LeaseStar product family;

•	our ability to hire and retain qualified key personnel, including the rate of expansion of our sales force and IT department;

•	our ability to anticipate and adapt to external forces and emergence of new technologies and products;

•	our ability to enter into new markets and capture additional market share;

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changes in the legal, regulatory or compliance environment related to the rental housing industry or the markets in which we operate, including without limitation fair credit reporting, payment processing, data protection and privacy, social media, utility billing, insurance, the Internet and e-commerce, licensing, telemarketing, electronic communications, the Health Insurance Portability Act of 1996 (“HIPAA”) and the Health Information Technology Economic and Clinical Health Act (“HITECH”);

•	the amount and timing of operating expenses and capital expenditures related to the expansion of our operations and infrastructure;

•	the timing of revenue and expenses related to recent and potential acquisitions or dispositions of businesses or technologies;

•	our ability to integrate acquisition operations in a cost-effective and timely manner;

•	litigation and settlement costs, including unforeseen costs; and

•	new accounting pronouncements and changes in accounting standards or practices, particularly any affecting the recognition of subscription revenue or accounting for mergers and acquisitions.

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•	successfully supporting and maintaining a broad range of current and emerging solutions;

•	identifying suitable acquisition targets and efficiently managing the closing of acquisitions and the integration of the targets into our operations;

•	maintaining continuity in our senior management and key personnel;

•	attracting, retaining, training and motivating our employees, particularly technical, customer service and sales personnel;

•	enhancing our financial and accounting systems and controls;

•	enhancing our information technology infrastructure, processes and controls;

•	successfully completing system upgrades and enhancements; and

•	managing expanded operations in geographically dispersed locations.

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•	our failure to develop new or additional solutions;

•	our inability to market our solutions in a cost-effective manner to new customers or in new vertical or geographic markets;

•	our inability to expand our sales to existing customers;

•	the inability of our LeaseStar product family to grow traffic to its websites, resulting in lower levels of lead and lease/move-in traffic to customers;

•	our inability to build and promote our brand; and

•	perceived or actual security, integrity, reliability, quality or compatibility problems with our solutions.

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•	difficulties in integrating and managing the operations and technologies of the companies we acquire;

•	diversion of our management’s attention from normal daily operations of our business;

•	our inability to maintain the customers, the key employees, the key business relationships and the reputations of the businesses we acquire;

•	our inability to generate sufficient revenue from acquisitions to offset our increased expenses associated with acquisitions;

•	difficulties in predicting or achieving the synergies between acquired businesses and our own businesses;

•	our responsibility for the liabilities of the businesses we acquire, including, without limitation, liabilities arising out of their failure to maintain effective data security, data integrity, disaster recovery and privacy controls prior to the acquisition, or their infringement or alleged infringement of third-party intellectual property, contract or data access rights prior to the acquisition;

•	difficulties in complying with new markets or regulatory standards to which we were not previously subject;

•	delays in our ability to implement internal standards, controls, procedures and policies in the businesses we acquire; and

•	adverse effects of acquisition activity on the key performance indicators we use to monitor our performance as a business.

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•	develop superior products or services, gain greater market acceptance and expand their offerings more efficiently or more rapidly;

•	adapt to new or emerging technologies and changes in customer requirements more quickly;

•	take advantage of acquisition and other opportunities more readily;

•	adopt more aggressive pricing policies and devote greater resources to the promotion of their brand and marketing and sales of their products and services; and

•	devote greater resources to the research and development of their products and services.

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•	a reduction in new sales or subscription renewal rates;

•	unexpected sales credits or refunds to our customers, loss of customers and other potential liabilities;

•	delays in customer payments, increasing our collection reserve and collection cycle;

•	diversion of development resources and associated costs;

•	harm to our reputation and brand; and

•	unanticipated litigation costs.

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•	liability for customer costs related to disputed or fraudulent transactions if those costs exceed the amount of the customer reserves we have during the clearing period or after renter payments have been settled to our customers;

•	electronic processing limits on the amount of custodial balances that any single ODFI, or collectively all of our ODFIs, will underwrite;

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•	reliance on clearing bank sponsors, card payment processors and other service payment provider partners to process electronic transactions;

•	failure by us or our bank sponsors to adhere to applicable laws and regulatory requirements or the standards of the electronic payments rules and regulations and other rules and regulations that may impact the provision of electronic payment services;

•	continually evolving and developing laws and regulations governing payment processing and money transmission, the application or interpretation of which is not clear in some jurisdictions;

•	incidences of fraud, a security breach or our failure to comply with required external audit standards; and

•	our inability to increase our fees at times when electronic payment partners or associations increase their transaction processing fees.

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•	decreasing demand for leasing and marketing solutions;

•	reducing the number of occupied sites and units on which we earn revenue;

•	preventing our customers from expanding their businesses and managing new properties;

•	causing our customers to reduce spending on our solutions;

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•	subjecting us to increased pricing pressure in order to add new customers and retain existing customers;

•	causing our customers to switch to lower-priced solutions provided by our competitors or internally developed solutions;

•	delaying or preventing our collection of outstanding accounts receivable; and

•	causing payment processing losses related to an increase in customer insolvency.

•	increasing the number of consumers of our LeaseStar products and services;

•	demonstrating lead generation value to our LeaseStar customers;

•	competing effectively for advertising dollars with other online media companies;

•	continuing to develop our advertising products and services;

•	keeping pace with changes in technology and with our competitors; and

•	offering an attractive return on investment to our advertiser customers for their advertising spending with us.

•	incur additional indebtedness or guarantee indebtedness of others;

•	create liens on our assets;

•	enter into mergers or consolidations;

•	dispose of assets;

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•	prepay certain indebtedness;

•	make changes to our governing documents and certain of our agreements;

•	pay dividends and make other distributions on our capital stock, and redeem and repurchase our capital stock;

•	make investments, including acquisitions; and

•	enter into transactions with affiliates.

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•	political, social, economic or environmental instability, terrorist attacks and security concerns in general;

•	limitations of local infrastructure;

•	fluctuations in currency exchange rates;

•	higher levels of credit risk and payment fraud;

•	reduced protection for intellectual property rights in some countries;

•	difficulties in staffing and managing global operations and the increased travel, infrastructure and legal compliance costs associated with multiple international locations;

•	compliance with statutory equity requirements and management of tax consequences; and

•	outbreaks of highly contagious diseases.

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•	variations in our operating results or in expectations regarding our operating results;

•	variations in operating results of similar companies;

•	announcements of technological innovations, new solutions or enhancements, strategic alliances or agreements by us or by our competitors;

•	announcements by competitors regarding their entry into new markets, and new product, service and pricing strategies;

•	marketing, advertising or other initiatives by us or our competitors;

•	increases or decreases in our sales of products and services for use in the management of units by customers and increases or decreases in the number of units managed by our customers;

•	threatened or actual litigation;

•	major changes in our board of directors or management;

•	recruitment or departure of key personnel;

•	changes in the estimates of our operating results or changes in recommendations by any research analysts that elect to follow our common stock;

•	market conditions in our industry and the economy as a whole;

•	the overall performance of the equity markets;

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•	sales of our shares of common stock by existing stockholders;

•	volatility in our stock price, which may lead to higher stock-based compensation expense under applicable accounting standards; and

•	adoption or modification of regulations, policies, procedures or programs applicable to our business.

•	a classified board of directors whose members serve staggered three-year terms;

•	not providing for cumulative voting in the election of directors;

•	authorizing our board of directors to issue, without stockholder approval, preferred stock with rights senior to those of our common stock;

•	prohibiting stockholder action by written consent; and

•	requiring advance notification of stockholder nominations and proposals.

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(1)

On May 6, 2014, the board of directors approved a share repurchase program authorizing the repurchase of up to $50.0 million of our common stock for a period of up to one year after the approval date. In May 2015, our board of directors approved an extension of the share repurchase program through May 6, 2016, permitting the repurchase of up to $50.0 million of our common stock during the period commencing on the extension date and ending on May 6, 2016. During the periods covered by the table, no determination was made by the Company to terminate or suspend the share repurchase program.

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(1)	Excludes restricted cash.

(2)	Includes capital lease obligations.

(3)	A definition of this non-GAAP financial measure and a discussion of our use of it is included in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in this Annual Report on Form 10-K.

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•	these non-GAAP financial measures provide investors and other users of our financial information consistency and comparability with our past financial performance; facilitate period-to-period comparisons of operations; and facilitate comparisons with our peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results;

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it is useful to exclude certain non-cash charges, such as depreciation and asset impairment; amortization of intangible assets; stock-based compensation; and non-core operational charges, such as acquisition-related expenses and any impact related to the Yardi Litigation, from non-GAAP earnings measures, such as Adjusted EBITDA, because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and these expenses can vary significantly between periods as a result of

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•	it is useful to include deferred revenue written down for GAAP purposes under purchase accounting rules and revenue deferred due to a lack of historical experience determining the settlement of the contractual obligation in order to appropriately measure the underlying performance of our business operations in the period of activity and associated expense.

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•	there is persuasive evidence of an arrangement;

•	the solution and/or service has been provided to the customer;

•	the collection of the fees is probable; and

•	the amount of fees to be paid by the customer is fixed or determinable.

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(1)	Amounts borrowed on the secured revolving credit facility are due at maturity, September 30, 2019.

(2)	Net of income under non-cancellable subleases.

(3)	We have made several acquisitions in which a portion of the cash purchase price is payable at various times through 2017.

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•	there is persuasive evidence of an arrangement;

•	the solution and/or service has been provided to the customer;

•	the collection of the fees is probable; and

•	the amount of fees to be paid by the customer is fixed or determinable.

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(1)	Uncollectable accounts written off, net of recoveries, and administrative corrections

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+	Indicates management contract or compensatory plan or arrangement.

*	Furnished herewith

†	Confidential treatment was granted by the Securities and Exchange Commission for portions of this exhibit. These portions have been omitted from the report and submitted separately to the Securities and Exchange Commission.