Entrata (ENT) Registration filing summary

Company overview and business model

• Provides a unified, cloud-native operating system for the rental property market, integrating CRM, ERP, property operations, and resident engagement on a single platform.

• Focuses on automating property management through AI-driven workflows, with embedded payments, compliance, and analytics.

• Serves over 2.5 million units as of June 30, 2026, with a strong presence among large enterprise operators.

• Revenue model is primarily subscription-based, with additional income from payment processing, insurance commissions, and embedded technology solutions.

• Offers tailored experience layers for operators (OXP) and residents (RXP/Homebody), supporting diverse property types and geographies.

Financial performance and metrics

• Total revenue for the trailing twelve months ended June 30, 2026 was $565M, reflecting 23% YoY growth.

• Net income for the same period was $84M, with a GAAP operating margin of 24% and non-GAAP operating margin of 26%.

• ARPU reached $223 as of June 30, 2026, up 13% YoY.

• Gross retention rates were 99% in 2024 and 97% in 2025; net retention rate was 117% for both years.

• Operating cash flow for 2025 was $100M, with free cash flow of $87M.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, including working capital, operating expenses, and capital expenditures.

• May use a portion of proceeds for acquisitions or investments, though no material agreements are in place.

• Part of the proceeds will satisfy tax withholding obligations related to RSU settlements and may repay a portion of outstanding debt.