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.

• Serves 2.5 million units as of March 31, 2026, representing about 10% of the U.S. multifamily market.

• Focuses on large enterprise operators, with 233 customers generating over $500,000 in ARR, accounting for 84% of total ARR.

• Offers embedded AI (ELI) and automation, with over 100 intelligent agents streamlining workflows across leasing, payments, renewals, and maintenance.

• Revenue model is primarily recurring, based on per-unit subscriptions, payment processing, and embedded technology solutions such as insurance and resident screening.

Financial performance and metrics

• Revenue for the trailing twelve months ended March 31, 2026 was $536M, up 23% YoY.

• Net income for the same period was $60M, with an 18% GAAP operating margin and 25% non-GAAP operating margin.

• Gross retention rates were 99% in 2024 and 97% in 2025.

• Net retention rate was 117% as of December 31, 2025.

• Free cash flow for 2025 was $87M, with a 17% margin.

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, and to satisfy tax withholding obligations related to RSU settlements.

• Plans to repay a portion of $400M in outstanding term loan debt.