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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tyler Technologies Corp | NYSE:TYL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
7.37 | 1.41% | 528.28 | 528.28 | 517.90 | 521.65 | 72,548 | 19:36:58 |
|
FORM 10-Q
|
x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
TYLER TECHNOLOGIES, INC
.
(Exact name of registrant as specified in its charter)
|
DELAWARE
|
|
75-2303920
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. employer
identification no.)
|
5101 TENNYSON PARKWAY
PLANO, TEXAS
75024
(Address of principal executive offices)
(Zip code)
(972) 713-3700
(Registrant’s telephone number, including area code)
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
As Adjusted
|
||||
Revenues:
|
|
|
|
|
||||
Software licenses and royalties
|
|
$
|
22,776
|
|
|
$
|
21,758
|
|
Subscriptions
|
|
49,028
|
|
|
39,862
|
|
||
Software services
|
|
45,939
|
|
|
42,496
|
|
||
Maintenance
|
|
93,897
|
|
|
86,307
|
|
||
Appraisal services
|
|
5,394
|
|
|
6,612
|
|
||
Hardware and other
|
|
4,140
|
|
|
2,694
|
|
||
Total revenues
|
|
221,174
|
|
|
199,729
|
|
||
|
|
|
|
|
||||
Cost of revenues:
|
|
|
|
|
||||
Software licenses and royalties
|
|
778
|
|
|
731
|
|
||
Acquired software
|
|
5,382
|
|
|
5,410
|
|
||
Software services, maintenance and subscriptions
|
|
106,085
|
|
|
93,540
|
|
||
Appraisal services
|
|
3,781
|
|
|
4,197
|
|
||
Hardware and other
|
|
2,343
|
|
|
1,316
|
|
||
Total cost of revenues
|
|
118,369
|
|
|
105,194
|
|
||
|
|
|
|
|
||||
Gross profit
|
|
102,805
|
|
|
94,535
|
|
||
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
47,604
|
|
|
42,780
|
|
||
Research and development expense
|
|
13,048
|
|
|
11,599
|
|
||
Amortization of customer and trade name intangibles
|
|
3,315
|
|
|
3,325
|
|
||
|
|
|
|
|
||||
Operating income
|
|
38,838
|
|
|
36,831
|
|
||
|
|
|
|
|
||||
Other income (expense), net
|
|
599
|
|
|
(190
|
)
|
||
Income before income taxes
|
|
39,437
|
|
|
36,641
|
|
||
Income tax provision
|
|
1,612
|
|
|
3,872
|
|
||
Net income
|
|
$
|
37,825
|
|
|
$
|
32,769
|
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
1.00
|
|
|
$
|
0.89
|
|
Diluted
|
|
$
|
0.95
|
|
|
$
|
0.84
|
|
|
|
March 31, 2018
(unaudited) |
|
December 31, 2017
|
||||
|
|
|
|
As Adjusted
|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
210,616
|
|
|
$
|
185,926
|
|
Accounts receivable (less allowance for losses of $4,780 in 2018 and $5,427 in 2017)
|
|
216,516
|
|
|
246,188
|
|
||
Short-term investments
|
|
65,858
|
|
|
43,159
|
|
||
Prepaid expenses
|
|
30,262
|
|
|
32,206
|
|
||
Income tax receivable
|
|
7,286
|
|
|
11,339
|
|
||
Other current assets
|
|
2,098
|
|
|
1,997
|
|
||
Total current assets
|
|
532,636
|
|
|
520,815
|
|
||
|
|
|
|
|
||||
Accounts receivable, long-term
|
|
11,550
|
|
|
12,107
|
|
||
Property and equipment, net
|
|
154,254
|
|
|
152,315
|
|
||
Other assets:
|
|
|
|
|
||||
Goodwill
|
|
657,727
|
|
|
657,987
|
|
||
Other intangibles, net
|
|
221,069
|
|
|
229,617
|
|
||
Non-current investments and other assets
|
|
48,388
|
|
|
38,510
|
|
||
Total assets
|
|
$
|
1,625,624
|
|
|
$
|
1,611,351
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
6,421
|
|
|
$
|
8,174
|
|
Accrued liabilities
|
|
44,996
|
|
|
64,675
|
|
||
Deferred revenue
|
|
268,132
|
|
|
298,613
|
|
||
Total current liabilities
|
|
319,549
|
|
|
371,462
|
|
||
|
|
|
|
|
||||
Deferred revenue, long-term
|
|
641
|
|
|
1,274
|
|
||
Deferred income taxes
|
|
44,220
|
|
|
46,879
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
|
||||
Preferred stock, $10.00 par value; 1,000,000 shares authorized; none issued
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 100,000,000 shares authorized; 48,147,969 shares
issued and outstanding as of March 31, 2018 and December 31, 2017
|
|
481
|
|
|
481
|
|
||
Additional paid-in capital
|
|
652,909
|
|
|
626,867
|
|
||
Accumulated other comprehensive loss, net of tax
|
|
(46
|
)
|
|
(46
|
)
|
||
Retained earnings
|
|
662,288
|
|
|
624,463
|
|
||
Treasury stock, at cost; 9,900,041 and 10,262,182 shares in 2018 and 2017, respectively
|
|
(54,418
|
)
|
|
(60,029
|
)
|
||
Total shareholders' equity
|
|
1,261,214
|
|
|
1,191,736
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
1,625,624
|
|
|
$
|
1,611,351
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
As Adjusted
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
37,825
|
|
|
$
|
32,769
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
14,112
|
|
|
12,967
|
|
||
Share-based compensation expense
|
|
10,557
|
|
|
8,676
|
|
||
Deferred income tax (benefit)
|
|
(2,658
|
)
|
|
(3,870
|
)
|
||
Changes in operating assets and liabilities, exclusive of effects of
acquired companies:
|
|
|
|
|
||||
Accounts receivable
|
|
30,227
|
|
|
37,542
|
|
||
Income taxes
|
|
4,053
|
|
|
7,576
|
|
||
Prepaid expenses and other current assets
|
|
1,333
|
|
|
(919
|
)
|
||
Accounts payable
|
|
(1,752
|
)
|
|
(1,166
|
)
|
||
Accrued liabilities
|
|
(17,952
|
)
|
|
(15,939
|
)
|
||
Deferred revenue
|
|
(31,114
|
)
|
|
(29,457
|
)
|
||
Net cash provided by operating activities
|
|
44,631
|
|
|
48,179
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Additions to property and equipment
|
|
(8,895
|
)
|
|
(19,820
|
)
|
||
Purchase of marketable security investments
|
|
(43,962
|
)
|
|
(7,128
|
)
|
||
Proceeds from marketable security investments
|
|
11,077
|
|
|
6,896
|
|
||
Decrease (increase) in other
|
|
743
|
|
|
(16
|
)
|
||
Net cash used by investing activities
|
|
(41,037
|
)
|
|
(20,068
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Decrease in net borrowings on revolving line of credit
|
|
—
|
|
|
(10,000
|
)
|
||
Purchase of treasury shares
|
|
—
|
|
|
(7,032
|
)
|
||
Proceeds from exercise of stock options
|
|
19,298
|
|
|
14,851
|
|
||
Contributions from employee stock purchase plan
|
|
1,798
|
|
|
1,650
|
|
||
Net cash provided (used) by financing activities
|
|
21,096
|
|
|
(531
|
)
|
||
|
|
|
|
|
||||
Net increase in cash and cash equivalents
|
|
24,690
|
|
|
27,580
|
|
||
Cash and cash equivalents at beginning of period
|
|
185,926
|
|
|
36,151
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
210,616
|
|
|
$
|
63,731
|
|
•
|
Identification of the contract, or contracts, with a customer
|
•
|
Identification of the performance obligations in the contract
|
•
|
Determination of the transaction price
|
•
|
Allocation of the transaction price to the performance obligations in the contract
|
•
|
Recognition of revenue when, or as, we satisfy a performance obligation
|
|
March 31, 2018
|
||
Balance, beginning of period December 31, 2017
|
$
|
5,427
|
|
Provisions for losses - accounts receivable
|
320
|
|
|
Deductions for accounts charged off or credits issued
|
(967
|
)
|
|
Balance, end of period
|
$
|
4,780
|
|
|
|
Three Months Ended March 31, 2017
|
||||||||||
|
|
As Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||
Statement of Income:
|
|
|
|
|
|
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
18,223
|
|
|
$
|
3,535
|
|
|
$
|
21,758
|
|
Subscriptions
|
|
40,102
|
|
|
(240
|
)
|
|
39,862
|
|
|||
Software services
|
|
45,018
|
|
|
(2,522
|
)
|
|
42,496
|
|
|||
Maintenance
|
|
86,859
|
|
|
(552
|
)
|
|
86,307
|
|
|||
Appraisal services
|
|
6,612
|
|
|
—
|
|
|
6,612
|
|
|||
Hardware and other
|
|
2,728
|
|
|
(34
|
)
|
|
2,694
|
|
|||
Total revenues
|
|
$
|
199,542
|
|
|
$
|
187
|
|
|
$
|
199,729
|
|
|
|
|
|
|
|
|
||||||
Costs and expenses:
|
|
|
|
|
|
|
||||||
Selling, general and administrative expenses
|
|
$
|
43,142
|
|
|
$
|
(362
|
)
|
|
$
|
42,780
|
|
Amortization of customer and trade name intangibles
|
|
3,458
|
|
|
(133
|
)
|
|
3,325
|
|
|||
Operating income
|
|
36,149
|
|
|
682
|
|
|
36,831
|
|
|||
Income tax provision
|
|
3,653
|
|
|
219
|
|
|
3,872
|
|
|||
Net income
|
|
$
|
32,306
|
|
|
$
|
463
|
|
|
$
|
32,769
|
|
|
|
|
|
|
|
|
||||||
Earnings per common share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.88
|
|
|
|
|
$
|
0.89
|
|
||
Diluted
|
|
$
|
0.83
|
|
|
|
|
$
|
0.84
|
|
|
December 31, 2017
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||
Balance Sheet:
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
||||||
Accounts receivable
|
$
|
227,127
|
|
|
$
|
19,061
|
|
|
$
|
246,188
|
|
Prepaid expenses
|
27,252
|
|
|
4,954
|
|
|
32,206
|
|
|||
Accounts receivable, long-term
|
7,536
|
|
|
4,571
|
|
|
12,107
|
|
|||
Other intangibles, net
|
236,444
|
|
|
(6,827
|
)
|
|
229,617
|
|
|||
Total assets
|
$
|
1,589,592
|
|
|
$
|
21,759
|
|
|
$
|
1,611,351
|
|
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
||||||
Deferred revenue
|
309,461
|
|
|
(10,848
|
)
|
|
298,613
|
|
|||
Deferred income taxes
|
38,914
|
|
|
7,965
|
|
|
46,879
|
|
|||
|
|
|
|
|
|
||||||
Retained earnings
|
$
|
599,821
|
|
|
$
|
24,642
|
|
|
$
|
624,463
|
|
|
|
|
|
|
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,589,592
|
|
|
$
|
21,759
|
|
|
$
|
1,611,351
|
|
•
|
A lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and
|
•
|
A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
|
|
|
Three Months Ended March 31,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
||||||
Purchases of treasury shares
|
|
—
|
|
|
$
|
—
|
|
|
(42
|
)
|
|
$
|
(6,171
|
)
|
Stock option exercises
|
|
350
|
|
|
19,298
|
|
|
324
|
|
|
14,851
|
|
||
Employee stock plan purchases
|
|
12
|
|
|
1,798
|
|
|
14
|
|
|
1,650
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
As Adjusted
|
||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
||||
Net income
|
|
$
|
37,825
|
|
|
$
|
32,769
|
|
Denominator:
|
|
|
|
|
|
|
||
Weighted-average basic common shares outstanding
|
|
38,002
|
|
|
36,845
|
|
||
Assumed conversion of dilutive securities:
|
|
|
|
|
||||
Stock options
|
|
1,834
|
|
|
2,087
|
|
||
Denominator for diluted earnings per share
- Adjusted weighted-average shares
|
|
39,836
|
|
|
38,932
|
|
||
Earnings per common share:
|
|
|
|
|
|
|
||
Basic
|
|
$
|
1.00
|
|
|
$
|
0.89
|
|
Diluted
|
|
$
|
0.95
|
|
|
$
|
0.84
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Cost of software services, maintenance and subscriptions
|
|
$
|
2,776
|
|
|
$
|
2,097
|
|
Selling, general and administrative expenses
|
|
7,781
|
|
|
6,579
|
|
||
Total share-based compensation expense
|
|
$
|
10,557
|
|
|
$
|
8,676
|
|
•
|
financial management, education and planning, regulatory and maintenance software solutions;
|
•
|
financial management, municipal courts, planning, regulatory and maintenance, and land and vital records management software solutions;
|
•
|
courts and justice and public safety software solutions; and
|
•
|
appraisal and tax software solutions and property appraisal services.
|
For the three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
|
|
Enterprise
Software |
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
20,689
|
|
|
$
|
2,087
|
|
|
$
|
—
|
|
|
$
|
22,776
|
|
Subscriptions
|
|
46,683
|
|
|
2,345
|
|
|
—
|
|
|
49,028
|
|
||||
Software services
|
|
40,286
|
|
|
5,653
|
|
|
—
|
|
|
45,939
|
|
||||
Maintenance
|
|
87,813
|
|
|
6,084
|
|
|
—
|
|
|
93,897
|
|
||||
Appraisal services
|
|
—
|
|
|
5,394
|
|
|
—
|
|
|
5,394
|
|
||||
Hardware and other
|
|
3,800
|
|
|
—
|
|
|
340
|
|
|
4,140
|
|
||||
Intercompany
|
|
3,237
|
|
|
—
|
|
|
(3,237
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
202,508
|
|
|
$
|
21,563
|
|
|
$
|
(2,897
|
)
|
|
$
|
221,174
|
|
Segment operating income
|
|
$
|
56,615
|
|
|
$
|
4,647
|
|
|
$
|
(13,727
|
)
|
|
$
|
47,535
|
|
For the three months ended March 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
As Adjusted
|
|
Enterprise
Software
|
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
20,109
|
|
|
$
|
1,649
|
|
|
$
|
—
|
|
|
$
|
21,758
|
|
Subscriptions
|
|
38,073
|
|
|
1,789
|
|
|
—
|
|
|
39,862
|
|
||||
Software services
|
|
38,146
|
|
|
4,350
|
|
|
—
|
|
|
42,496
|
|
||||
Maintenance
|
|
81,614
|
|
|
4,693
|
|
|
—
|
|
|
86,307
|
|
||||
Appraisal services
|
|
—
|
|
|
6,612
|
|
|
—
|
|
|
6,612
|
|
||||
Hardware and other
|
|
2,694
|
|
|
—
|
|
|
—
|
|
|
2,694
|
|
||||
Intercompany
|
|
2,163
|
|
|
—
|
|
|
(2,163
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
182,799
|
|
|
$
|
19,093
|
|
|
$
|
(2,163
|
)
|
|
$
|
199,729
|
|
Segment operating income
|
|
$
|
52,488
|
|
|
$
|
4,326
|
|
|
$
|
(11,248
|
)
|
|
$
|
45,566
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
(As Adjusted)
|
||||
Enterprise Software
|
|
$
|
249,104
|
|
|
$
|
277,198
|
|
Appraisal and Tax
|
|
17,497
|
|
|
20,387
|
|
||
Corporate
|
|
$
|
2,172
|
|
|
$
|
2,302
|
|
Totals
|
|
268,773
|
|
|
299,887
|
|
|
|
March 31, 2018
|
||
Balance, beginning of period December 31, 2017 (As Adjusted).
|
|
$
|
299,887
|
|
Deferral of revenue
|
|
160,881
|
|
|
Recognition of deferred revenue
|
|
(191,995
|
)
|
|
Balance, end of period
|
|
$
|
268,773
|
|
|
|
Percent of Total Revenues
|
||||
|
|
First Quarter
|
||||
|
|
2018
|
|
2017
|
||
|
|
|
|
As Adjusted
|
||
Revenues:
|
|
|
|
|
||
Software licenses and royalties
|
|
10.3
|
%
|
|
10.9
|
%
|
Subscriptions
|
|
22.2
|
|
|
20.0
|
|
Software services
|
|
20.8
|
|
|
21.3
|
|
Maintenance
|
|
42.4
|
|
|
43.2
|
|
Appraisal services
|
|
2.4
|
|
|
3.3
|
|
Hardware and other
|
|
1.9
|
|
|
1.3
|
|
Total revenues
|
|
100.0
|
|
|
100.0
|
|
Cost of revenues:
|
|
|
|
|
|
|
Software licenses, royalties and acquired software
|
|
2.8
|
|
|
3.1
|
|
Software services, maintenance and subscriptions
|
|
48.0
|
|
|
46.8
|
|
Appraisal services
|
|
1.7
|
|
|
2.1
|
|
Hardware and other
|
|
1.1
|
|
|
0.7
|
|
Selling, general and administrative expenses
|
|
21.5
|
|
|
21.4
|
|
Research and development expense
|
|
5.9
|
|
|
5.8
|
|
Amortization of customer and trade name intangibles
|
|
1.5
|
|
|
1.7
|
|
Operating income
|
|
17.5
|
|
|
18.4
|
|
Other income (expense), net
|
|
0.3
|
|
|
(0.1
|
)
|
Income before income taxes
|
|
17.8
|
|
|
18.3
|
|
Income tax provision
|
|
0.7
|
|
|
1.9
|
|
Net income
|
|
17.1
|
%
|
|
16.4
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
ES
|
|
$
|
20,689
|
|
|
$
|
20,109
|
|
|
$
|
580
|
|
|
3
|
%
|
A&T
|
|
2,087
|
|
|
1,649
|
|
|
438
|
|
|
27
|
|
|||
Total software licenses and royalties revenue
|
|
$
|
22,776
|
|
|
$
|
21,758
|
|
|
$
|
1,018
|
|
|
5
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
ES
|
|
$
|
46,683
|
|
|
$
|
38,073
|
|
|
$
|
8,610
|
|
|
23
|
%
|
A&T
|
|
2,345
|
|
|
1,789
|
|
|
556
|
|
|
31
|
|
|||
Total subscriptions revenue
|
|
$
|
49,028
|
|
|
$
|
39,862
|
|
|
$
|
9,166
|
|
|
23
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
ES
|
|
$
|
40,286
|
|
|
$
|
38,146
|
|
|
$
|
2,140
|
|
|
6
|
%
|
A&T
|
|
5,653
|
|
|
4,350
|
|
|
1,303
|
|
|
30
|
|
|||
Total software services revenue
|
|
$
|
45,939
|
|
|
$
|
42,496
|
|
|
$
|
3,443
|
|
|
8
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
ES
|
|
$
|
87,813
|
|
|
$
|
81,614
|
|
|
$
|
6,199
|
|
|
8
|
%
|
A&T
|
|
6,084
|
|
|
4,693
|
|
|
1,391
|
|
|
30
|
|
|||
Total maintenance revenue
|
|
$
|
93,897
|
|
|
$
|
86,307
|
|
|
$
|
7,590
|
|
|
9
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
Software licenses and royalties
|
|
$
|
778
|
|
|
$
|
731
|
|
|
$
|
47
|
|
|
6
|
%
|
Acquired software
|
|
5,382
|
|
|
5,410
|
|
|
(28
|
)
|
|
(1
|
)
|
|||
Software services, maintenance and subscriptions
|
|
106,085
|
|
|
93,540
|
|
|
12,545
|
|
|
13
|
|
|||
Appraisal services
|
|
3,781
|
|
|
4,197
|
|
|
(416
|
)
|
|
(10
|
)
|
|||
Hardware and other
|
|
2,343
|
|
|
1,316
|
|
|
1,027
|
|
|
78
|
|
|||
Total cost of revenues
|
|
$
|
118,369
|
|
|
$
|
105,194
|
|
|
$
|
13,175
|
|
|
13
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Research and development expense
|
|
$
|
13,048
|
|
|
$
|
11,599
|
|
|
$
|
1,449
|
|
|
12
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
Amortization of customer and trade name intangibles
|
|
$
|
3,315
|
|
|
$
|
3,325
|
|
|
$
|
(10
|
)
|
|
—
|
%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
Other income (expense), net
|
|
$
|
599
|
|
|
$
|
(190
|
)
|
|
$
|
789
|
|
|
(415
|
)%
|
|
|
First Quarter
|
|
Change
|
|||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|||||||
Income tax provision
|
|
$
|
1,612
|
|
|
$
|
3,872
|
|
|
$
|
(2,260
|
)
|
|
(58
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Effective income tax rate
|
|
4.1
|
%
|
|
10.6
|
%
|
|
|
|
|
($ in thousands)
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Cash flows provided (used) by:
|
|
|
|
|
||||
Operating activities
|
|
$
|
44,631
|
|
|
$
|
48,179
|
|
Investing activities
|
|
(41,037
|
)
|
|
(20,068
|
)
|
||
Financing activities
|
|
21,096
|
|
|
(531
|
)
|
||
Net increase in cash and cash equivalents
|
|
$
|
24,690
|
|
|
$
|
27,580
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Exhibit 101
|
|
Instance Document
|
|
|
|
Exhibit 101
|
|
Schema Document
|
|
|
|
Exhibit 101
|
|
Calculation Linkbase Document
|
|
|
|
Exhibit 101
|
|
Labels Linkbase Document
|
|
|
|
Exhibit 101
|
|
Definition Linkbase Document
|
|
|
|
Exhibit 101
|
|
Presentation Linkbase Document
|
|
TYLER TECHNOLOGIES, INC.
|
By:
|
/s/ Brian K. Miller
|
|
Brian K. Miller
|
|
Executive Vice President and Chief Financial Officer
|
|
(principal financial officer and an authorized signatory)
|
1 Year Tyler Technologies Chart |
1 Month Tyler Technologies Chart |
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