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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 | |
---|---|---|---|---|---|---|---|---|
7.38 | 1.42% | 528.29 | 528.29 | 517.90 | 521.65 | 73,335 | 19:40:39 |
|
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 September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
22,444
|
|
|
$
|
22,762
|
|
|
$
|
67,620
|
|
|
$
|
63,826
|
|
Subscriptions
|
|
58,699
|
|
|
44,352
|
|
|
160,736
|
|
|
124,731
|
|
||||
Software services
|
|
48,199
|
|
|
46,045
|
|
|
144,812
|
|
|
134,401
|
|
||||
Maintenance
|
|
96,215
|
|
|
91,847
|
|
|
286,188
|
|
|
266,965
|
|
||||
Appraisal services
|
|
5,544
|
|
|
6,290
|
|
|
16,470
|
|
|
19,268
|
|
||||
Hardware and other
|
|
4,966
|
|
|
3,410
|
|
|
17,475
|
|
|
14,007
|
|
||||
Total revenues
|
|
236,067
|
|
|
214,706
|
|
|
693,301
|
|
|
623,198
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues:
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
957
|
|
|
826
|
|
|
2,939
|
|
|
2,204
|
|
||||
Acquired software
|
|
5,897
|
|
|
5,473
|
|
|
17,003
|
|
|
16,243
|
|
||||
Software services, maintenance and subscriptions
|
|
111,508
|
|
|
98,036
|
|
|
327,080
|
|
|
287,748
|
|
||||
Appraisal services
|
|
3,505
|
|
|
4,089
|
|
|
10,854
|
|
|
12,568
|
|
||||
Hardware and other
|
|
2,574
|
|
|
2,293
|
|
|
11,718
|
|
|
10,408
|
|
||||
Total cost of revenues
|
|
124,441
|
|
|
110,717
|
|
|
369,594
|
|
|
329,171
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
111,626
|
|
|
103,989
|
|
|
323,707
|
|
|
294,027
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
|
52,605
|
|
|
44,513
|
|
|
152,471
|
|
|
130,293
|
|
||||
Research and development expense
|
|
17,050
|
|
|
11,834
|
|
|
45,929
|
|
|
35,307
|
|
||||
Amortization of customer and trade name intangibles
|
|
4,386
|
|
|
3,360
|
|
|
11,742
|
|
|
10,016
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
37,585
|
|
|
44,282
|
|
|
113,565
|
|
|
118,411
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
|
1,041
|
|
|
75
|
|
|
2,198
|
|
|
(216
|
)
|
||||
Income before income taxes
|
|
38,626
|
|
|
44,357
|
|
|
115,763
|
|
|
118,195
|
|
||||
Income tax (benefit) provision
|
|
(298
|
)
|
|
5,521
|
|
|
(147
|
)
|
|
14,820
|
|
||||
Net income
|
|
$
|
38,924
|
|
|
$
|
38,836
|
|
|
$
|
115,910
|
|
|
$
|
103,375
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.00
|
|
|
$
|
1.04
|
|
|
$
|
3.01
|
|
|
$
|
2.78
|
|
Diluted
|
|
$
|
0.96
|
|
|
$
|
0.99
|
|
|
$
|
2.87
|
|
|
$
|
2.63
|
|
|
|
September 30, 2018
(unaudited) |
|
December 31, 2017
|
||||
|
|
|
|
As Adjusted
|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
219,452
|
|
|
$
|
185,926
|
|
Accounts receivable [less allowance for doubtful accounts of $5,110 in 2018 and $5,427 in 2017]
|
|
281,523
|
|
|
246,188
|
|
||
Short-term investments
|
|
52,349
|
|
|
43,159
|
|
||
Prepaid expenses
|
|
32,790
|
|
|
32,206
|
|
||
Income tax receivable
|
|
13,281
|
|
|
11,339
|
|
||
Other current assets
|
|
2,299
|
|
|
1,997
|
|
||
Total current assets
|
|
601,694
|
|
|
520,815
|
|
||
|
|
|
|
|
||||
Accounts receivable, long-term
|
|
12,966
|
|
|
12,107
|
|
||
Property and equipment, net
|
|
156,498
|
|
|
152,315
|
|
||
Other assets:
|
|
|
|
|
||||
Goodwill
|
|
749,502
|
|
|
657,987
|
|
||
Other intangibles, net
|
|
282,806
|
|
|
229,617
|
|
||
Non-current investments and other assets
|
|
61,156
|
|
|
38,510
|
|
||
Total assets
|
|
$
|
1,864,622
|
|
|
$
|
1,611,351
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
4,597
|
|
|
$
|
8,174
|
|
Accrued liabilities
|
|
66,020
|
|
|
64,675
|
|
||
Deferred revenue
|
|
326,421
|
|
|
298,613
|
|
||
Total current liabilities
|
|
397,038
|
|
|
371,462
|
|
||
|
|
|
|
|
||||
Deferred revenue, long-term
|
|
493
|
|
|
1,274
|
|
||
Deferred income taxes
|
|
44,965
|
|
|
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 September 30, 2018 and December 31, 2017
|
|
481
|
|
|
481
|
|
||
Additional paid-in capital
|
|
724,935
|
|
|
626,867
|
|
||
Accumulated other comprehensive loss, net of tax
|
|
(46
|
)
|
|
(46
|
)
|
||
Retained earnings
|
|
740,373
|
|
|
624,463
|
|
||
Treasury stock, at cost; 9,179,922 and 10,262,182 shares in 2018 and 2017, respectively
|
|
(43,617
|
)
|
|
(60,029
|
)
|
||
Total shareholders' equity
|
|
1,422,126
|
|
|
1,191,736
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
1,864,622
|
|
|
$
|
1,611,351
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
|
|
As Adjusted
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
115,910
|
|
|
$
|
103,375
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
45,627
|
|
|
39,700
|
|
||
Share-based compensation expense
|
|
37,966
|
|
|
27,368
|
|
||
Deferred income tax benefit
|
|
(5,034
|
)
|
|
(13,705
|
)
|
||
Changes in operating assets and liabilities, exclusive of effects of
acquired companies:
|
|
|
|
|
||||
Accounts receivable
|
|
(31,393
|
)
|
|
(6,672
|
)
|
||
Income taxes
|
|
(1,942
|
)
|
|
(467
|
)
|
||
Prepaid expenses and other current assets
|
|
983
|
|
|
(3,663
|
)
|
||
Accounts payable
|
|
(4,729
|
)
|
|
(2,733
|
)
|
||
Accrued liabilities
|
|
1,523
|
|
|
1,316
|
|
||
Deferred revenue
|
|
20,442
|
|
|
(2,138
|
)
|
||
Net cash provided by operating activities
|
|
179,353
|
|
|
142,381
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Additions to property and equipment
|
|
(23,460
|
)
|
|
(37,734
|
)
|
||
Purchase of marketable security investments
|
|
(92,638
|
)
|
|
(49,905
|
)
|
||
Proceeds from marketable security investments
|
|
60,208
|
|
|
21,175
|
|
||
Cost of acquisitions, net of cash acquired
|
|
(167,308
|
)
|
|
(9,761
|
)
|
||
Decrease in other
|
|
857
|
|
|
418
|
|
||
Net cash used by investing activities
|
|
(222,341
|
)
|
|
(75,807
|
)
|
||
|
|
|
|
|
||||
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
|
|
70,536
|
|
|
33,568
|
|
||
Contributions from employee stock purchase plan
|
|
5,978
|
|
|
5,342
|
|
||
Net cash provided by financing activities
|
|
76,514
|
|
|
21,878
|
|
||
|
|
|
|
|
||||
Net increase in cash and cash equivalents
|
|
33,526
|
|
|
88,452
|
|
||
Cash and cash equivalents at beginning of period
|
|
185,926
|
|
|
36,151
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
219,452
|
|
|
$
|
124,603
|
|
•
|
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
|
|
September 30, 2018
|
||
Balance, beginning of period December 31, 2017
|
$
|
5,427
|
|
Provisions for losses - accounts receivable
|
1,714
|
|
|
Collection of accounts previously written off
|
(212
|
)
|
|
Deductions for accounts charged off or credits issued
|
(1,819
|
)
|
|
Balance, end of period
|
$
|
5,110
|
|
|
|
Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||
|
|
As Reported
|
|
Adjustments
|
|
As Adjusted
|
|
As Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||||||||
Statement of Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Software licenses and royalties
|
|
$
|
19,842
|
|
|
$
|
2,920
|
|
|
$
|
22,762
|
|
|
$
|
55,172
|
|
|
$
|
8,654
|
|
|
$
|
63,826
|
|
Subscriptions
|
|
44,840
|
|
|
(488
|
)
|
|
44,352
|
|
|
125,889
|
|
|
(1,158
|
)
|
|
124,731
|
|
||||||
Software services
|
|
47,479
|
|
|
(1,434
|
)
|
|
46,045
|
|
|
139,869
|
|
|
(5,468
|
)
|
|
134,401
|
|
||||||
Maintenance
|
|
92,285
|
|
|
(438
|
)
|
|
91,847
|
|
|
268,556
|
|
|
(1,591
|
)
|
|
266,965
|
|
||||||
Appraisal services
|
|
6,290
|
|
|
—
|
|
|
6,290
|
|
|
19,268
|
|
|
—
|
|
|
19,268
|
|
||||||
Hardware and other
|
|
3,410
|
|
|
—
|
|
|
3,410
|
|
|
14,057
|
|
|
(50
|
)
|
|
14,007
|
|
||||||
Total revenues
|
|
214,146
|
|
|
560
|
|
|
214,706
|
|
|
622,811
|
|
|
387
|
|
|
623,198
|
|
||||||
Selling, general and administrative expenses
|
|
44,656
|
|
|
(143
|
)
|
|
44,513
|
|
|
131,249
|
|
|
(956
|
)
|
|
130,293
|
|
||||||
Amortization of customer and trade name intangibles
|
|
3,492
|
|
|
(132
|
)
|
|
3,360
|
|
|
10,413
|
|
|
(397
|
)
|
|
10,016
|
|
||||||
Operating income
|
|
43,447
|
|
|
835
|
|
|
44,282
|
|
|
116,671
|
|
|
1,740
|
|
|
118,411
|
|
||||||
Income tax provision
|
|
5,259
|
|
|
262
|
|
|
5,521
|
|
|
14,308
|
|
|
512
|
|
|
14,820
|
|
||||||
Net income
|
|
$
|
38,263
|
|
|
$
|
573
|
|
|
$
|
38,836
|
|
|
$
|
102,147
|
|
|
$
|
1,228
|
|
|
$
|
103,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
$
|
1.02
|
|
|
|
|
$
|
1.04
|
|
|
$
|
2.74
|
|
|
|
|
$
|
2.78
|
|
||||
Diluted
|
|
$
|
0.97
|
|
|
|
|
$
|
0.99
|
|
|
$
|
2.60
|
|
|
|
|
$
|
2.63
|
|
|
December 31, 2017
|
||||||||||
|
As Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||
Balance Sheet:
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
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
|
|
|||
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.
|
|
|
|
||
Cash
|
|
$
|
1,724
|
|
Accounts receivable
|
|
3,616
|
|
|
Other current assets
|
|
2,057
|
|
|
Other noncurrent assets
|
|
68
|
|
|
Identifiable intangible assets
|
|
75,000
|
|
|
Goodwill
|
|
78,909
|
|
|
Accounts payable
|
|
(1,254
|
)
|
|
Accrued expenses
|
|
(1,717
|
)
|
|
Deferred revenue
|
|
(5,915
|
)
|
|
Deferred tax liabilities, net
|
|
(3,120
|
)
|
|
Total consideration
|
|
$
|
149,368
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
236,067
|
|
|
$
|
220,825
|
|
|
$
|
701,742
|
|
|
$
|
642,034
|
|
Net income
|
|
38,924
|
|
|
34,119
|
|
|
107,763
|
|
|
89,599
|
|
||||
Basic earnings per share
|
|
1.00
|
|
|
0.91
|
|
|
2.80
|
|
|
2.41
|
|
||||
Diluted earnings per share
|
|
$
|
0.96
|
|
|
$
|
0.87
|
|
|
$
|
2.67
|
|
|
$
|
2.28
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
||||||
Purchases of treasury shares
|
|
—
|
|
|
$
|
—
|
|
|
(42
|
)
|
|
$
|
(6,171
|
)
|
Stock option exercises
|
|
1,048
|
|
|
70,536
|
|
|
787
|
|
|
33,568
|
|
||
Employee stock plan purchases
|
|
35
|
|
|
$
|
5,978
|
|
|
40
|
|
|
$
|
5,342
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
38,924
|
|
|
$
|
38,836
|
|
|
$
|
115,910
|
|
|
$
|
103,375
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average basic common shares outstanding
|
|
38,761
|
|
|
37,391
|
|
|
38,533
|
|
|
37,238
|
|
||||
Assumed conversion of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Stock options
|
|
1,767
|
|
|
1,951
|
|
|
1,812
|
|
|
2,028
|
|
||||
Denominator for diluted earnings per share
- Adjusted weighted-average shares
|
|
40,528
|
|
|
39,342
|
|
|
40,345
|
|
|
39,266
|
|
||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
1.00
|
|
|
$
|
1.04
|
|
|
$
|
3.01
|
|
|
$
|
2.78
|
|
Diluted
|
|
$
|
0.96
|
|
|
$
|
0.99
|
|
|
$
|
2.87
|
|
|
$
|
2.63
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of software services, maintenance and subscriptions
|
|
$
|
3,909
|
|
|
$
|
2,524
|
|
|
$
|
9,640
|
|
|
$
|
6,874
|
|
Selling, general and administrative expenses
|
|
10,567
|
|
|
7,267
|
|
|
28,326
|
|
|
20,494
|
|
||||
Total share-based compensation expense
|
|
$
|
14,476
|
|
|
$
|
9,791
|
|
|
$
|
37,966
|
|
|
$
|
27,368
|
|
•
|
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;
|
•
|
data and insights solutions; and
|
•
|
appraisal and tax software solutions and property appraisal services.
|
For the three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
|
|
Enterprise
Software |
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
19,544
|
|
|
$
|
2,900
|
|
|
$
|
—
|
|
|
$
|
22,444
|
|
Subscriptions
|
|
56,220
|
|
|
2,479
|
|
|
—
|
|
|
58,699
|
|
||||
Software services
|
|
41,640
|
|
|
6,559
|
|
|
—
|
|
|
48,199
|
|
||||
Maintenance
|
|
90,072
|
|
|
6,143
|
|
|
—
|
|
|
96,215
|
|
||||
Appraisal services
|
|
—
|
|
|
5,544
|
|
|
—
|
|
|
5,544
|
|
||||
Hardware and other
|
|
4,999
|
|
|
—
|
|
|
(33
|
)
|
|
4,966
|
|
||||
Intercompany
|
|
3,373
|
|
|
—
|
|
|
(3,373
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
215,848
|
|
|
$
|
23,625
|
|
|
$
|
(3,406
|
)
|
|
$
|
236,067
|
|
Segment operating income
|
|
$
|
59,334
|
|
|
$
|
6,695
|
|
|
$
|
(18,161
|
)
|
|
$
|
47,868
|
|
For the nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
|
|
Enterprise Software
|
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
60,224
|
|
|
$
|
7,396
|
|
|
$
|
—
|
|
|
$
|
67,620
|
|
Subscriptions
|
|
153,541
|
|
|
7,195
|
|
|
—
|
|
|
160,736
|
|
||||
Software services
|
|
126,928
|
|
|
17,884
|
|
|
—
|
|
|
144,812
|
|
||||
Maintenance
|
|
267,681
|
|
|
18,507
|
|
|
—
|
|
|
286,188
|
|
||||
Appraisal services
|
|
—
|
|
|
16,470
|
|
|
—
|
|
|
16,470
|
|
||||
Hardware and other
|
|
12,525
|
|
|
33
|
|
|
4,917
|
|
|
17,475
|
|
||||
Intercompany
|
|
9,696
|
|
|
—
|
|
|
(9,696
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
630,595
|
|
|
$
|
67,485
|
|
|
$
|
(4,779
|
)
|
|
$
|
693,301
|
|
Segment operating income
|
|
$
|
174,365
|
|
|
$
|
16,845
|
|
|
$
|
(48,900
|
)
|
|
$
|
142,310
|
|
For the three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
As Adjusted
|
|
Enterprise
Software
|
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
21,143
|
|
|
$
|
1,619
|
|
|
$
|
—
|
|
|
$
|
22,762
|
|
Subscriptions
|
|
42,338
|
|
|
2,014
|
|
|
—
|
|
|
44,352
|
|
||||
Software services
|
|
40,861
|
|
|
5,184
|
|
|
—
|
|
|
46,045
|
|
||||
Maintenance
|
|
86,138
|
|
|
5,709
|
|
|
—
|
|
|
91,847
|
|
||||
Appraisal services
|
|
—
|
|
|
6,290
|
|
|
—
|
|
|
6,290
|
|
||||
Hardware and other
|
|
3,412
|
|
|
—
|
|
|
(2
|
)
|
|
3,410
|
|
||||
Intercompany
|
|
2,660
|
|
|
—
|
|
|
(2,660
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
196,552
|
|
|
$
|
20,816
|
|
|
$
|
(2,662
|
)
|
|
$
|
214,706
|
|
Segment operating income
|
|
$
|
61,243
|
|
|
$
|
5,450
|
|
|
$
|
(13,578
|
)
|
|
$
|
53,115
|
|
For the nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
As Adjusted
|
|
Enterprise
Software
|
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
58,805
|
|
|
$
|
5,021
|
|
|
$
|
—
|
|
|
$
|
63,826
|
|
Subscriptions
|
|
119,033
|
|
|
5,698
|
|
|
—
|
|
|
124,731
|
|
||||
Software services
|
|
120,190
|
|
|
14,211
|
|
|
—
|
|
|
134,401
|
|
||||
Maintenance
|
|
251,457
|
|
|
15,508
|
|
|
—
|
|
|
266,965
|
|
||||
Appraisal services
|
|
—
|
|
|
19,268
|
|
|
—
|
|
|
19,268
|
|
||||
Hardware and other
|
|
9,385
|
|
|
—
|
|
|
4,622
|
|
|
14,007
|
|
||||
Intercompany
|
|
7,309
|
|
|
—
|
|
|
(7,309
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
566,179
|
|
|
$
|
59,706
|
|
|
$
|
(2,687
|
)
|
|
$
|
623,198
|
|
Segment operating income
|
|
$
|
167,767
|
|
|
$
|
14,371
|
|
|
$
|
(37,468
|
)
|
|
$
|
144,670
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Reconciliation of reportable segment operating income to the Company's consolidated totals:
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
||||||||
Total segment operating income
|
|
$
|
47,868
|
|
|
$
|
53,115
|
|
|
$
|
142,310
|
|
|
$
|
144,670
|
|
Amortization of acquired software
|
|
(5,897
|
)
|
|
(5,473
|
)
|
|
(17,003
|
)
|
|
(16,243
|
)
|
||||
Amortization of customer and trade name intangibles
|
|
(4,386
|
)
|
|
(3,360
|
)
|
|
(11,742
|
)
|
|
(10,016
|
)
|
||||
Other income (expense), net
|
|
1,041
|
|
|
75
|
|
|
2,198
|
|
|
(216
|
)
|
||||
Income before income taxes
|
|
$
|
38,626
|
|
|
$
|
44,357
|
|
|
$
|
115,763
|
|
|
$
|
118,195
|
|
For the three months ended September 30, 2018
|
|
|
|
|
|
|
||||||
|
|
Products and services transferred at a point in time
|
|
Products and services transferred over time
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
17,373
|
|
|
$
|
5,071
|
|
|
$
|
22,444
|
|
Subscriptions
|
|
—
|
|
|
58,699
|
|
|
58,699
|
|
|||
Software services
|
|
—
|
|
|
48,199
|
|
|
48,199
|
|
|||
Maintenance
|
|
—
|
|
|
96,215
|
|
|
96,215
|
|
|||
Appraisal services
|
|
—
|
|
|
5,544
|
|
|
5,544
|
|
|||
Hardware and other
|
|
4,966
|
|
|
—
|
|
|
4,966
|
|
|||
Total
|
|
$
|
22,339
|
|
|
$
|
213,728
|
|
|
$
|
236,067
|
|
For the nine months ended September 30, 2018
|
|
|
|
|
|
|
||||||
|
|
Products and services transferred at a point in time
|
|
Products and services transferred over time
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
53,697
|
|
|
$
|
13,923
|
|
|
$
|
67,620
|
|
Subscriptions
|
|
—
|
|
|
160,736
|
|
|
160,736
|
|
|||
Software services
|
|
—
|
|
|
144,812
|
|
|
144,812
|
|
|||
Maintenance
|
|
—
|
|
|
286,188
|
|
|
286,188
|
|
|||
Appraisal services
|
|
—
|
|
|
16,470
|
|
|
16,470
|
|
|||
Hardware and other
|
|
17,475
|
|
|
—
|
|
|
17,475
|
|
|||
Total
|
|
$
|
71,172
|
|
|
$
|
622,129
|
|
|
$
|
693,301
|
|
For the three months ended September 30, 2017
|
|
|
|
|
|
|
||||||
As Adjusted
|
|
Products and services transferred at a point in time
|
|
Products and services transferred over time
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
18,007
|
|
|
$
|
4,755
|
|
|
$
|
22,762
|
|
Subscriptions
|
|
—
|
|
|
44,352
|
|
|
44,352
|
|
|||
Software services
|
|
—
|
|
|
46,045
|
|
|
46,045
|
|
|||
Maintenance
|
|
—
|
|
|
91,847
|
|
|
91,847
|
|
|||
Appraisal services
|
|
—
|
|
|
6,290
|
|
|
6,290
|
|
|||
Hardware and other
|
|
3,410
|
|
|
—
|
|
|
3,410
|
|
|||
Total
|
|
$
|
21,417
|
|
|
$
|
193,289
|
|
|
$
|
214,706
|
|
For the nine months ended September 30, 2017
|
|
|
|
|
|
|
||||||
As Adjusted
|
|
Products and services transferred at a point in time
|
|
Products and services transferred over time
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
51,257
|
|
|
$
|
12,569
|
|
|
$
|
63,826
|
|
Subscriptions
|
|
—
|
|
|
124,731
|
|
|
124,731
|
|
|||
Software services
|
|
—
|
|
|
134,401
|
|
|
134,401
|
|
|||
Maintenance
|
|
—
|
|
|
266,965
|
|
|
266,965
|
|
|||
Appraisal services
|
|
—
|
|
|
19,268
|
|
|
19,268
|
|
|||
Hardware and other
|
|
14,007
|
|
|
—
|
|
|
14,007
|
|
|||
Total
|
|
$
|
65,264
|
|
|
$
|
557,934
|
|
|
$
|
623,198
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
As Adjusted
|
||||
Enterprise Software
|
|
$
|
307,872
|
|
|
$
|
277,198
|
|
Appraisal and Tax
|
|
16,450
|
|
|
20,387
|
|
||
Corporate
|
|
2,592
|
|
|
2,302
|
|
||
Totals
|
|
$
|
326,914
|
|
|
$
|
299,887
|
|
|
|
September 30, 2018
|
||
Balance, beginning of period December 31, 2017 (As Adjusted)
|
|
$
|
299,887
|
|
Deferral of revenue
|
|
649,152
|
|
|
Recognition of deferred revenue
|
|
(622,125
|
)
|
|
Balance, end of period
|
|
$
|
326,914
|
|
|
|
Percent of Total Revenues
|
||||||||||
|
|
Third Quarter
|
|
Nine Months Ended
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
|
|
|
As Adjusted
|
|
|
|
As Adjusted
|
||||
Revenues:
|
|
|
|
|
|
|
|
|
||||
Software licenses and royalties
|
|
9.5
|
%
|
|
10.6
|
%
|
|
9.8
|
%
|
|
10.2
|
%
|
Subscriptions
|
|
24.9
|
|
|
20.7
|
|
|
23.2
|
|
|
20.0
|
|
Software services
|
|
20.4
|
|
|
21.4
|
|
|
20.9
|
|
|
21.6
|
|
Maintenance
|
|
40.8
|
|
|
42.8
|
|
|
41.2
|
|
|
42.9
|
|
Appraisal services
|
|
2.3
|
|
|
2.9
|
|
|
2.4
|
|
|
3.1
|
|
Hardware and other
|
|
2.1
|
|
|
1.6
|
|
|
2.5
|
|
|
2.2
|
|
Total revenues
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
||
Software licenses, royalties and acquired software
|
|
2.9
|
|
|
2.9
|
|
|
2.9
|
|
|
3.0
|
|
Software services, maintenance and subscriptions
|
|
47.2
|
|
|
45.7
|
|
|
47.2
|
|
|
46.2
|
|
Appraisal services
|
|
1.5
|
|
|
1.9
|
|
|
1.6
|
|
|
2.0
|
|
Hardware and other
|
|
1.1
|
|
|
1.1
|
|
|
1.7
|
|
|
1.7
|
|
Selling, general and administrative expenses
|
|
22.3
|
|
|
20.7
|
|
|
22.0
|
|
|
20.9
|
|
Research and development expense
|
|
7.2
|
|
|
5.5
|
|
|
6.6
|
|
|
5.7
|
|
Amortization of customer and trade name intangibles
|
|
1.9
|
|
|
1.6
|
|
|
1.7
|
|
|
1.6
|
|
Operating income
|
|
15.9
|
|
|
20.6
|
|
|
16.3
|
|
|
18.9
|
|
Other income (expense), net
|
|
0.4
|
|
|
—
|
|
|
0.3
|
|
|
(0.2
|
)
|
Income before income taxes
|
|
16.3
|
|
|
20.6
|
|
|
16.6
|
|
|
18.7
|
|
Income (benefit) tax provision
|
|
(0.1
|
)
|
|
2.6
|
|
|
—
|
|
|
2.4
|
|
Net income
|
|
16.4
|
%
|
|
18.0
|
%
|
|
16.6
|
%
|
|
16.3
|
%
|
|
|
Third Quarter
|
|
Nine Months Ended
|
||||
Revenues:
|
|
|
|
|
||||
Software licenses and royalties
|
|
$
|
—
|
|
|
$
|
—
|
|
Subscriptions
|
|
4,733
|
|
|
7,209
|
|
||
Software services
|
|
644
|
|
|
1,183
|
|
||
Maintenance
|
|
—
|
|
|
—
|
|
||
Appraisal services
|
|
—
|
|
|
—
|
|
||
Hardware and other
|
|
20
|
|
|
20
|
|
||
Total revenues
|
|
$
|
5,397
|
|
|
$
|
8,412
|
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
ES
|
|
$
|
19,544
|
|
|
$
|
21,143
|
|
|
$
|
(1,599
|
)
|
|
(8
|
)%
|
|
$
|
60,224
|
|
|
$
|
58,805
|
|
|
$
|
1,419
|
|
|
2
|
%
|
A&T
|
|
2,900
|
|
|
1,619
|
|
|
1,281
|
|
|
79
|
|
|
7,396
|
|
|
5,021
|
|
|
2,375
|
|
|
47
|
|
||||||
Total software licenses and royalties revenue
|
|
$
|
22,444
|
|
|
$
|
22,762
|
|
|
$
|
(318
|
)
|
|
(1
|
)%
|
|
$
|
67,620
|
|
|
$
|
63,826
|
|
|
$
|
3,794
|
|
|
6
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
ES
|
|
$
|
56,220
|
|
|
$
|
42,338
|
|
|
$
|
13,882
|
|
|
33
|
%
|
|
$
|
153,541
|
|
|
$
|
119,033
|
|
|
$
|
34,508
|
|
|
29
|
%
|
A&T
|
|
2,479
|
|
|
2,014
|
|
|
465
|
|
|
23
|
|
|
7,195
|
|
|
5,698
|
|
|
1,497
|
|
|
26
|
|
||||||
Total subscriptions revenue
|
|
$
|
58,699
|
|
|
$
|
44,352
|
|
|
$
|
14,347
|
|
|
32
|
%
|
|
$
|
160,736
|
|
|
$
|
124,731
|
|
|
$
|
36,005
|
|
|
29
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
ES
|
|
$
|
41,640
|
|
|
$
|
40,861
|
|
|
$
|
779
|
|
|
2
|
%
|
|
$
|
126,928
|
|
|
$
|
120,190
|
|
|
$
|
6,738
|
|
|
6
|
%
|
A&T
|
|
6,559
|
|
|
5,184
|
|
|
1,375
|
|
|
27
|
|
|
17,884
|
|
|
14,211
|
|
|
3,673
|
|
|
26
|
|
||||||
Total software services revenue
|
|
$
|
48,199
|
|
|
$
|
46,045
|
|
|
$
|
2,154
|
|
|
5
|
%
|
|
$
|
144,812
|
|
|
$
|
134,401
|
|
|
$
|
10,411
|
|
|
8
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
ES
|
|
$
|
90,072
|
|
|
$
|
86,138
|
|
|
$
|
3,934
|
|
|
5
|
%
|
|
$
|
267,681
|
|
|
$
|
251,457
|
|
|
$
|
16,224
|
|
|
6
|
%
|
A&T
|
|
6,143
|
|
|
5,709
|
|
|
434
|
|
|
8
|
|
|
18,507
|
|
|
15,508
|
|
|
2,999
|
|
|
19
|
|
||||||
Total maintenance revenue
|
|
$
|
96,215
|
|
|
$
|
91,847
|
|
|
$
|
4,368
|
|
|
5
|
%
|
|
$
|
286,188
|
|
|
$
|
266,965
|
|
|
$
|
19,223
|
|
|
7
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
ES
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
A&T
|
|
5,544
|
|
|
6,290
|
|
|
(746
|
)
|
|
(12
|
)
|
|
16,470
|
|
|
19,268
|
|
|
(2,798
|
)
|
|
(15
|
)
|
||||||
Total appraisal services revenue
|
|
$
|
5,544
|
|
|
$
|
6,290
|
|
|
$
|
(746
|
)
|
|
(12
|
)%
|
|
$
|
16,470
|
|
|
$
|
19,268
|
|
|
$
|
(2,798
|
)
|
|
(15
|
)%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
Software licenses and royalties
|
|
$
|
957
|
|
|
$
|
826
|
|
|
$
|
131
|
|
|
16
|
%
|
|
$
|
2,939
|
|
|
$
|
2,204
|
|
|
$
|
735
|
|
|
33
|
%
|
Acquired software
|
|
5,897
|
|
|
5,473
|
|
|
424
|
|
|
8
|
|
|
17,003
|
|
|
16,243
|
|
|
760
|
|
|
5
|
|
||||||
Software services, maintenance and subscriptions
|
|
111,508
|
|
|
98,036
|
|
|
13,472
|
|
|
14
|
|
|
327,080
|
|
|
287,748
|
|
|
39,332
|
|
|
14
|
|
||||||
Appraisal services
|
|
3,505
|
|
|
4,089
|
|
|
(584
|
)
|
|
(14
|
)
|
|
10,854
|
|
|
12,568
|
|
|
(1,714
|
)
|
|
(14
|
)
|
||||||
Hardware and other
|
|
2,574
|
|
|
2,293
|
|
|
281
|
|
|
12
|
|
|
11,718
|
|
|
10,408
|
|
|
1,310
|
|
|
13
|
|
||||||
Total cost of revenues
|
|
$
|
124,441
|
|
|
$
|
110,717
|
|
|
$
|
13,724
|
|
|
12
|
%
|
|
$
|
369,594
|
|
|
$
|
329,171
|
|
|
$
|
40,423
|
|
|
12
|
%
|
|
|
Third Quarter
|
|
Nine Months Ended
|
||||||||||||||
|
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
As Adjusted
|
|
|
||||||
Software licenses, royalties and acquired software
|
|
69.5
|
%
|
|
72.3
|
%
|
|
(2.8
|
)%
|
|
70.5
|
%
|
|
71.1
|
%
|
|
(0.6
|
)%
|
Software services, maintenance and subscriptions
|
|
45.1
|
|
|
46.2
|
|
|
(1.1
|
)
|
|
44.7
|
|
|
45.3
|
|
|
(0.6
|
)
|
Appraisal services
|
|
36.8
|
|
|
35.0
|
|
|
1.8
|
|
|
34.1
|
|
|
34.8
|
|
|
(0.7
|
)
|
Hardware and other
|
|
48.2
|
|
|
32.8
|
|
|
15.4
|
|
|
32.9
|
|
|
25.7
|
|
|
7.2
|
|
Overall gross margin
|
|
47.3
|
%
|
|
48.4
|
%
|
|
(1.1
|
)%
|
|
46.7
|
%
|
|
47.2
|
%
|
|
(0.5
|
)%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
Selling, general and administrative expenses
|
|
$
|
52,605
|
|
|
$
|
44,513
|
|
|
$
|
8,092
|
|
|
18
|
%
|
|
$
|
152,471
|
|
|
$
|
130,293
|
|
|
$
|
22,178
|
|
|
17
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
Research and development expense
|
|
$
|
17,050
|
|
|
$
|
11,834
|
|
|
$
|
5,216
|
|
|
44
|
%
|
|
$
|
45,929
|
|
|
$
|
35,307
|
|
|
$
|
10,622
|
|
|
30
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
Amortization of customer and trade name intangibles
|
|
$
|
4,386
|
|
|
$
|
3,360
|
|
|
$
|
1,026
|
|
|
31
|
%
|
|
$
|
11,742
|
|
|
$
|
10,016
|
|
|
$
|
1,726
|
|
|
17
|
%
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||
Other income (expense), net
|
|
$
|
1,041
|
|
|
$
|
75
|
|
|
$
|
966
|
|
|
NM
|
|
$
|
2,198
|
|
|
$
|
(216
|
)
|
|
$
|
2,414
|
|
|
NM
|
|
|
Third Quarter
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
|
|
|
|
As Adjusted
|
|
|
|
|
|
|
|
As Adjusted
|
|
|
|
|
||||||||||||||
Income tax (benefit) provision
|
|
$
|
(298
|
)
|
|
$
|
5,521
|
|
|
$
|
(5,819
|
)
|
|
(105
|
)%
|
|
$
|
(147
|
)
|
|
$
|
14,820
|
|
|
$
|
(14,967
|
)
|
|
(101
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Effective income tax rate
|
|
(0.8
|
)%
|
|
12.4
|
%
|
|
|
|
|
|
(0.1
|
)%
|
|
12.5
|
%
|
|
|
|
|
($ in thousands)
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
||||
Cash flows provided (used) by:
|
|
|
|
|
||||
Operating activities
|
|
$
|
179,353
|
|
|
$
|
142,381
|
|
Investing activities
|
|
(222,341
|
)
|
|
(75,807
|
)
|
||
Financing activities
|
|
76,514
|
|
|
21,878
|
|
||
Net increase in cash and cash equivalents
|
|
$
|
33,526
|
|
|
$
|
88,452
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
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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