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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 | |
---|---|---|---|---|---|---|---|---|
2.67 | 0.58% | 460.74 | 465.781 | 456.1904 | 459.00 | 286,608 | 01:00:00 |
|
☒
|
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.
|
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)
|
(City)
|
(State)
|
(Zip code)
|
Title of each class
|
Trading symbol
|
Name of each exchange
on which registered
|
COMMON STOCK, $0.01 PAR VALUE
|
TYL
|
New York Stock Exchange
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
25,379
|
|
|
$
|
22,444
|
|
|
$
|
67,847
|
|
|
$
|
67,620
|
|
Subscriptions
|
|
75,272
|
|
|
58,699
|
|
|
216,022
|
|
|
160,736
|
|
||||
Software services
|
|
54,997
|
|
|
48,199
|
|
|
160,841
|
|
|
144,812
|
|
||||
Maintenance
|
|
109,833
|
|
|
96,215
|
|
|
316,674
|
|
|
286,188
|
|
||||
Appraisal services
|
|
6,008
|
|
|
5,544
|
|
|
17,455
|
|
|
16,470
|
|
||||
Hardware and other
|
|
3,911
|
|
|
4,966
|
|
|
18,751
|
|
|
17,475
|
|
||||
Total revenues
|
|
275,400
|
|
|
236,067
|
|
|
797,590
|
|
|
693,301
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues:
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
971
|
|
|
957
|
|
|
2,680
|
|
|
2,939
|
|
||||
Acquired software
|
|
7,975
|
|
|
5,897
|
|
|
22,645
|
|
|
17,003
|
|
||||
Software services, maintenance and subscriptions
|
|
128,545
|
|
|
111,508
|
|
|
371,464
|
|
|
327,080
|
|
||||
Appraisal services
|
|
4,096
|
|
|
3,505
|
|
|
11,306
|
|
|
10,854
|
|
||||
Hardware and other
|
|
3,096
|
|
|
2,574
|
|
|
14,870
|
|
|
11,718
|
|
||||
Total cost of revenues
|
|
144,683
|
|
|
124,441
|
|
|
422,965
|
|
|
369,594
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
130,717
|
|
|
111,626
|
|
|
374,625
|
|
|
323,707
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
|
63,888
|
|
|
52,605
|
|
|
187,481
|
|
|
152,471
|
|
||||
Research and development expense
|
|
21,130
|
|
|
17,050
|
|
|
60,172
|
|
|
45,929
|
|
||||
Amortization of other intangibles
|
|
5,646
|
|
|
4,386
|
|
|
15,762
|
|
|
11,742
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
40,053
|
|
|
37,585
|
|
|
111,210
|
|
|
113,565
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income, net
|
|
499
|
|
|
1,041
|
|
|
838
|
|
|
2,198
|
|
||||
Income before income taxes
|
|
40,552
|
|
|
38,626
|
|
|
112,048
|
|
|
115,763
|
|
||||
Income tax provision (benefit)
|
|
162
|
|
|
(298
|
)
|
|
12,311
|
|
|
(147
|
)
|
||||
Net income
|
|
$
|
40,390
|
|
|
$
|
38,924
|
|
|
$
|
99,737
|
|
|
$
|
115,910
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.04
|
|
|
$
|
1.00
|
|
|
$
|
2.58
|
|
|
$
|
3.01
|
|
Diluted
|
|
$
|
1.00
|
|
|
$
|
0.96
|
|
|
$
|
2.49
|
|
|
$
|
2.87
|
|
|
|
September 30, 2019
(unaudited) |
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
161,438
|
|
|
$
|
134,279
|
|
Accounts receivable (less allowance for doubtful accounts of $4,302 in 2019 and $4,647 in 2018)
|
|
347,982
|
|
|
298,912
|
|
||
Short-term investments
|
|
32,931
|
|
|
44,306
|
|
||
Prepaid expenses
|
|
24,544
|
|
|
33,258
|
|
||
Income tax receivable
|
|
4
|
|
|
4,697
|
|
||
Other current assets
|
|
2,907
|
|
|
3,406
|
|
||
Total current assets
|
|
569,806
|
|
|
518,858
|
|
||
|
|
|
|
|
||||
Accounts receivable, long-term
|
|
20,437
|
|
|
16,020
|
|
||
Operating lease right-of-use assets
|
|
20,172
|
|
|
—
|
|
||
Property and equipment, net
|
|
169,950
|
|
|
155,177
|
|
||
Other assets:
|
|
|
|
|
||||
Goodwill
|
|
826,040
|
|
|
753,718
|
|
||
Other intangibles, net
|
|
377,580
|
|
|
276,852
|
|
||
Non-current investments and other assets
|
|
71,104
|
|
|
70,338
|
|
||
Total assets
|
|
$
|
2,055,089
|
|
|
$
|
1,790,963
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
9,060
|
|
|
$
|
6,910
|
|
Accrued liabilities
|
|
69,781
|
|
|
66,480
|
|
||
Operating lease liabilities
|
|
6,413
|
|
|
—
|
|
||
Current income tax payable
|
|
—
|
|
|
—
|
|
||
Deferred revenue
|
|
391,560
|
|
|
350,512
|
|
||
Total current liabilities
|
|
476,814
|
|
|
423,902
|
|
||
|
|
|
|
|
||||
Revolving line of credit
|
|
—
|
|
|
—
|
|
||
Deferred revenue, long-term
|
|
241
|
|
|
424
|
|
||
Deferred income taxes
|
|
40,303
|
|
|
41,791
|
|
||
Operating lease liabilities, long-term
|
|
18,134
|
|
|
—
|
|
||
|
|
|
|
|
||||
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, 2019 and December 31, 2018 |
|
481
|
|
|
481
|
|
||
Additional paid-in capital
|
|
692,586
|
|
|
731,435
|
|
||
Accumulated other comprehensive loss, net of tax
|
|
(46
|
)
|
|
(46
|
)
|
||
Retained earnings
|
|
870,546
|
|
|
771,925
|
|
||
Treasury stock, at cost; 9,172,316 and 9,872,505 shares in 2019 and 2018, respectively
|
|
(43,970
|
)
|
|
(178,949
|
)
|
||
Total shareholders' equity
|
|
1,519,597
|
|
|
1,324,846
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
2,055,089
|
|
|
$
|
1,790,963
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
99,737
|
|
|
$
|
115,910
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
56,547
|
|
|
45,627
|
|
||
Share-based compensation expense
|
|
44,369
|
|
|
37,966
|
|
||
Operating lease right-of-use assets - non cash
|
|
3,979
|
|
|
—
|
|
||
Deferred income tax benefit
|
|
(10,329
|
)
|
|
(5,034
|
)
|
||
Changes in operating assets and liabilities, exclusive of effects of
acquired companies:
|
|
|
|
|
||||
Accounts receivable
|
|
(35,544
|
)
|
|
(31,393
|
)
|
||
Income taxes
|
|
4,553
|
|
|
(1,942
|
)
|
||
Prepaid expenses and other current assets
|
|
(7,630
|
)
|
|
983
|
|
||
Accounts payable
|
|
1,548
|
|
|
(4,729
|
)
|
||
Operating lease liabilities
|
|
(4,530
|
)
|
|
—
|
|
||
Accrued liabilities
|
|
(1,379
|
)
|
|
1,523
|
|
||
Deferred revenue
|
|
27,206
|
|
|
20,442
|
|
||
Net cash provided by operating activities
|
|
178,527
|
|
|
179,353
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
||||
Additions to property and equipment
|
|
(28,833
|
)
|
|
(23,460
|
)
|
||
Purchase of marketable security investments
|
|
(27,322
|
)
|
|
(92,638
|
)
|
||
Proceeds from marketable security investments
|
|
56,854
|
|
|
60,208
|
|
||
Investment in software
|
|
(3,540
|
)
|
|
—
|
|
||
Cost of acquisitions, net of cash acquired
|
|
(199,870
|
)
|
|
(167,308
|
)
|
||
(Increase) decrease in other
|
|
(493
|
)
|
|
857
|
|
||
Net cash used by investing activities
|
|
(203,204
|
)
|
|
(222,341
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
||||
Purchase of treasury shares
|
|
(17,786
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options
|
|
62,295
|
|
|
70,536
|
|
||
Contributions from employee stock purchase plan
|
|
7,327
|
|
|
5,978
|
|
||
Net cash provided by financing activities
|
|
51,836
|
|
|
76,514
|
|
||
|
|
|
|
|
||||
Net increase in cash and cash equivalents
|
|
27,159
|
|
|
33,526
|
|
||
Cash and cash equivalents at beginning of period
|
|
134,279
|
|
|
185,926
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
161,438
|
|
|
$
|
219,452
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
Total
Shareholders'
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at June 30, 2019
|
48,148
|
|
|
$
|
481
|
|
|
$
|
715,920
|
|
|
$
|
(46
|
)
|
|
$
|
830,156
|
|
|
(9,582
|
)
|
|
$
|
(124,881
|
)
|
|
$
|
1,421,630
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,390
|
|
|
—
|
|
|
—
|
|
|
40,390
|
|
||||||
Exercise of stock options and vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(38,160
|
)
|
|
—
|
|
|
—
|
|
|
396
|
|
|
78,323
|
|
|
40,163
|
|
||||||
Employee taxes paid for withheld shares upon equity award settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(191
|
)
|
|
(191
|
)
|
||||||
Stock compensation
|
—
|
|
|
—
|
|
|
14,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,887
|
|
||||||
Issuance of shares pursuant to employee stock purchase plan
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
15
|
|
|
2,779
|
|
|
2,718
|
|
||||||
Treasury stock purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at September 30, 2019
|
48,148
|
|
|
$
|
481
|
|
|
$
|
692,586
|
|
|
$
|
(46
|
)
|
|
$
|
870,546
|
|
|
(9,172
|
)
|
|
$
|
(43,970
|
)
|
|
$
|
1,519,597
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
Total
Shareholders'
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at June 30, 2018
|
48,148
|
|
|
$
|
481
|
|
|
$
|
686,782
|
|
|
$
|
(46
|
)
|
|
$
|
701,449
|
|
|
(9,517
|
)
|
|
$
|
(48,377
|
)
|
|
$
|
1,340,289
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,924
|
|
|
—
|
|
|
—
|
|
|
38,924
|
|
||||||
Exercise of stock options and vesting of restricted stock units
|
—
|
|
|
—
|
|
|
21,645
|
|
|
—
|
|
|
—
|
|
|
326
|
|
|
4,574
|
|
|
26,219
|
|
||||||
Stock compensation
|
—
|
|
|
—
|
|
|
14,476
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,476
|
|
||||||
Issuance of shares pursuant to
employee stock purchase plan
|
—
|
|
|
—
|
|
|
2,032
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
186
|
|
|
2,218
|
|
||||||
Treasury stock purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at September 30, 2018
|
48,148
|
|
|
$
|
481
|
|
|
$
|
724,935
|
|
|
$
|
(46
|
)
|
|
$
|
740,373
|
|
|
(9,179
|
)
|
|
$
|
(43,617
|
)
|
|
$
|
1,422,126
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
Total
Shareholders'
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at December 31, 2018
|
48,148
|
|
|
$
|
481
|
|
|
$
|
731,435
|
|
|
$
|
(46
|
)
|
|
$
|
771,925
|
|
|
(9,872
|
)
|
|
$
|
(178,949
|
)
|
|
$
|
1,324,846
|
|
Retained earnings adjustment-adoption of Topic 842 Leases, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,116
|
)
|
|
—
|
|
|
—
|
|
|
(1,116
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,737
|
|
|
—
|
|
|
—
|
|
|
99,737
|
|
||||||
Exercise of stock options and vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(82,449
|
)
|
|
—
|
|
|
—
|
|
|
746
|
|
|
144,744
|
|
|
62,295
|
|
||||||
Employee taxes paid for withheld shares for taxes upon equity award
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(3,572
|
)
|
|
(3,572
|
)
|
||||||
Stock compensation
|
—
|
|
|
—
|
|
|
44,369
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,369
|
|
||||||
Issuance of shares pursuant to employee stock purchase plan
|
—
|
|
|
—
|
|
|
(769
|
)
|
|
—
|
|
|
—
|
|
|
43
|
|
|
8,096
|
|
|
7,327
|
|
||||||
Treasury stock purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
(14,289
|
)
|
|
(14,289
|
)
|
||||||
Balance at September 30, 2019
|
48,148
|
|
|
$
|
481
|
|
|
$
|
692,586
|
|
|
$
|
(46
|
)
|
|
$
|
870,546
|
|
|
(9,172
|
)
|
|
$
|
(43,970
|
)
|
|
$
|
1,519,597
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Treasury Stock
|
|
Total
Shareholders'
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance at December 31, 2017
|
48,148
|
|
|
$
|
481
|
|
|
$
|
626,867
|
|
|
$
|
(46
|
)
|
|
$
|
624,463
|
|
|
(10,262
|
)
|
|
$
|
(60,029
|
)
|
|
$
|
1,191,736
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115,910
|
|
|
—
|
|
|
—
|
|
|
115,910
|
|
||||||
Exercise of stock options and vesting of restricted stock units
|
—
|
|
|
—
|
|
|
54,666
|
|
|
—
|
|
|
—
|
|
|
1,048
|
|
|
15,870
|
|
|
70,536
|
|
||||||
Stock compensation
|
—
|
|
|
—
|
|
|
37,966
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,966
|
|
||||||
Issuance of shares pursuant to employee stock purchase plan
|
—
|
|
|
—
|
|
|
5,436
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
542
|
|
|
5,978
|
|
||||||
Treasury stock purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at September 30, 2018
|
48,148
|
|
|
$
|
481
|
|
|
$
|
724,935
|
|
|
$
|
(46
|
)
|
|
$
|
740,373
|
|
|
(9,179
|
)
|
|
$
|
(43,617
|
)
|
|
$
|
1,422,126
|
|
•
|
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
|
|
Nine months ended September 30, 2019
|
||
Balance, beginning of period December 31, 2018
|
$
|
4,647
|
|
Provisions for losses - accounts receivable
|
2,908
|
|
|
Collection of accounts previously written off
|
—
|
|
|
Deductions for accounts charged off or credits issued
|
(3,253
|
)
|
|
Balance, end of period
|
$
|
4,302
|
|
|
|
|
||
Operating lease right-of-use assets
|
|
$
|
15,633
|
|
Operating lease liabilities
|
|
(4,344
|
)
|
|
Operating lease liabilities, long-term
|
|
(12,405
|
)
|
|
Retained earnings
|
|
$
|
(1,116
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
|
$
|
275,400
|
|
|
$
|
257,236
|
|
|
$
|
809,389
|
|
|
$
|
750,240
|
|
Net income
|
|
40,390
|
|
|
40,907
|
|
|
99,449
|
|
|
115,181
|
|
||||
Basic earnings per share
|
|
1.04
|
|
|
1.06
|
|
|
2.58
|
|
|
2.99
|
|
||||
Diluted earnings per share
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
|
$
|
2.49
|
|
|
$
|
2.85
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
||||||||||||
Purchases of treasury shares
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
(72
|
)
|
|
$
|
(14,289
|
)
|
|
—
|
|
|
$
|
—
|
|
Stock option exercises
|
|
395
|
|
|
40,163
|
|
|
326
|
|
|
26,219
|
|
|
691
|
|
|
62,295
|
|
|
1,048
|
|
|
70,536
|
|
||||
Employee stock plan purchases
|
|
15
|
|
|
2,718
|
|
|
12
|
|
|
2,218
|
|
|
43
|
|
|
7,327
|
|
|
35
|
|
|
5,978
|
|
||||
Restricted stock units vested, net of withheld shares upon award settlement
|
|
1
|
|
|
$
|
(191
|
)
|
|
—
|
|
|
$
|
—
|
|
|
38
|
|
|
$
|
(3,572
|
)
|
|
—
|
|
|
$
|
—
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator for basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
40,390
|
|
|
$
|
38,924
|
|
|
$
|
99,737
|
|
|
$
|
115,910
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average basic common shares outstanding
|
|
38,765
|
|
|
38,761
|
|
|
38,614
|
|
|
38,533
|
|
||||
Assumed conversion of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
Stock awards
|
|
1,515
|
|
|
1,767
|
|
|
1,401
|
|
|
1,812
|
|
||||
Denominator for diluted earnings per share
- Adjusted weighted-average shares
|
|
40,280
|
|
|
40,528
|
|
|
40,015
|
|
|
40,345
|
|
||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
1.04
|
|
|
$
|
1.00
|
|
|
$
|
2.58
|
|
|
$
|
3.01
|
|
Diluted
|
|
$
|
1.00
|
|
|
$
|
0.96
|
|
|
$
|
2.49
|
|
|
$
|
2.87
|
|
Lease Costs
|
|
Financial Statement Classification
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
|
|
|
2019
|
|
2019
|
||||
Operating lease cost
|
|
Selling, general and administrative expenses
|
|
$
|
1,692
|
|
|
$
|
4,726
|
|
Short-term lease cost
|
|
Selling, general and administrative expenses
|
|
545
|
|
|
1,707
|
|
||
Variable lease cost
|
|
Selling, general and administrative expenses
|
|
370
|
|
|
901
|
|
||
Net lease cost
|
|
|
|
$
|
2,607
|
|
|
$
|
7,334
|
|
|
|
September 30, 2019
|
||
Assets:
|
|
|
||
Operating lease right-of-use assets
|
|
$
|
20,172
|
|
Liabilities:
|
|
|
||
Operating leases, short-term
|
|
6,413
|
|
|
Operating leases, long-term
|
|
18,134
|
|
|
Total lease liabilities
|
|
$
|
24,547
|
|
Other Information
|
|
Nine Months Ended September 30,
|
||
|
|
2019
|
||
Cash Flows (in thousands):
|
|
|
||
Cash paid amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash outflows from operating leases
|
|
$
|
5,141
|
|
|
|
|
||
Right-of-use assets obtained in exchange for lease obligations (non-cash):
|
|
|
||
Operating leases
|
|
$
|
3,350
|
|
|
|
|
||
Lease Term and Discount Rate:
|
|
|
||
Weighted average remaining lease term (years)
|
|
4
|
|
|
Weighted average discount rate
|
|
4.00
|
%
|
Year ending December 31,
|
|
Amount
|
||
2019 (Remaining 2019)
|
|
$
|
2,124
|
|
2020
|
|
7,499
|
|
|
2021
|
|
6,063
|
|
|
2022
|
|
3,821
|
|
|
2023
|
|
2,856
|
|
|
Thereafter
|
|
4,528
|
|
|
Total lease payments
|
|
26,891
|
|
|
Less: Interest
|
|
(2,344
|
)
|
|
Present value of operating lease liabilities
|
|
$
|
24,547
|
|
Year ending December 31,
|
|
Amount
|
||
2019
|
|
$
|
5,994
|
|
2020
|
|
5,146
|
|
|
2021
|
|
3,976
|
|
|
2022
|
|
1,925
|
|
|
2023
|
|
1,164
|
|
|
Thereafter
|
|
2,132
|
|
|
Total
|
|
$
|
20,337
|
|
Year ending December 31,
|
|
Amount
|
||
|
|
|
||
2019 (Remaining 2019)
|
|
$
|
331
|
|
2020
|
|
1,341
|
|
|
2021
|
|
1,372
|
|
|
2022
|
|
1,402
|
|
|
2023
|
|
1,432
|
|
|
Thereafter
|
|
2,395
|
|
|
Total
|
|
$
|
8,273
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost of software services, maintenance and subscriptions
|
|
$
|
3,612
|
|
|
$
|
3,909
|
|
|
$
|
11,166
|
|
|
$
|
9,640
|
|
Selling, general and administrative expenses
|
|
11,275
|
|
|
10,567
|
|
|
33,203
|
|
|
28,326
|
|
||||
Total share-based compensation expense
|
|
$
|
14,887
|
|
|
$
|
14,476
|
|
|
$
|
44,369
|
|
|
$
|
37,966
|
|
•
|
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, 2019
|
|
|
|
|
|
|
|
|
||||||||
|
|
Enterprise
Software |
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
23,449
|
|
|
$
|
1,930
|
|
|
$
|
—
|
|
|
$
|
25,379
|
|
Subscriptions
|
|
72,398
|
|
|
2,874
|
|
|
—
|
|
|
75,272
|
|
||||
Software services
|
|
46,296
|
|
|
8,701
|
|
|
—
|
|
|
54,997
|
|
||||
Maintenance
|
|
103,438
|
|
|
6,395
|
|
|
—
|
|
|
109,833
|
|
||||
Appraisal services
|
|
—
|
|
|
6,008
|
|
|
—
|
|
|
6,008
|
|
||||
Hardware and other
|
|
3,925
|
|
|
—
|
|
|
(14
|
)
|
|
3,911
|
|
||||
Intercompany
|
|
4,029
|
|
|
—
|
|
|
(4,029
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
253,535
|
|
|
$
|
25,908
|
|
|
$
|
(4,043
|
)
|
|
$
|
275,400
|
|
Segment operating income
|
|
$
|
64,140
|
|
|
$
|
7,577
|
|
|
$
|
(18,043
|
)
|
|
$
|
53,674
|
|
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, 2019
|
|
|
|
|
|
|
|
|
||||||||
|
|
Enterprise
Software
|
|
Appraisal and Tax
|
|
Corporate
|
|
Totals
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Software licenses and royalties
|
|
$
|
60,443
|
|
|
$
|
7,404
|
|
|
$
|
—
|
|
|
$
|
67,847
|
|
Subscriptions
|
|
207,907
|
|
|
8,115
|
|
|
—
|
|
|
216,022
|
|
||||
Software services
|
|
138,404
|
|
|
22,437
|
|
|
—
|
|
|
160,841
|
|
||||
Maintenance
|
|
297,933
|
|
|
18,741
|
|
|
—
|
|
|
316,674
|
|
||||
Appraisal services
|
|
—
|
|
|
17,455
|
|
|
—
|
|
|
17,455
|
|
||||
Hardware and other
|
|
12,613
|
|
|
2
|
|
|
6,136
|
|
|
18,751
|
|
||||
Intercompany
|
|
11,242
|
|
|
—
|
|
|
(11,242
|
)
|
|
—
|
|
||||
Total revenues
|
|
$
|
728,542
|
|
|
$
|
74,154
|
|
|
$
|
(5,106
|
)
|
|
$
|
797,590
|
|
Segment operating income
|
|
$
|
182,565
|
|
|
$
|
19,312
|
|
|
$
|
(52,260
|
)
|
|
$
|
149,617
|
|
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
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Reconciliation of reportable segment operating income to the Company's consolidated totals:
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total segment operating income
|
|
$
|
53,674
|
|
|
$
|
47,868
|
|
|
$
|
149,617
|
|
|
$
|
142,310
|
|
Amortization of acquired software
|
|
(7,975
|
)
|
|
(5,897
|
)
|
|
(22,645
|
)
|
|
(17,003
|
)
|
||||
Amortization of customer and trade name intangibles
|
|
(5,646
|
)
|
|
(4,386
|
)
|
|
(15,762
|
)
|
|
(11,742
|
)
|
||||
Other income, net
|
|
499
|
|
|
1,041
|
|
|
838
|
|
|
2,198
|
|
||||
Income before income taxes
|
|
$
|
40,552
|
|
|
$
|
38,626
|
|
|
$
|
112,048
|
|
|
$
|
115,763
|
|
For the three months ended September 30, 2019
|
|
|
|
|
|
|
||||||
|
|
Products and services transferred at a point in time
|
|
Products and services transferred over time
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
21,362
|
|
|
$
|
4,017
|
|
|
$
|
25,379
|
|
Subscriptions
|
|
—
|
|
|
75,272
|
|
|
75,272
|
|
|||
Software services
|
|
—
|
|
|
54,997
|
|
|
54,997
|
|
|||
Maintenance
|
|
—
|
|
|
109,833
|
|
|
109,833
|
|
|||
Appraisal services
|
|
—
|
|
|
6,008
|
|
|
6,008
|
|
|||
Hardware and other
|
|
3,911
|
|
|
—
|
|
|
3,911
|
|
|||
Total
|
|
$
|
25,273
|
|
|
$
|
250,127
|
|
|
$
|
275,400
|
|
For the nine months ended September 30, 2019
|
|
|
|
|
|
|
||||||
|
|
Products and services transferred at a point in time
|
|
Products and services transferred over time
|
|
Total
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Software licenses and royalties
|
|
$
|
54,074
|
|
|
$
|
13,773
|
|
|
$
|
67,847
|
|
Subscriptions
|
|
—
|
|
|
216,022
|
|
|
216,022
|
|
|||
Software services
|
|
—
|
|
|
160,841
|
|
|
160,841
|
|
|||
Maintenance
|
|
—
|
|
|
316,674
|
|
|
316,674
|
|
|||
Appraisal services
|
|
—
|
|
|
17,455
|
|
|
17,455
|
|
|||
Hardware and other
|
|
18,751
|
|
|
—
|
|
|
18,751
|
|
|||
Total
|
|
$
|
72,825
|
|
|
$
|
724,765
|
|
|
$
|
797,590
|
|
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
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Enterprise Software
|
|
$
|
367,416
|
|
|
$
|
327,521
|
|
Appraisal and Tax
|
|
23,224
|
|
|
20,018
|
|
||
Corporate
|
|
1,161
|
|
|
3,397
|
|
||
Totals
|
|
$
|
391,801
|
|
|
$
|
350,936
|
|
|
|
September 30, 2019
|
||
Balance, beginning of period December 31, 2018
|
|
$
|
350,936
|
|
Deferral of revenue
|
|
691,512
|
|
|
Recognition of deferred revenue
|
|
(650,647
|
)
|
|
Balance, end of period
|
|
$
|
391,801
|
|
|
|
Percent of Total Revenues
|
||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Revenues:
|
|
|
|
|
|
|
|
|
||||
Software licenses and royalties
|
|
9.2
|
%
|
|
9.5
|
%
|
|
8.5
|
%
|
|
9.8
|
%
|
Subscriptions
|
|
27.3
|
|
|
24.9
|
|
|
27.1
|
|
|
23.2
|
|
Software services
|
|
20.0
|
|
|
20.4
|
|
|
20.2
|
|
|
20.9
|
|
Maintenance
|
|
39.9
|
|
|
40.8
|
|
|
39.6
|
|
|
41.2
|
|
Appraisal services
|
|
2.2
|
|
|
2.3
|
|
|
2.2
|
|
|
2.4
|
|
Hardware and other
|
|
1.4
|
|
|
2.1
|
|
|
2.4
|
|
|
2.5
|
|
Total revenues
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
||
Software licenses, royalties and acquired software
|
|
3.2
|
|
|
2.9
|
|
|
3.2
|
|
|
2.9
|
|
Software services, maintenance and subscriptions
|
|
46.7
|
|
|
47.2
|
|
|
46.6
|
|
|
47.2
|
|
Appraisal services
|
|
1.5
|
|
|
1.5
|
|
|
1.4
|
|
|
1.6
|
|
Hardware and other
|
|
1.1
|
|
|
1.1
|
|
|
1.9
|
|
|
1.7
|
|
Selling, general and administrative expenses
|
|
23.2
|
|
|
22.3
|
|
|
23.5
|
|
|
22.0
|
|
Research and development expense
|
|
7.7
|
|
|
7.2
|
|
|
7.5
|
|
|
6.6
|
|
Amortization of customer and trade name intangibles
|
|
2.1
|
|
|
1.9
|
|
|
2.0
|
|
|
1.7
|
|
Operating income
|
|
14.5
|
|
|
15.9
|
|
|
13.9
|
|
|
16.3
|
|
Other income, net
|
|
0.2
|
|
|
0.4
|
|
|
0.1
|
|
|
0.3
|
|
Income before income taxes
|
|
14.7
|
|
|
16.3
|
|
|
14.0
|
|
|
16.6
|
|
Income tax provision (benefit)
|
|
0.1
|
|
|
(0.1
|
)
|
|
1.5
|
|
|
—
|
|
Net income
|
|
14.6
|
%
|
|
16.4
|
%
|
|
12.5
|
%
|
|
16.6
|
%
|
(In thousands)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
Revenues:
|
|
|
|
|
||||
Software licenses and royalties
|
|
$
|
1,109
|
|
|
$
|
1,869
|
|
Subscriptions
|
|
2,024
|
|
|
4,606
|
|
||
Software services
|
|
5,100
|
|
|
12,055
|
|
||
Maintenance
|
|
8,120
|
|
|
17,854
|
|
||
Appraisal services
|
|
—
|
|
|
—
|
|
||
Hardware and other
|
|
3
|
|
|
24
|
|
||
Total revenues
|
|
$
|
16,356
|
|
|
$
|
36,408
|
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
ES
|
|
$
|
23,449
|
|
|
$
|
19,544
|
|
|
$
|
3,905
|
|
|
20
|
%
|
|
$
|
60,443
|
|
|
$
|
60,224
|
|
|
$
|
219
|
|
|
—
|
%
|
A&T
|
|
1,930
|
|
|
2,900
|
|
|
(970
|
)
|
|
(33
|
)
|
|
7,404
|
|
|
7,396
|
|
|
8
|
|
|
—
|
|
||||||
Total software licenses and royalties revenue
|
|
$
|
25,379
|
|
|
$
|
22,444
|
|
|
$
|
2,935
|
|
|
13
|
%
|
|
$
|
67,847
|
|
|
$
|
67,620
|
|
|
$
|
227
|
|
|
—
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
ES
|
|
$
|
72,398
|
|
|
$
|
56,220
|
|
|
$
|
16,178
|
|
|
29
|
%
|
|
$
|
207,907
|
|
|
$
|
153,541
|
|
|
$
|
54,366
|
|
|
35
|
%
|
A&T
|
|
2,874
|
|
|
2,479
|
|
|
395
|
|
|
16
|
|
|
8,115
|
|
|
7,195
|
|
|
920
|
|
|
13
|
|
||||||
Total subscriptions revenue
|
|
$
|
75,272
|
|
|
$
|
58,699
|
|
|
$
|
16,573
|
|
|
28
|
%
|
|
$
|
216,022
|
|
|
$
|
160,736
|
|
|
$
|
55,286
|
|
|
34
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
ES
|
|
$
|
46,296
|
|
|
$
|
41,640
|
|
|
$
|
4,656
|
|
|
11
|
%
|
|
$
|
138,404
|
|
|
$
|
126,928
|
|
|
$
|
11,476
|
|
|
9
|
%
|
A&T
|
|
8,701
|
|
|
6,559
|
|
|
2,142
|
|
|
33
|
|
|
22,437
|
|
|
17,884
|
|
|
4,553
|
|
|
25
|
|
||||||
Total software services revenue
|
|
$
|
54,997
|
|
|
$
|
48,199
|
|
|
$
|
6,798
|
|
|
14
|
%
|
|
$
|
160,841
|
|
|
$
|
144,812
|
|
|
$
|
16,029
|
|
|
11
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
ES
|
|
$
|
103,438
|
|
|
$
|
90,072
|
|
|
$
|
13,366
|
|
|
15
|
%
|
|
$
|
297,933
|
|
|
$
|
267,681
|
|
|
$
|
30,252
|
|
|
11
|
%
|
A&T
|
|
6,395
|
|
|
6,143
|
|
|
252
|
|
|
4
|
|
|
18,741
|
|
|
18,507
|
|
|
234
|
|
|
1.3
|
|
||||||
Total maintenance revenue
|
|
$
|
109,833
|
|
|
$
|
96,215
|
|
|
$
|
13,618
|
|
|
14
|
%
|
|
$
|
316,674
|
|
|
$
|
286,188
|
|
|
$
|
30,486
|
|
|
11
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
ES
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
A&T
|
|
6,008
|
|
|
5,544
|
|
|
464
|
|
|
8
|
|
|
17,455
|
|
|
16,470
|
|
|
985
|
|
|
6
|
|
||||||
Total appraisal services revenue
|
|
$
|
6,008
|
|
|
$
|
5,544
|
|
|
$
|
464
|
|
|
8
|
%
|
|
$
|
17,455
|
|
|
$
|
16,470
|
|
|
$
|
985
|
|
|
6
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
Software licenses and royalties
|
|
$
|
971
|
|
|
$
|
957
|
|
|
$
|
14
|
|
|
1
|
%
|
|
$
|
2,680
|
|
|
$
|
2,939
|
|
|
$
|
(259
|
)
|
|
(9
|
)%
|
Acquired software
|
|
7,975
|
|
|
5,897
|
|
|
2,078
|
|
|
35
|
|
|
22,645
|
|
|
17,003
|
|
|
5,642
|
|
|
33
|
|
||||||
Software services, maintenance and subscriptions
|
|
128,545
|
|
|
111,508
|
|
|
17,037
|
|
|
15
|
|
|
371,464
|
|
|
327,080
|
|
|
44,384
|
|
|
14
|
|
||||||
Appraisal services
|
|
4,096
|
|
|
3,505
|
|
|
591
|
|
|
17
|
|
|
11,306
|
|
|
10,854
|
|
|
452
|
|
|
4
|
|
||||||
Hardware and other
|
|
3,096
|
|
|
2,574
|
|
|
522
|
|
|
20
|
|
|
14,870
|
|
|
11,718
|
|
|
3,152
|
|
|
27
|
|
||||||
Total cost of revenues
|
|
$
|
144,683
|
|
|
$
|
124,441
|
|
|
$
|
20,242
|
|
|
16
|
%
|
|
$
|
422,965
|
|
|
$
|
369,594
|
|
|
$
|
53,371
|
|
|
14
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
|
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||
Software licenses, royalties and acquired software
|
|
64.8
|
%
|
|
69.5
|
%
|
|
(4.7
|
)%
|
|
62.7
|
%
|
|
70.5
|
%
|
|
(7.8
|
)%
|
Software services, maintenance and subscriptions
|
|
46.5
|
|
|
45.1
|
|
|
1.4
|
|
|
46.4
|
|
|
44.7
|
|
|
1.7
|
|
Appraisal services
|
|
31.8
|
|
|
36.8
|
|
|
(5.0
|
)
|
|
35.2
|
|
|
34.1
|
|
|
1.1
|
|
Hardware and other
|
|
20.8
|
|
|
48.2
|
|
|
(27.4
|
)
|
|
20.7
|
|
|
32.9
|
|
|
(12.2
|
)
|
Overall gross margin
|
|
47.5
|
%
|
|
47.3
|
%
|
|
0.2
|
%
|
|
47.0
|
%
|
|
46.7
|
%
|
|
0.3
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
Selling, general and administrative expenses
|
|
$
|
63,888
|
|
|
$
|
52,605
|
|
|
$
|
11,283
|
|
|
21
|
%
|
|
$
|
187,481
|
|
|
$
|
152,471
|
|
|
$
|
35,010
|
|
|
23
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
Research and development expense
|
|
$
|
21,130
|
|
|
$
|
17,050
|
|
|
$
|
4,080
|
|
|
24
|
%
|
|
$
|
60,172
|
|
|
$
|
45,929
|
|
|
$
|
14,243
|
|
|
31
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||||
Amortization of other intangibles
|
|
$
|
5,646
|
|
|
$
|
4,386
|
|
|
$
|
1,260
|
|
|
29
|
%
|
|
$
|
15,762
|
|
|
$
|
11,742
|
|
|
$
|
4,020
|
|
|
34
|
%
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||
Other income, net
|
|
$
|
499
|
|
|
$
|
1,041
|
|
|
$
|
(542
|
)
|
|
NM
|
|
$
|
838
|
|
|
$
|
2,198
|
|
|
$
|
(1,360
|
)
|
|
NM
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||
($ in thousands)
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||||||
Income tax provision (benefit)
|
|
$
|
162
|
|
|
$
|
(298
|
)
|
|
$
|
460
|
|
|
NM
|
|
$
|
12,311
|
|
|
$
|
(147
|
)
|
|
$
|
12,458
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effective income tax rate
|
|
0.4
|
%
|
|
(0.8
|
)%
|
|
|
|
|
|
11.0
|
%
|
|
(0.1
|
)%
|
|
|
|
|
(in thousands)
|
|
2019
|
|
2018
|
||||
Cash flows provided (used) by:
|
|
|
|
|
||||
Operating activities
|
|
$
|
178,527
|
|
|
$
|
179,353
|
|
Investing activities
|
|
(203,204
|
)
|
|
(222,341
|
)
|
||
Financing activities
|
|
51,836
|
|
|
76,514
|
|
||
Net increase in cash and cash equivalents
|
|
$
|
27,159
|
|
|
$
|
33,526
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
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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