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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 | |
|---|---|---|---|---|---|---|---|---|
| 8.01 | 1.54% | 528.92 | 528.95 | 517.90 | 521.65 | 155,206 | 22:30:00 |
From Jul 2019 to Jul 2024
Quarterly non-GAAP net income rises 46 percent as non-GAAP revenues grow 37 percent
Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the first quarter ended March 31, 2016.
First Quarter 2016 Financial Highlights:
“Our first quarter results provided a great start to 2016, with strong revenue, margin and cash-flow growth,” said John S. Marr Jr., Tyler’s president and chief executive officer. “Subscription revenues grew 34.8 percent as our SaaS business continues to gain momentum. Our non-GAAP gross margin expanded by 290 basis points and our non-GAAP operating margin rose 200 basis points. We are pleased with the contribution to results from New World Systems Corporation, which we acquired in November 2015, and our current outlook for New World’s revenue and earnings contributions for the year remain unchanged. We are also pleased with our progress integrating New World’s operations and products.
“Bookings in the first quarter were solid, growing 21 percent over last year’s first quarter, with particularly robust growth in subscription bookings. The broader market environment continues to be good and our new-business pipeline is very active.”
Guidance for 2016
As of April 27, 2016, Tyler Technologies is providing the following guidance for the full year 2016:
Conference Call
Tyler Technologies will hold a conference call on Thursday, April 28, at 10:00 a.m. EDT to discuss the company’s results. The company is offering participants the opportunity to register in advance for the conference through the following link: http://dpregister.com/10084351. Registered participants will receive an email with a calendar reminder and a dial-in number and PIN that will allow them immediate access to the call on April 28, 2016.
Participants who do not wish to pre-register for the call may dial in using 844-861-5506 (U.S. callers) or 412-317-6587 (international callers), and ask for the “Tyler Technologies” call. A replay will be available two hours after completion of the call through May 4, 2016. To access the replay, please dial 877-344-7529 (U.S. callers), 412-317-0088 (international callers) and 855-669-9658 (Canada callers) and reference passcode 10084351.
The live webcast and archived replay can also be accessed at www.tylertech.com/investors.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to empower the public sector — cities, counties, schools and other government entities — to become more efficient, more accessible and more responsive to the needs of citizens. Tyler’s client base includes more than 14,000 local government offices in all 50 states, Canada, the Caribbean, the United Kingdom and other international locations. Forbes has named Tyler one of “America’s Best Small Companies” eight times and the company has been included six times on the Barron’s 400 Index, a measure of the most promising companies in America. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at www.tylertech.com.
Non-GAAP Financial Measures
Tyler Technologies has provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP financial measures. This information includes non-GAAP revenues, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share, EBITDA, and adjusted EBITDA. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating Tyler’s ongoing operational performance because they provide additional insight in comparing results from period to period. Tyler believes the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures discussed above exclude write-downs of acquisition-related deferred revenue and acquired leases, share-based compensation expense, employer portion of payroll taxes on employee stock transactions, acquisition-related costs, and expenses associated with amortization of intangibles arising from business combinations.
Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial information prepared in accordance with GAAP. The non-GAAP measures used by Tyler Technologies may be different from non-GAAP measures used by other companies. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial statement tables included below in this press release.
Forward-looking Statements
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and typically address future or anticipated events, trends, expectations or beliefs with respect to our financial condition, results of operations or business. Forward-looking statements often contain words such as “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates,” “plans,” “intends,” “continues,” “may,” “will,” “should,” “projects,” “might,” “could” or other similar words or phrases. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. We believe there is a reasonable basis for our forward-looking statements, but they are inherently subject to risks and uncertainties and actual results could differ materially from the expectations and beliefs reflected in the forward-looking statements. We presently consider the following to be among the important factors that could cause actual results to differ materially from our expectations and beliefs: (1) changes in the budgets or regulatory environments of our clients, primarily local and state governments, that could negatively impact information technology spending; (2) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (3) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (4) material portions of our business require the Internet infrastructure to be adequately maintained; (5) our ability to achieve our financial forecasts due to various factors, including project delays by our clients, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a decline in our renewal rates for service agreements; (6) general economic, political and market conditions; (7) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (8) competition in the industry in which we conduct business and the impact of competition on pricing, client retention and pressure for new products or services; (9) the ability to attract and retain qualified personnel and dealing with the loss or retirement of key members of management or other key personnel; and (10) costs of compliance and any failure to comply with government and stock exchange regulations. A detailed discussion of these factors and other risks that affect our business are described in our filings with the Securities and Exchange Commission, including the detailed “Risk Factors” contained in our most recent annual report on Form 10-K. We expressly disclaim any obligation to publicly update or revise our forward-looking statements.
TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2016 2015 Revenues: Software licenses and royalties $ 16,850 $ 14,300 Subscriptions 34,089 25,288 Software services 42,430 30,804 Maintenance 76,032 57,348 Appraisal services 6,558 6,089 Hardware and other 3,334 1,137 Total revenues 179,293 134,966 Cost of revenues: Software licenses and royalties 638 553 Acquired software 5,459 456 Software services, maintenance and subscriptions 85,270 65,377 Appraisal services 3,962 4,135 Hardware and other 1,846 566 Total cost of revenues 97,175 71,087 Gross profit 82,118 63,879 Selling, general and administrative expenses 40,759 28,545 Research and development expense 9,956 7,004 Amortization of customer and trade name intangibles 3,362 1,152 Operating income 28,041 27,178 Other (expense) income, net (467 ) 181 Income before income taxes 27,574 27,359 Income tax provision 10,495 10,086 Net income $ 17,079 $ 17,273 Earnings per common share: Basic $ 0.47 $ 0.51 Diluted $ 0.44 $ 0.48 Weighted average common shares outstanding: Basic 36,549 33,562 Diluted 38,557 35,895 TYLER TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2016 2015 Reconciliation of non-GAAP total revenues GAAP total revenues $ 179,293 $ 134,966 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 5,584 - Add: Amortization of acquired leases 111 - Non-GAAP total revenues $ 184,988 $ 134,966 Reconciliation of non-GAAP gross profit and margin GAAP gross profit $ 82,118 $ 63,879 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 5,584 - Add: Amortization of acquired leases 111 - Add: Share-based compensation expense included in cost of revenues 1,317 701 Add: Amortization of acquired software 5,459 456 Non-GAAP gross profit $ 94,589 $ 65,036 Non-GAAP gross margin 51.1 % 48.2 % Reconciliation of non-GAAP operating income and margin GAAP operating income $ 28,041 $ 27,178 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 5,584 - Add: Amortization of acquired leases 111 - Add: Share-based compensation expense 6,480 4,258 Add: Employer portion of payroll tax related to employee stock transactions 18 76 Add: Amortization of acquired software 5,459 456 Add: Amortization of customer and trade name intangibles 3,362 1,152 Non-GAAP adjustments subtotal $ 21,014 $ 5,942 Non-GAAP operating income $ 49,055 $ 33,120 Non-GAAP operating margin 26.5 % 24.5 % Reconciliation of non-GAAP net income and earnings per share GAAP net income $ 17,079 $ 17,273 Non-GAAP adjustments: Add: Total non-GAAP adjustments to operating income 21,014 5,942 Less: Tax impact related to non-GAAP adjustments (6,819 ) (1,866 ) Non-GAAP net income $ 31,274 $ 21,349 Non-GAAP earnings per diluted share $ 0.81 $ 0.59 Detail of share-based compensation expense Cost of software services, maintenance and subscriptions $ 1,317 $ 701 Selling, general and administrative expenses 5,163 3,557 Total share-based compensation expense $ 6,480 $ 4,258 Reconciliation of EBITDA and adjusted EBITDA GAAP net income $ 17,079 $ 17,273 Amortization of customer and trade name intangibles 3,362 1,152Depreciation and other amortization included in cost of revenues, SG&A and other expenses
8,814 2,561 Interest expense included in other expense, net 501 - Income tax provision 10,495 10,086 EBITDA $ 40,251 $ 31,072 Write-downs of acquisition-related deferred revenue 5,584 - Share-based compensation expense 6,480 4,258 Adjusted EBITDA $ 52,315 $ 35,330 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) March 31, December 31, 2016 2015 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 35,341 $ 33,087 Accounts receivable, net 137,332 176,360 Current investments and other assets 41,065 37,688 Income tax receivable 11,798 21,080 Total current assets 225,536 268,215 Accounts receivable, long-term portion 3,098 2,777 Property and equipment, net 114,291 101,112 Other assets: Goodwill 655,167 653,666 Other intangibles, net 286,475 295,378 Non-current investments and other assets 33,442 35,422 Total assets $ 1,318,009 $ 1,356,570 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 39,576 $ 55,945 Deferred revenue 250,108 281,627 Total current liabilities 289,684 337,572 Revolving line of credit 140,000 66,000 Deferred revenue, long-term 4,561 3,115 Deferred income taxes 91,775 91,026 Shareholders' equity 791,989 858,857 Total liabilities and shareholders' equity $ 1,318,009 $ 1,356,570 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Three months ended March 31, 2016 2015 Cash flows from operating activities: Net income $ 17,079 $ 17,273 Adjustments to reconcile net income to cash provided (used) by operations: Depreciation and amortization 12,176 3,713 Share-based compensation expense 6,480 4,258 Excess tax benefit from exercise of share-based arrangements (1,051 ) (3,558 ) Changes in operating assets and liabilities 5,586 (23,781 ) Net cash provided (used) by operating activities 40,270 (2,095 ) Cash flows from investing activities: Purchase of marketable security investments (6,410 ) - Proceeds from marketable security investments 3,025 - Cost of acquisitions (2,000 ) (325 ) Additions to property and equipment (16,722 ) (1,909 ) Investment in Record Holdings Pty Limited - (15,000 ) Increase in other (49 ) - Net cash used by investing activities (22,156 ) (17,234 ) Cash flows from financing activities: Increase in net borrowings on revolving line of credit 74,000 - Purchase of treasury shares (93,930 ) - Proceeds from exercise of stock options 1,781 3,425 Contributions from employee stock purchase plan 1,238 900 Excess tax benefit from exercise of share-based arrangements 1,051 3,558 Net cash (used) provided by financing activities (15,860 ) 7,883 Net increase (decrease) in cash and cash equivalents 2,254 (11,446 ) Cash and cash equivalents at beginning of period 33,087 206,167 Cash and cash equivalents at end of period $ 35,341 $ 194,721
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427006673/en/
Tyler Technologies, Inc.Brian K. Miller, 972-713-3720Executive Vice President - CFObrian.miller@tylertech.com
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