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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 | 155,212 | 23:35:31 |
From Jul 2019 to Jul 2024
Quarterly adjusted EBITDA grew 31 percent
Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the fourth quarter and year ended December 31, 2015.
Fourth Quarter 2015 Financial Highlights:
Full Year 2015 Financial Highlights:
“We are pleased with Tyler’s fourth quarter results, as we again achieved organic growth greater than 15 percent,” said John S. Marr Jr., Tyler’s president and chief executive officer. “New World’s operations, which were included in our results for approximately seven weeks of the fourth quarter of 2015, contributed $13 million of non-GAAP revenue, and we expanded our non-GAAP operating margin by 120 basis points to 25.1 percent.
“Our effective tax rate was significantly higher than expected at 55.9 percent for the fourth quarter and 40.2 percent for the year, as a high level of excess tax benefits related to stock option exercises resulted in the limitation of certain tax deductions. Our effective tax rate was also impacted by certain non-deductible acquisition-related costs.
“The integration of New World is well underway. Our employees and clients are enthusiastic about the addition of New World to the Tyler family and the opportunities that the combination provides. We appreciate the extraordinary efforts of our team of professionals as they work to integrate our products and operations while continuing to provide our clients with exceptional service.
“Activity in the local government software market continues to be good, and with the inclusion of New World, our backlog at December 31 reached $845 million, a 20 percent increase from last year. With our strong financial position and cash flow, we plan to accelerate our investment in product development in 2016 with expected R&D expense of more than $47 million. We believe that increasing the investment in our products beyond our previously planned level will better position us to continue to expand our industry-leading position in the public sector software market over the long term.”
Guidance for 2016
As of February 17, 2016, Tyler Technologies is providing the following guidance for the full year 2016:
Conference Call
Tyler Technologies will hold a conference call on Thursday, February 18, at 10:00 a.m. EST 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/10078298. 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 February 18, 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 February 24, 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 10078298.
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, adjusted EBITDA and non-GAAP cash from operations. 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. 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. We use these measures and believe they are useful to investors because they provide additional insight in comparing results from period to period.
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 December 31, Twelve Months Ended December 31, 2015 2014 2015 2014 Revenues: Software licenses and royalties $ 14,432 $ 12,524 $ 59,008 $ 49,065 Subscriptions 30,660 23,713 111,933 87,848 Software services 38,087 28,227 139,852 113,821 Maintenance 67,708 55,792 245,537 212,696 Appraisal services 5,728 5,705 25,065 21,802 Hardware and other 2,301 1,479 9,627 7,869Total revenues
158,916 127,440 591,022 493,101 Cost of revenues: Software licenses and royalties 449 461 1,632 1,900 Acquired software 2,976 485 4,440 1,858 Software services, maintenance and subscriptions 77,521 61,662 285,340 236,363 Appraisal services 3,525 3,544 15,922 14,284 Hardware and other 1,223 797 6,501 5,325 Total cost of revenues 85,694 66,949 313,835 259,730 Gross profit 73,222 60,491 277,187 233,371 Selling, general and administrative expenses 42,507 28,130 133,317 108,260 Research and development expense 8,615 6,615 29,922 25,743 Amortization of customer and trade name intangibles 2,320 1,153 5,905 4,546 Operating income 19,780 24,593 108,043 94,822 Other (expense) income, net (240 ) 167 381 (355 ) Income before income taxes 19,540 24,760 108,424 94,467 Income tax provision 10,922 9,443 43,555 35,527 Net income $ 8,618 $ 15,317 $ 64,869 $ 58,940 Earnings per common share: Basic $ 0.24 $ 0.46 $ 1.90 $ 1.79 Diluted $ 0.23 $ 0.43 $ 1.77 $ 1.66 Weighted average common shares outstanding: Basic 35,334 33,275 34,137 33,011 Diluted 37,864 35,661 36,552 35,401 TYLER TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands, except per share data) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2015 2014 2015 2014 Reconciliation of non-GAAP total revenues GAAP total revenues $ 158,916 $ 127,440 $ 591,022 $ 493,101 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 3,186 - 3,186 - Add: Amortization of acquired leases 37 - 37 - Non-GAAP total revenues $ 162,139 $ 127,440 $ 594,245 $ 493,101 Reconciliation of non-GAAP gross profit and margin GAAP gross profit $ 73,222 $ 60,491 $ 277,187 $ 233,371 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 3,186 - 3,186 - Add: Amortization of acquired leases 37 - 37 - Add: Share-based compensation expense included in cost of revenues 1,031 582 3,380 2,177 Add: Amortization of acquired software 2,976 485 4,440 1,858 Non-GAAP gross profit $ 80,452 $ 61,558 $ 288,230 $ 237,406 Non-GAAP gross margin 49.6 % 48.3 % 48.5 % 48.1 % Reconciliation of non-GAAP operating income and margin GAAP operating income $ 19,780 $ 24,593 $ 108,043 $ 94,822 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 3,186 - 3,186 - Add: Amortization of acquired leases 37 - 37 - Add: Share-based compensation expense 5,723 3,932 20,182 14,819 Add: Employer portion of payroll tax related to employee stock transactions 1,173 346 1,506 514 Add: Acquisition-related costs 5,533 - 5,875 - Add: Amortization of acquired software 2,976 485 4,440 1,858 Add: Amortization of customer and trade name intangibles 2,320 1,153 5,905 4,546 Non-GAAP adjustments subtotal $ 20,948 $ 5,916 $ 41,131 $ 21,737 Non-GAAP operating income $ 40,728 $ 30,509 $ 149,174 $ 116,559 Non-GAAP operating margin 25.1 % 23.9 % 25.1 % 23.6 % Reconciliation of non-GAAP net income and earnings per share GAAP net income $ 8,618 $ 15,317 $ 64,869 $ 58,940 Non-GAAP adjustments: Add: Total non-GAAP adjustments to operating income 20,948 5,916 41,131 21,737 Less: Tax impact related to non-GAAP adjustments (7,171 ) (1,972 ) (13,318 ) (6,658 ) Non-GAAP net income $ 22,395 $ 19,261 $ 92,682 $ 74,019 Non-GAAP earnings per diluted share $ 0.59 $ 0.54 $ 2.54 $ 2.09 Detail of share-based compensation expense Cost of software services, maintenance and subscriptions $ 1,031 $ 582 $ 3,380 $ 2,177 Selling, general and administrative expenses 4,692 3,350 16,802 12,642 Total share-based compensation expense $ 5,723 $ 3,932 $ 20,182 $ 14,819 Reconciliation of adjusted EBITDA GAAP net income $ 8,618 $ 15,317 $ 64,869 $ 58,940 Amortization of customer and trade name intangibles 2,320 1,153 5,905 4,546 Depreciation and other amortization included in cost of revenues, SG&A and other expenses 5,668 2,518 13,669 10,061 Interest expense included in other expense, net 292 12 292 374 Income tax provision 10,922 9,443 43,555 35,527 EBITDA $ 27,820 $ 28,443 $ 128,290 $ 109,448 Write-downs of acquisition-related deferred revenue 3,186 - 3,186 - Share-based compensation expense 5,723 3,932 20,182 14,819 Acquisition-related costs 5,533 - 5,875 - Adjusted EBITDA $ 42,262 $ 32,375 $ 157,533 $ 124,267 Reconciliation of non-GAAP net cash provided by operating activities GAAP net cash provided by operating activities $ 19,100 $ 28,306 $ 89,013 $ 123,437 Non-GAAP adjustments: Add: Acquisition-related costs 5,533 - 5,875 - Non-GAAP net cash provided by operating activities $ 24,633 $ 28,306 $ 94,888 $ 123,437 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited) December 31, December 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents $ 33,087 $ 206,167 Accounts receivable, net 176,360 112,660 Income tax receivable 21,080 19 Current investments and other current assets 37,688 18,190 Total current assets 268,215 337,036 Accounts receivable, long-term 2,777 1,761 Property and equipment, net 101,112 65,910 Deferred income taxes - 5,504 Other assets: Goodwill 653,666 124,142 Other intangibles, net 295,378 34,722 Cost method investment 15,000 - Non-current investments and other assets 20,422 737 Total assets $ 1,356,570 $ 569,812 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 55,945 $ 43,627 Deferred revenue 281,627 189,212 Total current liabilities 337,572 232,839 Long-term debt 66,000 - Deferred revenue, long term 3,115 - Deferred income taxes 91,026 - Shareholders' equity 858,857 336,973 Total liabilities and shareholders' equity $ 1,356,570 $ 569,812 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2015 2014 2015 2014 Cash flows from operating activities: Net income $ 8,618 $ 15,317 $ 64,869 $ 58,940 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 7,988 3,669 19,574 14,605 Share-based compensation expense 5,723 3,932 20,182 14,819 Provision for losses-accounts receivable 1,756 1,897 1,756 1,897 Excess tax benefit from exercise of share-based arrangements (34,513) (12,685) (45,314) (19,402) Deferred income tax benefit (8,599) (3,804) (7,956) (3,804) Changes in operating assets and liabilities, exclusive of effects of acquired companies 38,127 19,980 35,902 56,382 Net cash provided by operating activities 19,100 28,306 89,013 123,437 Cash flows from investing activities: Cost of acquisitions, net of cash acquired (333,514) - (339,961) (3,242) Purchase of cost method investment - - (15,000) - Purchase of market security investments (2,516) - (31,907) - Proceeds from market security investments 900 - 900 808 Additions to property and equipment (3,976) (1,306) (12,501) (9,343) Decrease in other 5 3 10 222 Net cash used by investing activities (339,101) (1,303) (398,459) (11,555) Cash flows from financing activities: Increase in net borrowings on revolving line of credit 66,000 - 66,000 - Purchase of treasury shares - - (645) (22,817) Contributions from employee stock purchase plan 1,304 1,107 4,671 4,144 Proceeds from exercise of stock options 14,791 7,941 23,160 14,680 Debt issuance costs (2,134) - (2,134) - Excess tax benefit from exercise of share-based arrangements 34,513 12,685 45,314 19,402 Net cash provided by financing activities 114,474 21,733 136,366 15,409 Net (decrease) increase in cash and cash equivalents (205,527) 48,736 (173,080) 127,291 Cash and cash equivalents at beginning of period 238,614 157,431 206,167 78,876 Cash and cash equivalents at end of period $ 33,087 $ 206,167 $ 33,087 $ 206,167
View source version on businesswire.com: http://www.businesswire.com/news/home/20160217006592/en/
Tyler Technologies, Inc.Brian K. Miller, 972-713-3720Executive Vice President - CFObrian.miller@tylertech.com
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