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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 | 154,148 | 21:03:45 |
From Jul 2019 to Jul 2024
Subscription revenue grew 18 percent
Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Financial Highlights:
“We are pleased with our first quarter results, which provided a solid start to 2017,” said John S. Marr Jr., Tyler’s chairman and chief executive officer. “Recurring revenue from maintenance and subscriptions continued to exhibit strength with mid-teens growth. Our non-GAAP operating margin expanded by 70 basis points even as we are investing at a high level in product development.
“Cash generation was very strong, as cash from operations increased almost 17 percent from last year's first quarter. We're especially encouraged by our robust bookings for the quarter, which grew 25 percent,” said Marr.
Guidance for 2017
As of April 26, 2017, Tyler Technologies is providing the following guidance for the full year 2017:
GAAP to non-GAAP guidance reconciliation
Non-GAAP total revenues is derived from adding back the estimated full year impact of write-downs of acquisition-related deferred revenue and amortization of acquired leases of approximately $1 million. Non-GAAP diluted earnings per share is derived by adding back the estimated full year impact of non-cash share-based compensation expense and employer portion of payroll tax related to employee stock transactions of approximately $38 million, and amortization of acquired software and intangible assets of approximately $35 million. Additionally, the non-GAAP tax rate of 35.5 percent is estimated annually as described below under "Non-GAAP Financial Measures" and excludes approximately $29 million of discrete tax benefits related to share-based compensation that are included in the GAAP estimated annual effective tax rate.
Conference Call
Tyler Technologies will hold a conference call on Thursday, April 27, 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/10104419. 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 27.
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) or 866-450-4696 (Canada callers), and ask for the “Tyler Technologies” call. A replay will be available two hours after completion of the call through May 3, 2017. 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 10104419.
The live webcast and archived replay can also be accessed at http://investors.tylertech.com/Presentations.
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 their constituents. Tyler's client base includes more than 15,000 local government offices in all 50 states, Canada, the Caribbean, the United Kingdom and other international locations. In 2016, Forbes ranked Tyler on its "Most Innovative Growth Companies" list, and it has also named Tyler one of "America's Best Small Companies" eight times. 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, expenses associated with amortization of intangibles arising from business combinations, and the impact from the adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, on our income tax provision.
Historically, for the purpose of determining non-GAAP net income, Tyler has used a non-GAAP tax rate of 35 percent in its calculation of the tax impact related to certain non-GAAP adjustments. Beginning in 2017, Tyler is adjusting non-GAAP financial income using a tax rate equal to Tyler's annual estimated tax rate on non-GAAP income. This rate is based on Tyler's estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating Tyler's non-GAAP income, as well as significant non-recurring tax adjustments. The non-GAAP tax rate used in future periods will be reviewed annually to determine whether it remains appropriate in consideration of factors including Tyler's periodic effective tax rate calculated in accordance with GAAP, changes resulting from tax legislation, changes in the geographic mix of revenues and expenses, and other factors deemed significant. Due to differences in tax treatment of items excluded from non-GAAP earnings, as wells as the methodology applied to Tyler's estimated annual tax rate as described above, the estimated tax rate on non-GAAP income may differ from the GAAP tax rate and from Tyler's actual tax liabilities.
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 EndedMarch 31, 2017 2016 Revenues: Software licenses and royalties $ 18,223 $ 16,850 Subscriptions 40,102 34,089 Software services 45,018 42,430 Maintenance 86,859 76,032 Appraisal services 6,612 6,558 Hardware and other 2,728 3,334 Total revenues 199,542 179,293 Cost of revenues: Software licenses and royalties 731 638 Acquired software 5,410 5,459 Software services, maintenance and subscriptions 93,540 85,270 Appraisal services 4,197 3,962 Hardware and other 1,316 1,846 Total cost of revenues 105,194 97,175 Gross profit 94,348 82,118 Selling, general and administrative expenses 43,142 40,759 Research and development expense 11,599 9,956 Amortization of customer and trade name intangibles 3,458 3,362 Operating income 36,149 28,041 Other expense, net (190 ) (467 ) Income before income taxes 35,959 27,574 Income tax provision 3,653 9,350 Net income $ 32,306 $ 18,224 Earnings per common share: Basic $ 0.88 $ 0.50 Diluted $ 0.83 $ 0.47 Weighted average common shares outstanding: Basic 36,845 36,550 Diluted 38,932 39,071TYLER TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share data)
(Unaudited)
Three Months EndedMarch 31, 2017 2016Reconciliation of non-GAAP total revenues
GAAP total revenues $ 199,542 $ 179,293 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 204 5,584 Add: Amortization of acquired leases 111 111 Non-GAAP total revenues $ 199,857 $ 184,988Reconciliation of non-GAAP gross profit and margin
GAAP gross profit $ 94,348 $ 82,118 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 204 5,584 Add: Amortization of acquired leases 111 111 Add: Share-based compensation expense included in cost of revenues 2,097 1,317 Add: Amortization of acquired software 5,410 5,459 Non-GAAP gross profit $ 102,170 $ 94,589 GAAP gross margin 47.3 % 45.8 % Non-GAAP gross margin 51.1 % 51.1 %Reconciliation of non-GAAP operating income and margin
GAAP operating income $ 36,149 $ 28,041 Non-GAAP adjustments: Add: Write-downs of acquisition-related deferred revenue 204 5,584 Add: Amortization of acquired leases 111 111 Add: Share-based compensation expense 8,676 6,480 Add: Employer portion of payroll tax related to employee stock transactions 383 18 Add: Amortization of acquired software 5,410 5,459 Add: Amortization of customer and trade name intangibles 3,458 3,362 Non-GAAP adjustments subtotal $ 18,242 $ 21,014 Non-GAAP operating income $ 54,391 $ 49,055 GAAP operating margin 18.1 % 15.6 % Non-GAAP operating margin 27.2 % 26.5 %TYLER TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share data)
(Unaudited)
Three Months EndedMarch 31, 2017 2016Reconciliation of non-GAAP net income and earnings per share
GAAP net income $ 32,306 $ 18,224 Non-GAAP adjustments: Add: Total non-GAAP adjustments to operating income 18,242 21,014 Less: Tax impact related to non-GAAP adjustments (15,589 ) (7,964 ) Non-GAAP net income $ 34,959 $ 31,274 GAAP earnings per diluted share $ 0.83 $ 0.47 Non-GAAP earnings per diluted share $ 0.90 $ 0.80Detail of share-based compensation expense
Cost of software services, maintenance and subscriptions $ 2,097 $ 1,317 Selling, general and administrative expenses 6,579 5,163 Total share-based compensation expense $ 8,676 $ 6,480Reconciliation of EBITDA and adjusted EBITDA
GAAP net income $ 32,306 $ 18,224 Amortization of customer and trade name intangibles 3,458 3,362 Depreciation and other amortization included in cost of revenues, SG&A and other expenses 9,641 8,814 Interest expense included in other expense, net 191 501 Income tax provision 3,653 9,350 EBITDA $ 49,249 $ 40,251 Write-downs of acquisition-related deferred revenue 204 5,584 Share-based compensation expense 8,676 6,480 Adjusted EBITDA $ 58,129 $ 52,315TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited) March 31, 2017 December 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 63,731 $ 36,151 Accounts receivable, net 163,723 200,334 Current investments and other assets 44,121 43,580 Income tax receivable — 2,895 Total current assets 271,575 282,960 Accounts receivable, long-term portion 2,577 2,480 Property and equipment, net 142,109 124,268 Other assets: Goodwill 650,237 650,237 Other intangibles, net 258,280 267,259 Non-current investments and other assets 30,903 30,741 Total assets $ 1,355,681 $ 1,357,945 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 47,356 $ 63,284 Deferred revenue 270,208 298,217 Current income tax payable 4,681 — Total current liabilities 322,245 361,501 Revolving line of credit — 10,000 Deferred revenue, long-term 1,908 2,140 Deferred income taxes 64,691 68,779 Shareholders' equity 966,837 915,525 Total liabilities and shareholders' equity $ 1,355,681 $ 1,357,945 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Three Months EndedMarch 31, 2017 2016 Cash flows from operating activities: Net income $ 32,306 $ 18,224 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 13,099 12,176 Share-based compensation expense 8,676 6,480 Deferred income tax (benefit) expense (4,089 ) 92 Changes in operating assets and liabilities, exclusive of effects of acquired companies (1,813 ) 4,349 Net cash provided by operating activities 48,179 41,321 Cash flows from investing activities: Additions to property and equipment (19,820 ) (16,722 ) Purchase of marketable security investments (7,128 ) (6,410 ) Sale of marketable security investments 6,896 3,025 Cost of acquisitions, net of cash acquired — (2,000 ) Increase in other (16 ) (49 ) Net cash used by investing activities (20,068 ) (22,156 ) Cash flows from financing activities: (Decrease) increase in net borrowings on revolving line of credit (10,000 ) 74,000 Purchase of treasury shares (7,032 ) (93,930 ) Proceeds from exercise of stock options 14,851 1,781 Contributions from employee stock purchase plan 1,650 1,238 Net cash used by financing activities (531 ) (16,911 ) Net increase in cash and cash equivalents 27,580 2,254 Cash and cash equivalents at beginning of period 36,151 33,087 Cash and cash equivalents at end of period $ 63,731 $ 35,341
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426006428/en/
Tyler Technologies, Inc.Brian K. Miller, 972-713-3720Executive Vice President - CFObrian.miller@tylertech.com
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