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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 | |
---|---|---|---|---|---|---|---|---|
4.08 | 0.78% | 524.99 | 526.58 | 517.90 | 521.65 | 43,070 | 17:22:25 |
Organic revenue growth accelerates to 10.6%, as bookings grow 33.5%
Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the fourth quarter ended December 31, 2019.
Fourth Quarter 2019 Financial Highlights:
Full Year 2019 Financial Highlights:
“Tyler reached two significant milestones in the fourth quarter - surpassing $1 billion in annual revenues and $300 million in adjusted EBITDA,” said Lynn Moore, Tyler’s president and chief executive officer. “Non-GAAP revenues grew 18.3% and organic growth accelerated sequentially for the third consecutive quarter to reach double-digits, even as our mix of new business was more heavily weighted towards subscriptions. Subscriptions revenues continue to pace our growth, as they rose 34.3%.
"Bookings in the fourth quarter were robust across our product suites, growing 33.5% to approximately $331 million. For the full year, bookings rose 32.3%. The number of new contracts signed in the fourth quarter reached a new high and increased 69% from last year's fourth quarter. Bookings were particularly strong for our public safety solutions, where the total value of contracts signed during the fourth quarter more than doubled last year's fourth quarter. We exited the year with backlog at a new high of $1.46 billion.
"As we turn to 2020, we are excited about the opportunities in front of us. Our elevated investments in product development and acquisitions over recent years have broadened our addressable market and strengthened our competitive position, and we continue to focus intensely on competitiveness, revenue growth, and long-term margin expansion. We expect to continue to show progress toward those objectives in 2020, as we continue our move to the cloud in partnership with Amazon Web Services," added Moore.
Guidance for 2020
As of February 12, 2020, Tyler Technologies is providing the following guidance for the full year 2020:
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 rental income associated with acquired subleases of approximately $1 million. Non-GAAP diluted earnings per share excludes 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 $77 million, and amortization of acquired software and intangible assets of approximately $54 million. Additionally, the non-GAAP tax rate of 24% is estimated periodically as described below under "Non-GAAP Financial Measures" and excludes approximately $31 million of estimated discrete tax benefits that are included in the GAAP estimated annual effective tax rate.
Conference Call
Tyler Technologies will hold a conference call on Thursday, February 13, 2020 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/10134985. Registered participants will receive an email with a calendar reminder and a dial-in number and PIN that will allow them to listen to the call live.
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 February 20, 2020. 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 10134985.
The live webcast and archived replay can also be accessed at https://tylertech.irpass.com/Presentations.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler's solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 26,000 successful installations across more than 10,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. A financially strong company, Tyler has achieved double-digit revenue growth every quarter since 2012. It was also named to Forbes' "Best Midsize Employers" list in 2019 and recognized twice on its "Most Innovative Growth Companies" list. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at 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 subleases, share-based compensation expense, employer portion of payroll taxes on employee stock transactions, expenses associated with amortization of intangibles arising from business combinations, and acquisition-related expenses.
Tyler currently uses a non-GAAP tax rate of 24%. 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 periodically 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 well 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. 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,
2019
2018
2019
2018
Software licenses and royalties
$
32,358
$
25,821
$
100,205
$
93,441
Subscriptions
80,330
59,811
296,352
220,547
Software services
52,220
46,457
213,061
191,269
Maintenance
113,644
98,333
430,318
384,521
Appraisal services
6,024
5,376
23,479
21,846
Hardware and other
4,261
6,183
23,012
23,658
Total revenues
288,837
241,981
1,086,427
935,282
Software licenses and royalties
1,258
863
3,938
3,802
Acquired software
7,997
5,969
30,642
22,972
Software services, maintenance and subscriptions
130,674
111,843
502,138
438,923
Appraisal services
4,031
3,445
15,337
14,299
Hardware and other
2,602
3,990
17,472
15,708
Total cost of revenues
146,562
126,110
569,527
495,704
Gross profit
142,275
115,871
516,900
439,578
Selling, general and administrative expenses
70,265
55,134
257,746
207,605
Research and development expense
21,170
17,335
81,342
63,264
Amortization of customer and trade name intangibles
5,683
4,475
21,445
16,217
Operating income
45,157
38,927
156,367
152,492
Other income, net
2,633
1,180
3,471
3,378
Income before income taxes
47,790
40,107
159,838
155,870
Income tax provision
1,000
8,555
13,311
8,408
Net income
$
46,790
$
31,552
$
146,527
$
147,462
Earnings per common share:
Basic
$
1.20
$
0.82
$
3.79
$
3.84
Diluted
$
1.15
$
0.79
$
3.65
$
3.68
Weighted average common shares outstanding:
Basic
39,076
38,614
38,640
38,445
Diluted
40,736
39,891
40,105
40,123
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,
2019
2018
2019
2018
Reconciliation of non-GAAP total revenues
GAAP total revenues
$
288,837
$
241,981
$
1,086,427
$
935,282
Non-GAAP adjustments:
Write-downs of acquisition-related deferred revenue
(1,495
)
952
4,557
4,000
Amortization of acquired subleases
83
100
372
426
Non-GAAP total revenues
$
287,425
$
243,033
$
1,091,356
$
939,708
Reconciliation of non-GAAP gross profit and margin
GAAP gross profit
$
142,275
$
115,871
$
516,900
$
439,578
Non-GAAP adjustments:
Write-downs of acquisition-related deferred revenue
(1,495
)
952
4,557
4,000
Amortization of acquired leases
83
100
372
426
Share-based compensation expense included in cost of revenues
3,836
3,948
15,002
13,588
Amortization of acquired software
7,997
5,969
30,642
22,972
Non-GAAP gross profit
$
152,696
$
126,840
$
567,473
$
480,564
GAAP gross margin
49.3
%
47.9
%
47.6
%
47.0
%
Non-GAAP gross margin
53.1
%
52.2
%
52.0
%
51.1
%
Reconciliation of non-GAAP operating income and margin
GAAP operating income
$
45,157
$
38,927
$
156,367
$
152,492
Non-GAAP adjustments:
Write-downs of acquisition-related deferred revenue
(1,495
)
952
4,557
4,000
Amortization of acquired leases
83
100
372
426
Share-based compensation expense
15,598
14,774
59,967
52,740
Employer portion of payroll tax related to employee stock transactions
693
4
1,745
1,412
Acquisition related costs
197
—
1,142
—
Amortization of acquired software
7,997
5,969
30,642
22,972
Amortization of customer and trade name intangibles
5,683
4,475
21,445
16,217
Non-GAAP adjustments subtotal
28,756
26,274
$
119,870
$
97,767
Non-GAAP operating income
$
73,913
$
65,201
$
276,237
$
250,259
GAAP operating margin
15.6
%
16.1
%
14.4
%
16.3
%
Non-GAAP operating margin
25.7
%
26.8
%
25.3
%
26.6
%
Three Months Ended December 31,
Twelve Months Ended December 31,
2019
2018
2019
2018
Reconciliation of non-GAAP net income and earnings per share
GAAP net income
$
46,790
$
31,552
$
146,527
$
147,462
Non-GAAP adjustments:
Total non-GAAP adjustments to operating income
28,756
26,274
119,870
97,767
Tax impact related to non-GAAP adjustments
(17,371
)
(7,376
)
(53,819
)
(52,464
)
Non-GAAP net income
$
58,175
$
50,450
$
212,578
$
192,765
GAAP earnings per diluted share
$
1.15
$
0.79
$
3.65
$
3.68
Non-GAAP earnings per diluted share
$
1.43
$
1.26
$
5.30
$
4.80
Detail of share-based compensation expense
Cost of software services, maintenance and subscriptions
$
3,836
$
3,948
$
15,002
$
13,588
Selling, general and administrative expenses
11,762
10,826
44,965
39,152
Total share-based compensation expense
$
15,598
$
14,774
$
59,967
$
52,740
Reconciliation of EBITDA and adjusted EBITDA
GAAP net income
$
46,790
$
31,552
$
146,527
$
147,462
Amortization of customer and trade name intangibles
5,683
4,475
21,445
16,217
Depreciation and amortization included in
cost of revenues, SG&A and other expenses
14,260
11,580
54,899
45,052
Interest expense included in other income, net
155
193
1,564
763
Income tax provision
1,000
8,555
13,311
8,408
EBITDA
$
67,888
$
56,355
$
237,746
$
217,902
Write-downs of acquisition-related deferred revenue
(1,495
)
952
4,557
4,000
Share-based compensation expense
15,598
14,774
59,967
52,740
Acquisition related costs
197
—
$
1,142
$
—
Adjusted EBITDA
$
82,188
$
72,081
$
303,412
$
274,642
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
December 31, 2019
December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents
$
232,682
$
134,279
Accounts receivable, net
374,089
298,912
Current investments and other assets
66,444
80,970
Income tax receivable
6,482
4,697
Total current assets
679,697
518,858
Accounts receivable, long-term portion
22,432
16,020
Operating lease right-of-use assets
18,992
—
Property and equipment, net
171,861
155,177
Other assets:
Goodwill
840,117
753,718
Other intangibles, net
378,914
276,852
Non-current investments and other assets
79,601
70,338
Total assets
$
2,191,614
$
1,790,963
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
90,211
$
73,390
Operating lease liabilities
6,387
—
Deferred revenue
412,495
350,512
Total current liabilities
509,093
423,902
Revolving line of credit
—
—
Deferred revenue, long-term
199
424
Deferred income taxes
48,442
41,791
Operating lease liabilities, long-term
16,822
—
Shareholders' equity
1,617,058
1,324,846
Total liabilities and shareholders' equity
$
2,191,614
$
1,790,963
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2019
2018
2019
2018
Cash flows from operating activities:
Net income
$
46,790
$
31,552
$
146,527
$
147,462
Adjustments to reconcile net income to cash
provided by operations:
Depreciation and amortization
20,125
16,132
76,672
61,759
Share-based compensation expense
15,598
14,774
59,967
52,740
Provision for losses - accounts receivable
5,514
2,286
5,514
2,286
Operating lease right-of-use assets - non cash
1,418
—
5,397
—
Deferred income tax expense (benefit)
4,241
(35
)
(6,088
)
(5,069
)
Changes in operating assets and liabilities,
exclusive of effects of acquired companies
(17,493
)
6,141
(33,269
)
(8,975
)
Net cash provided by operating activities
76,193
70,850
254,720
250,203
Cash flows from investing activities:
Additions to property and equipment
(8,403
)
(3,964
)
(37,236
)
(27,424
)
Purchase of marketable security investments
(27,420
)
(22,987
)
(54,742
)
(115,625
)
Proceeds from marketable security investments
13,942
20,997
70,796
81,205
Capitalized software development costs
(1,264
)
—
(4,804
)
—
Cost of acquisitions, net of cash acquired
(18,864
)
(10,785
)
(218,734
)
(178,093
)
Decrease (increase) in other
198
825
(295
)
1,682
Net cash used by investing activities
(41,811
)
(15,914
)
(245,015
)
(238,255
)
Cash flows from financing activities:
Decrease in net borrowings on revolving line of credit
—
—
—
—
Purchase of treasury shares
—
(146,553
)
(17,786
)
(146,553
)
Proceeds from exercise of stock options
34,613
2,073
96,908
74,907
Contributions from employee stock purchase plan
2,249
4,371
9,576
8,051
Net cash provided (used) by financing activities
36,862
(140,109
)
88,698
(63,595
)
Net increase (decrease) in cash and cash equivalents
71,244
(85,173
)
98,403
(51,647
)
Cash and cash equivalents at beginning of period
161,438
219,452
134,279
185,926
Cash and cash equivalents at end of period
$
232,682
$
134,279
$
232,682
$
134,279
View source version on businesswire.com: https://www.businesswire.com/news/home/20200212005784/en/
Brian K. Miller Executive Vice President & CFO Tyler Technologies, Inc. 972-713-3720 brian.miller@tylertech.com
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