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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 | 01:00:00 |
Earnings rise 63 percent on 21 percent revenue growth
Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the second quarter ended June 30, 2014.
Second Quarter Financial Highlights:
“This was the best quarterly performance in the company’s history by virtually any measure,” said John S. Marr Jr., Tyler’s president and chief executive officer. “License and royalty revenues grew by nearly 20 percent, while subscription revenues rose more than 50 percent for the second consecutive quarter. We achieved gross margin expansion of 150 basis points and operating margin expansion of 410 basis points, even as we continued to invest in long-term growth opportunities such as e-filing for courts.
“In addition to record revenues and earnings, our bookings and backlog also reached new highs. Bookings for the quarter and the trailing 12 months grew 62.6 percent and 47.8 percent, respectively, and our backlog at June 30 rose 52 percent over last year. The total value of SaaS client contracts signed during the quarter was almost $18 million as we added 65 SaaS clients, a new quarterly high.
“During the second quarter we signed contracts for our Odyssey® case management solution with courts in 13 California counties, including Los Angeles and San Diego, two of the nation’s five largest counties. Bookings and win rates were very strong across all of our major product suites, which is indicative of Tyler’s market-leading competitive position in the local government space. More important, beyond the initial contract values reflected in current bookings, we expect these new contracts will generate long-term recurring revenue streams from maintenance or subscriptions, and in the case of most of the new courts contracts, transaction-based e-filing,” continued Mr. Marr.
“Our results in the first half of 2014 significantly exceeded our expectations, and because the outlook for the remainder of the year is increasingly positive, we are revising upward our revenue and earnings guidance to reflect that outlook,” Mr. Marr concluded.
Guidance for 2014
As of July 23, 2014, Tyler Technologies is providing the following full-year 2014 guidance:
Conference Call
Tyler Technologies will hold a conference call on Thursday, July 24, at 10:00 a.m. ET 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/10048915. 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.
Participants who do not wish to pre-register for the call may dial in using 877-270-2148 (U.S. callers) or 412-902-6510 (international callers), and ask for the “Tyler Technologies” call. A replay will be available two hours after completion of the call through July 31, 2014. To access the replay, please dial 877-344-7529 (U.S. callers) or 412-317-0088 (international callers) and reference passcode 10048915.
The live webcast and archived replay can also be accessed at www.tylertech.com.
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 11,000 local government offices in all 50 states, Canada, the Caribbean, the United Kingdom and other international locations. Forbes named Tyler one of “America’s Best Small Companies” seven times and the company has been included four times on the Barron’s 400 Index, a measure of the most promising companies in America. More information about Plano-based Tyler Technologies 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 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. 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 share-based compensation expense, employer portion of payroll taxes on employee stock transactions, 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 customers, 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) material portions of our business require the Internet infrastructure to be adequately maintained; (4) our ability to achieve our financial forecasts due to various factors, including project delays by our customers, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a decline in our renewal rates for service agreements; (5) general economic, political and market conditions; (6) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (7) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (8) competition in the industry in which we conduct business and the impact of competition on pricing, customer 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 amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2014 2013 2014 2013 Revenues: Software licenses and royalties $ 12,083 $ 10,090 $ 23,315 $ 18,920 Subscriptions 20,934 13,863 41,441 27,336 Software services 30,128 24,085 54,435 44,546 Maintenance 51,951 46,639 102,191 92,689 Appraisal services 5,444 5,056 10,295 10,647 Hardware and other 3,831 3,355 5,320 4,749 Total revenues 124,371 103,088 236,997 198,887 Cost of revenues: Software licenses and royalties 343 692 874 1,118 Acquired software 444 523 925 1,072 Software services, maintenance and subscriptions 58,274 48,833 113,273 95,215 Appraisal services 3,665 3,418 6,976 7,217 Hardware and other 3,087 2,580 3,861 3,378 Total cost of revenues 65,813 56,046 125,909 108,000 Gross profit 58,558 47,042 111,088 90,887 Selling, general and administrative expenses 27,419 24,971 52,786 47,617 Research and development expense 6,389 5,594 12,561 11,192 Amortization of customer and trade name intangibles 1,128 1,128 2,257 2,259 Operating income 23,622 15,349 43,484 29,819 Other expense, net 216 296 475 634 Income before income taxes 23,406 15,053 43,009 29,185 Income tax provision 8,666 6,006 16,386 11,645 Net income $ 14,740 $ 9,047 $ 26,623 $ 17,540 Earnings per common share: Basic $ 0.45 $ 0.29 $ 0.81 $ 0.55 Diluted $ 0.42 $ 0.26 $ 0.75 $ 0.51 Weighted average common shares outstanding: Basic 32,918 31,617 32,876 31,670 Diluted 35,161 34,290 35,289 34,279 TYLER TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Amounts in thousands, except per share amounts)
(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2014 2013 2014 2013 Reconciliation of non-GAAP gross profit and margin GAAP gross profit $ 58,558 $ 47,042 $ 111,088 $ 90,887 Non-GAAP adjustments: Add: Share-based compensation expense included in cost of revenues 513 343 1,026 679 Add: Amortization of acquired software 444 523 925 1,072 Non-GAAP gross profit $ 59,515 $ 47,908 $ 113,039 $ 92,638 Non-GAAP gross margin 47.9 % 46.5 % 47.7 % 46.6 % Reconciliation of non-GAAP operating income and margin GAAP operating income $ 23,622 $ 15,349 $ 43,484 $ 29,819 Non-GAAP adjustments: Add: Share-based compensation expense 3,539 2,903 7,002 5,478Add: Employer portion of payroll tax related to employee stock transactions
- - 24 - Add: Amortization of acquired software 444 523 925 1,072 Add: Amortization of customer and trade name intangibles 1,128 1,128 2,257 2,259 Non-GAAP adjustments subtotal $ 5,111 $ 4,554 $ 10,208 $ 8,809 Non-GAAP operating income $ 28,733 $ 19,903 $ 53,692 $ 38,628 Non-GAAP operating margin 23.1 % 19.3 % 22.7 % 19.4 % Reconciliation of non-GAAP net income and earnings per share GAAP net income $ 14,740 $ 9,047 $ 26,623 $ 17,540 Non-GAAP adjustments: Add: Total non-GAAP adjustments to operating income 5,111 4,554 10,208 8,809 Less: Tax impact related to non-GAAP adjustments (1,485 ) (1,375 ) (3,025 ) (2,654 ) Non-GAAP net income $ 18,366 $ 12,226 $ 33,806 $ 23,695 Non-GAAP earnings per diluted share $ 0.52 $ 0.36 $ 0.96 $ 0.69 Detail of share-based compensation expense Cost of software services, maintenance and subscriptions $ 513 $ 343 $ 1,026 $ 679 Selling, general and administrative expenses 3,026 2,560 5,976 4,799 Total share-based compensation expense $ 3,539 $ 2,903 $ 7,002 $ 5,478 Reconciliation of adjusted EBITDA GAAP net income $ 14,740 $ 9,047 $ 26,623 $ 17,540 Amortization of customer and trade name intangibles 1,128 1,128 2,257 2,259 Depreciation and other amortization included in cost of revenues, SG&A and other expenses 2,497 2,231 5,024 4,422 Interest expense included in other expense, net 144 164 287 374 Income tax provision 8,666 6,006 16,386 11,645 EBITDA $ 27,175 $ 18,576 $ 50,577 $ 36,240 Share-based compensation expense 3,539 2,903 7,002 5,478 Adjusted EBITDA $ 30,714 $ 21,479 $ 57,579 $ 41,718 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited) June 30, December 31, 2014 2013 ASSETS Current assets: Cash and cash equivalents $ 88,092 $ 78,876 Short-term investments available-for-sale 800 - Accounts receivable, net 144,234 106,570 Other current assets 20,147 24,030 Deferred income taxes 7,759 7,759 Total current assets 261,032 217,235 Accounts receivable, long-term portion 1,127 588 Property and equipment, net 67,160 64,844 Non-current investments available-for-sale - 1,288 Other assets: Goodwill and other intangibles, net 156,815 159,997 Other 683 536 Total assets $ 486,817 $ 444,488 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 31,186 $ 35,372 Deferred revenue 184,578 156,738 Total current liabilities 215,764 192,110 Deferred income taxes 4,574 6,059 Shareholders' equity 266,479 246,319 Total liabilities and shareholders' equity $ 486,817 $ 444,488 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six months ended June 30, 2014 2013 Cash flows from operating activities: Net income $ 26,623 $ 17,540 Adjustments to reconcile net income to cash provided by operations: Depreciation and amortization 7,281 6,681 Share-based compensation expense 7,002 5,478 Excess tax benefit from exercise of share-based arrangements (3,206 ) (5,661 ) Changes in operating assets and liabilities, exclusive of effects of acquired companies (8,872 ) (7,452 ) Net cash provided by operating activities 28,828 16,586 Cash flows from investing activities: Proceeds from sales of investments 8 25 Cost of acquisitions, net of cash acquired - (181 ) Additions to property and equipment (6,477 ) (13,839 ) Decrease in other 335 295 Net cash used by investing activities (6,134 ) (13,700 ) Cash flows from financing activities: Purchase of treasury shares (22,815 ) - Contributions from employee stock purchase plan 2,014 1,634 Proceeds from exercise of stock options 4,117 4,481 Decrease in net borrowings on revolving line of credit - (18,000 ) Excess tax benefit from exercises of share-based arrangements 3,206 5,661 Net cash used by financing activities (13,478 ) (6,224 ) Net increase (decrease) in cash and cash equivalents 9,216 (3,338 ) Cash and cash equivalents at beginning of period 78,876 6,406 Cash and cash equivalents at end of period $ 88,092 $ 3,068
Tyler Technologies, Inc.Brian K. Miller, 972-713-3720Executive Vice President - CFObrian.miller@tylertech.com
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