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Tyler Technologies Reports Earnings for Fourth Quarter 2022

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SaaS annualized recurring revenue grew 19.3%

PLANO, Texas–(BUSINESS WIRE)–$TYL #TylerTechTyler Technologies, Inc. (NYSE: TYL) today announced financial results for the fourth quarter ended December 31, 2022.

Fourth Quarter 2022 Financial Highlights:

  • Total revenues were $452.2 million, up 4.3% from $433.5 million for the fourth quarter of 2021. On an organic basis (excluding COVID-related revenues), revenues grew 6.0%. Non-GAAP total revenues were $452.2 million, up 4.2% from $434.2 million for the fourth quarter of 2021. On an organic basis, non-GAAP revenues grew 5.8%.
  • Recurring revenues from maintenance and subscriptions were $374.0 million, up 7.7% from $347.2 million for the fourth quarter of 2021, and comprised 82.7% of fourth quarter 2022 revenues, up from 80.1% for the fourth quarter of 2021. On an organic basis, recurring revenues were $367.3 million, up 9.1%. SaaS revenues included in subscriptions grew 19.3% to $110.2 million.
  • Professional services revenues included a total of $3.5 million from NIC’s COVID-related initiatives, which ended in the fourth quarter of 2022, compared to $6.0 million for the fourth quarter of 2021.
  • Operating income was $40.7 million compared to $48.1 million for the fourth quarter of 2021. Non-GAAP operating income was $97.9 million, down 4.5% from $102.5 million for the fourth quarter of 2021.
  • Net income was $31.1 million, or $0.73 per diluted share, down 43.3% from $54.8 million, or $1.29 per diluted share, for the fourth quarter of 2021. Non-GAAP net income was $70.4 million, or $1.66 per diluted share, down 5.3% from $74.3 million, or $1.75 per diluted share, for the fourth quarter of 2021.
  • Cash flows from operations were $121.9 million, up 6.0% from $115.0 million for the fourth quarter of 2021. Free cash flow was $114.7 million, up 20.6% from $95.1 million for the fourth quarter of 2021.
  • Adjusted EBITDA was $109.8 million, down 0.4% from $110.3 million for the fourth quarter of 2021.
  • Software subscription arrangements comprised approximately 86% of total new software contract value for the fourth quarter, compared to approximately 77% for the fourth quarter of 2021.
  • Subscription bookings for the fourth quarter added $21.4 million in annual recurring revenue.
  • Annualized non-GAAP recurring revenues were $1.50 billion, up 7.5% from $1.39 billion for the fourth quarter of 2021.
  • During the fourth quarter, Tyler completed the acquisition of Rapid Financial Solutions for approximately $68 million in cash, net of cash acquired, and Tyler stock.

Full Year 2022 Financial Highlights:

  • Total revenues were $1.850 billion, up 16.2% from $1.592 billion in 2021. On an organic basis (excluding COVID-related revenues), revenues grew 8.2%. Non-GAAP total revenues were $1.850 billion, up 16.0% from $1.595 billion in 2021. On an organic basis, non-GAAP revenues grew 8.0%.
  • Recurring revenues from maintenance and subscriptions were $1.481 billion, up 17.6% from $1.259 billion in 2021, and comprised 80.0% of 2022 revenues, up from 79.1% in 2021. On an organic basis, recurring revenues were $1.317 billion, up 9.8%.
  • Subscription revenue and software services revenues included a total of $51.0 million from NIC’s COVID-related initiatives, which ended in the fourth quarter of 2022. COVID-related revenues totaled $75.0 million in 2021. SaaS revenues included in subscriptions grew 24.8% to $411.5 million.
  • Operating income was $214.2 million, up 18.5% from $180.7 million in 2021. Non-GAAP operating income was $437.1 million, up 7.8% from $405.5 million in 2021.
  • Net income was $164.2 million, or $3.87 per diluted share, up 1.7% from $161.5 million, or $3.82 per diluted share in 2021. Non-GAAP net income was $318.1 million, or $7.50 per diluted share, up 7.3% from $296.5 million, or $7.02 per diluted share in 2021.
  • Cash flows from operations were $381.5 million, up 2.6% from $371.8 million in 2021. Free cash flow was $331.3 million, up 4.8% from $316.1 million in 2021.
  • Adjusted EBITDA was $475.0 million, up 9.0% from $435.7 million in 2021.
  • Software subscription arrangements comprised approximately 83% of total new software contract value in 2022, compared to approximately 71% in 2021.
  • Subscription bookings in 2022 added $93.4 million in annual recurring revenue.
  • Total backlog was a new high of $1.889 billion, up 5.2% from $1.796 billion at December 31, 2021.

“Our fourth quarter results marked a solid finish to an eventful year, as public sector demand remains strong and SaaS adoption continues at an accelerated pace,” said Lynn Moore, Tyler’s president and chief executive officer. “The Tyler team executed well with strong cross-division sales synergies and several multi-suite wins during the quarter. Even as our SaaS mix expanded to 86% of our new software contract value, we achieved organic growth (excluding COVID-related revenues) of 6.0% for the fourth quarter and 8.2% for the year. As expected, operating margins were pressured by the acceleration of our cloud transition, as well as an increase in R&D expense as certain development costs that we expected to capitalize were expensed.

“During 2022, we achieved notable milestones toward several key strategic initiatives. We integrated our payments teams and launched a significant go-to-market strategy for payments. We also leveraged our strong relationships across state and local agencies to expand our cross-sell opportunities. We made meaningful progress in our cloud journey through continued investment in cloud optimization and through a move to cloud-only deployment for many of our core solutions. Overall, the year was highlighted by significant wins, highly successful upsell efforts, and state enterprise renewals and expansions.

“Throughout the year, we demonstrated a balanced yet opportunistic approach across our business and with respect to capital allocation. While our bar is high for acquisitions, we maintain a strategic lens toward M&A opportunities and closed three transactions during 2022 that bring innovative and robust offerings to elevate our payments business and broaden our product suites. We further strengthened our balance sheet and aggressively reduced our term debt with fourth quarter repayments of $90 million. For the full year, we reduced debt by $360 million, bringing our net leverage at year-end to 1.64 times proforma EBITDA.

“As we move into 2023, I’ve never been more confident about Tyler’s long-term prospects. This is an important year in our cloud transition, and we expect to reach an inflection point with a significant decline in license revenue that is being replaced by valuable long-term recurring SaaS revenue. In addition to short-term revenue headwinds from this mix shift, operating margins are expected to trough this year with a return to margin expansion in 2024. As we discussed throughout last year, we will also experience revenue comparison headwinds due to the end of COVID-related revenues in the fourth quarter of 2022. We’re pleased that our 2023 guidance reflects expectations for high single-digit organic revenue growth, excluding COVID-related revenues, and we look forward to reporting our progress on our growth initiatives throughout the coming year,” concluded Moore.

Guidance for 2023

As of February 15, 2023, Tyler Technologies is providing the following guidance for the full year 2023:

  • GAAP and non-GAAP total revenues are both expected to be in the range of $1.935 billion to $1.970 billion.
  • GAAP diluted earnings per share are expected to be in the range of $4.10 to $4.25 and may vary significantly due to the impact of stock incentive awards on the GAAP effective tax rate.
  • Non-GAAP diluted earnings per share are expected to be in the range of $7.50 to $7.65.
  • Interest expense is expected to be approximately $26 million, including approximately $4 million of amortization of debt discounts and issuance costs.
  • Pretax share-based compensation expense is expected to be approximately $99 million.
  • Research and development expense is expected to be in the range of $108 million to $110 million.
  • Fully diluted shares for the year are expected to be in the range of 42.5 million to 43.0 million shares.
  • GAAP earnings per share assumes an estimated annual effective tax rate of approximately 21% after discrete tax items including approximately $1 million of discrete tax benefits related to share-based compensation.
  • The non-GAAP annual effective tax rate is expected to be 22%.
  • Capital expenditures are expected to be in the range of $68 million to $70 million, including approximately $37 million of software development costs. Total depreciation and amortization expense is expected to be approximately $132 million, including approximately $91 million from amortization of acquisition intangibles.

GAAP to non-GAAP guidance reconciliation

Non-GAAP diluted earnings per share excludes the estimated full year impact of share-based compensation expense and employer portion of payroll tax related to employee stock transactions of approximately $99 million, and amortization of acquired software and intangible assets of approximately $91 million. Additionally, the non-GAAP tax rate of 22.0% is estimated periodically as described below under “Non-GAAP Financial Measures” and excludes approximately $1 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 16, 2023 at 10:00 a.m. ET to discuss the company’s results. Participants can register in advance for the conference through the following link: https://conferencingportals.com/event/dXimaDxA. Registered participants will receive an email with a calendar reminder and dial-in number and PIN that will allow them to listen to the call live.

The live audio webcast and archived replay can also be accessed at the Events & Presentations section of the investor relations website.

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 37,000 successful installations across more than 12,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including Government Technology’s GovTech 100 list and Forbes’ “Most Innovative Growth Companies” list. More information about Tyler Technologies, an S&P 500 company 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, adjusted EBITDA, and free cash flow. 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, share-based compensation expense, employer portion of payroll taxes on employee stock transactions, expenses associated with amortization of intangibles arising from business combinations, acquisition-related expenses, and lease restructuring costs and other asset write-offs.

Tyler’s non-GAAP tax rate for 2022 was 22.5% and for 2023 is 22.0%. 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 annual 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) the continuing effects of the COVID-19 pandemic, including its potential effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic; (2) changes in the budgets or regulatory environments of our clients, primarily local and state governments, that could negatively impact information technology spending; (3) disruption to our business and harm to our competitive position resulting from cyber-attacks and security vulnerabilities; (4) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (5) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (6) material portions of our business require the internet infrastructure to be adequately maintained; (7) 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; (8) general economic, political and market conditions, including inflation and changes in interest rates; (9) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (10) 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; (11) 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 (12) 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 and quarterly report on Form 10-Q. We expressly disclaim any obligation to publicly update or revise our forward-looking statements.

(Comparative results follow)

#TYL_Financial

 

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,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

Subscriptions

 

$

256,699

 

 

$

229,456

 

 

$

1,012,304

 

 

$

784,435

 

Maintenance

 

 

117,273

 

 

 

117,721

 

 

 

468,455

 

 

 

474,287

 

Professional services

 

 

55,315

 

 

 

53,790

 

 

 

243,117

 

 

 

209,391

 

Software licenses and royalties

 

 

7,622

 

 

 

19,242

 

 

 

59,406

 

 

 

74,452

 

Appraisal services

 

 

8,540

 

 

 

7,912

 

 

 

34,508

 

 

 

27,788

 

Hardware and other

 

 

6,771

 

 

 

5,416

 

 

 

32,414

 

 

 

21,934

 

Total revenues

 

 

452,220

 

 

 

433,537

 

 

 

1,850,204

 

 

 

1,592,287

 

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

 

Subscriptions, maintenance and professional services

 

 

232,880

 

 

 

223,123

 

 

 

953,897

 

 

 

799,158

 

Software licenses and royalties

 

 

1,436

 

 

 

917

 

 

 

6,083

 

 

 

3,552

 

Amortization of software development

 

 

2,514

 

 

 

809

 

 

 

6,507

 

 

 

2,325

 

Amortization of acquired software

 

 

11,310

 

 

 

12,918

 

 

 

52,192

 

 

 

45,601

 

Appraisal services

 

 

6,293

 

 

 

5,509

 

 

 

23,988

 

 

 

19,061

 

Hardware and other

 

 

4,453

 

 

 

3,101

 

 

 

23,674

 

 

 

12,946

 

Total cost of revenues

 

 

258,886

 

 

 

246,377

 

 

 

1,066,341

 

 

 

882,643

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

193,334

 

 

 

187,160

 

 

 

783,863

 

 

 

709,644

 

 

 

 

 

 

 

 

 

 

Sales and marketing expense

 

 

34,969

 

 

 

33,176

 

 

 

135,743

 

 

 

118,624

 

General and administrative expense

 

 

66,883

 

 

 

67,860

 

 

 

267,324

 

 

 

271,955

 

Research and development expense

 

 

32,667

 

 

 

24,238

 

 

 

105,184

 

 

 

93,481

 

Amortization of other intangibles

 

 

18,104

 

 

 

13,834

 

 

 

61,363

 

 

 

44,849

 

Operating income

 

 

40,711

 

 

 

48,052

 

 

 

214,249

 

 

 

180,735

 

Interest expense

 

 

(8,103

)

 

 

(4,987

)

 

 

(28,379

)

 

 

(23,298

)

Other income, net

 

 

1,012

 

 

 

295

 

 

 

1,723

 

 

 

1,544

 

Income before income taxes

 

 

33,620

 

 

 

43,360

 

 

 

187,593

 

 

 

158,981

 

Income tax provision (benefit)

 

 

2,543

 

 

 

(11,422

)

 

 

23,353

 

 

 

(2,477

)

Net income

 

$

31,077

 

 

$

54,782

 

 

$

164,240

 

 

$

161,458

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.75

 

 

$

1.33

 

 

$

3.95

 

 

$

3.95

 

Diluted

 

$

0.73

 

 

$

1.29

 

 

$

3.87

 

 

$

3.82

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

41,707

 

 

 

41,126

 

 

 

41,544

 

 

 

40,848

 

Diluted

 

 

42,419

 

 

 

42,536

 

 

 

42,399

 

 

 

42,244

 

 

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,

Reconciliation of non-GAAP total revenues

 

2022

 

2021

 

2022

 

2021

GAAP total revenues

 

$

452,220

 

$

433,537

 

$

1,850,204

 

$

1,592,287

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

 

 

 

639

 

 

 

 

2,678

Non-GAAP total revenues

 

$

452,220

 

$

434,176

 

$

1,850,204

 

$

1,594,965

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

Reconciliation of non-GAAP gross profit and margin

 

2022

 

2021

 

2022

 

2021

GAAP gross profit

 

$

193,334

 

 

$

187,160

 

 

$

783,863

 

 

$

709,644

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

 

 

 

 

639

 

 

 

 

 

 

2,678

 

Add: Share-based compensation expense included in cost of revenues

 

6,667

 

 

 

6,493

 

 

 

27,486

 

 

 

23,705

 

Add: Amortization of acquired software

 

 

11,310

 

 

 

12,918

 

 

 

52,192

 

 

 

45,601

 

Non-GAAP gross profit

 

$

211,311

 

 

$

207,210

 

 

$

863,541

 

 

$

781,628

 

GAAP gross margin

 

 

42.8

%

 

 

43.2

%

 

 

42.4

%

 

 

44.6

%

Non-GAAP gross margin

 

 

46.7

%

 

 

47.7

%

 

 

46.7

%

 

 

49.0

%

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

Reconciliation of non-GAAP operating income and margin

 

2022

 

2021

 

2022

 

2021

GAAP operating income

 

$

40,711

 

 

$

48,052

 

 

$

214,249

 

 

$

180,735

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

 

 

 

 

639

 

 

 

 

 

 

2,678

 

Add: Share-based compensation expense

 

 

24,994

 

 

 

24,366

 

 

 

102,985

 

 

 

104,726

 

Add: Employer portion of payroll tax related to employee stock transactions

 

378

 

 

 

1,876

 

 

 

1,571

 

 

 

3,437

 

Add: Acquisition-related costs

 

 

757

 

 

 

777

 

 

 

1,971

 

 

 

23,495

 

Add: Lease restructuring costs and other asset write-offs

 

 

1,623

 

 

 

 

 

 

2,782

 

 

 

 

Add: Amortization of acquired software

 

 

11,310

 

 

 

12,918

 

 

 

52,192

 

 

 

45,601

 

Add: Amortization of customer and trade name intangibles

 

 

18,104

 

 

 

13,834

 

 

 

61,363

 

 

 

44,849

 

Non-GAAP adjustments subtotal

 

$

57,166

 

 

$

54,410

 

 

$

222,864

 

 

$

224,786

 

Non-GAAP operating income

 

$

97,877

 

 

$

102,462

 

 

$

437,113

 

 

$

405,521

 

GAAP operating margin

 

 

9.0

%

 

 

11.1

%

 

 

11.6

%

 

 

11.4

%

Non-GAAP operating margin

 

 

21.6

%

 

 

23.6

%

 

 

23.6

%

 

 

25.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

Reconciliation of non-GAAP net income and earnings per share

 

2022

 

2021

 

2022

 

2021

GAAP net income

 

$

31,077

 

 

$

54,782

 

 

$

164,240

 

 

$

161,458

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Total non-GAAP adjustments to operating income

 

 

57,166

 

 

 

54,410

 

 

 

222,864

 

 

 

224,786

 

Add: Acquisition-related costs in interest expense

 

 

 

 

 

 

 

 

 

 

 

6,407

 

Less: Tax impact related to non-GAAP adjustments

 

 

(17,884

)

 

 

(34,887

)

 

 

(68,999

)

 

 

(96,119

)

Non-GAAP net income

 

$

70,359

 

 

$

74,305

 

 

$

318,105

 

 

$

296,532

 

GAAP earnings per diluted share

 

$

0.73

 

 

$

1.29

 

 

$

3.87

 

 

$

3.82

 

Non-GAAP earnings per diluted share

 

$

1.66

 

 

$

1.75

 

 

$

7.50

 

 

$

7.02

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

Detail of share-based compensation expense

 

2022

 

2021

 

2022

 

2021

Subscriptions, maintenance and professional services

 

$

6,667

 

$

6,493

 

$

27,486

 

$

23,705

Sales and marketing expense

 

 

2,229

 

 

1,753

 

 

8,800

 

 

8,834

General and administrative expense

 

 

16,098

 

 

16,120

 

 

66,699

 

 

72,187

Total share-based compensation expense

 

$

24,994

 

$

24,366

 

$

102,985

 

$

104,726

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

Reconciliation of EBITDA and adjusted EBITDA

 

2022

 

2021

 

2022

 

2021

GAAP net income

 

$

31,077

 

$

54,782

 

 

$

164,240

 

$

161,458

 

Amortization of customer and trade name intangibles

 

 

18,104

 

 

13,834

 

 

 

61,363

 

 

44,849

 

Depreciation and amortization included in cost of revenues, sales and marketing expense, general and administrative expense, and research and development expense

 

 

22,627

 

 

22,360

 

 

 

89,890

 

 

77,651

 

Interest expense

 

 

8,103

 

 

4,987

 

 

 

28,379

 

 

23,298

 

Income tax provision (benefit)

 

 

2,543

 

 

(11,422

)

 

 

23,353

 

 

(2,477

)

EBITDA

 

$

82,454

 

$

84,541

 

 

$

367,225

 

$

304,779

 

Write-downs of acquisition-related deferred revenue

 

 

 

 

639

 

 

 

 

 

2,678

 

Share-based compensation expense

 

 

24,994

 

 

24,366

 

 

 

102,985

 

 

104,726

 

Acquisition-related costs

 

 

757

 

 

777

 

 

 

1,971

 

 

23,495

 

Lease restructuring costs and other asset write-offs

 

 

1,623

 

 

 

 

 

2,782

 

 

 

Adjusted EBITDA

 

$

109,828

 

$

110,323

 

 

$

474,963

 

$

435,678

 

Contacts

Brian K. Miller

Executive Vice President & CFO

Tyler Technologies, Inc.

972-713-3720

brian.miller@tylertech.com

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