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Tyler Technologies Reports Earnings for Second Quarter 2023

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Double-digit organic growth driven by 20% increase in SaaS revenues

PLANO, Texas–(BUSINESS WIRE)–$TYL #TylerTechTyler Technologies, Inc. (NYSE: TYL) today announced financial results for the second quarter ended June 30, 2023.


Second Quarter 2023 Financial Highlights:

Revenues

Total revenues were $504.3 million, up 7.6% from the second quarter of 2022. On an organic basis, revenues grew 10.4%.

Recurring Revenues

Recurring revenues from maintenance and subscriptions were $414.3 million, up 11.2% from the second quarter of 2022, and comprised 82.2% of total revenues (compared to 79.5% for the second quarter of 2022). On an organic basis, recurring revenues grew 10.8%.

  • Subscription revenues were $297.8 million, up 16.4% from the second quarter of 2022. On an organic basis, subscription revenues grew 16.0%. Within subscriptions:

    • SaaS revenues grew organically 20.0% to $131.5 million.
    • Transaction-based revenues grew 13.7% to $166.3 million. On an organic basis, transaction-based revenues grew 12.8%.
    • SaaS arrangements comprised approximately 82% of the total new software contract value, compared to approximately 74% for the second quarter of 2022.
  • Annualized recurring revenue (ARR) was $1.66 billion, up 11.2% from the second quarter of 2022.

Earnings/EBITDA

  • GAAP operating income was $61.9 million, up 9.0% from the second quarter of 2022. Non-GAAP operating income was $115.9 million, up 4.8% from the second quarter of 2022.
  • GAAP net income was $49.1 million, or $1.15 per diluted share, up 23.0% from the second quarter of 2022. Non-GAAP net income was $85.9 million, or $2.01 per diluted share, up 8.1% from the second quarter of 2022.
  • Adjusted EBITDA was $125.5 million, up 5.4% from the second quarter of 2022.

Cash Flow

Cash flows from operations were negative $19.2 million, compared to $76.7 million for the second quarter of 2022. Free cash flow was negative $33.2 million, compared to $60.0 million for the second quarter of 2022. Cash flows in the quarter were impacted by incremental cash tax payments of $90 million related to the current status of IRC Section 174 capitalization rules.

“Tyler delivered exceptionally strong second quarter results that exceeded expectations across our key performance measures. We reached a new milestone for total quarterly revenues, surpassing the $500 million mark for the first time,” said Lynn Moore, Tyler’s president and chief executive officer. “We achieved organic revenue growth of 10.4% while our SaaS mix expanded to 82% of our new software contract value. Most importantly, SaaS revenues grew 20% organically, our 10th consecutive quarter of SaaS revenue growth of 20% or more. Additionally, while operating margins continue to be pressured by our cloud transition, we remain on track to return to operating margin expansion in 2024.

“The public sector market remains strong, with our key sales activity indicators generally at or above pre-COVID highs. We’re pleased with our progress with strategic initiatives that leverage our unmatched installed client base and broad product portfolio to drive cloud migrations, cross-sell and upsell opportunities, and payments expansion. Our year-to-date performance demonstrates solid execution against our cloud-first strategy and the mid- to long-term goals outlined during our recent Investor Day,” concluded Moore.

Guidance for 2023

As of July 26, 2023, Tyler Technologies is providing the following guidance for the full year 2023:

  • Total revenues are expected to be in the range of $1.940 billion to $1.965 billion.
  • GAAP diluted earnings per share are expected to be in the range of $3.87 to $4.02 and may vary significantly due to the impact of stock option activity on the GAAP effective tax rate.
  • Non-GAAP diluted earnings per share are expected to be in the range of $7.60 to $7.75.
  • Interest expense is expected to be approximately $25 million, including approximately $5 million of non-cash amortization of debt discounts and issuance costs.
  • Pretax non-cash, share-based compensation expense is expected to be approximately $110 million.
  • Research and development expense is expected to be in the range of $113 million to $114 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 15.5% after discrete tax items, including approximately $11 million of discrete tax benefits related to share-based compensation.
  • The non-GAAP annual effective tax rate is expected to be 22.0%.
  • Capital expenditures are expected to be in the range of $63 million to $65 million, including approximately $37 million of capitalized software development costs. Total depreciation and amortization expense is expected to be approximately $149 million, including approximately $109 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 non-cash share-based compensation expense and employer portion of payroll tax related to employee stock transactions of approximately $110 million, amortization of acquired software and intangible assets of approximately $109 million, and acquisition-related costs, lease restructuring and other asset write-off costs of approximately $2 million. Additionally, the non-GAAP tax rate of 22.0% is estimated periodically as described below under “Non-GAAP Financial Measures” and excludes approximately $11 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, July 27, 2023, 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: https://conferencingportals.com/event/dXimaDxA. Registered participants will receive an email with a calendar reminder, dial-in number, and conference ID that allows them immediate access to the call.

The live audio webcast and archived replay can also be accessed at https://investors.tylertech.com/events-and-presentations/default.aspx.

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 transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 40,000 successful installations across nearly 13,000 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. 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 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 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. Annualized recurring revenues (ARR) is calculated by annualizing the current quarter’s recurring revenues from maintenance and subscriptions.

Tyler currently uses a non-GAAP tax rate of 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) changes in the budgets or regulatory environments of our clients, primarily local and state governments, that could negatively impact information technology spending; (2) disruption to our business and harm to our competitive position resulting from cyber-attacks and security vulnerabilities; (3) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (4) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (5) material portions of our business require the Internet infrastructure to be adequately maintained; (6) 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; (7) general economic, political and market conditions, including continued inflation and rising interest rates; (8) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (9) 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; (10) 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 (11) 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 and quarterly report on Form 10-Q. We expressly disclaim any obligation to publicly update or revise our forward-looking statements.

(Comparative results follow)

Source: Tyler Technologies

#TYL_Financial

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share data)

(Unaudited)

 

 

Three months ended June 30,

 

Six months ended June 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Subscriptions

$

297,789

 

 

$

255,816

 

 

$

578,254

 

 

$

501,259

 

Maintenance

 

116,539

 

 

 

116,815

 

 

 

231,670

 

 

 

233,844

 

Professional services

 

66,420

 

 

 

71,937

 

 

 

127,349

 

 

 

141,952

 

Software licenses and royalties

 

9,779

 

 

 

15,009

 

 

 

19,909

 

 

 

31,515

 

Hardware and other

 

13,752

 

 

 

9,108

 

 

 

18,951

 

 

 

16,222

 

Total revenues

 

504,279

 

 

 

468,685

 

 

 

976,133

 

 

 

924,792

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

Subscriptions, maintenance, and professional services

 

255,789

 

 

 

250,168

 

 

 

508,204

 

 

 

493,000

 

Software licenses and royalties

 

2,432

 

 

 

1,547

 

 

 

4,745

 

 

 

2,992

 

Amortization of software development

 

2,896

 

 

 

1,322

 

 

 

5,485

 

 

 

2,486

 

Amortization of acquired software

 

8,924

 

 

 

14,039

 

 

 

17,844

 

 

 

27,260

 

Hardware and other

 

11,061

 

 

 

8,161

 

 

 

16,841

 

 

 

13,188

 

Total cost of revenues

 

281,102

 

 

 

275,237

 

 

 

553,119

 

 

 

538,926

 

 

 

 

 

 

 

 

 

Gross profit

 

223,177

 

 

 

193,448

 

 

 

423,014

 

 

 

385,866

 

 

 

 

 

 

 

 

 

Sales and marketing expense

 

37,103

 

 

 

31,881

 

 

 

74,206

 

 

 

67,087

 

General and administrative expense

 

77,681

 

 

 

67,820

 

 

 

150,041

 

 

 

130,509

 

Research and development expense

 

28,153

 

 

 

23,386

 

 

 

55,139

 

 

 

47,327

 

Amortization of other intangibles

 

18,366

 

 

 

13,604

 

 

 

36,774

 

 

 

28,318

 

 

 

 

 

 

 

 

 

Operating income

 

61,874

 

 

 

56,757

 

 

 

106,854

 

 

 

112,625

 

 

 

 

 

 

 

 

 

Interest expense

 

(6,387

)

 

 

(6,214

)

 

 

(14,071

)

 

 

(11,018

)

Other income, net

 

643

 

 

 

216

 

 

 

1,889

 

 

 

581

 

Income before income taxes

 

56,130

 

 

 

50,759

 

 

 

94,672

 

 

 

102,188

 

Income tax provision

 

7,000

 

 

 

10,813

 

 

 

14,667

 

 

 

22,258

 

Net income

$

49,130

 

 

$

39,946

 

 

$

80,005

 

 

$

79,930

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

$

1.17

 

 

$

0.96

 

 

$

1.91

 

 

$

1.93

 

Diluted

$

1.15

 

 

$

0.94

 

 

$

1.87

 

 

$

1.88

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

41,980

 

 

 

41,500

 

 

 

41,987

 

 

 

41,499

 

Diluted

 

42,751

 

 

 

42,321

 

 

 

42,710

 

 

 

42,449

 

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

Reconciliation of non-GAAP gross profit and margin

 

2023

 

2022

 

2023

 

2022

GAAP gross profit

 

$ 223,177

$

193,448

 

 

$

423,014

 

$

385,866

 

Non-GAAP adjustments:

 

 

 

 

 

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

 

6,437

 

6,867

 

 

 

12,779

 

 

13,639

 

Add: Amortization of acquired software

 

8,924

 

14,039

 

 

 

17,844

 

 

27,260

 

Non-GAAP gross profit

 

$ 238,538

$

214,354

 

 

$

453,637

 

$

426,765

 

GAAP gross margin

 

44.3

%

 

41.3

%

 

 

43.3

%

 

41.7

%

Non-GAAP gross margin

 

47.3

%

 

45.7

%

 

 

46.5

%

 

46.1

%

 

 

 

Three months ended June 30,

 

Six months ended June 30,

Reconciliation of non-GAAP operating income and margin

 

2023

 

2022

 

2023

 

2022

GAAP operating income

 

$

61,874

 

 

$

56,757

$

106,854

 

$

112,625

Non-GAAP adjustments:

 

 

 

 

 

 

 

Add: Share-based compensation expense

 

 

26,028

 

 

25,800

53,924

 

51,079

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

 

 

669

 

 

398

1,148

 

1,110

Add: Acquisition-related costs

 

 

50

 

 

72

 

1,031

Add: Lease restructuring costs and other asset write-offs

 

 

 

 

1,545

 

Add: Amortization of acquired software

 

 

8,924

 

 

14,039

17,844

 

27,260

Add: Amortization of customer and trade name intangibles

 

 

18,366

 

 

13,604

36,774

 

28,318

Non-GAAP adjustments subtotal

 

 

54,037

 

 

53,841

111,307

 

108,798

Non-GAAP operating income

 

$

115,911

 

 

$

110,598

$

218,161

 

$

221,423

GAAP operating margin

 

 

12.3

%

 

12.1

%

10.9

%

 

12.2

%

Non-GAAP operating margin

 

 

23.0

%

 

23.6

%

22.3

%

 

23.9

%

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

Three months ended June 30,

Six months ended June 30,

Reconciliation of non-GAAP net income and earnings per share

 

2023

2022

2023

 

2022

GAAP net income

 

$

49,130

 

 

$

39,946

 

 

$

80,005

 

 

$

79,930

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Total non-GAAP adjustments to operating income

 

 

54,037

 

 

 

53,841

 

 

 

111,307

 

 

 

108,798

 

Less: Tax impact related to non-GAAP adjustments

 

 

(17,237

)

 

 

(14,290

)

 

 

(30,648

)

 

 

(28,378

)

Non-GAAP net income

 

$

85,930

 

 

$

79,497

 

 

$

160,664

 

 

$

160,350

 

GAAP earnings per diluted share

 

$

1.15

 

 

$

0.94

 

 

$

1.87

 

 

$

1.88

 

Non-GAAP earnings per diluted share

 

$

2.01

 

 

$

1.88

 

 

$

3.76

 

 

$

3.78

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

Detail of share-based compensation expense

 

2023

 

2022

 

2023

2022

Subscriptions, maintenance, and professional services

 

$

6,437

 

 

$

6,867

 

 

$

12,779

 

 

$

13,639

 

Sales and marketing expense

 

 

2,367

 

 

 

2,224

 

 

 

4,760

 

 

 

4,364

 

General and administrative expense

 

 

17,224

 

 

 

16,709

 

 

 

36,385

 

 

 

33,076

 

Total share-based compensation expense

 

$

26,028

 

 

$

25,800

 

 

$

53,924

 

 

$

51,079

 

 

 

 

Three months ended June 30,

Six months ended June 30,

Reconciliation of EBITDA and adjusted EBITDA

 

2023

 

2022

 

2023

 

2022

GAAP net income

 

$

49,130

 

 

$

39,946

 

 

$

80,005

 

 

$

79,930

 

Amortization of customer and trade name intangibles

 

 

18,366

 

 

 

13,604

 

 

 

36,774

 

 

 

28,318

 

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

 

 

19,359

 

 

 

23,820

 

 

 

39,124

 

 

 

46,887

 

Interest expense

 

 

5,566

 

 

 

5,066

 

 

 

11,894

 

 

 

8,747

 

Income tax provision

 

 

7,000

 

 

 

10,813

 

 

 

14,667

 

 

 

22,258

 

EBITDA

 

$

99,421

 

 

$

93,249

 

 

$

182,464

 

 

$

186,139

 

Share-based compensation expense

 

 

26,028

 

 

 

25,800

 

 

 

53,924

 

 

 

51,079

 

Acquisition-related costs

 

 

50

 

 

 

 

 

 

72

 

 

 

1,031

 

Lease restructuring costs and other asset write-offs

 

 

 

 

 

 

 

 

1,545

 

 

 

 

Adjusted EBITDA

 

$

125,499

 

 

$

119,049

 

 

$

238,005

 

 

$

238,249

 

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

Reconciliation of free cash flow

 

2023

 

2022

 

2023

 

2022

Net cash provided by operating activities

 

$

(19,184

)

 

$

76,679

 

 

$

55,525

 

 

$

130,220

 

Less: additions to property and equipment

 

 

(4,350

)

 

 

(8,178

)

 

 

(6,370

)

 

 

(12,757

)

Less: capitalized software development

 

 

(9,674

)

 

 

(8,516

)

 

 

(18,753

)

 

 

(16,463

)

Free cash flow

 

$

(33,208

)

 

$

59,985

 

 

$

30,402

 

 

$

101,000

 

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

 

 

June 30, 2023

 

December 31, 2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

118,764

 

$

173,857

Accounts receivable, net

 

638,726

 

 

577,257

Short-term investments

 

19,100

 

 

37,030

Prepaid expenses and other current assets

 

80,290

 

 

59,098

Total current assets

 

856,880

 

 

847,242

 

 

 

 

Accounts receivable, long-term portion

 

8,310

 

 

8,271

Operating lease right-of-use assets

 

46,824

 

 

50,989

Property and equipment, net

 

165,721

 

 

172,786

 

 

 

 

Other assets:

 

 

 

Software development costs, net

 

61,228

 

 

48,189

Goodwill

 

2,489,084

 

 

2,489,308

Other intangibles, net

 

948,990

 

 

1,002,164

Non-current investments

 

10,116

 

 

18,508

Other non-current assets

 

48,396

 

 

49,960

Total assets

$

4,635,549

 

$

4,687,417

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

245,091

 

$

236,754

Operating lease liabilities

 

11,381

 

 

10,736

Current income tax payable

 

1,905

 

 

43,667

Deferred revenue

 

565,840

 

 

568,538

Current portion of term loans

 

30,000

 

 

30,000

Total current liabilities

 

854,217

 

 

889,695

 

 

 

 

Term loans

 

243,729

 

 

362,905

Convertible senior notes due 2026, net

 

595,345

 

 

594,484

Deferred revenue, long-term

 

1,164

 

 

2,037

Deferred income taxes

 

109,247

 

 

148,891

Operating lease liabilities, long-term

 

44,483

 

 

48,049

Other long-term liabilities

 

19,113

 

 

16,967

Total liabilities

 

1,867,298

 

 

2,063,028

 

 

 

 

Shareholders’ equity

$

2,768,251

 

$

2,624,389

Total liabilities and shareholders’ equity

$

4,635,549

 

$

4,687,417

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

49,130

 

 

$

39,946

 

 

$

80,005

 

 

$

79,930

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

37,636

 

 

 

37,717

 

 

 

75,748

 

 

 

75,866

 

Gains from sale of investments

 

 

2

 

 

 

2

 

 

 

2

 

 

 

(53

)

Share-based compensation expense

 

 

26,028

 

 

 

25,800

 

 

 

53,924

 

 

 

51,079

 

Operating lease right-of-use assets expense

 

 

2,765

 

 

 

2,022

 

 

 

6,569

 

 

 

5,104

 

Deferred income tax benefit

 

 

(21,109

)

 

 

(9,698

)

 

 

(39,665

)

 

 

(19,136

)

Other

 

 

(54

)

 

 

 

 

 

445

 

 

 

 

Changes in operating assets and liabilities, exclusive of effects of acquired companies

 

 

(113,582

)

 

 

(19,110

)

 

 

(121,503

)

 

 

(62,570

)

Net cash (used) provided by operating activities

 

 

(19,184

)

 

 

76,679

 

 

 

55,525

 

 

 

130,220

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

(4,350

)

 

 

(8,178

)

 

 

(6,370

)

 

 

(12,757

)

Purchase of marketable security investments

 

 

 

 

 

 

 

 

(10,617

)

 

 

(4,592

)

Proceeds and maturities from marketable security investments

 

 

14,132

 

 

 

17,923

 

 

 

37,107

 

 

 

40,595

 

Investment in software development

 

 

(9,674

)

 

 

(8,516

)

 

 

(18,753

)

 

 

(16,463

)

Cost of acquisitions, net of cash acquired

 

 

 

 

 

(615

)

 

 

(1,875

)

 

 

(117,313

)

Other

 

 

 

 

 

181

 

 

 

16

 

 

 

152

 

Net cash provided (used) by investing activities

 

 

108

 

 

 

795

 

 

 

(492

)

 

 

(110,378

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payment on term loans

 

 

 

 

 

(60,000

)

 

 

(120,000

)

 

 

(80,000

)

Proceeds from exercise of stock options, net of withheld shares for taxes upon equity award settlement

 

 

2,281

 

 

 

(12,152

)

 

 

2,123

 

 

 

(4,107

)

Contributions from employee stock purchase plan

 

 

4,714

 

 

 

4,478

 

 

 

7,751

 

 

 

8,156

 

Net cash provided (used) by financing activities

 

 

6,995

 

 

 

(67,674

)

 

 

(110,126

)

 

 

(75,951

)

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(12,081

)

 

 

9,800

 

 

 

(55,093

)

 

 

(56,109

)

Cash and cash equivalents at beginning of period

 

 

130,845

 

 

 

243,262

 

 

 

173,857

 

 

 

309,171

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

118,764

 

 

$

253,062

 

 

$

118,764

 

 

$

253,062

 

Contacts

Hala Elsherbini

Senior Director, Investor Relations

Tyler Technologies, Inc.

972-713-3770 ext. 1143

hala.elsherbini@tylertech.com

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