Tyler Technologies Reports Earnings for Second Quarter 2019

Subscription revenues grew 39% as bookings rose 72%

PLANO, Texas–(BUSINESS WIRE)–$TYL #earningsTyler Technologies, Inc. (NYSE: TYL) today announced financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights:

  • Total revenues were $275.1 million, up 16.5% from $236.1 million for the second quarter of 2018. Organic revenue growth was 8.1%. Non-GAAP total revenues were $278.0 million, up 16.9% from $237.7 million for the second quarter of 2018. Non-GAAP organic revenue growth was 7.4%.
  • Recurring revenues from maintenance and subscriptions were $180.2 million, an increase of 20.8% compared to the second quarter of 2018, and comprised 65.5% of second quarter 2019 revenue.
  • Operating income was $36.7 million, down 1.3% from $37.1 million for the second quarter of 2018. Non-GAAP operating income was $68.4 million, up 10.1% from $62.1 million for the second quarter of 2018.
  • Net income was $32.0 million, or $0.80 per diluted share, down 18.3% compared to $39.2 million, or $0.97 per diluted share, for the second quarter of 2018. Non-GAAP net income was $51.8 million, or $1.30 per diluted share, up 8.8% compared to $47.6 million, or $1.18 per diluted share, for the second quarter of 2018.
  • Cash flows from operations were $24.5 million, up 8.4% compared to $22.6 million for the second quarter of 2018.
  • Adjusted EBITDA was $74.6 million, up 10.3% compared to $67.6 million for the second quarter of 2018.
  • Software subscription arrangements comprised approximately 80% of the total new software contract value in the second quarter.
  • Subscription bookings in the second quarter added $18.5 million in annual recurring revenue.
  • Total backlog was $1.43 billion, up 17.0% from $1.22 billion at June 30, 2018. Software-related backlog (excluding appraisal services) was $1.40 billion, up 17.4% from $1.19 billion at June 30, 2018.
  • Effective January 1, 2019, Tyler adopted the requirements of ASU No. 2016-02, Leases (Topic 842), utilizing the modified retrospective method of transition.

“We are pleased with our strong second quarter results as both revenue and bookings growth accelerated from the first quarter,” said Lynn Moore, Tyler’s president and chief executive officer. “Subscription revenues continue to pace our growth, with an increase of 38.6% over the second quarter of 2018. Our non-GAAP gross margin rose 90 basis points while our non-GAAP operating margin fell 150 basis points, as research and development expenses rose 27% over the second quarter of 2018, reflecting our high level of investment in products across the company.

“Bookings in the second quarter grew more than 72% to $452 million, a new quarterly record. We signed the two largest SaaS contracts in our history during the quarter – both for our Odyssey® courts suite. One is a 10-year arrangement with the North Carolina Administrative Office of the Courts and North Carolina Judicial Branch valued at approximately $85 million, which also includes statewide e-filing services, and the other is a $20 million contract with Bexar County, Texas. Our strong bookings drove backlog to a new high of $1.43 billion, up 17%.

“While the high level of SaaS arrangements in our new bookings mix continues to pressure short-term revenue growth, we expect growth to accelerate in the second half of the year, and our outlook for the full year remains positive,” added Moore.

Guidance for 2019

As of July 31, 2019, Tyler Technologies is providing the following guidance for the full year 2019:

  • GAAP total revenues are expected to be in the range of $1.08 billion to $1.10 billion. Non-GAAP total revenues are expected to be in the range of $1.09 billion to $1.11 billion.
  • GAAP diluted earnings per share are expected to be in the range of $3.50 to $3.63 and may vary significantly due to the impact of stock incentive awards on the GAAP effective tax rate, as well as final valuation of acquired intangibles.
  • Non-GAAP diluted earnings per share are expected to be in the range of $5.22 to $5.35.
  • Pretax non-cash, share-based compensation expense is expected to be approximately $62 million.
  • Research and development expense is expected to be in the range of $81 million to $83 million.
  • Fully diluted shares for the year are expected to be in the range of 40.0 million to 41.0 million shares.
  • GAAP earnings per share assumes an estimated annual effective tax rate of approximately 10% after discrete tax items and includes approximately $27 million of discrete tax benefits related to share-based compensation.
  • The non-GAAP annual effective tax rate is expected to be 24%.
  • Capital expenditures are expected to be in the range of $48 million to $50 million, including approximately $23 million related to real estate and approximately $6 million of capitalized software development. Total depreciation and amortization expense is expected to be approximately $77 million, including approximately $51 million from amortization of acquisition intangibles.

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 $10 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 $62 million, and amortization of acquired software and intangible assets of approximately $51 million. Additionally, the non-GAAP tax rate of 24% is estimated periodically as described below under “Non-GAAP Financial Measures” and excludes approximately $27 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, August 1, 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/10132510. 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 August 8, 2019. 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 10132510.

The live webcast and archived replay can also be accessed at https://tylertech.irpass.com/Presentations.

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) is the largest and most established provider of integrated software and technology services focused on 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 21,000 successful installations across 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 2018 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 leases, 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 June 30,

 

Six Months Ended June 30,

 

 

2019

 

2018

 

2019

 

2018

Revenues:

 

 

 

 

 

 

 

 

Software licenses and royalties

 

$

20,675

 

 

$

22,400

 

 

$

42,468

 

 

$

45,176

 

Subscriptions

 

73,475

 

 

53,009

 

 

140,750

 

 

102,037

 

Software services

 

57,401

 

 

50,674

 

 

105,844

 

 

96,613

 

Maintenance

 

106,689

 

 

96,076

 

 

206,841

 

 

189,973

 

Appraisal services

 

6,233

 

 

5,532

 

 

11,447

 

 

10,926

 

Hardware and other

 

10,651

 

 

8,369

 

 

14,840

 

 

12,509

 

Total revenues

 

275,124

 

 

236,060

 

 

522,190

 

 

457,234

 

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

 

Software licenses and royalties

 

891

 

 

1,204

 

 

1,709

 

 

1,982

 

Acquired software

 

7,988

 

 

5,724

 

 

14,670

 

 

11,106

 

Software services, maintenance and subscriptions

 

125,759

 

 

109,487

 

 

242,919

 

 

215,572

 

Appraisal services

 

3,758

 

 

3,568

 

 

7,210

 

 

7,349

 

Hardware and other

 

8,868

 

 

6,801

 

 

11,774

 

 

9,144

 

Total cost of revenues

 

147,264

 

 

126,784

 

 

278,282

 

 

245,153

 

 

 

 

 

 

 

 

 

 

Gross profit

 

127,860

 

 

109,276

 

 

243,908

 

 

212,081

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

65,827

 

 

52,262

 

 

123,593

 

 

99,866

 

Research and development expense

 

20,101

 

 

15,831

 

 

39,042

 

 

28,879

 

Amortization of customer and trade name intangibles

 

5,266

 

 

4,041

 

 

10,116

 

 

7,356

 

Operating income

 

36,666

 

 

37,142

 

 

71,157

 

 

75,980

 

Other (expense) income, net

 

(247

)

 

558

 

 

339

 

 

1,157

 

Income before income taxes

 

36,419

 

 

37,700

 

 

71,496

 

 

77,137

 

Income tax provision (benefit)

 

4,420

 

 

(1,461

)

 

12,149

 

 

151

 

Net income

 

$

31,999

 

 

$

39,161

 

 

$

59,347

 

 

$

76,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.83

 

 

$

1.02

 

 

$

1.54

 

 

$

2.00

 

Diluted

 

$

0.80

 

 

$

0.97

 

 

$

1.49

 

 

$

1.91

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

38,402

 

 

38,390

 

 

38,462

 

 

38,416

 

Diluted

 

39,813

 

 

40,224

 

 

39,806

 

 

40,250

 

 

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,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation of non-GAAP total revenues

 

 

 

 

 

 

 

 

GAAP total revenues

 

$

275,124

 

 

$

236,060

 

 

$

522,190

 

 

$

457,234

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

2,757

 

 

1,551

 

 

4,354

 

 

1,651

 

Add: Amortization of acquired leases

 

100

 

 

111

 

 

200

 

 

222

 

Non-GAAP total revenues

 

$

277,981

 

 

$

237,722

 

 

$

526,744

 

 

$

459,107

 

 

 

 

 

 

 

 

 

 

Reconciliation of non-GAAP gross profit and margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

127,860

 

 

$

109,276

 

 

$

243,908

 

 

$

212,081

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

2,757

 

 

1,551

 

 

4,354

 

 

1,651

 

Add: Amortization of acquired leases

 

100

 

 

111

 

 

200

 

 

222

 

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

3,756

 

 

2,955

 

 

7,554

 

 

5,731

 

Add: Amortization of acquired software

 

7,988

 

 

5,724

 

 

14,670

 

 

11,106

 

Non-GAAP gross profit

 

$

142,461

 

 

$

119,617

 

 

$

270,686

 

 

$

230,791

 

GAAP gross margin

 

46.5

%

 

46.3

%

 

46.7

%

 

46.4

%

Non-GAAP gross margin

 

51.2

%

 

50.3

%

 

51.4

%

 

50.3

%

 

 

 

 

 

 

 

 

 

Reconciliation of non-GAAP operating income and margin

 

 

 

 

 

 

 

 

GAAP operating income

 

$

36,666

 

 

$

37,142

 

 

$

71,157

 

 

$

75,980

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

2,757

 

 

1,551

 

 

4,354

 

 

1,651

 

Add: Amortization of acquired leases

 

100

 

 

111

 

 

200

 

 

222

 

Add: Share-based compensation expense

 

15,066

 

 

12,933

 

 

29,482

 

 

23,490

 

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

308

 

 

604

 

 

431

 

 

924

 

Add: Acquisition related costs

 

245

 

 

 

 

940

 

 

 

Add: Amortization of acquired software

 

7,988

 

 

5,724

 

 

14,670

 

 

11,106

 

Add: Amortization of customer and trade name intangibles

 

5,266

 

 

4,041

 

 

10,116

 

 

7,356

 

Non-GAAP adjustments subtotal

 

31,730

 

 

24,964

 

 

$

60,193

 

 

$

44,749

 

Non-GAAP operating income

 

$

68,396

 

 

$

62,106

 

 

$

131,350

 

 

$

120,729

 

GAAP operating margin

 

13.3

%

 

15.7

%

 

13.6

%

 

16.6

%

Non-GAAP operating margin

 

24.6

%

 

26.1

%

 

24.9

%

 

26.3

%

 

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,

 

 

2019

 

2018

 

2019

 

2018

Reconciliation of non-GAAP net income and earnings per share

 

 

 

 

 

 

 

 

GAAP net income

 

$

31,999

 

 

$

39,161

 

 

$

59,347

 

 

$

76,986

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Total non-GAAP adjustments to operating income

 

31,730

 

 

24,964

 

 

60,193

 

 

44,749

 

Less: Tax impact related to non-GAAP adjustments

 

(11,935

)

 

(16,500

)

 

(19,456

)

 

(29,101

)

Non-GAAP net income

 

$

51,794

 

 

$

47,625

 

 

$

100,084

 

 

$

92,634

 

GAAP earnings per diluted share

 

$

0.80

 

 

$

0.97

 

 

$

1.49

 

 

$

1.91

 

Non-GAAP earnings per diluted share

 

$

1.30

 

 

$

1.18

 

 

$

2.51

 

 

$

2.30

 

 

 

 

 

 

 

 

 

 

Detail of share-based compensation expense

 

 

 

 

 

 

 

 

Cost of software services, maintenance and subscriptions

 

$

3,756

 

 

$

2,955

 

 

$

7,554

 

 

$

5,731

 

Selling, general and administrative expenses

 

11,310

 

 

9,978

 

 

21,928

 

 

17,759

 

Total share-based compensation expense

 

$

15,066

 

 

$

12,933

 

 

$

29,482

 

 

$

23,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of EBITDA and adjusted EBITDA

 

 

 

 

 

 

 

 

GAAP net income

 

$

31,999

 

 

$

39,161

 

 

$

59,347

 

 

$

76,986

 

Amortization of customer and trade name intangibles

 

5,266

 

 

4,041

 

 

10,116

 

 

7,356

 

Depreciation and amortization included in

 

 

 

 

 

 

 

 

cost of revenues, SG&A and other expenses

 

14,136

 

 

11,209

 

 

26,562

 

 

22,006

 

Interest expense included in other income, net

 

709

 

 

189

 

 

1,173

 

 

378

 

Income tax provision

 

4,420

 

 

(1,461

)

 

12,149

 

 

151

 

EBITDA

 

$

56,530

 

 

$

53,139

 

 

$

109,347

 

 

$

106,877

 

Write-downs of acquisition-related deferred revenue

 

2,757

 

 

1,551

 

 

4,354

 

 

1,651

 

Share-based compensation expense

 

15,066

 

 

12,933

 

 

29,482

 

 

23,490

 

Acquisition related costs

 

245

 

 

 

 

$

940

 

 

$

 

Adjusted EBITDA

 

$

74,598

 

 

$

67,623

 

 

$

144,123

 

 

$

132,018

 

 

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

 

 

 

June 30, 2019

 

December 31, 2018

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

11,187

 

 

$

134,279

 

Accounts receivable, net

 

381,379

 

 

298,912

 

Current investments and other assets

 

61,004

 

 

80,970

 

Income tax receivable

 

 

 

4,697

 

Total current assets

 

453,570

 

 

518,858

 

 

 

 

 

 

Accounts receivable, long-term portion

 

20,511

 

 

16,020

 

Operating lease right-of-use assets

 

20,349

 

 

 

Property and equipment, net

 

170,150

 

 

155,177

 

 

 

 

 

 

Other assets:

 

 

 

 

Goodwill

 

835,911

 

 

753,718

 

Other intangibles, net

 

377,478

 

 

276,852

 

Non-current investments and other assets

 

71,462

 

 

70,338

 

 

 

 

 

 

Total assets

 

$

1,949,431

 

 

$

1,790,963

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

78,956

 

 

$

73,390

 

Current income tax payable

 

249

 

 

 

Operating lease liabilities

 

6,039

 

 

 

Deferred revenue

 

368,488

 

 

350,512

 

Total current liabilities

 

453,732

 

 

423,902

 

 

 

 

 

 

Revolving line of credit

 

15,000

 

 

 

Deferred revenue, long-term

 

551

 

 

424

 

Deferred income taxes

 

39,749

 

 

41,791

 

Operating lease liabilities, long-term

 

18,769

 

 

 

Shareholders’ equity

 

1,421,630

 

 

1,324,846

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,949,431

 

 

$

1,790,963

 

 

 

 

 

 

 

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2019

 

2018

 

2019

 

2018

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

31,999

 

 

$

39,161

 

 

$

59,347

 

 

$

76,986

 

Adjustments to reconcile net income to cash

 

 

 

 

 

 

 

 

provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

19,436

 

 

15,537

 

 

36,744

 

 

29,649

 

Share-based compensation expense

 

15,066

 

 

12,933

 

 

29,482

 

 

23,490

 

Deferred income tax benefit

 

(2,655

)

 

(2,538

)

 

(7,440

)

 

(5,196

)

Changes in operating assets and liabilities,

 

 

 

 

 

 

 

 

exclusive of effects of acquired companies

 

(39,349

)

 

(42,494

)

 

(69,679

)

 

(57,699

)

Net cash provided by operating activities

 

24,497

 

 

22,599

 

 

48,454

 

 

67,230

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

(11,732

)

 

(6,057

)

 

(24,052

)

 

(14,952

)

Purchase of marketable security investments

 

(6,527

)

 

(30,888

)

 

(10,117

)

 

(74,850

)

Proceeds from marketable security investments

 

19,412

 

 

28,077

 

 

39,688

 

 

39,154

 

Investment in software

 

(1,542

)

 

 

 

(2,232

)

 

 

Cost of acquisitions, net of cash acquired

 

(90

)

 

(157,152

)

 

(199,220

)

 

(157,152

)

(Increase) decrease in other

 

(132

)

 

(929

)

 

432

 

 

(186

)

Net cash used by investing activities

 

(611

)

 

(166,949

)

 

(195,501

)

 

(207,986

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

(Decrease) increase in net borrowings on revolving line of credit

 

(70,000

)

 

 

 

15,000

 

 

 

Purchase of treasury shares

 

 

 

 

 

(17,786

)

 

 

Proceeds from exercise of stock options

 

15,604

 

 

25,019

 

 

22,132

 

 

44,317

 

Contributions from employee stock purchase plan

 

2,260

 

 

1,962

 

 

4,609

 

 

3,760

 

Net cash (used) provided by financing activities

 

(52,136

)

 

26,981

 

 

23,955

 

 

48,077

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(28,250

)

 

(117,369

)

 

(123,092

)

 

(92,679

)

Cash and cash equivalents at beginning of period

 

39,437

 

 

210,616

 

 

134,279

 

 

185,926

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

11,187

 

 

$

93,247

 

 

$

11,187

 

 

$

93,247

 

 

Contacts

Brian K. Miller

Executive Vice President & CFO

Tyler Technologies, Inc.

972-713-3720

brian.miller@tylertech.com

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