Revenues grew approximately 9% organically,
excluding COVID-related revenues
Tyler Technologies, Inc. (NYSE: TYL) today announced financial
results for the third quarter ended September 30, 2022.
Third Quarter 2022 Financial Highlights:
- Both GAAP and non-GAAP total revenues were $473.2 million, up
2.9% from $459.9 million and 2.7% from $460.6 million,
respectively, for the third quarter of 2021. On an organic basis
(excluding COVID-related revenues), GAAP revenues grew 9.0% and
non-GAAP revenues grew 8.8%.
- Recurring revenues from maintenance and subscriptions were
$371.7 million, up 0.2% from $370.8 million for the third quarter
of 2021, and comprised 78.5% of third quarter 2022 revenues,
compared to 80.6% for the third quarter of 2021. On an organic
basis (excluding COVID-related revenues), recurring revenues were
$364.5 million, up 9.3%.
- Revenues included a total of $11.7 million from NIC's
COVID-related initiatives, which are expected to end in the fourth
quarter. Revenues from COVID-related initiatives totaled $43.3
million in the third quarter of 2021.
- Operating income was $60.9 million, up 8.4% from $56.2 million
for the third quarter of 2021. Non-GAAP operating income was $117.8
million, up 0.9% from $116.8 million for the third quarter of
2021.
- Net income was $53.2 million, or $1.26 per diluted share, up
20.5% from $44.2 million, or $1.04 per diluted share, for the third
quarter of 2021. Non-GAAP net income was $87.4 million, or $2.06
per diluted share, up 2.8% from $85.0 million, or $2.01 per diluted
share, for the third quarter of 2021.
- The annual non-GAAP effective tax rate is 22.5%, down from
24.0% in 2021, as the result of an increase in the estimated
research tax credit. For the third quarter, the non-GAAP effective
tax rate was 19.6% to reflect the change in tax rate for the first
nine months of the year.
- Cash flows from operations were $129.4 million compared to
$205.4 million for the third quarter of 2021. Free cash flow was
$115.6 million compared to $192.8 million for the third quarter of
2021.
- Adjusted EBITDA was $126.9 million, up 1.5% from $125.0 million
for the third quarter of 2021.
- Software subscription arrangements comprised approximately 91%
of the total new software contract value for the third quarter,
compared to approximately 74% for the third quarter of 2021.
- Software subscription bookings for the third quarter added
$28.1 million in annual recurring revenue.
- Annualized non-GAAP recurring revenues (ARR) were $1.49
billion, unchanged from $1.49 billion for the third quarter of 2021
due to a reduction in COVID-related subscription revenue. On an
organic basis, excluding COVID-related revenues, annualized
non-GAAP ARR grew 11.2%.
- Total backlog was $1.88 billion, up 6.3% from $1.77 billion at
September 30, 2021.
"Third quarter results were highlighted by strong execution and
robust public sector market demand, supported by healthy budgets,"
said Lynn Moore, Tyler's president and chief executive officer. "We
are carrying strong momentum across our divisions, and market
activity continues to build and drive larger opportunities and
multi-suite wins. Professional services revenue continues to be
pressured as we onboard new implementation team members and build
capacity to support our growing backlog.
"Overall, we reported solid top and bottom-line results while
advancing our cloud-first strategy. Total contract value for new
software subscription agreements reached a new high and comprised
91% of our new software contract value this quarter. Contract
signings were highlighted by a five-year $54 million contract with
the U.S. Department of State for our Case Management Development
Platform. This represents the largest win in our Federal Division's
history, although only approximately $8 million of the contract
value was included in the third quarter bookings due to certain
contract provisions.
"In light of the rising interest rate environment, we continue
to prioritize the use of excess cash to aggressively reduce debt,
while being opportunistic toward strategic acquisitions and
investments that enhance our long-term growth strategy. During the
quarter, we reduced term debt by $190 million and our net leverage
is now under two times proforma EBITDA.
"Looking forward, we are encouraged by continued strength in the
public sector markets as reflected in stable or increasing RFP and
demo activity across our business units. We are also pleased that
our software revenue mix continues to arc towards SaaS even more
rapidly than previously expected, even though the increased mix of
SaaS arrangements is putting pressure on near-term revenue growth,
as license revenue will decline faster than planned this year and
in 2023. We have reduced the upper end of our full year revenue
guidance to reflect lower license revenue, as well as pressure on
professional services revenue related to staffing. The midpoint of
our annual non-GAAP EPS guidance, adjusted for the reduction in our
effective tax rate, is unchanged," concluded Moore.
Guidance for 2022
As of October 26, 2022, Tyler Technologies is providing the
following guidance for the full year 2022:
- GAAP and non-GAAP total revenues are both expected to be in the
range of $1.837 billion to $1.857 billion.
- Total revenues are expected to include approximately $49
million of COVID-related revenues from NIC's TourHealth and rent
relief services. Revenue from TourHealth concluded in the second
quarter, while revenue from the rent relief program are expected to
end in the fourth quarter.
- GAAP diluted earnings per share are expected to be in the range
of $3.89 to $4.05 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 $7.51 to $7.65.
- Interest expense is expected to be approximately $28 million,
including approximately $7 million of non-cash amortization of debt
discounts and issuance costs.
- Pretax non-cash, share-based compensation expense is expected
to be approximately $107 million.
- Research and development expense is expected to be in the range
of $97 million to $100 million.
- Fully diluted shares for the year are expected to be in the
range of 42.4 million to 42.8 million shares.
- GAAP earnings per share assumes an estimated annual effective
tax rate of approximately 14.0% after discrete tax items, including
approximately $8 million of discrete tax benefits related to
share-based compensation.
- The non-GAAP annual effective tax rate is expected to be 22.5%,
down from 24% based on a change in our estimated research tax
credit and its effect on our annual effective GAAP tax rate.
- Capital expenditures are expected to be in the range of $58
million to $62 million, including approximately $34 million of
capitalized software development costs. Total depreciation and
amortization expense is expected to be approximately $147 million,
including approximately $112 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 $107 million, amortization of
acquired software and intangible assets of approximately $112
million, acquisition-related costs of approximately $1 million, and
lease restructuring costs of approximately $1 million.
Additionally, the non-GAAP tax rate of 22.5% is estimated
periodically as described below under "Non-GAAP Financial Measures"
and excludes approximately $8 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,
October 27, 2022 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 and
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 888-330-2506 (U.S. and Canada callers) or
240-789-2712 (international callers) and ask for the “Tyler
Technologies” 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 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.
Annualized non-GAAP recurring revenues (ARR) is calculated by
annualizing the current quarter's non-GAAP recurring revenues from
maintenance and subscriptions.
Tyler currently uses a non-GAAP tax rate of 22.5%. 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 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 increases 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. 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)
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Software licenses and royalties
$
20,269
$
22,673
$
51,784
$
55,210
Subscriptions
254,346
252,942
755,604
554,979
Professional services
63,180
54,624
187,802
155,601
Maintenance
117,338
117,833
351,182
356,566
Appraisal services
8,638
7,146
25,968
19,876
Hardware and other
9,420
4,655
25,643
16,518
Total revenues
473,191
459,873
1,397,983
1,158,750
Software licenses and royalties
3,162
1,547
8,640
4,151
Amortization of acquired software
13,622
12,896
40,882
32,683
Subscriptions, professional services and
maintenance
239,928
241,944
721,017
576,035
Appraisal services
5,783
4,506
17,695
13,552
Hardware and other
6,033
2,764
19,219
9,845
Total cost of revenues
268,528
263,657
807,453
636,266
Gross profit
204,663
196,216
590,530
522,484
Selling, general and administrative
expenses
103,619
101,847
301,216
289,543
Research and development expense
25,190
24,002
72,517
69,243
Amortization of customer and trade name
intangibles
14,941
14,183
43,259
31,015
Operating income
60,913
56,184
173,538
132,683
Interest expense
(9,258
)
(5,396
)
(20,276
)
(18,311
)
Other income, net
131
445
712
1,249
Income before income taxes
51,786
51,233
153,974
115,621
Income tax (benefit) provision
(1,447
)
7,063
20,811
8,945
Net income
$
53,233
$
44,170
$
133,163
$
106,676
Earnings per common share:
Basic
$
1.28
$
1.08
$
3.21
$
2.61
Diluted
$
1.26
$
1.04
$
3.14
$
2.53
Weighted average common shares
outstanding:
Basic
41,600
40,888
41,523
40,805
Diluted
42,407
42,286
42,425
42,196
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
Reconciliation of non-GAAP total
revenues
2022
2021
2022
2021
GAAP total revenues
$
473,191
$
459,873
$
1,397,983
$
1,158,750
Non-GAAP adjustments:
Add: Write-downs of acquisition-related
deferred revenue
—
751
—
2,039
Non-GAAP total revenues
$
473,191
$
460,624
$
1,397,983
$
1,160,789
Three Months Ended September
30,
Nine Months Ended September
30,
Reconciliation of non-GAAP gross profit
and margin
2022
2021
2022
2021
GAAP gross profit
$
204,663
$
196,216
$
590,530
$
522,484
Non-GAAP adjustments:
Add: Write-downs of acquisition-related
deferred revenue
—
751
—
2,039
Add: Share-based compensation expense
included in cost of
revenues
7,181
6,303
20,820
17,212
Add: Amortization of acquired software
13,622
12,896
40,882
32,683
Non-GAAP gross profit
$
225,466
$
216,166
$
652,232
$
574,418
GAAP gross margin
43.3
%
42.7
%
42.2
%
45.1
%
Non-GAAP gross margin
47.6
%
46.9
%
46.7
%
49.5
%
Three Months Ended September
30,
Nine Months Ended September
Reconciliation of non-GAAP operating
income and margin
2022
2021
2022
2021
GAAP operating income
$
60,913
$
56,184
$
173,538
$
132,683
Non-GAAP adjustments:
Add: Write-downs of acquisition-related
deferred revenue
—
751
—
2,039
Add: Share-based compensation expense
26,912
29,461
77,991
80,360
Add: Employer portion of payroll tax
related to employee stock
transactions
86
401
1,196
1,561
Add: Acquisition related costs
183
2,888
1,214
22,718
Add: Lease restructuring costs
1,159
—
1,159
—
Add: Amortization of acquired software
13,622
12,896
40,882
32,683
Add: Amortization of customer and trade
name intangibles
14,941
14,183
43,259
31,015
Non-GAAP adjustments subtotal
56,903
60,580
165,701
170,376
Non-GAAP operating income
$
117,816
$
116,764
$
339,239
$
303,059
GAAP operating margin
12.9
%
12.2
%
12.4
%
11.5
%
Non-GAAP operating margin
24.9
%
25.3
%
24.3
%
26.1
%
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
Reconciliation of non-GAAP net income and
earnings per share
2022
2021
2022
2021
GAAP net income
$
53,233
$
44,170
$
133,163
$
106,676
Non-GAAP adjustments:
Add: Total non-GAAP adjustments to
operating income
56,903
60,580
165,701
170,376
Add: Acquisition related costs in interest
expense
—
—
6,407
Less: Tax impact related to non-GAAP
adjustments
(22,737
)
(19,772
)
(51,115
)
(61,232
)
Non-GAAP net income
$
87,399
$
84,978
$
247,749
$
222,227
GAAP earnings per diluted share
$
1.26
$
1.04
$
3.14
$
2.53
Non-GAAP earnings per diluted share
$
2.06
$
2.01
$
5.84
$
5.27
Three Months Ended September
30,
Nine Months Ended September
30,
Detail of share-based compensation
expense
2022
2021
2022
2021
Subscriptions, professional services and
maintenance
$
7,181
$
6,303
$
20,820
$
17,212
Selling, general and administrative
expenses
19,731
23,158
57,171
63,148
Total share-based compensation expense
$
26,912
$
29,461
$
77,991
$
80,360
Three Months Ended September
30,
Nine Months Ended September
30,
Reconciliation of EBITDA and adjusted
EBITDA
2022
2021
2022
2021
GAAP net income
$
53,233
$
44,170
$
133,163
$
106,676
Amortization of customer and trade name
intangibles
14,941
14,183
43,259
31,015
Depreciation and amortization included in
cost of revenues, SG&A and other expenses
22,646
21,112
67,262
55,290
Amortization of debt discounts and
issuance costs included in interest expense
3,329
1,133
5,600
10,083
Interest expense
5,928
4,262
14,676
8,228
Income tax (benefit) provision
(1,447
)
7,063
20,811
8,945
EBITDA
$
98,630
$
91,923
$
284,771
$
220,237
Write-downs of acquisition-related
deferred revenue
—
751
—
2,039
Share-based compensation expense
26,912
29,461
77,991
80,360
Acquisition related costs
183
2,888
1,214
22,718
Lease restructuring costs
1,159
—
1,159
—
Adjusted EBITDA
$
126,884
$
125,023
$
365,135
$
325,354
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
Reconciliation of free cash flow
2022
2021
2022
2021
Net cash provided by operating
activities
$
129,378
$
205,387
$
259,598
$
256,743
Less: additions to property and
equipment
(4,684
)
(6,547
)
(17,441
)
(20,770
)
Less: capitalized software development
costs
(9,094
)
(6,019
)
(25,557
)
(14,966
)
Free cash flow
$
115,600
$
192,821
$
216,600
$
221,007
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands)
(Unaudited)
September 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
185,927
$
309,171
Accounts receivable, net
561,780
521,059
Short-term investments
39,360
52,300
Prepaid expenses and other current
assets
65,704
63,664
Income tax receivable
7,379
18,137
Total current assets
860,150
964,331
Accounts receivable, long-term portion
9,213
13,937
Operating lease right-of-use assets
53,202
39,720
Property and equipment, net
175,196
181,193
Other assets:
Software development costs, net
51,092
28,489
Goodwill
2,449,405
2,359,674
Other intangibles, net
1,004,045
1,052,493
Non-current investments
22,627
46,353
Other non-current assets
50,443
45,971
Total assets
$
4,675,373
$
4,732,161
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
242,434
$
278,412
Operating lease liabilities
10,581
10,560
Deferred revenue
529,233
510,529
Current portion of term loans
30,000
30,000
Total current liabilities
812,248
829,501
Revolving line of credit
—
—
Term loans
452,138
718,511
Convertible senior notes due 2026, net
594,054
592,765
Deferred revenue, long-term
2,473
38
Deferred income taxes
203,204
228,085
Operating lease liabilities, long-term
49,759
36,336
Other long-term liabilities
14,199
2,893
Total liabilities
2,128,075
2,408,129
Shareholders' equity
$
2,547,298
$
2,324,032
Total liabilities and shareholders'
equity
$
4,675,373
$
4,732,161
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Cash flows from operating activities:
Net income
$
53,233
$
44,170
$
133,163
$
106,676
Adjustments to reconcile net income to
cash
provided by operations:
Depreciation and amortization
41,084
36,888
116,950
97,864
Losses (gains) from sale of
investments
97
—
44
—
Share-based compensation expense
26,912
29,461
77,991
80,360
Operating lease right-of-use assets
expense
4,136
2,982
9,240
7,016
Deferred income tax benefit
(13,709
)
(9,251
)
(32,845
)
(15,681
)
Changes in operating assets and
liabilities,
exclusive of effects of acquired
companies
17,625
101,137
(44,945
)
(19,492
)
Net cash provided by operating
activities
129,378
205,387
259,598
256,743
Cash flows from investing activities:
Additions to property and equipment
(4,684
)
(6,547
)
(17,441
)
(20,770
)
Purchase of marketable security
investments
(15,836
)
(7,630
)
(20,428
)
(75,684
)
Proceeds and maturities from marketable
security investments
14,457
23,168
55,052
114,563
Investment in software
(9,094
)
(6,019
)
(25,557
)
(14,966
)
Cost of acquisitions, net of cash
acquired
(393
)
(89,492
)
(117,706
)
(2,088,394
)
Other
174
424
326
463
Net cash provided (used) by investing
activities
(15,376
)
(86,096
)
(125,754
)
(2,084,788
)
Cash flows from financing activities:
Decrease in net borrowings on revolving
line of credit
—
(65,000
)
—
—
Payment on term loans
(190,000
)
(57,500
)
(270,000
)
(57,500
)
Proceeds from term loans
—
—
—
900,000
Proceeds from issuance of convertible
senior notes
—
—
—
600,000
Payment of debt issuance costs
—
(38
)
—
(27,165
)
Purchase of treasury shares
—
—
—
(12,975
)
Proceeds from exercise of stock options,
net of withheld shares for taxes upon equity award
4,405
17,045
298
46,433
Contributions from employee stock purchase
plan
4,458
3,557
12,614
9,757
Net cash (used) provided by financing
activities
(181,137
)
(101,936
)
(257,088
)
1,458,550
Net (decrease) increase in cash and cash
equivalents
(67,135
)
17,355
(123,244
)
(369,495
)
Cash and cash equivalents at beginning of
period
253,062
216,773
309,171
603,623
Cash and cash equivalents at end of
period
$
185,927
$
234,128
$
185,927
$
234,128
#TYL_Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221026005745/en/
Brian K. Miller Executive Vice President & CFO Tyler
Technologies, Inc. 972-713-3720 brian.miller@tylertech.com
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