SaaS annualized recurring revenue grew
19.3%
Tyler 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
Three Months Ended December
31,
Twelve Months Ended December
31,
Reconciliation of free cash flow
2022
2021
2022
2021
Net cash provided by operating
activities
$
121,857
$
115,010
$
381,455
$
371,753
Less: additions to property and
equipment
(5,088
)
(13,149
)
(22,529
)
(33,919
)
Less: investments in software
development
(2,065
)
(6,727
)
(27,622
)
(21,693
)
Free cash flow
$
114,704
$
95,134
$
331,304
$
316,141
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands)
(Unaudited)
December 31, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
173,857
$
309,171
Accounts receivable, net
577,257
521,059
Short-term investments
37,030
52,300
Prepaid expenses and other current
assets
59,098
63,664
Income tax receivable
—
18,137
Total current assets
847,242
964,331
Accounts receivable, long-term portion
8,271
13,937
Operating lease right-of-use assets
50,989
39,720
Property and equipment, net
172,786
181,193
Other assets:
Software development costs, net
48,189
28,489
Goodwill
2,489,308
2,359,674
Other intangibles, net
1,002,164
1,052,493
Non-current investments
18,508
46,353
Other non-current assets
49,960
45,971
Total assets
$
4,687,417
$
4,732,161
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
236,754
$
278,412
Operating lease liabilities
10,736
10,560
Income tax payable
43,667
—
Deferred revenue
568,538
510,529
Current portion of term loans
30,000
30,000
Total current liabilities
889,695
829,501
Revolving line of credit
—
—
Term loans
362,905
718,511
Convertible senior notes due 2026, net
594,484
592,765
Deferred revenue, long-term
2,037
38
Deferred income taxes
148,891
228,085
Operating lease liabilities, long-term
48,049
36,336
Other long-term liabilities
16,967
2,893
Total liabilities
2,063,028
2,408,129
Shareholders' equity
2,624,389
2,324,032
Total liabilities and shareholders'
equity
$
4,687,417
$
4,732,161
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Cash flows from operating activities:
Net income
$
31,077
$
54,782
$
164,240
$
161,458
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
42,122
37,760
159,072
135,624
Losses from sale of investments
1
—
45
—
Share-based compensation expense
24,994
24,366
102,985
104,726
Provision for losses - accounts
receivable
2,781
2,831
2,781
2,831
Operating lease right-of-use assets
expense
3,729
3,200
12,969
10,216
Deferred income tax (benefit) expense
(54,347
)
2,410
(87,192
)
(13,271
)
Changes in operating assets and
liabilities, exclusive of effects of acquired companies
71,500
(10,339
)
26,555
(29,831
)
Net cash provided by operating
activities
121,857
115,010
381,455
371,753
Cash flows from investing activities:
Additions to property and equipment
(5,088
)
(13,149
)
(22,529
)
(33,919
)
Purchase of marketable security
investments
(9,507
)
(1,766
)
(29,935
)
(77,450
)
Proceeds and maturities from marketable
security investments
15,982
16,886
71,034
131,449
Investment in software development
(2,065
)
(6,727
)
(27,622
)
(21,693
)
Cost of acquisitions, net of cash
acquired
(46,215
)
(1,312
)
(163,921
)
(2,089,706
)
Other
117
(79
)
443
384
Net cash used by investing activities
(46,776
)
(6,147
)
(172,530
)
(2,090,935
)
Cash flows from financing activities:
Decrease in net borrowings on revolving
line of credit
—
—
—
—
Payment on term loans
(90,000
)
(87,500
)
(360,000
)
(145,000
)
Proceeds from term loans
—
—
—
900,000
Proceeds from issuance of convertible
senior notes
—
—
—
600,000
Payment of debt issuance costs
—
—
—
(27,165
)
Purchase of treasury shares
—
(2
)
—
(12,977
)
Proceeds from exercise of stock options,
net of withheld shares for taxes upon equity award
(1,188
)
50,281
(890
)
96,714
Contributions from employee stock purchase
plan
4,037
3,401
16,651
13,158
Net cash (used) provided by financing
activities
(87,151
)
(33,820
)
(344,239
)
1,424,730
Net (decrease) increase in cash and cash
equivalents
(12,070
)
75,043
(135,314
)
(294,452
)
Cash and cash equivalents at beginning of
period
185,927
234,128
309,171
603,623
Cash and cash equivalents at end of
period
$
173,857
$
309,171
$
173,857
$
309,171
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230215005747/en/
Brian K. Miller Executive Vice President & CFO Tyler
Technologies, Inc. 972-713-3720 brian.miller@tylertech.com
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