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Tyler Technologies Reports Earnings for First Quarter 2021

Subscription revenues grew 25%; cash flow from operations grew 26%

Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights:

  • Total revenues were $294.8 million, up 6.6% from $276.5 million for the first quarter of 2020. Non-GAAP total revenues were $294.8 million, up 6.5% from $276.8 million for the first quarter of 2020.
  • Recurring revenues from maintenance and subscriptions were $221.6 million, up 13.0% from $196.1 million for the first quarter of 2020, and comprised 75.2% of first quarter 2021 revenue.
  • Operating income was $38.2 million, up 12.7% from $33.9 million for the first quarter of 2020. Non-GAAP operating income was $78.9 million, up 18.1% from $66.8 million for the first quarter of 2020.
  • Net income was $37.0 million, or $0.88 per diluted share, down 22.2% compared to $47.6 million, or $1.16 per diluted share, for the first quarter of 2020. Non-GAAP net income was $60.0 million, or $1.43 per diluted share, up 16.5% compared to $51.5 million, or $1.25 per diluted share, for the first quarter of 2020.
  • Cash flows from operations were $71.7 million, up 26.4% from $56.7 million for the first quarter of 2020. Free cash flow was $61.7 million, up 33.9% from $46.0 million for the first quarter of 2020.
  • Adjusted EBITDA was $85.7 million, up 17.1% compared to $73.2 million for the first quarter of 2020.
  • Software subscription arrangements comprised approximately 66% of the total new software contract value in the first quarter, compared to approximately 73% in the first quarter of 2020.
  • Subscription bookings in the first quarter added $10.2 million in annual recurring revenue.
  • Annualized non-GAAP recurring revenues were $886.4 million, up 12.9% from $785.0 million for the first quarter of 2020.
  • Total backlog was $1.55 billion, up 3.0% from $1.50 billion at March 31, 2020. Software-related backlog (excluding appraisal services) was $1.50 billion, up 2.9% from $1.46 billion at March 31, 2020.
  • Effective January 1, 2021, Tyler adopted the requirements of ASU No. 2019-12, Simplifying the Accounting for Income Taxes; and ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. We do not expect the adoption of these two standards to have a material effect on our consolidated financial statements.
  • On March 31, 2021, Tyler acquired DataSpec, a provider of electronic management of veterans' claims, and ReadySub, a cloud-based platform that assists school districts with absence tracking, filling substitute teacher assignments, and automating essential payroll processes. The two acquisitions will not have a material impact on our consolidated financial statements.
  • On April 21, 2021, Tyler completed the acquisition of NIC Inc. for approximately $2.3 billion in cash. NIC is a leading provider of digital government solutions and payments processing that serves more than 7,100 federal, state, and local government agencies across the nation. In connection with the acquisition, in March Tyler completed a $600 million offering of 0.25% convertible senior notes due 2026, and in April entered into a new $1.4 billion senior unsecured credit facility that includes $900 million of three and five-year term notes, and a new $500 million five-year revolving credit agreement.

“Our first quarter results surpassed our expectations, providing an exceptional start to 2021,” said Lynn Moore, Tyler’s president and chief executive officer. “Total revenues grew 6.6% to reach an all-time quarterly high, led by subscriptions revenue growth of 25.4%. A favorable revenue mix coupled with effective cost management drove our non-GAAP gross margin to 53.3%, up 210 basis points, and our non-GAAP operating margin to 26.8%, a 270 basis point improvement. Cash flows from operations and free cash flow remained very robust, growing 26.4% and 33.9%, respectively.

"We're pleased to see signs of growing activity in our public sector markets, and expect that the $350 billion of direct federal fiscal relief for state and local government under the American Rescue Plan Act will have a positive impact on government technology spending. Bookings in the first quarter were solid at approximately $247 million, but were down 22.8% against a challenging comparison with the first quarter of 2020, which included several large contracts, including two SaaS contracts with the North Carolina Administrative Office of the Courts that totaled approximately $38 million.

"In addition to the DataSpec and ReadySub acquisitions in March, last week we completed the NIC acquisition - the largest in our history. We are extremely excited to welcome our new teams to Tyler and look forward to the benefits these transactions will bring to our clients, shareholders, and employees. NIC had very strong first quarter results that exceeded their plan. NIC's first quarter core revenues, excluding the TourHealth and COVID initiatives that are expected to wind down after the second quarter, grew more than 10% over last year, and their operating income, excluding the TourHealth and COVID initiatives and acquisition costs, rose more than 20%.

"We remain on track to achieve or exceed the annual revenue and EPS guidance that we communicated in February for Tyler, excluding the impact of the NIC acquisition. Because of antitrust restrictions, we took a conservative approach to our integration and strategic planning for NIC prior to closing the transaction. We are currently working closely with NIC's leadership to evaluate strategic growth opportunities that take advantage of the combined strengths of the two businesses. We expect to complete the fine-tuning of our joint operating and financial plans for the remainder of the year and issue 2021 guidance for the combined company during the second quarter," added Moore.

Conference Call

Tyler Technologies will hold a conference call on Thursday, April 29, 2021, 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: http://dpregister.com/sreg/10153708/e599360d94. 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 May 6, 2021. 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 10151750.

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

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 27,000 successful installations across more than 11,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been named to Government Technology's GovTech 100 list five times and has been recognized three times on 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 and acquired subleases, 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 incremental costs associated with COVID-19.

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) 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; (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 March 31,

 

 

 

2021

 

2020

 

 

 

 

 

 

 

Software licenses and royalties

 

$

14,933

 

 

$

18,737

 

 

Subscriptions

 

102,479

 

 

81,723

 

 

Software services

 

47,640

 

 

52,133

 

 

Maintenance

 

119,112

 

 

114,365

 

 

Appraisal services

 

6,465

 

 

5,763

 

 

Hardware and other

 

4,173

 

 

3,820

 

 

Total revenues

 

294,802

 

 

276,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software licenses and royalties

 

1,236

 

 

740

 

 

Acquired software

 

7,964

 

 

8,027

 

 

Subscriptions, software services and maintenance

 

134,320

 

 

131,779

 

 

Appraisal services

 

4,617

 

 

4,385

 

 

Hardware and other

 

2,458

 

 

2,479

 

 

Total cost of revenues

 

150,595

 

 

147,410

 

 

 

 

 

 

 

 

Gross profit

 

144,207

 

 

129,131

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

78,774

 

 

67,485

 

 

Research and development expense

 

21,813

 

 

22,361

 

 

Amortization of customer and trade name intangibles

 

5,412

 

 

5,392

 

 

Operating income

 

38,208

 

 

33,893

 

 

Other income, net

 

88

 

 

990

 

 

Income before income taxes

 

38,296

 

 

34,883

 

 

Income tax provision (benefit)

 

1,320

 

 

(12,667)

 

 

Net income

 

$

36,976

 

 

$

47,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

Basic

 

$

0.91

 

 

$

1.20

 

 

Diluted

 

$

0.88

 

 

$

1.16

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

40,611

 

 

39,500

 

 

Diluted

 

42,056

 

 

41,144

 

 

 

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

2020

 

Reconciliation of non-GAAP total revenues

 

 

 

 

 

GAAP total revenues

 

$

294,802

 

 

 

$

276,541

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

 

 

 

160

 

 

 

Add: Amortization of acquired leases

 

 

 

 

79

 

 

 

Non-GAAP total revenues

 

$

294,802

 

 

 

$

276,780

 

 

 

 

 

 

 

 

 

Reconciliation of non-GAAP gross profit and margin

 

 

 

 

 

GAAP gross profit

 

$

144,207

 

 

 

$

129,131

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

 

 

 

160

 

 

 

Add: Amortization of acquired leases

 

 

 

 

79

 

 

 

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

5,000

 

 

 

4,252

 

 

 

Add: Amortization of acquired software

 

7,964

 

 

 

8,027

 

 

 

Non-GAAP gross profit

 

$

157,171

 

 

 

$

141,649

 

 

 

GAAP gross margin

 

48.9

 

%

 

46.7

 

%

 

Non-GAAP gross margin

 

53.3

 

%

 

51.2

 

%

 

 

 

 

 

 

 

Reconciliation of non-GAAP operating income and margin

 

 

 

 

 

GAAP operating income

 

$

38,208

 

 

 

$

33,893

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Add: Write-downs of acquisition-related deferred revenue

 

 

 

 

160

 

 

 

Add: Amortization of acquired leases

 

 

 

 

79

 

 

 

Add: Share-based compensation expense

 

25,724

 

 

 

17,302

 

 

 

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

767

 

 

 

1,198

 

 

 

Add: Acquisition related costs

 

813

 

 

 

 

 

 

Add: COVID-19 incremental costs

 

 

 

 

727

 

 

 

Add: Amortization of acquired software

 

7,964

 

 

 

8,027

 

 

 

Add: Amortization of customer and trade name intangibles

 

5,412

 

 

 

5,392

 

 

 

Non-GAAP adjustments subtotal

 

40,680

 

 

 

32,885

 

 

 

Non-GAAP operating income

 

$

78,888

 

 

 

$

66,778

 

 

 

GAAP operating margin

 

13.0

 

%

 

12.3

 

%

 

Non-GAAP operating margin

 

26.8

 

%

 

24.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2021

 

2020

 

Reconciliation of non-GAAP net income and earnings per share

 

 

 

 

 

GAAP net income

 

$

36,976

 

 

 

$

47,550

 

 

 

Non-GAAP adjustments:

 

 

 

 

 

Add: Total non-GAAP adjustments to operating income

 

40,680

 

 

 

32,885

 

 

 

Less: Tax impact related to non-GAAP adjustments

 

(17,634

)

 

(28,932

)

 

Non-GAAP net income

 

$

60,022

 

 

 

$

51,503

 

 

 

GAAP earnings per diluted share

 

$

0.88

 

 

 

$

1.16

 

 

 

Non-GAAP earnings per diluted share

 

$

1.43

 

 

 

$

1.25

 

 

 

 

 

 

 

 

 

Detail of share-based compensation expense

 

 

 

 

 

Cost of subscriptions, software services and maintenance

 

$

5,000

 

 

 

$

4,252

 

 

 

Selling, general and administrative expenses

 

20,724

 

 

 

13,050

 

 

 

Total share-based compensation expense

 

$

25,724

 

 

 

$

17,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of EBITDA and adjusted EBITDA

 

 

 

 

 

GAAP net income

 

$

36,976

 

 

 

$

47,550

 

 

 

Amortization of customer and trade name intangibles

 

5,412

 

 

 

5,392

 

 

 

Depreciation and amortization included in

 

 

 

 

 

cost of revenues, SG&A and other expenses

 

15,029

 

 

 

14,549

 

 

 

Interest expense included in other income, net

 

379

 

 

 

152

 

 

 

Income tax provision (benefit)

 

1,320

 

 

 

(12,667

)

 

EBITDA

 

$

59,116

 

 

 

$

54,976

 

 

 

Write-downs of acquisition-related deferred revenue

 

 

 

 

160

 

 

 

Share-based compensation expense

 

25,724

 

 

 

17,302

 

 

 

Acquisition related costs

 

813

 

 

 

 

 

 

COVID-19 incremental costs

 

 

 

 

727

 

 

 

Adjusted EBITDA

 

$

85,653

 

 

 

$

73,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

2020

 

Reconciliation of free cash flow

 

 

 

 

 

Net cash provided by operating activities

 

$

71,703

 

 

 

$

56,706

 

 

 

Less: additions to property and equipment

 

(6,564

)

 

 

(9,349

)

 

 

Less: capitalized software development costs

 

(3,476

)

 

 

(1,315

)

 

 

Free cash flow

$

61,663

$

46,042

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

 

 

 

 

 

 

 

March 31, 2021

 

December 31, 2020

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,250,752

 

 

$

603,623

 

Accounts receivable, net

 

330,824

 

 

382,319

 

Current investments and other assets

 

101,710

 

 

105,530

 

Income tax receivable

 

17,066

 

 

21,598

 

Total current assets

 

1,700,352

 

 

1,113,070

 

 

 

 

 

 

Accounts receivable, long-term portion

 

23,802

 

 

21,417

 

Operating lease right-of-use assets

 

19,192

 

 

18,734

 

Property and equipment, net

 

169,295

 

 

168,004

 

 

 

 

 

 

Other assets:

 

 

 

 

Software development costs, net

 

12,190

 

 

9,121

 

Goodwill

 

851,629

 

 

838,428

 

Other intangibles, net

 

308,614

 

 

322,068

 

Non-current investments

 

112,910

 

 

82,640

 

Other non-current assets

 

33,806

 

 

33,792

 

 

 

 

 

 

Total assets

 

$

3,231,790

 

 

$

2,607,274

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

98,908

 

 

$

97,095

 

Operating lease liabilities

 

5,913

 

 

5,904

 

Deferred revenue

 

420,535

 

 

461,278

 

Total current liabilities

 

525,356

 

 

564,277

 

 

 

 

 

 

Revolving line of credit

 

 

 

 

Convertible senior notes due 2026, net

 

591,483

 

 

 

Deferred revenue, long-term

 

83

 

 

100

 

Deferred income taxes

 

37,239

 

 

40,507

 

Operating lease liabilities, long-term

 

16,636

 

 

16,279

 

Shareholders' equity

 

2,060,993

 

 

1,986,111

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

3,231,790

 

 

$

2,607,274

 

 

 

 

 

 

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

Net income

 

$

36,976

 

 

$

47,550

 

 

Adjustments to reconcile net income to cash

 

 

 

 

 

provided by operations:

 

 

 

 

 

Depreciation and amortization

 

21,100

 

 

19,985

 

 

Share-based compensation expense

 

25,724

 

 

17,302

 

 

Operating lease right-of-use assets expense

 

1,546

 

 

1,457

 

 

Deferred income tax benefit

 

(3,267)

 

 

(2,668)

 

 

Changes in operating assets and liabilities,

 

 

 

 

 

exclusive of effects of acquired companies

 

(10,376)

 

 

(26,920)

 

 

Net cash provided by operating activities

 

71,703

 

 

56,706

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Additions to property and equipment

 

(6,564)

 

 

(9,349)

 

 

Purchase of marketable security investments

 

(52,755)

 

 

(27,271)

 

 

Proceeds from marketable security investments

 

35,031

 

 

18,237

 

 

Proceeds from the sale of investment of preferred shares

 

 

 

15,000

 

 

Purchase of investment of common shares

 

 

 

(10,000)

 

 

Investment in software

 

(3,476)

 

 

(1,315)

 

 

Cost of acquisitions, net of cash acquired

 

(12,049)

 

 

(261)

 

 

Decrease (increase) in other

 

119

 

 

(48)

 

 

Net cash used by investing activities

 

(39,694)

 

 

(15,007)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Increase in net borrowings on revolving line of credit

 

 

 

 

 

Proceeds from issuance of convertible senior notes

 

600,000

 

 

 

 

Payment of debt issuance costs

 

(6,020)

 

 

 

 

Purchase of treasury shares

 

 

 

(15,482)

 

 

Proceeds from exercise of stock options

 

18,102

 

 

46,236

 

 

Payment of contingent consideration

 

 

 

(5,619)

 

 

Contributions from employee stock purchase plan

 

3,038

 

 

2,469

 

 

Net cash provided by financing activities

 

615,120

 

 

27,604

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

647,129

 

 

69,303

 

 

Cash and cash equivalents at beginning of period

 

603,623

 

 

232,682

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

1,250,752

 

 

$

301,985

 

 

 

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