Tyler Q1 2021 Earnings Report
Key Takeaways
Tyler Technologies reported strong first quarter results, exceeding expectations with a 6.6% increase in total revenues, driven by a 25.4% growth in subscription revenues. The company's non-GAAP gross and operating margins improved, and cash flows from operations and free cash flow showed robust growth. Tyler also completed the acquisition of NIC Inc. and expects the American Rescue Plan Act to positively impact government technology spending.
Total revenues increased by 6.6% to $294.8 million, reaching a new quarterly high.
Subscription revenues grew by 25.4%, driving overall revenue growth.
Non-GAAP gross and operating margins improved by 210 and 270 basis points, respectively.
Cash flows from operations and free cash flow grew by 26.4% and 33.9%, respectively.
Tyler
Tyler
Tyler Revenue by Segment
Forward Guidance
Tyler Technologies remains on track to achieve or exceed the annual revenue and EPS guidance that was communicated in February for Tyler, excluding the impact of the NIC acquisition. The company expects to complete the fine-tuning of joint operating and financial plans for the remainder of the year and issue 2021 guidance for the combined company during the second quarter.
Positive Outlook
- On track to achieve or exceed annual revenue guidance
- On track to achieve or exceed annual EPS guidance
- Completing fine-tuning of joint operating plans
- Completing fine-tuning of joint financial plans
- Issuing 2021 guidance for the combined company during the second quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income