Loading...
•
Mar 31, 2022
Tyler Q1 2022 Earnings Report
Total revenues grew 54.7% with organic revenue growth of 12.8%.
Key Takeaways
Tyler Technologies reported a strong start to 2022 with a 54.7% increase in total revenues and 12.8% organic revenue growth. Recurring revenues comprised 79.5% of total revenues, driven by subscription revenue growth. Bookings were up 70.1% year-over-year, indicating robust market activity and a strong competitive position.
Total revenues increased by 54.7% compared to Q1 2021, reaching $456.1 million.
Organic revenue growth was 12.8%, the highest in 20 quarters.
Recurring revenues grew by 63.6%, making up 79.5% of total revenues.
Software subscription agreements comprised approximately 80% of the total new software contract value.
Tyler
Tyler
Tyler Revenue by Segment
Revenue by Segment
Subscriptions Revenue
CapyFin.comMaintenance Revenue
CapyFin.comProfessional services Revenue
CapyFin.comSoftware licenses and royalties Revenue
CapyFin.comHardware and other Revenue
CapyFin.com Forward Guidance
Tyler Technologies is providing guidance for the full year 2022 with GAAP and non-GAAP total revenues expected to be in the range of $1.835 billion to $1.870 billion. GAAP diluted earnings per share are expected to be in the range of $3.92 to $4.08, and non-GAAP diluted earnings per share are expected to be in the range of $7.48 to $7.64.
Positive Outlook
- GAAP and non-GAAP total revenues are expected to be in the range of $1.835 billion to $1.870 billion.
- GAAP diluted earnings per share are expected to be in the range of $3.92 to $4.08.
- Non-GAAP diluted earnings per share are expected to be in the range of $7.48 to $7.64.
- Revenues from the rent relief program are expected to continue through the third quarter.
- Fully diluted shares for the year are expected to be in the range of 42.5 million to 43.0 million shares.
Challenges Ahead
- Total revenues are expected to include approximately $40 million of COVID-related revenues from NIC's TourHealth and rent relief services.
- Revenues from TourHealth are currently expected to continue through the second quarter of 2022.
- Interest expense is expected to be approximately $23 million, including approximately $5 million of amortization of debt discounts and issuance costs.
- The non-GAAP annual effective tax rate is expected to be 24%.
- Capital expenditures are expected to be in the range of $62 million to $67 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income