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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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