https://assets.capyfin.com/instruments/678fdc13234e27009c5d5f20.png avatar
Tyler
🇺🇸 NYSE:TYL
View Company
OverviewEarningsDividends
•
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.

Total Revenue
$456M
Previous year: $295M
+54.7%
EPS
$1.9
Previous year: $1.43
+32.9%
Organic Revenue Growth
12.8%
Gross Profit
$192M
Previous year: $144M
+33.4%
Cash and Equivalents
$243M
Previous year: $1.25B
-80.6%
Free Cash Flow
$41M
Previous year: $61.7M
-33.5%
Total Assets
$4.72B
Previous year: $3.23B
+46.2%

Tyler

Tyler

Tyler 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.
  • 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

Company Overview

Full financial data and analysis

View Tyler