Tyler Q1 2024 Earnings Report
Key Takeaways
Tyler Technologies reported strong first-quarter results, exceeding expectations across key metrics. Total revenue grew by 8.6%, driven by a 22% increase in SaaS revenues. The company repaid the final $50 million of its term debt and provided a positive outlook for the remainder of 2024.
Total revenue increased by 8.6%, driven by SaaS revenue growth of 22%.
Recurring revenues grew by 8.8% and comprised 84.0% of total revenues.
GAAP operating income rose by 48.9%, and GAAP net income increased by 75.4%.
The company repaid the final $50 million of its term debt, maintaining low net leverage.
Tyler
Tyler
Tyler Revenue by Segment
Forward Guidance
Tyler Technologies provided guidance for the full year 2024, including total revenues between $2.110 billion and $2.140 billion, GAAP diluted earnings per share between $5.27 and $5.47, non-GAAP diluted earnings per share between $9.10 and $9.30, and a free cash flow margin between 17% and 19%.
Positive Outlook
- Total revenues are expected to be in the range of $2.110 billion to $2.140 billion.
- GAAP diluted earnings per share are expected to be in the range of $5.27 to $5.47.
- Non-GAAP diluted earnings per share are expected to be in the range of $9.10 to $9.30.
- Free cash flow margin is expected to be in the range of 17% to 19%.
- Research and development expense is expected to be in the range of $125 million to $130 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income