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Tyler
🇺🇸 NYSE:TYL
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Jun 30, 2021

Tyler Q2 2021 Earnings Report

Tyler Technologies' financial performance was driven by the acquisition of NIC and organic growth in the second quarter of 2021.

Key Takeaways

Tyler Technologies reported a 49.1% increase in total revenues, reaching $404.1 million, driven by the acquisition of NIC Inc. and organic revenue growth of 12.4%. Non-GAAP EPS was $1.83, up 35.3% compared to the second quarter of 2020. The company is integrating NIC and focusing on cloud optimization.

Total revenues increased by 49.1% to $404.1 million, with organic revenue growth of 12.4%.

Recurring revenues from maintenance and subscriptions grew by 57.7%, comprising 79.0% of total revenue.

Operating income decreased by 7.4% to $38.3 million, while non-GAAP operating income increased by 43.9% to $107.4 million.

Subscription bookings added $15.0 million in annual recurring revenue.

Total Revenue
$405M
Previous year: $271M
+49.4%
EPS
$1.83
Previous year: $1.38
+32.6%
Organic Revenue Growth
12.4%
Previous year: -1.9%
-752.6%
Gross Profit
$182M
Previous year: $131M
+38.8%
Cash and Equivalents
$217M
Previous year: $351M
-38.3%
Free Cash Flow
-$28M
Previous year: $32.9M
-185.1%
Total Assets
$4.64B
Previous year: $2.38B
+94.8%

Tyler

Tyler

Tyler Revenue by Segment

Forward Guidance

Tyler Technologies provided full year 2021 guidance, including GAAP total revenues expected to be in the range of $1.532 billion to $1.557 billion, and non-GAAP diluted earnings per share expected to be in the range of $6.70 to $6.80.

Positive Outlook

  • GAAP total revenues are expected to be in the range of $1.532 billion to $1.557 billion.
  • Non-GAAP total revenues are expected to be in the range of $1.535 billion to $1.560 billion.
  • Non-GAAP diluted earnings per share are expected to be in the range of $6.70 to $6.80.
  • Fully diluted shares for the year are expected to be in the range of 42.0 million to 42.5 million shares.
  • The non-GAAP annual effective tax rate is expected to be 24%.

Challenges Ahead

  • Total revenues are expected to include approximately $32 million of COVID-related revenues from NIC's TourHealth and pandemic unemployment services that are not expected to recur in future years.
  • GAAP diluted earnings per share are expected to be in the range of $3.68 to $3.81 and may vary significantly due to the impact of stock incentive awards on the GAAP effective tax rate.
  • Interest expense is expected to be approximately $23 million, including approximately $11 million of amortization of debt discounts and issuance costs.
  • Pretax non-cash, share-based compensation expense is expected to be approximately $102 million.
  • Capital expenditures are expected to be in the range of $48 million to $50 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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