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Jun 30, 2022
Tyler Q2 2022 Earnings Report
Reported a 16.0% increase in total revenues driven by 28.2% growth in subscriptions.
Key Takeaways
Tyler Technologies reported strong second-quarter results with a 16.0% increase in total revenues, driven by substantial growth in subscription revenues. The company's focus on transitioning to SaaS and managing costs contributed to a solid financial performance.
Total revenues increased by 16.0%, with organic revenue growth of 6.2%.
Subscription revenues grew by 28.2% in total and 14.1% organically, marking 66 consecutive quarters of double-digit subscription revenue growth.
Bookings were robust at approximately $562 million, growing 21% over the previous year.
The number of clients converting from on-premises to SaaS reached a new high of 96 in the second quarter.
Revenue by Segment
Forward Guidance
Tyler Technologies expects GAAP and non-GAAP total revenues to be in the range of $1.835 billion to $1.870 billion for the full year 2022. GAAP diluted earnings per share are expected to be in the range of $3.60 to $3.76, and non-GAAP diluted earnings per share are expected to be in the range of $7.36 to $7.52.
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 $3.60 to $3.76.
- Non-GAAP diluted earnings per share are expected to be in the range of $7.36 to $7.52.
- Research and development expense is expected to be in the range of $98 million to $101 million.
- Fully diluted shares for the year are expected to be in the range of 42.4 million to 42.8 million shares.
Challenges Ahead
- Total revenues are expected to include approximately $44 million of COVID-related revenues from NIC's TourHealth and rent relief services.
- Interest expense is expected to be approximately $30 million, including approximately $7.5 million of non-cash amortization of debt discounts and issuance costs.
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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