Loading...
•
Jun 30, 2023
Tyler Q2 2023 Earnings Report
Achieved double-digit organic growth, driven by a 20% increase in SaaS revenues, and surpassed $500 million in total quarterly revenues.
Key Takeaways
Tyler Technologies reported strong second-quarter results, exceeding expectations with organic revenue growth of 10.4% and SaaS revenue growth of 20%. Total revenues reached a new milestone, surpassing $500 million for the first time. The public sector market remains strong, and the company is making progress with strategic initiatives to drive cloud migrations, cross-sell and upsell opportunities, and payments expansion.
Total revenues were $504.3 million, up 7.6% from the second quarter of 2022.
Organic revenue growth was 10.4%.
SaaS revenues grew organically 20.0%.
GAAP net income was $49.1 million, or $1.15 per diluted share, up 23.0% from the second quarter of 2022.
Tyler
Tyler
Tyler Revenue by Segment
Revenue by Segment
Subscriptions Revenue
CapyFin.comMaintenance Revenue
CapyFin.comSoftware licenses and royalties Revenue
CapyFin.comHardware and other Revenue
CapyFin.com Forward Guidance
Tyler Technologies is providing the following guidance for the full year 2023: Total revenues are expected to be in the range of $1.940 billion to $1.965 billion. GAAP diluted earnings per share are expected to be in the range of $3.87 to $4.02. Non-GAAP diluted earnings per share are expected to be in the range of $7.60 to $7.75.
Positive Outlook
- Total revenues are expected to be in the range of $1.940 billion to $1.965 billion.
- GAAP diluted earnings per share are expected to be in the range of $3.87 to $4.02.
- Non-GAAP diluted earnings per share are expected to be in the range of $7.60 to $7.75.
- Interest expense is expected to be approximately $25 million.
- Pretax non-cash, share-based compensation expense is expected to be approximately $110 million.
Challenges Ahead
- GAAP diluted earnings per share may vary significantly due to the impact of stock option activity on the GAAP effective tax rate.
- Research and development expense is expected to be in the range of $113 million to $114 million.
- Fully diluted shares for the year are expected to be in the range of 42.5 million to 43.0 million shares.
- GAAP earnings per share assumes an estimated annual effective tax rate of approximately 15.5% after discrete tax items.
- Capital expenditures are expected to be in the range of $63 million to $65 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income