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Tyler
🇺🇸 NYSE:TYL
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Sep 30, 2022

Tyler Q3 2022 Earnings Report

Reported a 2.9% increase in total revenues, with organic GAAP revenues growing by 9.0%.

Key Takeaways

Tyler Technologies reported solid top and bottom-line results for Q3 2022, driven by strong execution and robust public sector market demand. Total revenues increased by 2.9%, with organic GAAP revenue growth of 9.0%. The company is prioritizing debt reduction and strategic acquisitions to enhance long-term growth.

Total revenues increased by 2.9% year-over-year to $473.2 million.

GAAP revenues grew 9.0% organically, excluding COVID-related revenues.

Software subscription arrangements comprised approximately 91% of the total new software contract value.

ARR was reported as $1.49 billion.

Total Revenue
$473M
Previous year: $460M
+2.9%
EPS
$2.06
Previous year: $2.01
+2.5%
Organic Revenue Growth
9%
Previous year: 7.6%
+18.4%
Gross Profit
$205M
Previous year: $196M
+4.3%
Cash and Equivalents
$186M
Previous year: $234M
-20.6%
Free Cash Flow
$116M
Previous year: $193M
-40.0%
Total Assets
$4.68B
Previous year: $4.68B
-0.2%

Tyler

Tyler

Tyler Revenue by Segment

Forward Guidance

Tyler Technologies is providing guidance for the full year 2022. GAAP and non-GAAP total revenues are both expected to be in the range of $1.837 billion to $1.857 billion. Non-GAAP diluted earnings per share are expected to be in the range of $7.51 to $7.65.

Positive Outlook

  • GAAP and non-GAAP total revenues are both expected to be in the range of $1.837 billion to $1.857 billion.
  • Non-GAAP diluted earnings per share are expected to be in the range of $7.51 to $7.65.
  • Interest expense is expected to be approximately $28 million.
  • Pretax non-cash, share-based compensation expense is expected to be approximately $107 million.
  • The non-GAAP annual effective tax rate is expected to be 22.5%.

Challenges Ahead

  • Total revenues are expected to include approximately $49 million of COVID-related revenues.
  • GAAP earnings per share assumes an estimated annual effective tax rate of approximately 14.0% after discrete tax items.
  • Capital expenditures are expected to be in the range of $58 million to $62 million.
  • Total depreciation and amortization expense is expected to be approximately $147 million, including approximately $112 million from amortization of acquisition intangibles.
  • Has reduced the upper end of full year revenue guidance to reflect lower license revenue, as well as pressure on professional services revenue related to staffing.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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