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Tyler
🇺🇸 NYSE:TYL
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Sep 30, 2023

Tyler Q3 2023 Earnings Report

Tyler Technologies' Q3 2023 earnings reflected growth in SaaS revenues and cash from operations.

Key Takeaways

Tyler Technologies reported a 4.5% increase in total revenues, reaching $494.7 million. SaaS revenues grew by 26%, and cash from operations increased by 37.2%. The company completed the acquisition of Computer Systems Innovations during the quarter.

Total revenues increased by 4.5% year-over-year, reaching $494.7 million.

SaaS revenues grew organically by 26.0%.

Cash flows from operations increased by 37.2% year-over-year, totaling $177.5 million.

The company completed the acquisition of Computer Systems Innovations (CSI).

Total Revenue
$495M
Previous year: $473M
+4.5%
EPS
$2.14
Previous year: $2.06
+3.9%
Organic Revenue Growth
6%
Previous year: 9%
-33.3%
Gross Profit
$225M
Previous year: $205M
+10.0%
Cash and Equivalents
$131M
Previous year: $186M
-29.3%
Free Cash Flow
$163M
Previous year: $116M
+40.7%
Total Assets
$4.64B
Previous year: $4.68B
-0.8%

Tyler

Tyler

Tyler Revenue by Segment

Forward Guidance

Tyler Technologies provided guidance for the full year 2023.

Positive Outlook

  • Total revenues are expected to be in the range of $1.942 billion to $1.962 billion.
  • Non-GAAP diluted earnings per share are expected to be in the range of $7.66 to $7.80.
  • Research and development expense is expected to be in the range of $114 million to $115 million.
  • Fully diluted shares for the year are expected to be in the range of 42.5 million to 43.0 million shares.
  • Capital expenditures are expected to be in the range of $58 million to $60 million.

Challenges Ahead

  • GAAP diluted earnings per share are expected to be in the range of $3.82 to $3.96 and may vary significantly due to the impact of stock option activity on the GAAP effective tax rate.
  • Interest expense is expected to be approximately $24 million, including approximately $5 million of non-cash amortization of debt discounts and issuance costs.
  • Pretax non-cash, share-based compensation expense is expected to be approximately $110 million.
  • The non-GAAP annual effective tax rate is expected to be 22.0%.
  • Total depreciation and amortization expense is expected to be approximately $148 million, including approximately $109 million from amortization of acquisition intangibles.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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