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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).
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 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