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Dec 31, 2019
Tyler Q4 2019 Earnings Report
Tyler Technologies' Q4 2019 earnings were released, showcasing strong organic revenue growth and a substantial increase in bookings.
Key Takeaways
Tyler Technologies reported a strong fourth quarter in 2019, with total revenues up 19.4% to $288.8 million and organic revenue growth of 10.6%. Bookings grew by 33.5%, and the company achieved significant milestones, including surpassing $1 billion in annual revenues and $300 million in adjusted EBITDA. Subscription revenues continued to drive growth, increasing by 34.3%.
Total revenues increased by 19.4% to $288.8 million, with organic revenue growth at 10.6%.
Operating income rose by 16.0% to $45.2 million.
Net income increased by 48.3% to $46.8 million, or $1.15 per diluted share.
Bookings grew by 33.5%, and subscription revenues increased by 34.3%.
Tyler
Tyler
Tyler Revenue by Segment
Revenue by Segment
Subscriptions Revenue
CapyFin.comMaintenance Revenue
CapyFin.comProfessional services Revenue
CapyFin.comSoftware licenses and royalties Revenue
CapyFin.comHardware and other Revenue
CapyFin.com Forward Guidance
Tyler Technologies provided guidance for the full year 2020, anticipating GAAP total revenues in the range of $1.204 billion to $1.224 billion and non-GAAP total revenues in the range of $1.205 billion to $1.225 billion. GAAP diluted earnings per share are expected to be in the range of $3.81 to $3.93, while non-GAAP diluted earnings per share are expected to be in the range of $5.60 to $5.72.
Positive Outlook
- GAAP total revenues are expected to be in the range of $1.204 billion to $1.224 billion.
- Non-GAAP total revenues are expected to be in the range of $1.205 billion to $1.225 billion.
- GAAP diluted earnings per share are expected to be in the range of $3.81 to $3.93.
- Non-GAAP diluted earnings per share are expected to be in the range of $5.60 to $5.72.
- The non-GAAP annual effective tax rate is expected to be 24%.
Challenges Ahead
- GAAP diluted earnings per share may vary significantly due to the impact of stock incentive awards.
- Approximately 55% to 60% of non-GAAP diluted earnings per share is expected to be generated in the second half of the year.
- Pretax non-cash, share-based compensation expense is expected to be approximately $77 million.
- Research and development expense is expected to be in the range of $92 million to $94 million.
- Capital expenditures are expected to be in the range of $36 million to $38 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income