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Tyler
🇺🇸 NYSE:TYL
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•
Dec 31, 2021

Tyler Q4 2021 Earnings Report

Tyler's Q4 2021 earnings were reported with a 53% increase in total revenue and 9.2% organic revenue growth.

Key Takeaways

Tyler Technologies reported strong Q4 2021 results, marked by a 53% increase in total revenues to $433.5 million and a 9.2% organic revenue growth. Recurring revenues comprised 80.1% of total revenues. The company's performance was bolstered by the inclusion of NIC and other acquisitions, with subscription revenues showing substantial growth.

Total revenues increased by 53% to $433.5 million, with organic revenue growth of 9.2%.

Recurring revenues from maintenance and subscriptions grew by 63.4%, representing 80.1% of total revenues.

Subscription revenue and software services revenues included $16.6 million from NIC's TourHealth and COVID-related initiatives.

Operating income was $48.1 million, while non-GAAP operating income increased by 34.2% to $102.5 million.

Total Revenue
$434M
Previous year: $283M
+53.2%
EPS
$1.75
Previous year: $1.39
+25.9%
Organic Revenue Growth
9.2%
Previous year: -2.1%
-538.1%
Gross Profit
$187M
Previous year: $139M
+35.0%
Cash and Equivalents
$309M
Previous year: $604M
-48.8%
Free Cash Flow
$102M
Previous year: $83.7M
+21.7%
Total Assets
$4.73B
Previous year: $2.61B
+81.5%

Tyler

Tyler

Tyler Revenue by Segment

Forward Guidance

Tyler Technologies anticipates GAAP and non-GAAP total revenues in the range of $1.830 billion to $1.870 billion for the full year 2022. This includes approximately $36 million of COVID-related revenues from NIC's TourHealth and rent relief services.

Positive Outlook

  • GAAP diluted earnings per share are expected to be in the range of $4.09 to $4.26.
  • Non-GAAP diluted earnings per share are projected to be between $7.41 and $7.58.
  • Interest expense is estimated at approximately $20 million.
  • Pretax non-cash, share-based compensation expense is expected to be around $105 million.
  • The non-GAAP annual effective tax rate is expected to be 24%.

Challenges Ahead

  • GAAP earnings per share assumes an estimated annual effective tax rate of approximately 16% after discrete tax items.
  • Capital expenditures are projected to be in the range of $65 million to $70 million.
  • Total depreciation and amortization expense is expected to be approximately $155 million.
  • The company anticipates approximately $36 million of COVID-related revenues from NIC's TourHealth and rent relief services.
  • Research and development expense is expected to be in the range of $97 million to $100 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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