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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.
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 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