Tyler Technologies Announces Financial Results
Thursday, May 02, 2019 | Comments

Tyler Technologies announced financial results for the first quarter ended March 31. Total revenues were $247.1 million, up 11.7% from $221.2 million for the first quarter of 2018. Organic revenue growth was 5.5%.

Recurring revenues from maintenance and subscriptions were $167.4 million, an increase of 17.1% compared with the first quarter of 2018, and comprising 67.8% of first quarter 2019 revenue. Operating income was $34.5 million, down 11.2% from $38.8 million for the first quarter of 2018.

Net income was $27.3 million, down 27.7% compared with $37.8 million for the first quarter of 2018. Cash flows from operations were $24 million, down 46.3% compared to $44.6 million for the first quarter of 2018.

Tyler repurchased 71,793 shares of its common stock at an average price of $199.03 during the quarter. Total backlog was $1.26 billion, up 4.9% from $1.2 billion at March 31, 2018.

“Our first quarter results provided a solid start to 2019 in line with our expectations,” said Lynn Moore Jr., Tyler’s president and CEO. “Total non-GAAP revenues grew more than 12%, once again fueled by strong subscription revenue growth, which grew 38.5% on a non-GAAP basis. Subscription agreements made up the majority of our new software contracts in the quarter, and our four largest software contracts signed in the quarter were all subscription arrangements, which put pressure on short-term top-line growth but is a long-term positive trend for Tyler. Research and development expense rose 45%, reflecting a continued high level of investment in products across the company, including heightened investments in recent acquisitions.”

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