Tyler Reports Quarterly Results
Thursday, August 01, 2019 | Comments

Tyler Technologies announced financial results for the second quarter ended June 30. Total revenues were $275.1 million, up 16.5% from $236.1 million for the second quarter of 2018. Organic revenue growth was 8.1%.

Recurring revenues from maintenance and subscriptions were $180.2 million, an increase of 20.8% compared with the second quarter of 2018, and comprised 65.5% of second quarter 2019 revenue. Operating income was $36.7 million, down 1.3% from $37.1 million for the second quarter of 2018.

Net income was $32 million, down 18.3% compared with $39.2 million for the second quarter of 2018. Cash flows from operations were $24.5 million, up 8.4% compared with $22.6 million for the second quarter of 2018.

Software subscription arrangements comprised about 80% of the total new software contract value in the second quarter. Subscription bookings in the second quarter added $18.5 million in annual recurring revenue. Total backlog was $1.43 billion, up 17% from $1.22 billion at June 30, 2018.

“We are pleased with our strong second-quarter results as both revenue and bookings growth accelerated from the first quarter,” said Lynn Moore, Tyler’s president and CEO. “Subscription revenues continue to pace our growth, with an increase of 38.6% over the second quarter of 2018.”

Moore said research and development (R&D) expenses increased 27% over the second quarter of 2018, reflecting the company’s high level of investment in products across the company.

As of July 31, Tyler provided guidance for the full year 2019, including GAAP total revenues expected in the range of $1.08 billion to $1.10 billion, R&D expense expected in the range of $81 million to $83 million, and capital expenditures expected from $48 million to $50 million, including about $23 million related to real estate and about $6 million of capitalized software development.

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