UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
October 23, 2014 (October 22, 2014)
Date of Report (Date of earliest event reported)
TYLER
TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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1-10485 |
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75-2303920 |
(State or other jurisdiction
of incorporation or organization) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
5101 TENNYSON PARKWAY
PLANO, TEXAS 75024
(Address of principal executive offices)
(972) 713-3700
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On October 22, 2014, Tyler Technologies, Inc. issued the earnings news release announcing results from operations and financial condition as of
September 30, 2014, attached hereto as Exhibit 99.1, which news release is incorporated by reference herein.
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Exhibit number |
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Exhibit description |
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99.1 |
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News Release issued by Tyler Technologies, Inc. dated October 22, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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TYLER TECHNOLOGIES, INC. |
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Date: October 23, 2014 |
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By: |
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/s/ Brian K. Miller |
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Brian K. Miller |
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Executive Vice President and Chief Financial |
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Officer (principal financial officer) |
Exhibit 99.1
Tyler Technologies Reports Earnings
for Third Quarter 2014
Quarterly earnings grow 54 percent on 20 percent revenue growth
PLANO, Texas Oct. 22, 2014 Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the third quarter ended
September 30, 2014.
Third Quarter Financial Highlights:
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Total revenue was $128.7 million in the third quarter of 2014, up 20.2 percent from $107.0 million in the third quarter of 2013. |
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Recurring software revenue from maintenance and subscriptions was $77.4 million for the quarter, an increase of 20.0 percent compared to the third quarter of 2013, and comprised 60.2 percent of third quarter 2014
revenue. |
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Royalty revenue from Microsoft Dynamics® AX, which is included in software licenses and royalties, was $906,000 compared to $1.0 million for the third quarter of
2013. |
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Operating income for the quarter was $26.7 million, an increase of 49.8 percent from the third quarter of 2013. |
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Net income for the quarter was $17.0 million, or $0.48 per diluted share, up 53.9 percent compared to $11.0 million, or $0.32 per diluted share, for the third quarter of 2013. |
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Cash flow from operations for the quarter was $66.3 million, a 57.4 percent increase compared to $42.1 million for the third quarter of 2013. |
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Non-GAAP operating income for the quarter was $32.4 million, up 40.3 percent from $23.1 million for the third quarter of 2013. |
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Adjusted EBITDA for the quarter was $34.3 million, up 41.7 percent compared to $24.2 million for the third quarter of 2013. |
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Non-GAAP net income for the quarter was $21.0 million, or $0.59 per diluted share, up 42.8 percent compared to $14.7 million, or $0.42 per diluted share, for the third quarter of 2013. |
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Total backlog was $674.0 million at September 30, 2014, up 24.6 percent from $541.0 million at September 30, 2013. Software-related backlog (excluding appraisal services) was $634.3 million, an increase of
22.6 percent compared to $517.6 million at September 30, 2013. |
Tyler achieved exceptional results for the third quarter, with
our second consecutive quarter of revenue growth greater than 20 percent and non-GAAP net income growth greater than 40 percent, said John S. Marr Jr., Tylers president and chief executive officer. All of our software-related
revenue lines delivered double-digit growth, including 26 percent growth in software license and royalty revenues and 49 percent growth in subscriptions. Our results for the quarter also reflect a high degree of operating leverage, as our non-GAAP
gross margin expanded by 160 basis points and our non-GAAP operating margin grew 350 basis points to 25.1 percent.
- more -
Tyler Technologies Reports Earnings
for Third Quarter 2014
Oct. 22, 2014
Page
2
Our record earnings have also generated record cash flow thus far in 2014. For the third quarter,
Tylers cash flow from operations of $66.3 million actually exceeded our full-year 2013 cash flow from operations. We ended the quarter with cash of more than $157 million, and the strength of our balance sheet positions us well to take
advantage of future growth opportunities.
Tyler followed our record bookings in the second quarter of this year with another very good quarter for
new contract signings, which illustrates our strong competitive position and resulting high win rates. Excluding the eFileTexas contract signed in last years third quarter, our bookings rose nearly 5 percent for the quarter, and 22 percent for
the trailing 12 months. New contract signings were solid across product lines and in both our on-premises and cloud-based offerings.
We have a
sharp focus on executing at a high level with respect to sales, implementations and client support to continue to build on our considerable strengths in the market. With the results achieved in the first three quarters of 2014, combined with our
continued positive outlook for the fourth quarter, we have again revised upward our revenue and earnings guidance, Mr. Marr concluded.
Guidance for 2014
As of October 22, 2014, Tyler
Technologies is providing the following full-year 2014 guidance:
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Total revenues are expected to be in the range of $489 million to $494 million. |
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Diluted earnings per share are expected to be approximately $1.63 to $1.69. |
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Non-GAAP diluted earnings per share are expected to be approximately $2.06 to $2.12. |
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Pretax non-cash, share-based compensation expense is expected to be approximately $15.0 million. |
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The effective tax rate is expected to be between approximately 37.0 percent and 39.0 percent. |
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Capital expenditures are expected to be between $10.5 million and $11.0 million, and total depreciation and amortization expense is expected to be between $14.5 million and $15.0 million, including approximately $6.5
million of amortization of acquisition intangibles. |
Conference Call
Tyler Technologies will hold a conference call on Thursday, October 23, at 10:00 a.m. ET to discuss the companys results. The company is offering
participants the opportunity to register in advance for the conference through the following link: http://dpregister.com/10053644. Registered participants will receive an email with a calendar reminder and a dial-in number and PIN that will
allow them immediate access to the call.
Participants who do not wish to pre-register for the call may dial in using 877-270-2148 (U.S. callers) or
412-902-6510 (international callers), and ask for the Tyler Technologies call. A replay will be available two hours after completion of the call through October 30, 2014. To access the replay, please dial 877-344-7529 (U.S. callers)
or 412-317-0088 (international callers) and reference passcode 10053644. The live webcast and archived replay can also be accessed at www.tylertech.com.
- more -
Tyler Technologies Reports Earnings
for Third Quarter 2014
Oct. 22, 2014
Page
3
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with
clients to empower the public sector cities, counties, schools and other government entities to become more efficient, more accessible and more responsive to the needs of citizens. Tylers client base includes more than 11,000
local government offices in all 50 states, Canada, the Caribbean, the United Kingdom and other international locations. Forbes named Tyler one of Americas Best Small Companies eight times and the company has been included four
times on the Barrons 400 Index, a measure of the most promising companies in America. More information about Plano-based Tyler Technologies can be found at www.tylertech.com.
Non-GAAP Financial Measures
Tyler Technologies has
provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP financial measures. This information includes non-GAAP gross
profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share, EBITDA and adjusted EBITDA. We use these non-GAAP financial measures internally in analyzing our financial
results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating Tylers ongoing operational performance. Tyler believes the use of these non-GAAP financial measures provides an additional tool for investors to
use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures discussed above exclude
share-based compensation expense, employer portion of payroll taxes on employee stock transactions, and expenses associated with amortization of intangibles arising from business combinations. We use these measures and believe they are useful to
investors because they provide additional insight in comparing results from period to period.
Non-GAAP financial measures should be considered in
addition to, and not as a substitute for, or superior to, financial information prepared in accordance with GAAP. The non-GAAP measures used by Tyler Technologies may be different from non-GAAP measures used by other companies. Investors are
encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial statement tables included below in this press release.
Forward-looking Statements
This document contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and typically address future or anticipated
events, trends, expectations or beliefs with respect to our financial condition, results of operations or business. Forward-looking statements often contain words such as believes, expects, anticipates,
foresees, forecasts, estimates, plans, intends, continues, may, will, should, projects, might, could or
other similar words or phrases. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. We believe there is a reasonable basis for our forward-looking
statements, but they are inherently subject to risks and uncertainties and actual results could differ materially from the expectations and beliefs reflected in the forward-looking statements. We presently consider the following to be among the
important factors that could cause actual results to differ
- more -
Tyler Technologies Reports Earnings
for Third Quarter 2014
Oct. 22, 2014
Page
4
materially from our expectations and beliefs: (1) changes in the budgets or regulatory environments of our customers, primarily local and state governments, that could negatively impact
information technology spending; (2) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (3) material portions of our business require the Internet infrastructure to be
adequately maintained; (4) our ability to achieve our financial forecasts due to various factors, including project delays by our customers, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a
decline in our renewal rates for service agreements; (5) general economic, political and market conditions; (6) technological and market risks associated with the development of new products or services or of new versions of existing or
acquired products or services; (7) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (8) competition in the
industry in which we conduct business and the impact of competition on pricing, customer retention and pressure for new products or services; (9) the ability to attract and retain qualified personnel and dealing with the loss or retirement of
key members of management or other key personnel; and (10) costs of compliance and any failure to comply with government and stock exchange regulations. A detailed discussion of these factors and other risks that affect our business are
described in our filings with the Securities and Exchange Commission, including the detailed Risk Factors contained in our most recent annual report on Form 10-K. We expressly disclaim any obligation to publicly update or revise our
forward-looking statements.
###
(Comparative results follow)
Contact: Brian K.
Miller
Executive Vice PresidentCFO
Tyler
Technologies, Inc.
972-713-3720
brian.miller@tylertech.com
14-78
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues: |
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Software licenses and royalties |
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$ |
13,226 |
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$ |
10,495 |
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$ |
36,541 |
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$ |
29,415 |
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Subscriptions |
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22,694 |
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15,214 |
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64,135 |
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42,550 |
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Software services |
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31,159 |
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24,860 |
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85,594 |
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69,406 |
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Maintenance |
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54,713 |
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49,291 |
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156,904 |
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141,980 |
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Appraisal services |
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5,802 |
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5,207 |
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16,097 |
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15,854 |
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Hardware and other |
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1,070 |
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1,954 |
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6,390 |
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6,703 |
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Total revenues |
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128,664 |
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107,021 |
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365,661 |
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305,908 |
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Cost of revenues: |
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Software licenses and royalties |
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565 |
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583 |
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1,439 |
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1,701 |
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Acquired software |
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448 |
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513 |
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1,373 |
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1,585 |
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Software services, maintenance and subscriptions |
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61,428 |
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51,786 |
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174,701 |
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147,001 |
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Appraisal services |
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3,764 |
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3,360 |
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10,740 |
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10,577 |
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Hardware and other |
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667 |
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1,230 |
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4,528 |
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4,608 |
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Total cost of revenues |
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66,872 |
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57,472 |
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192,781 |
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165,472 |
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Gross profit |
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61,792 |
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49,549 |
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172,880 |
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140,436 |
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Selling, general and administrative expenses |
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27,344 |
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24,581 |
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80,130 |
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72,198 |
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Research and development expense |
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6,567 |
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5,982 |
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19,128 |
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17,174 |
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Amortization of customer and trade name intangibles |
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1,136 |
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1,129 |
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3,393 |
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3,388 |
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Operating income |
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26,745 |
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17,857 |
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70,229 |
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47,676 |
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Other expense, net |
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47 |
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285 |
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522 |
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919 |
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Income before income taxes |
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26,698 |
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17,572 |
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69,707 |
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46,757 |
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Income tax provision |
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9,698 |
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6,523 |
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26,084 |
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18,168 |
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Net income |
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$ |
17,000 |
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$ |
11,049 |
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$ |
43,623 |
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$ |
28,589 |
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Earnings per common share: |
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Basic |
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$ |
0.52 |
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$ |
0.34 |
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$ |
1.32 |
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$ |
0.90 |
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Diluted |
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$ |
0.48 |
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$ |
0.32 |
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$ |
1.23 |
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$ |
0.83 |
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Weighted average common shares outstanding: |
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Basic |
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32,935 |
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32,037 |
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|
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32,947 |
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31,825 |
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Diluted |
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35,284 |
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34,764 |
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35,339 |
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34,474 |
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TYLER TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Reconciliation of non-GAAP gross profit and margin |
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GAAP gross profit |
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$ |
61,792 |
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|
$ |
49,549 |
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$ |
172,880 |
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$ |
140,436 |
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Non-GAAP adjustments: |
|
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|
|
|
|
|
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|
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|
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Add: Share-based compensation expense included in cost of revenues |
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|
569 |
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|
408 |
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|
1,595 |
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|
|
1,087 |
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Add: Amortization of acquired software |
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|
448 |
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|
513 |
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1,373 |
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1,585 |
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Non-GAAP gross profit |
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$ |
62,809 |
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$ |
50,470 |
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$ |
175,848 |
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$ |
143,108 |
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|
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|
Non-GAAP gross margin |
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48.8 |
% |
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|
47.2 |
% |
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|
48.1 |
% |
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|
46.8 |
% |
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|
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|
|
|
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|
|
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|
Reconciliation of non-GAAP operating income and margin |
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|
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|
|
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GAAP operating income |
|
$ |
26,745 |
|
|
$ |
17,857 |
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$ |
70,229 |
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|
$ |
47,676 |
|
Non-GAAP adjustments: |
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|
|
|
|
|
|
|
|
|
|
|
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|
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Add: Share-based compensation expense |
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|
3,885 |
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|
|
3,061 |
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|
|
10,887 |
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|
|
8,539 |
|
Add: Employer portion of payroll tax related to employee stock transactions |
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|
144 |
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|
|
510 |
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|
|
168 |
|
|
|
510 |
|
Add: Amortization of acquired software |
|
|
448 |
|
|
|
513 |
|
|
|
1,373 |
|
|
|
1,585 |
|
Add: Amortization of customer and trade name intangibles |
|
|
1,136 |
|
|
|
1,129 |
|
|
|
3,393 |
|
|
|
3,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments subtotal |
|
$ |
5,613 |
|
|
$ |
5,213 |
|
|
$ |
15,821 |
|
|
$ |
14,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income |
|
$ |
32,358 |
|
|
$ |
23,070 |
|
|
$ |
86,050 |
|
|
$ |
61,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin |
|
|
25.1 |
% |
|
|
21.6 |
% |
|
|
23.5 |
% |
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net income and earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
17,000 |
|
|
$ |
11,049 |
|
|
$ |
43,623 |
|
|
$ |
28,589 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Total non-GAAP adjustments to operating income |
|
|
5,613 |
|
|
|
5,213 |
|
|
|
15,821 |
|
|
|
14,022 |
|
Less: Tax impact related to non-GAAP adjustments |
|
|
(1,661 |
) |
|
|
(1,590 |
) |
|
|
(4,686 |
) |
|
|
(4,244 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
20,952 |
|
|
$ |
14,672 |
|
|
$ |
54,758 |
|
|
$ |
38,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per diluted share |
|
$ |
0.59 |
|
|
$ |
0.42 |
|
|
$ |
1.55 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail of share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of software services, maintenance and subscriptions |
|
$ |
569 |
|
|
$ |
408 |
|
|
$ |
1,595 |
|
|
$ |
1,087 |
|
Selling, general and administrative expenses |
|
|
3,316 |
|
|
|
2,653 |
|
|
|
9,292 |
|
|
|
7,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense |
|
$ |
3,885 |
|
|
$ |
3,061 |
|
|
$ |
10,887 |
|
|
$ |
8,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
17,000 |
|
|
$ |
11,049 |
|
|
$ |
43,623 |
|
|
$ |
28,589 |
|
Amortization of customer and trade name intangibles |
|
|
1,136 |
|
|
|
1,129 |
|
|
|
3,393 |
|
|
|
3,388 |
|
Depreciation and other amortization included in cost of revenues, SG&A and other expenses |
|
|
2,519 |
|
|
|
2,283 |
|
|
|
7,543 |
|
|
|
6,705 |
|
Interest expense included in other expense, net |
|
|
75 |
|
|
|
162 |
|
|
|
362 |
|
|
|
536 |
|
Income tax provision |
|
|
9,698 |
|
|
|
6,523 |
|
|
|
26,084 |
|
|
|
18,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
30,428 |
|
|
$ |
21,146 |
|
|
$ |
81,005 |
|
|
$ |
57,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
3,885 |
|
|
|
3,061 |
|
|
|
10,887 |
|
|
|
8,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
34,313 |
|
|
$ |
24,207 |
|
|
$ |
91,892 |
|
|
$ |
65,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
157,431 |
|
|
$ |
78,876 |
|
Accounts receivable, net |
|
|
111,803 |
|
|
|
106,570 |
|
Other current assets |
|
|
16,007 |
|
|
|
24,030 |
|
Deferred income taxes |
|
|
7,759 |
|
|
|
7,759 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
293,000 |
|
|
|
217,235 |
|
Accounts receivable, long-term portion |
|
|
1,454 |
|
|
|
588 |
|
Property and equipment, net |
|
|
66,694 |
|
|
|
64,844 |
|
Non-current investments available-for-sale |
|
|
|
|
|
|
1,288 |
|
Other assets: |
|
|
|
|
|
|
|
|
Goodwill and other intangibles, net |
|
|
160,376 |
|
|
|
159,997 |
|
Other |
|
|
739 |
|
|
|
536 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
522,263 |
|
|
$ |
444,488 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
35,517 |
|
|
$ |
35,372 |
|
Deferred revenue |
|
|
185,844 |
|
|
|
156,738 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
221,361 |
|
|
|
192,110 |
|
Deferred income taxes |
|
|
4,911 |
|
|
|
6,059 |
|
Shareholders equity |
|
|
295,991 |
|
|
|
246,319 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
522,263 |
|
|
$ |
444,488 |
|
|
|
|
|
|
|
|
|
|
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,000 |
|
|
$ |
11,049 |
|
|
$ |
43,623 |
|
|
$ |
28,589 |
|
Adjustments to reconcile net income to cash provided by operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,655 |
|
|
|
3,412 |
|
|
|
10,936 |
|
|
|
10,093 |
|
Share-based compensation expense |
|
|
3,885 |
|
|
|
3,061 |
|
|
|
10,887 |
|
|
|
8,539 |
|
Excess tax benefit from exercise of share-based arrangements |
|
|
(3,511 |
) |
|
|
(7,539 |
) |
|
|
(6,717 |
) |
|
|
(13,200 |
) |
Changes in operating assets and liabilities, exclusive of effects of acquired companies |
|
|
45,274 |
|
|
|
32,132 |
|
|
|
36,402 |
|
|
|
24,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
66,303 |
|
|
|
42,115 |
|
|
|
95,131 |
|
|
|
58,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of investments |
|
|
800 |
|
|
|
25 |
|
|
|
808 |
|
|
|
50 |
|
Cost of acquisitions, net of cash acquired |
|
|
(3,242 |
) |
|
|
|
|
|
|
(3,242 |
) |
|
|
(181 |
) |
Additions to property and equipment |
|
|
(1,560 |
) |
|
|
(6,423 |
) |
|
|
(8,037 |
) |
|
|
(20,262 |
) |
(Increase) decrease in other |
|
|
(116 |
) |
|
|
(24 |
) |
|
|
219 |
|
|
|
271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities |
|
|
(4,118 |
) |
|
|
(6,422 |
) |
|
|
(10,252 |
) |
|
|
(20,122 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury shares |
|
|
(2 |
) |
|
|
|
|
|
|
(22,817 |
) |
|
|
|
|
Contributions from employee stock purchase plan |
|
|
1,023 |
|
|
|
901 |
|
|
|
3,037 |
|
|
|
2,535 |
|
Proceeds from exercise of stock options |
|
|
2,622 |
|
|
|
4,920 |
|
|
|
6,739 |
|
|
|
9,401 |
|
Decrease in net borrowings on revolving line of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,000 |
) |
Excess tax benefit from exercises of share-based arrangements |
|
|
3,511 |
|
|
|
7,539 |
|
|
|
6,717 |
|
|
|
13,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided (used) by financing activities |
|
|
7,154 |
|
|
|
13,360 |
|
|
|
(6,324 |
) |
|
|
7,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
69,339 |
|
|
|
49,053 |
|
|
|
78,555 |
|
|
|
45,715 |
|
Cash and cash equivalents at beginning of period |
|
|
88,092 |
|
|
|
3,068 |
|
|
|
78,876 |
|
|
|
6,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
157,431 |
|
|
$ |
52,121 |
|
|
$ |
157,431 |
|
|
$ |
52,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Tyler Technologies (NYSE:TYL)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Tyler Technologies (NYSE:TYL)
Storico
Da Ott 2023 a Ott 2024