Total revenues grow 22 percent; License and
royalties revenues rise 38 percent
Tyler Technologies, Inc. (NYSE: TYL) today announced financial
results for the fourth quarter and year ended December 31,
2016.
Fourth Quarter 2016 Financial Highlights:
- Total revenues were $193.3 million, up
21.6 percent from $158.9 million for the fourth quarter of 2015.
Organic growth was 12.1 percent.
- Recurring revenue from maintenance and
subscriptions was $123.0 million, an increase of 25.0 percent
compared to the fourth quarter of 2015, and comprised 63.6 percent
of fourth quarter 2016 revenue.
- Operating income was $35.4 million, an
increase of 79.0 percent from $19.8 million for the fourth quarter
of 2015.
- Net income was $31.2 million, or $0.80
per diluted share, up 262.0 percent compared to $8.6 million, or
$0.23 per diluted share, for the fourth quarter of 2015.
- Cash flows from operations were $51.8
million compared to $53.6 million for the fourth quarter of
2015.
- Non-GAAP total revenues were $195.1
million, up 20.3 percent from $162.1 million for the fourth quarter
of 2015.
- Non-GAAP operating income was $54.8
million, up 34.7 percent from $40.7 million for the fourth quarter
of 2015.
- Non-GAAP net income was $35.2 million,
or $0.90 per diluted share, up 57.3 percent compared to $22.4
million, or $0.59 per diluted share, for the fourth quarter of
2015.
- Adjusted EBITDA was $58.2 million, up
37.8 percent compared to $42.3 million for the fourth of 2015.
- The company repurchased approximately
125,000 shares of its common stock during the quarter at an average
price of $146.02.
Full Year 2016 Financial Highlights:
- Total revenues were $756.0 million, up
27.9 percent from $591.0 million in 2015. Organic growth was 11.8
percent.
- Recurring revenue from maintenance and
subscriptions was $465.7 million, an increase of 30.3 percent
compared to 2015, and comprised 61.6 percent of 2016 revenue.
- Operating income was $131.3 million, an
increase of 21.5 percent from $108.0 million in 2015.
- Net income was $109.9 million, or $2.82
per diluted share, up 69.4 percent compared to $64.9 million, or
$1.77 per diluted share, in 2015.
- Cash flows from operations were $191.9
million compared to $134.3 million in 2015.
- Non-GAAP total revenues were $771.6
million, up 29.8 percent from $594.2 million in 2015.
- Non-GAAP operating income was $213.5
million, up 43.1 percent from $149.2 million in 2015.
- Non-GAAP net income was $135.8 million,
or $3.49 per diluted share, up 46.6 percent compared to $92.7
million, or $2.54 per diluted share, in 2015.
- Adjusted EBITDA was $226.4 million, up
43.7 percent compared to $157.5 million in 2015.
- Total backlog was $953.3 million, up
12.9 percent from $844.5 million at December 31, 2015.
Software-related backlog (excluding appraisal services) was $914.6
million, an increase of 14.8 percent compared to $797.0 million at
December 31, 2015.
- The company repurchased approximately
882,000 shares of its common stock during the year at an average
price of $127.75.
“Our fourth quarter performance provided a strong finish to
another great year for Tyler,” said John S. Marr Jr., Tyler’s
chairman and chief executive officer. “Software licenses and
royalties revenue grew 38 percent, of which 20 percent was organic,
and subscription revenue grew 23 percent, which was almost all
organic. With the addition of New World's operations for a full
year, we achieved exceptional margin expansion while investing in
product development at a high level, as our non-GAAP gross and
operating margins increased by 270 and 300 basis points,
respectively. Without the increase in diluted shares resulting from
the adoption of ASU 2016-09, our fourth quarter and full year
non-GAAP diluted earnings per share would have been $0.91 and
$3.53, respectively.
“We had another solid quarter for bookings, which rose more than
18 percent and drove backlog to a new high of $953 million,
reflecting Tyler's very strong competitive position in the local
government space. We're also pleased with our progress in 2016 on
the integration of New World's products and operations. Our balance
sheet continues to be extremely strong, and our cash flows from
operations for the year rose 43 percent. As we evaluate
opportunities for deploying capital, our plans for 2017 include
significant product development investments aimed at further
strengthening our leadership positions and driving new long-term
growth opportunities,” said Marr.
Adoption of New Share-Based Compensation Expense Accounting
Standard
In the fourth quarter, Tyler Technologies adopted ASU 2016-09,
Improvements to Employee Share-Based Payment Accounting, which
addresses, among other items, the accounting for income taxes and
cash flow presentation of share-based compensation. Under ASU
2016-09, excess tax benefits and deficiencies generated upon the
settlement or exercise of stock awards are no longer recognized as
additional paid-in capital but are instead recognized as
adjustments to income tax expense. The change in accounting for
income taxes is effective on a prospective basis as of the
beginning of the 2016 fiscal year. Also, cash flows related to
excess tax benefits are required to be presented as an operating
activity rather than a financing activity. The statements of cash
flows for 2016 and 2015 reflect the cash flow classifications under
the new ASU.
The early adoption of ASU 2016-09 increased GAAP net income and
GAAP diluted earnings per share by $20.4 million and $0.50,
respectively, for the nine months ended September 30, 2016, and
increased net cash provided by operating activities by $18.8
million for the nine months ended September 30, 2016, with a
corresponding $18.8 million increase in net cash used by financing
activities. The early adoption of ASU 2016-09 decreased non-GAAP
diluted earnings per share by $0.04 for the nine months ended
September 30, 2016. In addition, retrospective application related
to cash flow presentation increased net cash provided by operating
activities by $29.6 million for the year ended December 31, 2016,
with a corresponding $29.6 million increase in net cash used by
financing activities. For the three months and year ended December
31, 2015, the retrospective application related to cash flow
presentation increased net cash provided by operating activities by
$34.5 million and $45.3 million, respectively, with a corresponding
$34.5 million and $45.3 million decrease in net cash provided by
financing activities, respectively. Recast amounts can be found in
the supplemental financial information section of this release.
Guidance for 2017
As of February 8, 2017, Tyler Technologies is providing the
following guidance for the full year 2017:
- GAAP total revenues are expected to be
in the range of $844 million to $854 million.
- Non-GAAP total revenues are expected to
be in the range of $845 million to $855 million.
- GAAP diluted earnings per share are
expected to be approximately $3.26 to $3.34 and may vary
significantly due to the impact of stock option exercises on the
GAAP effective tax rate under ASU 2016-09.
- Non-GAAP diluted earnings per share are
expected to be approximately $3.83 to $3.91.
- Pretax non-cash, share-based
compensation expense is expected to be approximately $37
million.
- Fully diluted shares for the year are
expected to be between 39 million and 40 million shares.
- GAAP earnings per share assumes an
estimated effective tax rate of approximately 20 percent after
discrete tax items, and includes approximately $29 million of
discrete tax benefits related to share-based compensation.
- The non-GAAP effective tax rate is
expected to be 35.5 percent.
- Capital expenditures are expected to be
between $52 million and $54 million, including approximately $24
million related to real estate. Total depreciation and amortization
expense is expected to be approximately $50 million, including
approximately $35 million of amortization of acquisition
intangibles.
GAAP to non-GAAP guidance
reconciliation
Non-GAAP total revenues is derived from adding back the
estimated full year impact of write-downs of acquisition-related
deferred revenue and amortization of acquired leases of
approximately $1 million. Non-GAAP diluted earnings per share is
derived by adding back the estimated full year impact of non-cash
share-based compensation expense and employer portion of payroll
tax related to employee stock transactions of approximately $38
million, and amortization of acquired software and intangible
assets of approximately $35 million. Additionally, the non-GAAP tax
rate of 35.5 percent is estimated annually as described below under
"Non-GAAP Financial Measures" and excludes approximately $29
million of discrete tax benefits related to share-based
compensation that are included in the GAAP estimated annual
effective tax rate.
Conference Call
Tyler Technologies will hold a conference call on Thursday,
February 9, at 10:00 a.m. EST to discuss the company’s results. The
company is offering participants the opportunity to register in
advance for the conference through the following link:
http://dpregister.com/10098120. 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 on February
9, 2017.
Participants who do not wish to pre-register for the call may
dial in using 844-861-5506 (U.S. callers) or 412-317-6587
(international callers) or 866-450-4696 (Canada callers), and ask
for the “Tyler Technologies” call. A replay will be available two
hours after completion of the call through February 15, 2017. To
access the replay, please dial 877-344-7529 (U.S. callers),
412-317-0088 (international callers) and 855-669-9658 (Canada
callers) and reference passcode 10098120.
The live webcast and archived replay can also be accessed at
http://investors.tylertech.com/Presentations.
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 their constituents. Tyler's client base includes more
than 15,000 local government offices in all 50 states, Canada, the
Caribbean, the United Kingdom and other international locations. In
2016, Forbes ranked Tyler on its "Most Innovative Growth Companies"
list, and it has also named Tyler one of "America's Best Small
Companies" eight times. The company has been included six times on
the Barron's 400 Index, a measure of the most promising companies
in America. More information about Tyler Technologies,
headquartered in Plano, Texas, 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
revenues, 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 Tyler’s ongoing
operational performance because they provide additional insight in
comparing results from period to period. 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
write-downs of acquisition-related deferred revenue and acquired
leases, share-based compensation expense, employer portion of
payroll taxes on employee stock transactions, acquisition-related
costs, expenses associated with amortization of intangibles arising
from business combinations, and the impact from the adoption of ASU
2016-09, Improvements to Employee Share-Based Payment Accounting,
on our income tax provision.
Historically, for the purpose of determining non-GAAP net
income, Tyler has used a non-GAAP tax rate of 35 percent in its
calculation of the tax impact related to certain non-GAAP
adjustments. Beginning in 2017, Tyler intends to adjust non-GAAP
financial income using a tax rate equal to Tyler's annual estimated
tax rate on non-GAAP income. This rate is based on Tyler's
estimated annual GAAP income tax rate forecast, adjusted to account
for items excluded from GAAP income in calculating Tyler's non-GAAP
income, as well as significant non-recurring tax adjustments. The
non-GAAP tax rate used in future periods will be reviewed annually
to determine whether it remains appropriate in consideration of
factors including Tyler's periodic effective tax rate calculated in
accordance with GAAP, changes resulting from tax legislation,
changes in the geographic mix of revenues and expenses, and other
factors deemed significant. Due to differences in tax treatment of
items excluded from non-GAAP earnings, as wells as the methodology
applied to Tyler's estimated annual tax rate as described above,
the estimated tax rate on non-GAAP income may differ from the GAAP
tax rate and from Tyler's actual tax liabilities.
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
materially from our expectations and beliefs: (1) changes in the
budgets or regulatory environments of our clients, 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) our ability to achieve growth or operational synergies
through the integration of acquired businesses, while avoiding
unanticipated costs and disruptions to existing operations; (4)
material portions of our business require the Internet
infrastructure to be adequately maintained; (5) our ability to
achieve our financial forecasts due to various factors, including
project delays by our clients, reductions in transaction size,
fewer transactions, delays in delivery of new products or releases
or a decline in our renewal rates for service agreements; (6)
general economic, political and market conditions; (7)
technological and market risks associated with the development of
new products or services or of new versions of existing or acquired
products or services; (8) competition in the industry in which we
conduct business and the impact of competition on pricing, client
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.
TYLER TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands,
except per share data) (Unaudited)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2016 2015
2016 2015 Revenues: Software licenses
and royalties
$ 19,975 $ 14,432
$
74,306 $ 59,008 Subscriptions
37,778 30,660
142,704 111,933 Software services
41,595 38,087
174,804 139,852 Maintenance
85,194 67,708
322,969 245,537 Appraisal services
6,204 5,728
26,287 25,065 Hardware and other
2,535
2,301
14,973 9,627 Total
revenues
193,281 158,916
756,043 591,022 Cost
of revenues: Software licenses and royalties
1,037 449
2,964 1,632 Acquired software
5,498 2,976
22,235 4,440 Software services, maintenance and
subscriptions
88,329 77,521
348,939 285,340 Appraisal
services
3,938 3,525
16,411 15,922 Hardware and other
1,662 1,223
10,143
6,501 Total cost of revenues
100,464 85,694
400,692 313,835 Gross profit
92,817 73,222
355,351 277,187 Selling, general and administrative
expenses
42,162 42,507
167,161 133,317 Research and
development expense
11,793 8,615
43,154 29,922
Amortization of customer and trade name intangibles
3,458 2,320
13,731
5,905 Operating income
35,404 19,780
131,305
108,043 Other (expense) income, net
(285 )
(240 )
(1,998 ) 381 Income
before income taxes
35,119 19,540
129,307 108,424
Income tax provision
3,923 10,922
19,450 43,555 Net income
$ 31,196 $ 8,618
$
109,857 $ 64,869 Earnings per common
share: Basic
$ 0.85 $ 0.24
$
3.01 $ 1.90 Diluted
$ 0.80 $
0.23
$ 2.82 $ 1.77 Weighted
average common shares outstanding: Basic
36,653 35,334
36,448 34,137 Diluted
38,975 37,864
38,961
36,552
With the fourth quarter 2016 adoption of ASU 2016-09 related to
stock compensation, we were required to apply the new standard as
of the beginning of 2016. As a result, the sum of the previously
reported quarters and the fourth quarter of 2016 does not equal to
the full year 2016 amounts above. Recast amounts can be found in
the supplemental financial information section of this release.
TYLER TECHNOLOGIES, INC. RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands,
except per share data) (Unaudited)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2016 2015
2016 2015
Reconciliation of
non-GAAP total revenues
GAAP total revenues
$ 193,281 $ 158,916
$
756,043 $ 591,022 Non-GAAP adjustments: Add: Write-downs of
acquisition-related deferred revenue
1,664 3,186
15,063 3,186 Add: Amortization of acquired leases
111 37
444
37 Non-GAAP total revenues
$ 195,056 $
162,139
$ 771,550 $ 594,245
Reconciliation of
non-GAAP gross profit and margin
GAAP gross profit
$ 92,817 $ 73,222
$
355,351 $ 277,187 Non-GAAP adjustments: Add: Write-downs of
acquisition-related deferred revenue
1,664 3,186
15,063 3,186 Add: Amortization of acquired leases
111
37
444 37 Add: Share-based compensation expense included in
cost of revenues
1,881 1,031
6,548 3,380 Add:
Amortization of acquired software
5,498
2,976
22,235 4,440
Non-GAAP gross profit
$ 101,971 $ 80,452
$ 399,641 $ 288,230 GAAP gross
margin
48.0 % 46.1 %
47.0
% 46.9 % Non-GAAP gross margin
52.3
% 49.6 %
51.8 % 48.5 %
Reconciliation of
non-GAAP operating income and margin
GAAP operating income
$ 35,404 $ 19,780
$
131,305 $ 108,043 Non-GAAP adjustments: Add: Write-downs of
acquisition-related deferred revenue
1,664 3,186
15,063 3,186 Add: Amortization of acquired leases
111
37
444 37 Add: Share-based compensation expense
8,399
5,723
29,747 20,182 Add: Employer portion of payroll tax
related to employee stock transactions
311 1,173
1,001 1,506 Add: Acquisition-related costs
— 5,533
— 5,875 Add: Amortization of acquired software
5,498
2,976
22,235 4,440 Add: Amortization of customer and trade
name intangibles
3,458 2,320
13,731 5,905 Non-GAAP
adjustments subtotal
$ 19,441 $ 20,948
$ 82,221 $ 41,131 Non-GAAP operating
income
$ 54,845 $ 40,728
$
213,526 $ 149,174 GAAP operating margin
18.3 % 12.4 %
17.4 %
18.3 % Non-GAAP operating margin
28.1 %
25.1 %
27.7 % 25.1 %
TYLER TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (Amounts in thousands, except
per share data) (Unaudited)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2016 2015
2016 2015
Reconciliation of
non-GAAP net income and earnings per share
GAAP net income
$ 31,196 $ 8,618
$
109,857 $ 64,869 Non-GAAP adjustments: Add: Total non-GAAP
adjustments to operating income
19,441 20,948
82,221
41,131 Less: Tax impact related to non-GAAP adjustments
(15,408 ) (7,171 )
(56,230
) (13,318 ) Non-GAAP net income
$
35,229 $ 22,395
$ 135,848
$ 92,682 GAAP earnings per diluted share
$
0.80 $ 0.23
$ 2.82 $ 1.77
Non-GAAP earnings per diluted share
$ 0.90
$ 0.59
$ 3.49 $ 2.54
Detail of
share-based compensation expense
Cost of software services, maintenance and subscriptions
$
1,881 $ 1,031
$ 6,548 $ 3,380 Selling, general
and administrative expenses
6,518 4,692
23,199 16,802 Total
share-based compensation expense
$ 8,399 $
5,723
$ 29,747 $ 20,182
Reconciliation of
EBITDA and adjusted EBITDA
GAAP net income
$ 31,196 $ 8,618
$
109,857 $ 64,869 Amortization of customer and trade name
intangibles
3,458 2,320
13,731 5,905 Depreciation and
other amortization included in cost of revenues, SG&A and other
expenses
9,322 5,668
36,570 13,669 Interest expense
included in other expense, net
270 292
1,965 292
Income tax provision
3,923 10,922
19,450 43,555 EBITDA
$ 48,169 $ 27,820
$ 181,573 $ 128,290
Write-downs of acquisition-related deferred revenue
1,664
3,186
15,063 3,186 Acquisition-related costs
— 5,533
— 5,875 Share-based compensation expense
8,399
5,723
29,747
20,182 Adjusted EBITDA
$ 58,232 $
42,262
$ 226,383 $ 157,533
With the fourth quarter 2016 adoption of ASU 2016-09 related to
stock compensation, we were required to apply the new standard as
of the beginning of 2016. As a result, the sum of the previously
reported quarters and the fourth quarter of 2016 for the
reconciliation of non-GAAP net income and earnings per share does
not equal to the full year 2016 amounts above. Recast amounts can
be found in the supplemental financial information section of this
release.
TYLER TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Amounts in thousands)
(Unaudited)
December 31,2016
December 31,2015
ASSETS Current assets: Cash and cash equivalents
$
36,151 $ 33,087 Accounts receivable, net
200,334
176,360 Current investments and other assets
43,580 37,688
Income tax receivable
2,895 21,080 Total
current assets
282,960 268,215 Accounts receivable,
long-term portion
2,480 2,777 Property and equipment, net
124,268 101,112 Other assets: Goodwill
650,237
653,666 Other intangibles, net
267,259 295,378 Non-current
investments and other assets
30,741 35,422
Total assets
$ 1,357,945 $ 1,356,570
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable and accrued liabilities
$
63,284 $ 55,945 Deferred revenue
298,217
281,627 Total current liabilities
361,501 337,572
Revolving line of credit
10,000 66,000 Deferred
revenue, long-term
2,140 3,115 Deferred income taxes
68,779 91,026 Shareholders' equity
915,525
858,857 Total liabilities and shareholders' equity
$ 1,357,945 $ 1,356,570
TYLER
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Amounts in thousands) (Unaudited)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2016 2015
2016 2015 Cash flows from
operating activities: Net income
$ 31,196 $ 8,618
$ 109,857 $ 64,869 Adjustments to reconcile net
income to cash provided by operations: Depreciation and
amortization
12,780 7,988
50,301 19,574 Share-based
compensation expense
8,399 5,723
29,747 20,182
Provision for losses - accounts receivable
4,484 1,756
4,484 1,756 Deferred income tax benefit
(17,650
) (8,599 )
(28,939 ) (7,956 ) Changes in
operating assets and liabilities, exclusive of effects of acquired
companies
12,596 38,127
26,409 35,902 Net cash provided by
operating activities
51,805 53,613
191,859 134,327
Cash flows from investing activities: Cost of acquisitions, net of
cash acquired
— (333,514 )
(9,394 ) (339,961 )
Purchase of cost method investment
— —
— (15,000 )
Purchase of marketable security investments
(7,189 )
(2,516 )
(20,316 ) (31,907 ) Proceeds from marketable
security investments
7,581 900
16,837 900 Additions
to property and equipment
(8,197 ) (3,976 )
(37,726 ) (12,501 )
(Increase) decrease in other
(69 ) 5
(121
) 10 Net cash used by investing activities
(7,874 ) (339,101 )
(50,720 ) (398,459 ) Cash flows from
financing activities: (Decrease) increase in net borrowings on
revolving line of credit
(24,000 ) 66,000
(56,000 ) 66,000 Purchase of treasury shares
(17,339 ) —
(111,838 ) (645 )
Contributions from employee stock purchase plan
1,807 1,304
6,236 4,671 Proceeds from exercise of stock options
8,438 14,791
23,527 23,160 Debt issuance costs
— (2,134 )
—
(2,134 ) Net cash (used) provided by financing activities
(31,094 ) 79,961
(138,075
) 91,052 Increase (decrease) in net
cash and cash equivalents
12,837 (205,527 )
3,064
(173,080 ) Cash and cash equivalents at beginning of period
23,314 238,614
33,087
206,167 Cash and cash equivalents at
end of period
$ 36,151 $ 33,087
$ 36,151 $ 33,087
Certain amounts in the prior periods have been reclassified
between operating activities and financing activities from the
result of the adoption of ASU 2016-09. See supplemental financial
information section of this release.
TYLER TECHNOLOGIES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION (Amounts in thousands,
except per share data) (Unaudited)
Supplemental
financial information
With the fourth quarter adoption of ASU
2016-09 related to stock compensation, we were required to apply
the new standard as of the beginning of 2016 for the Condensed
Consolidated Statements of Income and on a full retrospective basis
for all periods in the Condensed Consolidated Statements of Cash
Flows. The recast amounts are shown in the charts below.
Three Months Ended Three Months Ended Three Months
Ended Three Months Ended
December 31,2016 (a)
September 30,2016
June 30,2016
March 31,2016
Reported Reported Recast Reported Recast Reported Recast
Income statement
data:
Income before income taxes $ 35,119 $ 36,419 $ 36,419 $ 30,195 $
30,195 $ 27,574 $ 27,574 Income tax provision 3,923
14,155 989 11,323
5,188 10,495 9,350 Net income $
31,196 $ 22,264 $ 35,430 $ 18,872 $ 25,007 $ 17,079 $ 18,224
Earnings per common
share:
Basic $ 0.85 $ 0.61 $ 0.97 $ 0.52 $
0.69 $ 0.47 $ 0.50 Diluted $ 0.80 $
0.58 $ 0.91 $ 0.49 $ 0.65 $ 0.44
$ 0.47 Weighted average common shares outstanding
Basic 36,653 36,433 36,433 36,160 36,160 36,549 36,549 Diluted
38,975 38,506 39,062 38,196 38,738 38,557 39,071
Reconciliation of
GAAP to Non-GAAP data:
GAAP net income $ 31,196 $ 22,264 $ 35,430 $ 18,872 $ 25,007 $
17,079 $ 18,224 Non-GAAP adjustments: Add: Total non-GAAP
adjustments to operating income 19,441 20,470 20,470 21,296 21,296
21,014 21,014 Less: Tax impact related to non-GAAP adjustments
(15,408 ) (6,613 ) (19,779 ) (6,944 )
(13,079 ) (6,819 ) (7,964 ) Non-GAAP net
income $ 35,229 $ 36,121 $ 36,121 $ 33,224
$ 33,224 $ 31,274 $ 31,274 GAAP
earnings per diluted share $ 0.80 $ 0.58 $ 0.91
$ 0.49 $ 0.65 $ 0.44 $ 0.47
Non-GAAP earnings per diluted share $ 0.90 $ 0.94 $
0.92 $ 0.87 $ 0.86 $ 0.81 $ 0.80
TYLER
TECHNOLOGIES, INC. SUPPLEMENTAL FINANCIAL INFORMATION
(Amounts in thousands, except per share data)
(Unaudited) Three Months Ended Three Months
Ended Three Months Ended Three Months Ended
December 31,2016 (a)
September 30,2016
June 30,2016
March 31,2016
Reported Reported Recast Reported Recast Reported Recast
Cash flow
data:
Net cash provided by operating activities $ 51,805 $ 67,091 $
79,213 $ 13,877 $ 19,520 $ 40,270 $ 41,321 Net cash (used) provided
by financing activities $ (31,094 ) $ (77,973 ) $ (90,095 ) $ 5,668
$ 25 $ (15,860 ) $ (16,911 ) Twelve Months Ended Twelve
Months Ended
December 31,2016 (b)
December 31,2015
Reported Reported Recast
Income statement
data:
Income before income taxes $ 129,307 $ 108,424 * Income tax
provision 19,450 43,555 * Net income $
109,857 $ 64,869 *
Earnings per common
share:
Basic $ 3.01 $ 1.90 * Diluted $ 2.82 $ 1.77
* Weighted average common shares outstanding Basic
36,448 34,137 * Diluted 38,961 36,552 *
Reconciliation of
GAAP to Non-GAAP data:
GAAP net income $ 109,857 $ 64,869 * Non-GAAP adjustments: Add:
Total non-GAAP adjustments to operating income 82,221 41,131 *
Less: Tax impact related to non-GAAP adjustments (56,230 )
(13,318 ) * Non-GAAP net income $ 135,848 $ 92,682
* GAAP earnings per diluted share $ 2.82 $ 1.77
* Non-GAAP earnings per diluted share $ 3.49 $ 2.54
*
TYLER TECHNOLOGIES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION (Amounts in thousands,
except per share data) (Unaudited) Twelve Months
Ended Twelve Months Ended
December 31,2016 (b)
December 31,2015
Reported Reported Recast
Cash flow
data:
Net cash provided by operating activities $ 191,859 $ 89,013 $
134,327 Net cash (used) provided by financing activities $ (138,075
) $ 136,366 $ 91,052 (a) Three months ended December
31, 2016 amounts reflect adoption of ASU 2016-09. (b) Twelve months
ended December 31, 2016 is the sum of recast three months ended
March 31, June 30, and September 30, 2016, and reported three
months ended December 31, 2016. * Accounting standard ASU 2016-09
allowed only prospective adoption for the income statement;
therefore, the prior annual periods were not recast.
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Tyler Technologies, Inc.Brian K. Miller, 972-713-3720Executive
Vice President - CFObrian.miller@tylertech.com
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