Total revenues grew 53%; organic revenue
increased 9.2%
Tyler Technologies, Inc. (NYSE: TYL) today announced financial
results for the fourth quarter ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights:
- Total revenues were $433.5 million, up 53.0% from $283.3
million for the fourth quarter of 2020. On an organic basis,
revenues grew 9.2%. Non-GAAP total revenues were $434.2 million, up
53.2% from $283.4 million for the fourth quarter of 2020. On an
organic basis, non-GAAP revenues grew 9.2%.
- Recurring revenues from maintenance and subscriptions were
$347.2 million, up 63.4% from $212.4 million for the fourth quarter
of 2020, and comprised 80.1% of fourth quarter 2021 revenues, up
from 75.0% for the fourth quarter of 2020. On an organic basis,
recurring revenues were $233.0 million, up 9.7%.
- Subscription revenue and software services revenues included a
total of $16.6 million from NIC's TourHealth and COVID-related
initiatives, the majority of which are expected to wind down in the
first half of 2022.
- Operating income was $48.1 million compared to $48.0 million
for the fourth quarter of 2020. Non-GAAP operating income was
$102.5 million, up 34.2% from $76.4 million for the fourth quarter
of 2020.
- Net income was $54.8 million, or $1.29 per diluted share, up
1.3% from $54.1 million, or $1.29 per diluted share, for the fourth
quarter of 2020. Non-GAAP net income was $74.3 million, or $1.75
per diluted share, up 27.4% from $58.3 million, or $1.39 per
diluted share, for the fourth quarter of 2020.
- Cash flows from operations were $115.0 million, up 29.6% from
$88.8 million for the fourth quarter of 2020. Free cash flow was
$95.1 million, up 13.7% from $83.7 million for the fourth quarter
of 2020.
- Adjusted EBITDA was $110.3 million, up 32.6% from $83.2 million
for the fourth quarter of 2020.
- Software subscription arrangements comprised approximately 77%
of total new software contract value for the fourth quarter,
compared to approximately 73% for the fourth quarter of 2020.
- Subscription bookings for the fourth quarter added $14.8
million in annual recurring revenue.
- Annualized non-GAAP recurring revenues were $1.39 billion, up
63.7% from $849.8 million for the fourth quarter of 2020.
Full Year 2021 Financial Highlights:
- Total revenues were $1.592 billion, up 42.6% from $1.117
billion in 2020. On an organic basis, revenues grew 8.9%. Non-GAAP
total revenues were $1.595 billion, up 42.7% from $1.117 billion in
2020. On an organic basis, non-GAAP revenues grew 8.8%.
- Recurring revenues from maintenance and subscriptions were
$1.259 billion, up 53.8% from $818.2 million in 2020, and comprised
79.1% of 2021 revenues, up from 73.3% in 2020. On an organic basis,
recurring revenues were $906.2 million, up 10.8%.
- Subscription revenue and software services revenues included a
total of $75.0 million from NIC's TourHealth and other
COVID-related initiatives, the majority of which are expected to
wind down in the first half of 2022.
- Operating income was $180.7 million, up 4.5% from $172.9
million in 2020. Non-GAAP operating income was $405.5 million, up
35.4% from $299.5 million in 2020.
- Net income was $161.5 million, or $3.82 per diluted share, down
17.1% from $194.8 million, or $4.69 per diluted share in 2020.
Non-GAAP net income was $296.5 million, or $7.02 per diluted share,
up 29.3% from $229.3 million, or $5.52 per diluted share in
2020.
- Cash flows from operations were $371.8 million, up 4.7% from
$355.1 million in 2020. Free cash flow was $316.1 million, down
3.2% from $326.6 million in 2020.
- Adjusted EBITDA was $435.7 million, up 33.6% from $326.0
million in 2020.
- Software subscription arrangements comprised approximately 71%
of total new software contract value in 2021, compared to
approximately 62% in 2020.
- Subscription bookings in 2021 added $59.0 million in annual
recurring revenue.
- Total backlog was a new high of $1.796 billion, up 12.6% from
$1.595 billion at December 31, 2020.
“Our fourth quarter results were in line with our expectations
and continued the positive momentum from the first three quarters
to provide a strong finish to 2021,” said Lynn Moore, Tyler’s
president and chief executive officer. “We're pleased that revenue
growth continued to rebound, even as we experience revenue
headwinds from the ongoing shift of new business to our SaaS model.
Total revenues grew 53% with the inclusion of NIC and other
acquisitions and organic revenue growth was a solid 9.2%. Recurring
revenues continue to be very strong and represented just over 80%
of total revenues, as subscriptions revenues grew 144% in total and
just under 23% organically. This marked our 64th consecutive
quarter of double-digit subscription revenue growth.
"NIC continued to perform well in the fourth quarter. As
expected, COVID-related revenues of $16.6 million in the fourth
quarter declined sequentially from approximately $43 million in the
third quarter of 2021. These were slightly above our expectations
as revenues from a new initiative supporting rent relief programs
in Virginia came online. Excluding COVID-related revenues, NIC's
core revenues grew 7.5% over last year.
"Cash flows from operations and free cash flow both had strong
double-digit growth. During the fourth quarter, we repaid $87.5
million of our term debt, bringing our total repayment of debt
incurred with the NIC acquisition to $395 million.
"The positive trends in public sector market activity
experienced in recent quarters continued in the fourth quarter, as
proposal and other sales activities are generally at or above
pre-COVID levels. Bookings in the fourth quarter totaled
approximately $464 million, up 39.3% over the fourth quarter of
2020; excluding NIC, bookings grew 4.2%. For the full year,
bookings were approximately $1.8 billion, up 41.6%, and, excluding
NIC, were approximately $1.4 billion, growing 11.7%.
"Our enthusiasm around NIC and the other acquisitions we
completed in 2021 remains very high. NIC's financial performance
exceeded our expectations throughout the year, and their team
continues to execute at a very high level. We've already seen
several examples of our ability to leverage each business's client
base to drive incremental joint sales, and the pipeline of those
opportunities continues to grow. We're also pleased to expand NIC's
portfolio of software solutions through the acquisition of US
eDirect on February 8, 2022. US eDirect's market-leading SaaS
solutions for the fast-growing campground and outdoor recreation
management market complement our existing strength in the hunting
and fishing license market and will allow us to create an
"all-in-one" outdoor solution. This will address an estimated $2
billion market while expanding our payments opportunity.
"As we turn to 2022, we are excited about the opportunities
ahead of us, and particularly about our accelerated move to the
cloud. Our focus continues to be on strategic activities around our
cloud transition on several fronts. Those activities include taking
a clear cloud-first approach to new sales, with a growing number of
our products now offered only in the cloud. Even with an expected
increase in the SaaS mix of new business, our 2022 revenue growth
outlook is quite strong.
"We're also on track with our development projects to optimize
our products for more efficient deployment in the cloud, as we
migrate from our proprietary data centers to AWS. Despite creating
short-term pressure on revenue growth and margins as we replace
one-time license revenue with more valuable long-term recurring
SaaS revenue, and absorb "bubble costs" associated with the cloud
transition and the migration from our internal data centers to AWS,
we believe the acceleration of this strategy is creating
significant long-term value for shareholders and clients," added
Moore.
Guidance for 2022
As of February 16, 2022, Tyler Technologies is providing the
following guidance for the full year 2022:
- GAAP and non-GAAP total revenues are both expected to be in the
range of $1.830 billion to $1.870 billion.
- Total revenues are expected to include approximately $36
million of COVID-related revenues from NIC's TourHealth and rent
relief services. Revenues from TourHealth are expected to continue
through the first half of 2022, while revenues from the rent relief
program are expected to continue throughout the year.
- GAAP diluted earnings per share are expected to be in the range
of $4.09 to $4.26 and may vary significantly due to the impact of
stock incentive awards on the GAAP effective tax rate.
- Non-GAAP diluted earnings per share are expected to be in the
range of $7.41 to $7.58.
- Interest expense is expected to be approximately $20 million,
including approximately $5 million of amortization of debt
discounts and issuance costs.
- Pretax non-cash, share-based compensation expense is expected
to be approximately $105 million.
- Research and development expense is expected to be in the range
of $97 million to $100 million.
- Fully diluted shares for the year are expected to be in the
range of 42.5 million to 43.0 million shares.
- GAAP earnings per share assumes an estimated annual effective
tax rate of approximately 16% after discrete tax items including
approximately $24 million of discrete tax benefits related to
share-based compensation.
- The non-GAAP annual effective tax rate is expected to be
24%.
- Capital expenditures are expected to be in the range of $65
million to $70 million, including approximately $7 million related
to real estate and approximately $36 million of capitalized
software development costs. Total depreciation and amortization
expense is expected to be approximately $155 million, including
approximately $108 million from amortization of acquisition
intangibles.
GAAP to non-GAAP guidance
reconciliation
Non-GAAP diluted earnings per share excludes 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 $105 million, and amortization of
acquired software and intangible assets of approximately $108
million. Additionally, the non-GAAP tax rate of 24% is estimated
periodically as described below under "Non-GAAP Financial Measures"
and excludes approximately $24 million of estimated discrete tax
benefits that are included in the GAAP estimated annual effective
tax rate.
Conference Call
Tyler Technologies will hold a conference call on Thursday,
February 17, 2022 at 10:00 a.m. ET 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/sreg/10162869/f08f6507a0. Registered
participants will receive an email with a calendar reminder and
dial-in number and PIN that will allow them to listen to the call
live.
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 24, 2022. 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 3638654.
The live webcast and archived replay can also be accessed at
https://tylertech.irpass.com/Presentations.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) provides integrated software and
technology services to the public sector. Tyler's end-to-end
solutions empower local, state, and federal government entities to
operate more efficiently and connect more transparently with their
constituents and with each other. By connecting data and processes
across disparate systems, Tyler's solutions are transforming how
clients gain actionable insights that solve problems in their
communities. Tyler has more than 37,000 successful installations
across more than 12,000 locations, with clients in all 50 states,
Canada, the Caribbean, Australia, and other international
locations. Tyler has been recognized numerous times for growth and
innovation, including Government Technology's GovTech 100 list and
Forbes' "Most Innovative Growth Companies" list. More information
about Tyler Technologies, an S&P 500 company headquartered in
Plano, Texas, can be found at 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, adjusted EBITDA, and
free cash flow. 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 subleases, share-based compensation expense, employer
portion of payroll taxes on employee stock transactions, expenses
associated with amortization of intangibles arising from business
combinations, acquisition-related expenses, and incremental costs
associated with COVID-19.
Tyler currently uses a non-GAAP tax rate of 24%. 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 periodically to determine whether it
remains appropriate in consideration of factors including Tyler's
periodic annual 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 well 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) the effects of
the COVID-19 pandemic, including its potential effects on the
economic environment, our customers and our operations, as well as
any changes to federal, state or local government laws, regulations
or orders in connection with the pandemic; (2) changes in the
budgets or regulatory environments of our clients, primarily local
and state governments, that could negatively impact information
technology spending; (3) disruption to our business and harm to our
competitive position resulting from cyber-attacks and security
vulnerabilities; (4) our ability to protect client information from
security breaches and provide uninterrupted operations of data
centers; (5) our ability to achieve growth or operational synergies
through the integration of acquired businesses, while avoiding
unanticipated costs and disruptions to existing operations; (6)
material portions of our business require the Internet
infrastructure to be adequately maintained; (7) 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; (8)
general economic, political and market conditions; (9)
technological and market risks associated with the development of
new products or services or of new versions of existing or acquired
products or services; (10) 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; (11) 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 (12) costs of compliance and any failure to comply
with government and stock exchange regulations. 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 and quarterly report on Form 10-Q. We expressly disclaim any
obligation to publicly update or revise our forward-looking
statements.
(Comparative results follow)
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
Software licenses and royalties
$
19,242
$
17,465
$
74,452
$
73,164
Subscriptions
229,456
93,997
784,435
350,648
Software services
53,790
42,676
209,391
186,409
Maintenance
117,721
118,409
474,287
467,513
Appraisal services
7,912
5,274
27,788
21,127
Hardware and other
5,416
5,464
21,934
17,802
Total revenues
433,537
283,285
1,592,287
1,116,663
Software licenses and royalties
1,726
292
5,877
3,339
Acquired software
12,918
7,964
45,601
31,962
Software services, maintenance and
subscriptions
223,123
128,557
799,158
510,504
Appraisal services
5,509
4,150
19,061
15,945
Hardware and other
3,101
3,653
12,946
12,401
Total cost of revenues
246,377
144,616
882,643
574,151
Gross profit
187,160
138,669
709,644
542,512
Selling, general and administrative
expenses
101,036
62,736
390,579
259,561
Research and development expense
24,238
22,411
93,481
88,363
Amortization of customer and trade name
intangibles
13,834
5,486
44,849
21,662
Operating income
48,052
48,036
180,735
172,926
Interest expense
(4,987
)
(257
)
(23,298
)
(1,013
)
Other income, net
295
633
1,544
3,129
Income before income taxes
43,360
48,412
158,981
175,042
Income tax provision
(11,422
)
(5,682
)
(2,477
)
(19,778
)
Net income
$
54,782
$
54,094
$
161,458
$
194,820
Earnings per common share:
Basic
$
1.33
$
1.34
$
3.95
$
4.87
Diluted
$
1.29
$
1.29
$
3.82
$
4.69
Weighted average common shares
outstanding:
Basic
41,126
40,404
40,848
40,035
Diluted
42,536
41,925
42,244
41,526
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
Reconciliation of non-GAAP total
revenues
GAAP total revenues
$
433,537
$
283,285
$
1,592,287
$
1,116,663
Non-GAAP adjustments:
Add: Write-downs and adjustments to
acquisition-related deferred revenue
639
45
2,678
478
Add: Amortization of acquired
subleases
—
78
—
313
Non-GAAP total revenues
$
434,176
$
283,408
$
1,594,965
$
1,117,454
Reconciliation of
non-GAAP gross profit and margin
GAAP gross profit
$
187,160
$
138,669
$
709,644
$
542,512
Non-GAAP adjustments:
Add: Write-downs and adjustments to
acquisition-related deferred revenue
639
45
2,678
478
Add: Amortization of acquired leases
—
78
—
313
Add: Share-based compensation expense
included in cost of revenues
6,493
4,949
23,705
18,125
Add: Amortization of acquired software
12,918
7,964
45,601
31,962
Non-GAAP gross profit
$
207,210
$
151,705
$
781,628
$
593,390
GAAP gross margin
43.2
%
49.0
%
44.6
%
48.6
%
Non-GAAP gross margin
47.7
%
53.5
%
49.0
%
53.1
%
Reconciliation of
non-GAAP operating income and margin
GAAP operating income
$
48,052
$
48,036
$
180,735
$
172,926
Non-GAAP adjustments:
Add: Write-downs of acquisition-related
deferred revenue
639
45
2,678
478
Add: Amortization of acquired leases
—
78
—
313
Add: Share-based compensation expense
24,366
13,253
104,726
67,365
Add: Employer portion of payroll tax
related to employee stock transactions
1,876
703
3,437
3,294
Add: Acquisition related costs
777
—
23,495
—
Add: COVID-19 incremental costs
—
810
—
1,537
Add: Amortization of acquired software
12,918
7,964
45,601
31,962
Add: Amortization of customer and trade
name intangibles
13,834
5,486
44,849
21,662
Non-GAAP adjustments subtotal
54,410
28,339
$
224,786
$
126,611
Non-GAAP operating income
$
102,462
$
76,375
$
405,521
$
299,537
GAAP operating margin
11.1
%
17.0
%
11.4
%
15.5
%
Non-GAAP operating margin
23.6
%
26.9
%
25.4
%
26.8
%
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
Reconciliation of non-GAAP net income and
earnings per share
GAAP net income
$
54,782
$
54,094
$
161,458
$
194,820
Non-GAAP adjustments:
Add: Total non-GAAP adjustments to
operating income
54,410
28,339
224,786
126,611
Add: Acquisition related costs in interest
expense
—
—
6,407
—
Less: Tax impact related to non-GAAP
adjustments
(34,887
)
(24,102
)
(96,119
)
(92,175
)
Non-GAAP net income
$
74,305
$
58,331
$
296,532
$
229,256
GAAP earnings per diluted share
$
1.29
$
1.29
$
3.82
$
4.69
Non-GAAP earnings per diluted share
$
1.75
$
1.39
$
7.02
$
5.52
Detail of
share-based compensation expense
Cost of software services, maintenance and
subscriptions
$
6,493
$
4,949
$
23,705
$
18,125
Selling, general and administrative
expenses
17,873
8,304
81,021
49,240
Total share-based compensation expense
$
24,366
$
13,253
$
104,726
$
67,365
Reconciliation of
EBITDA and adjusted EBITDA
GAAP net income
$
54,782
$
54,094
$
161,458
$
194,820
Amortization of customer and trade name
intangibles
13,834
5,486
44,849
21,662
Depreciation and amortization included
in
Cost of revenues, SG&A and other
expenses
22,360
14,965
77,651
58,936
Amortization of debt discounts and
issuance costs included in interest expense
1,104
103
11,187
403
Interest expense
3,883
154
12,111
610
Income tax provision
(11,422
)
(5,682
)
(2,477
)
(19,778
)
EBITDA
$
84,541
$
69,120
$
304,779
$
256,653
Write-downs and adjustments to
acquisition-related deferred revenue
639
45
2,678
478
Share-based compensation expense
24,366
13,253
104,726
67,365
Acquisition related costs
777
—
23,495
—
COVID-19 incremental costs
—
810
—
1,537
Adjusted EBITDA
$
110,323
$
83,228
$
435,678
$
326,033
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
Reconciliation of
free cash flow
Net cash provided by operating
activities
$
115,010
$
88,761
$
371,753
$
355,089
Less: additions to property and
equipment
(13,149
)
(3,626
)
(33,919
)
(22,690
)
Less: capitalized software development
costs
(6,727
)
(1,460
)
(21,693
)
(5,776
)
Free cash flow
$
95,134
$
83,675
$
316,141
$
326,623
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands)
(Unaudited)
December 31, 2021
December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
309,171
$
603,623
Accounts receivable, net
521,059
382,319
Short-term investments
52,300
72,187
Prepaid expenses and other current
assets
63,664
33,343
Income tax receivable
18,137
21,598
Total current assets
964,331
1,113,070
Accounts receivable, long-term portion
13,937
21,417
Operating lease right-of-use assets
39,720
18,734
Property and equipment, net
181,193
168,004
Other assets:
Software development costs, net
28,489
9,121
Goodwill
2,359,674
838,428
Other intangibles, net
1,052,493
322,068
Non-current investments
46,353
82,640
Other non-current assets
45,971
33,792
Total assets
$
4,732,161
$
2,607,274
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
278,412
$
97,095
Operating lease liabilities
10,560
5,904
Deferred revenue
510,529
461,278
Current portion of term loans
30,000
—
Total current liabilities
829,501
564,277
Revolving line of credit
—
—
Term loans
718,511
—
Convertible senior notes due 2026, net
592,765
—
Deferred revenue, long-term
38
100
Deferred income taxes
228,085
40,507
Operating lease liabilities, long-term
36,336
16,279
Other long-term liabilities
2,893
—
Total liabilities
2,408,129
621,163
Shareholders' equity
2,324,032
1,986,111
Total liabilities and shareholders'
equity
$
4,732,161
$
2,607,274
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
Cash flows from operating activities:
Net income
$
54,782
$
54,094
$
161,458
$
194,820
Adjustments to reconcile net income to
cash
provided by operations:
Depreciation and amortization
37,760
20,911
135,624
81,657
Share-based compensation expense
24,366
13,253
104,726
67,365
Provision for losses - accounts
receivable
2,831
3,517
2,831
3,517
Operating lease right-of-use assets - non
cash
3,200
1,549
10,216
5,782
Deferred income tax expense (benefit)
2,410
(5,478
)
(13,271
)
(7,936
)
Changes in operating assets and
liabilities,
exclusive of effects of acquired
companies
(10,339
)
915
(29,831
)
9,884
Net cash provided by operating
activities
115,010
88,761
371,753
355,089
Cash flows from investing activities:
Additions to property and equipment
(13,149
)
(3,626
)
(33,919
)
(22,690
)
Purchase of marketable security
investments
(1,766
)
(45,289
)
(77,450
)
(156,618
)
Proceeds from marketable security
investments
16,886
20,948
131,449
82,742
Purchase of equity investment of common
shares
—
—
—
(10,000
)
Proceeds from the sale of equity
investment of preferred shares
—
—
—
15,000
Capitalized software development costs
(6,727
)
(1,460
)
(21,693
)
(5,776
)
Cost of acquisitions, net of cash
acquired
(1,312
)
(1,031
)
(2,089,706
)
(1,292
)
(Increase) decrease in other
(79
)
301
384
314
Net cash used by investing activities
(6,147
)
(30,157
)
(2,090,935
)
(98,320
)
Cash flows from financing activities:
Decrease in net borrowings on revolving
line of credit
—
—
—
—
Payment on term loans
(87,500
)
—
(145,000
)
—
Proceeds from term loans
—
—
900,000
—
Proceeds from issuance of convertible
senior notes
—
—
600,000
—
Payment of debt issuance costs
—
—
(27,165
)
—
Purchase of treasury shares
(2
)
—
(12,977
)
(15,484
)
Payment of contingent consideration
—
—
—
(5,619
)
Proceeds from exercise of stock
options
50,281
23,631
96,714
124,363
Contributions from employee stock purchase
plan
3,401
2,703
13,158
10,912
Net cash (used) provided by financing
activities
(33,820
)
26,334
1,424,730
114,172
Net increase (decrease) in cash and cash
equivalents
75,043
84,938
(294,452
)
370,941
Cash and cash equivalents at beginning of
period
234,128
518,685
603,623
232,682
Cash and cash equivalents at end of
period
$
309,171
$
603,623
$
309,171
$
603,623
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220216006027/en/
Brian K. Miller Executive Vice President & CFO Tyler
Technologies, Inc. 972-713-3720 brian.miller@tylertech.com
Grafico Azioni Tyler Technologies (NYSE:TYL)
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