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Tyler Technologies Reports Earnings for Third Quarter 2023

SaaS revenues grew 26%; cash from operations rose 37.2%

Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Financial Highlights:

Revenues

Total revenues were $494.7 million, up 4.5% from the third quarter of 2022. On an organic basis, revenues grew 6.0%.

Recurring Revenues

Recurring revenues from maintenance and subscriptions were $412.7 million, up 11.0% from the third quarter of 2022, and comprised 83.4% of total revenues (compared to 78.5% for the third quarter of 2022). On an organic basis, recurring revenues grew 9.8%.

  • Subscription revenues were $295.2 million, up 16.1% from the third quarter of 2022. On an organic basis, subscription revenues grew 14.7%. Within subscriptions:
    • SaaS revenues grew organically 26.0% to $138.5 million.
    • Transaction-based revenues grew 8.5% to $156.7 million. On an organic basis, transaction-based revenues grew 6.0%.
    • SaaS arrangements comprised approximately 80% of the total new software contract value, compared to approximately 91% for the third quarter of 2022.
  • Annualized recurring revenue (ARR) was $1.65 billion, up 11.0% from the third quarter of 2022.

Earnings/EBITDA

  • GAAP operating income was $63.9 million, up 5.0% from the third quarter of 2022. Non-GAAP operating income was $122.5 million, up 4.0% from the third quarter of 2022.
  • GAAP net income was $47.0 million, or $1.10 per diluted share, down 11.7% from the third quarter of 2022. Non-GAAP net income was $91.6 million, or $2.14 per diluted share, up 4.9% from the third quarter of 2022.
  • Adjusted EBITDA was $132.5 million, up 4.4% from the third quarter of 2022.

Cash Flow

Cash flows from operations were $177.5 million, up 37.2%, compared to $129.4 million for the third quarter of 2022. Free cash flow was $162.7 million, up 40.7%, compared to $115.6 million for the third quarter of 2022. During the third quarter, cash tax payments included approximately $22 million related to IRS Section 174 capitalization rules.

Acquisition

During the third quarter, we completed the acquisition of Computer Systems Innovations (CSI) for a cash purchase price of approximately $36 million, net of cash acquired.

"Our third quarter earnings and cash flow surpassed expectations and reflect a continuation of solid execution on key operational initiatives," said Lynn Moore, Tyler's president and chief executive officer. "We achieved strong performance across our key metrics, with double-digit recurring revenue growth and free cash flow growth of more than 40%. We're pleased that SaaS revenues grew 26% organically, exceeding our near-term SaaS growth expectations of a 20% CAGR outlined during our June Investor Day. This represents our 11th consecutive quarter of SaaS revenue growth of 20% or more. Additionally, operating margins exceeded our plan and we remain on track to return to operating margin expansion in 2024.

"Our results demonstrate the strength and resilience of our business model against a backdrop of stable public sector demand, as our leading sales activity indicators remain strong. M&A is one of our key growth pillars, and during the quarter we enhanced our product portfolio by acquiring CSI, which brings AI-driven automation and enhanced document processing technology that can be leveraged across many of Tyler's vertical applications. We continue to prioritize debt reduction with our free cash flow, and we reduced our term debt by $135 million during the quarter, bringing our net leverage to 1.24 times proforma EBITDA. Our strong year-to-date performance is underpinned by our powerful growth algorithm, strong balance sheet, and our unique ability to deliver mission-critical cloud-based solutions enabling the public sector's ongoing digital transformation," concluded Moore.

Guidance for 2023

As of November 1, 2023, Tyler Technologies is providing the following guidance for the full year 2023:

  • Total revenues are expected to be in the range of $1.942 billion to $1.962 billion.
  • GAAP diluted earnings per share are expected to be in the range of $3.82 to $3.96 and may vary significantly due to the impact of stock option activity on the GAAP effective tax rate.
  • Non-GAAP diluted earnings per share are expected to be in the range of $7.66 to $7.80.
  • Interest expense is expected to be approximately $24 million, including approximately $5 million of non-cash amortization of debt discounts and issuance costs.
  • Pretax non-cash, share-based compensation expense is expected to be approximately $110 million.
  • Research and development expense is expected to be in the range of $114 million to $115 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 16.5% after discrete tax items, including approximately $9 million of discrete tax benefits related to share-based compensation.
  • The non-GAAP annual effective tax rate is expected to be 22.0%.
  • Capital expenditures are expected to be in the range of $58 million to $60 million, including approximately $35 million of capitalized software development costs. Total depreciation and amortization expense is expected to be approximately $148 million, including approximately $109 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 $110 million, amortization of acquired software and intangible assets of approximately $109 million, and acquisition-related costs, lease restructuring costs and other of approximately $6 million. Additionally, the non-GAAP tax rate of 22.0% is estimated periodically as described below under "Non-GAAP Financial Measures" and excludes approximately $9 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, November 2, 2023, at 10:00 a.m. ET to discuss the company’s results. Participants can pre-register for the teleconference at the following link: https://conferencingportals.com/event/eqivMdEU. Registered participants will receive an email with a calendar reminder, dial-in number, and conference ID that allows them immediate access to the call.

The live audio webcast and archived replay can also be accessed at https://investors.tylertech.com/events-and-presentations/default.aspx.

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 transparently with residents and each other. By connecting data and processes across disparate systems, Tyler's solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 40,000 successful installations across nearly 13,000 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. 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 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 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 lease restructuring costs and other. Annualized recurring revenues (ARR) is calculated by annualizing the current quarter's recurring revenues from maintenance and subscriptions.

Tyler currently uses a non-GAAP tax rate of 22.0%. 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) changes in the budgets or regulatory environments of our clients, primarily local and state governments, that could negatively impact information technology spending; (2) disruption to our business and harm to our competitive position resulting from cyber-attacks and security vulnerabilities; (3) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (4) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (5) material portions of our business require the Internet infrastructure to be adequately maintained; (6) 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; (7) general economic, political and market conditions, including continued inflation and rising interest rates; (8) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (9) 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; (10) 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 (11) 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)

#TYL_Financial

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share data)

(Unaudited)

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

Subscriptions

$

295,190

 

 

$

254,346

 

 

$

873,444

 

 

$

755,604

 

Maintenance

 

117,484

 

 

 

117,338

 

 

 

349,154

 

 

 

351,182

 

Professional services

 

61,126

 

 

 

71,818

 

 

 

188,475

 

 

 

213,770

 

Software licenses and royalties

 

10,554

 

 

 

20,269

 

 

 

30,463

 

 

 

51,784

 

Hardware and other

 

10,330

 

 

 

9,420

 

 

 

29,281

 

 

 

25,643

 

Total revenues

 

494,684

 

 

 

473,191

 

 

 

1,470,817

 

 

 

1,397,983

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

Subscriptions, maintenance, and professional services

 

247,781

 

 

 

245,711

 

 

 

755,985

 

 

 

738,712

 

Software licenses and royalties

 

3,120

 

 

 

1,655

 

 

 

7,865

 

 

 

4,647

 

Amortization of software development

 

3,083

 

 

 

1,507

 

 

 

8,568

 

 

 

3,993

 

Amortization of acquired software

 

9,035

 

 

 

13,622

 

 

 

26,879

 

 

 

40,882

 

Hardware and other

 

6,505

 

 

 

6,033

 

 

 

23,346

 

 

 

19,219

 

Total cost of revenues

 

269,524

 

 

 

268,528

 

 

 

822,643

 

 

 

807,453

 

 

 

 

 

 

 

 

 

Gross profit

 

225,160

 

 

 

204,663

 

 

 

648,174

 

 

 

590,530

 

 

 

 

 

 

 

 

 

Sales and marketing expense

 

35,898

 

 

 

33,688

 

 

 

110,104

 

 

 

100,776

 

General and administrative expense

 

78,519

 

 

 

69,931

 

 

 

228,560

 

 

 

200,440

 

Research and development expense

 

28,282

 

 

 

25,190

 

 

 

83,421

 

 

 

72,517

 

Amortization of other intangibles

 

18,526

 

 

 

14,941

 

 

 

55,300

 

 

 

43,259

 

 

 

 

 

 

 

 

 

Operating income

 

63,935

 

 

 

60,913

 

 

 

170,789

 

 

 

173,538

 

 

 

 

 

 

 

 

 

Interest expense

 

(5,808

)

 

 

(9,258

)

 

 

(19,879

)

 

 

(20,276

)

Other income, net

 

787

 

 

 

131

 

 

 

2,676

 

 

 

712

 

Income before income taxes

 

58,914

 

 

 

51,786

 

 

 

153,586

 

 

 

153,974

 

Income tax provision (benefit)

 

11,903

 

 

 

(1,447

)

 

 

26,570

 

 

 

20,811

 

Net income

$

47,011

 

 

$

53,233

 

 

$

127,016

 

 

$

133,163

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

$

1.12

 

 

$

1.28

 

 

$

3.02

 

 

$

3.21

 

Diluted

$

1.10

 

 

$

1.26

 

 

$

2.97

 

 

$

3.14

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

42,087

 

 

 

41,600

 

 

 

42,002

 

 

 

41,523

 

Diluted

 

42,841

 

 

 

42,407

 

 

 

42,736

 

 

 

42,425

 

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

Reconciliation of non-GAAP gross profit and margin

 

2023

 

2022

 

2023

 

2022

GAAP gross profit

 

$

225,160

 

 

$

204,663

 

 

$

648,174

 

 

$

590,530

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Share-based compensation expense included in cost of

revenues

 

 

6,847

 

 

 

7,181

 

 

 

19,626

 

 

 

20,820

 

Add: Amortization of acquired software

 

 

9,035

 

 

 

13,622

 

 

 

26,879

 

 

 

40,882

 

Non-GAAP gross profit

 

$

241,042

 

 

$

225,466

 

 

$

694,679

 

 

$

652,232

 

GAAP gross margin

 

 

45.5

%

 

 

43.3

%

 

 

44.1

%

 

 

42.2

%

Non-GAAP gross margin

 

 

48.7

%

 

 

47.6

%

 

 

47.2

%

 

 

46.7

%

 

 

Three months ended September 30,

 

Nine months ended September 30,

Reconciliation of non-GAAP operating income and margin

 

2023

 

2022

 

2023

 

2022

GAAP operating income

 

$

63,935

 

 

$

60,913

 

 

$

170,789

 

 

$

173,538

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Share-based compensation expense

 

 

26,981

 

 

 

26,912

 

 

 

80,905

 

 

 

77,991

 

Add: Employer portion of payroll tax related to employee stock

transactions

 

 

43

 

 

 

86

 

 

 

1,191

 

 

 

1,196

 

Add: Acquisition-related costs

 

 

183

 

 

 

183

 

 

 

255

 

 

 

1,214

 

Add: Lease restructuring costs and other

 

 

3,812

 

 

 

1,159

 

 

 

5,357

 

 

 

1,159

 

Add: Amortization of acquired software

 

 

9,035

 

 

 

13,622

 

 

 

26,879

 

 

 

40,882

 

Add: Amortization of other intangibles

 

 

18,526

 

 

 

14,941

 

 

 

55,300

 

 

 

43,259

 

Non-GAAP adjustments subtotal

 

 

58,580

 

 

 

56,903

 

 

 

169,887

 

 

 

165,701

 

Non-GAAP operating income

 

$

122,515

 

 

$

117,816

 

 

$

340,676

 

 

$

339,239

 

GAAP operating margin

 

 

12.9

%

 

 

12.9

%

 

 

11.6

%

 

 

12.4

%

Non-GAAP operating margin

 

 

24.8

%

 

 

24.9

%

 

 

23.2

%

 

 

24.3

%

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

Reconciliation of non-GAAP net income and earnings per share

 

2023

 

2022

 

2023

 

2022

GAAP net income

 

$

47,011

 

 

$

53,233

 

 

$

127,016

 

 

$

133,163

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Total non-GAAP adjustments to operating income

 

 

58,580

 

 

 

56,903

 

 

 

169,887

 

 

 

165,701

 

Less: Tax impact related to non-GAAP adjustments

 

 

(13,946

)

 

 

(22,737

)

 

 

(44,594

)

 

 

(51,115

)

Non-GAAP net income

 

$

91,645

 

 

$

87,399

 

 

$

252,309

 

 

$

247,749

 

GAAP earnings per diluted share

 

$

1.10

 

 

$

1.26

 

 

$

2.97

 

 

$

3.14

 

Non-GAAP earnings per diluted share

 

$

2.14

 

 

$

2.06

 

 

$

5.90

 

 

$

5.84

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

Detail of share-based compensation expense

 

2023

 

2022

 

2023

 

2022

Subscriptions, maintenance, and professional services

 

$

6,847

 

$

7,181

 

$

19,626

 

$

20,820

Sales and marketing expense

 

 

2,628

 

 

2,206

 

 

7,388

 

 

6,571

General and administrative expense

 

 

17,506

 

 

17,525

 

 

53,891

 

 

50,600

Total share-based compensation expense

 

$

26,981

 

$

26,912

 

$

80,905

 

$

77,991

 

 

Three months ended September 30,

 

Nine months ended September 30,

Reconciliation of EBITDA and adjusted EBITDA

 

2023

 

2022

 

2023

 

2022

GAAP net income

 

$

47,011

 

$

53,233

 

 

$

127,016

 

$

133,163

Amortization of other intangibles

 

 

18,526

 

 

14,941

 

 

 

55,300

 

 

43,259

Depreciation and amortization included in cost of revenues, sales and marketing expense, general and administrative expense, and research and development expense

 

 

17,420

 

 

22,646

 

 

 

55,199

 

 

67,262

Interest expense

 

 

6,640

 

 

9,257

 

 

 

19,879

 

 

20,276

Income tax provision (benefit)

 

 

11,903

 

 

(1,447

)

 

 

26,570

 

 

20,811

EBITDA

 

$

101,500

 

$

98,630

 

 

$

283,964

 

$

284,771

Share-based compensation expense

 

 

26,981

 

 

26,912

 

 

 

80,905

 

 

77,991

Acquisition-related costs

 

 

183

 

 

183

 

 

 

255

 

 

1,214

Lease restructuring costs and other asset write-offs

 

 

3,812

 

 

1,159

 

 

 

5,357

 

 

1,159

Adjusted EBITDA

 

$

132,476

 

$

126,884

 

 

$

370,481

 

$

365,135

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

Reconciliation of free cash flow

 

2023

 

2022

 

2023

 

2022

Net cash provided by operating activities

 

$

177,496

 

 

$

129,378

 

 

$

233,021

 

 

$

259,598

 

Less: additions to property and equipment

 

 

(6,136

)

 

 

(4,684

)

 

 

(12,506

)

 

 

(17,441

)

Less: capitalized software development

 

 

(8,694

)

 

 

(9,094

)

 

 

(27,447

)

 

 

(25,557

)

Free cash flow

 

$

162,666

 

 

$

115,600

 

 

$

193,068

 

 

$

216,600

 

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

 

 

September 30, 2023

 

December 31, 2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

131,486

 

$

173,857

Accounts receivable, net

 

623,613

 

 

577,257

Short-term investments

 

11,623

 

 

37,030

Prepaid expenses and other current assets

 

67,636

 

 

59,098

Income tax receivable

 

7,633

 

 

Total current assets

 

841,991

 

 

847,242

 

 

 

 

Accounts receivable, long-term portion

 

10,123

 

 

8,271

Operating lease right-of-use assets

 

42,513

 

 

50,989

Property and equipment, net

 

165,737

 

 

172,786

 

 

 

 

Other assets:

 

 

 

Software development costs, net

 

66,434

 

 

48,189

Goodwill

 

2,510,488

 

 

2,489,308

Other intangibles, net

 

938,277

 

 

1,002,164

Non-current investments

 

9,553

 

 

18,508

Other non-current assets

 

52,313

 

 

49,960

Total assets

$

4,637,429

 

$

4,687,417

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued liabilities

$

267,068

 

$

236,754

Operating lease liabilities

 

11,527

 

 

10,736

Current income tax payable

 

 

 

43,667

Deferred revenue

 

600,439

 

 

568,538

Current portion of term loans

 

30,000

 

 

30,000

Total current liabilities

 

909,034

 

 

889,695

 

 

 

 

Term loans

 

109,395

 

 

362,905

Convertible senior notes due 2026, net

 

595,775

 

 

594,484

Deferred revenue, long-term

 

727

 

 

2,037

Deferred income taxes

 

105,002

 

 

148,891

Operating lease liabilities, long-term

 

42,098

 

 

48,049

Other long-term liabilities

 

22,547

 

 

16,967

Total liabilities

 

1,784,578

 

 

2,063,028

 

 

 

 

Shareholders' equity

$

2,852,851

 

$

2,624,389

Total liabilities and shareholders' equity

$

4,637,429

 

$

4,687,417

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

47,011

 

 

$

53,233

 

 

$

127,016

 

 

$

133,163

 

Adjustments to reconcile net income to cash provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

38,450

 

 

 

41,084

 

 

 

114,198

 

 

 

116,950

 

(Gains) losses from sale of investments

 

 

(1

)

 

 

97

 

 

 

1

 

 

 

44

 

Share-based compensation expense

 

 

26,981

 

 

 

26,912

 

 

 

80,905

 

 

 

77,991

 

Operating lease right-of-use assets expense

 

 

5,689

 

 

 

4,136

 

 

 

12,258

 

 

 

9,240

 

Deferred income tax benefit

 

 

(4,335

)

 

 

(13,709

)

 

 

(44,000

)

 

 

(32,845

)

Other

 

 

(47

)

 

 

 

 

 

398

 

 

 

 

Changes in operating assets and liabilities, exclusive of effects of acquired companies

 

 

63,748

 

 

 

17,625

 

 

 

(57,755

)

 

 

(44,945

)

Net cash provided by operating activities

 

 

177,496

 

 

 

129,378

 

 

 

233,021

 

 

 

259,598

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

(6,136

)

 

 

(4,684

)

 

 

(12,506

)

 

 

(17,441

)

Purchase of marketable security investments

 

 

 

 

 

(15,836

)

 

 

(10,617

)

 

 

(20,428

)

Proceeds and maturities from marketable security investments

 

 

8,345

 

 

 

14,457

 

 

 

45,452

 

 

 

55,052

 

Investment in software development

 

 

(8,694

)

 

 

(9,094

)

 

 

(27,447

)

 

 

(25,557

)

Cost of acquisitions, net of cash acquired

 

 

(33,665

)

 

 

(393

)

 

 

(35,540

)

 

 

(117,706

)

Other

 

 

32

 

 

 

174

 

 

 

48

 

 

 

326

 

Net cash used by investing activities

 

 

(40,118

)

 

 

(15,376

)

 

 

(40,610

)

 

 

(125,754

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payment on term loans

 

 

(135,000

)

 

 

(190,000

)

 

 

(255,000

)

 

 

(270,000

)

Proceeds from exercise of stock options, net of withheld shares for taxes upon equity award settlement

 

 

6,315

 

 

 

4,405

 

 

 

8,438

 

 

 

298

 

Contributions from employee stock purchase plan

 

 

4,029

 

 

 

4,458

 

 

 

11,780

 

 

 

12,614

 

Net cash used by financing activities

 

 

(124,656

)

 

 

(181,137

)

 

 

(234,782

)

 

 

(257,088

)

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

12,722

 

 

 

(67,135

)

 

 

(42,371

)

 

 

(123,244

)

Cash and cash equivalents at beginning of period

 

 

118,764

 

 

 

253,062

 

 

 

173,857

 

 

 

309,171

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

131,486

 

 

$

185,927

 

 

$

131,486

 

 

$

185,927

 

 

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