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Tyler Technologies Reports Earnings for Fourth Quarter 2023

SaaS revenues grew 21.7% for the fourth quarter

Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the fourth quarter ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights (all comparisons are to the fourth quarter of 2022):

Revenues

Total revenues were $480.9 million, up 6.3%. On an organic basis, revenues grew 6.1%.

Recurring Revenues

Recurring revenues were $403.6 million, up 7.9%, and comprised 83.9% of fourth quarter 2023 revenues, up from 82.7%. On an organic basis, recurring revenues were $400.4 million, up 7.1%.

  • Subscription revenues were $286.1 million, up 11.4%. On an organic basis, subscription revenues grew 10.8%. Within subscriptions:
    • SaaS revenues grew 21.7% to $141.0 million. On an organic basis, SaaS revenues grew 21.2%.
    • Transaction-based revenues grew 3.0% to $145.1 million. On an organic basis, transaction-based revenues grew 2.1%.
    • SaaS arrangements comprised approximately 89% of the total new software contract value, compared to approximately 86%.
  • Annualized recurring revenue (ARR) was $1.61 billion, up 7.9%.

Earnings/EBITDA

  • GAAP operating income was $47.7 million, up 17.3%. Non-GAAP operating income was $107.4 million, up 9.7%.
  • GAAP net income was $38.9 million, or $0.91 per diluted share, up 25.2%. Non-GAAP net income was $81.4 million, or $1.89 per diluted share, up 15.6%.
  • Adjusted EBITDA was $117.9 million, up 7.4%.

Cash Flow

  • Cash flows from operations were $147.4 million, up 21.0%.
  • Free cash flow was $134.4 million, up 17.1%.
  • During the fourth quarter, cash tax payments included approximately $15 million related to IRC Section 174 capitalization rules.

Acquisitions

During the fourth quarter, we completed the acquisitions of ResourceX and ARInspect for a combined purchase price of approximately $37 million in cash and stock.

Full Year 2023 Financial Highlights (all comparisons are to the full year of 2022):

Revenues

Total revenues were $1.952 billion, up 5.5%. On an organic basis (excluding COVID-related revenues in 2022), revenues grew 7.4%.

Recurring Revenues

Recurring revenues were $1.63 billion, up 9.8%, and comprised 83.3% of 2023 revenues, up from 80.0%. On an organic basis, recurring revenues were $1.61 billion, up 9.5%.

  • Subscription revenues were $1.16 billion, up 14.5%. On an organic basis, subscription revenues grew 14.4%. Within subscriptions:
    • SaaS revenues grew 23.2% to $528.0 million. On an organic basis, SaaS revenues grew 23.1%.
    • Transaction-based revenues grew 8.2% to $631.5 million. On an organic basis, transaction-based revenues grew 7.9%.
    • SaaS arrangements comprised approximately 85% of the total new software contract value, compared to approximately 83%.

Earnings/EBITDA

  • GAAP operating income was $218.5 million, up 2.0%. Non-GAAP operating income was $448.1 million, up 2.5%.
  • GAAP net income was $165.9 million, or $3.88 per diluted share, up 1.0%. Non-GAAP net income was $333.7 million, or $7.80 per diluted share, up 4.9%.
  • Adjusted EBITDA was $488.4 million, up 2.8%.

Cash Flow

  • Cash flows from operations were $380.4 million, down 0.3%.
  • Free cash flow was $327.4 million, down 1.2%.
  • Cash tax payments in 2023 included approximately $127 million related to IRC Section 174 capitalization rules.

“Our fourth quarter results reflected a strong finish to a pivotal year in our cloud transition and a return to year-over-year operating margin expansion,” said Lynn Moore, Tyler’s president and chief executive officer. “We achieved our key objectives for the year and both earnings and cash flow surpassed our expectations. Recurring revenue growth for the quarter was solid, highlighted by SaaS revenue growth of 21.7%, marking our 12th consecutive quarter of SaaS revenue growth of 20% or more. Free cash flow reached a new high for a fourth quarter and our SaaS mix expanded to 89% of new software contract value.

“We're pleased with the strength of new contract signings during the fourth quarter, including a landmark win with the California Department of Parks and Recreation for our integrated Outdoor Recreation platform, including payments. This transaction-based, self-funded eight-year contract is the largest transaction-based arrangement in Tyler's history. We're also excited to have signed our expanded strategic collaboration agreement with Amazon Web Services to further enable the growing adoption of Tyler's cloud-based mission-critical solutions and to support our public sector clients' digital modernization needs.

“During 2023, we excelled on many fronts executing our four-pronged growth strategy to drive predictable, higher recurring revenues and long-term margin expansion. We leveraged our unmatched installed base, broad suite of offerings, and strong relationships across local, state, and federal agencies to expand our cross-sell and upsell opportunities. We continued to take a balanced and opportunistic approach with respect to capital allocation and closed four strategic acquisitions, adding AI technology that can be leveraged across Tyler's product portfolio. We further strengthened our balance sheet and aggressively reduced our term debt with fourth quarter repayments of $90 million. For the full year, we reduced debt by $345 million, bringing our net leverage at year-end to under one times proforma EBITDA.

“We enter 2024 with tremendous optimism and confidence in the year ahead and beyond as we execute our strategy supporting our Tyler 2030 vision. The public sector market remains very healthy, as evidenced by our elevated levels of RFP and sales demonstration activity. We are on track with key initiatives around our cloud transition, including the migration of on-premises clients to the cloud and the planned exit from our proprietary data centers, and we expect to return to a trajectory of operating margin expansion in 2024,” concluded Moore.

Annual Guidance for 2024

As of February 14, 2024, Tyler Technologies is providing the following guidance for the full year 2024:

  • Total revenues are expected to be in the range of $2.095 billion to $2.135 billion.
  • GAAP diluted earnings per share are expected to be in the range of $5.17 to $5.37.
  • Non-GAAP diluted earnings per share are expected to be in the range of $8.90 to $9.10.
  • Free cash flow margin is expected to be in the range of 17% to 19%.
  • Research and development expense is expected to be in the range of $125 million to $130 million.
  • Capital expenditures are expected to be in the range of $46 million to $48 million, including approximately $27 million of software development costs.

GAAP to non-GAAP guidance reconciliation

2024

GAAP diluted earnings per share (1)

$5.17 - $5.37

Plus:

 

Share-based compensation expense

2.92

Amortization of acquired software and other intangibles

2.21

Less:

 

Income tax impact (1)

(1.40)

Non-GAAP diluted earnings per share

$8.90 - $9.10

Shares used in computing diluted earnings per share (millions)

43.5

GAAP estimated annual effective tax rate used in computing GAAP diluted earnings per share (1)

18%

Non-GAAP estimated annual effective tax rate used in computing non-GAAP diluted earnings per share

22%

 

 

(1) GAAP diluted earnings per share may fluctuate due to the impact on our annual effective tax rate of discrete tax items, such as stock incentive awards, future acquisitions, changes in tax legislation, and other transactions.

 

Conference Call

Tyler Technologies will hold a conference call on Thursday, February 15, 2024, at 10:00 a.m. ET to discuss the company’s results. Participants can register in advance for the conference through 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, free cash flow, and free cash flow margin. 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 revenue (ARR) is calculated by annualizing the current quarter's recurring revenues from subscriptions and maintenance.

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

December 31,

 

Twelve Months Ended

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

Subscriptions

 

$

286,068

 

 

$

256,699

 

 

$

1,159,512

 

 

$

1,012,304

 

Maintenance

 

 

117,508

 

 

 

117,273

 

 

 

466,661

 

 

 

468,455

 

Professional services

 

 

61,501

 

 

 

63,855

 

 

 

249,976

 

 

 

277,625

 

Software licenses and royalties

 

 

7,633

 

 

 

7,622

 

 

 

38,096

 

 

 

59,406

 

Hardware and other

 

 

8,225

 

 

 

6,771

 

 

 

37,506

 

 

 

32,414

 

Total revenues

 

 

480,935

 

 

 

452,220

 

 

 

1,951,751

 

 

 

1,850,204

 

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

 

Subscriptions, maintenance and professional services

 

 

245,236

 

 

 

239,173

 

 

 

1,001,221

 

 

 

977,885

 

Software licenses and royalties

 

 

2,956

 

 

 

1,436

 

 

 

10,821

 

 

 

6,083

 

Amortization of software development

 

 

4,058

 

 

 

2,514

 

 

 

12,625

 

 

 

6,507

 

Amortization of acquired software

 

 

9,183

 

 

 

11,310

 

 

 

36,062

 

 

 

52,192

 

Hardware and other

 

 

6,577

 

 

 

4,453

 

 

 

29,923

 

 

 

23,674

 

Total cost of revenues

 

 

268,010

 

 

 

258,886

 

 

 

1,090,652

 

 

 

1,066,341

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

212,925

 

 

 

193,334

 

 

 

861,099

 

 

 

783,863

 

 

 

 

 

 

 

 

 

 

Sales and marketing expense

 

 

39,666

 

 

 

34,969

 

 

 

149,770

 

 

 

135,743

 

General and administrative expense

 

 

80,015

 

 

 

66,883

 

 

 

308,575

 

 

 

267,324

 

Research and development expense

 

 

26,163

 

 

 

32,667

 

 

 

109,585

 

 

 

105,184

 

Amortization of other intangibles

 

 

19,333

 

 

 

18,104

 

 

 

74,632

 

 

 

61,363

 

Operating income

 

 

47,748

 

 

 

40,711

 

 

 

218,537

 

 

 

214,249

 

Interest expense

 

 

(3,750

)

 

 

(8,103

)

 

 

(23,629

)

 

 

(28,379

)

Other income, net

 

 

652

 

 

 

1,012

 

 

 

3,328

 

 

 

1,723

 

Income before income taxes

 

 

44,650

 

 

 

33,620

 

 

 

198,236

 

 

 

187,593

 

Income tax provision

 

 

5,747

 

 

 

2,543

 

 

 

32,317

 

 

 

23,353

 

Net income

 

$

38,903

 

 

$

31,077

 

 

$

165,919

 

 

$

164,240

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

 

$

0.75

 

 

$

3.95

 

 

$

3.95

 

Diluted

 

$

0.91

 

 

$

0.73

 

 

$

3.88

 

 

$

3.87

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

42,191

 

 

 

41,707

 

 

 

42,024

 

 

 

41,544

 

Diluted

 

 

42,972

 

 

 

42,419

 

 

 

42,769

 

 

 

42,399

 

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,

Reconciliation of non-GAAP gross profit and margin

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

GAAP gross profit

 

$

212,925

 

 

$

193,334

 

 

$

861,099

 

 

$

783,863

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Share-based compensation expense included in cost of revenues

 

6,981

 

 

 

6,667

 

 

 

26,607

 

 

 

27,486

 

Add: Amortization of acquired software

 

 

9,183

 

 

 

11,310

 

 

 

36,062

 

 

 

52,192

 

Non-GAAP gross profit

 

$

229,089

 

 

$

211,311

 

 

$

923,768

 

 

$

863,541

 

GAAP gross margin

 

 

44.3

%

 

 

42.8

%

 

 

44.1

%

 

 

42.4

%

Non-GAAP gross margin

 

 

47.6

%

 

 

46.7

%

 

 

47.3

%

 

 

46.7

%

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

Reconciliation of non-GAAP operating income and margin

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

GAAP operating income

 

$

47,748

 

 

$

40,711

 

 

$

218,537

 

 

$

214,249

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Share-based compensation expense

 

 

27,433

 

 

 

24,994

 

 

 

108,338

 

 

 

102,985

 

Add: Employer portion of payroll tax related to employee stock transactions

 

682

 

 

 

378

 

 

 

1,873

 

 

 

1,571

 

Add: Acquisition-related costs

 

 

154

 

 

 

757

 

 

 

409

 

 

 

1,971

 

Add: Lease restructuring costs and other

 

 

2,863

 

 

 

1,623

 

 

 

8,220

 

 

 

2,782

 

Add: Amortization of acquired software

 

 

9,183

 

 

 

11,310

 

 

 

36,062

 

 

 

52,192

 

Add: Amortization of other intangibles

 

 

19,333

 

 

 

18,104

 

 

 

74,632

 

 

 

61,363

 

Non-GAAP adjustments subtotal

 

$

59,648

 

 

$

57,166

 

 

$

229,534

 

 

$

222,864

 

Non-GAAP operating income

 

$

107,396

 

 

$

97,877

 

 

$

448,071

 

 

$

437,113

 

GAAP operating margin

 

 

9.9

%

 

 

9.0

%

 

 

11.2

%

 

 

11.6

%

Non-GAAP operating margin

 

 

22.3

%

 

 

21.6

%

 

 

23.0

%

 

 

23.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

Reconciliation of non-GAAP net income and earnings per share

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

GAAP net income

 

$

38,903

 

 

$

31,077

 

 

$

165,919

 

 

$

164,240

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

Add: Total non-GAAP adjustments to operating income

 

 

59,648

 

 

 

57,166

 

 

 

229,534

 

 

 

222,864

 

Less: Income tax impact

 

 

(17,198

)

 

 

(17,884

)

 

 

(61,792

)

 

 

(68,999

)

Non-GAAP net income

 

$

81,353

 

 

$

70,359

 

 

$

333,661

 

 

$

318,105

 

GAAP earnings per diluted share

 

$

0.91

 

 

$

0.73

 

 

$

3.88

 

 

$

3.87

 

Non-GAAP earnings per diluted share

 

$

1.89

 

 

$

1.66

 

 

$

7.80

 

 

$

7.50

 

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,

Detail of share-based compensation expense

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Subscriptions, maintenance and professional services

 

$

6,981

 

$

6,667

 

$

26,607

 

$

27,486

Sales and marketing expense

 

 

2,730

 

 

2,229

 

 

10,118

 

 

8,800

General and administrative expense

 

 

17,722

 

 

16,098

 

 

71,613

 

 

66,699

Total share-based compensation expense

 

$

27,433

 

$

24,994

 

$

108,338

 

$

102,985

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

Reconciliation of EBITDA and adjusted EBITDA

 

 

2023

 

 

2022

 

 

2023

 

 

2022

GAAP net income

 

$

38,903

 

$

31,077

 

$

165,919

 

$

164,240

Amortization of other intangibles

 

 

19,333

 

 

18,104

 

 

74,632

 

 

61,363

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

 

 

19,755

 

 

22,627

 

 

74,954

 

 

89,890

Interest expense

 

 

3,750

 

 

8,103

 

 

23,629

 

 

28,379

Income tax provision

 

 

5,747

 

 

2,543

 

 

32,317

 

 

23,353

EBITDA

 

$

87,488

 

$

82,454

 

$

371,451

 

$

367,225

Share-based compensation expense

 

 

27,433

 

 

24,994

 

 

108,338

 

 

102,985

Acquisition-related costs

 

 

154

 

 

757

 

 

409

 

 

1,971

Lease restructuring costs and other

 

 

2,863

 

 

1,623

 

 

8,220

 

 

2,782

Adjusted EBITDA

 

$

117,938

 

$

109,828

 

$

488,418

 

$

474,963

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

Reconciliation of free cash flow

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net cash provided by operating activities

 

$

147,419

 

 

$

121,857

 

 

$

380,440

 

 

$

381,455

 

Less: additions to property and equipment

 

 

(8,013

)

 

 

(5,088

)

 

 

(20,519

)

 

 

(22,529

)

Less: investments in software development

 

 

(5,043

)

 

 

(2,065

)

 

 

(32,490

)

 

 

(27,622

)

Free cash flow

 

$

134,363

 

 

$

114,704

 

 

$

327,431

 

 

$

331,304

 

Free cash flow margin

 

 

27.9

%

 

 

25.4

%

 

 

16.8

%

 

 

17.9

%

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

 

 

 

 

December 31, 2023

 

December 31, 2022

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

165,493

 

$

173,857

Accounts receivable, net

 

 

619,704

 

 

577,257

Short-term investments

 

 

10,385

 

 

37,030

Prepaid expenses and other current assets

 

 

65,003

 

 

59,098

Total current assets

 

 

860,585

 

 

847,242

 

 

 

 

 

Accounts receivable, long-term portion

 

 

8,988

 

 

8,271

Operating lease right-of-use assets

 

 

39,039

 

 

50,989

Property and equipment, net

 

 

169,720

 

 

172,786

 

 

 

 

 

Other assets:

 

 

 

 

Software development costs, net

 

 

67,124

 

 

48,189

Goodwill

 

 

2,532,109

 

 

2,489,308

Other intangibles, net

 

 

928,870

 

 

1,002,164

Non-current investments

 

 

7,046

 

 

18,508

Other non-current assets

 

 

63,182

 

 

49,960

Total assets

 

$

4,676,663

 

$

4,687,417

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

304,897

 

$

236,754

Operating lease liabilities

 

 

11,060

 

 

10,736

Current income tax payable

 

 

2,466

 

 

43,667

Deferred revenue

 

 

632,914

 

 

568,538

Current portion of term loans

 

 

49,801

 

 

30,000

Total current liabilities

 

 

1,001,138

 

 

889,695

 

 

 

 

 

Term loans

 

 

 

 

362,905

Convertible senior notes due 2026, net

 

 

596,206

 

 

594,484

Deferred revenue, long-term

 

 

291

 

 

2,037

Deferred income taxes

 

 

78,590

 

 

148,891

Operating lease liabilities, long-term

 

 

39,822

 

 

48,049

Other long-term liabilities

 

 

22,621

 

 

16,967

Total liabilities

 

 

1,738,668

 

 

2,063,028

 

 

 

 

 

Shareholders' equity

 

 

2,937,995

 

 

2,624,389

Total liabilities and shareholders' equity

 

$

4,676,663

 

$

4,687,417

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

38,903

 

 

$

31,077

 

 

$

165,919

 

 

$

164,240

 

Adjustments to reconcile net income to cash

provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

39,881

 

 

 

42,122

 

 

 

154,079

 

 

 

159,072

 

Losses from sale of investments

 

 

 

 

 

1

 

 

 

1

 

 

 

45

 

Share-based compensation expense

 

 

27,433

 

 

 

24,994

 

 

 

108,338

 

 

 

102,985

 

Provision for losses and sales adjustments - accounts receivable

 

 

8,233

 

 

 

2,781

 

 

 

8,233

 

 

 

2,781

 

Operating lease right-of-use assets expense

 

 

4,430

 

 

 

3,729

 

 

 

16,688

 

 

 

12,969

 

Deferred income tax benefit

 

 

(29,704

)

 

 

(54,347

)

 

 

(73,704

)

 

 

(87,192

)

Other

 

 

77

 

 

 

 

 

 

475

 

 

 

 

Changes in operating assets and liabilities,

exclusive of effects of acquired companies

 

 

58,166

 

 

 

71,500

 

 

 

411

 

 

 

26,555

 

Net cash provided by operating activities

 

 

147,419

 

 

 

121,857

 

 

 

380,440

 

 

 

381,455

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property and equipment

 

 

(8,013

)

 

 

(5,088

)

 

 

(20,519

)

 

 

(22,529

)

Purchase of marketable security investments

 

 

 

 

 

(9,507

)

 

 

(10,617

)

 

 

(29,935

)

Proceeds and maturities from marketable security investments

 

 

3,960

 

 

 

15,982

 

 

 

49,412

 

 

 

71,034

 

Investment in software development

 

 

(5,043

)

 

 

(2,065

)

 

 

(32,490

)

 

 

(27,622

)

Cost of acquisitions, net of cash acquired

 

 

(27,219

)

 

 

(46,215

)

 

 

(62,759

)

 

 

(163,921

)

Other

 

 

(35

)

 

 

117

 

 

 

13

 

 

 

443

 

Net cash used by investing activities

 

 

(36,350

)

 

 

(46,776

)

 

 

(76,960

)

 

 

(172,530

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payment on term loans

 

 

(90,000

)

 

 

(90,000

)

 

 

(345,000

)

 

 

(360,000

)

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

 

 

8,522

 

 

 

(1,188

)

 

 

16,960

 

 

 

(890

)

Contributions from employee stock purchase plan

 

 

4,416

 

 

 

4,037

 

 

 

16,196

 

 

 

16,651

 

Net cash used by financing activities

 

 

(77,062

)

 

 

(87,151

)

 

 

(311,844

)

 

 

(344,239

)

 

 

 

 

 

 

 

 

 

Net increase (decrease)in cash and cash equivalents

 

 

34,007

 

 

 

(12,070

)

 

 

(8,364

)

 

 

(135,314

)

Cash and cash equivalents at beginning of period

 

 

131,486

 

 

 

185,927

 

 

 

173,857

 

 

 

309,171

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

165,493

 

 

$

173,857

 

 

$

165,493

 

 

$

173,857

 

 

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