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tyler earnings release

12 December 2020

Moreover, the bottom line increased 11.1% from the year-ago quarter’s reported tally. Non-GAAP total revenues are expected to be in the range of $1.118 billion to $1.130 billion. Tyler Q3 Earnings & Revenues Surpass Estimates, Up Y/Y. Fully diluted shares for the year are expected to be in the range of 41.5 million to 42.0 million shares. The live webcast and archived replay can also be accessed at https://tylertech.irpass.com/Presentations. Tyler Technologies Schedules Third Quarter 2020 Earnings Conference Call and Webcast. PLANO, Texas--(BUSINESS WIRE)--Oct 22, 2020--Tyler Technologies, Inc. (NYSE: TYL) will discuss its third quarter 2020 results during a conference call and webcast on Thursday, November 5, 2020. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, (Amounts in thousands, except per share data), Subscriptions, software services and maintenance, Selling, general and administrative expenses, Amortization of customer and trade name intangibles. GAAP diluted earnings per share are expected to be in the range of $4.53 to $4.63 and may vary significantly due to the impact of stock incentive awards on the GAAP effective tax rate. 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. Questions? We returned to positive revenue growth in the third quarter, driven by strong recurring revenues with subscription revenues up 18.6%. Tyler Technologies reports its earnings for fourth quarter of 2017. As a result, our operating margins expanded significantly, with our non-GAAP operating margin up 300 basis points to 28.6%, and our adjusted EBITDA rose to a new quarterly high. We finished the quarter with a new record high backlog of $1.55 billion,” added Moore. Tyler Technologies reported third-quarter 2020 non-GAAP earnings of $1.50 per share, which surpassed the Zacks Consensus Estimate of $1.34. 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. Total depreciation and amortization expense is expected to be approximately $81 million, including approximately $54 million from amortization of acquisition intangibles. TYL: Get the latest Tyler Technologies stock price and detailed information including TYL news, historical charts and realtime prices. Cash flows from operations and free cash flow also reached record levels, growing 30.5% and 34.8%, respectively. “Bookings in the third quarter grew 12.9% and were particularly strong for our justice and public safety solutions. Trades from $ 1 The non-GAAP measures used by Tyler Technologies may be different from non-GAAP measures used by other companies. “We are pleased with our third quarter results, particularly in light of the continuing impact of the COVID-19 pandemic, as we achieved double-digit growth in operating income and record highs for free cash flow and adjusted EBITDA,” said Lynn Moore, Tyler’s president and chief executive officer. 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. 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 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. The MarketWatch News Department was not involved in the creation of this content. Weighted average common shares outstanding: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, Reconciliation of non-GAAP total revenues, Add: Write-downs of acquisition-related deferred revenue, Reconciliation of non-GAAP gross profit and margin, Add: Share-based compensation expense included in cost of revenues, Reconciliation of non-GAAP operating income and margin, Add: Employer portion of payroll tax related to employee stock transactions, Add: Amortization of customer and trade name intangibles, Reconciliation of non-GAAP net income and earnings per share, Add: Total non-GAAP adjustments to operating income, Less: Tax impact related to non-GAAP adjustments, Detail of share-based compensation expense, Cost of subscriptions, software services and maintenance, Reconciliation of EBITDA and adjusted EBITDA, Depreciation and amortization included in, cost of revenues, SG&A and other expenses, Interest expense included in other income, net, Write-downs of acquisition-related deferred revenue, Total liabilities and shareholders' equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, Adjustments to reconcile net income to cash, Operating lease right-of-use assets expense. GAAP earnings per share assumes an estimated annual effective tax rate of approximately negative 12% after discrete tax items and includes approximately $65 million of discrete tax benefits related to share-based compensation. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com. 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. T … GAAP total revenues are expected to be in the range of $1.117 billion to $1.129 billion. Cognizant (Nasdaq: CTSH), a leading provider of information technology, consulting, and business process services, will announce results for the third quarter of 2020 on Wednesday, October 28, 2020, after market close. 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. Tyler Technologies will hold a conference call on Thursday, November 5, at 10:00 a.m. Eastern Time to discuss the company’s results. 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. Software-related backlog (excluding appraisal services) was $1.51 billion, up 9.5% from $1.38 billion at September 30, 2019. 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 10147974. A replay will be available two hours after completion of the call through November 12, 2020. Organic revenue growth was 3.3%. I also have 3 kids from a previous marriage. Tyler Technologies is helping state and local government to create safer, smarter, and more vibrant communities. 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. I'm extremely proud of how the entire Tyler team has risen to face the challenges of this year head-on, supporting our clients as well as each other. 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. 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. “As we continue to work through the challenges brought about by the COVID-19 pandemic and obtain a clearer understanding of the near-term impacts on our results, we have revised our guidance for the full year of 2020 to reflect higher earnings expectations. The AP news staff was not involved in its creation. A … Operating income was $49.7 million, up 24.0% from $40.1 million for the third quarter of 2019. Non-GAAP operating income was $81.8 million, up 15.2% from $71.0 million for the third quarter of 2019. Tyler Technologies has provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and … 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 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. Or, connect with Investor Relations at 1-415-536-6250 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. Software-related backlog (excluding appraisal services) was $1.51 billion, up 9.5% from $1.38 billion at September 30, 2019. Non-GAAP total revenues are expected to be in the range of $1.118 billion to $1.130 billion. Research and development expense is expected to be in the range of $88 million to $90 million. GAAP diluted earnings per share are expected to be in the range of $4.53 to $4.63 and may vary significantly due to the impact of stock incentive awards on the GAAP effective tax rate. 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. Q3 fiscal 2021 earnings release: 7 a.m.; conference call: 8 a.m. http://dpregister.com/sreg/10147974/d912e3b1c6, https://tylertech.irpass.com/Presentations, https://www.businesswire.com/news/home/20201104005654/en/, Trump inclined to tap special counsel to probe election loss to Biden, First COVID-19 vaccine receives emergency-use authorization from U.S. FDA. We expressly disclaim any obligation to publicly update or revise our forward-looking statements. Capital expenditures are expected to be in the range of $30 million to $31 million, including approximately $10 million related to real estate and approximately $6 million of capitalized software development costs. Adjusted EBITDA was $88.9 million, up 15.4% compared to $77.1 million for the third quarter of 2019. We specialize in appraisal & tax, courts & justice, data & insights, ERP financial, community development, public safety, records & documents, and school solutions. Capital expenditures are expected to be in the range of $30 million to $31 million, including approximately $10 million related to real estate and approximately $6 million of capitalized software development costs. Software license, professional services, and appraisal services revenues declined due to longer sales cycles, delays in projects, and the near elimination of billable travel revenue. Tyler currently uses a non-GAAP tax rate of 24%. brian.miller@tylertech.com, COMTEX_373950825/2456/2020-11-04T16:17:20. Operating income was $49.7 million, up 24.0% from $40.1 million for the third quarter of 2019. Non-GAAP diluted earnings per share are expected to be in the range of $5.48 to $5.58. PLANO, Texas--(BUSINESS WIRE)--Nov 4, 2020--. Third Quarter 2020 Financial Highlights: Total revenues were $285.7 million, up 3.8% from $275.4 million for the third quarter of 2019. Our balance sheet is stronger than ever, and we ended the quarter with $650 million in cash and investments and no outstanding debt. 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. Non-GAAP net income was $62.4 million, or $1.50 per diluted share, up 14.8% compared to $54.3 million, or $1.35 per diluted share, for the third quarter of 2019. 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. Individual interested in registering for the company’s earnings conference call can do so using this link. How should we split our house among these 6 children? Executive Vice President & CFO Changes in operating assets and liabilities, exclusive of effects of acquired companies, Net cash provided by operating activities, Purchase of marketable security investments, Proceeds from marketable security investments, Proceeds from the sale of investment of preferred shares, Cost of acquisitions, net of cash acquired, Decrease in net borrowings on revolving line of credit, Contributions from employee stock purchase plan, Net cash provided by financing activities, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, View source version on businesswire.com: https://www.businesswire.com/news/home/20201104005654/en/, Brian K. Miller The release of A Madea Family Funeral and the announcement of A Fall From Grace heading to Netflix aren’t the only reasons 2019 was a big year for Tyler Perry. Non-GAAP total revenues were $285.9 million, up 3.2% from $277.2 million for the third quarter of 2019. Analysts expect the company to announce earnings of $0.96 per share for the quarter. By connecting data and processes across disparate systems, Tyler's solutions are transforming how clients gain actionable insights that solve problems in their communities. You can also contact MarketWatch Customer Service via our Customer Center. We finished the quarter with a new record high backlog of $1.55 billion," added Moore. See how Tyler … The Zacks Consensus Estimate for earnings is pegged at $1.34, suggesting a year-over-year decline of 0.7%. Tyler currently uses a non-GAAP tax rate of 24%. Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the third quarter ended September 30, 2020. 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