Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TYLER TECHNOLOGIES INC | d484875d8k.htm |
Exhibit 99.1
Tyler Technologies Reports Earnings
For Fourth Quarter and Fiscal 2012
Revenue and backlog reach new highs
DALLAS – Feb. 6, 2013 – Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the fourth quarter and year ended December 31, 2012.
Fourth Quarter Financial Highlights:
| • | Total revenue was $95.4 million in the fourth quarter of 2012, up 16.2 percent, of which 10.9 percent was organic and 5.3 percent was acquisition related, from $82.1 million in the fourth quarter of 2011. |
| • | Recurring software revenue from maintenance and subscriptions was $58.3 million for the quarter, an increase of 21.7 percent compared to the fourth quarter of 2011, and comprised 61.1 percent of fourth quarter 2012 revenue. |
| • | Operating income for the quarter was $15.4 million, an increase of 7.7 percent from the fourth quarter of 2011. |
| • | Net income for the quarter was $9.4 million, or $0.28 per diluted share, compared to $8.7 million, or $0.27 per diluted share, for the fourth quarter of 2011. |
| • | Cash flow from operations for the quarter was $16.4 million, compared to $11.3 million for the fourth quarter of 2011. |
| • | Non-GAAP operating income for the quarter was $18.9 million, up 9.7 percent from $17.3 million for the fourth quarter of 2011. |
| • | Adjusted EBITDA for the quarter was $20.3 million, compared to $18.8 million for the fourth quarter of 2011. |
| • | Non-GAAP net income for the quarter was $11.8 million, or $0.35 per diluted share, compared to $10.8 million, or $0.34 per diluted share, for the fourth quarter of 2011. |
Full Year Financial Highlights:
| • | Total revenue for 2012 was $363.3 million, up 17.4 percent, of which 11.1 percent was organic and 6.3 percent was acquisition related, from $309.4 million in 2011. |
| • | Recurring software revenue from maintenance and subscriptions was $216.5 million for the year, an increase of 21.8 percent compared to 2011, and comprised 59.6 percent of 2012 revenue. |
| • | Operating income for the year was $56.6 million, an increase of 21.6 percent from 2011. |
| • | Net income for the year was $33.0 million, or $1.00 per diluted share, compared to $27.6 million, or $0.83 per diluted share, in 2011. |
| • | Cash flow from operations for the year was $58.7 million, compared to $56.4 million in 2011. |
Tyler Technologies Reports Earnings
For First Quarter 2012
Feb. 6, 2012
Page 2
| • | Non-GAAP operating income for the year was $70.2 million, up 22.6 percent from $57.2 million in 2011. |
| • | Adjusted EBITDA for the year was $76.1 million, compared to $62.9 million in 2011. |
| • | Non-GAAP net income for the year was $42.4 million, or $1.29 per diluted share, compared to $35.2 million, or $1.06 per diluted share, in 2011. |
| • | Total backlog reached a new high of $380.6 million at December 31, 2012, up 12.0 percent from $339.8 million at December 31, 2011. Software-related backlog (excluding appraisal services) was $350.6 million, an increase of 9.6 percent compared to $319.9 million at December 31, 2011. |
“We achieved solid results for the fourth quarter. Quarterly revenues reached a new high, with double-digit organic growth complemented by recent acquisitions,” said John S. Marr Jr., Tyler’s president and chief executive officer. “Recurring revenues continued to drive our growth. Subscription revenue increased approximately 43 percent from last year’s fourth quarter, reflecting increased adoption of our SaaS model as well as greater transaction-based revenues from our electronic filing solution for courts. During the fourth quarter we signed subscription-based agreements with 29 new software clients.
“We enter the new year with a strong balance sheet, a record backlog level, and an excellent competitive position coupled with a market environment that appears to be continuing to gradually improve,” said Mr. Marr. “Our guidance reflects our expectation that current business trends will continue in 2013,” continued Mr. Marr.
“Our guidance also includes costs of significant investments in our business that we believe will enhance our market leadership and improve long-term revenue and margin growth. These investments include expenses associated with the implementation of new electronic filing contracts, including our TexFile contract to provide a statewide e-filing system for Texas courts. The Texas Supreme Court recently issued an order mandating e-filing in civil cases, with a phase-in beginning January 2014, that we expect will significantly increase our transaction volumes and revenues from that contract. In addition, we plan to accelerate hiring in 2013 to ensure that we are well-positioned to deliver our current backlog and anticipated new business.”
Guidance for 2013
As of February 6, 2013, Tyler Technologies is providing the following guidance for the full year 2013:
| • | Tyler expects total revenues for 2013 to be in the range of $409 million to $418 million. |
| • | Tyler expects 2013 diluted earnings per share to be approximately $1.06 to $1.14. |
| • | Tyler expects 2013 non-GAAP diluted earnings per share to be approximately $1.42 to $1.50. |
| • | Tyler expects pretax non-cash, share-based compensation expense to be approximately $10.5 million. |
| • | Tyler expects that its effective tax rate for 2013 will be approximately 40.0 percent. |
| • | Tyler expects that capital expenditures for the year will be between $23.0 million and $24.0 million, including approximately $14.8 million related to real estate, and that total depreciation and amortization expense is expected to be between $14.2 million and $14.7 million, including approximately $6.5 million of amortization of acquisition intangibles. |
- more -
Tyler Technologies Reports Earnings
For First Quarter 2012
Feb. 6, 2012
Page 3
Conference Call
Tyler Technologies will hold a conference call on Thursday, February 7, at 10:00 a.m. Eastern Time to discuss the Company’s results. To participate in the teleconference, please dial into the call a few minutes before the start time: 877-317-6789 (U.S. callers) and 412-317-6789 (international callers), and reference confirmation code 10021871 when prompted. A replay will be available two hours after the completion of the call through February 14, 2013. To access the replay, please dial 877-344-7529 (U.S. callers) and 412-317-0088 (international callers) and reference passcode 10021871. The live webcast and archived replay can also be accessed in the Investor section of Tyler’s website at www.tylertech.com.
About Tyler Technologies, Inc.
Tyler Technologies is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to empower the public sector — cities, counties, schools and other government entities — to become more efficient, more accessible and more responsive to the needs of citizens. Tyler’s client base includes more than 11,000 local government offices in all 50 states, Canada, the Caribbean and the United Kingdom. Forbes has named Tyler one of “America’s Best Small Companies” five times in the last six years. More information about Dallas-based Tyler Technologies can be found at www.tylertech.com.
Non-GAAP Financial Measures
Tyler Technologies has provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP financial measures. This information includes non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating margin, EBITDA and adjusted EBITDA. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating Tyler’s ongoing operational performance. Tyler believes that 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 and expenses associated with amortization of intangibles arising from business combinations. We use these measures and believe they are useful to investors because they provide additional insight in comparing results from period to period.
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.
- more -
Tyler Technologies Reports Earnings
For First Quarter 2012
Feb. 6, 2012
Page 4
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 customers, primarily local and state governments, that could negatively impact information technology spending; (2) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (3) material portions of our business require the Internet infrastructure to be further developed or adequately maintained; (4) our ability to achieve our financial forecasts due to various factors, including project delays by our customers, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a decline in our renewal rates for service agreements; (5) economic, political and market conditions, including the recent global economic and financial crisis, and the general tightening of access to debt or equity capital; (6) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (7) our ability to successfully complete acquisitions and achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (8) competition in the industry in which we conduct business and the impact of competition on pricing, customer retention and pressure for new products or services; (9) the ability to attract and retain qualified personnel and dealing with the loss or retirement of key members of management or other key personnel; and (10) costs of compliance and any failure to comply with government and stock exchange regulations. A detailed discussion of these factors and other risks that affect our business are described in our filings with the Securities and Exchange Commission, including the detailed “Risk Factors” contained in our most recent annual report on Form 10-K. We expressly disclaim any obligation to publicly update or revise our forward-looking statements.
###
(Comparative results follow)
Contact: Brian K. Miller
Executive Vice President—CFO
Tyler Technologies, Inc.
(972) 713-3720
brian.miller@tylertech.com
13-10
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, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenues: |
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| Software licenses |
$ | 8,732 | $ | 9,833 | $ | 33,172 | $ | 32,594 | ||||||||
| Subscriptions |
12,762 | 8,930 | 44,618 | 31,160 | ||||||||||||
| Software services |
21,042 | 17,217 | 83,408 | 69,617 | ||||||||||||
| Maintenance |
45,489 | 38,919 | 171,851 | 146,498 | ||||||||||||
| Appraisal services |
5,496 | 5,283 | 22,543 | 23,228 | ||||||||||||
| Hardware and other |
1,847 | 1,897 | 7,712 | 6,294 | ||||||||||||
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| Total revenues |
95,368 | 82,079 | 363,304 | 309,391 | ||||||||||||
| Cost of revenues: |
||||||||||||||||
| Software licenses |
475 | 714 | 1,983 | 3,034 | ||||||||||||
| Acquired software |
518 | 343 | 1,888 | 1,125 | ||||||||||||
| Software services, maintenance and subscriptions |
45,168 | 37,405 | 171,584 | 143,776 | ||||||||||||
| Appraisal services |
3,619 | 3,248 | 14,889 | 14,550 | ||||||||||||
| Hardware and other |
948 | 1,349 | 5,258 | 4,994 | ||||||||||||
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| Total cost of revenues |
50,728 | 43,059 | 195,602 | 167,479 | ||||||||||||
| Gross profit |
44,640 | 39,020 | 167,702 | 141,912 | ||||||||||||
| Selling, general and administrative expenses |
22,763 | 21,141 | 86,706 | 75,650 | ||||||||||||
| Research and development expense |
5,365 | 2,634 | 20,140 | 16,414 | ||||||||||||
| Amortization of customer and trade name intangibles |
1,093 | 923 | 4,279 | 3,331 | ||||||||||||
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| Operating income |
15,419 | 14,322 | 56,577 | 46,517 | ||||||||||||
| Other expense, net |
384 | 818 | 2,709 | 2,404 | ||||||||||||
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| Income before income taxes |
15,035 | 13,504 | 53,868 | 44,113 | ||||||||||||
| Income tax provision |
5,659 | 4,805 | 20,874 | 16,556 | ||||||||||||
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| Net income |
$ | 9,376 | $ | 8,699 | $ | 32,994 | $ | 27,557 | ||||||||
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| Earnings per common share: |
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| Basic |
$ | 0.30 | $ | 0.29 | $ | 1.09 | $ | 0.88 | ||||||||
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| Diluted |
$ | 0.28 | $ | 0.27 | $ | 1.00 | $ | 0.83 | ||||||||
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| Weighted average common shares outstanding: |
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| Basic |
30,779 | 29,823 | 30,327 | 31,267 | ||||||||||||
| Diluted |
33,421 | 32,031 | 32,916 | 33,154 | ||||||||||||
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, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Reconciliation of non-GAAP gross profit and margin |
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| GAAP gross profit |
$ | 44,640 | $ | 39,020 | $ | 167,702 | $ | 141,912 | ||||||||
| Non-GAAP adjustments: |
||||||||||||||||
| Add: Share-based compensation expense included in cost of revenues |
293 | 222 | 1,084 | 871 | ||||||||||||
| Add: Amortization of acquired software |
518 | 343 | 1,888 | 1,125 | ||||||||||||
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| Non-GAAP gross profit |
$ | 45,451 | $ | 39,585 | $ | 170,674 | $ | 143,908 | ||||||||
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| Non-GAAP gross margin |
47.7 | % | 48.2 | % | 47.0 | % | 46.5 | % | ||||||||
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| Reconciliation of non-GAAP operating income and margin |
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| GAAP operating income |
$ | 15,419 | $ | 14,322 | $ | 56,577 | $ | 46,517 | ||||||||
| Non-GAAP adjustments: |
||||||||||||||||
| Add: Share-based compensation expense |
1,905 | 1,668 | 7,411 | 6,253 | ||||||||||||
| Add: Amortization of acquired software |
518 | 343 | 1,888 | 1,125 | ||||||||||||
| Add: Amortization of customer and trade name intangibles |
1,093 | 923 | 4,279 | 3,331 | ||||||||||||
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| Non-GAAP adjustments subtotal |
$ | 3,516 | $ | 2,934 | $ | 13,578 | $ | 10,709 | ||||||||
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| Non-GAAP operating income |
$ | 18,935 | $ | 17,256 | $ | 70,155 | $ | 57,226 | ||||||||
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| Non-GAAP operating margin |
19.9 | % | 21.0 | % | 19.3 | % | 18.5 | % | ||||||||
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| Reconciliation of non-GAAP net income and earnings per share |
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| GAAP net income |
$ | 9,376 | $ | 8,699 | $ | 32,994 | $ | 27,557 | ||||||||
| Non-GAAP adjustments: |
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| Add: Total non-GAAP adjustments affecting operating income |
3,516 | 2,934 | 13,578 | 10,709 | ||||||||||||
| Less: Tax impact related to non-GAAP adjustments |
(1,101 | ) | (882 | ) | (4,198 | ) | (3,087 | ) | ||||||||
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| Non-GAAP net income |
$ | 11,791 | $ | 10,751 | $ | 42,374 | $ | 35,179 | ||||||||
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| Non-GAAP earnings per diluted share |
$ | 0.35 | $ | 0.34 | $ | 1.29 | $ | 1.06 | ||||||||
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| Detail of share-based compensation expense |
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| Cost of software services, maintenance and subscriptions |
$ | 293 | $ | 222 | $ | 1,084 | $ | 871 | ||||||||
| Selling, general and administrative expenses |
1,612 | 1,446 | 6,327 | 5,382 | ||||||||||||
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| Total share-based compensation expense |
$ | 1,905 | $ | 1,668 | $ | 7,411 | $ | 6,253 | ||||||||
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| Reconciliation of adjusted EBITDA |
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| GAAP net income |
$ | 9,376 | $ | 8,699 | $ | 32,994 | $ | 27,557 | ||||||||
| Amortization of customer and trade name intangibles |
1,093 | 923 | 4,279 | 3,331 | ||||||||||||
| Depreciation and other amortization included in cost of revenues, SG&A and other expenses |
2,002 | 1,975 | 8,432 | 7,345 | ||||||||||||
| Interest expense included in other expense, net |
310 | 707 | 2,064 | 1,892 | ||||||||||||
| Income tax provision |
5,659 | 4,805 | 20,874 | 16,556 | ||||||||||||
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| EBITDA |
$ | 18,440 | $ | 17,109 | $ | 68,643 | $ | 56,681 | ||||||||
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| Share-based compensation expense |
1,905 | 1,668 | 7,411 | 6,253 | ||||||||||||
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| Adjusted EBITDA |
$ | 20,345 | $ | 18,777 | $ | 76,054 | $ | 62,934 | ||||||||
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TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
| December 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 6,406 | $ | 1,326 | ||||
| Short-term investments available-for-sale |
— | 25 | ||||||
| Accounts receivable, net |
100,327 | 90,012 | ||||||
| Other current assets |
10,480 | 10,634 | ||||||
| Deferred income taxes |
5,544 | 5,095 | ||||||
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| Total current assets |
122,757 | 107,092 | ||||||
| Accounts receivable, long-term portion |
1,187 | 2,095 | ||||||
| Property and equipment, net |
45,381 | 40,915 | ||||||
| Non-current investments available-for-sale |
2,037 | 1,953 | ||||||
| Other assets: |
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| Goodwill and other intangibles, net |
165,756 | 141,722 | ||||||
| Other |
1,197 | 1,614 | ||||||
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| Total assets |
$ | 338,315 | $ | 295,391 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable and accrued liabilities |
$ | 29,245 | $ | 27,962 | ||||
| Deferred revenue |
140,550 | 123,678 | ||||||
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| Total current liabilities |
169,795 | 151,640 | ||||||
| Revolving line of credit |
18,000 | 60,700 | ||||||
| Deferred income taxes |
5,221 | 4,941 | ||||||
| Shareholders’ equity |
145,299 | 78,110 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 338,315 | $ | 295,391 | ||||
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TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Cash flows from operating activities: |
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| Net income |
$ | 9,376 | $ | 8,699 | $ | 32,994 | $ | 27,557 | ||||||||
| Adjustments to reconcile net income to net cash provided by operations: |
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| Depreciation and amortization |
3,095 | 2,898 | 12,711 | 10,676 | ||||||||||||
| Share-based compensation expense |
1,905 | 1,668 | 7,411 | 6,253 | ||||||||||||
| Provision for losses-accounts receivable |
961 | 805 | 961 | 805 | ||||||||||||
| Excess tax benefit from exercise of share-based arrangements |
(5,481 | ) | (1,869 | ) | (8,764 | ) | (3,590 | ) | ||||||||
| Deferred income taxes |
(215 | ) | (2,916 | ) | (215 | ) | (2,916 | ) | ||||||||
| Changes in operating assets and liabilities, exclusive of effects of acquired companies |
6,773 | 2,045 | 13,570 | 17,650 | ||||||||||||
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| Net cash provided by operating activities |
16,414 | 11,330 | 58,668 | 56,435 | ||||||||||||
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| Cash flows from investing activities: |
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| Proceeds from sales of investments |
— | — | 75 | 50 | ||||||||||||
| Cost of acquisitions, net of cash acquired |
(10,451 | ) | (17,298 | ) | (25,680 | ) | (17,298 | ) | ||||||||
| Additions to property and equipment |
(2,751 | ) | (2,352 | ) | (9,102 | ) | (12,278 | ) | ||||||||
| (Increase) decrease in other |
(70 | ) | 518 | (29 | ) | 717 | ||||||||||
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| Net cash used by investing activities |
(13,272 | ) | (19,132 | ) | (34,736 | ) | (28,809 | ) | ||||||||
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| Cash flows from financing activities: |
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| (Decrease) increase in net borrowings on revolving line of credit |
(10,000 | ) | 2,700 | (42,700 | ) | 34,200 | ||||||||||
| Purchase of treasury shares |
— | (3,277 | ) | — | (71,802 | ) | ||||||||||
| Contributions from employee stock purchase plan |
809 | 573 | 2,641 | 2,045 | ||||||||||||
| Proceeds from exercise of stock options |
6,871 | 1,983 | 12,443 | 3,553 | ||||||||||||
| Excess tax benefit from exercise of share-based arrangements |
5,481 | 1,869 | 8,764 | 3,590 | ||||||||||||
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| Net cash provided (used) by financing activities |
3,161 | 3,848 | (18,852 | ) | (28,414 | ) | ||||||||||
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| Net increase (decrease) in cash and cash equivalents |
6,303 | (3,954 | ) | 5,080 | (788 | ) | ||||||||||
| Cash and cash equivalents at beginning of period |
103 | 5,280 | 1,326 | 2,114 | ||||||||||||
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| Cash and cash equivalents at end of period |
$ | 6,406 | $ | 1,326 | $ | 6,406 | $ | 1,326 | ||||||||
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