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Tyler Technologies(TYL) - 2021 Q4 - Annual Report
2022-02-22 16:00
FORM10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-10485 TYLER TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 75-2303920 (State or o ...
Tyler Technologies(TYL) - 2021 Q4 - Earnings Call Transcript
2022-02-18 02:59
Financial Data and Key Metrics Changes - Total revenues for Q4 2021 were $433.5 million, up 53% year-over-year, with non-GAAP revenues at $434.2 million, also up 53.2% [21] - Organic growth for both GAAP and non-GAAP revenues was 9.2% [21] - Subscription revenues rose 144.1%, with a robust growth of 28.1% excluding NIC contributions [22] - Non-GAAP operating margin declined 330 basis points to 23.6% due to various factors including the shift to SaaS and lower margin revenues [10][28] Business Line Data and Key Metrics Changes - Recurring revenues comprised over 80% of quarterly revenues, with subscription revenues leading the growth [8] - NIC's core revenue growth was 7.5% excluding COVID-related revenues, with total COVID-related revenues at $16.6 million [6][7] - Transaction-based revenues, including NIC portal and payment processing, reached $137.1 million, up almost fivefold from last year [24] Market Data and Key Metrics Changes - The backlog at the end of Q4 was $1.8 billion, up 12.6%, with Tyler's backlog growing 11.1% excluding NIC [26] - Bookings for the quarter were $464 million, up 39.3%, with organic bookings at approximately $347 million, up 4.2% [27] Company Strategy and Development Direction - The company is focusing on a cloud-first strategy, with expectations that 80% of new software contract mix in 2022 will be SaaS [52] - The acquisition of USC Direct is expected to enhance the company's offerings in the outdoor recreation management market [36] - The company anticipates a decline in license revenues in the mid-single digits for 2022, while subscription revenues are expected to grow 25% to 30% [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong recovery of the public sector market, with RFP and demo activity at or above pre-COVID levels [34] - The company expects to see margin pressures in 2022 due to the transition to SaaS, but anticipates a return to margin expansion starting in 2024 [58] - Management highlighted the importance of cross-selling opportunities and the existing client base of over 37,000 installations as key growth drivers [62] Other Important Information - The company repaid $87.5 million of term debt in Q4 and has repaid $395 million since the NIC acquisition, ending the quarter with total outstanding debt of $1.34 billion [28] - The company is transitioning its hosting to AWS, which is expected to improve margins in the long term [51] Q&A Session Summary Question: Growth in government budgets and federal stimulus impact - Management noted that while property values remain strong, the majority of federal stimulus money has not yet been spent or committed [66][68] Question: Impact of SaaS mix on top line and margins - The shift towards SaaS is expected to impact revenue by approximately $28 million to $30 million, with a margin impact of about half a point for the year [70][72] Question: Deals above $5 million in total contract value - No deals above $5 million were reported in the quarter, with the largest deal being just under $4.5 million [76] Question: ERP demand outlook - Demand for ERP solutions is robust, with RFPs and demos at all-time highs, indicating strong growth potential [87] Question: AWS progress and new SaaS customers - New customers for ERP are being placed on AWS, but the full margin benefits will not be realized until products are optimized for the cloud [89] Question: NIC revenues and margin pressure - NIC's revenues are expected to be consistent with Tyler's overall margin for the year, with some improvement as COVID-related revenues decline [96][98] Question: Subscription revenue growth sustainability - Subscription revenue growth is expected to remain strong, with a mid-20% organic growth rate anticipated [114]
Tyler Technologies(TYL) - 2021 Q3 - Quarterly Report
2021-10-31 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 1-10485 TYLER TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 75-2303920 (State or other jurisdiction of incorporation or organization) (I.R.S. em ...
Tyler Technologies(TYL) - 2021 Q3 - Earnings Call Transcript
2021-10-28 20:36
Tyler Technologies, Inc. (NYSE:TYL) Q3 2021 Earnings Conference Call October 28, 2021 10:00 AM ET Company Participants Lynn Moore - President and CEO Brian Miller - Chief Financial Officer Conference Call Participants Matt VanVliet - BTIG Scott Berg - Needham & Company Alex Zukin - Wolfe Research Charlie Strauzer - CJS Securities Rob Oliver - Baird Kirk Materne - Evercore ISI Keith Housum - Northcoast Research Jonathan Ho - William Blair & Company Peter Heckmann - D.A. Davidson Operator Hello. And welcome t ...
Tyler Technologies(TYL) - 2021 Q2 - Quarterly Report
2021-08-02 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 1-10485 TYLER TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | Delaware | | 75-2303920 | | | --- | --- | --- | --- | | (State or other jurisdiction of | | (I.R ...
Tyler Technologies(TYL) - 2021 Q2 - Earnings Call Transcript
2021-07-29 17:39
Tyler Technologies, Inc. (NYSE:TYL) Q2 2021 Results Conference Call July 29, 2021 10:00 AM ET Company Participants Lynn Moore - President & Chief Executive Officer Brian Miller - Chief Financial Officer Conference Call Participants Matt VanVliet - BTIG Scott Berg - Needham & Co. Robert Oliver - Robert W. Baird & Co. Keith Housum - Northcoast Research Kirk Materne - Evercore ISI Jonathan Ho - William Blair & Company Charles Strauzer - CJS Securities, Inc. Peter Heckmann - D. A. Davidson & Co. Joe Goodwin - J ...
Tyler Technologies (TYL) Investor Presentation - Slideshow
2021-06-16 19:11
& Realizing the value of NIC and Tyler together June 7, 2021 @ Tyler Technologies 2021 The acquisition of NIC further positions Tyler to deliver on our vision 2 Leader in COTS local government department systems 1 3 Socrata acquisition adds leading public sector data & analytics platform Tyler's vision for the public sector CONNECTED COMMUNITIES 2 Launched Connected Communities Vision 5 NIC adds proven partner with state agencies, leader in public sector payments 4 MicroPact acquisition adds state presence ...
Tyler Technologies (TYL) And NIC Investment Presentation - Slideshow
2021-06-07 15:21
& Realizing the value of NIC and Tyler together June 7, 2021 @ Tyler Technologies 2021 The acquisition of NIC further positions Tyler to deliver on our vision 2 Leader in COTS local government department systems 1 3 Socrata acquisition adds leading public sector data & analytics platform Tyler's vision for the public sector CONNECTED COMMUNITIES 2 Launched Connected Communities Vision 5 NIC adds proven partner with state agencies, leader in public sector payments 4 MicroPact acquisition adds state presence ...
Tyler Technologies(TYL) - 2021 Q1 - Quarterly Report
2021-05-05 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2021 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 1-10485 TYLER TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | Delaware | | 75-2303920 | | | --- | --- | --- | --- | | (State or other jurisdiction of incorpo ...
Tyler Technologies(TYL) - 2021 Q1 - Earnings Call Transcript
2021-04-30 01:49
Tyler Technologies, Inc. (NYSE:TYL) Q1 2021 Earnings Conference Call April 29, 2021 10:00 AM ET Company Participants Lynn Moore - President & Chief Executive Officer Brian Miller - Chief Financial Officer Conference Call Participants Matt VanVliet - BTIG Scott Berg - Needham & Co. Robert Oliver - Robert W. Baird & Co. Keith Housum - Northcoast Research Peter Levine - Evercore Partners Jonathan Ho - William Blair & Company Charles Strauzer - CJS Securities, Inc. Peter Heckmann - D. A. Davidson & Co. Clarke J ...