Tyler Technologies, Inc. (NYSE: TYL) today announced financial results
for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights:
-
Total revenue was $146.3 million, up 17.6 percent from $124.4 million
for the second quarter of 2014. Organic growth was 16.8 percent.
-
Recurring revenue from maintenance and subscriptions was $86.4
million, an increase of 18.6 percent compared to the second quarter of
2014, and comprised 59.1 percent of second quarter 2015 revenue.
-
Royalty revenue from Microsoft Dynamics® AX, which is
included in software licenses and royalties, was $1.2 million, up
111.3 percent compared to $576,000 for the second quarter of 2014.
-
Operating income was $29.6 million, an increase of 25.3 percent from
$23.6 million for the second quarter of 2014.
-
Net income was $18.8 million, or $0.52 per diluted share, up 27.8
percent compared to $14.7 million, or $0.42 per diluted share, for the
second quarter of 2014.
-
Cash flow from operations was $16.9 million, up 37.8 percent compared
to $12.3 million for the second quarter of 2014.
-
Non-GAAP operating income was $36.0 million, up 25.3 percent from
$28.7 million for the second quarter of 2014.
-
Adjusted EBITDA was $38.2 million, up 24.2 percent compared to $30.7
million for the second quarter of 2014.
-
Non-GAAP net income was $23.3 million, or $0.65 per diluted share, up
26.8 percent compared to $18.4 million, or $0.52 per diluted share,
for the second quarter of 2014.
-
Total backlog was $723.0 million, up 10.4 percent from $654.7 million
at June 30, 2014. Software-related backlog (excluding appraisal
services) was $672.4 million, an increase of 8.6 percent compared to
$619.1 million at June 30, 2014.
"Tyler Technologies again achieved outstanding results in the second
quarter, exceeding our expectations for both revenues and earnings,"
said John S. Marr Jr., Tyler's president and chief executive officer.
"All of our major revenue lines grew by more than 14 percent, with
software licenses and royalties, subscriptions, and appraisal services
revenues each growing more than 20 percent. As expected, we experienced
pressure on gross margins associated with onboarding of new professional
services and development staff to support our growing backlog, including
an increase in total headcount of 212 in the first half of 2015.
Nonetheless, we expanded our operating margin and non-GAAP operating
margin by 120 and 150 basis points, respectively, as we continue to gain
leverage in our SG&A and R&D expenses.
"As we've previously discussed, this quarter presented a very difficult
bookings comparison, as the second quarter of 2014 included
approximately $64 million of new contracts in California for our Odyssey®
court case management solution. Lumpy bookings, especially with respect
to large contracts, are simply a characteristic of our business.
However, excluding the California Odyssey signings in last year's second
quarter, bookings rose 3 percent this quarter and 12 percent on a
trailing 12 month basis.
"Tyler's backlog reached a new high of $723 million at June 30. The new
business pipeline remains active and our competitive position in the
marketplace continues to be very strong. With our robust performance for
the first half of the year and current outlook for the remainder of
2015, we have again raised our earnings guidance for the full year."
Guidance for 2015
As of July 22, 2015, Tyler Technologies is providing the following
guidance for the full year 2015:
-
Total revenues are expected to be in the range of $575 million to $581
million.
-
Diluted earnings per share are expected to be approximately $1.97 to
$2.05.
-
Non-GAAP diluted earnings per share are expected to be approximately
$2.50 to $2.58.
-
Pretax non-cash, share-based compensation expense is expected to be
approximately $20.0 million to $20.5 million.
-
The effective tax rate is expected to be between approximately 37.0
percent and 38.0 percent.
-
Capital expenditures are expected to be between $13.5 million and
$14.5 million, and total depreciation and amortization expense is
expected to be between $15.5 million and $16.0 million, including
approximately $6.7 million of amortization of acquisition intangibles.
Conference Call
Tyler Technologies will hold a conference call on Thursday, July 23, at
10:00 a.m. EDT to discuss the company's results. The company is offering
participants the opportunity to register in advance for the conference
through the following link: http://dpregister.com/10068769.
Registered participants will receive an email with a calendar reminder
and a dial-in number and PIN that will allow them immediate access to
the call on July 23, 2015.
Participants who do not wish to pre-register for the call may dial in
using 866-777-2509 (U.S. callers) or 412-317-5413 (international
callers), and ask for the "Tyler Technologies" call. A replay will be
available two hours after completion of the call through July 30, 2015.
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 10068769.
The live webcast and archived replay can also be accessed at www.tylertech.com.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) 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 13,000 local government offices
in all 50 states, Canada, the Caribbean, the United Kingdom and other
international locations. Forbes named Tyler one of "America's Best Small
Companies" eight times and the company has been included six times on
the Barron's 400 Index, a measure of the most promising companies in
America. More information about Plano-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 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. 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 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, 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.
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 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) general economic, political and market conditions; (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 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.
|
|
|
TYLER TECHNOLOGIES, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
(Amounts in thousands, except per share data)
|
|
(Unaudited)
|
|
|
| |
|
| |
|
|
| |
|
| |
| | |
Three Months Ended June 30,
| | | |
Six Months Ended June 30,
|
| | | 2015 | | |
2014
| | | | 2015 | | |
2014
|
|
Revenues:
| | | | | | | | | | | | | |
|
Software licenses and royalties
| | | $ | 14,586 | | |
$
|
12,083
| | | | | $ | 28,886 | | |
$
|
23,315
| |
|
Subscriptions
| | | | 26,949 | | | |
20,934
| | | | | | 52,237 | | | |
41,441
| |
|
Software services
| | | | 34,563 | | | |
30,128
| | | | | | 65,367 | | | |
54,435
| |
|
Maintenance
| | | | 59,463 | | | |
51,951
| | | | | | 116,811 | | | |
102,191
| |
|
Appraisal services
| | | | 6,691 | | | |
5,444
| | | | | | 12,780 | | | |
10,295
| |
|
Hardware and other
| | |
| 4,043 | | |
|
3,831
|
| | | |
| 5,180 | | |
|
5,320
|
|
|
Total revenues
| | | | 146,295 | | | |
124,371
| | | | | | 281,261 | | | |
236,997
| |
| | | | | | | | | | | | |
|
|
Cost of revenues:
| | | | | | | | | | | | | |
|
Software licenses and royalties
| | | | 483 | | | |
343
| | | | | | 1,036 | | | |
874
| |
|
Acquired software
| | | | 456 | | | |
444
| | | | | | 912 | | | |
925
| |
|
Software services, maintenance and subscriptions
| | | | 69,678 | | | |
58,274
| | | | | | 135,055 | | | |
113,273
| |
|
Appraisal services
| | | | 4,278 | | | |
3,665
| | | | | | 8,413 | | | |
6,976
| |
|
Hardware and other
| | |
| 3,147 | | |
|
3,087
|
| | | |
| 3,713 | | |
|
3,861
|
|
|
Total cost of revenues
| | | | 78,042 | | | |
65,813
| | | | | | 149,129 | | | |
125,909
| |
| | | | | | | | | | | | |
|
|
Gross profit
| | | | 68,253 | | | |
58,558
| | | | | | 132,132 | | | |
111,088
| |
| | | | | | | | | | | | |
|
|
Selling, general and administrative expenses
| | | | 30,396 | | | |
27,419
| | | | | | 58,941 | | | |
52,786
| |
|
Research and development expense
| | | | 7,110 | | | |
6,389
| | | | | | 14,114 | | | |
12,561
| |
|
Amortization of customer and trade name intangibles
| | |
| 1,151 | | |
|
1,128
|
| | | |
| 2,303 | | |
|
2,257
|
|
|
Operating income
| | | | 29,596 | | | |
23,622
| | | | | | 56,774 | | | |
43,484
| |
|
Other income (expense), net
| | |
| 185 | | |
|
(216
|
)
| | | |
| 366 | | |
|
(475
|
)
|
|
Income before income taxes
| | | | 29,781 | | | |
23,406
| | | | | | 57,140 | | | |
43,009
| |
|
Income tax provision
| | |
| 10,945 | | |
|
8,666
|
| | | |
| 21,031 | | |
|
16,386
|
|
|
Net income
| | | $ | 18,836 | | |
$
|
14,740
|
| | | | $ | 36,109 | | |
$
|
26,623
|
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
|
Earnings per common share:
| | | | | | | | | | | | | |
|
Basic
| | | $ | 0.56 | | |
$
|
0.45
|
| | | | $ | 1.07 | | |
$
|
0.81
|
|
|
Diluted
| | | $ | 0.52 | | |
$
|
0.42
|
| | | | $ | 1.00 | | |
$
|
0.75
|
|
| | | | | | | | | | | | |
|
|
Weighted average common shares outstanding:
| | | | | | | | | | | | | |
|
Basic
| | | | 33,751 | | | |
32,918
| | | | | | 33,756 | | | |
32,876
| |
|
Diluted
| | | | 36,097 | | | |
35,161
| | | | | | 36,096 | | | |
35,289
| |
| | | | | | | | | | | | | | | | | | |
|
|
|
|
TYLER TECHNOLOGIES, INC.
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
(Amounts in thousands, except per share data)
|
|
(Unaudited)
|
|
|
| |
|
| |
|
|
| |
|
| |
| | |
Three Months Ended June 30,
| | | |
Six Months Ended June 30,
|
| | | 2015 | | |
2014
| | | | 2015 | | |
2014
|
|
Reconciliation of non-GAAP gross profit and margin
| | | | | | | | | | | | | |
|
GAAP gross profit
| | | $ | 68,253 | | | |
$
|
58,558
| | | | | $ | 132,132 | | | |
$
|
111,088
| |
|
Non-GAAP adjustments:
| | | | | | | | | | | | | |
|
Add: Share-based compensation expense included in cost of revenues
| | | | 746 | | | | |
513
| | | | | | 1,447 | | | | |
1,026
| |
|
Add: Amortization of acquired software
| | |
| 456 |
| | |
|
444
|
| | | |
| 912 |
| | |
|
925
|
|
|
Non-GAAP gross profit
| | | $ | 69,455 |
| | |
$
|
59,515
|
| | | | $ | 134,491 |
| | |
$
|
113,039
|
|
| | | | | | | | | | | | |
|
|
Non-GAAP gross margin
| | |
| 47.5 | % | | |
|
47.9
|
%
| | | |
| 47.8 | % | | |
|
47.7
|
%
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
|
Reconciliation of non-GAAP operating income and margin
| | | | | | | | | | | | | |
|
GAAP operating income
| | | $ | 29,596 | | | |
$
|
23,622
| | | | | $ | 56,774 | | | |
$
|
43,484
| |
|
Non-GAAP adjustments:
| | | | | | | | | | | | | |
|
Add: Share-based compensation expense
| | | | 4,603 | | | | |
3,539
| | | | | | 8,861 | | | | |
7,002
| |
|
Add: Employer portion of payroll tax related to employee stock
transactions
| | | | 197 | | | | |
-
| | | | | | 273 | | | | |
24
| |
|
Add: Amortization of acquired software
| | | | 456 | | | | |
444
| | | | | | 912 | | | | |
925
| |
|
Add: Amortization of customer and trade name intangibles
| | |
| 1,151 |
| | |
|
1,128
|
| | | |
| 2,303 |
| | |
|
2,257
|
|
|
Non-GAAP adjustments subtotal
| | | $ | 6,407 |
| | |
$
|
5,111
|
| | | | $ | 12,349 |
| | |
$
|
10,208
|
|
|
Non-GAAP operating income
| | | $ | 36,003 |
| | |
$
|
28,733
|
| | | | $ | 69,123 |
| | |
$
|
53,692
|
|
| | | | | | | | | | | | |
|
|
Non-GAAP operating margin
| | |
| 24.6 | % | | |
|
23.1
|
%
| | | |
| 24.6 | % | | |
|
22.7
|
%
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
|
Reconciliation of non-GAAP net income and earnings per share
| | | | | | | | | | | | | |
|
GAAP net income
| | | $ | 18,836 | | | |
$
|
14,740
| | | | | $ | 36,109 | | | |
$
|
26,623
| |
|
Non-GAAP adjustments:
| | | | | | | | | | | | | |
|
Add: Total non-GAAP adjustments to operating income
| | | | 6,407 | | | | |
5,111
| | | | | | 12,349 | | | | |
10,208
| |
|
Less: Tax impact related to non-GAAP adjustments
| | |
| (1,947 | ) | | |
|
(1,485
|
)
| | | |
| (3,813 | ) | | |
|
(3,025
|
)
|
|
Non-GAAP net income
| | | $ | 23,296 |
| | |
$
|
18,366
|
| | | | $ | 44,645 |
| | |
$
|
33,806
|
|
| | | | | | | | | | | | |
|
|
Non-GAAP earnings per diluted share
| | | $ | 0.65 |
| | |
$
|
0.52
|
| | | | $ | 1.24 |
| | |
$
|
0.96
|
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
|
Detail of share-based compensation expense
| | | | | | | | | | | | | |
|
Cost of software services, maintenance and subscriptions
| | | $ | 746 | | | |
$
|
513
| | | | | $ | 1,447 | | | |
$
|
1,026
| |
|
Selling, general and administrative expenses
| | |
| 3,857 |
| | |
|
3,026
|
| | | |
| 7,414 |
| | |
|
5,976
|
|
|
Total share-based compensation expense
| | | $ | 4,603 |
| | |
$
|
3,539
|
| | | | $ | 8,861 |
| | |
$
|
7,002
|
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
|
Reconciliation of adjusted EBITDA
| | | | | | | | | | | | | |
|
GAAP net income
| | | $ | 18,836 | | | |
$
|
14,740
| | | | | $ | 36,109 | | | |
$
|
26,623
| |
|
Amortization of customer and trade name intangibles
| | | | 1,151 | | | | |
1,128
| | | | | | 2,303 | | | | |
2,257
| |
Depreciation and other amortization included in cost of revenues,
SG&A and other expenses
| | | | 2,620 | | | | |
2,497
| | | | | | 5,181 | | | | |
5,024
| |
|
Interest expense included in other expense, net
| | | | - | | | | |
144
| | | | | | - | | | | |
287
| |
|
Income tax provision
| | |
| 10,945 |
| | |
|
8,666
|
| | | |
| 21,031 |
| | |
|
16,386
|
|
|
EBITDA
| | | $ | 33,552 |
| | |
$
|
27,175
|
| | | | $ | 64,624 |
| | |
$
|
50,577
|
|
|
Share-based compensation expense
| | |
| 4,603 |
| | |
|
3,539
|
| | | |
| 8,861 |
| | |
|
7,002
|
|
|
Adjusted EBITDA
| | | $ | 38,155 |
| | |
$
|
30,714
|
| | | | $ | 73,485 |
| | |
$
|
57,579
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
TYLER TECHNOLOGIES, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Amounts in thousands)
|
|
(Unaudited)
|
|
|
| |
|
| |
| | | June 30, | | |
December 31,
|
| | | 2015 | | |
2014
|
|
ASSETS
| | | | | | |
| | | | | |
|
|
Current assets:
| | | | | | |
|
Cash and cash equivalents
| | | $ | 204,103 | | |
$
|
206,167
|
|
Accounts receivable, net
| | | | 152,178 | | | |
112,660
|
|
Other current assets
| | | | 29,569 | | | |
18,209
|
|
Deferred income taxes
| | |
| 9,674 | | |
|
9,674
|
|
Total current assets
| | | | 395,524 | | | |
346,710
|
| | | | | |
|
|
Accounts receivable, long-term portion
| | | | 391 | | | |
1,761
|
|
Property and equipment, net
| | | | 67,908 | | | |
65,910
|
| | | | | |
|
|
Other assets:
| | | | | | |
|
Goodwill and other intangibles, net
| | | | 163,467 | | | |
158,864
|
|
Cost method investment
| | | | 15,000 | | | |
-
|
|
Other non-current assets
| | |
| 3,744 | | |
|
737
|
| | | | | |
|
|
Total assets
| | | $ | 646,034 | | |
$
|
573,982
|
| | | | | |
|
| | | | | |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
| | | | | | |
| | | | | |
|
|
Current liabilities:
| | | | | | |
|
Accounts payable and accrued liabilities
| | | $ | 39,195 | | |
$
|
43,627
|
|
Deferred revenue
| | |
| 201,549 | | |
| 189,212 |
|
Total current liabilities
| | | | 240,744 | | | |
232,839
|
| | | | | |
|
|
Deferred income taxes
| | | | 4,673 | | | |
4,170
|
|
Shareholders' equity
| | |
| 400,617 | | |
|
336,973
|
| | | | | |
|
|
Total liabilities and shareholders' equity
| | | $ | 646,034 | | |
$
|
573,982
|
| | | | | | | |
|
|
|
|
TYLER TECHNOLOGIES, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Amounts in thousands)
|
|
(Unaudited)
|
|
|
| |
|
| |
|
|
| |
|
| |
| | |
Three months ended June 30,
| | | |
Six months ended June 30,
|
| | | 2015 | | |
2014
| | | | 2015 | | |
2014
|
|
Cash flows from operating activities:
| | | | | | | | | | | | | |
|
Net income
| | | $ | 18,836 | | | |
$
|
14,740
| | | | | $ | 36,109 | | | |
$
|
26,623
| |
|
Adjustments to reconcile net income to cash
| | | | | | | | | | | | | |
|
provided by operations:
| | | | | | | | | | | | | |
|
Depreciation and amortization
| | | | 3,771 | | | | |
3,625
| | | | | | 7,484 | | | | |
7,281
| |
|
Share-based compensation expense
| | | | 4,603 | | | | |
3,539
| | | | | | 8,861 | | | | |
7,002
| |
Excess tax benefit from exercise of share-based arrangements
| | | | (5,269 | ) | | | |
(1,048
|
)
| | | | | (8,827 | ) | | | |
(3,206
|
)
|
|
Changes in operating assets and liabilities,
| | | | | | | | | | | | | | | | | | | | | |
exclusive of effects of acquired companies
| | |
| (5,033 | ) | | |
|
(8,588
|
)
| | | |
| (28,814 | ) | | |
|
(8,872
|
)
|
|
Net cash provided by operating activities
| | |
| 16,908 |
| | |
|
12,268
|
| | | |
| 14,813 |
| | |
|
28,828
|
|
| | | | | | | | | | | | |
|
|
Cash flows from investing activities:
| | | | | | | | | | | | | |
|
Purchase of cost method investment
| | | | - | | | | |
-
| | | | | | (15,000 | ) | | | |
-
| |
|
Purchase of held-to-maturity securities
| | | | (6,449 | ) | | | |
-
| | | | | | (6,449 | ) | | | |
-
| |
Cost of acquisitions, net of cash acquired
| | | | (6,122 | ) | | | |
-
| | | | | | (6,447 | ) | | | |
-
| |
|
Additions to property and equipment
| | | | (4,217 | ) | | | |
(2,847
|
)
| | | | | (6,126 | ) | | | |
(6,477
|
)
|
|
(Increase) decrease in other
| | |
| (9 | ) | | |
|
35
|
| | | |
| (9 | ) | | |
|
343
|
|
|
Net cash used by investing activities
| | |
| (16,797 | ) | | |
|
(2,812
|
)
| | | |
| (34,031 | ) | | |
|
(6,134
|
)
|
| | | | | | | | | | | | |
|
|
Cash flows from financing activities:
| | | | | | | | | | | | | |
|
Purchase of treasury shares
| | | | (645 | ) | | | |
(22,815
|
)
| | | | | (645 | ) | | | |
(22,815
|
)
|
|
Proceeds from exercise of stock options
| | | | 3,304 | | | | |
2,093
| | | | | | 6,729 | | | | |
4,117
| |
|
Contributions from employee stock purchase plan
| | | | 1,343 | | | | |
1,165
| | | | | | 2,243 | | | | |
2,014
| |
|
Excess tax benefit from exercise of share-based arrangements
| | |
| 5,269 |
| | |
|
1,048
|
| | | |
| 8,827 |
| | |
|
3,206
|
|
|
Net cash provided (used) by financing activities
| | |
| 9,271 |
| | |
|
(18,509
|
)
| | | |
| 17,154 |
| | |
|
(13,478
|
)
|
| | | | | | | | | | | | |
|
|
Net increase (decrease) in cash and cash equivalents
| | | | 9,382 | | | | |
(9,053
|
)
| | | | | (2,064 | ) | | | |
9,216
| |
|
Cash and cash equivalents at beginning of period
| | |
| 194,721 |
| | |
|
97,145
|
| | | |
| 206,167 |
| | |
|
78,876
|
|
| | | | | | | | | | | | |
|
|
Cash and cash equivalents at end of period
| | | $ | 204,103 |
| | |
$
|
88,092
|
| | | | $ | 204,103 |
| | |
$
|
88,092
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722006384/en/
Tyler Technologies, Inc.
Brian K. Miller, 972-713-3720
Executive
Vice President - CFO
brian.miller@tylertech.com