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Tyler's (TYL) Q4 Earnings & Revenues Beat Estimates, Up Y/Y
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Tyler Technologies, Inc. (TYL - Free Report) reported fourth-quarter 2021 non-GAAP earnings of $1.75 per share, narrowly beating the Zacks Consensus Estimate of $1.74 per share. The bottom line improved 27.4% from $1.39 per share in the year-ago quarter.
Non-GAAP revenues of Tyler improved by 53.2% year over year to $434.2 million from $283.4 million reported a year ago. The top line surpassed Zacks Consensus Estimate of $432.2 million.
The robust year-over-year top-line growth was primarily driven by post-acquisition contributions of NIC and continuous recovery of market and sales activities to pre-COVID levels. On an organic basis, non-GAAP revenues increased 9.2%.
Tyler Technologies, Inc. Price, Consensus and EPS Surprise
Tyler’s recurring revenues from maintenance and subscriptions increased 63.4% year over year to $347.2 million and accounted for 80.1% of the total quarterly revenues.
The company reported annualized recurring revenues on a non-GAAP basis of $1.39 billion, up 63.7% year over year. Subscription bookings in the fourth quarter added $14.8 million in annual recurring revenues.
Segment-wise, maintenance revenues (accounting for 27.2% of total revenues) were $117.7 million, down 0.6% year over year.
Subscription revenues (52.9% of total revenues) soared 144.1% year over year to $229.5 million.
Software licenses and royalties (4.4% of total revenues) of $19.2 million increased 10.2% on a year-over-year basis.
Software Services revenues (12.4% of total revenues) amounted to $53.8 million, up 26% from the year-ago quarter.
Appraisal services revenues (1.8% of total revenues) rose 50% from the prior-year quarter to $7.9 million.
Hardware and other revenues (1.3% of total revenues) fell 0.9% from the year-ago quarter to $5.4 million.
Backlog at quarter-end was $1.8 billion, up 12.6% year over year.
Bookings surged 39.3% year on year to $464 million, courtesy of post-acquisition activities of NIC and the continuous rebound of market trends to pre-pandemic levels. Excluding NIC’s contribution, bookings increased 4.2% year over year. COVID-related initiatives, as well as NIC’s TourHealth, added $16.6 million to subscriptions revenues and software services revenues.
Operating Details
Tyler’s non-GAAP gross profit increased 36.6% year over year to $207.2 million. However, non-GAAP gross margin contracted 580 basis points (bps) to 47.7%.
Adjusted EBITDA increased by 32.6% year over year to $110.3 million.
Non-GAAP operating income for the quarter totaled $102.5 million, up 34.2% year over year. However, non-GAAP operating margin contracted 330 bps to 23.6%.
Balance Sheet & Other Financial Details
As of Dec 31, 2021, Tyler’s cash and cash equivalents were $309.2 million compared with $234.1 million on Sep 30, 2021.
The company generated $115 million of cash from operational activities. Free cash flow was $95.1 million.
During full-year 2021, Tyler generated operating and free cash flow of $371.8 million and $316.1 million, respectively.
Full-Year Highlights
For full-year 2021, Tyler reported non-GAAP revenues of $1.59 billion, up 42.7% year over year. On an organic basis, non-GAAP revenues increased 8.8%.
The company reported non-GAAP earnings of $7.02 per share, reflecting a year-over-year surge of 29.3%.
Non-GAAP operating income climbed 35.4% to $405.5 million. Adjusted EBITDA was $435.7 million compared with $326 million reported in 2020.
Bookings were $1.8 billion for full-year 2021, indicating a 41.6% growth.
Guidance
Buoyed by solid fourth-quarter performance, Tyler provided a revenue and earnings outlook for the full-year 2022. The company projects revenues between $1.830 billion and $1.870 billion.
Tyler expects non-GAAP earnings to be $7.41-$7.58 per share.
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Apple’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 20.3%. AAPL stock has appreciated 31.9% in the past year.
The Zacks Consensus Estimate for Axcelis’ first-quarter 2022 earnings has been revised upward by 2 cents to 89 cents per share over the past seven days. For 2022, earnings estimates have moved north by 10.8% to $3.99 per share in the last seven days.
Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 30.3%. Shares of ACLS have rallied 80.8% in the past year.
The Zacks Consensus Estimate for Analog Devices’ first-quarter fiscal 2022 earnings has been revised upward by a penny to $1.79 per share over the past 60 days. For fiscal 2022, earnings estimates have moved north by 7 cents to $7.53 per share in the past 60 days.
Analog Devices’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.1%. Shares of ADI have gained 5.4% in the past year.
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Tyler's (TYL) Q4 Earnings & Revenues Beat Estimates, Up Y/Y
Tyler Technologies, Inc. (TYL - Free Report) reported fourth-quarter 2021 non-GAAP earnings of $1.75 per share, narrowly beating the Zacks Consensus Estimate of $1.74 per share. The bottom line improved 27.4% from $1.39 per share in the year-ago quarter.
Non-GAAP revenues of Tyler improved by 53.2% year over year to $434.2 million from $283.4 million reported a year ago. The top line surpassed Zacks Consensus Estimate of $432.2 million.
The robust year-over-year top-line growth was primarily driven by post-acquisition contributions of NIC and continuous recovery of market and sales activities to pre-COVID levels. On an organic basis, non-GAAP revenues increased 9.2%.
Tyler Technologies, Inc. Price, Consensus and EPS Surprise
Tyler Technologies, Inc. price-consensus-eps-surprise-chart | Tyler Technologies, Inc. Quote
Quarterly Details
Tyler’s recurring revenues from maintenance and subscriptions increased 63.4% year over year to $347.2 million and accounted for 80.1% of the total quarterly revenues.
The company reported annualized recurring revenues on a non-GAAP basis of $1.39 billion, up 63.7% year over year. Subscription bookings in the fourth quarter added $14.8 million in annual recurring revenues.
Segment-wise, maintenance revenues (accounting for 27.2% of total revenues) were $117.7 million, down 0.6% year over year.
Subscription revenues (52.9% of total revenues) soared 144.1% year over year to $229.5 million.
Software licenses and royalties (4.4% of total revenues) of $19.2 million increased 10.2% on a year-over-year basis.
Software Services revenues (12.4% of total revenues) amounted to $53.8 million, up 26% from the year-ago quarter.
Appraisal services revenues (1.8% of total revenues) rose 50% from the prior-year quarter to $7.9 million.
Hardware and other revenues (1.3% of total revenues) fell 0.9% from the year-ago quarter to $5.4 million.
Backlog at quarter-end was $1.8 billion, up 12.6% year over year.
Bookings surged 39.3% year on year to $464 million, courtesy of post-acquisition activities of NIC and the continuous rebound of market trends to pre-pandemic levels. Excluding NIC’s contribution, bookings increased 4.2% year over year. COVID-related initiatives, as well as NIC’s TourHealth, added $16.6 million to subscriptions revenues and software services revenues.
Operating Details
Tyler’s non-GAAP gross profit increased 36.6% year over year to $207.2 million. However, non-GAAP gross margin contracted 580 basis points (bps) to 47.7%.
Adjusted EBITDA increased by 32.6% year over year to $110.3 million.
Non-GAAP operating income for the quarter totaled $102.5 million, up 34.2% year over year. However, non-GAAP operating margin contracted 330 bps to 23.6%.
Balance Sheet & Other Financial Details
As of Dec 31, 2021, Tyler’s cash and cash equivalents were $309.2 million compared with $234.1 million on Sep 30, 2021.
The company generated $115 million of cash from operational activities. Free cash flow was $95.1 million.
During full-year 2021, Tyler generated operating and free cash flow of $371.8 million and $316.1 million, respectively.
Full-Year Highlights
For full-year 2021, Tyler reported non-GAAP revenues of $1.59 billion, up 42.7% year over year. On an organic basis, non-GAAP revenues increased 8.8%.
The company reported non-GAAP earnings of $7.02 per share, reflecting a year-over-year surge of 29.3%.
Non-GAAP operating income climbed 35.4% to $405.5 million. Adjusted EBITDA was $435.7 million compared with $326 million reported in 2020.
Bookings were $1.8 billion for full-year 2021, indicating a 41.6% growth.
Guidance
Buoyed by solid fourth-quarter performance, Tyler provided a revenue and earnings outlook for the full-year 2022. The company projects revenues between $1.830 billion and $1.870 billion.
Tyler expects non-GAAP earnings to be $7.41-$7.58 per share.
Zacks Rank & Key Picks
Tyler currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader computer and technology sector include the iPhone maker Apple (AAPL - Free Report) and Axcelis Technologies (ACLS - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Analog Devices (ADI - Free Report) carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Apple’s second-quarter fiscal 2022 earnings has been revised upward by 3.6% to $1.43 per share over the past 30 days. For fiscal 2022, earnings estimates have moved north by 5.9% to $6.15 per share in the past 30 days.
Apple’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 20.3%. AAPL stock has appreciated 31.9% in the past year.
The Zacks Consensus Estimate for Axcelis’ first-quarter 2022 earnings has been revised upward by 2 cents to 89 cents per share over the past seven days. For 2022, earnings estimates have moved north by 10.8% to $3.99 per share in the last seven days.
Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 30.3%. Shares of ACLS have rallied 80.8% in the past year.
The Zacks Consensus Estimate for Analog Devices’ first-quarter fiscal 2022 earnings has been revised upward by a penny to $1.79 per share over the past 60 days. For fiscal 2022, earnings estimates have moved north by 7 cents to $7.53 per share in the past 60 days.
Analog Devices’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.1%. Shares of ADI have gained 5.4% in the past year.