Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the quarter ended September 30, 2012. Total revenue grew 21.6 percent to $93.8 million and net income was $10.8 million, or $0.33 per diluted share. In the same quarter last year, the Company had revenue of $77.2 million and net income of $7.5 million, or $0.23 per diluted share. Gross margin increased 110 basis points to 47.9 percent compared to 46.8 percent in the year-ago quarter.
Recurring software revenue from maintenance and subscriptions was $55.8 million in the third quarter of 2012, an increase of 24.0 percent compared to the third quarter of 2011, and comprised 59.4 percent of the quarter’s total revenue.
Excluding capital expenditures associated with real estate, free cash flow for the third quarter of 2012 was $32.9 million compared to $24.3 million in the third quarter of last year. Including real estate capital expenditures, free cash flow for the current quarter was $31.8 million compared to $24.3 million for the same period in 2011.
EBITDA, or earnings before interest, income taxes, depreciation and amortization, increased 45.9 percent to $21.6 million in the third quarter of 2012, compared to $14.8 million in the prior-year quarter.Total backlog was $357.9 million at September 30, 2012, up 19.8 percent from $298.7 million at September 30, 2011. Software-related backlog (excluding appraisal services) reached a new high of $328.2 million, an increase of 18.3 percent compared to $277.5 million at September 30, 2011. “Tyler achieved exceptional results for the quarter, returning organic revenue growth of over 13 percent and together with revenues from our recent acquisitions, total growth of over 21 percent from the same period last year. We are encouraged that all of our software-related revenue lines, and particularly our recurring revenues, experienced strong double-digit growth,” said John S. Marr Jr., Tyler’s president and chief executive officer. “Tyler’s gross margin of 47.9 percent and operating profit margin of almost 20 percent were both new quarterly highs.
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