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Tyler Technologies Reports Earnings For Fourth Quarter And Fiscal 2012

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.
  • 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.

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