“We enter the new year with a strong balance sheet, a record backlog level, and an excellent competitive position coupled with a market environment that appears to be continuing to gradually improve,” said Mr. Marr. “Our guidance reflects our expectation that current business trends will continue in 2013,” continued Mr. Marr.
“Our guidance also includes costs of significant investments in our business that we believe will enhance our market leadership and improve long-term revenue and margin growth. These investments include expenses associated with the implementation of new electronic filing contracts, including our TexFile contract to provide a statewide e-filing system for Texas courts. The Texas Supreme Court recently issued an order mandating e-filing in civil cases, with a phase-in beginning January 2014, that we expect will significantly increase our transaction volumes and revenues from that contract. In addition, we plan to accelerate hiring in 2013 to ensure that we are well-positioned to deliver our current backlog and anticipated new business.”
Guidance for 2013
As of February 6, 2013, Tyler Technologies is providing the following guidance for the full year 2013:
- Tyler expects total revenues for 2013 to be in the range of $409 million to $418 million.
- Tyler expects 2013 diluted earnings per share to be approximately $1.06 to $1.14.
- Tyler expects 2013 non-GAAP diluted earnings per share to be approximately $1.42 to $1.50.
- Tyler expects pretax non-cash, share-based compensation expense to be approximately $10.5 million.
- Tyler expects that its effective tax rate for 2013 will be approximately 40.0 percent.
- Tyler expects that capital expenditures for the year will be between $23.0 million and $24.0 million, including approximately $14.8 million related to real estate, and that total depreciation and amortization expense is expected to be between $14.2 million and $14.7 million, including approximately $6.5 million of amortization of acquisition intangibles.
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