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Tyler Technologies Reports Earnings For Fourth Quarter And Fiscal 2012

“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.

Conference Call

Tyler Technologies will hold a conference call on Thursday, February 7, at 10:00 a.m. Eastern Time to discuss the Company’s results. To participate in the teleconference, please dial into the call a few minutes before the start time: 877-317-6789 (U.S. callers) and 412-317-6789 (international callers), and reference confirmation code 10021871 when prompted. A replay will be available two hours after the completion of the call through February 14, 2013. To access the replay, please dial 877-344-7529 (U.S. callers) and 412-317-0088 (international callers) and reference passcode 10021871. The live webcast and archived replay can also be accessed in the Investor section of Tyler’s website at www.tylertech.com.

About Tyler Technologies, Inc.

Tyler Technologies 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 11,000 local government offices in all 50 states, Canada, the Caribbean and the United Kingdom. Forbes has named Tyler one of “America’s Best Small Companies” five times in the last six years. More information about Dallas-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 operating income, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating margin, 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 that 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 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.

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