Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the second quarter ended June 30, 2013.
Second Quarter Financial Highlights:
- Total revenue was $103.1 million in the second quarter of 2013, up 12.8 percent from $91.4 million in the second quarter of 2012. Organic revenue growth was 9.5 percent and acquisitions accounted for 3.3 percent growth.
- Recurring software revenue from maintenance and subscriptions was $60.5 million for the quarter, an increase of 15.0 percent compared to the second quarter of 2012, and comprised 58.7 percent of second quarter 2013 revenue.
- Operating income for the quarter was $15.3 million, an increase of 23.2 percent from the second quarter of 2012.
- Net income for the quarter was $9.0 million, or $0.26 per diluted share, compared to $7.1 million, or $0.22 per diluted share, for the second quarter of 2012.
- Cash flow from operations for the quarter was negative $498,000, compared to negative $9.7 million for the second quarter of 2012.
- Non-GAAP operating income for the quarter was $19.9 million, up 25.6 percent from $15.8 million for the second quarter of 2012.
- Adjusted EBITDA for the quarter was $21.5 million, an increase of 23.4 percent, compared to $17.4 million for the second quarter of 2012.
- Non-GAAP net income for the quarter was $12.2 million, or $0.36 per diluted share, compared to $9.5 million, or $0.29 per diluted share, for the second quarter of 2012.
- Total backlog was a record $430.9 million at June 30, 2013, up 19.7 percent from $360.0 million at June 30, 2012. Software-related backlog (excluding appraisal services) was $411.1 million, an increase of 25.3 percent compared to $328.0 million at June 30, 2012.
“We are pleased with the results Tyler Technologies achieved in the second quarter, with quarterly revenues surpassing $100 million for the first time,” said John S. Marr Jr., Tyler’s president and chief executive officer. “Software licenses and royalties revenue increased almost 20 percent, while our subscription revenues grew more than 31 percent, as adoption of our SaaS model and e-filing offerings continues to expand. Our non-GAAP operating margin improved 200 basis points to 19.3 percent and non-GAAP net income rose 29 percent.
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