This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tyler Technologies Reports Third Quarter 2013 Earnings

Stocks in this article: TYL

Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the third quarter ended September 30, 2013.

Third Quarter Financial Highlights:

  • Total revenue was $107.0 million in the third quarter of 2013, up 14.0 percent from $93.8 million in the third quarter of 2012. Organic revenue growth was 11.5 percent and acquisitions accounted for 2.5 percent growth.
  • Recurring software revenue from maintenance and subscriptions was $64.5 million for the quarter, an increase of 15.6 percent compared to the third quarter of 2012, and comprised 60.3 percent of third quarter 2013 revenue.
  • Operating income for the quarter was $17.9 million, a decrease of 4.3 percent from the third quarter of 2012.
  • Net income for the quarter was $11.0 million, or $0.32 per diluted share, compared to $10.8 million, or $0.33 per diluted share, for the third quarter of 2012.
  • Cash flow from operations for the quarter was $42.1 million, up 24.5 percent compared to $33.8 million for the third quarter of 2012.
  • Non-GAAP operating income for the quarter was $23.1 million, up 3.7 percent from $22.3 million for the third quarter of 2012.
  • Adjusted EBITDA for the quarter was $24.2 million, an increase of 2.9 percent, compared to $23.5 million for the third quarter of 2012.
  • Non-GAAP net income for the quarter was $14.7 million, or $0.42 per diluted share, compared to $13.2 million, or $0.40 per diluted share, for the third quarter of 2012.
  • Total backlog was $541.0 million at September 30, 2013, up 51.2 percent from $357.9 million at September 30, 2012. Software-related backlog (excluding appraisal services) was $517.6 million, an increase of 57.7 percent compared to $328.2 million at September 30, 2012. Backlog at September 30, 2013 included $71.5 million related to Tyler’s TexFile contract for an e-filing system for Texas courts, which was amended from a transaction-based arrangement to a fixed-price agreement.

“Tyler’s third quarter results were solid, with double-digit growth in all of our software-related revenue lines,” said John S. Marr Jr., Tyler’s president and chief executive officer. “Subscription revenues continue to be our fastest-growing line, increasing more than 34 percent as we added clients for our SaaS solutions and our e-filing offerings. However, as expected, our margins declined from last year as we incurred costs related to implementing the TexFile contract, as well as accelerated hiring to ensure we are well-positioned to deliver our current backlog and anticipated business. We expect that these costs will continue to pressure margins in the fourth quarter.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs