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Tyler Technologies Reports Earnings for Second Quarter 2022

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Total revenues grew 16.0% driven by 28.2% growth in subscriptions

PLANO, Texas, July 27, 2022--(BUSINESS WIRE)--Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the second quarter ended June 30, 2022.

Second Quarter 2022 Financial Highlights:

  • Both GAAP and non-GAAP total revenues were $468.7 million, up 16.0% from $404.1 million and 15.6% from $405.4 million, respectively, for the second quarter of 2021. On an organic basis (excluding COVID-related revenues), GAAP revenues grew 6.2% and non-GAAP revenues grew 5.8%.

  • Recurring revenues from maintenance and subscriptions were $372.6 million, up 16.7% from $319.2 million for the second quarter of 2021, and comprised 79.5% of second quarter 2022 revenue, up from 79.0% for the second quarter of 2021. On an organic basis (excluding COVID-related revenues), recurring revenues were $331.4 million, up 7.7%.

  • Subscription revenue and software services revenue included a total of $15.2 million from NIC's COVID-related initiatives. Revenues from TourHealth concluded in the second quarter, and revenues from the Virginia rent relief program are expected to wind down in the third quarter.

  • Operating income was $56.8 million, up 48.2% from $38.3 million for the second quarter of 2021. Non-GAAP operating income was $110.6 million, up 3.0% from $107.4 million for the second quarter of 2021.

  • Net income was $39.9 million, or $0.94 per diluted share, up 56.5% from $25.5 million, or $0.61 per diluted share, for the second quarter of 2021. Non-GAAP net income was $79.5 million, or $1.88 per diluted share, up 2.9% from $77.2 million, or $1.83 per diluted share, for the second quarter of 2021.

  • Cash flows from operations were $76.7 million compared to negative $20.3 million for the second quarter of 2021. Free cash flow was $60.0 million compared to negative $33.5 million for the second quarter of 2021.

  • Adjusted EBITDA was $119.0 million, up 3.8% from $114.7 million for the second quarter of 2021.

  • Software subscription arrangements comprised approximately 74% of the total new software contract value for the second quarter, compared to approximately 65% for the second quarter of 2021.

  • Software subscription bookings for the second quarter added $27.6 million in annual recurring revenue.

  • Annualized non-GAAP recurring revenue (ARR) was $1.49 billion, up 16.3% from $1.28 billion for the second quarter of 2021.

  • Total backlog was $1.85 billion, up 13.9% from $1.63 billion at June 30, 2021.

"Our market conditions remain strong, reflected by request for proposal and demo activities that continue to trend positively," said Lynn Moore, Tyler's president and chief executive officer. Total revenues grew approximately 16.0%, with organic revenue growth of 6.2%. Subscription revenues grew 28.2% in total and 14.1% organically, marking our 66th consecutive quarter of double-digit subscription revenue growth. Services revenues were flat on an organic basis, as we work to grow our implementation teams to support our growing backlog and anticipated continued sales growth.

"Our NIC division continued to exhibit strength in the second quarter, with core revenue growth of 8%, excluding COVID-related revenues, which we expect to end in the third quarter. Our enthusiasm around cross-sell opportunities with NIC remains high, and the pipeline of those opportunities doubled this quarter.

"Cash flows from operations and free cash flow were both robust at $76.7 million and $60.0 million, respectively. As interest rates continue to rise, we're prioritizing the use of excess cash to aggressively reduce debt, while maintaining flexibility to take advantage of opportunities to pursue strategic acquisitions and investments that survive long-term value.

"Our strong competitive position and the active public sector market resulted in robust second quarter bookings of approximately $562 million, which grew 21% over last year. Excluding NIC, bookings grew 16%. For the trailing twelve months, bookings were approximately $2.0 billion, up 53%, and excluding NIC, were approximately $1.5 billion, growing 21%.

"Subscription agreements comprised 74% of our new software contract value this quarter, as we continue to see an acceleration in the shift of our new contract mix from license to SaaS. In addition, the number of clients converting from on-premises to SaaS reached a new high of 96 in the second quarter. As expected, margins compressed compared to the second quarter of 2021, reflecting changes in revenue mix and costs related to our accelerated transition to the cloud.

"We're pleased with our results for the first half of 2022 and remain confident in our ability to perform at a high level even against a challenging macroeconomic backdrop. That confidence is driven by the unique characteristics of the public sector market, the durability of our business model, and the reliability of our growing recurring revenues from providing mission-critical solutions to our clients.

"While our revenue and operating margin expectations for the full year have not changed, we have adjusted our earnings guidance to reflect changes in our assumptions around interest expense, given current expectations for interest rate hikes and accelerated non-cash amortization of debt discounts and issuance costs associated with our prepayment of debt," concluded Moore.

Guidance for 2022

As of July 27, 2022, Tyler Technologies is providing the following guidance for the full year 2022:

  • GAAP and non-GAAP total revenues are both expected to be in the range of $1.835 billion to $1.870 billion.

  • Total revenues are expected to include approximately $44 million of COVID-related revenues from NIC's TourHealth and rent relief services. Revenues from TourHealth concluded in the second quarter, while revenues from the rent relief program are expected to wind down in the third quarter.

  • GAAP diluted earnings per share are expected to be in the range of $3.60 to $3.76 and may vary significantly due to the impact of stock incentive awards on the GAAP effective tax rate.

  • Non-GAAP diluted earnings per share are expected to be in the range of $7.36 to $7.52.

  • Interest expense is expected to be approximately $30 million, including approximately $7.5 million of non-cash amortization of debt discounts and issuance costs. This represents an increase of approximately $7 million compared to our previous guidance, based on current expectations for rate hikes and accelerated non-cash amortization of debt discounts and issuance costs associated with debt repayments, with an impact on both GAAP and non-GAAP diluted earnings per share of approximately $0.12 per share.

  • Pretax non-cash, share-based compensation expense is expected to be approximately $107 million.

  • Research and development expense is expected to be in the range of $98 million to $101 million.

  • Fully diluted shares for the year are expected to be in the range of 42.4 million to 42.8 million shares.

  • GAAP earnings per share assumes an estimated annual effective tax rate of approximately 22.0% after discrete tax items, including approximately $8 million of discrete tax benefits related to share-based compensation.

  • The non-GAAP annual effective tax rate is expected to be 24%.

  • Capital expenditures are expected to be in the range of $58 million to $62 million, including approximately $34 million of capitalized software development costs. Total depreciation and amortization expense is expected to be approximately $144 million, including approximately $109 million from amortization of acquisition intangibles.

GAAP to non-GAAP guidance reconciliation

Non-GAAP diluted earnings per share excludes the estimated full-year impact of non-cash share-based compensation expense and employer portion of payroll tax related to employee stock transactions of approximately $107 million, amortization of acquired software and intangible assets of approximately $109 million, and acquisition-related costs of approximately $1 million. Additionally, the non-GAAP tax rate of 24% is estimated periodically as described below under "Non-GAAP Financial Measures" and excludes approximately $8 million of estimated discrete tax benefits that are included in the GAAP estimated annual effective tax rate.

Conference Call

Tyler Technologies will hold a conference call on Thursday, July 28, 2022 at 10:00 a.m. ET to discuss the company’s results. The company is offering participants the opportunity to register in advance for the conference through the following link: https://conferencingportals.com/event/dXimaDxA. Registered participants will receive an email with a calendar reminder and dial-in number and PIN that will allow them to listen to the call live.

Participants who do not wish to pre-register for the call may dial in using 888-330-2506 (U.S. and Canada callers) or 240-789-2712 (international callers) and ask for the "Tyler Technologies" call. The live audio webcast and archived replay can also be accessed at http://investors.tylertech.com/Presentations.

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler's solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 37,000 successful installations across more than 12,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including Government Technology's GovTech 100 list and Forbes' "Most Innovative Growth Companies" list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at 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 revenues, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted share, EBITDA, adjusted EBITDA, and free cash flow. 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 because they provide additional insight in comparing results from period to period. Tyler believes 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 write-downs of acquisition-related deferred revenue, share-based compensation expense, employer portion of payroll taxes on employee stock transactions, expenses associated with amortization of intangibles arising from business combinations and acquisition-related expenses.

Tyler currently uses a non-GAAP tax rate of 24%. This rate is based on Tyler's estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating Tyler's non-GAAP income, as well as significant non-recurring tax adjustments. The non-GAAP tax rate used in future periods will be reviewed periodically to determine whether it remains appropriate in consideration of factors including Tyler's periodic annual effective tax rate calculated in accordance with GAAP, changes resulting from tax legislation, changes in the geographic mix of revenues and expenses, and other factors deemed significant. Due to differences in tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to Tyler's estimated annual tax rate as described above, the estimated tax rate on non-GAAP income may differ from the GAAP tax rate and from Tyler's actual tax liabilities.

Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial information prepared in accordance with GAAP. The non-GAAP measures used by Tyler Technologies may be different from non-GAAP measures used by other companies. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial statement tables included below in this press release.

Forward-looking Statements

This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and typically address future or anticipated events, trends, expectations or beliefs with respect to our financial condition, results of operations or business. Forward-looking statements often contain words such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "plans," "intends," "continues," "may," "will," "should," "projects," "might," "could" or other similar words or phrases. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. We believe there is a reasonable basis for our forward-looking statements, but they are inherently subject to risks and uncertainties and actual results could differ materially from the expectations and beliefs reflected in the forward-looking statements. We presently consider the following to be among the important factors that could cause actual results to differ materially from our expectations and beliefs: (1) the effects of the COVID-19 pandemic, including its potential effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic; (2) changes in the budgets or regulatory environments of our clients, primarily local and state governments, that could negatively impact information technology spending; (3) disruption to our business and harm to our competitive position resulting from cyber-attacks and security vulnerabilities; (4) our ability to protect client information from security breaches and provide uninterrupted operations of data centers; (5) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (6) material portions of our business require the Internet infrastructure to be adequately maintained; (7) our ability to achieve our financial forecasts due to various factors, including project delays by our clients, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a decline in our renewal rates for service agreements; (8) general economic, political and market conditions, including inflation and increases in interest rates; (9) technological and market risks associated with the development of new products or services or of new versions of existing or acquired products or services; (10) competition in the industry in which we conduct business and the impact of competition on pricing, client retention and pressure for new products or services; (11) the ability to attract and retain qualified personnel and dealing with the loss or retirement of key members of management or other key personnel; and (12) costs of compliance and any failure to comply with government and stock exchange regulations. These factors and other risks that affect our business are described in our filings with the Securities and Exchange Commission, including the detailed "Risk Factors" contained in our most recent annual report on Form 10-K and quarterly report on Form 10-Q. We expressly disclaim any obligation to publicly update or revise our forward-looking statements.

(Comparative results follow)

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Software licenses and royalties

$

15,009

$

17,604

$

31,515

$

32,537

Subscriptions

255,816

199,558

501,259

302,037

Software services

63,125

53,337

124,622

100,977

Maintenance

116,815

119,621

233,844

238,733

Appraisal services

8,812

6,265

17,330

12,730

Hardware and other

9,108

7,690

16,222

11,863

Total revenues

468,685

404,075

924,792

698,877

Software licenses and royalties

2,869

1,368

5,478

2,604

Amortization of acquired software

14,039

11,823

27,260

19,787

Subscriptions, software services and maintenance

244,192

199,771

481,088

334,091

Appraisal services

5,976

4,429

11,912

9,046

Hardware and other

8,161

4,623

13,188

7,081

Total cost of revenues

275,237

222,014

538,926

372,609

Gross profit

193,448

182,061

385,866

326,268

Selling, general and administrative expenses

99,701

108,922

197,596

187,696

Research and development expense

23,386

23,428

47,327

45,241

Amortization of customer and trade name intangibles

13,604

11,420

28,318

16,832

Operating income

56,757

38,291

112,625

76,499

Interest expense

(6,214

)

(12,437

)

(11,018

)

(12,915

)

Other income, net

216

238

581

804

Income before income taxes

50,759

26,092

102,188

64,388

Income tax provision

10,813

562

22,258

1,882

Net income

$

39,946

$

25,530

$

79,930

$

62,506

Earnings per common share:

Basic

$

0.96

$

0.63

$

1.93

$

1.53

Diluted

$

0.94

$

0.61

$

1.88

$

1.48

Weighted average common shares outstanding:

Basic

41,500

40,765

41,499

40,761

Diluted

42,321

42,094

42,449

42,148

TYLER TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

Reconciliation of non-GAAP total revenues

2022

2021

2022

2021

GAAP total revenues

$

468,685

$

404,075

$

924,792

$

698,877

Non-GAAP adjustments:

Add: Write-downs of acquisition-related deferred revenue

1,288

1,288

Non-GAAP total revenues

$

468,685

$

405,363

$

924,792

$

700,165

Three Months Ended June 30,

Six Months Ended June 30,

Reconciliation of non-GAAP gross profit and margin

2022

2021

2022

2021

GAAP gross profit

$

193,448

$

182,061

$

385,866

$

326,268

Non-GAAP adjustments:

Add: Write-downs of acquisition-related deferred revenue

1,288

1,288

Add: Share-based compensation expense included in cost of

revenues

6,867

5,909

13,639

10,909

Add: Amortization of acquired software

14,039

11,823

27,260

19,787

Non-GAAP gross profit

$

214,354

$

201,081

$

426,765

$

358,252

GAAP gross margin

41.3

%

45.1

%

41.7

%

46.7

%

Non-GAAP gross margin

45.7

%

49.6

%

46.1

%

51.2

%

Three Months Ended June 30,

Six Months Ended June 30,

Reconciliation of non-GAAP operating income and margin

2022

2021

2022

2021

GAAP operating income

$

56,757

$

38,291

$

112,625

$

76,499

Non-GAAP adjustments:

Add: Write-downs of acquisition-related deferred revenue

1,288

1,288

Add: Share-based compensation expense

25,800

25,175

51,079

50,899

Add: Employer portion of payroll tax related to employee stock

transactions

398

393

1,110

1,160

Add: Acquisition related costs

19,017

1,031

19,830

Add: Amortization of acquired software

14,039

11,823

27,260

19,787

Add: Amortization of customer and trade name intangibles

13,604

11,420

28,318

16,832

Non-GAAP adjustments subtotal

53,841

69,116

108,798

109,796

Non-GAAP operating income

$

110,598

$

107,407

$

221,423

$

186,295

GAAP operating margin

12.1

%

9.5

%

12.2

%

10.9

%

Non-GAAP operating margin

23.6

%

26.5

%

23.9

%

26.6

%

Three Months Ended June 30,

Six Months Ended June 30,

Reconciliation of non-GAAP net income and earnings per share

2022

2021

2022

2021

GAAP net income

$

39,946

$

25,530

$

79,930

$

62,506

Non-GAAP adjustments:

Add: Total non-GAAP adjustments to operating income

53,841

69,116

108,798

109,796

Add: Acquisition related costs in interest expense

6,407

6,407

Less: Tax impact related to non-GAAP adjustments

(14,290

)

(23,826

)

(28,378

)

(41,460

)

Non-GAAP net income

$

79,497

$

77,227

$

160,350

$

137,249

GAAP earnings per diluted share

$

0.94

$

0.61

$

1.88

$

1.48

Non-GAAP earnings per diluted share

$

1.88

$

1.83

$

3.78

$

3.26

Three Months Ended June 30,

Six Months Ended June 30,

Detail of share-based compensation expense

2022

2021

2022

2021

Subscriptions, software services and maintenance

$

6,867

$

5,909

$

13,639

$

10,909

Selling, general and administrative expenses

18,933

19,266

37,440

39,990

Total share-based compensation expense

$

25,800

$

25,175

$

51,079

$

50,899

Three Months Ended June 30,

Six Months Ended June 30,

Reconciliation of EBITDA and adjusted EBITDA

2022

2021

2022

2021

GAAP net income

$

39,946

$

25,530

$

79,930

$

62,506

Amortization of customer and trade name intangibles

13,604

11,420

28,318

16,832

Depreciation and amortization included in cost of revenues, SG&A and other expenses

22,681

19,248

44,616

34,178

Amortization of debt discounts and issuance costs included in interest expense

1,139

8,706

2,271

8,950

Interest expense

5,066

3,732

8,747

3,966

Income tax provision (benefit)

10,813

562

22,258

1,882

EBITDA

$

93,249

$

69,198

$

186,139

$

128,314

Write-downs of acquisition-related deferred revenue

1,288

1,288

Share-based compensation expense

25,800

25,175

51,079

50,899

Acquisition related costs

19,017

1,031

19,830

Adjusted EBITDA

$

119,049

$

114,678

$

238,249

$

200,331

Three Months Ended June 30,

Six Months Ended June 30,

Reconciliation of free cash flow

2022

2021

2022

2021

Net cash provided by operating activities

$

76,679

$

(20,347

)

$

130,220

$

51,356

Less: additions to property and equipment

(8,178

)

(7,659

)

(12,757

)

(14,223

)

Less: capitalized software development costs

(8,516

)

(5,471

)

(16,463

)

(8,947

)

Free cash flow

$

59,985

$

(33,477

)

$

101,000

$

28,186

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

June 30, 2022

December 31, 2021

ASSETS

Current assets:

Cash and cash equivalents

$

253,062

$

309,171

Accounts receivable, net

597,560

521,059

Short-term investments

34,466

52,300

Prepaid expenses and other current assets

69,647

63,664

Income tax receivable

2,552

18,137

Total current assets

957,287

964,331

Accounts receivable, long-term portion

12,665

13,937

Operating lease right-of-use assets

40,577

39,720

Property and equipment, net

177,907

181,193

Other assets:

Software development costs, net

43,505

28,489

Goodwill

2,449,638

2,359,674

Other intangibles, net

1,032,786

1,052,493

Non-current investments

26,464

46,353

Other non-current assets

46,217

45,971

Total assets

$

4,787,046

$

4,732,161

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

264,908

$

278,412

Operating lease liabilities

10,363

10,560

Deferred revenue

528,588

510,529

Current portion of term loans

30,000

30,000

Total current liabilities

833,859

829,501

Revolving line of credit

Term loans

639,464

718,511

Convertible senior notes due 2026, net

593,624

592,765

Deferred revenue, long-term

38

Deferred income taxes

216,947

228,085

Operating lease liabilities, long-term

36,018

36,336

Other long-term liabilities

8,807

2,893

Total liabilities

2,328,719

2,408,129

Shareholders' equity

$

2,458,327

$

2,324,032

Total liabilities and shareholders' equity

$

4,787,046

$

4,732,161

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Cash flows from operating activities:

Net income

$

39,946

$

25,530

$

79,930

$

62,506

Adjustments to reconcile net income to cash provided by operations:

Depreciation and amortization

37,717

39,876

75,866

60,976

Losses (gains) from sale of investments

2

(53

)

Share-based compensation expense

25,800

25,175

51,079

50,899

Operating lease right-of-use assets expense

2,022

2,488

5,104

4,034

Deferred income tax benefit

(9,698

)

(3,163

)

(19,136

)

(6,430

)

Changes in operating assets and liabilities, exclusive of effects of acquired companies

(19,110

)

(110,253

)

(62,570

)

(120,629

)

Net cash provided (used) by operating activities

76,679

(20,347

)

130,220

51,356

Cash flows from investing activities:

Additions to property and equipment

(8,178

)

(7,659

)

(12,757

)

(14,223

)

Purchase of marketable security investments

(15,299

)

(4,592

)

(68,054

)

Proceeds and maturities from marketable security investments

17,923

56,364

40,595

91,395

Investment in software

(8,516

)

(5,471

)

(16,463

)

(8,947

)

Cost of acquisitions, net of cash acquired

(615

)

(1,986,853

)

(117,313

)

(1,998,902

)

Other

181

(80

)

152

39

Net cash provided (used) by investing activities

795

(1,958,998

)

(110,378

)

(1,998,692

)

Cash flows from financing activities:

Decrease in net borrowings on revolving line of credit

65,000

65,000

Payment on term loans

(60,000

)

(80,000

)

Proceeds from term loans

900,000

900,000

Proceeds from issuance of convertible senior notes

600,000

Payment of debt issuance costs

(21,107

)

(27,127

)

Purchase of treasury shares

(12,975

)

(12,975

)

Proceeds from exercise of stock options, net of withheld shares for taxes upon equity award

(12,152

)

11,286

(4,107

)

29,388

Contributions from employee stock purchase plan

4,478

3,162

8,156

6,200

Net cash (used) provided by financing activities

(67,674

)

945,366

(75,951

)

1,560,486

Net increase (decrease) in cash and cash equivalents

9,800

(1,033,979

)

(56,109

)

(386,850

)

Cash and cash equivalents at beginning of period

243,262

1,250,752

309,171

603,623

Cash and cash equivalents at end of period

$

253,062

$

216,773

$

253,062

$

216,773

View source version on businesswire.com: https://www.businesswire.com/news/home/20220727005970/en/

Contacts

Brian K. Miller
Executive Vice President & CFO
Tyler Technologies, Inc.
972-713-3720
brian.miller@tylertech.com