Tyler Technologies (TYL) Tops Q1 EPS by 2c

Tyler Technologies (NYSE: TYL) reported Q1 EPS of $0.90, $0.02 better than the analyst estimate of $0.88. Revenue for the quarter came in at $199.5 million versus the consensus estimate of $200.74 million.

• Total revenues were $199.5 million, up 11.3 percent from $179.3 million for the first quarter of 2016.
• Recurring revenue from maintenance and subscriptions was $127.0 million, an increase of 15.3 percent compared to the first quarter of 2016, and comprised 63.6 percent of first quarter 2017 revenue.
• Operating income was $36.1 million, an increase of 28.9 percent from $28.0 million for the first quarter of 2016.
• Net income was $32.3 million, or $0.83 per diluted share, up 77.3 percent compared to $18.2 million, or $0.47 per diluted share, for the first quarter of 2016.
• Cash flows from operations were $48.2 million, up 16.6 percent compared to $41.3 million for the first quarter of 2016.
• Non-GAAP total revenues were $199.9 million, up 8.0 percent from $185.0 million for the first quarter of 2016.
• Non-GAAP operating income was $54.4 million, up 10.9 percent from $49.1 million for the first quarter of 2016.
• Non-GAAP net income was $35.0 million, or $0.90 per diluted share, up 11.8 percent compared to $31.3 million, or $0.80 per diluted share, for the first quarter of 2016.
• Adjusted EBITDA was $58.1 million, up 11.1 percent compared to $52.3 million for the first quarter of 2016.
• Total backlog was $939.2 million, up 16.1 percent from $808.7 million at March 31, 2016. Software-related backlog (excluding appraisal services) was $904.6 million, up 18.5 percent from $763.3 million at March 31, 2016.
• The company repurchased approximately 42,000 shares of its common stock during the quarter at an average price of $147.30.

For earnings history and earnings-related data on Tyler Technologies (TYL) click here.

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