Tyler Technologies (TYL) Tops Q3 EPS by 3c, Miss on Revenues; FY17 EPS Outlook Above Consensus

Tyler Technologies (NYSE: TYL) reported Q3 EPS of $1.05, $0.03 better than the analyst estimate of $1.02. Revenue for the quarter came in at $214.1 million versus the consensus estimate of $217.24 million.

Third Quarter 2017 Financial Highlights:

• Total revenues were $214.1 million, up 10.1 percent from $194.5 million for the third quarter of 2016.
• Recurring revenue from maintenance and subscriptions was $137.1 million, an increase of 14.4 percent compared to the third quarter of 2016, and comprised 64.0 percent of third quarter 2017 revenue.
• Operating income was $43.4 million, up 17.6 percent from $36.9 million for the third quarter of 2016.
• Net income was $38.3 million, or $0.97 per diluted share, up 8.0 percent compared to $35.4 million, or $0.91 per diluted share, for the third quarter of 2016.
• Cash flows from operations were $92.8 million, up 17.2 percent compared to $79.2 million for the third quarter of 2016.
• Non-GAAP total revenues were $214.4 million, up 8.4 percent from $197.8 million for the third quarter of 2016.
• Non-GAAP operating income was $62.6 million, up 9.1 percent from $57.4 million for the third quarter of 2016.
• Non-GAAP net income was $41.3 million, or $1.05 per diluted share, up 14.4 percent compared to $36.1 million, or $0.92 per diluted share, for the third quarter of 2016.
• Adjusted EBITDA was $67.4 million, up 11.6 percent compared to $60.4 million for the third quarter of 2016.
• Total backlog was $1.1 billion, up 12.2 percent from $935.6 million at September 30, 2016. Software-related backlog (excluding appraisal services) was $1.0 billion, up 14.2 percent from $892.1 million at September 30, 2016.

GUIDANCE:

Tyler Technologies sees FY2017 EPS of $3.86-$3.92, versus the consensus of $3.86. Tyler Technologies sees FY2017 revenue of $840-848 million, versus the consensus of $847.14 million.

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

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