Software subscription arrangements comprised approximately 47% of the total new software contract value in the third quarter, compared to approximately 51% in the third quarter of 2019. 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. Non-GAAP total revenues were $285.9 million, up 3.2% from $277.2 million for the third quarter of 2019. "Bookings in the third quarter grew 12.9% and were particularly strong for our justice and public safety solutions. Questions? Tyler Technologies, Inc. (NYSE: TYL) will discuss its third quarter 2020 results during a conference call and webcast on Thursday, November 5, 2020. 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. Research and development expense is expected to be in the range of $88 million to $90 million. Yesterday, Tyler Technologies reported its results for the third quarter ended September 30, 2020. 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; (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. Weighted average common shares outstanding: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, Reconciliation of non-GAAP total revenues, Add: Write-downs of acquisition-related deferred revenue, Reconciliation of non-GAAP gross profit and margin, Add: Share-based compensation expense included in cost of revenues, Reconciliation of non-GAAP operating income and margin, Add: Employer portion of payroll tax related to employee stock transactions, Add: Amortization of customer and trade name intangibles, Reconciliation of non-GAAP net income and earnings per share, Add: Total non-GAAP adjustments to operating income, Less: Tax impact related to non-GAAP adjustments, Detail of share-based compensation expense, Cost of subscriptions, software services and maintenance, Reconciliation of EBITDA and adjusted EBITDA, Depreciation and amortization included in, cost of revenues, SG&A and other expenses, Interest expense included in other income, net, Write-downs of acquisition-related deferred revenue, Total liabilities and shareholders' equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, Adjustments to reconcile net income to cash, Operating lease right-of-use assets expense. The Zacks Consensus Estimate for earnings is pegged at $1.34, suggesting a year-over-year decline of 0.7%. Recurring revenues from maintenance and subscriptions were $207.3 million, up 12.0% from $185.1 million for the third quarter of 2019, and comprised 72.5% of third quarter 2020 revenue. 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. Tyler Technologies (TYL) Earnings Expected to Grow: What to Know Ahead of Next Week's Release. 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. Tyler Technologies (TYL) Earnings Expected to Grow: What to Know Ahead of Next Week's Release “We are pleased with our third quarter results, particularly in light of the continuing impact of the COVID-19 pandemic, as we achieved double-digit growth in operating income and record highs for free cash flow and adjusted EBITDA,” said Lynn Moore, Tyler’s president and chief executive officer. 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. Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the first quarter ended March 31, 2020. Pre-tax non-cash, share-based compensation expense is expected to be approximately $77 million. The non-GAAP annual effective tax rate is expected to be 24%. In our earnings release, we've included non-GAAP measures that we believe facilitate understanding of our results and comparisons with peers in the software industry. 972-713-3720 Our balance sheet is stronger than ever, and we ended the quarter with $650 million in cash and investments and no outstanding debt. Cognizant (Nasdaq: CTSH), a leading provider of information technology, consulting, and business process services, will announce results for the third quarter of 2020 on Wednesday, October 28, 2020, after market close. See how Tyler … He moved Tyler … Fully diluted shares for the year are expected to be in the range of 41.5 million to 42.0 million shares. How should we split our house among these 6 children? Changes in operating assets and liabilities, exclusive of effects of acquired companies, Net cash provided by operating activities, Purchase of marketable security investments, Proceeds from marketable security investments, Proceeds from the sale of investment of preferred shares, Cost of acquisitions, net of cash acquired, Decrease in net borrowings on revolving line of credit, Contributions from employee stock purchase plan, Net cash provided by financing activities, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, View source version on businesswire.com:https://www.businesswire.com/news/home/20201104005654/en/, KEYWORD: UNITED STATES NORTH AMERICA TEXAS, INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY NETWORKS DATA MANAGEMENT, PUB: 11/04/2020 04:17 PM/DISC: 11/04/2020 04:17 PM, http://www.businesswire.com/news/home/20201104005654/en. Organic revenue growth was 3.3%. Tyler Technologies reported third-quarter 2020 non-GAAP earnings of $1.50 per share, which surpassed the Zacks Consensus Estimate of $1.34. Tyler Technologies is helping state and local government to create safer, smarter, and more vibrant communities. We expressly disclaim any obligation to publicly update or revise our forward-looking statements. Tyler has more than 26,000 successful installations across more than 10,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, (Amounts in thousands, except per share data), Subscriptions, software services and maintenance, Selling, general and administrative expenses, Amortization of customer and trade name intangibles. The MarketWatch News Department was not involved in the creation of this content. 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 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. 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. “Revenues continued to be impacted by the COVID-19 pandemic. Tyler was named to Forbes' "Best Midsize Employers" list in 2019 and has been recognized three times on Forbes' "Most Innovative Growth Companies" list. Press release content from Business Wire. 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. You can also contact MarketWatch Customer Service via our Customer Center. Research and development expense is expected to be in the range of $88 million to $90 million. How a divided government could affect the municipal bond market, America’s 1% will be pulling out all the stops to get their hands on the COVID-19 vaccine. Non-GAAP operating income was $81.8 million, up 15.2% from $71.0 million for the third quarter of 2019. brian.miller@tylertech.com, COMTEX_373950825/2456/2020-11-04T16:17:20. Participants who do not wish to pre-register for the call may dial in using 844-861-5506 (U.S. callers) or 412-317-6587 (international callers) or 866-450-4696 (Canada callers) and ask for the “Tyler Technologies” call. A replay will be available two hours after completion of the call through November 12, 2020. Tyler Technologies will hold a conference call on Thursday, November 5, at 10:00 a.m. Eastern Time to discuss the company’s results. Find the latest Earnings Report Date for Tyler Technologies, Inc. Common Stock (TYL) at Nasdaq.com. Total backlog was $1.55 billion, up 9.2% from $1.41 billion at September 30, 2019. Tyler Technologies will hold a conference call on Thursday, November 5, at 10:00 a.m. Eastern Time to discuss the company’s results. TYLER TECHNOLOGIES, INC.: quaterly earnings release 10/15 TYLER TECHNOLOGIES : to Provide Statewide Case Management and Supervision Solutions to Washington State Courts Participants who do not wish to pre-register for the call may dial in using 844-861-5506 (U.S. callers) or 412-317-6587 (international callers) or 866-450-4696 (Canada callers) and ask for the “Tyler Technologies” call. T … The live webcast and archived replay can also be accessed at https://tylertech.irpass.com/Presentations. Total depreciation and amortization expense is expected to be approximately $81 million, including approximately $54 million from amortization of acquisition intangibles. Q3 fiscal 2021 earnings release: 7 a.m.; conference call: 8 a.m. Tyler currently uses a non-GAAP tax rate of 24%. We experienced an IT security incident in late September which also reduced services revenues in the quarter by an estimated $1.5 million. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com. 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 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. Send any questions and requests our way. We finished the quarter with a new record high backlog of $1.55 billion," added Moore. Total bookings were $292 million, up 12.9% compared to the third quarter of 2019. Copyright © 2020 MarketWatch, Inc. All rights reserved. Subscription bookings in the third quarter added $9.9 million in annual recurring revenue. Net income was $39.3 million, or $0.94 per diluted share, down 2.7% compared to $40.4 million, or $1.00 per diluted share, for the third quarter of 2019. Moreover, the bottom line increased 11.1% from the year-ago quarter’s reported tally. Our balance sheet is stronger than ever, and we ended the quarter with $650 million in cash and investments and no outstanding debt. Total bookings were $292 million, up 12.9% compared to the third quarter of 2019. To access the replay, please dial 877-344-7529 (U.S. callers), 412-317-0088 (international callers) and 855-669-9658 (Canada callers) and reference passcode 10147974. 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. Connect with the definitive source for global and local news, http://dpregister.com/sreg/10147974/d912e3b1c6, https://tylertech.irpass.com/Presentations, https://www.businesswire.com/news/home/20201104005654/en/. “As we continue to work through the challenges brought about by the COVID-19 pandemic and obtain a clearer understanding of the near-term impacts on our results, we have revised our guidance for the full year of 2020 to reflect higher earnings expectations. 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. GAAP earnings per share assumes an estimated annual effective tax rate of approximately negative 12% after discrete tax items and includes approximately $65 million of discrete tax benefits related to share-based compensation. The non-GAAP annual effective tax rate is expected to be 24%. Total depreciation and amortization expense is expected to be approximately $81 million, including approximately $54 million from amortization of acquisition intangibles. Tyler Eifert signed a 2 year, $9,500,000 contract with the Jacksonville Jaguars, including a $2,250,000 signing bonus, $3,250,000 guaranteed, and an average annual salary of $4,750,000. Non-GAAP financial measures discussed above exclude write-downs of acquisition-related deferred revenue and acquired subleases, share-based compensation expense, employer portion of payroll taxes on employee stock transactions, expenses associated with amortization of intangibles arising from business combinations, acquisition-related expenses, and incremental costs associated with COVID-19. Tyler Technologies (TYL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Software license, professional services, and appraisal services revenues declined due to longer sales cycles, delays in projects, and the near elimination of billable travel revenue. As a result, our operating margins expanded significantly, with our non-GAAP operating margin up 300 basis points to 28.6%, and our adjusted EBITDA rose to a new quarterly high. Capital expenditures are expected to be in the range of $30 million to $31 million, including approximately $10 million related to real estate and approximately $6 million of capitalized software development costs. The countdown to Apple earnings is on, and one options trader is betting on a big post-earnings bounce for the tech giant. http://dpregister.com/sreg/10147974/d912e3b1c6, https://tylertech.irpass.com/Presentations, https://www.businesswire.com/news/home/20201104005654/en/, Trump inclined to tap special counsel to probe election loss to Biden, First COVID-19 vaccine receives emergency-use authorization from U.S. FDA. Non-GAAP diluted earnings per share are expected to be in the range of $5.48 to $5.58. We finished the quarter with a new record high backlog of $1.55 billion,” added Moore. In our earnings release, we have included non-GAAP measures that we … Best Buy. A … CONDENSED CONSOLIDATED STATEMENTS OF INCOME, (Amounts in thousands, except per share data), Subscriptions, software services and maintenance, Selling, general and administrative expenses, Amortization of customer and trade name intangibles. We signed significant contracts for our Odyssey ® court case management solution with the Washington State Administrative Office of the Courts and Dallas County, Texas, that culminated extended sales processes, and public safety bookings more than doubled last year’s third quarter. Additionally, the non-GAAP tax rate of 24% is estimated periodically as described below under “Non-GAAP Financial Measures” and excludes approximately $65 million of estimated discrete tax benefits that are included in the GAAP estimated annual effective tax rate. Executive Vice President & CFO Weighted average common shares outstanding: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, Reconciliation of non-GAAP total revenues, Add: Write-downs of acquisition-related deferred revenue, Reconciliation of non-GAAP gross profit and margin, Add: Share-based compensation expense included in cost of revenues, Reconciliation of non-GAAP operating income and margin, Add: Employer portion of payroll tax related to employee stock transactions, Add: Amortization of customer and trade name intangibles, Reconciliation of non-GAAP net income and earnings per share, Add: Total non-GAAP adjustments to operating income, Less: Tax impact related to non-GAAP adjustments, Detail of share-based compensation expense, Cost of subscriptions, software services and maintenance, Reconciliation of EBITDA and adjusted EBITDA, Depreciation and amortization included in, cost of revenues, SG&A and other expenses, Interest expense included in other income, net, Write-downs of acquisition-related deferred revenue, Total liabilities and shareholders' equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, Adjustments to reconcile net income to cash, Operating lease right-of-use assets expense. While some stocks have tumbled this earnings season, NVDA stock is well-positioned to knock it … Non-GAAP diluted earnings per share are expected to be in the range of $5.48 to $5.58. Gaffalione, the Eclipse Award … Tyler Q3 Earnings & Revenues Surpass Estimates, Up Y/Y. A replay will be available two hours after completion of the call through November 12, 2020. PLANO, Texas--(BUSINESS WIRE)--Oct 22, 2020--Tyler Technologies, Inc. (NYSE: TYL) will discuss its third quarter 2020 results during a conference call and webcast on Thursday, November 5, 2020. Total backlog was $1.55 billion, up 9.2% from $1.41 billion at September 30, 2019. Pre-tax non-cash, share-based compensation expense is expected to be approximately $77 million. Registered participants will receive an email with a calendar reminder and a dial-in number and PIN that will allow them to listen to the call live. Yesterday, Tyler Technologies reported its results for the first quarter ended March 31, 2020. Trades from $ 1 Additionally, the non-GAAP tax rate of 24% is estimated periodically as described below under "Non-GAAP Financial Measures" and excludes approximately $65 million of estimated discrete tax benefits that are included in the GAAP estimated annual effective tax rate. Software-related backlog (excluding appraisal services) was $1.51 billion, up 9.5% from $1.38 billion at September 30, 2019. Non-GAAP total revenues were $285.9 million, up 3.2% from $277.2 million for the third quarter of 2019. 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. The teleconference begins at 10 a.m. Adjusted EBITDA was $88.9 million, up 15.4% compared to $77.1 million for the third quarter of 2019. Non-GAAP organic revenue growth was 2.7%. 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