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Tyler Technologies Reports Earnings for First Quarter 2019

Subscription revenues grew 37% as bookings rose 17%

PLANO, Texas – May 1, 2019 – Tyler Technologies, Inc. (NYSE: TYL) today announced financial results for the first quarter ended March 31, 2019.

First Quarter 2019 Financial Highlights:

Total revenues were $247.1 million, up 11.7% from $221.2 million for the first quarter of 2018. Organic revenue growth was 5.5%. Non-GAAP total revenues were $248.8 million, up 12.4% from $221.4 million for the first quarter of 2018. Non-GAAP organic revenue growth was 5.4%.
Recurring revenues from maintenance and subscriptions were $167.4 million, an increase of 17.1% compared to the first quarter of 2018, and comprised 67.8% of first quarter 2019 revenue.
Operating income was $34.5 million, down 11.2% from $38.8 million for the first quarter of 2018. Non-GAAP operating income was $63.0 million, up 7.4% from $58.6 million for the first quarter of 2018.
Net income was $27.3 million, or $0.69 per diluted share, down 27.7% compared to $37.8 million, or $0.95 per diluted share, for the first quarter of 2018. Non-GAAP net income was $48.3 million, or $1.22 per diluted share, up 7.3% compared to $45.0 million, or $1.13 per diluted share, for the first quarter of 2018.
Cash flows from operations were $24.0 million, down 46.3% compared to $44.6 million for the first quarter of 2018.
Adjusted EBITDA was $69.5 million, up 8.0% compared to $64.4 million for the first quarter of 2018.
Tyler repurchased 71,793 shares of its common stock during the quarter at an average price of $199.03.
Software subscription arrangements comprised approximately 54% of the total new software contract value in the first quarter.
Software subscription bookings in the first quarter added $11.4 million in annual recurring revenue.
Total backlog was $1.26 billion, up 4.9% from $1.20 billion at March 31, 2018. Software-related backlog (excluding appraisal services) was $1.22 billion, up 4.8% from $1.16 billion at March 31, 2018.
During the quarter, Tyler completed the acquisitions of MyCivic and MicroPact, Inc., for a total of $199.1 million in cash, net of cash acquired.
Effective January 1, 2019, Tyler adopted the requirements of ASU No. 2016-02, Leases (Topic 842), utilizing the modified retrospective method of transition.

“Our first quarter results provided a solid start to 2019 in line with our expectations,” said Lynn Moore Jr., Tyler’s president and chief executive officer. “Total non-GAAP revenues grew more than 12%, once again fueled by strong subscription revenue growth, which grew 38.5% on a non-GAAP basis. Subscription agreements made up the majority of our new software contracts in the quarter, and our four largest software



The following information was filed by Tyler Technologies Inc (TYL) on Wednesday, May 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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