Tyler Technologies (TYL) has reported a 77.27 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $32.31 million, or $0.83 a share in the quarter, compared with $18.22 million, or $0.47 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $34.96 million, or $0.90 a share compared with $31.27 million or $0.80 a share, a year ago.
Revenue during the quarter grew 11.29 percent to $199.54 million from $179.29 million in the previous year period. Gross margin for the quarter expanded 148 basis points over the previous year period to 47.28 percent. Total expenses were 81.88 percent of quarterly revenues, down from 84.36 percent for the same period last year. This has led to an improvement of 248 basis points in operating margin to 18.12 percent.
Operating income for the quarter was $36.15 million, compared with $28.04 million in the previous year period.
However, the adjusted operating income for the quarter stood at $54.39 million compared to $49.06 million in the prior year period. At the same time, adjusted operating margin contracted 10 basis points in the quarter to 27.26 percent from 27.36 percent in the last year period.
"We are pleased with our first quarter results, which provided a solid start to 2017," said John S. Marr Jr., Tyler's chairman and chief executive officer. "Recurring revenue from maintenance and subscriptions continued to exhibit strength with mid-teens growth. Our non-GAAP operating margin expanded by 70 basis points even as we are investing at a high level in product development."
Tyler Technologies projects revenue to be in the range of $844 million to $854 million for financial year 2017. Tyler Technologies projects adjusted revenue to be in the range of $845 million to $855 million for financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.26 to $3.34. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.83 to $3.91 on adjusted basis.
Operating cash flow improves Tyler Technologies has generated cash of $48.18 million from operating activities during the quarter, up 16.60 percent or $6.86 million, when compared with the last year period.
The company has spent $20.07 million cash to meet investing activities during the quarter as against cash outgo of $22.16 million in the last year period.
The company has spent $0.53 million cash to carry out financing activities during the quarter as against cash outgo of $16.91 million in the last year period.
Cash and cash equivalents stood at $63.73 million as on Mar. 31, 2017, up 80.33 percent or $28.39 million from $35.34 million on Mar. 31, 2016.
Working capital remains negative
Working capital of Tyler Technologies was negative $50.67 million on Mar. 31, 2017 compared with negative $64.15 million on Mar. 31, 2016. Current ratio was at 0.84 as on Mar. 31, 2017, up from 0.78 on Mar. 31, 2016.
Days sales outstanding went down to 81 days for the quarter compared with 88 days for the same period last year.
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