TYL - Tyler Technologies Inc. (TYL) Q1 2024 Earnings Call Transcript

2024-04-25 16:12:07 ET

Tyler Technologies, Inc. (TYL)

Q1 2024 Earnings Conference Call

April 25, 2024, 10:00 AM ET

Company Participants

Hala Elsherbini - Senior Director of IR

Lynn Moore - President and CEO

Brian Miller - CFO

Conference Call Participants

Rob Oliver - Baird

Saket Kalia - Barclays

Matt VanVliet - BTIG

Ken Wong - Oppenheimer

Alexei Gogolev - JPMorgan

Joshua Reilly - Needham & Company

Clarke Jeffries - Piper Sandler

Michael Turrin - Wells Fargo Securities

Jonathan Ho - William Blair

Keith Housum - Northcoast Research

Kirk Materne - Evercore ISI

Gabriela Borges - Goldman Sachs

Mark Schappel - Loop Capital Markets

Terry Tillman - Truist Securities

Alex Zukin - Wolfe Research

Presentation

Operator

Hello, and welcome to today's Tyler Technologies First Quarter 2024 Conference Call. Your host for today's call is Lynn Moore, President and Chief Executive Officer of Tyler Technologies. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions] And as a reminder, this conference is being recorded today, April 25, 2024.

I would like to turn the call over to Hala Elsherbini, Tyler's Senior Director of Investor Relations. Please go ahead.

Hala Elsherbini

Thank you, Krista, and welcome to our call. With me today is Lynn Moore, our President and Chief Executive Officer; and Brian Miller, our Chief Financial Officer. After I give the safe harbor statement, Lynn will have some initial comments on our quarter and then Brian will review the details of our results and update our annual guidance for 2024. Lynn will end with some additional comments, and then we'll take your questions.

During this conference call, management may make statements that provide information other than historical information and may include projections concerning the company's future prospects, revenues, expenses and profits. Such statements are considered forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties which could cause actual results to differ materially from those projections. We would refer you to our Form 10-K and other SEC filings for more information on those risks.

Also, in our earnings release, we have included non-GAAP measures that we believe facilitate understanding of our results and comparisons with peers in the software industry. A reconciliation of GAAP to non-GAAP measures is provided in our earnings release. We have also posted on the Investor Relations section of our website under the Financials tab schedules with supplemental information, including information about our quarterly recurring revenues and bookings.

On the Events and Presentations tab, we posted an earnings summary slide deck to supplement our prepared remarks. Please note that all growth comparisons we make on the call today will relate to the corresponding period of last year unless we specify otherwise.

Lynn?

Lynn Moore

Thanks, Hala.

Our first quarter results provided an exceptional start to the year, exceeding our expectations across key metrics, including revenues, earnings, operating margin and cash flow. Recurring revenues grew almost 9% and comprised 84% of our total revenues....

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