Tyler Technologies, Inc. (NYSE: TYL) met the earnings estimates for the fourth quarter of FY 19. The company has reported Non-GAAP net income of $58.2 million, up 15.3% compared to $50.5 million, for the fourth quarter of 2018. The company has generated the cash flows from operations of $76.2 million, up 7.5% compared to $70.9 million for the fourth quarter of 2018. In FY 19, the total backlog was $1.46 billion, which is up 16.9% from $1.25 billion at December 31, 2018. Software-related backlog (excluding appraisal services) was $1.43 billion, which is an increase of 18% from $1.21 billion at December 31, 2018. Software subscription arrangements formed approximately 63% of total new software contract value in 2019, compared to approximately 41% in 2018.
TYL in the fourth quarter of FY 19 has reported the adjusted earnings per share of $1.43, which is in line with the analysts’ estimates for the adjusted earnings per share of $1.43, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 18.3 percent to $287.43 million in the fourth quarter of FY 19, missing the analysts’ estimates for revenue by 0.99%. Non-GAAP organic revenue growth was 10.2%. Recurring revenues from maintenance and subscriptions were up 22.7% to $194.0 million, compared to the fourth quarter of 2018, and comprised 67.2% of fourth quarter 2019 revenues. Subscription bookings in the fourth quarter had added $12 million in annual recurring revenue. The company posted the Non-GAAP operating income of $73.9 million, which is up 13.4% from $65.2 million for the fourth quarter of 2018. The company has delivered the Adjusted EBITDA of $82.2 million, up 14.0% compared to $72.1 million for the fourth quarter of 2018.
For fiscal 2020, the company expects Non-GAAP total revenues to be in the range of $1.205 billion to $1.225 billion, Non-GAAP diluted earnings per share are projected to be in the range of $5.60 to $5.72, of which approximately 55% to 60% is anticipated to be generated in the second half of the year and Capital expenditures are projected to be in the range of $36 million to $38 million, including approximately $9 million related to real estate and approximately $7 million of capitalized software development costs.
Meanwhile, TYL has signed a 10-year software-as-a-service (SaaS) agreement valued at approximately $14.5 million with the North Carolina Administrative Office of the Courts (NCAOC) and North Carolina Judicial Branch for Tyler’s Brazos eCitation solution.