Tyler Technologies, Inc. (TYL) CEO Lynn Moore on Q1 2022 Results - Earnings Call Transcript

Tyler Technologies, Inc. (NYSE:TYL) Q1 2022 Results Conference Call April 28, 2022 11:00 AM ET

Company Participants

Lynn Moore - President, CEO

Brian Miller - CFO

Conference Call Participants

Jonathan Ho - William Blair

Pete Heckmann - D.A. Davidson

Josh Reilly - Needham

Terry Tillman - Truist Securities

Matt VanVliet - BTIG

Saket Kalia - Barclays

Charles Strauzer - CJS Securities

Kirk Materne - Evercore ISI

Alex Zukin - Wolfe Research

Keith Housum - Northcoast Research

Brent Bracelin - Piper Sandler

Operator

Hello, and good morning, everyone, and welcome to today's Tyler Technologies First Quarter 2022 Conference Call. Your host for today's call is Lynn Moore, President and CEO of Tyler Technologies. [Operator Instructions] As a reminder, today's conference is being recorded today, April 28, 2022.

And I'd like to turn the conference call over to Mr. Moore. Sir, please go ahead.

Lynn Moore

Thank you, Jamie, and welcome to our call. With me today is Brian Miller, our Chief Financial Officer. First, I'd like for Brian to give the safe harbor statement. Next, I'll have some comments on our quarter, and then Brian will review the details of our results. I'll end with some additional comments, and then we'll take questions. Brian?

Brian Miller

Thanks, Lynn. During the course of 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 these projections. We would refer you to our Form 10-K and other SEC filings for more information on those risks. Please note that all growth comparisons we make on the call day will relate to the corresponding period of last year unless we specify otherwise. Lynn?

Lynn Moore

Thanks, Brian. Our first quarter results surpassed our expectations and provided a very strong start to 2022. Total revenues grew approximately 55% with robust organic growth of 12.8%, the highest in 20 quarters. NIC continued to perform well in the first quarter, with core revenue growth of 13%, excluding COVID-related revenues. NIC's growth was boosted by revenues under the new statewide payments contract in Florida and in particular, by revenues associated with corporate filings with the Department of State that are concentrated in the first quarter. NIC's COVID-related revenues were in line with our expectations at $20.6 million.