Tyler Tech Q3 organic rev +9%; subscription bookings record; FY22 guidance lowered on license revenue

TYLER TECHNOLOGIES INC

2022-Q3 EPS reported $3.14 revenue$1,397,983,000

Q3 total revenue $473.2M (+2.9%); organic ex-COVID grew 9.0%. Recurring revenue $371.7M (+0.2%), organic +9.3%.
GAAP EPS $1.26; non-GAAP EPS $2.06. Adjusted EBITDA $126.9M (+1.5%).
Subscription arrangements 91% of new software contract value (vs 74%); added $28.1M in ARR.
Reduced term debt $190M; net leverage under 2x proforma EBITDA. Free cash flow $115.6M (down from $192.8M).
FY22 revenue guidance lowered to $1.837-1.857B; non-GAAP EPS $7.51-7.65 (midpoint unchanged).

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