Tyler Technologies (TYL) on Wednesday reported a slight increase in first-quarter profit, despite 8% growth in revenues driven by robust recurring and SaaS revenue growth.
Total revenue rose 8.6% to $613.5 million from $565.2 million. Recurring revenue climbed 10.4% to $538.6 million, accounting for nearly 88% of total revenue. Subscription revenue increased 14.6%, with SaaS revenue jumping 23.5% to $222.4 million.
Net income was $81.2 million or $1.88 per share, compared to $81.1 million or $1.84 per share.
Adjusted earnings were $3.09 per share, compared to $2.78 per share last year.
"Our first quarter results exceeded expectations for our key performance measures, with recurring and total revenues setting new quarterly records," said Lynn Moore, Tyler's president and chief executive officer.
"We achieved double-digit recurring revenue growth, led by exceptional SaaS growth, extending our impressive track record with 21 consecutive quarters of 20% or greater SaaS growth. The healthy public sector demand environment was reflected in our strong bookings growth, and continued momentum with strategic initiatives across our business reinforces our confidence in achieving or exceeding our 2030 goals. We continue to invest in innovation and long-term growth through both product development and M&A," concluded Moore.
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