Tyler Technologies (NYSE: TYL) reported Q1 EPS of $1.25, in-line with the analyst estimate of $1.25. Revenue for the quarter came in at $276.5 million versus the consensus estimate of $279.98 million.

First Quarter 2020 Financial Highlights:

• Total revenues were $276.5 million, up 11.9% from $247.1 million for the first quarter of 2019. Organic revenue growth was 6.4%. Non-GAAP total revenues were $276.8 million, up 11.3% from $248.8 million for the first quarter of 2019. Non-GAAP organic revenue growth was 5.7%.
• Recurring revenues from maintenance and subscriptions were $196.1 million, an increase of 17.1% compared to the first quarter of 2019, and comprised 70.9% of first quarter 2020 revenue.
• Operating income was $33.9 million, down 1.7% from $34.5 million for the first quarter of 2019. Non-GAAP operating income was $66.8 million, up 6.1% from $63.0 million for the first quarter of 2019.
• Net income was $47.6 million, or $1.16 per diluted share, up 73.9% compared to $27.3 million, or $0.69 per diluted share, for the first quarter of 2019. Non-GAAP net income was $51.5 million, or $1.25 per diluted share, up 6.7% compared to $48.3 million, or $1.22 per diluted share, for the first quarter of 2019.
• Cash flows from operations were $56.7 million, up 136.7% compared to $24.0 million for the first quarter of 2019.
• Adjusted EBITDA was $73.2 million, up 5.2% compared to $69.5 million for the first quarter of 2019.
• Software subscription arrangements comprised approximately 73% of the total new software contract value in the first quarter, compared to approximately 54% in the first quarter of 2019.
• Total bookings were $319 million, up 39.8% compared to the first quarter of 2019. Subscription bookings in the first quarter added $12.6 million in annual recurring revenue.
• Total backlog was $1.50 billion, up 19.2% from $1.26 billion at March 31, 2019. Software-related backlog (excluding appraisal services) was $1.46 billion, up 20.1% from $1.22 billion at March 31, 2019.
• Tyler repurchased 58,804 shares of its common stock during the quarter at an average price of $263.28.

“We had a solid first quarter with a great deal of momentum going into the second half of March, when we began to see the effects of the COVID-19 pandemic,” said Lynn Moore, Tyler’s president and chief executive officer. “The market was active, and we executed at a high level. Our bookings for the quarter were extremely strong, as they rose almost 40%. Non-GAAP revenues grew 11.3%, our 34th consecutive quarter of double-digit growth. Subscription revenue grew 21.5%, and recurring revenues made up nearly 71% of total revenues. Cash flow for the quarter was robust, as cash from operations more than doubled and free cash flow quadrupled last year\'s first quarter, and we ended the quarter with $393 million in cash and investments."

For earnings history and earnings-related data on Tyler Technologies (TYL) click here.