Tyler Technologies, Inc. (NYSE:TYL) Q4 2014 Earnings Conference Call - Final Transcript
Feb 05, 2015 • 10:00 am ET
Hello, and welcome to today's Tyler Technologies Fourth Quarter and Year-End 2014 Conference Call. Your host for today's call is John Marr, President and CEO of Tyler Technologies. At this time all participants are in a listen-only mode, later, we will conduct the question-and-answer session and instructions will follow at that time. As a reminder, this conference is being recorded today, February 5, 2015.
I would like to turn the call over to Mr. Marr. Please go ahead.
John S. Marr
Thank you, Kate, and welcome to our fourth quarter 2014 earnings call. With me on the call 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 preliminary comments. Brian will review the details of our fourth quarter operating results and 2015 guidance, then I'll have some final comments, and we'll take your questions. Brian?
Brian K. Miller
Thanks, John. (Forward-Looking Statement) Please note that all growth comparisons we make on the call today will relate to the corresponding period of last year, unless we specify otherwise. John?
John S. Marr
Thanks, Brian. We finished an exceptional year in 2014, with fourth quarter financial performance that continued to trend a very strong growth in revenues and earnings. From a historical perspective, this was our 13th quarter of double-digit revenue growth and the best fourth quarter in the company's history by virtually any financial measure.
Our recurring revenues from subscriptions continues to be our fastest-growing revenue line. Our subscription revenue grew 23% and reflects strong growth of our e-filing revenues from courts as well as a continued gradual shift with the cloud-based Software as a Service business. Software license and royalty revenues were up 10% over last year. This was our seventh consecutive quarter of software license and royalty revenue over $10 million.
We had another very solid quarter for bookings, which were up 28%. On a trailing 12-month basis, bookings increased 9%. However, bookings were up 27% with the Texas e-file contract considered on a comparable basis to other transaction-based e-filing arrangements.
This was a robust quarter for SaaS bookings, with a total contract value of approximately $31 million in SaaS agreements signed. Some of the notable contracts signed in the fourth quarter included a 7-year multi-suite SaaS agreement with the city of Mobile, Alabama valued at approximately a $11 million. This is the largest SaaS deal in the company's history in terms of total contract value. Mobile selected our Munis ERP, Incode Municipal Court, EnerGov planning, regulatory and licensing and Tyler Public Safety solutions. Mobile is the second largest city in Alabama. We also signed a contract valued at approximately $8 million with Marin County, California for Munis ERP solution.
Following an extremely thorough evaluation, Marin chose Tyler to replace more than 250 ancillary systems county-wide, including a financial system from a Tier 1 ERP vendor, to enhance reporting capabilities and information delivered to employees, elected officials and residents.
Other significant agreements for the Munis ERP solution, each of which were valued a greater than