Tyler Technologies reports Q1 adjusted EPS $1.76, consensus $1.69

Reports Q1 revenue $471.9M, consensus $471.43M. "We began 2023 by delivering strong first quarter results that met or exceeded our expectations for most key metrics," said Lynn Moore, Tyler’s president and chief executive officer. "We achieved organic revenue growth of 7.2% even with the impact of short-term headwinds from our new business mix shift and the related decline in software license revenues. Cloud adoption trended higher than anticipated with SaaS comprising 87% of our new software contract value, and free cash flow was robust. We continued to direct cash flow to debt repayment as we reduced our term debt by $120 million during the quarter, bringing our net leverage to 1.5 times proforma EBITDA."