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Empowering people who serve the public " Tyler Technologies Reports Earnings for Second Quarter 2021 tyler technologies Total revenues grew 49 % with the addition of NIC ; organic revenues grew 12 % PLANO , Texas - Tyler Technologies , Inc. ( NYSE : TYL ) today announced financial results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Financial Highlights : • On April 21 , 2021 , Tyler completed the acquisition of NIC Inc. for approximately $ 2.3 billion in cash . NIC is a leading provider of digital government solutions and payments processing that serves more than 7,100 federal , state , and local government agencies across the nation . In connection with the acquisition , in March , Tyler completed a $ 600 million offering of 0.25 % convertible senior notes due 2026 , and in April , entered into a new $ 1.4 billion senior unsecured credit facility that includes $ 900 million of three and five - year term loans , and a new $ 500 million five - year revolving credit agreement . • Total revenues were $ 404.1 million , up 49.1 % from $ 271.1 million for the second quarter of 2020. On an organic basis , total revenues grew 12.4 % . Non - GAAP total revenues were $ 405.4 million , up 49.4 % from $ 271.3 million for the second quarter of 2020 . On an organic basis , non - GAAP total revenues grew 12.3 % . • Recurring revenues from maintenance and subscriptions were $ 319.2 million , up 57.7 % from $ 202.4 million for the second quarter of 2020 , and comprised 79.0 % of second quarter 2021 revenue , up from 74.7 % for the second quarter of 2020 . Subscriptions revenue and software services revenues included a total of $ 15.3 million from NIC's Tour Health and COVID - related initiatives that are expected to wind down in the second half of the year . • Operating income was $ 38.3 million , down 7.4 % from $ 41.3 million for the second quarter of 2020. Non - GAAP operating income was $ 107.4 million , up 43.9 % from $ 74.6 million for the second quarter of 2020 . • Net income was $ 25.5 million , or $ 0.61 per diluted share , down 52.6 % compared to $ 53.9 million , or $ 1.30 per diluted share , for the second quarter of 2020. Non - GAAP net income was $ 77.2 million , or $ 1.83 per diluted share , up 35.3 % compared to $ 57.1 million , or $ 1.38 per diluted share , for the second quarter of 2020 . • Cash flows from operations were negative $ 20.3 million compared to $ 39.8 million for the second quarter of 2020. Free cash flow was negative $ 33.5 million compared to $ 31.5 million for the second quarter of 2020 . • Adjusted EBITDA was $ 114.7 million , up 42.1 % compared to $ 80.7 million for the second quarter of 2020 . • Software subscription arrangements comprised approximately 65 % of the total new software contract value in the second quarter , compared to approximately 43 % in the second quarter of 2020 . • Subscription bookings in the second quarter added $ 15.0 million in annual recurring revenue . • Annualized non - GAAP recurring revenues were $ 1.282 billion , up 58.2 % from $ 810.2 million for the second quarter of 2020 . • Total backlog was $ 1.63 billion , up 5.6 % from $ 1.54 billion at June 30 , 2020 . • Tyler repurchased 32,600 shares of its common stock during the second quarter at an average price of $ 398.02 . " We delivered very strong second quarter results , exceeding expectations for both core Tyler and NIC operations , " said Lynn Moore , Tyler's president and chief executive officer . " With the inclusion of NIC , total revenues grew 49.1 % , led by subscriptions revenue growth of 133.0 % . On an organic basis , revenue growth accelerated to 12.4 % , and NIC's full - quarter core revenues , excluding TourHealth and COVID - related initiatives , grew 23.5 % . " As expected , our non - GAAP operating margin declined 100 basis points to 26.5 % , as some costs and lower - margin revenues that declined in 2020 due to the COVID pandemic began to return , along with the impact of the continuation of NIC's lower - margin COVID related revenues . Cash flows from operations and free cash flow were impacted this quarter by acquisition - related costs and the timing of cash collections by NIC on behalf of government agencies prior to the close of the acquisition and remittances to agencies post acquisition . " We are very encouraged by the bookings performance for the quarter , as market activity continues to rebound , with proposals and sales activities trending back to pre - COVID levels . Bookings in the second quarter were approximately $ 464 million , up 50.1 % over the second quarter of 2020 , including NIC's post - acquisition activity . Excluding NIC , bookings rose 17.5 % . " The integration of NIC , as well as ReadySub and Data Spec , is well underway , and we are pleased with our momentum . Our teams are enthusiastic about the growth opportunities ahead for our combined organization , and we remain on track with our strategic initiatives , including our investments in cloud optimization . We look forward to reporting on our continued progress in the second half of the year , " concluded Moore . Tyler also announced that its Board of Directors has formally appointed Glenn A. Carter as Lead Independent Director , effective May 11 ,