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Tyler Technologies, Inc. (NYSE: TYL) is a prominent provider of comprehensive information management solutions tailored for local government entities. Established in Plano, Texas, Tyler Technologies is on a mission to enhance the efficiency, accessibility, and responsiveness of public sector organizations, including cities, counties, schools, and courts.
With a client base that spans over 14,000 local government offices across all 50 states, Canada, the Caribbean, the United Kingdom, and other international locations, Tyler Technologies is at the forefront of empowering public administration. The company’s flagship products include:
- Munis: Tyler’s core Enterprise Resource Planning (ERP) system designed to integrate various administrative operations and enhance financial management.
- Odyssey: A robust Court Management System (CMS) that streamlines judicial processes and improves case management efficiency.
- Payments: A versatile platform facilitating seamless financial transactions and payment processing.
Beyond these core offerings, Tyler Technologies provides a diverse array of add-on modules and outsourced services, such as property tax assessment, to meet the unique needs of its clients. The company's dedication to innovation and consistent performance has earned it a spot on Forbes' list of “America’s Best Small Companies” eight times and inclusion in the Barron's 400 Index, recognizing the most promising companies in America, six times.
Tyler Technologies continues to drive advancements in public sector software, forming strategic partnerships and undertaking significant projects to modernize government operations. The company's solutions are designed to foster transparency, improve citizen engagement, and support the evolving demands of governmental bodies. For the latest updates, financial performance, and news about Tyler Technologies, visit their official website at www.tylertech.com.
Tyler Technologies reported its Q1 2023 financial results with total revenues reaching $471.9 million, an increase of 3.5% year-over-year. On an organic basis, revenue growth was 7.2%, excluding COVID-related revenues. Recurring revenues from maintenance and subscriptions rose 9.1% to $395.6 million, comprising 83.8% of total revenues. Notably, SaaS revenues grew 24.4% to $126.6 million. However, GAAP operating income fell 19.5% to $45.0 million, and GAAP net income decreased 22.8% to $30.9 million, or $0.73 per diluted share. Cash flow from operations improved by 39.5% to $74.7 million. For 2023, the company expects total revenues between $1.935 billion and $1.970 billion and GAAP diluted EPS of $3.65 to $3.80.
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