Tyler Technologies, Inc. - TYL STOCK NEWS

Tyler Technologies (NYSE: TYL) has secured a five-year contract renewal with the Colorado Statewide Internet Portal Authority (SIPA), extending their 18-year partnership. This agreement includes a new funding model aimed at enhancing the implementation of Tyler's digital government and payment services across Colorado. Tyler currently supports over 1,100 digital services for 770 government entities in the state, processing more than 8 million transactions annually. The contract may also be extended for an additional five years.

Tyler Technologies (NYSE: TYL) has acquired Safeground Analytics, enhancing its appraisal services for state and local governments. This strategic acquisition aims to leverage Safeground's expertise in residential and commercial property assessments, which aligns with Tyler's long-standing commitment to the appraisal market. With over 80 years of experience, Tyler anticipates growth in service offerings and increased client retention. Safeground's strong presence in New England will complement Tyler's nationwide reach, while expanding its capabilities in litigation support and assessor training.

Tyler Technologies (NYSE: TYL) has announced the successful implementation of its Enterprise Supervision solution with the Los Angeles County Probation Department, completed in just five months. This project, the first phase of a two-phase initiative, replaces outdated systems, contributing to improved efficiency in pretrial services. Key features include the consolidation of case management systems, enhanced integration of investigation and supervision, and customizable reporting. The upcoming second phase will introduce an online portal for supervised clients to communicate with probation officers. Los Angeles County, with a population of approximately 10 million, is the largest probation department in the U.S.

Tyler Technologies (NYSE: TYL) will participate in three investor conferences in March 2023. The schedule includes:

• Wolfe Research March Madness Conference on March 1, with 1x1 meetings in New York.
• JMP Securities Technology Conference on March 6, featuring a fireside chat at 11:00 a.m. PT in San Francisco.
• Loop Capital Annual Conference on March 13, with virtual 1x1 meetings.

Brian Miller, executive vice president and CFO, will represent the company at all events. A live webcast of the JMP conference will be available for viewing.

Tyler Technologies (NYSE: TYL) has entered an agreement with the Iowa Department for the Blind (IDB) to implement its Vocational Rehabilitation solution. This new system will enhance case management for IDB participants and providers while ensuring compliance with federal reporting requirements. Key features include advanced data extraction, improved workflows, and accessibility enhancements. Tyler's application will replace IDB's outdated legacy system, streamlining processes so counselors can focus on client services. The partnership aims to improve the efficacy and efficiency of IDB's vocational rehabilitation and independent living programs.

Tyler Technologies reported Q4 2022 revenues of $452.2 million, a 4.3% increase year-over-year. Non-GAAP revenues were similarly reported at $452.2 million. Recurring revenues rose 7.7% to $374.0 million, representing 82.7% of total revenues. SaaS revenues grew 19.3% to $110.2 million. However, net income dropped 43.3% to $31.1 million, and non-GAAP net income fell 5.3% to $70.4 million. For 2022, total revenues hit $1.850 billion, up 16.2% from 2021. The 2023 revenue guidance is projected between $1.935 billion and $1.970 billion. CEO Lynn Moore highlighted strong public sector demand and the firm's focus on cloud transition, despite expected short-term revenue pressure.

Tyler Technologies (NYSE: TYL) has launched its Enterprise Permitting & Licensing solution at Dallas Fort Worth International Airport. This system supports the application, issuance, inspection, and enforcement of construction-related permits, enhancing user experience with a modern interface. DFW Airport aims to streamline processes for contractors and staff while ensuring secure financial transactions via a PCI-compliant module. Tyler’s solutions are designed for effective engagement and management, fitting the needs of a non-traditional government agency like DFW Airport.

Tyler Technologies (NYSE: TYL) has partnered with the Kansas Department of Revenue to enhance property information sharing through its Enterprise Data Platform and Open Data Platform. This collaboration aims to facilitate real-time access to property data, improving efficiency in property tax assessments. The solutions are FedRAMP-certified and built on Amazon Web Services, promoting secure internal data sharing. The initiative is projected to benefit both the KDOR staff and Kansas residents by providing transparent access to property data.

Tyler's platforms are currently utilized across 47 states and internationally.

Tyler Technologies, Inc. (NYSE: TYL) will present its fourth quarter 2022 results on February 16, 2023, at 10:00 a.m. ET. The conference call will be led by CEO H. Lynn Moore Jr. and CFO Brian K. Miller. A press release detailing the results will be available post-market on February 15, 2023. Participants can pre-register for the call via a provided link and access a live audio webcast on the investor relations website. Tyler Technologies delivers integrated software and tech services for the public sector, enhancing efficiencies for government entities across the globe, backed by over 37,000 installations.