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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 (NYSE: TYL) has secured a four-year contract renewal with the state of Arkansas, continuing its 25-year partnership through its subsidiary, NIC. This agreement emphasizes the delivery of digital government services aimed at enhancing citizen access. The partnership has resulted in significant efficiencies, including over $64 million in annual cost avoidance for the state. Tyler's NIC currently supports more than 300 government entities, processing over 14.5 million transactions worth $521 million in 2020, achieving a 96% satisfaction rating among users.
Tyler Technologies (NYSE: TYL) has announced a new brand architecture aimed at enhancing the organization and naming of its products. This initiative is a response to the company's growth since its brand launch in 2009, during which it introduced over 50 new products. The revamped structure focuses on functional and descriptive product names, streamlining offerings into five key portfolios: Public Administration, Health & Human Services, Courts & Public Safety, Schools, and Transformative Technology. This change is anticipated to improve client understanding and support future scalability.
Tyler Technologies reported a 53% increase in total revenues for Q4 2021, reaching $433.5 million, with organic growth of 9.2%. Recurring revenues surged 63.4% to $347.2 million, now comprising 80.1% of total revenue. Net income increased to $54.8 million or $1.29 per diluted share, but full-year net income fell 17.1% to $161.5 million. For 2022, guidance suggests total revenues of $1.830 to $1.870 billion. The company highlighted ongoing momentum in SaaS and acquisitions.
Tyler Technologies, Inc. (NYSE: TYL) has announced its acquisition of US eDirect, a leader in technology solutions for outdoor recreation management. This strategic move aims to enhance Tyler's offerings by integrating US eDirect's Recreation Dynamics product into their existing digital government and payment services. The cloud-based solution, powered by Amazon Web Services, facilitates transactions for campgrounds, tours, events, and more. With a client base of 40 across the U.S., Canada, Australia, and New Zealand, this acquisition positions Tyler for growth in the outdoor recreation sector.
Tyler Technologies (NYSE: TYL) announced a three-year contract extension with the state of Hawaii, expanding their 21-year partnership for digital government and payment services. NIC Hawaii, a Tyler subsidiary, provides 149 services across 77 government entities, processing over $310 million in fiscal year 2021. This agreement aims to enhance accessibility and modernize processes for Hawaii's citizens, ensuring 24/7 service availability. Tyler Technologies continues to be a strategic partner for the state in achieving its digital transformation goals.
Tyler Technologies (NYSE: TYL) will announce its fourth quarter 2021 results on February 17, 2022, during a conference call at 10:00 a.m. ET. The press release detailing the results will be issued after the market closes on February 16, 2022. Participants can pre-register for the call or join by dialing the provided numbers. The replay will be accessible until February 24, 2022. Tyler Technologies provides integrated software and technology services to public-sector clients, recognized for its innovative solutions and extensive client base across various locations.
Tyler Technologies (NYSE: TYL) has announced a contract extension with Colorado's Statewide Internet Portal Authority (SIPA) for one year, continuing their partnership which has lasted 17 years. Tyler's NIC Division currently provides over 1,100 digital government services in Colorado, working with 580 government entities and processing over 8 million transactions. Additionally, Tyler signed a 10-year agreement with the Colorado Department of Regulatory Agencies for various digital solutions. This extension aims to enhance digital service delivery for residents.
Tyler Technologies (NYSE: TYL) will participate in two upcoming investor conferences in January 2022. Brian Miller, CFO, will engage in a fireside chat at the 24th Annual Needham Virtual Growth Conference on January 10 at 10:00 a.m. ET, followed by virtual one-on-one meetings. Additionally, Michael Smith, Chief Accounting Officer, will conduct one-on-one meetings at the 22nd Annual CJS Securities Virtual New Ideas Conference on January 12. A live webcast of the Needham conference will be available for viewing.
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