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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, Inc. (NYSE: TYL) has signed an agreement with Suisun City, California, to implement several solutions, including ERP Pro and Enterprise Permitting. This initiative aims to replace an outdated ERP system, centralizing services to improve efficiency. The city anticipates benefits such as streamlined operations and enhanced remote work capabilities. Tyler's ERP Pro offers over 50 integrated modules, facilitating better service delivery and transparency within city operations. This contract enhances Tyler's position in the public sector software market.
Tyler Technologies (TYL) reported first-quarter 2022 financial results, revealing total revenues of $456.1 million, a 54.7% increase year-over-year. Organic revenue growth stood at 12.8%. Recurring revenues comprised 79.5% of total revenue, amounting to $362.5 million, up 63.6%. Operating income rose 46.2% to $55.9 million, while net income increased to $40.0 million, or $0.94 per diluted share. However, cash flows from operations declined 25.3% to $53.5 million. Full-year guidance indicates total revenues between $1.835 billion and $1.870 billion, including $40 million from COVID-related revenues.
Tyler Technologies (NYSE: TYL) has signed an agreement with the Utah Department of Public Safety for its comprehensive public safety suite. The suite includes components such as Mobile, Field Mobile, and Public Safety Analytics aimed at addressing challenges in records, investigations, and patrol.
The new system will enhance mobility, streamline approval processes, and provide a unified data source for analytics. This partnership seeks to improve operational efficiency and promote better community safety.
Tyler Technologies (NYSE: TYL) announced the successful implementation of its Enterprise Justice suite at Shreveport City Court in Louisiana, enabling enhanced administration and efficiency in court operations. The transition from a legacy system to integrated technology is expected to streamline document processing and improve community access via a web portal. Furthermore, the city jail is also set to adopt Tyler’s solutions, marking an integration of court and jail systems for improved information sharing and operational safety.
Tyler Technologies (NYSE: TYL) has secured a three-year extension of its payment services contract with Texas, enhancing a 13-year partnership. This agreement integrates Tyler's Data & Insights platform, facilitating advanced analytics for payment processing. Since September 2018, Tyler's NIC Division has processed over 73.5 million transactions worth more than $5.69 billion for the state. The secured services include Level 1 PCI compliance and comprehensive transaction management, streamlining government interactions for over 306 entities in Texas.
Tyler Technologies (NYSE: TYL) announced it will present its first-quarter 2022 results via teleconference on April 28, 2022, starting at 10:00 a.m. ET. The press release with these results will be issued after the market closes on April 27, 2022. The event will be hosted by CEO H. Lynn Moore Jr. and CFO Brian K. Miller. Participants can pre-register for the call or join via dial-in numbers provided for U.S. and international callers. A replay will be available until May 5, 2022.
Tyler Technologies (NYSE: TYL) has signed a five-year agreement with Mississippi to implement its NIC Licensing Solution (NLS) for the state's medical cannabis program. This platform facilitates patient registration, practitioner credentialing, and business licensing, enhancing regulatory efficiency. Tyler currently operates in four states, processing over 1.5 million applications. With over 11 years of service in Mississippi, Tyler’s NIC division continues to support various state agencies, emphasizing its commitment to innovative digital solutions.
Tyler Technologies (NYSE: TYL) released its third annual corporate responsibility report, detailing significant progress in sustainability and diversity efforts. The report highlights the establishment of a DEI Council, a reduction of 22,000 metric tons in carbon footprint, and an employee retention rate of 82%. Tyler ranked in the 93rd percentile on the Dow Jones Sustainability Index North America and engaged with over 2,000 community organizations. Innovations in digital inclusion have been emphasized to enhance access to government services.
Tyler Technologies (NYSE: TYL) has secured a two-year contract extension with the state of Mississippi, solidifying an 11-year partnership through its subsidiary, NIC. NIC provides over 340 digital services to more than 100 government entities in Mississippi, facilitating online transactions exceeding $151 million in 2021 alone. This collaboration has achieved a cost avoidance of over $16.5 million for the state. Mississippi’s government services are recognized nationally, winning 24 awards for their citizen-first approach.
Tyler Technologies has announced a new agreement with the city of Salem and the Willamette Valley Communications Center in Oregon for the implementation of its Enterprise CAD system. This solution will enhance dispatch capabilities for 31 public safety organizations, improving emergency response efficiency. With a transition from their previous vendor due to service discontinuation, the WVCC conducted thorough research before selecting Tyler's technology. The CAD system will facilitate better communication among agencies and provide first responders with real-time data access.
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