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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 robust financial results for Q3 2021, with total revenues of $459.9 million, a 61% increase from Q3 2020. Recurring revenues surged to $370.8 million, representing 80.6% of total revenue. Operating income reached $56.2 million, up 13.1%, while non-GAAP net income rose 36.3% to $85.0 million. Cash flows from operations hit a record $205.4 million. The company completed acquisitions of VendEngine and Arx for $96 million, contributing to a backlog of $1.77 billion. Guidance for FY 2021 estimates total revenues between $1.577 billion and $1.597 billion.
Tyler Technologies (NYSE: TYL) has signed agreements worth $27 million with New Castle, Kent, and Sussex Counties in Delaware for appraisal services related to property tax system reassessments. These counties are mandated to restore equity in their property tax assessments. Tyler will provide its Appraisal Services and the iasWorld CAMA software to enhance the counties' capabilities. With over 80 years of industry experience, Tyler aims to deliver fair and equitable taxation, fulfilling essential government mandates.
Tyler Technologies has appointed Kevin Iwersen as its new Chief Information Officer (CIO). Iwersen brings extensive experience from the public sector, including serving as CIO for the Idaho Judicial Branch. His leadership is expected to enhance Tyler's IT strategy and collaborative efforts. He will work closely with former CIO Matt Bieri until Bieri's retirement in early 2022. Iwersen holds a bachelor's degree in computer science and a master's in information security, also having served as an adjunct professor and in the U.S. Air Force.
Tyler Technologies (NYSE: TYL) will release its third quarter 2021 results on October 27, 2021, after market close. A conference call will follow on October 28, 2021, at 10:00 AM ET, hosted by CEO H. Lynn Moore Jr. and CFO Brian K. Miller. Participants can register in advance or join via dial-in options. A replay will be available until November 4, 2021. Tyler Technologies specializes in integrated software and technology services for public sector clients, boasting over 37,000 installations across more than 12,000 locations globally.
Tyler Technologies (NYSE: TYL) announced that the USDA Forest Service's Law Enforcement and Investigations (LEI) has successfully implemented the Entellitrak case management solution, replacing its legacy system. This transition enhances compliance with the National Incident Based Reporting System (NIBRS) and improves reporting capabilities for law enforcement activities. Officers can now manage reports and violations more efficiently, with advanced features for record-keeping and document submission. This marks a significant step in modernizing federal law enforcement operations.
Tyler Technologies (NYSE: TYL) has signed an agreement with the Texas Office of Court Administration to implement its Odyssey Case Manager and Court Insights solutions in nearly 200 counties, particularly benefiting smaller counties with populations under 20,000. This initiative aims to streamline court operations by integrating with existing e-filing systems. The Odyssey Case Manager will enhance court administration and data management, while Court Insights will provide performance metrics through a user-friendly dashboard.
Tyler Technologies (NYSE: TYL) has secured a 10-year agreement with the Colorado Department of Regulatory Agencies (DORA) for its ETK Regulatory™ solution. This collaboration aims to enhance online access to licensing services for the public, encompassing around 233 license types. The initiative will feature a cloud-based system integrating various solutions, including analytics and electronic payments. With nearly 250 users, the platform is designed to free up staff resources. The funding model will utilize transaction fees collected by DORA to support the system's implementation.
Tyler Technologies (NYSE: TYL) has acquired Arx, a cloud-based platform that enhances law enforcement capabilities. This acquisition integrates Arx’s offerings, Arx Alert and Arx Community, into Tyler’s public safety software suite. The tools aim to improve police transparency, accountability, and community engagement. Tyler’s president emphasized the aim to build community trust and ensure safety through integrated public safety solutions. Arx’s management will join Tyler’s Public Safety Division, with operations centered in Michigan.
Tyler Technologies (NYSE: TYL) will attend five investor conferences in September 2021, hosting virtual sessions. Notable events include the Wolfe Research Conference on September 8, where Brian Miller will participate in a fireside chat, and the Deutsche Bank Technology Conference on September 10. All discussions, other than the Morningstar conference, will be live-streamed. Tyler Technologies provides software solutions for public sector entities, with over 27,000 installations across various regions.
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