Tyler Technologies delivered yet another good result with strong growth in recurring revenues from maintenance as well as subscriptions. The company’s subscription revenues increased 13% year-over-year to $221.6 million and accounted for 75.2% of the total top-line. Tyler was also in the news for signing a multi-year software-as-a-service (SaaS) agreement for its unified Munis ERP solution with the city of Fresno, California. One of the reasons why the company’s bookings fell by 22.8% in the recent quarter is because it had signed 2 huge contracts in the same quarter last year. After the NIC acquisition, the management continued its acquisition spree and went on to buy electronic management of veterans’ claims provider, DataSpec, and cloud-based school scheduling platform, ReadySub. We maintain our ‘Hold’ rating on the stock with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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