Tyler Technologies Inc
NYSE:TYL
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Intrinsic Value
The intrinsic value of one TYL stock under the Base Case scenario is 281.38 USD. Compared to the current market price of 599.87 USD, Tyler Technologies Inc is Overvalued by 53%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Tyler Technologies Inc
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Fundamental Analysis
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Tyler Technologies Inc. stands at the forefront of software development tailored specifically for the public sector, becoming a vital partner for government entities seeking to enhance their operational efficiency. Founded in 1966, the company has established a robust portfolio of integrated solutions that facilitate everything from property tax assessment to public safety management. Their commitment to innovation and customer service has allowed Tyler to cultivate long-term relationships with over 15,000 government clients across the United States and Canada. By leveraging cutting-edge technology and data analytics, Tyler empowers local governments to streamline their processes, improve tr...
Tyler Technologies Inc. stands at the forefront of software development tailored specifically for the public sector, becoming a vital partner for government entities seeking to enhance their operational efficiency. Founded in 1966, the company has established a robust portfolio of integrated solutions that facilitate everything from property tax assessment to public safety management. Their commitment to innovation and customer service has allowed Tyler to cultivate long-term relationships with over 15,000 government clients across the United States and Canada. By leveraging cutting-edge technology and data analytics, Tyler empowers local governments to streamline their processes, improve transparency, and ultimately provide better services to their communities.
For investors, Tyler Technologies represents a compelling opportunity in the technology sector with its stable revenue streams and consistent growth trajectory. The company has experienced a solid increase in recurring revenues driven by its subscription-based model, which offers sustainability and predictability in cash flows. Additionally, Tyler has shown resilience in weathering economic fluctuations, given the necessity of public services and the growing demand for digital solutions in government operations. With a strategic focus on expanding its service capabilities through continuous innovation and strategic acquisitions, Tyler Technologies is poised to remain a leader in the public sector software market, making it an attractive investment for those seeking exposure to a niche yet essential industry.
Tyler Technologies, Inc. is a prominent provider of software and technology services specifically designed for the public sector. The company operates primarily in two core business segments:
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Software Solutions: This segment focuses on delivering integrated software applications that help local governments and public agencies manage their operations more effectively. These applications cover a wide range of functions, including:
- Public Safety: Software solutions for law enforcement, fire, and emergency medical services to enhance response times and improve operational efficiency.
- Financial Management: Tools for financial management that include budgeting, accounting, and payroll systems tailored for public sector requirements.
- Property and Tax Management: Solutions for managing property tax assessments, collections, and land records, which are crucial for local government revenue generation.
- Court and Law Enforcement: Software to streamline judicial processes and assist with case management, which helps in reducing backlogs and improving justice delivery.
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Appraisal and Tax Services: This segment offers consulting and outsourced services primarily related to property appraisal and tax assessment. Tyler Technologies provides expertise in assessing property values, developing tax rolls, and ensuring compliance with local and state regulations. These services help municipalities optimize their property tax revenue while maintaining fair and accurate assessments.
Tyler Technologies has built a reputation for its deep understanding of the public sector's needs, leveraging technology to improve operational efficiency and service delivery in local governments. The company continually evolves its offerings by integrating cloud services and advancing technologies such as data analytics and mobile solutions to enhance public engagement and transparency.
Tyler Technologies Inc. has several unique competitive advantages that help it maintain a strong position in the public sector software solutions market. Some of these advantages include:
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Comprehensive Product Suite: Tyler Technologies offers a wide range of integrated software solutions tailored specifically for the public sector, including solutions for courts, law enforcement, tax assessment, and local government management. This comprehensive approach allows clients to meet multiple needs with a single vendor.
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Deep Industry Expertise: With decades of experience in providing software solutions for local governments and public agencies, Tyler has developed a deep understanding of their unique challenges and requirements. This expertise enables the company to innovate effectively and customize solutions accordingly.
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Strong Client Relationships: Tyler Technologies has built long-standing relationships with its clients, which leads to higher customer retention rates. The company's commitment to customer support and service enhances these relationships, making it less likely for clients to switch to competitors.
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Focused Market Niche: By concentrating exclusively on the public sector, Tyler Technologies has been able to dominate a niche market. This focus allows them to specialize and build strong brand recognition among public sector entities.
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Robust R&D Investment: Continuous investment in research and development allows Tyler to stay ahead of technological trends and provide high-quality products that meet evolving sector needs, including cloud computing, data analytics, and mobile solutions.
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Scalability and Flexibility: Tyler’s solutions are designed to be scalable, accommodating the needs of small municipalities and large urban centers alike. This flexibility appeals to a broad range of potential customers.
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Acquisition Strategy: Tyler frequently acquires complementary companies, enhancing its product offerings and customer base. This strategy not only expands its capabilities but also speeds up innovation and development cycles.
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Strong Financial Position: A solid financial foundation allows Tyler Technologies to invest in growth opportunities, research and development, and marketing efforts, sustaining a competitive edge through resources.
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Positive Brand Reputation: The company's reputation for reliability and high-quality service has garnered trust within the public sector, which can be a significant factor for governmental agencies when selecting software providers.
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Dedicated Support and Training: Tyler Technologies places a strong emphasis on customer support and client training, ensuring that users can effectively utilize their solutions. This focus on customer success contributes to long-term client satisfaction and loyalty.
These factors collectively position Tyler Technologies as a leader in the public sector software space, distinguishing it from its competitors and creating a sustainable competitive advantage.
Tyler Technologies Inc., as a leading provider of software and technology services for the public sector, faces several risks and challenges in the near future. Here are some key considerations:
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Market Competition: The public sector software market is competitive, with both established companies and new entrants vying for market share. Increased competition could pressure pricing and margins.
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Regulatory Changes: Changes in government regulations at federal, state, or local levels can impact the demand for Tyler's services. Adapting to new regulations may also require additional resources and investments.
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Economic Conditions: Economic downturns can lead to budget constraints in public sector organizations, potentially affecting their ability to purchase or upgrade software solutions. This could limit Tyler’s revenue growth.
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Cybersecurity Threats: As a provider of technology services, Tyler is a target for cyberattacks. Any significant data breach or service disruption could result in loss of clients, reputational damage, and financial penalties.
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Technological Advancements: Rapid advancements in technology necessitate that Tyler continually innovates and updates its offerings. Failure to keep pace with technology trends, such as artificial intelligence and cloud computing, may weaken its competitive position.
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Customer Concentration: A significant portion of Tyler’s revenue may come from a limited number of large clients. Loss of a major client or reduced spending from key customers could negatively impact financial performance.
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Integration of Acquisitions: Tyler has pursued a strategy of growth through acquisitions. Successfully integrating new acquisitions and realizing synergies is crucial; challenges in this area can affect operational efficiency and financial results.
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Talent Acquisition and Retention: The tech industry faces ongoing challenges in attracting and retaining skilled personnel. A competitive labor market may lead to increased costs and operational disruptions if key personnel leave.
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Dependence on Government Funding: Many of Tyler's clients are government entities that rely on taxpayer funding, making them vulnerable to political pressures and budget cuts, which could impact Tyler's sales and growth prospects.
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Public Perception and Trust: As a vendor to public sector organizations, Tyler must maintain a positive public image. Any controversies or negative publicity could affect client trust and business relationships.
Mitigating these risks requires a strategic approach, including investment in security measures, continuous innovation, diversification of client base, and responsiveness to market demands.
Revenue & Expenses Breakdown
Tyler Technologies Inc
Balance Sheet Decomposition
Tyler Technologies Inc
Current Assets | 1.2B |
Cash & Short-Term Investments | 544.3m |
Receivables | 619.5m |
Other Current Assets | 74.8m |
Non-Current Assets | 3.8B |
Long-Term Investments | 3.9m |
PP&E | 200m |
Intangibles | 3.5B |
Other Non-Current Assets | 90.7m |
Current Liabilities | 1B |
Accounts Payable | 145.4m |
Accrued Liabilities | 171.3m |
Other Current Liabilities | 704.9m |
Non-Current Liabilities | 699.8m |
Long-Term Debt | 597.5m |
Other Non-Current Liabilities | 102.3m |
Earnings Waterfall
Tyler Technologies Inc
Revenue
|
2.1B
USD
|
Cost of Revenue
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-1.2B
USD
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Gross Profit
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911.9m
USD
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Operating Expenses
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-636.3m
USD
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Operating Income
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275.6m
USD
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Other Expenses
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-38.9m
USD
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Net Income
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236.7m
USD
|
Free Cash Flow Analysis
Tyler Technologies Inc
USD | |
Free Cash Flow | USD |
Tyler Technologies reported a strong third quarter, with total revenues rising 9.8% to $543.3 million. The notable shift to SaaS continued, as SaaS revenues grew 20.3% and made up 97% of new contract value. Recurring revenues climbed 12.1%, with a total annualized recurring revenue of approximately $1.85 billion. Non-GAAP operating margin expanded to 25.4%, reflecting successful cloud efficiency initiatives. For 2024, the company expects total revenues between $2.125 billion and $2.145 billion, with GAAP diluted EPS projected at $6.13 to $6.28, signaling robust future growth.
What is Earnings Call?
TYL Profitability Score
Profitability Due Diligence
Tyler Technologies Inc's profitability score is 55/100. The higher the profitability score, the more profitable the company is.
Score
Tyler Technologies Inc's profitability score is 55/100. The higher the profitability score, the more profitable the company is.
TYL Solvency Score
Solvency Due Diligence
Tyler Technologies Inc's solvency score is 83/100. The higher the solvency score, the more solvent the company is.
Score
Tyler Technologies Inc's solvency score is 83/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
TYL Price Targets Summary
Tyler Technologies Inc
According to Wall Street analysts, the average 1-year price target for TYL is 622.23 USD with a low forecast of 555.5 USD and a high forecast of 735 USD.
Dividends
Current shareholder yield for TYL is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
TYL Insider Trading
Buy and sell transactions by insiders
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Profile
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Industry
Market Cap
Dividend Yield
Description
Tyler Technologies, Inc. engages in the provision of integrated technology and management solutions and services for public sector with a focus on local governments. The company is headquartered in Plano, Texas and currently employs 6,800 full-time employees. Its segments include Enterprise Software (ES) segment, which provides public sector entities with software systems and services to meet their information technology and automation needs for mission-critical back-office functions, such as financial management; courts and justice processes; public safety; planning, regulatory and maintenance; data analytics; and platform technologies; Appraisal and Tax (A&T) segment, which provides systems and software that automate the appraisal and assessment of real and personal property, land and vital records management as well as provides property appraisal outsourcing services for local governments and taxing authorities, and NIC, Inc. (NIC) segment, which offers digital services, such as insurance, submitting business filings, renewing licenses, accessing information and making secure payments without visiting a government office.
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IPO
Employees
Officers
The intrinsic value of one TYL stock under the Base Case scenario is 281.38 USD.
Compared to the current market price of 599.87 USD, Tyler Technologies Inc is Overvalued by 53%.