Tyler Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Tyler Technologies Inc. filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

TYLER TECHNOLOGIES INC (TYL) filed a Annual Report (10-K) with the SEC on February 21, 2024. Tyler Technologies Inc. reported its 2023 fiscal year results, ending December 31, 2023. The company's filing is a Form 10-K, providing a comprehensive overview of its financial performance and business operations. Key financial data for the fiscal years ending December 31, 2023, 2022, and 2021 are included. The filing details revenue segments including Subscription and Circulation, Maintenance, Professional Services, Software Licenses and Royalties, and Hardware and Other. Balance sheet information as of December 31, 2023, 2022, 2021, and 2020 is presented.

Why It Matters

For investors and stakeholders tracking TYLER TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides investors with a detailed look at Tyler Technologies' financial health and strategic direction for the fiscal year 2023. Understanding the breakdown of revenue streams and balance sheet figures is crucial for assessing the company's growth trajectory and operational stability.

Risk Assessment

Risk Level: medium — TYLER TECHNOLOGIES INC shows moderate risk based on this filing. The company operates in the software industry, which is subject to rapid technological changes and competitive pressures, as indicated by its SIC code 7372 (Services-Prepackaged Software).

Analyst Insight

Investors should analyze the revenue growth across different segments and the company's debt-to-equity ratio to assess future performance.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-21 — Filing Date (Date of submission)
• 7372 — Standard Industrial Classification (Industry classification code)
• DE — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• TYLER TECHNOLOGIES INC (company) — Filer name
• TYL (company) — Ticker symbol
• 10-K (filing) — Form type
• 2023-12-31 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• 5101 TENNYSON PKWY (address) — Business address street 1
• PLANNO (address) — Business address city
• TX (address) — Business address state

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for financial data.
• 2024-02-21: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ge on which registered COMMON STOCK, $0.01 PAR VALUE TYL New York Stock Exchange
• $31.8 billion — ware spending are expected to grow from $31.8 billion in 2024 to $46.9 billion in 2027; profe
• $46.9 billion — d to grow from $31.8 billion in 2024 to $46.9 billion in 2027; professional services and supp
• $36.4 billion — that market are expected to expand from $36.4 billion in 2024 to $46.8 billion in 2027; appli
• $46.8 billion — to expand from $36.4 billion in 2024 to $46.8 billion in 2027; application and vertical speci
• $6.2 billion — the market are expected to expand from $6.2 billion in 2024 to $8.6 billion in 2027 while r
• $8.6 billion — to expand from $6.2 billion in 2024 to $8.6 billion in 2027 while related professional serv
• $5.7 billion — s and support are expected to grow from $5.7 billion in 2024 to $7.5 billion in 2027. For th
• $7.5 billion — ed to grow from $5.7 billion in 2024 to $7.5 billion in 2027. For the national and internati
• $48.0 billion — tware sales are expected to expand from $48.0 billion in 2024 to $71.9 billion in 2027, while
• $71.9 billion — to expand from $48.0 billion in 2024 to $71.9 billion in 2027, while related professional ser
• $71.6 billion — s and support are expected to grow from $71.6 billion in 2024 to $93.5 billion in 2027. 3
• $93.5 billion — d to grow from $71.6 billion in 2024 to $93.5 billion in 2027. 3 Tyler is a leading provid
• $1.6 b — nd support, which generated revenues of $1.6 billion, or 83% of total revenues, in 202
• $296.4 million — er the past five years, increasing from $296.4 million in 2019 to $1.2 billion in 2023. We mon

Filing Documents

• tyl-20231231.htm (10-K) — 2241KB
• tyl12312023exhibit211.htm (EX-21.1) — 35KB
• tyl12312023exhibit-23.htm (EX-23) — 3KB
• tyl12312023exhibit311.htm (EX-31.1) — 11KB
• tyl12312023exhibit312.htm (EX-31.2) — 11KB
• tyl12312023exhibit321.htm (EX-32.1) — 11KB
• tyl-20231231_g1.jpg (GRAPHIC) — 151KB
• 0000860731-24-000006.txt (&nbsp;) — 13327KB
• tyl-20231231.xsd (EX-101.SCH) — 78KB
• tyl-20231231_cal.xml (EX-101.CAL) — 128KB
• tyl-20231231_def.xml (EX-101.DEF) — 410KB
• tyl-20231231_lab.xml (EX-101.LAB) — 1063KB
• tyl-20231231_pre.xml (EX-101.PRE) — 744KB
• tyl-20231231_htm.xml (XML) — 2195KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21

Properties

Item 2. Properties 24

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25

[Reserved]

Item 6. [Reserved] 26

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40

Controls and Procedures

Item 9A. Controls and Procedures 40

Other Information

Item 9B. Other Information 41 Item 9C. D isclosure Regarding Foreign Jurisdictions That Prevent Inspections 41 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 42

Executive Compensation

Item 11. Executive Compensation 42

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 42

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 42 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 43 Item 16. Form 10 - K Su mmary 45

Signatures

Signatures 46 2 PART I

BUSINESS

ITEM 1. BUSINESS. DESCRIPTION OF BUSINESS Tyler Technologies, Inc. ("Tyler") is a leading provider of integrated software and technology management solutions for the public sector. Our solutions empower local, state, and federal government entities to create smarter, safer, and stronger communities. We offer the broadest range of software solutions and services designed for every level of public sector government agency. Our solutions deliver mission-critical technology to support the essential functions of government, including public safety, justice, public health, taxation and budgeting, infrastructure and land use, outdoor recreation, utility and civic services, regulation, K-12 education, and social services. We provide both the back-office systems-of-record that serve the operational needs of specific government agencies, as well as platform technology solutions that are designed to integrate with our back-office solutions and be deployed and connected across many agencies. Examples of transformative platform technologies include our market-leading payments platform, data platform, low-code application development platform, and digital resident experience solutions. We maintain deep, long-term relationships with state and local government agencies, including dedicated state-level offices in the 28 states in which we have enterprise contracts. Our professional information technology ("IT") services include cloud-based software deployment, data conversion, and training. We also provide continuing client support services to ensure product performance and reliability, providing us with long-term client relationships and a significant base of recurring revenue. MARKET OVERVIEW The federal, state, and local public sector market is one of the largest and most decentralized IT markets in the country, consisting of hundreds of federal agencies, all 50 states, approximately 3,000 counties, 36,000 cities and towns, and 12,600 school districts. This market is also co

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View this 10-K filing on SEC EDGAR