Tyler Technologies Inc. Files 10-Q for Q1 2024

TL;DR

<b>Tyler Technologies Inc. filed its Q1 2024 10-Q, detailing financial performance and balance sheet figures.</b>

AI Summary

TYLER TECHNOLOGIES INC (TYL) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Tyler Technologies reported financial results for the first quarter ended March 31, 2024. The filing details revenue breakdown across Subscription & Circulation, Maintenance, Professional Services, Software Licenses & Royalties, and Hardware & Other segments. Key balance sheet items including Common Stock, Additional Paid-In Capital, Accumulated Other Comprehensive Income, Retained Earnings, and Treasury Stock are presented as of March 31, 2024, and prior periods. The company's fiscal year ends on December 31st. Tyler Technologies Inc. is headquartered in Plano, Texas.

Why It Matters

For investors and stakeholders tracking TYLER TECHNOLOGIES INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial performance and position of Tyler Technologies, crucial for assessing ongoing business health and investment potential. The detailed segment reporting allows for an understanding of revenue drivers and the relative performance of different business units within the company.

Risk Assessment

Risk Level: low — TYLER TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in revenue growth across different segments and changes in balance sheet composition.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-24 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• TYLER TECHNOLOGIES INC (company) — Filer name
• 0000860731 (company) — Central Index Key
• Plano, TX (company) — Business address city and state
• 75024 (company) — Business address zip code
• DE (company) — State of incorporation
• 1934 Act (regulator) — SEC Act
• 001-10485 (regulator) — SEC file number

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-04-24: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.01 — ge on which registered COMMON STOCK, $0.01 PAR VALUE TYL New York Stock Exchange

Filing Documents

• tyl-20240331.htm (10-Q) — 1109KB
• tyl3312024exhibit311.htm (EX-31.1) — 12KB
• tyl3312024exhibit312.htm (EX-31.2) — 11KB
• tyl3312024exhibit321.htm (EX-32.1) — 11KB
• 0000860731-24-000025.txt (&nbsp;) — 7013KB
• tyl-20240331.xsd (EX-101.SCH) — 48KB
• tyl-20240331_cal.xml (EX-101.CAL) — 69KB
• tyl-20240331_def.xml (EX-101.DEF) — 236KB
• tyl-20240331_lab.xml (EX-101.LAB) — 590KB
• tyl-20240331_pre.xml (EX-101.PRE) — 437KB
• tyl-20240331_htm.xml (XML) — 1045KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues: Subscriptions $ 313,243 $ 280,465 Maintenance 117,218 115,130 Professional services 64,806 60,929 Software licenses and royalties 8,734 10,130 Hardware and other 8,358 5,199 Total revenues 512,359 471,853 Cost of revenues: Subscriptions, maintenance, and professional services 268,870 252,415 Software licenses and royalties 1,565 2,313 Amortization of software development 4,363 2,588 Amortization of acquired software 9,239 8,920 Hardware and other 4,656 5,780 Total cost of revenues 288,693 272,016 Gross profit 223,666 199,837 Sales and marketing expense 36,427 37,103 General and administrative expense 72,710 72,360 Research and development expense 29,433 26,987 Amortization of other intangibles 18,118 18,407 Operating income 66,978 44,980 Interest expense ( 2,184 ) ( 7,684 ) Other income, net 1,845 1,246 Income before income taxes 66,639 38,542 Income tax provision 12,469 7,667 Net income $ 54,170 $ 30,875 Earnings per common share: Basic $ 1.28 $ 0.74 Diluted $ 1.26 $ 0.73 See accompanying notes. 2 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Net income $ 54,170 $ 30,875 Other comprehensive income, net of tax: Securities available-for-sale and transferred securities: Change in net unrealized holding gain (loss) on available for sale securities during the period 53 94 Other comprehensive income, net of tax 53 94 Comprehensive income $ 54,223 $ 30,969 See accompanying notes. 3 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share amounts) March 31, 2024 (unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 188,237 $ 165,4

View Full Filing

View this 10-Q filing on SEC EDGAR