Tyler Technologies Q3 2024 Update
Ticker: TYL · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 860731
| Field | Detail |
|---|---|
| Company | Tyler Technologies Inc (TYL) |
| Form Type | 10-Q |
| Filed Date | Oct 23, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, software, revenue
TL;DR
**Tyler Tech Q3 2024: Revenue streams like subscriptions, maintenance, and professional services detailed vs. prior year.**
AI Summary
Tyler Technologies Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details revenue streams such as Subscription and Circulation, Maintenance, and Professional Services for both the third quarter and the year-to-date period, comparing them against the previous year's figures.
Why It Matters
This filing provides investors with key financial performance indicators for Tyler Technologies, allowing them to assess the company's growth and operational efficiency in its software and services segments.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative developments.
Key Numbers
- 2024 Q3 — Reporting Period (Third quarter of 2024)
- 2023 Q3 — Prior Year Period (Third quarter of 2023 for comparison)
- 2024 YTD — Year-to-Date Period (First nine months of 2024)
- 2023 YTD — Prior Year YTD (First nine months of 2023 for comparison)
Key Players & Entities
- TYLER TECHNOLOGIES INC (company) — Filer
- 20240930 (date) — Period of Report
- 20241023 (date) — Filing Date
- 5101 TENNYSON PKWY (location) — Business Address
- PLANNO (location) — City
- TX (location) — State
- 75024 (location) — ZIP Code
FAQ
What were Tyler Technologies' Subscription and Circulation revenues for Q3 2024?
The filing indicates Subscription and Circulation revenues for the period July 1, 2024, to September 30, 2024, are detailed, though the specific dollar amount is not provided in this excerpt.
How do the Maintenance revenues for the first nine months of 2024 compare to the same period in 2023?
The filing includes data for Maintenance revenues for the period January 1, 2024, to September 30, 2024, and for January 1, 2023, to September 30, 2023, allowing for comparison.
What is the company's fiscal year end?
Tyler Technologies' fiscal year ends on December 31.
In which state was Tyler Technologies incorporated?
Tyler Technologies was incorporated in Delaware (DE).
What is the SIC code for Tyler Technologies?
The Standard Industrial Classification (SIC) code for Tyler Technologies is 7372, which falls under SERVICES-PREPACKAGED SOFTWARE.
Filing Stats: 4,586 words · 18 min read · ~15 pages · Grade level 17.8 · Accepted 2024-10-23 16:39:39
Key Financial Figures
- $0.01 — ge on which registered COMMON STOCK, $0.01 PAR VALUE TYL New York Stock Exchange
Filing Documents
- tyl-20240930.htm (10-Q) — 1615KB
- tyl9302024exhibit311.htm (EX-31.1) — 12KB
- tyl9302024exhibit312.htm (EX-31.2) — 11KB
- tyl9302024exhibit321.htm (EX-32.1) — 11KB
- 0000860731-24-000052.txt ( ) — 8742KB
- tyl-20240930.xsd (EX-101.SCH) — 49KB
- tyl-20240930_cal.xml (EX-101.CAL) — 70KB
- tyl-20240930_def.xml (EX-101.DEF) — 245KB
- tyl-20240930_lab.xml (EX-101.LAB) — 617KB
- tyl-20240930_pre.xml (EX-101.PRE) — 455KB
- tyl-20240930_htm.xml (XML) — 1565KB
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Subscriptions $ 347,170 $ 295,190 $ 994,095 $ 873,444 Maintenance 115,587 117,484 348,114 349,154 Professional services 64,462 61,126 201,196 188,475 Software licenses and royalties 6,188 10,554 20,251 30,463 Hardware and other 9,930 10,330 33,016 29,281 Total revenues 543,337 494,684 1,596,672 1,470,817 Cost of revenues: Subscriptions, maintenance, and professional services 283,750 247,781 829,765 755,985 Software licenses and royalties 1,870 3,120 4,995 7,865 Amortization of software development 4,961 3,083 13,808 8,568 Amortization of acquired software 9,244 9,035 27,723 26,879 Hardware and other 6,052 6,505 21,439 23,346 Total cost of revenues 305,877 269,524 897,730 822,643 Gross profit 237,460 225,160 698,942 648,174 Sales and marketing expense 38,203 35,898 116,195 110,104 General and administrative expense 72,460 78,519 220,590 228,560 Research and development expense 30,120 28,282 88,504 83,421 Amortization of other intangibles 13,850 18,526 45,813 55,300 Operating income 82,827 63,935 227,840 170,789 Interest expense ( 1,235 ) ( 5,808 ) ( 4,672 ) ( 19,879 ) Other income, net 4,504 787 8,232 2,676 Income before income taxes 86,096 58,914 231,400 153,586 Income tax provision 10,199 11,903 33,595 26,570 Net income $ 75,897 $ 47,011 $ 197,805 $ 127,016 Earnings per common share: Basic $ 1.78 $ 1.12 $ 4.64 $ 3.02 Diluted $ 1.74 $ 1.10 $ 4.56 $ 2.97 See accompanying notes. 2 TYLER TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 75,897 $ 47,011 $ 197,805 $ 127,016 Other comprehensive income, net of tax: Securities