Subscription revenue growth remains strong at
17%
Tyler Technologies, Inc. (NYSE: TYL) today announced financial
results for the fourth quarter ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights:
- Total revenues were $283.3 million, down 1.9% from $288.8
million for the fourth quarter of 2019. On an organic basis,
revenues declined 2.1%. Non-GAAP total revenues were $283.4
million, down 1.4% from $287.4 million for the fourth quarter of
2019. On an organic basis, non-GAAP revenues declined 1.5%.
- Recurring revenues from maintenance and subscriptions were
$212.4 million, up 9.5% from $194.0 million for the fourth quarter
of 2019, and comprised 75.0% of fourth quarter 2020 revenues.
- Operating income was $48.0 million, up 6.4% from $45.2 million
for the fourth quarter of 2019. Non-GAAP operating income was $76.4
million, up 3.3% from $73.9 million for the fourth quarter of
2019.
- Net income was $54.1 million, or $1.29 per diluted share, up
15.6% from $46.8 million, or $1.15 per diluted share, for the
fourth quarter of 2019. Non-GAAP net income was $58.3 million, or
$1.39 per diluted share, up 0.3% from $58.2 million, or $1.43 per
diluted share, for the fourth quarter of 2019.
- Cash flows from operations were $88.8 million, up 16.5% from
$76.2 million for the fourth quarter of 2019. Free cash flow was
$83.7 million, up 25.8% from $66.5 million in the fourth quarter of
2019. Cash and investments totaled $758.5 million at December 31,
2020.
- Adjusted EBITDA was $83.2 million, up 1.3% from $82.2 million
for the fourth quarter of 2019.
- Software subscription arrangements comprised approximately 73%
of total new software contract value in the fourth quarter,
compared to approximately 54% in the fourth quarter of 2019.
- Subscription bookings in the fourth quarter added $11.0 million
in annual recurring revenue.
- Annualized non-GAAP recurring revenues were $849.8 million, up
10.4% from $769.9 million for the fourth quarter of 2019.
Full Year 2020 Financial Highlights:
- Total revenues were $1.117 billion, up 2.8% from $1.086 billion
in 2019. On an organic basis, revenues grew 1.3%. Non-GAAP total
revenues were $1.117 billion, up 2.4% from $1.091 billion in 2019.
On an organic basis, non-GAAP revenues grew 0.9%.
- Recurring revenues from maintenance and subscriptions were
$818.2 million, up 12.6% from $726.7 million in 2019, and comprised
73.3% of 2020 revenues.
- Operating income was $172.9 million, up 10.6% from $156.4
million in 2019. Non-GAAP operating income was $299.5 million, up
8.4% from $276.2 million in 2019.
- Net income was $194.8 million, or $4.69 per diluted share, up
33.0% from $146.5 million, or $3.65 per diluted share in 2019.
Non-GAAP net income was $229.3 million, or $5.52 per diluted share,
up 7.8% from $212.6 million, or $5.30 per diluted share in
2019.
- Cash flows from operations were $355.1 million, up 39.4% from
$254.7 million in 2019. Free cash flow was $326.6 million, up 53.6%
from $212.7 million in 2019.
- Adjusted EBITDA was $326.0 million, up 7.5% from $303.4 million
in 2019.
- Software subscription arrangements comprised approximately 62%
of total new software contract value in 2020, compared to
approximately 63% in 2019.
- Subscription bookings in 2020 added $42.8 million in annual
recurring revenue.
- Total backlog was a new high of $1.59 billion, up 9.4% from
$1.46 billion at December 31, 2019. Software-related backlog
(excluding appraisal services) was $1.55 billion, up 8.7% from
$1.43 billion at December 31, 2019.
- Effective January 1, 2020, Tyler adopted the requirements of
ASU No. 2016-13, Financial Instruments-Credit Losses, with no
material impact to our consolidated financial statements.
“Tyler's team executed well in a challenging environment during
the fourth quarter, concluding 2020 with strong earnings and record
cash flows,” said Lynn Moore, Tyler’s president and chief executive
officer. “Software license and service revenues continued to be
pressured by longer sales cycles, delays in projects, and the near
elimination of billable travel as a result of the COVID-19
pandemic. However, recurring revenues were strong, and
subscriptions revenues grew 17%, marking our 60th consecutive
quarter of double-digit subscription revenue growth. Our revenue
mix and cost efficiencies contributed to a 120 basis point
improvement in the non-GAAP operating margin to 26.9%.
"Bookings in the fourth quarter of approximately $333 million
were relatively flat with last year, as the pandemic impacted the
timing of some client decisions and pushed some deals out of the
quarter. Our new business pipeline remains stable, but in some
cases the timing of new contract executions is less predictable.
Our largest contract signed in the fourth quarter, and the largest
contract in our history, was an agreement with the Texas Office of
Court Administration to extend our existing statewide electronic
filing arrangement through at least 2027. Although the total value
of the contract is approximately $98 million, very little of the
value is included in backlog and bookings because of certain
contract provisions. If the entire amount of the contract had been
included, bookings growth for the quarter would have been
approximately 28%.
"We are excited about our opportunities to accelerate revenue
growth and achieve our margin objectives in 2021, as our elevated
investments in product development and acquisitions in recent years
have broadened our addressable market and strengthened our
competitive position. We've learned a lot from the challenges of
2020. While 2021 will also be an unusual year, we are confident in
our ability to continue to execute on our long-term initiatives in
a manner that provides value for our shareholders, clients, and
employees. Our plans for 2021 include increasing our investments to
accelerate our move to the cloud, including significant additional
development resources dedicated to optimizing our products for the
cloud," added Moore.
Guidance for 2021
As of February 10, 2021, Tyler Technologies is providing the
following guidance for the full year 2021, which excludes the
impact of any acquisitions which may be completed during the
year:
- GAAP and non-GAAP total revenues are both expected to be in the
range of $1.190 billion to $1.220 billion.
- GAAP diluted earnings per share are expected to be in the range
of $4.03 to $4.21 and may vary significantly due to the impact of
stock incentive awards on the GAAP effective tax rate.
- Non-GAAP diluted earnings per share are expected to be in the
range of $5.65 to $5.77.
- Pretax non-cash, share-based compensation expense is expected
to be approximately $116 million.
- Research and development expense is expected to be in the range
of $88 million to $90 million.
- Fully diluted shares for the year are expected to be in the
range of 42.5 million to 43.0 million shares.
- GAAP earnings per share assumes an estimated annual effective
tax rate of approximately negative 16% after discrete tax items
including approximately $67 million of discrete tax benefits
related to share-based compensation.
- The non-GAAP annual effective tax rate is expected to be
24%.
- Capital expenditures are expected to be in the range of $39
million to $40 million, including approximately $3 million related
to real estate and approximately $17 million of capitalized
software development costs. Total depreciation and amortization
expense is expected to be approximately $81 million, including
approximately $53 million from amortization of acquisition
intangibles.
GAAP to non-GAAP guidance
reconciliation
Non-GAAP diluted earnings per share excludes the estimated full
year impact of non-cash share-based compensation expense and
employer portion of payroll tax related to employee stock
transactions of approximately $116 million, and amortization of
acquired software and intangible assets of approximately $53
million. Additionally, the non-GAAP tax rate of 24% is estimated
periodically as described below under "Non-GAAP Financial Measures"
and excludes approximately $67 million of estimated discrete tax
benefits that are included in the GAAP estimated annual effective
tax rate.
Conference Call
Tyler Technologies will hold a conference call on Wednesday,
February 10, 2021 at 9:00 a.m. EST to discuss the company’s
results. The company is offering participants the opportunity to
register in advance for the conference through the following link:
http://dpregister.com/sreg/10151750/e15a0630ce. Registered
participants will receive an email with a calendar reminder and
dial-in number and PIN that will allow them to listen to the call
live.
Participants who do not wish to pre-register for the call may
dial in using 844-861-5506 (U.S. callers) or 412-317-6587
(international callers) or 866-450-4696 (Canada callers) and ask
for the “Tyler Technologies” call. A replay will be available two
hours after completion of the call through February 17, 2021. To
access the replay, please dial 877-344-7529 (U.S. callers),
412-317-0088 (international callers) and 855-669-9658 (Canada
callers) and reference passcode 10151750.
The live webcast and archived replay can also be accessed at
https://tylertech.irpass.com/Presentations.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) provides integrated software and
technology services to the public sector. Tyler's end-to-end
solutions empower local, state, and federal government entities to
operate more efficiently and connect more transparently with their
constituents and with each other. By connecting data and processes
across disparate systems, Tyler's solutions are transforming how
clients gain actionable insights that solve problems in their
communities. Tyler has more than 27,000 successful installations
across more than 11,000 sites, with clients in all 50 states,
Canada, the Caribbean, Australia, and other international
locations. Tyler has been named to Government Technology's GovTech
100 list five times and has been recognized three times on Forbes'
"Most Innovative Growth Companies" list. More information about
Tyler Technologies, an S&P 500 company headquartered in Plano,
Texas, can be found at tylertech.com.
Non-GAAP Financial Measures
Tyler Technologies has provided in this press release financial
measures that have not been prepared in accordance with generally
accepted accounting principles (GAAP) and are therefore considered
non-GAAP financial measures. This information includes non-GAAP
revenues, non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income,
non-GAAP earnings per diluted share, EBITDA, adjusted EBITDA, and
free cash flow. We use these non-GAAP financial measures internally
in analyzing our financial results and believe they are useful to
investors, as a supplement to GAAP measures, in evaluating Tyler’s
ongoing operational performance because they provide additional
insight in comparing results from period to period. Tyler believes
the use of these non-GAAP financial measures provides an additional
tool for investors to use in evaluating ongoing operating results
and trends and in comparing our financial results with other
companies in our industry, many of which present similar non-GAAP
financial measures. Non-GAAP financial measures discussed above
exclude write-downs of acquisition-related deferred revenue and
acquired subleases, share-based compensation expense, employer
portion of payroll taxes on employee stock transactions, expenses
associated with amortization of intangibles arising from business
combinations, acquisition-related expenses, and incremental costs
associated with COVID-19.
Tyler currently uses a non-GAAP tax rate of 24%. This rate is
based on Tyler's estimated annual GAAP income tax rate forecast,
adjusted to account for items excluded from GAAP income in
calculating Tyler's non-GAAP income, as well as significant
non-recurring tax adjustments. The non-GAAP tax rate used in future
periods will be reviewed periodically to determine whether it
remains appropriate in consideration of factors including Tyler's
periodic annual effective tax rate calculated in accordance with
GAAP, changes resulting from tax legislation, changes in the
geographic mix of revenues and expenses, and other factors deemed
significant. Due to differences in tax treatment of items excluded
from non-GAAP earnings, as well as the methodology applied to
Tyler's estimated annual tax rate as described above, the estimated
tax rate on non-GAAP income may differ from the GAAP tax rate and
from Tyler's actual tax liabilities.
Non-GAAP financial measures should be considered in addition to,
and not as a substitute for, or superior to, financial information
prepared in accordance with GAAP. The non-GAAP measures used by
Tyler Technologies may be different from non-GAAP measures used by
other companies. Investors are encouraged to review the
reconciliation of these non-GAAP measures to their most directly
comparable GAAP financial measures, which has been provided in the
financial statement tables included below in this press
release.
Forward-looking Statements
This document contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 that are not historical
in nature and typically address future or anticipated events,
trends, expectations or beliefs with respect to our financial
condition, results of operations or business. Forward-looking
statements often contain words such as “believes,” “expects,”
“anticipates,” “foresees,” “forecasts,” “estimates,” “plans,”
“intends,” “continues,” “may,” “will,” “should,” “projects,”
“might,” “could” or other similar words or phrases. Similarly,
statements that describe our business strategy, outlook,
objectives, plans, intentions or goals also are forward-looking
statements. We believe there is a reasonable basis for our
forward-looking statements, but they are inherently subject to
risks and uncertainties and actual results could differ materially
from the expectations and beliefs reflected in the forward-looking
statements. We presently consider the following to be among the
important factors that could cause actual results to differ
materially from our expectations and beliefs: (1) the effects of
the COVID-19 pandemic, including its potential effects on the
economic environment, our customers and our operations, as well as
any changes to federal, state or local government laws, regulations
or orders in connection with the pandemic; (2) changes in the
budgets or regulatory environments of our clients, primarily local
and state governments, that could negatively impact information
technology spending; (3) disruption to our business and harm to our
competitive position resulting from cyber-attacks and security
vulnerabilities; (4) our ability to protect client information from
security breaches and provide uninterrupted operations of data
centers; (5) our ability to achieve growth or operational synergies
through the integration of acquired businesses, while avoiding
unanticipated costs and disruptions to existing operations; (6)
material portions of our business require the Internet
infrastructure to be adequately maintained; (7) our ability to
achieve our financial forecasts due to various factors, including
project delays by our clients, reductions in transaction size,
fewer transactions, delays in delivery of new products or releases
or a decline in our renewal rates for service agreements; (8)
general economic, political and market conditions; (9)
technological and market risks associated with the development of
new products or services or of new versions of existing or acquired
products or services; (10) competition in the industry in which we
conduct business and the impact of competition on pricing, client
retention and pressure for new products or services; (11) the
ability to attract and retain qualified personnel and dealing with
the loss or retirement of key members of management or other key
personnel; and (12) costs of compliance and any failure to comply
with government and stock exchange regulations. These factors and
other risks that affect our business are described in our filings
with the Securities and Exchange Commission, including the detailed
“Risk Factors” contained in our most recent annual report on Form
10-K and quarterly report on Form 10-Q. We expressly disclaim any
obligation to publicly update or revise our forward-looking
statements.
(Comparative results follow)
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2020
2019
2020
2019
Software licenses and royalties
$
17,465
$
32,358
$
73,164
$
100,205
Subscriptions
93,997
80,330
350,648
296,352
Software services
42,676
52,220
186,409
213,061
Maintenance
118,409
113,644
467,513
430,318
Appraisal services
5,274
6,024
21,127
23,479
Hardware and other
5,464
4,261
17,802
23,012
Total revenues
283,285
288,837
1,116,663
1,086,427
Software licenses and royalties
292
1,258
3,339
3,938
Acquired software
7,964
7,997
31,962
30,642
Software services, maintenance and
subscriptions
128,557
130,674
510,504
502,138
Appraisal services
4,150
4,031
15,945
15,337
Hardware and other
3,653
2,602
12,401
17,472
Total cost of revenues
144,616
146,562
574,151
569,527
Gross profit
138,669
142,275
542,512
516,900
Selling, general and administrative
expenses
62,736
70,265
259,561
257,746
Research and development expense
22,411
21,170
88,363
81,342
Amortization of customer and trade name
intangibles
5,486
5,683
21,662
21,445
Operating income
48,036
45,157
172,926
156,367
Other income, net
376
2,633
2,116
3,471
Income before income taxes
48,412
47,790
175,042
159,838
Income tax provision
(5,682)
1,000
(19,778)
13,311
Net income
$
54,094
$
46,790
$
194,820
$
146,527
Earnings per common share:
Basic
$
1.34
$
1.20
$
4.87
$
3.79
Diluted
$
1.29
$
1.15
$
4.69
$
3.65
Weighted average common shares
outstanding:
Basic
40,404
39,076
40,035
38,640
Diluted
41,925
40,736
41,526
40,105
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2020
2019
2020
2019
Reconciliation of non-GAAP total revenues
GAAP total revenues
$
283,285
$
288,837
$
1,116,663
$
1,086,427
Non-GAAP adjustments:
Write-downs and adjustments to
acquisition-related deferred revenue
45
(1,495)
478
4,557
Amortization of acquired
subleases
78
83
313
372
Non-GAAP total revenues
$
283,408
$
287,425
$
1,117,454
$
1,091,356
Reconciliation of non-GAAP gross profit and
margin
GAAP gross profit
$
138,669
$
142,275
$
542,512
$
516,900
Non-GAAP adjustments:
Write-downs and adjustments to
acquisition-related deferred revenue
45
(1,495)
478
4,557
Amortization of acquired
leases
78
83
313
372
Share-based compensation expense
included in cost of revenues
4,949
3,836
18,125
15,002
Amortization of acquired
software
7,964
7,997
31,962
30,642
Non-GAAP gross profit
$
151,705
$
152,696
$
593,390
$
567,473
GAAP gross margin
49.0
%
49.3
%
48.6
%
47.6
%
Non-GAAP gross margin
53.5
%
53.1
%
53.1
%
52.0
%
Reconciliation of non-GAAP operating income and
margin
GAAP operating income
$
48,036
$
45,157
$
172,926
$
156,367
Non-GAAP adjustments:
Write-downs of
acquisition-related deferred revenue
45
(1,495)
478
4,557
Amortization of acquired
leases
78
83
313
372
Share-based compensation
expense
13,253
15,598
67,365
59,967
Employer portion of payroll tax
related to employee stock transactions
703
693
3,294
1,745
Acquisition related costs
—
197
—
1,142
COVID-19 incremental costs
810
—
1,537
—
Amortization of acquired
software
7,964
7,997
31,962
30,642
Amortization of customer and trade name
intangibles
5,486
5,683
21,662
21,445
Non-GAAP adjustments subtotal
28,339
28,756
$
126,611
$
119,870
Non-GAAP operating income
$
76,375
$
73,913
$
299,537
$
276,237
GAAP operating margin
17.0
%
15.6
%
15.5
%
14.4
%
Non-GAAP operating margin
26.9
%
25.7
%
26.8
%
25.3
%
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2020
2019
2020
2019
Reconciliation of
non-GAAP net income and earnings per share
GAAP net income
$
54,094
$
46,790
$
194,820
$
146,527
Non-GAAP adjustments:
Total non-GAAP adjustments to operating
income
28,339
28,756
126,611
119,870
Tax impact related to non-GAAP
adjustments
(24,102)
(17,371)
(92,175)
(53,819)
Non-GAAP net income
$
58,331
$
58,175
$
229,256
$
212,578
GAAP earnings per diluted share
$
1.29
$
1.15
$
4.69
$
3.65
Non-GAAP earnings per diluted share
$
1.39
$
1.43
$
5.52
$
5.30
Detail of
share-based compensation expense
Cost of software services, maintenance and
subscriptions
$
4,949
$
3,836
$
18,125
$
15,002
Selling, general and administrative
expenses
8,304
11,762
49,240
44,965
Total share-based compensation expense
$
13,253
$
15,598
$
67,365
$
59,967
Reconciliation of
EBITDA and adjusted EBITDA
GAAP net income
$
54,094
$
46,790
$
194,820
$
146,527
Amortization of customer and trade name
intangibles
5,486
5,683
21,662
21,445
Depreciation and amortization included in
cost of revenues, SG&A and other expenses
15,068
14,260
59,339
54,899
Interest expense included in other income,
net
154
155
610
1,564
Income tax (benefit) provision
(5,682)
1,000
(19,778)
13,311
EBITDA
$
69,120
$
67,888
$
256,653
$
237,746
Write-downs and adjustments to
acquisition-related deferred revenue
45
(1,495)
478
4,557
Share-based compensation expense
13,253
15,598
67,365
59,967
Acquisition related costs
—
197
—
1,142
COVID-19 incremental costs
810
—
1,537
—
Adjusted EBITDA
$
83,228
$
82,188
$
326,033
$
303,412
TYLER TECHNOLOGIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except
per share data)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2020
2019
2020
2019
Reconciliation of
free cash flow
Net cash provided by operating
activities
$
88,761
$
76,193
$
355,089
$
254,720
Less: additions to property and
equipment
(3,626)
(8,403)
(22,690)
(37,236)
Less: capitalized software development
costs
(1,460)
(1,264)
(5,776)
(4,804)
Free cash flow
$
83,675
$
66,526
$
326,623
$
212,680
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Amounts in thousands)
(Unaudited)
December 31, 2020
December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$
603,623
$
232,682
Accounts receivable, net
382,319
374,089
Current investments and other assets
105,530
66,444
Income tax receivable
21,598
6,482
Total current assets
1,113,070
679,697
Accounts receivable, long-term portion
21,417
22,432
Operating lease right-of-use assets
18,734
18,992
Property and equipment, net
168,004
171,861
Other assets:
Goodwill
838,428
840,117
Other intangibles, net
331,189
378,914
Non-current investments
82,640
42,235
Other non-current assets
33,792
37,366
Total assets
$
2,607,274
$
2,191,614
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
97,095
$
90,211
Operating lease liabilities
5,904
6,387
Deferred revenue
461,278
412,495
Total current liabilities
564,277
509,093
Revolving line of credit
—
—
Deferred revenue, long-term
100
199
Deferred income taxes
40,507
48,442
Operating lease liabilities, long-term
16,279
16,822
Shareholders' equity
1,986,111
1,617,058
Total liabilities and shareholders'
equity
$
2,607,274
$
2,191,614
TYLER TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended December
31,
Twelve Months Ended December
31,
2020
2019
2020
2019
Cash flows from operating activities:
Net income
$
54,094
$
46,790
$
194,820
$
146,527
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
20,911
20,125
81,657
76,672
Share-based compensation expense
13,253
15,598
67,365
59,967
Provision for losses - accounts
receivable
3,517
1,636
3,517
1,636
Operating lease right-of-use assets - non
cash
1,549
1,418
5,782
5,397
Deferred income tax (benefit) expense
(5,478)
4,241
(7,936)
(6,088)
Changes in operating assets and
liabilities, exclusive of effects of acquired companies
915
(13,615)
9,884
(29,391)
Net cash provided by operating
activities
88,761
76,193
355,089
254,720
Cash flows from investing activities:
Additions to property and equipment
(3,626)
(8,403)
(22,690)
(37,236)
Purchase of marketable security
investments
(45,289)
(27,420)
(156,618)
(54,742)
Proceeds from marketable security
investments
20,948
13,942
82,742
70,796
Purchase of equity investment of common
shares
—
—
(10,000)
—
Proceeds from the sale of equity
investment of preferred shares
—
—
15,000
—
Capitalized software development costs
(1,460)
(1,264)
(5,776)
(4,804)
Cost of acquisitions, net of cash
acquired
(1,031)
(18,864)
(1,292)
(218,734)
Decrease (increase) in other
301
198
314
(295)
Net cash used by investing activities
(30,157)
(41,811)
(98,320)
(245,015)
Cash flows from financing activities:
Decrease in net borrowings on revolving
line of credit
—
—
—
—
Purchase of treasury shares
—
—
(15,484)
(17,786)
Payment of contingent consideration
—
—
(5,619)
—
Proceeds from exercise of stock
options
23,631
34,613
124,363
96,908
Contributions from employee stock purchase
plan
2,703
2,249
10,912
9,576
Net cash provided by financing
activities
26,334
36,862
114,172
88,698
Net increase in cash and cash
equivalents
84,938
71,244
370,941
98,403
Cash and cash equivalents at beginning of
period
518,685
161,438
232,682
134,279
Cash and cash equivalents at end of
period
$
603,623
$
232,682
$
603,623
$
232,682
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210210005147/en/
Brian K. Miller Executive Vice President & CFO Tyler
Technologies, Inc. 972-713-3720 brian.miller@tylertech.com
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