Tyler Technologies Inc (TYL)

Business Description

Tyler Technologies, Inc. is a leading provider of integrated software and technology management solutions for the public sector, serving local, state, and federal government entities. The company offers a broad range of software solutions and services designed to support essential government functions, including public safety, justice, public health, taxation, budgeting, infrastructure, land use, utility and civic services, regulation, K-12 education, and social services . Tyler's business is organized into two main segments: Enterprise Software (ES) and Platform Technologies (PT) . The company generates revenue primarily from subscription-based services, including software as a service (SaaS) and transaction-based fees related to digital government services and online payment processing .

Enterprise Software (ES) - Provides software systems for mission-critical "back-office" functions such as public administration, courts, public safety, education, and property recording solutions.
Platform Technologies (PT) - Offers platform and transformative solutions, including digital solutions, payment processing, and streamlined data processing.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
H. Lynn Moore, Jr.	President and Chief Executive Officer	January 2017 (President), May 2018 (CEO)	H. Lynn Moore, Jr. has been serving as the President of Tyler Technologies, Inc. since January 2017 and was named Chief Executive Officer in May 2018. He has been a director of the company since 2017 and is a member of the Executive Committee. Prior to his current roles, Mr. Moore served as Executive Vice President from February 2008 through December 2016, General Counsel from September 1998 through December 2016, and Secretary from October 2000 through December 2016. He also held the position of Vice President from October 2000 until February 2008. Before joining Tyler Technologies, Mr. Moore was associated with the law firm of Hughes & Luce, LLP in Dallas, Texas, from August 1992 to August 1998, where he represented numerous publicly held and privately owned entities in various corporate and securities, finance, litigation, and other matters .
Brian K. Miller	Executive Vice President, Chief Financial Officer and Treasurer	February 2008	Brian K. Miller has been with Tyler Technologies since 1997. He has served as the Executive Vice President, Chief Financial Officer, and Treasurer since February 2008. Prior to this role, he was the Senior Vice President, Chief Financial Officer, and Treasurer from May 2005 to February 2008. Before that, he held the position of Vice President, Finance and Treasurer from May 1999 through April 2005, and Vice President, Chief Accounting Officer, and Treasurer from December 1997 through April 1999. Before joining Tyler Technologies, Mr. Miller held various senior financial management positions at Metro Airlines, Inc. from June 1986 through December 1997 .
Jeffrey D. Puckett	Chief Operating Officer	February 2021	Jeffrey D. Puckett has served as the Chief Operating Officer of Tyler Technologies, Inc. since February 2021. In his role, he oversees the company's cloud initiatives, corporate technology, IT, and information security teams. Prior to this, from 2019 until February 2021, he was the Chief Strategy Officer. Mr. Puckett has been with the company since 1992, having served in various roles, including President of the Courts & Justice division, and has over 30 years of direct industry experience .

Questions to Ask Management

The Total Contract Value (TCV) of cloud flips tripled to $36 million this quarter; do you expect this level of growth in cloud flips to be sustainable, and how does this align with your projections for cloud adoption through 2030?
You've indicated that competition in the market remains neutral, but can you provide more detail on how competitors like ServiceNow and Workday are impacting your business in key sub-verticals such as ERP and public safety?
With some clients still hesitant to migrate to the cloud due to control concerns and aging infrastructure, what specific strategies are you implementing to address these hesitations and accelerate cloud adoption among your existing on-premise client base?
Given that version consolidation is crucial for your cloud efficiency and margin improvement goals, particularly in products like Public Safety where consolidation may be lagging, what challenges are you facing in this process, and how might they affect your timeline for achieving targeted gross margin improvements?
As the impact of ARPA funds on your deals has been somewhat mixed, how are you assessing the potential risks associated with the eventual depletion of these funds, and what measures are you taking to sustain your growth in the absence of such government funding?

Program Details	Program 1
Approval Date	October 2002
End Date/Duration	No expiration
Total additional amount	1.5 million shares (Feb 2019)
Remaining authorization	2.2 million shares (as of 2024-12-21)
Details	The program is used to manage capital structure and return value to shareholders. Repurchases are influenced by market conditions and employee stock option exercises, funded by cash balances and credit facility.