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Tyler (TYL) & Oklahoma State Extend Contract for 5 More Years
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Tyler Technologies (TYL - Free Report) recently announced that the state of Oklahoma has signed a five-year contract extension for its digital government and payments processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April this year.
Notably, the relationship between the state of Oklahoma and NIC is 20-year long. The newly signed agreement reflects a further extension of the relationship.
Tyler’s subsidiary, NIC, currently provides more than 400 digital government services in the state, including payment services, point of sale systems, and appointment management solutions. Working with above 125 state and local government agencies, NIC Oklahoma has processed more than 4 million transactions in 2020, accounting for over $6 billion in payments.
The COVID-19 outbreak disrupted almost every area of the federal government through mandated shutdowns, which led to the growing demand for contactless, digital interaction with the government among citizens and businesses. With markets rebounding to the pre-COVID levels, as evident from an upsurge in market trends, the high-level areas in the state governments are focusing on transforming their operations digitally.
Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. It has been continuously advancing its core software applications and expanding complementary product and service portfolios to fulfill the changing needs of customers and respond to technological advancements.
The company has been extensively focusing on extending its major state enterprise contracts as well. Tyler recently signed a contract to provide its Eagle Recorder solution to California’s Ventura County Clerk-Recorder office for simplifying land and vital records management.
In November, Tyler signed a multi-year contract extension with the state of Utah to offer digital government and payments services. Before that, it entered into an agreement to provide public safety solutions, including New World Enterprise CAD and Socrata data and insights, to Illinois’ Lake County 911 Consolidation Consortium. Also, in the first week of the same month, it partnered with Choctaw Nation of Oklahoma to create a sophisticated new court system for the tribal government.
During third-quarter 2021, Tyler added 114 new subscription-based arrangements and converted 46 existing on-premises clients, accounting for approximately $56 million in total contract value.
Tyler has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. Investments and acquisitions are helping it stay ahead of the curve and capitalize on new and exciting prospects.
In the third quarter, the company gained primarily from the post-acquisition contributions of NIC. Its non-GAAP revenues grew 61.1% year over year to $460.6 million. Tyler recently completed the acquisitions of VendEngine, a fintech company, and Arx, a cloud-based software service provider.
The Zacks Consensus Estimate for Arrow’s fourth-quarter fiscal 2021 earnings has been raised to $4.42 per share from $3.85 in the past 60 days. For fiscal 2021, earnings estimates have moved north by 8.1% to $14.6 per share over the past 60 days.
Arrow’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the surprise being 18.6%, on average. Shares of ARW have appreciated 31.2% year-to-date (YTD).
The Zacks Consensus Estimate for Advanced Micro Devices’ fourth-quarter 2021 earnings has been revised upward by 7 cents to 75 cents per share over the past 60 days. For 2021, earnings estimates have moved north by 0.38% to $2.65 per share in the past 30 days.
Advanced Micro Devices’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the surprise being 14%, on average. Shares of AMD have rallied 56.9% in the YTD period.
The consensus mark for Qualcomm’s first-quarter fiscal 2022 earnings has moved south to $3 per share from $3.01 in the past seven days. For fiscal 2022, earnings estimates have been revised downward by 0.10% to $10.48 per share in the past seven days.
Qualcomm’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the surprise being 11.2%, on average. Shares of QCOM have gained 19.1% YTD.
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Tyler (TYL) & Oklahoma State Extend Contract for 5 More Years
Tyler Technologies (TYL - Free Report) recently announced that the state of Oklahoma has signed a five-year contract extension for its digital government and payments processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April this year.
Notably, the relationship between the state of Oklahoma and NIC is 20-year long. The newly signed agreement reflects a further extension of the relationship.
Tyler’s subsidiary, NIC, currently provides more than 400 digital government services in the state, including payment services, point of sale systems, and appointment management solutions. Working with above 125 state and local government agencies, NIC Oklahoma has processed more than 4 million transactions in 2020, accounting for over $6 billion in payments.
The COVID-19 outbreak disrupted almost every area of the federal government through mandated shutdowns, which led to the growing demand for contactless, digital interaction with the government among citizens and businesses. With markets rebounding to the pre-COVID levels, as evident from an upsurge in market trends, the high-level areas in the state governments are focusing on transforming their operations digitally.
Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. It has been continuously advancing its core software applications and expanding complementary product and service portfolios to fulfill the changing needs of customers and respond to technological advancements.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
The company has been extensively focusing on extending its major state enterprise contracts as well. Tyler recently signed a contract to provide its Eagle Recorder solution to California’s Ventura County Clerk-Recorder office for simplifying land and vital records management.
In November, Tyler signed a multi-year contract extension with the state of Utah to offer digital government and payments services. Before that, it entered into an agreement to provide public safety solutions, including New World Enterprise CAD and Socrata data and insights, to Illinois’ Lake County 911 Consolidation Consortium. Also, in the first week of the same month, it partnered with Choctaw Nation of Oklahoma to create a sophisticated new court system for the tribal government.
During third-quarter 2021, Tyler added 114 new subscription-based arrangements and converted 46 existing on-premises clients, accounting for approximately $56 million in total contract value.
Tyler has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. Investments and acquisitions are helping it stay ahead of the curve and capitalize on new and exciting prospects.
In the third quarter, the company gained primarily from the post-acquisition contributions of NIC. Its non-GAAP revenues grew 61.1% year over year to $460.6 million. Tyler recently completed the acquisitions of VendEngine, a fintech company, and Arx, a cloud-based software service provider.
Zacks Rank & Other Stocks to Consider
Tyler currently carries a Zacks Rank #2 (Buy).
Some other stocks in the broader technology sector that investors can consider are Arrow Electronics (ARW - Free Report) , which sports a Zacks Rank #1 (Strong Buy), and Advanced Micro Devices (AMD - Free Report) and Qualcomm (QCOM - Free Report) , both carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Arrow’s fourth-quarter fiscal 2021 earnings has been raised to $4.42 per share from $3.85 in the past 60 days. For fiscal 2021, earnings estimates have moved north by 8.1% to $14.6 per share over the past 60 days.
Arrow’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the surprise being 18.6%, on average. Shares of ARW have appreciated 31.2% year-to-date (YTD).
The Zacks Consensus Estimate for Advanced Micro Devices’ fourth-quarter 2021 earnings has been revised upward by 7 cents to 75 cents per share over the past 60 days. For 2021, earnings estimates have moved north by 0.38% to $2.65 per share in the past 30 days.
Advanced Micro Devices’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the surprise being 14%, on average. Shares of AMD have rallied 56.9% in the YTD period.
The consensus mark for Qualcomm’s first-quarter fiscal 2022 earnings has moved south to $3 per share from $3.01 in the past seven days. For fiscal 2022, earnings estimates have been revised downward by 0.10% to $10.48 per share in the past seven days.
Qualcomm’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the surprise being 11.2%, on average. Shares of QCOM have gained 19.1% YTD.