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Tyler (TYL) Improves Electronic Permit Process in Yuba County
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Tyler Technologies (TYL - Free Report) recently announced that its Enterprise Permitting & Licensing solution has been implemented by Yuba County, CA. The solution will automate, connect and streamline all of Yuba County’s critical processes, including workflow, electronic plan review, management, inspection and enforcement.
With the implementation of the Enterprise Permitting & Licensing solution, individuals don’t have to visit the county office anymore to request and receive a permit. Customers will be able to easily request permits online for projects, such as building or commercial residential, electrical, plumbing, public works, etc.
Meanwhile, county office staff will be able to process the request much quicker than before and establish easy communication between customers and field inspectors.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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 consistently enhancing its core software applications and expanding complementary product and service portfolios to cater to the changing needs of customers while keeping pace with technological advancements.
The company has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. In May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
The accelerated digital transformation and a sustained focus on enhancing the product portfolio through innovation and acquisitions are driving Tyler’s overall financial performance.
In the second quarter of 2022, the company’s GAAP and non-GAAP revenues increased 16% year over year to $468.7 million and outpaced the Zacks Consensus Estimate of $456.2 million. Non-GAAP earnings improved 2.9% to $1.88 per share and beat the consensus mark of $1.83 per share.
However, Tyler’s near-term growth prospect is likely to be negatively impacted by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are likely to face budget pressures in the near term.
Moreover, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep pricing under pressure and negatively impact the gross margin.
Zacks Rank & Key Picks
Tyler currently carries a Zacks Rank #5 (Strong Sell). Shares of TYL have plunged 36.9% year to date (YTD).
The Zacks Consensus Estimate for Zscaler's first-quarter fiscal 2023 earnings has been revised 7 cents north to 26 cents per share over the past 60 days. For fiscal 2023, earnings estimates have moved a penny north to $1.18 per share in the past 30 days.
ZS’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have declined 53% YTD.
The Zacks Consensus Estimate for Digi’s first-quarter fiscal 2023 earnings has increased by 4 cents to 42 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved 6.2% up to $1.88 per share in the past 60 days.
DGII's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have increased 44.6% YTD.
The Zacks Consensus Estimate for Baidu's fourth-quarter 2022 earnings has been revised 22 cents southward to $2.75 per share over the past 60 days. For 2022, earnings estimates have moved 16.2% north to $9.16 per share in the past 60 days.
Baidu's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 58.1%. Shares of BIDU have slumped 31.2% YTD.
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Tyler (TYL) Improves Electronic Permit Process in Yuba County
Tyler Technologies (TYL - Free Report) recently announced that its Enterprise Permitting & Licensing solution has been implemented by Yuba County, CA. The solution will automate, connect and streamline all of Yuba County’s critical processes, including workflow, electronic plan review, management, inspection and enforcement.
With the implementation of the Enterprise Permitting & Licensing solution, individuals don’t have to visit the county office anymore to request and receive a permit. Customers will be able to easily request permits online for projects, such as building or commercial residential, electrical, plumbing, public works, etc.
Meanwhile, county office staff will be able to process the request much quicker than before and establish easy communication between customers and field inspectors.
It is worth mentioning that 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 consistently enhancing its core software applications and expanding complementary product and service portfolios to cater to the changing needs of customers while keeping pace with technological advancements.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
The company has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. In May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
The accelerated digital transformation and a sustained focus on enhancing the product portfolio through innovation and acquisitions are driving Tyler’s overall financial performance.
In the second quarter of 2022, the company’s GAAP and non-GAAP revenues increased 16% year over year to $468.7 million and outpaced the Zacks Consensus Estimate of $456.2 million. Non-GAAP earnings improved 2.9% to $1.88 per share and beat the consensus mark of $1.83 per share.
However, Tyler’s near-term growth prospect is likely to be negatively impacted by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are likely to face budget pressures in the near term.
Moreover, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep pricing under pressure and negatively impact the gross margin.
Zacks Rank & Key Picks
Tyler currently carries a Zacks Rank #5 (Strong Sell). Shares of TYL have plunged 36.9% year to date (YTD).
Some better-ranked stocks from the broader Computer and Technology sector are Zscaler (ZS - Free Report) , Digi International (DGII - Free Report) and Baidu (BIDU - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Zscaler's first-quarter fiscal 2023 earnings has been revised 7 cents north to 26 cents per share over the past 60 days. For fiscal 2023, earnings estimates have moved a penny north to $1.18 per share in the past 30 days.
ZS’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have declined 53% YTD.
The Zacks Consensus Estimate for Digi’s first-quarter fiscal 2023 earnings has increased by 4 cents to 42 cents per share over the past 90 days. For fiscal 2023, earnings estimates have moved 6.2% up to $1.88 per share in the past 60 days.
DGII's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 28.6%. Shares of the company have increased 44.6% YTD.
The Zacks Consensus Estimate for Baidu's fourth-quarter 2022 earnings has been revised 22 cents southward to $2.75 per share over the past 60 days. For 2022, earnings estimates have moved 16.2% north to $9.16 per share in the past 60 days.
Baidu's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 58.1%. Shares of BIDU have slumped 31.2% YTD.