tyl-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number 1-10485

TYLER TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)


Delaware						75-2303920
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification no.)


5101 TENNYSON PARKWAY	PLANO	Texas	75024
(Address of principal executive offices)	(City)	(State)	(Zip code)

(972) 713-3700

(Registrant’s telephone number, including area code)


Title of each class	Trading symbol	Name of each exchange on which registered
COMMON STOCK, $0.01 PAR VALUE	TYL	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares of common stock of registrant outstanding on April 21, 2025 was 43,123,546.

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended March 31,
		2025		2024
Revenues:
Subscriptions		$	374,989	$	313,243
Maintenance		112,801		117,218
Professional services		64,050		64,806
Software licenses and royalties		6,994		8,734
Hardware and other		6,331		8,358
Total revenues		565,165		512,359

Cost of revenues:
Subscriptions, maintenance, and professional services		278,053		268,870
Software licenses and royalties		1,910		1,565
Amortization of software development		5,379		4,363
Amortization of acquired software		9,294		9,239
Hardware and other		3,448		4,656
Total cost of revenues		298,084		288,693

Gross profit		267,081		223,666

Sales and marketing expense		36,473		36,427
General and administrative expense		79,452		72,710
Research and development expense		47,844		29,433
Amortization of other intangibles		14,139		18,118

Operating income		89,173		66,978

Interest expense		(1,246)		(2,184)
Other income, net		7,363		1,845
Income before income taxes		95,290		66,639
Income tax provision		14,238		12,469
Net income		$	81,052	$	54,170

Earnings per common share:
Basic		$	1.88	$	1.28
Diluted		$	1.84	$	1.26

See accompanying notes.

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)


	Three Months Ended March 31,
		2025		2024
Net income		$	81,052	$	54,170
Other comprehensive income, net of tax:
Securities available-for-sale and transferred securities:
Change in net unrealized holding gains on available-for-sale securities during the period		73		53

Reclassification adjustment for net loss on sale of available-for-sale securities, included in net income		1		—
Other comprehensive income, net of tax		74		53
Comprehensive income		$	81,126	$	54,223

See accompanying notes.

TYLER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)


	March 31, 2025 (unaudited)		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	705,729	$	744,721
Accounts receivable (less allowance for losses and sales adjustments of $18,996 in 2025 and $17,325 in 2024)	559,873		587,634
Short-term investments	101,674		23,257
Prepaid expenses	92,077		65,135
Income tax receivable	—		11,975
Other current assets	7,585		8,057
Total current assets	1,466,938		1,440,779
Accounts receivable, long-term	7,205		7,153
Operating lease right-of-use assets	33,289		31,433
Property and equipment, net	160,972		163,775
Other assets:
Software development costs, net	75,837		76,117
Goodwill	2,542,017		2,531,653
Other intangibles, net	816,955		831,966
Non-current investments	3,032

SEC Form 10-Q filed by Tyler Technologies Inc.