Tyler Technologies beats quarterly revenue estimates on strong demand for IT services
Feb 12 (Reuters) - Tyler Technologies (TYL.N), opens new tab surpassed Wall Street's fourth-quarter revenue expectations, driven by strong demand for its IT services.
The shift of clients from on-premises data systems to cloud-based solutions, along with the company's expansion into new markets, are key drivers of Tyler Technologies' revenue growth.
Tyler Technologies posted revenue of $541.1 million for the quarter ended December 31, beating analysts' average estimate of $540.5 million, according to data compiled by LSEG data.
Tyler offers IT services and software designed to streamline data processing and enhance workflow for public sector organizations.
"Public sector market conditions remain strong with robust demand supported by healthy budgets and a growing focus on digital modernization," CEO Lynn Moore said.
The IT-solution provider's subscription revenue rose 21.9% to $348.8 million during the fourth quarter compared to a year earlier.
The Plano, Texas-based company forecast its full-year adjusted profit per share to be between $10.90 and $11.15, compared to analysts' estimates of $10.79.
It forecast full-year 2025 revenue in the range of $2.30 billion to $2.34 billion, with a midpoint below analysts' estimates of $2.36 billion.
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