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Tyler (TYL) & Kansas Extend Payment Service Deal for 2 Years
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Tyler Technologies (TYL - Free Report) recently announced that Kansas signed a two-year contract extension for its digital government and payment processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April 2021.
The relationship between Kansas and NIC is 31-year long. The newly signed agreement extends their relationship. Tyler’s subsidiary, NIC, manages more than 1,000 services on behalf of Kansas’ approximately 400 local and state government agencies.
Digital Transformation Driving Tyler’s Solution Demand
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. TYL 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.
Last month, the company announced that Vermont signed a three-year contract extension for NIC’s digital government and payment processing services. The relationship between Vermont and NIC is 16-year long.
In August, NIC signed a one-year contract extension with the Commonwealth of Kentucky for its digital government and payment processing services. The relationship between Kentucky and NIC is 19-year long, and the latter manages more than 300 services on behalf of the former and processes more than $7 billion in payment processing annually.
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.
In May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding. However, Tyler faces significant integration risks due to frequent acquisitions.
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.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #4 (Sell). Shares of TYL have decreased 38.7% year to date (YTD).
The Zacks Consensus Estimate for F5's first-quarter fiscal 2023 earnings has been revised upward by 10 cents to $2.61 per share over the past 90 days. For fiscal 2023, earnings estimates have moved a couple of cents north to $11.48 per share in the past 30 days.
F5’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 8.4%. Shares of FFIV have plunged 43.1% YTD.
The Zacks Consensus Estimate for Fortinet's fourth-quarter 2022 earnings has been revised a penny northward to 35 cents per share over the past 90 days. For 2022, earnings estimates have moved a penny north to $1.05 per share in the past 60 days.
FTNT's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 10.3%. Shares of the company have decreased 32.4% YTD.
The Zacks Consensus Estimate for CDW’s fourth-quarter 2022 earnings has decreased from $2.46 to $2.45 per share over the past 60 days. For 2022, earnings estimates have moved up by a penny to $9.66 per share in the past 60 days.
CDW’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.8%. Shares of CDW have decreased 25.7% YTD.
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Tyler (TYL) & Kansas Extend Payment Service Deal for 2 Years
Tyler Technologies (TYL - Free Report) recently announced that Kansas signed a two-year contract extension for its digital government and payment processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April 2021.
The relationship between Kansas and NIC is 31-year long. The newly signed agreement extends their relationship. Tyler’s subsidiary, NIC, manages more than 1,000 services on behalf of Kansas’ approximately 400 local and state government agencies.
Digital Transformation Driving Tyler’s Solution Demand
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. TYL 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.
Last month, the company announced that Vermont signed a three-year contract extension for NIC’s digital government and payment processing services. The relationship between Vermont and NIC is 16-year long.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
In August, NIC signed a one-year contract extension with the Commonwealth of Kentucky for its digital government and payment processing services. The relationship between Kentucky and NIC is 19-year long, and the latter manages more than 300 services on behalf of the former and processes more than $7 billion in payment processing annually.
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.
In May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding. However, Tyler faces significant integration risks due to frequent acquisitions.
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.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #4 (Sell). Shares of TYL have decreased 38.7% year to date (YTD).
Some better-ranked stocks from the broader Computer and Technology sector are F5, Inc. (FFIV - Free Report) , Fortinet (FTNT - Free Report) and CDW Corporation (CDW - Free Report) . While FFIV and FTNT each sport a Zacks Rank #1 (Strong Buy), CDW carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for F5's first-quarter fiscal 2023 earnings has been revised upward by 10 cents to $2.61 per share over the past 90 days. For fiscal 2023, earnings estimates have moved a couple of cents north to $11.48 per share in the past 30 days.
F5’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 8.4%. Shares of FFIV have plunged 43.1% YTD.
The Zacks Consensus Estimate for Fortinet's fourth-quarter 2022 earnings has been revised a penny northward to 35 cents per share over the past 90 days. For 2022, earnings estimates have moved a penny north to $1.05 per share in the past 60 days.
FTNT's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 10.3%. Shares of the company have decreased 32.4% YTD.
The Zacks Consensus Estimate for CDW’s fourth-quarter 2022 earnings has decreased from $2.46 to $2.45 per share over the past 60 days. For 2022, earnings estimates have moved up by a penny to $9.66 per share in the past 60 days.
CDW’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.8%. Shares of CDW have decreased 25.7% YTD.