Tyler Technologies, Inc.
(TYL)
Company Overview
Tyler Technologies, Inc. provides integrated information management solutions and
services for the public sector with a focus on local governments in the United States
and internationally. It operates through Enterprise Software Solutions, and Appraisal
and Tax Software Solutions and Services segments. The company’s financial
management solutions include modular fund accounting systems for government
agencies and not-for-profit entities; and utility billing systems to support the billing and
collection of metered and non-metered services. It also offers products to automate
various city functions, such as municipal courts, parking tickets, equipment and project
costing, animal and business licenses, permits and inspections, code enforcement,
citizen complaint tracking, ambulance billing, fleet maintenance, and cemetery records
management; financial management, student information, and transportation solutions
to K-12 schools; and software applications to manage public sector pension funds. In
addition, the company provides integrated suite of judicial solutions comprising court
case management, court and law enforcement, prosecutor, and supervision systems to
Strong Moat
Good Financials
$
$
$
$
$
$
$
94.20
0.59
13.91
14.32
50.04
112.72
52.36
Price vs DCF Intrinsic Value
$120.00
Margin of Safety
-100.0%
Under Valued
Well Managed
Valuation
Current Price
NCAV
Total Net Reprod. Cost
Earnings Power Value (EPV)
Discounted Cash Flow (DCF)
Katsenelson Absolute PE
Ben Graham Formula
February 17, 2014
Figures in Millions except per share values
Low Risk
5
4
3
High Growth
2
1
0
$100.00
-100.0%
-100.0%
$80.00
-88.2%
16.4%
$60.00
-79.9%
$40.00
Key Statistics
Mkt Cap ($M)
52 Wk High
52 Wk Low
% off 52Wk Low
Company Stats
$
$
$
3,061.31
55.23
31.14
16.7%
Cash Flows
Free Cash Flow
5 yr FCF Growth
10 yr FCF Growth
17.2%
10.2%
Shares Outstanding
Shares Float
Insider Ownership
Insider Transactions
Institutional Ownership
Float Short
32.5
30.8
2.00%
-5.9%
91.3%
2.1%
Short Ratio
Piotroski (TTM)
Altman (MRQ)
3.5
7
9.7
Beneish (TTM)
-2.9
Effectiveness
Margins & Profitability
CROIC
Avg
FCF/S
Avg
ROA
Avg
ROE
Avg
20.2%
10.5%
9.5%
Gross
Gross Margin
Operating
Operating Margin
Net Profit
Net Margin
46.4%
16.1%
9.4%
21.8%
Financial Strength (MRQ)
Efficiency
Receivables Turnover (TTM)
Inventory Turnover (TTM)
Days Sales Outstanding (TTM)
3.8
0.0
101.9
Current Ratio(MRQ)
Quick Ratio(MRQ)
LTD/Eq(MRQ)
Tot D/Eq(MRQ)
1.1
1.1
0.0
0.0
$20.00
$0.00
Feb-03
Feb-05
Feb-07
Stock Price
Feb-09
Feb-11
Intrinsic Value
Fundamental Ratios
Feb-13
Buy Price
2011
2012
TTM
P/E
P/E (cash adjusted)
EV/EBITDA
38.27
38.22
19.48
49.89
49.70
23.93
82.94
80.93
39.29
EV/Free Cash Flow
P/S
P/BV
P/Tang BV
P/CF
P/FCF
ROE
25.23
3.41
13.50
(16.58)
23.19
23.88
35.3%
33.44
4.53
11.33
(76.02)
32.51
33.21
22.7%
81.04
7.82
13.23
37.75
48.85
83.05
15.9%
9.3%
14.7%
23.6%
0.71
0.78
0.00
9.8%
15.8%
23.7%
0.72
0.12
0.00
8.8%
22.5%
22.6%
1.13
0.00
0.00
ROA
ROIC
CROIC
Current Ratio
Total Debt/Equity Ratio
Inventory Turnover
Selected Financial Statements
(In Millions, Except per Share Amounts)
Revenue
Gross Profit
Margin %
R&D
Margin %
Operating Income
Margin %
Net Income
Margin %
Earnings Per Share
Basic
Diluted
$
$
$
$
$
$
$
Weighted Average Diluted Shares
Outstanding
Dividends Per Share
Dividend Yield
Net Cash From Operating Activities
2008
265
110
41.41%
7
2.75%
37
14.01%
15
5.61%
0.39
0.38
$
$
$
$
$
$
$
39.18
$
$
2009
290
129
44.36%
11
3.84%
45
15.43%
27
9.30%
0.77
0.74
$
$
$
$
$
$
$
36.62
$
0.00%
48 $
2010
289
128
44.46%
14
4.84%
42
14.43%
25
8.68%
0.74
0.71
$
$
$
$
$
$
$
35.53
$
0.00%
43 $
2011
309
142
45.87%
16
5.31%
47
15.04%
28
8.91%
0.88
0.83
$
$
$
$
$
$
$
33.15
$
0.00%
35 $
2012
363
168
46.16%
20
5.54%
57
15.57%
33
9.08%
1.09
1.00
$
$
$
$
$
$
$
32.92
$
0.00%
56 $
TTM/Latest
417
193
46.37%
23
5.58%
67
16.11%
39
9.38%
1.23
1.14
34.59
$
0.00%
59 $
0.00%
66
(Dollars in Millions)
Net Property, Plants & Equipment
Total Assets
Long-term Debt
Stockholders' Equity
$
$
$
$
27
252
8
114
$
$
$
$
36
271
7
134
$
$
$
$
35
264
32
107
$
$
$
$
41
295
66
78
$
$
$
$
45
338
23
145
$
$
$
$
65
444
6
246