Shares of Tyler Technologies (TYL) soared 5.40% in pre-market trading on Thursday, February 13th, 2025, boosted by impressive Q4 2024 financial results, progress in its cloud transition strategy, and a new bullish rating from an analyst.
The public sector software provider reported Q4 revenue of $541.1 million, surpassing estimates of $540 million. Importantly, recurring revenue jumped 14.9% year-over-year, reflecting robust client relationships and a successful shift towards cloud-based, subscription models. Non-GAAP earnings per share matched expectations at $2.43, showcasing earnings stability.
Tyler's strategic partnership with Amazon Web Services (AWS) has been pivotal in enhancing its SaaS capabilities and aligning with growing demand for digital solutions in the public sector. The company's cloud-first approach positions it well for long-term growth as government agencies seek integrated, modernized IT systems.
Adding to the positive sentiment, Truist Financial analyst Terry Tillman initiated coverage on Tyler with a "Buy" rating, citing the company's strong financial performance, cloud momentum, and promising growth prospects.
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