Tyler Technologies, Inc. reported a total revenue of $2.14 billion for the fiscal year ending December 31, 2024, marking a 9.5% increase from $1.95 billion in 2023. The company's subscription revenue, which includes Software as a Service (SaaS) and transaction-based fees, grew by 15.8% to $1.34 billion, driven by a shift towards SaaS arrangements and an increase in transaction-based revenues. Net income for the year was $263 million, or $6.05 per diluted share, compared to $166 million, or $3.88 per diluted share, in the previous year, reflecting a significant increase in profitability.
The company did not complete any acquisitions in 2024, but it had previously acquired Resource Exploration, Inc., ARInspect, Inc., and Computing System Innovations, LLC in 2023, which contributed to its revenue growth. Tyler Technologies continues to focus on expanding its product offerings and enhancing its cloud capabilities, with a strategic emphasis on integrating advanced technologies into its solutions. The company reported an annualized recurring revenue (ARR) of $1.86 billion, a 15% increase from $1.61 billion in 2023, indicating strong growth in its subscription-based services.
Operationally, Tyler Technologies maintained a low client attrition rate of approximately 2% and added 734 new SaaS clients during the year. The total employee count increased to approximately 7,400, up from 7,250 in 2023, reflecting the company's ongoing investment in talent to support its growth initiatives. The company also reported a significant increase in cash and cash equivalents, totaling $744.7 million at year-end, compared to $165.5 million in 2023, providing a strong liquidity position for future investments.
Looking ahead, Tyler Technologies anticipates continued growth in revenues and earnings, supported by its strong financial position and cash flow. The company plans to invest significantly in product development and accelerate its transition to cloud-based solutions, aiming to expand its addressable market and strengthen its competitive position in the public sector software market. The management remains optimistic about the ongoing demand for integrated software solutions among government entities, which are increasingly recognizing the value of digital transformation in enhancing service delivery and operational efficiency.
About TYLER TECHNOLOGIES INC
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