Q2 2024 Tyler Technologies Inc Earnings Call Transcript
Key Points
- Recurring revenues grew 8.4% and comprised 83% of total revenues.
- SaaS revenues grew 23.2%, marking the 14th consecutive quarter of SaaS revenue growth above 20%.
- Successful completion of the exit from the Dallas data center, advancing the cloud migration roadmap.
- Strong new business pipeline and elevated levels of RFP and sales demo activity.
- Significant cross-sell and upsell wins, including a major contract with the Florida Department of Corrections.
- Shift towards SaaS in new software contracts pressured revenues and margins.
- Ongoing costs associated with the second data center until its closure at the end of next year.
- Potential fluctuations in SaaS revenue growth due to the timing of new deals and renewals.
- Impact of Section 174 on cash flow, with approximately $29 million of incremental cash taxes.
- Continued competitive pressures in the public safety market despite recent successes.
F Hello, and welcome to today's Tyler Technologies second quarter 2024 conference call. Y our host for today's call is Lynn Moore, President and CEO of Tyler Technologies. (Operator Instructions) As a reminder, this conference is being recorded today, July 25, 2024. I would like to turn the call over to Hala L. should be neat Tyler's, Senior Director, Mr. Relations, please go ahead.
Thank you, Matt. And welcome to our call. With me today is Lynn Moore, our President and Chief Executive Officer, and Brian Miller, our Chief Financial Officer. After I give the Safe Harbor statement, Lynn will have some initial comments on our quarter, and then Brian will review the details of our results and update our annual guidance for 2024. Lynn will end with some additional comments, and then we'll take your questions.
During this conference call, management may make statements that provide information other than historical information and may include projections concerning the company's future
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