Tyler Technologies Inc. (TYL, Financial) filed Quarterly Report for the period ended 2011-03-31.
Tyler Technologies Inc. has a market cap of $785.3 million; its shares were traded at around $24.55 with a P/E ratio of 35.1 and P/S ratio of 2.6. Tyler Technologies Inc. had an annual average earning growth of 22.3% over the past 10 years. GuruFocus rated Tyler Technologies Inc. the business predictability rank of 4.5-star.
In the three months ended March 31, 2011 and 2010, we offset our research and development expense by $415,000 and $1.2 million, respectively, which were the amounts earned under the terms of our agreement with Microsoft. Prior to December 31, 2010, we received offsets from Microsoft to our research and development expense of approximately $850,000 each quarter from mid-2008 through the end of 2010 as specified in a statement of work under the Amended Software Development and License Agreement with Microsoft. In addition, in October 2009, the scope of the project was further expanded which will result in additional offsets to research and development expense, varying in amount from quarter to quarter through mid-2012 for a total of approximately $6.2 million. As of March 31, 2011, we have received $1.5 million and expect to receive the remaining $4.7 million through mid-2012. The actual amount and timing of future research and development costs and related reimbursements and whether they are capitalized or expensed may vary. We expect the rate at which we recognize offsets to our research and development expense to decline compared to 2010 due to changes in the timing of deployment of resources and we believe most of the offsets relating to 2011 efforts will be recognized in the fourth quarter.
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Tyler Technologies Inc. has a market cap of $785.3 million; its shares were traded at around $24.55 with a P/E ratio of 35.1 and P/S ratio of 2.6. Tyler Technologies Inc. had an annual average earning growth of 22.3% over the past 10 years. GuruFocus rated Tyler Technologies Inc. the business predictability rank of 4.5-star.
Highlight of Business Operations:
In the three months ended March 31, 2011, we signed 15 new large contracts with average software license fees of approximately $232,000 compared to 16 new large contracts signed in the three months ended March 31, 2010 with average software license fees of approximately $406,000. We consider contracts with a license fee component of $100,000 or more to be large. Although a contract is signed in a particular quarter, the period in which the revenue is recognized may be different because we recognize revenue according to our revenue recognition policy as described in Note 1 in the Notes to the Financial Statements included in our Form 10-K for the year ended December 31, 2010.In the three months ended March 31, 2011 and 2010, we offset our research and development expense by $415,000 and $1.2 million, respectively, which were the amounts earned under the terms of our agreement with Microsoft. Prior to December 31, 2010, we received offsets from Microsoft to our research and development expense of approximately $850,000 each quarter from mid-2008 through the end of 2010 as specified in a statement of work under the Amended Software Development and License Agreement with Microsoft. In addition, in October 2009, the scope of the project was further expanded which will result in additional offsets to research and development expense, varying in amount from quarter to quarter through mid-2012 for a total of approximately $6.2 million. As of March 31, 2011, we have received $1.5 million and expect to receive the remaining $4.7 million through mid-2012. The actual amount and timing of future research and development costs and related reimbursements and whether they are capitalized or expensed may vary. We expect the rate at which we recognize offsets to our research and development expense to decline compared to 2010 due to changes in the timing of deployment of resources and we believe most of the offsets relating to 2011 efforts will be recognized in the fourth quarter.
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