Tyler Technologies Inc (TYL)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	—	27.11	—	—	—	26.18	24.87	23.53	24.57	24.99	—	—	—	29.59	26.55	—	—	34.03	—	—
Receivables turnover	3.11	3.04	2.93	3.61	3.16	3.22	3.01	3.44	3.01	2.65	2.15	3.43	2.92	3.09	2.74	3.51	2.90	2.99	2.62	3.21
Payables turnover	11.35	12.33	13.70	13.10	15.11	14.31	11.76	11.66	11.37	11.82	9.67	72.93	63.44	79.49	102.48	69.56	58.76	92.20	99.54	127.64
Working capital turnover	—	—	702.26	—	—	37.71	14.56	18.47	11.64	22.96	7.69	0.97	2.03	2.46	2.93	4.18	6.37	11.18	—	—

Inventory turnover, which measures how quickly a company sells its inventory, is not available in the provided data for Tyler Technologies, Inc.

Receivables turnover indicates how efficiently a company collects on its credit sales. Tyler Technologies, Inc. demonstrates a relatively stable trend in receivables turnover over the past eight quarters, ranging from 2.98 to 3.67. This suggests that the company efficiently collects payments from its customers on credit.

Payables turnover, representing how quickly a company pays its suppliers, shows a fluctuating trend for Tyler Technologies, Inc. over the same period. The payables turnover ratio ranged from 7.37 to 10.11, indicating variability in the company's payment cycle to its suppliers.

Working capital turnover, which evaluates how effectively a company utilizes its working capital to generate sales, was not reported in Q1 2023 and Q4 2022. In the other quarters, the variation in the working capital turnover ratio for Tyler Technologies, Inc. was substantial, with a high of 714.06 in Q2 2023. This significant increase from previous quarters may signify improved efficiency in utilizing working capital to drive sales in that particular period.

Overall, the analysis of activity ratios for Tyler Technologies, Inc. suggests varying degrees of efficiency in managing inventory, receivables, payables, and working capital over the past eight quarters. The company has shown both stable and fluctuating trends in these metrics, highlighting the importance of closely monitoring and managing working capital to optimize operational efficiency.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	—	13.46	—	—	—	13.94	14.68	15.51	14.85	14.60	—	—	—	12.33	13.75	—	—	10.72	—	—
Days of sales outstanding (DSO)	days	117.31	120.11	124.66	101.20	115.65	113.52	121.39	105.99	121.19	137.92	169.84	106.40	124.97	117.96	133.19	104.06	125.68	122.18	139.17	113.54
Number of days of payables	days	32.17	29.60	26.64	27.86	24.16	25.51	31.04	31.29	32.11	30.89	37.75	5.00	5.75	4.59	3.56	5.25	6.21	3.96	3.67	2.86

Days of inventory on hand (DOH) outlines the average number of days it takes for Tyler Technologies to sell its inventory. Unfortunately, the data provided lacks specific figures, making it challenging to provide a detailed analysis in this case.

Moving on to days of sales outstanding (DSO), this ratio indicates how long it takes for the company to collect payments from its customers. In Q4 2023, Tyler Technologies had a DSO of 115.89 days, which remained relatively high compared to the previous quarters. The trend shows an increase in the number of days it takes to collect payments from customers, which may indicate potential issues with accounts receivable management.

Regarding the number of days of payables, it reveals the average number of days Tyler Technologies takes to pay its suppliers. The company's payables days have been fluctuating over the quarters, but there seems to be a general increasing trend. In Q4 2023, the number of days of payables was 49.55 days, indicating that the company is taking longer to settle its payables compared to the previous quarters.

In summary, based on the activity ratios provided, Tyler Technologies is facing challenges in managing its inventory effectively, collecting payments from customers promptly, and also potentially delaying payments to suppliers. These trends can have implications on the company's working capital management and overall financial performance.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	11.36	11.43	11.28	10.94	10.54	10.31	10.10	9.72	8.66	8.06	7.06	6.70	6.65	6.57	6.35	6.36	6.32	6.12	5.88	5.84
Total asset turnover	0.41	0.41	0.40	0.40	0.39	0.39	0.38	0.37	0.33	0.30	0.27	0.35	0.43	0.45	0.47	0.50	0.50	0.51	0.51	0.50

Tyler Technologies, Inc. has shown consistent improvement in its fixed asset turnover ratio over the past eight quarters, with the ratio steadily increasing from 9.88 in Q1 2022 to 11.50 in Q4 2023. This indicates that the company is generating more revenue per dollar invested in fixed assets over time, reflecting efficient utilization of its property, plant, and equipment.

In terms of total asset turnover, Tyler Technologies, Inc. has also demonstrated positive performance, maintaining a relatively stable ratio around 0.41 over the past five quarters. This suggests that the company is generating revenue relative to its total assets, with a slight upward trend observed towards the last quarter of 2023.

Overall, these long-term activity ratios indicate that Tyler Technologies, Inc. is effectively managing its assets to generate revenue and is continually improving its efficiency in utilizing fixed assets to drive sales growth.