泰勒科技 (TYL) 2024 Q4 法說會逐字稿

Hello, and welcome to today's Tyler Technologies' fourth-quarter 2024 conference call.

大家好，歡迎參加今天的 Tyler Technologies 2024 年第四季電話會議。

Your host for today's call is Lynn Moore, President and CEO of Tyler Technologies.

今天電話會議的主持人是 Tyler Technologies 總裁兼執行長 Lynn Moore。

(Operator Instructions).

（操作員指令）。

And as a reminder, this conference is being recorded today, February 13, 2025.

提醒一下，本次會議將於今天（2025 年 2 月 13 日）進行錄製。

I would now like to turn the call over to Hala Elsherbini, Tyler's Senior Director of Investor Relations.

現在，我想將電話轉給泰勒投資者關係高級總監 Hala Elsherbini。

Please go ahead.

請繼續。

Thank you, Kevin, and welcome to our call.

謝謝你，凱文，歡迎來電。

With me today is Lynn Moore, our President and Chief Executive Officer; and Brian Miller, our Chief Financial Officer.

今天與我在一起的是我們的總裁兼執行長 Lynn Moore；以及我們的財務長 Brian Miller。

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 provide our annual guidance for 2025.

在我發表安全港聲明之後，Lynn 將對我們的季度提出一些初步評論，然後 Brian 將審查我們的業績細節並提供 2025 年年度指導。

Lynn will end with some additional comments, and then we'll take your questions.

Lynn 最後會發表一些補充評論，然後我們會回答您的問題。

During this call, management may make statements that provide information other than historical information and may include projections concerning the company's future results, future prospects, revenues, expenses, and profits.

在電話會議中，管理層可能會做出除歷史資訊以外的其他資訊的聲明，可能包括有關公司未來業績、未來前景、收入、支出和利潤的預測。

Such statements are considered forward-looking statements under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties and -- which could cause actual results to differ materially from those projections.

根據 1995 年私人證券訴訟改革法的安全港條款，此類聲明被視為前瞻性聲明，並受某些風險和不確定性的影響，並可能導致實際結果與這些預測有重大差異。

We refer you to our Form 10-K and other SEC filings for more information on those risks.

有關這些風險的更多信息，請參閱我們的 10-K 表格和其他 SEC 文件。

Also, in our earnings release, we have included non-GAAP measures that we believe facilitate understanding of our results and comparisons with peers in the software industry.

此外，在我們的收益報告中，我們納入了非公認會計準則指標，我們認為這有利於理解我們的績效並與軟體產業的同業進行比較。

A reconciliation of GAAP to non-GAAP measures is provided in our earnings release.

我們在收益報告中提供了 GAAP 與非 GAAP 指標的對帳表。

We have also posted on the Investor Relations section of our website under the Financials tab a schedule with supplemental information, including information about quarterly recurring revenues and bookings.

我們還在網站的「財務」標籤下的「投資者關係」部分發布了一份包含補充資訊的時間表，其中包括有關季度經常性收入和預訂的資訊。

On the Events and Presentations tab, we posted an earnings summary slide deck to supplement our prepared remarks.

在「活動和簡報」標籤上，我們發布了收益摘要投影片來補充我們準備好的發言。

Please note that all those comparisons we make on the call today will relate to the corresponding period of last year unless we specify otherwise.

請注意，除非我們另有說明，我們今天在電話會議上進行的所有比較均與去年同期相關。

Lynn?

林恩？

Thanks, Hala.

謝謝，哈拉。

Our fourth-quarter results provided a solid finish to an excellent year of growth and profitability as we executed on our key objectives across financial, operational, and strategic initiatives.

由於我們實現了財務、營運和策略舉措的關鍵目標，我們第四季的業績為出色的成長和獲利年度畫上了圓滿的句號。

We exceeded our expectations across our key financial metrics, with recurring revenue growth of nearly 15%, driven by SaaS revenue growth of 23% and our 16th consecutive quarter of SaaS revenue growth of 20% or more.

我們的主要財務指標均超出預期，經常性收入增長近 15%，其中 SaaS 收入增長 23%，並且連續 16 個季度 SaaS 收入增長率達到 20% 或以上。

SaaS adoption continued to accelerate with both new and existing clients with 97% of our new software contract value in the cloud.

新舊客戶對 SaaS 的採用持續加速，我們 97% 的新軟體合約價值都在雲端。

Transaction revenue set a new quarterly high and grew nearly 21%.

交易收入創下季度新高，成長近21%。

Our non-GAAP operating margin expanded to 24.4%, benefiting from the mix shift to higher SaaS revenues.

受惠於向更高的 SaaS 收入組合轉變，我們的非 GAAP 營業利潤率擴大至 24.4%。

In addition, free cash flow of $216 million significantly exceeded our expectations, reaching a new high for a fourth quarter.

此外，2.16億美元的自由現金流大大超出我們的預期，創下第四季新高。

In 2023, we passed a cloud revenue inflection point, where long-term recurring SaaS revenues surpassed on-premise license and maintenance revenues.

2023 年，我們度過了雲端收入轉折點，長期經常性 SaaS 收入超過了內部部署授權和維護收入。

At our 2023 Investor Day, we unveiled our Tyler 2030 vision and multiyear strategic direction, including drivers of revenue growth and margin expansion.

在 2023 年投資者日上，我們公佈了 Tyler 2030 願景和多年策略方向，包括營收成長和利潤率擴大的驅動力。

We also laid out our 2025 and 2030 targets for key metrics around revenues, margins, and cash flow.

我們也制定了 2025 年和 2030 年的營收、利潤和現金流等關鍵指標目標。

We're pleased with our progress in 2024 toward those goals.

我們對 2024 年實現這些目標所取得的進展感到非常高興。

As planned, we closed our Dallas data center midyear and are on track to close our main data center at the end of 2025.

按照計劃，我們在今年年中關閉了達拉斯資料中心，並計劃在 2025 年底關閉我們的主要資料中心。

We delivered SaaS revenue growth that exceeded our 20% growth target and transaction revenues were well above plan.

我們實現的 SaaS 收入成長超過了 20% 的成長目標，交易收入也遠遠超出計畫。

We made significant progress with our cloud operations initiatives, delivering better-than-expected operating margin expansion through version consolidation and releasing cloud optimized products.

我們的雲端營運計畫取得了重大進展，透過版本整合和發布雲端優化產品實現了好於預期的營業利潤率成長。

These proof points give us confidence in achieving our 2025 targets as well as our long-range goals of organic recurring revenue CAGR of 10% to 12%, and -- sustainable margin expansion with non-GAAP operating margins of 30% or more and expanded free cash flow of $1 billion with free cash flow margins in the high 20s.

這些證明點使我們有信心實現 2025 年的目標以及我們的長期目標，即有機經常性收入複合年增長率達到 10% 至 12%，以及利潤率可持續擴大，非 GAAP 營業利潤率達到 30% 或更高，自由現金流擴大至 10 億美元，自由現金流利潤率達到 20% 的高位。

The public sector market remains strong with robust demand supported by healthy budgets, especially at the state and local levels, which comprise approximately 95% of our total revenue.

公共部門市場依然強勁，需求旺盛，預算充足，尤其是州和地方兩級，占我們總收入的約 95%。

The public sector's drive towards digital modernization continues to accelerate as aging mission-critical systems reach end of life, cybersecurity threats continue to increase, and governments at all levels face a growing demand for an improved citizen experience and seek operational efficiencies to enable them to do more with limited resources.

隨著老化的關鍵任務系統逐漸走向使用壽命的終點、網路安全威脅不斷增加，各級政府對改善公民體驗的需求日益增長，並尋求提高營運效率以利用有限的資源做更多的事情，公共部門對數位現代化的推動也在不斷加速。

While the new Federal Department of Government Efficiency or DOGE, is still in its early days, we don't envision its effort having a significant impact on funding or demand for our software and services, which power would are generally essential functions.

雖然新的聯邦政府效率部（DOGE）仍處於起步階段，但我們預計其努力不會對我們的軟體和服務的資金或需求產生重大影響，而這些權力通常是必不可少的功能。

In fact, we view an increased focus on government efficiency at any level as an opportunity rather than a risk for Tyler, and we believe that technology is ultimately the greatest driver of improved efficiency.

事實上，我們認為，各級政府對效率的重視程度不斷提高，對泰勒來說都是機會而非風險，我們相信，科技最終是提高效率的最大驅動力。

The elevated market activity we've discussed for the past few quarters, along with excellent execution by our sales teams, is reflected in our new software bookings this quarter, with new SaaS contract value of approximately $141 million, up 37% over last year.

我們在過去幾季討論過的市場活動的活躍度，加上我們銷售團隊的出色執行力，都反映在本季度的新軟體訂單中，新的 SaaS 合約價值約為 1.41 億美元，比去年增長 37%。

Our market-leading position and competitive strengths, including our deep domain expertise, broad portfolio of solutions, and most importantly, our client base, serve as the foundation for our long-term strategic focus on four key growth pillars: executing on our cloud-first strategy, leveraging our unmatched installed base, expanding into new markets, and growing our differentiated payments business.

我們的市場領先地位和競爭優勢，包括我們深厚的領域專業知識、廣泛的解決方案組合，以及最重要的客戶群，為我們長期關註四大關鍵增長支柱奠定了基礎：執行我們的雲端優先策略、利用我們無與倫比的安裝基礎、擴展新市場以及發展我們的差異化支付業務。

Our cloud transition is anchored by our unifying principles toward a single release stream to better scale, innovate, and deliver an enhanced client experience.

我們的雲端轉型以統一原則為基礎，朝著單一發布流的方向發展，以便更好地擴展、創新並提供增強的客戶體驗。

We've made significant progress with our cloud optimization efforts, with cloud optimized releases launched across many of our flagship products, driving an accelerated pace of on-premise client migrations to the cloud with more flips of larger clients taking place.

我們的雲端優化工作取得了重大進展，許多旗艦產品都推出了雲端優化版本，推動了本地客戶向雲端遷移的步伐加快，並實現了更多大型客戶的遷移。

For the quarter, we inked a total of 106 flips of on-premises clients.

本季度，我們共計與 106 家本地客戶簽訂了交易協議。

The total contract value from flip signed this quarter grew 58% over last year's fourth quarter, and the average ARR of flip signed in the quarter rose nearly 32%.

本季簽署的翻轉合約總價值比去年第四季成長了 58%，本季簽署的翻轉平均 ARR 成長了近 32%。

As we previously discussed, we are executing multiple cloud transitions across our product solutions, each with its own nuanced road map and timeline.

正如我們之前所討論的，我們正在我們的產品解決方案中執行多個雲端轉換，每個雲端轉換都有自己細緻的路線圖和時間表。

We're pleased with the current trajectory of flips from on-premises to cloud deployments and currently envision flips peaking in 2027 and 2028 as we work towards migrating more than 80% of our on-premises clients to Tyler's next-generation cloud by 2030.

我們對從本地部署到雲端部署的當前轉變軌跡感到滿意，目前預計轉變將在 2027 年和 2028 年達到頂峰，因為我們致力於在 2030 年將 80% 以上的本地客戶遷移到 Tyler 的下一代雲端。

We continue to lead with cloud across all product solutions.

我們將繼續在所有產品解決方案中發揮雲端運算的領先作用。

And during the quarter, we saw increased momentum from clients selecting multiple integrated solutions from Tyler.

在本季度，我們看到客戶選擇 Tyler 的多種整合解決方案的勢頭日益增強。

Our largest SaaS deal this quarter with an $11.4 million multi-suite contract with the City of Kenosha, Wisconsin, for enterprise ERP, enterprise permitting licensing, enterprise asset management, municipal justice, and enterprise assessment and tax solutions, a win, which adds $1.3 million in ARR, leveraged our expanding footprint and strong client references in Wisconsin, combined with our unique ability to offer multiple integrated solutions from a single platform.

本季度我們最大的 SaaS 交易是與威斯康星州基諾沙市簽訂了一份價值 1,140 萬美元的多套件合同，用於企業 ERP、企業許可、企業資產管理、市政司法以及企業評估和稅收解決方案，這一成功為 ARR 增加了 130 萬美元，利用了我們在威斯康星州不斷擴大的業務範圍和強大的客戶提供多種結合解決方案

This is what we refer to as a total Tyler client engagement.

這就是我們所謂的泰勒客戶全面參與。

Notable multi-product SaaS contracts included Hernando County, Florida and the City of Warner Robins, Georgia, for enterprise ERP, enterprise permitting licensing, and enterprise asset management solutions has added almost $1.3 million in ARR.

值得注意的多產品 SaaS 合約包括佛羅裡達州赫爾南多縣和喬治亞州沃納羅賓斯市，用於企業 ERP、企業許可授權和企業資產管理解決方案，已為 ARR 增加了近 130 萬美元。

We're also pleased to see growing adoption of our AI-driven priority-based budgeting solution, which we acquired with Resource X in the fall of 2023.

我們也很高興看到我們基於人工智慧的優先預算解決方案得到越來越多的採用，該解決方案是我們於 2023 年秋季與 Resource X 共同收購的。

Priority-based budgeting enables informed decision-making and efficiencies by linking financial resources to strategic funding priorities and goals.

基於優先順序的預算透過將財政資源與策略資金優先事項和目標連結起來，實現了明智的決策和效率。

There were three key wins for the solution in Q4 with large clients, including L.A. County, California; Kansas City, Missouri; and Johnson County, Kansas, adding a total of nearly $1.8 million in ARR.

該解決方案在第四季度贏得了三個關鍵大客戶的青睞，包括加州洛杉磯縣；密蘇裡州堪薩斯市；以及堪薩斯州約翰遜縣，總計增加了近 180 萬美元的 ARR。

We're excited to partner with these clients as they implement their data-driven budgeting applications, leveraging our deep domain expertise and industry-leading best practices.

我們很高興與這些客戶合作，利用我們深厚的領域專業知識和行業領先的最佳實踐來實施數據驅動的預算應用程式。

We continue to drive higher cloud adoption for our public safety solutions with both new competitive wins and a growing number of flips.

我們繼續透過新的競爭勝利和不斷增長的轉變來推動公共安全解決方案的更高雲端採用。

Notable SaaS wins included the Southwest Regional Communications Center, a Texas 911 consortium in the Dallas-Fort Worth area and Peoria, Illinois, which dispatches for 10 different agencies, each contracting for our full enterprise public safety suite.

值得注意的 SaaS 勝利包括西南區域通訊中心、位於達拉斯-沃斯堡地區和伊利諾伊州皮奧裡亞的德克薩斯 911 聯盟，該中心為 10 個不同的機構調度，每個機構都與我們的全套企業公共安全套件簽訂了合約。

We also continue to build momentum at the state level with our public safety solutions.

我們也將繼續透過公共安全解決方案在州一級增強勢頭。

We signed three enterprise public safety deals with state agencies in the quarter, including SaaS contracts with The Iowa Department of Public Safety, which was a competitive effort leveraging our Digital Solutions division state enterprise relationship and contract vehicle and also The Michigan State Police.

我們在本季度與州政府機構簽署了三項企業公共安全協議，包括與愛荷華州公共安全部簽署的 SaaS 合同，這是一項利用我們的數位解決方案部門州企業關係和合同工具以及密西根州警察局的競爭性努力。

We also signed a license deal with a Nebraska State Patrol.

我們也與內布拉斯加州巡警局簽署了許可協議。

We now count nine state police agencies as enterprise public safety clients.

目前，我們有九個州警察機構作為企業公共安全客戶。

In our state and federal business, we signed an eight-year contract with the State of Maine for our resident engagement portal, adding $2.2 million in ARR.

在我們的州和聯邦業務中，我們與緬因州簽署了一份為期八年的合同，用於我們的居民參與門戶網站，增加了 220 萬美元的 ARR。

This competitive win leveraged our strong state relationship as a trusted partner, offering deep public sector domain expertise and strong references from other successful implementations of our resident engagement platform.

這次競爭性的勝利充分利用了我們作為值得信賴的合作夥伴與政府之間的牢固關係，提供了深厚的公共部門領域專業知識以及其他成功實施居民參與平台的有力參考。

At the core of our growth strategy, is leveraging our unmatched installed base through cross-sell and upsell initiatives.

我們成長策略的核心是透過交叉銷售和追加銷售措施來利用我們無與倫比的安裝基礎。

We added to our growing footprint in outdoor recreation, signing a multiyear SaaS arrangement with the South Carolina State Parks, under our state enterprise master agreement.

我們擴大了在戶外娛樂領域的業務範圍，並根據州企業主協議與南卡羅來納州立公園簽署了多年期 SaaS 協議。

Additionally, we signed a contract with the Colorado Department of Corrections for inventory warehouse management solution, leveraging our Colorado State Enterprise relationship to add $612,000 in ARR.

此外，我們還與科羅拉多州懲教署簽署了庫存倉庫管理解決方案合同，利用我們與科羅拉多州企業的關係增加了 612,000 美元的 ARR。

Driving transaction revenue growth through our integrated payments business is another key element of our growth strategy.

透過我們的綜合支付業務推動交易收入成長是我們成長策略的另一個關鍵要素。

Our payment strategy is centered on a high-value unified platform that seamlessly integrates with our software solutions and proprietary back-office services, creating opportunities for higher margins.

我們的支付策略以高價值統一平台為中心，該平台與我們的軟體解決方案和專有後台服務無縫集成，創造更高利潤的機會。

Demand for our differentiated payment solutions continues to be strong.

對我們差異化支付解決方案的需求持續強勁。

And in the fourth quarter, we signed 244 new payment deals across Tyler software clients, representing approximately $8.1 million in projected ARR.

第四季度，我們與 Tyler 軟體客戶簽署了 244 份新的支付協議，預計 ARR 約為 810 萬美元。

For the year, we signed 995 new payments deals.

今年，我們簽署了 995 份新的支付協議。

In our state enterprise business, we secured a two-year extension for our digital government and payment processing services with the state of Utah, representing approximately $11.5 million in ARR.

在我們的國有企業業務中，我們與猶他州簽訂了為期兩年的數位政府和支付處理服務延期協議，相當於約 1,150 萬美元的 ARR。

Now I'd like Brian to provide more detail on the results for the quarter and our annual guidance for 2025.

現在，我想讓 Brian 提供有關本季業績和 2025 年年度指導的更多詳細資訊。

Thanks, Lynn.

謝謝，林恩。

Total revenues for the quarter were $541.1 million, up 12.5% and organically grew 12.4%.

本季總營收為 5.411 億美元，成長 12.5%，有機成長 12.4%。

Subscriptions revenue increased 21.9% and organically rose 21.8%.

訂閱收入成長21.9%，有機成長21.8%。

Within subscription, SaaS revenues grew 23% to $173.4 million and grew organically 22.8%.

在訂閱範圍內，SaaS 營收成長 23% 至 1.734 億美元，有機成長 22.8%。

Keep in mind that there is often a lag from the signing of a new SaaS dealer flip to the start of revenue recognition that can vary from one to several quarters.

請記住，從簽署新的 SaaS 經銷商協議到開始確認收入通常會有一個滯後，這個延遲可能從一個季度到幾個季度不等。

Because of this, as well as the timing of SaaS renewals and related price increases, SaaS revenue growth both year over year and sequentially may fluctuate from quarter to quarter.

由於這個原因，以及 SaaS 續約和相關價格上漲的時間安排，SaaS 收入同比增長和環比增長可能因季度而異。

Transaction revenues grew 20.9% to $175.4 million, driven by new transaction services, higher transaction volumes from both new and existing clients, including the August go-live of the California Department of Parks and Recreation and e-filing growth.

交易收入成長 20.9% 至 1.754 億美元，這得益於新的交易服務、新舊客戶的交易量增加（包括 8 月份加州公園和娛樂部門的上線以及電子歸檔的增長）。

While Q4 is historically a seasonally lighter quarter for transaction-based revenues, we are seeing slightly less seasonality than in previous years as we continue to diversify our mix of revenue including digital titling services that are less seasonal and outdoor recreation services that have different peak periods from state to state.

雖然從歷史上看，第四季度是交易收入季節性較淡的季度，但隨著我們繼續實現收入結構多元化，包括季節性較弱的數位產權服務和各州高峰期不同的戶外娛樂服務，我們看到的季節性比前幾年略有減​​弱。

As Lynn noted, we had a very good quarter for bookings in Q4, with a marginal benefit from field timing associated with the year-end deadline for allocating ARPA funds.

正如 Lynn 所說，我們第四季度的預訂量非常好，這得益於與 ARPA 資金分配年底截止日期相關的現場時間表。

SaaS deals comprised approximately 97% of our new software contract value compared to 89% last year.

SaaS 交易約占我們新軟體合約價值的 97%，而去年這一比例為 89%。

During the quarter, we added 150 new SaaS arrangements and signed 106 best flips of existing on-premises clients, with a total contract value of approximately $194 million, up 42%.

本季度，我們增加了 150 項新的 SaaS 協議，並簽署了 106 份現有內部部署客戶的最佳翻轉協議，合約總價值約為 1.94 億美元，成長 42%。

In Q4 of last year, we added 156 new SaaS arrangements and had 92 flips with a total contract value of approximately $137 million.

去年第四季度，我們增加了 156 個新的 SaaS 協議，並進行了 92 次交易，合約總價值約為 1.37 億美元。

The average ARR from new SaaS contracts increased 63% over last year.

新 SaaS 合約的平均 ARR 比去年增長了 63%。

The average ARR associated with our Q4 flips increased 32% over last year as we continue to see larger clients flip to the cloud.

隨著我們不斷看到更大的客戶轉向雲端，我們第四季的平均 ARR 比去年成長了 32%。

Our total annualized recurring revenue was approximately $1.86 billion, up 14.9%.

我們的年度經常性總收入約為 18.6 億美元，成長 14.9%。

We entered 2024 expecting margin -- operating margin expansion after experiencing the margin trough from our cloud transition in 2023, and we have exceeded our expectations.

在經歷了 2023 年雲端轉型帶來的利潤率低潮之後，我們預計 2024 年的營業利潤率將會擴大，而現在我們的業績已經超出了預期。

Our non-GAAP operating margin in the fourth quarter was 24.4%, up 210 basis points from last year.

我們第四季的非公認會計準則營業利潤率為 24.4%，比去年同期成長 210 個基點。

The margin expansion reflects the impact of our cloud efficiency initiatives, along with effective operating expense management.

利潤率的擴大反映了我們的雲端效率措施以及有效的營運費用管理的影響。

As we discussed on previous calls, merchant and interchange fees from our payments business under the gross revenue model have a meaningful impact on our overall margins as they are included in both revenues and cost of revenues.

正如我們在先前的電話會議上所討論的那樣，在總收入模式下，我們的支付業務的商家費用和交換費用對我們的整體利潤率產生了重大影響，因為它們包含在收入和收入成本中。

We incurred merchant fees of approximately $41 million in Q4 compared to $35 million last year.

第四季我們發生商家費用約 4,100 萬美元，去年同期為 3,500 萬美元。

Because of strong earnings and effective working capital management, both cash flows from operations and free cash flow reached new highs for a fourth quarter at $224.8 million and $216 million, respectively, with free cash flow up 60.7%.

由於強勁的盈利和有效的營運資本管理，第四季度經營現金流和自由現金流均創下新高，分別達到 2.248 億美元和 2.16 億美元，自由現金流增長 60.7%。

Cash flow in the quarter was positively impacted by two significant items.

本季的現金流受到兩項重要事項的正面影響。

The first was a $29 million prepayment in October of six years of SaaS fees related to our new enterprise justice contract with the State of Kentucky.

第一筆是 10 月預付的 2,900 萬美元，用於支付我們與肯塔基州簽訂的新企業司法合約相關的六年的 SaaS 費用。

The second was the timing of funds that we routinely collect and dispersed through the Tyler disbursement platform, formerly Rapid.

第二個是我們透過 Tyler 支付平台（以前稱為 Rapid）定期收集和分配資金的時間。

At year-end, approximately $25 million of cash was held by Tyler that would subsequently disburse under these contracts.

截至年底，泰勒持有約 2500 萬美元的現金，這些現金隨後將根據這些合約支付。

We ended the quarter with $600 million of convertible debt outstanding and cash and investments of approximately $779 million and net leverage is 0.

截至本季末，我們的未償還可轉換債務為 6 億美元，現金及投資約為 7.79 億美元，淨槓桿率為 0。

Now I'd like to turn to our annual guidance for 2025.

現在，我想談談我們 2025 年的年度指導。

We expect total revenues will be between $2.30 billion and $2.34 billion.

我們預計總收入將在 23 億美元至 23.4 億美元之間。

The midpoint of our guidance implies organic growth of approximately 8.5%.

我們的指導中點意味著有機成長約為 8.5%。

We expect GAAP diluted EPS will be between $7.31 and $7.56 and may vary significantly due to the impact of discrete tax items on the GAAP effective tax rate.

我們預計 GAAP 稀釋每股盈餘將在 7.31 美元至 7.56 美元之間，並且可能會因單獨稅項對 GAAP 有效稅率的影響而出現很大差異。

We expect non-GAAP diluted EPS will be between $10.90 and $11.15. Our estimated non-GAAP tax rate for 2025 is expected to be 22.5%.

我們預計非 GAAP 稀釋每股收益將在 10.90 美元至 11.15 美元之間。我們預計 2025 年非 GAAP 稅率為 22.5%。

We expect our free cash flow margin will be between 24% and 26%, including an estimated impact of approximately $27 million of incremental cash taxes related to Section 174.

我們預計我們的自由現金流利潤率將在 24% 至 26% 之間，其中包括與第 174 條相關的約 2700 萬美元的增量現金稅的估計影響。

We expect research and development expense will be in the range of $177 million to $182 million.

我們預計研發費用將在 1.77 億美元至 1.82 億美元之間。

Other details of our guidance are included in our earnings release and in the Q4 earnings deck posted on our website.

我們的指引的其他詳細資訊包含在我們的收益報告和我們網站上發布的第四季度收益報告中。

I'd like to add some additional color around our guidance.

我想為我們的指導添加一些額外的內容。

Subscription revenues in total are expected to grow between 15% and 18%.

總訂閱收入預計將成長 15% 至 18%。

And within subscription, SaaS revenue is expected to grow between 21% and 24%.

在訂閱領域，SaaS 營收預計將成長 21% 至 24%。

Transaction revenues are expected to grow between 10% and 12%, with merchant fees down 7% to 9%.

交易收入預計將成長 10% 至 12%，商家費用將下降 7% 至 9%。

Our expected transactions growth is below the 2024 growth rate and will be impacted by the wind down of our payments processing contract with the state of Texas, which currently expires at the end of August 2025 and was awarded to another payment vendor after a competitive procurement process by the state.

我們預期的交易成長低於 2024 年的成長率，並將受到與德州簽訂的支付處理合約終止的影響，該合約目前將於 2025 年 8 月底到期，並經過該州的競爭性採購流程後授予另一家支付供應商。

The Texas contract is a standalone somewhat commoditized payments arrangement and differs in a number of respects from our core payment strategy which is centered on providing differentiated payment solutions integrated with our software solutions, enterprise portals, and proprietary back-office services that add value to our clients and provide opportunities for premium pricing.

德州合約是一種獨立的、有點商品化的支付安排，在許多方面不同於我們的核心支付策略，該策略以提供與我們的軟體解決方案、企業入口網站和專有後台服務相結合的差異化支付解決方案為中心，為我們的客戶增加價值並提供溢價機會。

For background, the payment relationship with Texas was not an organically developed relationship but was part of a state enterprise agreement that NIC purchased from BearingPoint following their bankruptcy in 2009.

背景是，與德州的付款關係並不是自然發展的關係，而是 NIC 在 2009 年 BearingPoint 破產後從其購買的一項國有企業協議的一部分。

That contract was split in 2017 with NIC retaining the payment services and it was subsequently extended through August of 2025.

該合約於 2017 年拆分，NIC 保留支付服務，隨後延長至 2025 年 8 月。

We knew that the re-bid would be highly competitive and price-sensitive and margins under the existing contract were already very low.

我們知道重新招標的競爭會非常激烈，對價格非常敏感，而現有合約的利潤率已經很低了。

There were no issues with the quality of our services, and we believe that price was a significant factor in the award.

我們的服務品質沒有問題，我們認為價格是獲得獎項的重要因素。

The Texas Payments contract is a gross contract with 2024 revenues of approximately $44 million, merchant fees of approximately $39 million and a gross margin of approximately 10%.

德州支付合約是一份總合同，其 2024 年收入約為 4,400 萬美元，商家費用約為 3,900 萬美元，毛利率約為 10%。

We currently expect that 2025 revenues from Texas payments will be approximately $29 million, at a similar gross margin.

我們目前預計，2025 年來自德州支付的收入將達到約 2,900 萬美元，毛利率相似。

While we expect to continue to provide payment services to Texas through August, it is possible that some services may transition prior to them.

雖然我們預計將在8月繼續向德克薩斯州提供支付服務，但有些服務可能會在此之前過渡。

Excluding merchant fees that are absorbed under the gross revenue model, expected transactions growth in 2025 would be approximately 17% and total growth would be approximately 10%.

不包括總收入模式下吸收的商家費用，預計 2025 年交易量將成長約 17%，總成長約 10%。

Given the narrow margins of the gross model Texas contract, we will see a positive impact on margins as these services end.

鑑於德州模型合約總利潤率較低，這些服務的結束將對利潤率產生積極影響。

Maintenance revenue is expected to decline 4% to 6%, reflecting the ongoing shift in our new software business mix to SaaS as well as the acceleration of flips in 2024 and 2025.

維護收入預計將下降 4% 至 6%，這反映了我們新的軟體業務組合向 SaaS 的持續轉變以及 2024 年和 2025 年的加速轉變。

Professional services revenue is expected to be flat to down 3% as our cloud transition drives efficiencies and implementations and allows us to limit the growth of these lower-margin revenues.

由於我們的雲端轉型推動了效率和實施，並使我們能夠限制這些低利潤收入的成長，因此專業服務收入預計將持平或下降 3%。

License revenues are expected to decline 18% to 20% with very few license sales to new clients.

由於向新客戶的許可證銷售很少，預計許可收入將下降 18% 至 20%。

Hardware and other is also expected to decline 18% to 20%, as 2024 benefited from elevated hardware sales tied to the use of ARPA funds.

硬體和其他產品預計也將下降 18% 至 20%，因為 2024 年受益於與使用 ARPA 資金相關的硬體銷售額成長。

Research and development expense is expected to grow more than 50% due to three main factors: the first, representing approximately 30 percentage points of the growth is a redeployment to R&D of development resources previously focused on support activities and expensed in cost of revenues, as we continue to transition to a SaaS-only model.

研發費用預計將成長 50% 以上，主要原因有三：第一，約佔成長 30 個百分點，是由於我們繼續向純 SaaS 模式過渡，將以前專注於支援活動併計入收入成本的開發資源重新部署到研發領域。

This redeployment will continue over the next few years as product lines complete their transition to SaaS only.

隨著產品線完成向 SaaS 的過渡，這種重新部署將在未來幾年內繼續。

Secondly, certain capitalized software development projects either concluded in 2024 or will conclude in 2025, resulting in more development costs being expensed and accounting for approximately 8 percentage points of the R&D growth.

其次，某些資本化的軟體開發專案要麼在 2024 年完成，要麼將在 2025 年完成，導致更多的開發成本被費用化，佔研發成長的約 8 個百分點。

The remaining growth represents our incremental funding of R&D initiatives, including investments in AI.

剩餘的成長代表我們對研發計畫的增量資金，包括對人工智慧的投資。

Now I'd like to turn the call back over to Lynn.

現在我想把電話轉回給 Lynn。

Thanks, Brian. 2024 was another successful year in advancing our cloud-first strategy as we delivered growth and consistent operating margin improvement tracking towards our 2030 objectives.

謝謝，布萊恩。 2024 年是我們推動雲端優先策略的另一個成功年份，我們實現了成長，並持續改善營業利潤率，朝著 2030 年的目標邁進。

Our sales organization continues to execute at a very high level, which was reflected in our bookings growth.

我們的銷售組織繼續保持著非常高的水平，這反映在我們的預訂量成長上。

Our unified go-to-market strategy is creating substantial expansion opportunities with both new and existing clients.

我們統一的行銷策略正在為新舊客戶創造巨大的擴張機會。

Our inside sales team has performed exceptionally well, representing a high-growth sales channel.

我們的內部銷售團隊表現出色，代表高成長的銷售管道。

We're investing across our sales channels and adding additional sales resources, including a new dedicated state sales team that will be in place this year.

我們正在投資我們的銷售管道並增加額外的銷售資源，包括今年將成立的新的專門的州銷售團隊。

We have also aligned incentive compensation and commissions across Tyler in a way that has reduced barriers and facilitated more cross-selling.

我們還協調了 Tyler 的激勵性薪酬和佣金，以減少障礙並促進更多的交叉銷售。

We take very seriously our responsibility to be good stewards of the capital that our shareholders entrust us, which we have exhibited through our long history of disciplined financial management and prudent capital allocation.

我們非常重視自己的責任，並做好股東委託給我們的資本的管理者，這一點我們透過長期以來嚴謹的財務管理和審慎的資本配置表現出來。

That continued to be the case in 2024.

2024 年的情況依然如此。

In a high-interest rate environment, we fortified our balance sheet by paying off the remaining term debt associated with the NIC acquisition, reducing our net leverage to 0 at year-end.

在高利率環境下，我們透過償還與 NIC 收購相關的剩餘定期債務來鞏固我們的資產負債表，從而在年底將我們的淨槓桿率降至 0。

Additionally, we enhanced our financial flexibility by replacing our $500 million unsecured revolving credit facility with a new facility, extending maturity to 2029, increasing the size to $700 million with improving terms.

此外，我們還增強了財務靈活性，以新的信貸額度取代了 5 億美元的無擔保循環信貸額度，將期限延長至 2029 年，將規模增加到 7 億美元，並改善了貸款條款。

Our disciplined acquisition strategy focuses on opportunities that complement our existing portfolio, expand our addressable market and add technologies that can be leveraged across our product portfolio.

我們嚴謹的收購策略專注於補充我們現有產品組合、擴大我們的潛在市場和增加可在我們整個產品組合中利用的技術的機會。

We remain patient acquirers and are well positioned to continue to make tuck-in acquisitions while maintaining the flexibility to pursue compelling larger opportunities.

我們仍然是耐心的收購者，並且有能力繼續進行附加收購，同時保持靈活性以尋求更具吸引力的更大機會。

While we did not make any acquisitions in '24, I want to highlight our recent acquisition of MyGov, which closed January 31.

雖然我們在24年沒有進行任何收購，但我想強調一下我們最近對MyGov的收購，該收購於1月31日完成。

MyGov is a leading provider of integrated community development and asset management solutions to small and midsized municipalities and currently serves approximately 150 clients with a high concentration in Texas.

MyGov 是向中小型城市提供全面社區發展和資產管理解決方案的領先供應商，目前為約 150 個客戶提供服務，主要集中在德州。

MyGov strengthens our public administration offering and expands our local market footprint with an integrated platform that complements our extensive enterprise portfolio.

MyGov 透過一個整合平台增強了我們的公共管理服務，擴大了我們的本地市場覆蓋範圍，該平台補充了我們廣泛的企業組合。

We're thrilled to welcome the MyGov team and clients to Tyler.

我們非常高興歡迎 MyGov 團隊和客戶來到泰勒。

AI continues to garner significant attention in the software space, and interest in AI from the public sector is growing.

人工智慧在軟體領域持續獲得廣泛關注，公共部門對人工智慧的興趣也日益濃厚。

Building on our momentum and commitment to innovation, we are taking a deliberate and strategic approach to our AI strategy. centered on three core pillars: productivity, decision-making, and service delivery.

基於我們的動力和對創新的承諾，我們正在採取深思熟慮和策略性的方法來制定我們的人工智慧策略。圍繞三大核心支柱：生產力、決策與服務傳遞。

We're separating the hype from reality by leveraging our unmatched strengths of decades of public sector experience, 13,000 clients producing critical data every day and deep collaboration with leading AI vendors like AWS, Microsoft, and Google.

我們利用數十年公共部門經驗、每天產生關鍵數據的 13,000 個客戶以及與 AWS、微軟和谷歌等領先的 AI 供應商的深入合作等無與倫比的優勢，將炒作與現實區分開來。

We expect that by the end of this year, every flagship product road map will have clear AI-driven features, and we plan to preview our AI strategy to clients at our Tyler Connect user conference in May, demonstrating our commitment to innovation and empowering clients with dramatically enhanced productivity and performance.

我們預計到今年年底，每個旗艦產品路線圖都將具有明確的人工智慧驅動功能，我們計劃在 5 月的 Tyler Connect 用戶大會上向客戶預覽我們的人工智慧策略，展示我們對創新的承諾並為客戶提供大幅提高的生產力和效能。

I'd like to highlight some recently announced additions and changes to our senior leadership team that support our commitment to long-term growth and leadership development.

我想強調我們高階領導團隊最近宣布的一些新增和變動，這些變動支持了我們對長期成長和領導力發展的承諾。

As we enter the next phase of our cloud-first transition, we took a significant strategic step towards further enhancing our client experience with the creation at the end of 2024 of a new Chief Client Officer role.

隨著我們進入雲端優先轉型的下一階段，我們在 2024 年底設立了新的首席客戶長職位，朝著進一步提升客戶體驗邁出了重要的策略一步。

Our appointment of industry leader, Andrew Kahl to that position is critical to strengthening our long-term client relationships, maximizing the value of our installed base, and driving expansion through cross-sell and upsell opportunities.

我們任命行業領袖 Andrew Kahl 擔任該職位，對於加強我們的長期客戶關係、最大化我們的安裝基礎價值以及透過交叉銷售和追加銷售機會推動擴張至關重要。

Andrew will oversee our client-centric approach across Tyler's vast public sector client base.

安德魯 (Andrew) 將監督我們在 Tyler 龐大的公共部門客戶群中採取的以客戶為中心的做法。

He brings extensive technology leadership experience, having served as CEO of BackBox Software, a global category leader in the network security automation market, where he led cloud transformation and business model evolution.

他擁有豐富的技術領導經驗，曾擔任網路安全自動化市場全球領導者 BackBox Software 的首席執行官，領導雲端轉型和商業模式變革。

In his previous positions, he held multiple client success roles and served as Chief Customer Officer at SailPoint, overseeing global customer success and partner enablement.

在先前的職位上，他曾擔任過多個客戶成功職務，並擔任 SailPoint 的首席客戶官，負責監督全球客戶成功和合作夥伴支援。

Andrew's deep technology background and track record of driving innovation and client engagement positions us well for success as we scale our cloud initiatives and create a single, unified experience for clients who have multiple Tyler products.

Andrew 深厚的技術背景以及推動創新和客戶參與的記錄為我們擴展雲端計畫並為擁有多種 Tyler 產品的客戶創造單一、統一的體驗奠定了良好的成功基礎。

Our Chief Marketing Officer, Samantha Crosby, has announced her intent to retire this June.

我們的首席行銷長 Samantha Crosby 宣布她將於今年六月退休。

In her 16 years with Tyler, Samantha's visionary leadership in developing our unified brand strategy and her contributions across marketing and communications have been instrumental in our growth and success.

在泰勒 (Tyler) 工作的 16 年裡，薩曼莎在製定我們統一的品牌策略方面所展現出的遠見卓識的領導能力以及她在營銷和傳播方面的貢獻對我們的成長和成功起到了重要作用。

Until June, we will continue to tap at Samantha's immense experience during her transitional senior marketing adviser role and we extend our heartfelt appreciation to Samantha for her dedicated service.

直到六月，我們將繼續利用薩曼莎在擔任過渡高級行銷顧問期間積累的豐富經驗，並向薩曼莎的敬業服務表示衷心的感謝。

In January, we named Arik Flanders as Chief Marketing Officer, succeeding Samantha.

今年 1 月，我們任命 Arik Flanders 為首席行銷官，接替 Samantha。

Since joining Tyler's marketing team in 2023, Arik has significantly enhanced our digital marketing operations, technology, and data practices and demand generation strategies.

自 2023 年加入 Tyler 的行銷團隊以來，Arik 顯著增強了我們的數位行銷營運、技術和數據實踐以及需求生成策略。

Prior to joining Tyler, Arik gained extensive experience as an innovative leader in progressively responsible global marketing management roles with Texas Instruments.

在加入 Tyler 之前，Arik 曾在德州儀器擔任創新領導者，並逐步擔任全球行銷管理職務，累積了豐富的經驗。

Abby Diaz, previously our Chief Legal Officer, has been elevated to the newly created position of Chief Administrative Officer.

艾比·迪亞茲（Abby Diaz），原任我們的首席法律官，現已升任新設立的首席行政官職位。

In this expanded role, she will continue to oversee our legal team while adding responsibilities for internal audit data privacy, corporate governance and responsibility, and corporate communication.

在這個擴大的職位上，她將繼續監督我們的法律團隊，同時增加內部審計資料隱私、公司治理和責任以及公司溝通的職責。

This transition strengthens alignment across these critical functions and fosters an integrated approach to government -- governance, compliance, and communications.

這項轉變加強了這些關鍵職能之間的協調，並促進了政府治理、合規和溝通等一體化的運作方式。

Associate General Counsel, Bill Van Asselt, has been promoted to Chief Legal Officer and assumes direct leadership of legal team.

副總法律顧問 Bill Van Asselt 已晉升為首席法律官，並直接領導法律團隊。

Bill joined Tyler in 2021 through the acquisition of NIC where he served as General Counsel.

比爾於 2021 年透過收購 NIC 加入 Tyler，並擔任 NIC 總法律顧問。

Lastly, I'm pleased to highlight that Tyler has recently been recognized by multiple leading publications for our commitment to excellence, innovation, and workplace culture, including Forbes American Stream employers and Best Large Employers 2025 list.

最後，我很高興地強調，泰勒最近因我們對卓越、創新和工作場所文化的承諾而獲得了多家領先出版物的認可，包括《富比士》美國流雇主和 2025 年最佳大型雇主名單。

In December, we were named AWS state or local government Partner of the Year.

12 月，我們被評為 AWS 年度州或地方政府合作夥伴。

And most recently, we were named the 2025 GovTech 100 list for the ninth consecutive year.

最近，我們連續第九年入選 2025 年政府科技 100 強榜單。

As we enter 2025, I'd like to repeat what I said to our Tyler team in our recent town hall.

當我們進入 2025 年時，我想重複我在最近的市政廳會議上對我們的泰勒團隊說的話。

But I'm not just excited about Tyler's future, but I've never been more confident in our future. we're experiencing success in growing our high-value SaaS and differentiated transaction revenues while reducing the mix of lower margin revenues like professional services and commodity payments.

但我不僅對泰勒的未來感到興奮，而且我對我們的未來從未如此有信心。我們在增加高價值 SaaS 和差異化交易收入方面取得了成功，同時減少了專業服務和商品支付等利潤率較低的收入組合。

As our 2025 guidance illustrates, we're well on track to meet or exceed the 2025 targets we communicated at our 2023 Investor Day, and we remain confident in realizing our Tyler 2030 vision.

正如我們的 2025 年指引所示，我們有望實現或超越我們在 2023 年投資者日傳達的 2025 年目標，並且我們仍然有信心實現 Tyler 2030 願景。

I look forward to reporting on our progress during the coming year.

我期待在來年報告我們的進展。

Now I'd like to open up the line for Q&A.

現在我想開始問答環節。

(Operator Instructions).

（操作員指令）。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Congratulations with the meeting results.

祝賀會議成果。

Lynn, could I first start with your payment comments and the comments that Brian made, it clearly appears that you are prioritizing profitability within payments.

Lynn，我可以先從你對付款的評論和 Brian 所做的評論開始嗎，很明顯你在付款方面優先考慮盈利能力。

Your -- as you mentioned, you're moving away from commoditized products.

正如您所說，您正在遠離商品化產品。

Could you perhaps elaborate on the announcement made by Fiserv at their recent earnings call around the expansion of their payments partnership with Tyler.

您能否詳細說明 Fiserv 在最近的財報電話會議上宣布的擴大與 Tyler 的支付合作關係的消息。

What does that imply longer term for your partnerships with other third parties?

這對您與其他第三方的長期合作關係有何影響？

And do you think that expansion of the Fiserv partnership could benefit your margin outlook?

您認為擴大與 Fiserv 的合作關係是否有利於您的利潤前景？

Yeah.

是的。

Thanks, Alex.

謝謝，亞歷克斯。

That was -- there's a lot in there.

那是——裡面有很多內容。

I'll try to hit all the points.

我將盡力達到所有要點。

If not, I'm sure Brian or someone else will catch up.

如果沒有的話，我相信 Brian 或其他人會趕上。

I think our strategy at Tyler has always been to not really pursue commodity payments.

我認為 Tyler 的策略一直是不真正追求商品支付。

And I think when you look back, pre Tyler's acquisition of NIC, I think the viewpoint there was more sort of any payments deal was a good deal.

我認為，當你回顧泰勒收購 NIC 之前的情況時，我認為當時的觀點是，任何支付協議都是一筆好交易。

And that's not really what we're pursuing.

而這並不是我們真正追求的。

We don't really want to pursue those pure payment contracts it's commoditized pricing, it's low margin, it's not sticky.

我們其實不想追求那些純粹的付款合同，它是商品化的定價，利潤率很低，而且不具黏性。

They come up for rebid.

他們提出重新競標。

It's a race to the bottom.

這是一場逐底競爭。

We want to be there where we have a differentiated offering that we connect to our back-office systems, that we do reporting that we can drive higher margins and drive higher revenue.

我們希望能夠提供差異化的產品，並將其與我們的後台系統連接起來，透過報告來提高利潤率和收入。

So I think that's sort of been where we've been the last couple of years.

所以我認為這就是我們過去幾年的狀況。

And I don't think that's changed.

我認為這一點沒有改變。

As Brian mentioned in the comments, we inherited the Texas contract.

正如 Brian 在評論中提到的，我們繼承了德克薩斯州的合約。

We were happy to have the Texas contract.

我們很高興獲得德克薩斯州的合約。

It showed our relationship with Texas, it showed our ability to do payment processing.

它展示了我們與德克薩斯州的關係，並展示了我們處理支付的能力。

But again, there was no additional add-on or stickiness that we were bringing with that.

但同樣，我們並沒有帶來任何額外的附加功能或黏性。

As it relates to Fiserv, Fiserve is one of our larger payment processors.

就 Fiserv 而言，Fiserve 是我們較大的支付處理商之一。

They were -- had a long-standing relationship with NIC prior to our acquisition.

在我們收購之前，他們與 NIC 有著長期的合作關係。

They primarily or exclusively right now serve our payment processing in the state market with NIC.

他們目前主要或專門為我們的 NIC 在州內市場提供支付處理服務。

What Fiserv does is they provide a lot of technology, and I think that's really what you're seeing from that relationship is it's an opportunity for us to really tap into some of the technology that they deliver.

Fiserv 所做的就是提供大量技術，我認為從這種合作關係中您真正看到的是，這對我們來說是一個真正利用他們提供的一些技術的機會。

As right now, it does not impact our other payment processing vendors.

截至目前，它不會影響我們的其他支付處理供應商。

We use a handful of other ones.

我們還使用了一些其他的。

But it's sort of -- when I look at payment processing, I almost think back about how we were when we made our decision to go to the cloud and AWS and really to exit our data centers.

但當我查看支付處理時，我幾乎回想起我們決定轉向雲端運算和 AWS 並真正退出資料中心時的情況。

When you think about the things we used to talk about, Tyler running its own data sets, we're not in the data center business.

當你想到我們過去談論的事情時，泰勒運行自己的資料集，我們並沒有從事資料中心業務。

And we're not really in the payment processing business.

我們實際上並沒有從事支付處理業務。

And we're not going to invest in some of the technology around there the way that some of the core payment processors do.

我們不會像一些核心支付處理商那樣對某些技術進行投資。

I mean we have some of that, and we do invest.

我的意思是我們有一些，而且我們確實進行了投資。

But I think going forward, being able to leverage broader technology and capabilities that can help our client base around things like enhanced fraud protection and crypto currency and things like that.

但我認為，展望未來，我們能夠利用更廣泛的技術和能力來幫助我們的客戶群增強詐欺保護和加密貨幣等方面。

So we're looking to deepen our relationships with payment processing providers so that we can leverage the things that they're really good at, and we can leverage the things that we're good at. and it's I think part of your question was, which will ultimately drive higher margins for Tyler.

因此，我們希望加深與支付處理提供者的關係，以便我們可以利用他們真正擅長的東西，我們也可以利用我們擅長的東西。我認為你提出的問題的一部分是，這最終將為泰勒帶來更高的利潤。

Appreciate it, Lynn.

非常感謝，Lynn。

And speaking about increases in investments based on what Brian suggested, and what you said, you're clearly investing in AI.

根據 Brian 的建議和您所說的，談到增加投資，您顯然在投資人工智慧。

So of that portion that is incremental this year and looking forward to seeing those products at the May conference.

因此，這部分是今年的增量，並期待在 5 月的會議上看到這些產品。

How much of that is coming from AWS, which I'm assuming is from your main partner that you're collaborating with?

其中有多少來自 AWS，我假設它是您合作的主要夥伴？

And are there any joint investments that you're doing or joint products that you're hoping to introduce?

你們正在進行聯合投資嗎？

Well, that's a good question.

嗯，這是個好問題。

We obviously partner with AWS on a lot of things.

我們顯然在很多事情上與 AWS 建立了合作。

Yes, they are helping us with road maps on not just AI, but just even other things with respect to our cloud initiative.

是的，他們不僅幫助我們制定人工智慧方面的路線圖，還幫助我們制定與雲端運算計畫相關的其他方面的路線圖。

We do have a number of investments in our 2025 plan around AI.

我們的 2025 計畫中確實圍繞人工智慧進行了大量投資。

Those are both new head count but also repurposing some of our existing head count.

這些都是新任命的員工，同時也是部分現有員工的重新利用。

Again, as I mentioned in my remarks, we're going to have -- all of our major applications will have some sort of AI component and feature, and we're going to unveil some of those or a lot of those that connect this spring.

再次，正如我在演講中提到的，我們所有的主要應用程式都將具有某種人工智慧組件和功能，我們將在今年春天推出其中一些或許多相關功能。

Appreciate it, Lynn.

非常感謝，Lynn。

Thank you.

謝謝。

Joshua Reilly, Needham & Company.

喬舒亞‧賴利 (Joshua Reilly)，尼德漢姆公司 (Needham & Company)。

Thank you for taking my question.

感謝您回答我的問題。

If we look at the guidance of down 4% to 6% on maintenance revenue, clearly, you have some line of sight around migrations to kind of provide this revenue guidance that's down a little bit more this year.

如果我們看一下維護收入下降 4% 至 6% 的預期，顯然，您會對遷移產生一些擔憂，從而提供今年略有下降的收入預期。

Can you help us understand the level of visibility you have right now on migrations for the year to provide that guidance?

您能否幫助我們了解您目前對今年遷移的了解程度，以便提供指導？

And are these migrations broad-based?

這些遷移是否有廣泛的基礎？

Or is there a particular product line that's accelerating the migrations?

或者是否有一條特定的產品線正在加速遷移？

Yeah.

是的。

I think the migrations are generally pretty broad-based.

我認為遷移總體上是相當廣泛的。

Each product has a different sort of road map and timeline for its customer base.

每種產品針對其客戶群都有不同的路線圖和時間表。

And as we get further down the road, we generally have more visibility over that.

隨著我們不斷前進，我們通常對此有更清晰的認識。

I'd say public safety is certainly an area where we've seen a pretty rapid increase in the desire to be in the cloud, both from new customers and existing on-premises customers.

我想說，公共安全無疑是我們看到採用雲端運算的需求迅速增長的一個領域，無論是新客戶還是現有的本地客戶。

So I guess on a percentage basis, you're probably seeing more of an increase in the public safety flips, but it's really across all customers and all product lines.

因此，我想從百分比來看，您可能會看到公共安全翻轉的進一步增加，但這實際上涉及所有客戶和所有產品線。

And we've said that right now, we still sort of envision a bell-shaped curve over the next several years as we move towards those long-term targets.

我們已經說過，現在，在我們朝著這些長期目標邁進的過程中，我們仍然預計未來幾年將出現一個鐘形曲線。

We think '27 and '28 will probably be those peak years, but we'll continue to see a higher level of flips in '25 than we did in '24, and that continue on through '26, '27, '28.

我們認為 27 年和 28 年可能是巔峰時期，但 25 年的翻轉率仍將高於 24 年，而這種趨勢將持續到 26、27、28 年。

So we have decent visibility.

因此我們的能見度相當高。

Sometimes the -- we're engaged with a large number of our customers around the process of flipping.

有時，我們會與大量客戶就翻轉過程進行溝通。

We've talked in the past about some of the things like cybersecurity attack, ransomware attacks.

我們過去討論過一些事情，例如網路安全攻擊、勒索軟體攻擊。

Their challenges in running their own internal networks and data centers, the replacement of hardware, all those things as factors that drive them to want to flip to the cloud as well as our continued move to the cloud and focus there, the release of new features that are sometimes only available in the cloud.

他們在運行自己的內部網路和資料中心時面臨的挑戰、硬體的更換，所有這些都是促使他們想要轉向雲端的因素，而我們繼續轉向雲端並專注於雲端，發布有時只能在雲端獲得的新功能。

So all those things are contributing to that increased momentum towards slips.

所以所有這些因素都導致了滑坡的勢頭增強。

We have a range.

我們有一個範圍。

So sometimes the timing of when those flips actually sign and then that lag from when they sign to when they're actually live is a factor in where we perform in that range.

因此，有時這些翻轉的實際簽約時間以及簽約時間和實際上線路時間之間的延遲是影響我們在此範圍內表現的一個因素。

But I'd say we have pretty decent visibility over that.

但我想說我們對此有相當好的了解。

Awesome.

驚人的。

Thank you.

謝謝。

I'll leave it to one question.

我只留下一個問題。

Ken Wong, Oppenheimer.

奧本海默的 Ken Wong。

Thank you for taking my question.

感謝您回答我的問題。

Brian, I wanted to ask about cash flows, recognizing that this was a particularly strong cash flow year, which kind of creates the tougher comp into '25.

布萊恩，我想問一下有關現金流的問題，我認識到今年的現金流特別強勁，這在某種程度上為 25 年帶來了更嚴峻的競爭情況。

But as we kind of map out our models going forward, should we assume that some of the strength this year is going to be a drag into future out years?

但當我們規劃未來的模型時，我們是否應該假設今年的一些優勢將對未來幾年產生拖累？

Or just trying to get a sense for kind of how we should kind of when we should start to kind of ramp up the cash flow growth again.

或只是試著了解我們應該如何、何時開始再次提高現金流成長。

Yeah.

是的。

We called out the two items that totaled around $55 million of incremental cash flow in the fourth quarter, the Kentucky prepayment, which we talked about last quarter. that's a very unusual sort of an item where with the six-year prepayment.

我們指出了第四季度兩項總計約 5,500 萬美元的增量現金流，即肯塔基州的預付款，我們上個季度討論過這一點。這是一個非常不尋常的項目，需要六年的預付款。

And then the timing of the float around some of the client money that flows through us for disbursements.

然後是圍繞著透過我們進行支付的部分客戶資金的浮動時間。

That is a recurring item, but it was unusually high from some new customers at the end of -- right at the end of December, so that incremental $25 million or so kind of gave us a boost.

這是一項經常性項目，但在 12 月底，由於一些新客戶的貢獻，該項目的收入異常高，因此 2500 萬美元左右的增量給了我們推動力。

But if it happens two days later, it would have been in next year's cash flow.

但如果這件事晚發生兩天，就算入明年的現金流。

So sort of if you take those two items and sort of set them aside, our normalized -- what I sort of call a normalized cash flow margin would have been 24.3% for 2024, which is still above what we had targeted and what our guidance was at the beginning of the year.

因此，如果將這兩項放在一邊，我們的標準化——我稱之為標準化現金流利潤率——在 2024 年將達到 24.3%，這仍然高於我們的目標和年初的指導水平。

And so that would imply -- say, at the midpoint of our guidance for 2025, that would imply another 100 basis points of margin expansion, free cash flow margin expansion in 2025.

所以這意味著 - 比如說，在我們對 2025 年的指導中點，這意味著利潤率將再擴大 100 個基點，2025 年自由現金流利潤率將擴大。

So some of the stuff has been pulled forward.

因此，有些內容已提前。

We're seeing certainly some of the margin benefits sooner.

我們肯定會更快看到一些利潤效益。

But I think we'll continue to progress towards those 2030 targets that we talked about, high 20s, 30% sort of range of free cash flow margins.

但我認為我們將繼續朝著我們所談論的 2030 年目標邁進，即自由現金流利潤率達到 20% 至 30% 左右。

So we're getting there a little faster, but I think we still have an upward trajectory and sort of normalize that still implies some expansion next year.

因此，我們到達那個目標的速度會更快一些，但我認為我們仍然有一個上升軌跡和某種正常化，這仍然意味著明年會有一些擴張。

Got it.

知道了。

Thanks, Brian.

謝謝，布萊恩。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

This is [Bill] on for Kirk.

這是柯克的[比爾]。

Thanks for taking my question.

感謝您回答我的問題。

The prepared commentary mentioned strong cross-sell momentum.

準備好的評論提到了強勁的交叉銷售勢頭。

Are there specific areas experiencing heightened cross-sell activity?

是否有特定區域正在經歷交叉銷售活動的加強？

Yeah, Bill, I think -- I don't know that I would say anything specific.

是的，比爾，我想──我不知道我會說什麼具體的話。

It's really across all of our product lines.

它確實涵蓋了我們所有的產品線。

Some of the things that we've done in the last couple of years around -- I mentioned in the prepared remarks around sales comp and incentives.

我們在過去幾年裡做的一些事情——我在準備好的演講中提到了有關銷售補償和獎勵。

Other things we -- internal one pile initiative we've done have really been fueling this.

我們所做的其他事情——內部一體式計劃確實推動了這一點。

But look, our sales teams were just really knocking it out of the park.

但看看我們的銷售團隊，他們真的表現出色。

Last year was a really great sales year.

去年確實是銷售業績極佳的一年。

Generally speaking, if you look across Tyler as a whole, we generally were either at or exceeded our quotas for the year, which is really encouraging.

總體而言，如果縱觀泰勒整體，我們總體上都達到或超過了全年的配額，這確實令人鼓舞。

What's exciting about me, I mentioned in my remarks about being excited for the future, not only is it how we're performing against the metrics that we set out at Investor Day.

我曾經在演講中提到，令我興奮的是，我對未來感到興奮，這不僅是因為我們在投資者日制定的指標方面表現得如何。

But we're also now able to make some more investments into Tyler that are going to keep fueling that growth without sacrificing margins, we are making some additional investments in R&D, although that's not the primary portion of the change there.

但是，我們現在也可以對泰勒進行更多的投資，這些投資將在不犧牲利潤率的情況下繼續推動成長，我們正在對研發進行一些額外的投資，儘管這不是變革的主要部分。

But we're making some investments in our sales teams.

但我們對銷售團隊進行了一些投資。

We're making investments across our inside sales teams.

我們正在對內部銷售團隊進行投資。

I mentioned the creation of a new state sales team.

我提到了建立一個新的州銷售團隊。

We've done things and looked at territories and quotas.

我們已經採取了一些措施，並研究了領土和配額。

So there's a lot of stuff going on right now that's exciting, but it's really across the board at Tyler.

所以現在有很多事情正在發生，這令人興奮，但這確實是泰勒全方位的事情。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Thank you for taking my question here.

感謝您在這裡回答我的問題。

Okay.

好的。

Great.

偉大的。

Lynn, maybe for you, I just wanted to flush out the question on DOGE, just a little bit more.

Lynn，也許對你來說，我只是想稍微詳細地解答一下關於 DOGE 的問題。

Federal is clearly a small part of Tyler's business.

聯邦顯然只是泰勒業務的一小部分。

I mean I think you said it's probably 5% or less, right?

我的意思是我認為您說它可能是 5% 或更少，對嗎？

But I was wondering if you could speak to just roughly how much of an average state or local government budget comes from federal funding versus other sources like real estate taxes.

但我想知道您是否可以大致說一下，在一個州或地方政府的預算中，有多少來自聯邦資金，有多少來自其他來源，例如房地產稅。

And I know you spend a lot of time with customers.

我知道您花了很多時間與客戶相處。

As you speak to customers, what are they saying about DOGE, if anything, as they think about investing in tools like Tyler?

當您與客戶交談時，當他們考慮投資 Tyler 之類的工具時，他們對 DOGE 有何看法？

Yeah, it's a good question.

是的，這是個好問題。

I don't know that I have the -- Brian, you have that number?

我不知道我有沒有－布萊恩，你有這個號碼嗎？

Yeah, I've got some sort of high-level averages on where government revenues come from.

是的，我對政府收入的來源有一些高級平均值。

And at the local level, there's very, very little federal funding.

而在地方層面，聯邦政府提供的經費非常少。

There can be some grants around specific things.

可能會有一些針對具體事物的補助。

And generally, on national average, at a local level, about 14% of their revenues come from state funding, which can include some trickle down from federal.

一般來說，在全國平均水平上，在地方層面，約有 14% 的收入來自州政府資助，其中可能包括一些聯邦政府的涓滴資金。

But almost half of their revenues are from local taxes and another 17% from general charges like licensing and those sorts of things.

但他們幾乎一半的收入來自地方稅，另外 17% 來自許可證等一般費用。

So very, very little funding at the local level from federal revenues.

因此，聯邦政府為地方提供的資金非常非常少。

And at the county level, there's roughly a quarter of their budgets tend to come from state funding, which, again, can include some trickle down from federal.

在縣級層面，大約四分之一的預算來自州政府的資助，其中也包括一些聯邦政府的涓滴資金。

But again, at the county level, mostly 40% or more from local taxes.

但同樣，在縣級層面，大多有40%以上來自地方稅收。

So not a whole lot that gets down to the local level, which is the vast majority of our revenues.

因此，我們的收入絕大部分都流向地方層面，而地方層面的收入才是我們收入的絕大部分。

Yes.

是的。

I'd just echo the comments I made in the opening remarks, which I view it, and I think Tyler views it as really an opportunity, not a risk.

我只是重複我在開場白中提出的評論，我和泰勒都認為這真的是一個機會，而不是風險。

Yes, there's a big splash going on out there right now, but the crux of that is how do we make government more efficient?

是的，現在外面正在發生轟動一時的事情，但關鍵是如何讓政府更有效率？

How do we make sure we're not wasting dollars?

我們如何確保不浪費金錢？

You look at -- I mentioned this priority-based budgeting deals we did in Q4 with the City of LA.

你看——我提到了我們在第四季度與洛杉磯市達成的基於優先順序的預算協議。

That's what that solution is all about.

這就是該解決方案的意義所在。

We signed a $1.2 million ARR deal with the City of LA for that offering.

我們與洛杉磯市簽署了一份價值 120 萬美元的 ARR 協議。

So to me, I'm not hearing from our clients that that's going to create a pause in spending.

所以對我來說，我沒有從客戶那裡聽說這會導致支出暫停。

What I believe it's going to do is create more partnership opportunities and then looking for us to help -- to continue to help them finds ways to be more efficient, which is really our -- been our business model for -- since I've been at Tyler 26.5 years.

我相信它將會創造更多的合作機會，然後尋求我們的幫助——繼續幫助他們找到更有效的方法，這實際上是我們的商業模式——因為我已經在泰勒工作了 26.5 年。

So I don't see that as a headwind.

所以我不認為這是什麼阻力。

I see it as opportunity going forward.

我視之為未來的機會。

That makes a lot of sense.

這很有道理。

Thanks, guys.

謝謝大家。

Alex Zukin, Wolfe.

亞歷克斯·祖金，沃爾夫。

Congrats on another great quarter.

恭喜您又度過了一個出色的季度。

Maybe Lynn, just first for you.

也許是 Lynn，對你來說只是第一名。

Can you just maybe -- you touched on this in the prepared remarks, but maybe go a little bit deeper on just the quality of the demand environment, the pipeline going into this year?

您能否—您在準備好的發言中提到了這一點，但是否可以更深入地談談需求環境的質量，以及今年的管道？

Because it seems like, again, specifically on the SaaS line, it continues to outperform your expectation.

因為看起來，特別是在 SaaS 領域，它的表現繼續超越你的預期。

I think you're even now guiding to an acceleration for next year.

我認為您現在甚至可以預測明年的成長速度。

So what's been driving this like faster than expected or faster than you anticipated conversion story?

那麼，是什麼推動了這個轉變過程比預期或比您預期的更快呢？

And how does AI play into this mix of maybe in addition to the cyber threats that have accelerated some of these migrations, actually, also layering on top of that as a driver for the increased velocity of those conversions.

那麼，除了網路威脅加速某些遷移之外，人工智慧在這種組合中扮演著什麼角色？

Yes, there's a lot there.

是的，有很多。

I just say generally, and we've been saying this for some time, which is really budgets are healthy and stable.

我只是一般性地說，而且我們已經說了一段時間了，那就是預算確實是健康和穩定的。

Leading indicators are all steady.

領先指標均保持穩定。

Our competitiveness remains strong.

我們的競爭力依然強勁。

I just touched on it a couple of questions ago.

我在幾個問題之前剛剛談到了這一點。

Our sales team continues to execute at a really, really high level.

我們的銷售團隊繼續保持著非常非常高的水準。

And the more that we are getting better at our story of one Tyler and cross-selling and divisions helping other divisions sell and move product it gains its own momentum.

我們在泰勒的故事和交叉銷售方面做得越好，以及各個部門幫助其他部門銷售和移動產品的能力就越強，它就越能獲得自身的發展動力。

And then you're seeing things in the acceleration of SaaS, we've talked about public safety and the acceleration there.

然後您將看到 SaaS 的加速發展，我們討論了公共安全及其加速發展。

We often talk about how our clients, they don't compete with each other.

我們經常談論我們的客戶如何不互相競爭。

In fact, they share information with each other.

事實上，他們彼此共享資訊。

And one of the things we've always been really, really good at is getting clients up and live in how we deal with our clients, whether it's a flip or a new client.

我們一直非常擅長的事情之一就是讓客戶適應我們對待客戶的方式，無論是舊客戶還是新客戶。

And the more that our clients see us perform that and the efficiencies that start coming to the client and the more that they talk, the more demand it creates for us and our services.

而且，客戶越多地看到我們這樣做，客戶就越能感受到我們的效率，他們談論得越多，對我們和我們的服務的需求就越大。

So to me, it's a bit of a mini flywheel.

所以對我來說，它就像是一個微型飛輪。

We just continue that we're building on our own momentum.

我們只是繼續保持我們自己的勢頭。

But also, look, it starts with our people.

但同時，你看，這一切都是從我們的人民開始的。

It starts with really excellent sales execution, and its excellent execution from our implementation people, from our services, from our support often down the board.

一切都從非常出色的銷售執行開始，然後是我們的實施人員、我們的服務、我們的支援等各個方面的出色執行。

It's the stuff we don't spend enough time talking about it, but it's the stuff that really makes Tyler go and I couldn't be more proud of our people for driving that kind of success.

我們沒有花足夠的時間談論這些事情，但這些事情確實讓泰勒興奮不已，我為我們的員工取得這樣的成功感到無比自豪。

And I'd just add that at this point, I don't think AI is really a big driver of either flips or new business.

我還要補充一點，目前我不認為人工智慧是推動轉型或新業務的重要力量。

I think with most things, government doesn't want to be the first adopters, but a lot of our clients are very curious and want to know more about AI.

我認為對於大多數事情來說，政府並不想成為第一個採用者，但我們的許多客戶都非常好奇並希望了解更多有關人工智慧的資訊。

They're looking for us in many cases to help show them the way that AI can increase productivity and make them more efficient.

在很多情況下，他們都在尋求我們的幫助，希望我們能向他們展示人工智慧如何提高生產力和效率。

And as Lynn said, we'll be talking about that at our user conference coming up in May, and we're making investments there.

正如 Lynn 所說，我們將在 5 月召開的用戶大會上討論這個問題，並且我們正在對此進行投資。

We have a story in each of our major products.

我們的每個主要產品都有一個故事。

But at this point, I don't think it's a significant factor in that cloud acceleration.

但就目前而言，我認為它並不是雲端加速的重要因素。

But down the road, it will certainly be another area that provides us with a competitive advantage.

但將來，它肯定會成為另一個為我們提供競爭優勢的領域。

Excellent.

出色的。

And then, Brian, maybe on the R&D investment side, I mean ever since I started covering the company, I think I've been waiting for that to come out of the cost of goods line and make its way on to the R&D line.

然後，布萊恩，也許在研發投資方面，我的意思是，自從我開始報道這家公司以來，我想我一直在等待它從商品成本線中出來，進入研發線。

Maybe just -- maybe dive a little deeper on the trajectory that you see as the maintenance stream continues to kind of -- as those conversions pick up, how should we think about that R&D line even maybe beyond just this year taking on a different shape over the course of the next few years?

也許只是 - 也許更深入地了解您所看到的軌跡，隨著維護流程的繼續 - 隨著這些轉換的增加，我們應該如何看待這條研發線，甚至可能不僅僅是今年，在未來幾年會呈現不同的形態？

Yeah.

是的。

There's talk about roughly there's $100 million of development expense that's in cost of sales, this year, about $35 million, we believe, will be redeployed to the R&D line, and that's really tied to as individual products and development teams reach certain points where they're more cloud focused and less focused on support and development around existing on-prem products.

有傳言稱，銷售成本中的開發費用約為 1 億美元，我們認為，今年大約有 3500 萬美元將重新部署到研發線上，這實際上與單一產品和開發團隊達到某些點有關，在這種點上，他們更加註重雲端運算，而較少關注對現有內部部署產品的支援和開發。

So that will take place over the next several years.

這將在未來幾年內實現。

The balance of that or a big part of the balance of that $100 million moving and being redeployed at the R&D line, I'm not sure exactly how that trajectory will play out, but we just -- we'll see that over the next few years, but probably more front-end loaded over the next, let's call it, three or four years.

這筆資金的餘額或者說大部分餘額是否會轉移到並重新部署到研發線上，我不確定這個軌跡會如何發展，但我們只是——我們將在未來幾年看到這一點，但在未來三到四年內可能會有更多的前端投入。

And Michael, to be clear, while the bulk of this is cost of sales, we are adding R&D people.

邁克爾，需要明確的是，雖然其中大部分是銷售成本，但我們正在增加研發人員。

I mentioned it earlier.

我之前有提到過。

We are making some investments in AI.

我們正在對人工智慧進行一些投資。

We are making some other competitive investments across some of our core applications.

我們正在對一些核心應用程式進行其他競爭性投資。

So it's not just a shift that we are also increasing our investment in R&D.

因此，這不僅是一種轉變，我們也在增加對研發的投資。

Perfect.

完美的。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Appreciate you taking the question.

感謝您回答這個問題。

The commentary throughout the call, the 4Q results show an uptick and SaaS momentum, some of the growth metrics.

整個電話會議的評論、第四季的業績顯示出上升趨勢和 SaaS 勢頭，以及一些成長指標。

The initial '25 guide for overall growth, Brian, of 8.5%, doesn't at least appear to fully capture some of that momentum.

Brian 最初提出的 25 年整體成長預期為 8.5%，但這個預期似乎沒有完全捕捉到部分成長勢頭。

So maybe just speak a bit more to the mix of what you're seeing across segments, how that impacts total growth.

因此，也許您可以再多談談您在各個細分市場看到的組合，以及這對整體成長有何影響。

And is there any change to the guidance approach you're embedding for '25 here at all?

您為 25 年制定的指導方法有什麼改變嗎？

There's not really a change to the approach.

方法其實並沒有改變。

One thing we'd point out is -- and we did give a little bit more information around the ranges of growth expected for each of the major categories.

我們要指出的一點是——我們確實提供了更多有關每個主要類別預期增長範圍的資訊。

And clearly, the growth is more on the high-value and higher-margin revenues.

顯然，成長更多來自於高價值和高利潤的收入。

So SaaS revenues, that range is up 21% to 24%, which is kind of consistent with what we've seen in terms of bookings growth this year in kind of that low 20s.

因此，SaaS 收入的成長範圍為 21% 至 24%，這與我們今年預訂量成長 20% 左右的情況一致。

And so as that turns into revenues as those deals get implemented and the customers go live, the flips take place, that kind of mirrors the kind of growth we've seen in bookings.

隨著這些交易的實施、客戶上線、業務轉變，這些收入轉化成了收入，這反映了我們在預訂量方面看到的成長。

Transactions up 10% to 12%, that does encompass the roughly $10 million decline from the wind down of the Texas agreement.

交易量增加 10% 至 12%，這確實涵蓋了德州協議終止導致的約 1000 萬美元的損失。

So excluding that, our -- and excluding the impact of the decline in merchant fees that goes along with that, our transaction growth would be more up in the mid- to upper-teens.

因此，排除這一點，並且排除隨之而來的商家費用下降的影響，我們的交易量成長將會上升到十五六成左右。

Maintenance is going down as we expected with the flips and professional services, it's going down slightly as -- which is a good thing given the margins around professional services and our ability to be more efficient around implementation.

正如我們預期的那樣，隨著翻新和專業服務的進行，維護成本正在下降，略有下降——考慮到專業服務的利潤率和我們更有效率實施的能力，這是一件好事。

So I'd say the philosophy around our guidance is really not changed, and we give a range that encompasses what we believe are the various risks and opportunities embedded in there and we would expect to fall within that range.

因此，我想說，我們指導的理念實際上並沒有改變，我們給出了一個範圍，涵蓋了我們認為其中存在的各種風險和機遇，我們預計將在該範圍內。

Mike, I'd add -- and sorry, Alex, I think I called you Michael on the last question, I apologize for that.

麥克，我想補充一下——抱歉，亞歷克斯，我想我在最後一個問題上叫你邁克爾，我對此表示歉意。

Just to echo what Brian said, look, our quality revenue lines are actually the ones that are going to drive our growth.

重複布萊恩所說的話，你看，我們的優質收入線實際上是推動我們成長的動力。

Those are the ones we focused on Investor Day.

這些就是我們在投資人日關注的重點。

SaaS and transactions.

SaaS 和交易。

There is a little bit of -- there is some noise in this year's financials from the Texas payments.

今年的財務狀況因德克薩斯州的支付而出現了一些波動。

That's actually going to show up a little bit like last year.

這實際上與去年的情況有點相似。

If you pull out those merchant fees, we're growing at our 10% target, which is good.

如果去掉那些商家費用，我們的成長率將達到 10%，這是好事。

But again, if you look at the metrics that we shared, things to focus on at Investor Day, they're tracking either at or above where we said they'd be two years ago, and that's all extremely encouraging.

但是，如果你再看看我們分享的指標，投資者日要關注的事情，它們要么達到或超過了我們兩年前所說的水平，這一切都非常令人鼓舞。

That's all very helpful.

這一切都非常有幫助。

Thank you.

謝謝。

Charles Strauzer, CJS Securities, Inc.

Charles Strauzer，CJS Securities，Inc.

Brian, maybe for you, can you say shed some light on the abnormally high stock comp implied in the guidance?

布萊恩，也許對你來說，你能否解釋一下指引中暗示的異常高的股票補償？

Yeah (inaudible) the stock comp.

是的（聽不清楚）股票補償。

It goes up a bit next year, mostly related to expectations, the higher level, higher stock price that we're going into the year with relative to where we were last year as the stock grows through the year.

明年它會略有上漲，主要與預期有關，隨著股價全年上漲，我們今年的股價水準將比去年更高，也更能與去年相比。

But generally, the dilution that we're going to see from new issues of stock compensation is pretty modest.

但整體而言，我們看到的新發行股票補償的稀釋程度相當小。

There is an impact from the convert in the dilution.

稀釋過程中的轉換會產生影響。

But stock comp should be really mostly related to just the higher stock price.

但股票補償實際上主要與較高的股票價格有關。

Yeah, so Charlie, if you look at this year versus last year, I think our plan that we're going to probably experience somewhere around $0.28 to $0.30 of dilution year over year.

是的，查理，如果你將今年與去年進行比較，我認為我們的計劃是，我們可能會經歷每年約 0.28 美元到 0.30 美元的稀釋。

That's a combination of -- we obviously had a nice run on the stock last year. number of option exercises that will now have the full weight of the year plus the full value of the convert.

這是多種因素共同作用的結果——顯然，去年我們的股票表現不錯。選擇權行使的次數現在將佔當年全部權重加上轉換的全部價值。

If you step back and look at our compensation plans and how we do things at Tyler, you'll recall that in 2022, we stopped issuing options and want to purely share-based mostly performance-based and some RSUs.

如果您回顧我們的薪酬計劃以及我們在泰勒的工作方式，您會記得，在 2022 年，我們停止發行選擇權，而希望純粹基於股票（主要基於績效）和一些 RSU。

On an annual basis, the number of shares that will be approved, that were approved by the Board and that will be issued this year is less than on a net share issuance, less than 0.4% of our outstanding.

以年度計算，今年將批准、經董事會批准發行的股份數量少於淨發行股數，不到我們已發行股份的 0.4%。

So it's something I watch carefully every year.

所以我每年都會密切注意這件事。

I think from a technology company perspective, our dilution is pretty modest. and I would expect that to continue going forward.

我認為從科技公司的角度來看，我們的稀釋程度相當溫和。我希望這種情況能夠持續下去。

Great.

偉大的。

Thanks for the clarification.

感謝您的澄清。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Thank you for taking the question.

感謝您回答這個問題。

Brian and Lynn, I'm reflecting on the initial free cash flow guide you had for 2025 at the Analyst Day.

布萊恩和林恩，我正在思考你們在分析師日上發布的 2025 年初始自由現金流指南。

That was a midpoint of 18%.

中間值為 18%。

And I think sitting here less than two years later, we're over 700 basis points higher than that original estimate.

我認為，不到兩年的時間，我們的預期就比最初的估計高出了 700 個基點。

And so I guess I wanted to ask the question, reflecting on that what has been the most significant outperformance?

所以我想問一個問題，反思一下，最顯著的表現是什麼？

And with some of these items that still seem like margin tailwinds that are pretty controllable here over the next few years, reduction of commodity payments, maybe scaling some of those R&D costs that might be accelerating in 2025 and then the data center closure, why aren't long-term margins going higher in your mind as we get to the later part of those long-term targets for 2030?

而且其中一些項目似乎仍然是未來幾年相當可控的利潤率順風，例如減少商品支付、縮減可能在 2025 年加速增長的一些研發成本以及隨後的數據中心關閉，為什麼在我們接近 2030 年長期目標的後半段時，您認為長期利潤率沒有更高呢？

Well, Clarke, I think that's a fair question.

好吧，克拉克，我認為這是一個公平的問題。

And I would say that we're -- I'll repeat what I said earlier.

我想說的是──我重複我之前說過的話。

I'm really confident in Tyler's future.

我對泰勒的未來充滿信心。

And we set forth targets two years ago.

我們兩年前就訂定了目標。

We've kept our eye on the ball.

我們一直密切關注事態發展。

We have outperformed those targets, as you mentioned, both from -- to me, SaaS growth perspective and even transactions but also from a margin perspective, and we're starting to see those.

正如您所說，我們已經超越了這些目標，對我來說，無論是從 SaaS 成長角度，還是從交易角度，還是從利潤角度，我們都開始看到這些。

I'm not sitting here today ready to adjust our 2030 targets.

我今天坐在這裡並不是準備調整我們的 2030 年目標。

I'm just -- I'm really happy with where we sit here in '25, as I told the management team, we have to hit our '25 targets and we're doing that.

我只是——我對我們在25年所取得的成績感到非常滿意，正如我告訴管理團隊的那樣，我們必須實現我們的25年目標，我們正在這樣做。

And again, the entire management team is focused on it.

並且，整個管理團隊都高度關注這一點。

We will -- when we look out two years from now, three years from now and maybe adjust those, we might -- I don't want to get ahead of our skis.

當我們展望兩年後、三年後並可能進行調整時，我們可能會——我不想超越我們的目標。

We still have a lot of initiatives going on within Tyler.

我們在泰勒仍有許多計劃正在進行中。

Again, I'm excited about all the signs that we're seeing out there, some of the things that you pointed to.

再說一次，我對我們看到的所有跡像以及您所指出的一些事情感到非常興奮。

But I'm not ready to declare that victory on our 2030 Investor Day now is time to up the any.

但我還沒準備好宣布我們 2030 年投資者日的勝利，現在是時候提高任何標準了。

We just want to keep executing and moving forward.

我們只是想繼續執行並繼續前進。

And I think cash flow, as you pointed out, we are well ahead of the target that we originally set out for 2025.

我認為，正如您所指出的，我們的現金流已經遠遠超過了我們最初為 2025 年設定的目標。

I think we had some assumptions there around things like cash taxes, working capital and we've been very effective about managing those.

我認為我們對現金稅、營運資金等方面有一些假設，我們對這些方面進行非常有效的管理。

We've had effective management of receivables that's given us an impact sooner.

我們對應收帳款進行了有效的管理，並很快產生了效果。

And then clearly, the effect we're also ahead on margins and that flows through to cash flow.

顯然，我們對利潤率也產生了影響，而這種影響會流向現金流。

So A lot of that is a pull ahead.

因此，很多都是向前邁進。

But as Lynn said, that makes us highly confident of those longer-term targets as well.

但正如林恩所說，這也讓我們對這些長期目標充滿信心。

And as we move down the road, we'll look at adjusting those if that's appropriate.

隨著我們不斷推進，我們會考慮對它們進行調整（如果合適）。

Thank you very much -- and absolutely, I mean, the last two years is a very encouraging result, so thank you.

非常感謝——當然，我的意思是，過去兩年的結果非常令人鼓舞，所以謝謝你。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great.

偉大的。

My question is around the cloud products.

我的問題是關於雲端產品的。

I appreciate that you guys have been very methodical about laying out milestones for the street and hitting those milestones and a lot is going on behind the scenes.

我很欣賞你們非常有條不紊地為這條街制定里程碑並實現這些里程碑，而且很多事情都在幕後進行。

I was wondering if you could update us -- on -- you mentioned you've made progress in '24.

我想知道您是否可以向我們更新一下情況——您提到您在 24 年取得了進展。

If you could update us on where we are with the cloud optimization of your products?

能否向我們介紹一下你們產品的雲端優化進展？

And what sort of milestones we should be looking for as the investment community over the next couple of years to get fully on -- cloud optimized?

作為投資界，我們在未來幾年應該期待什麼樣的里程碑才能全面實現雲端優化？

Yeah.

是的。

I don't know that I'm ready to put out a specific metric.

我不知道我是否準備好提出一個具體的指標。

What I can tell you is sitting here today in '25, in February '25, I'm really pleased with where we are in our cloud transition, which includes the optimization of our products.

我可以告訴大家的是，今天坐在這裡，也就是25年2月，我對我們在雲端轉型方面所取得的進展感到非常滿意，這包括我們產品的最佳化。

There's still more room to go.

還有更多的發展空間。

I'm really pleased with where we are on version consolidation.

我對於我們版本整合的進展感到非常滿意。

If you would have told me three years ago, that some of our core applications, for example, our enterprise ERP application, over 95%, 97% of our clients are on a single version, Enterprise Justice.

如果三年前你告訴我，我們的一些核心應用程序，例如我們的企業 ERP 應用程序，超過 95%、97% 的客戶都使用單一版本，即 Enterprise Justice。

I think we're north of 75% on a single version.

我認為我們在單一版本上的完成率已經超過 75%。

These are things that were big moves, and I wasn't quite sure when we would get there.

這些都是重大舉措，我不太確定我們什麼時候能夠實現這些目標。

And to me, we're ahead of schedule.

對我來說，我們已經提前完成了計劃。

And all of that starts to feed into each other.

所有這些都開始互相影響。

We're going to continue to make optimizations in the cloud, but we're also going to continue our efficiencies and how we deliver the software as we continue to evolve into a more continuous improvement, continuous delivery.

我們將繼續在雲端進行最佳化，但我們也將繼續提高效率以及我們交付軟體的方式，並不斷發展以實現更持續的改進和持續交付。

That's going to take time but that is part of our goals.

這需要時間，但這是我們目標的一部分。

And I think as you look out to later part of this decade, those are big milestones is when we really start moving down into synchronized cadence releases across our client base, across our major products, and we're making progress towards those goals.

我認為，展望本世紀後期，這些都是重大的里程碑，我們將真正開始在客戶群、主要產品中同步發布新版本，並朝著這些目標前進。

Great.

偉大的。

Thank you, Lynn.

謝謝你，林恩。

Appreciate it.

非常感謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Congrats on the strong results.

恭喜您取得的優異成績。

Is there a way for us to think about the impact that ARPA funding has had?

我們是否可以思考一下 ARPA 資助所產生的影響？

And going forward, is there potentially any impact to agency spending confidence if this starts to wind down?

展望未來，如果這種情況開始逐漸消退，是否會對機構支出信心產生任何影響？

We've talked about a lot over the last couple of years, Jonathan.

喬納森，過去幾年我們談了很多事情。

ARPA funding has been around and in the background.

ARPA 資金一直存在且處於幕後。

It hasn't necessarily specifically driven a lot of deals, although I will say that we got a few SaaS deals signed at the end of the quarter that were on a shorter time fuse.

它不一定特別推動很多交易，儘管我會說我們在本季末簽署了一些較短時間的 SaaS 交易。

We were going to win those deals anyway.

無論如何，我們都會贏得這些交易。

Those were probably going to be Q1 deals that got a little bit accelerated because there was some ARPA funding.

這些可能是第一季的交易，由於獲得了 ARPA 的一些資助，這些交易的進展可能會有所加速。

You saw it -- we talked about it some last year in our hardware business, our school transportation business.

你看到了——我們去年在硬體業務、學校交通業務中討論過這個問題。

One reason why our hardware line is going down this year, again, a low margin line.

我們的硬體產品線今年下滑的原因之一，是利潤率低。

I think generally, I would more point to my comments of the general environment and the general health of the state and budget -- state and local budgets, excuse me, and where we sit today and our competitiveness.

我認為總的來說，我更想指出我對整體環境和國家及預算的整體健康狀況的評論——對不起，是州和地方預算，以及我們目前的狀況和競爭力。

I think it's been there.

我認為它一直在那裡。

I don't -- if you're -- I think part of your question is, is it now -- is it a headwind going forward?

我不知道 — — 如果你 — — 我認為你的問題的一部分是，現在 — — 這是前進的阻力嗎？

And I don't believe it is.

但我不相信這是真的。

And there's still -- even places where there were ARPA funds allocated, I believe there's still time for them to spend those.

而且，即使在已經分配了 ARPA 資金的地方，我相信他們仍然有時間花掉這些資金。

They had to earmark them.

他們必須劃出專門的用途。

But again, I don't -- I've never viewed that as a material part of Tyler's performance over the last four to five years.

但我再說一遍，我不這麼認為——我從來沒有認為這是泰勒過去四到五年表現的重要組成部分。

It's there on the edges.

它就在邊緣處。

And so therefore, I also don't view it as a headwind going forward and -- and doesn't change my confidence in our near-term or long-term sales projections.

因此，我也不認為這會成為未來的阻力，也不會改變我對我們的短期或長期銷售預測的信心。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

It is a single question, but it's got a little bit of multiple tentacles to it.

這是一個簡單的問題，但它卻包含多重意義。

All this narrative around DOGE.

所有這些敘述都與 DOGE 有關。

What about some of that actually trickling down to some of these states that we're hearing about maybe then thinking about efficiency incrementally and digitizing things.

那麼，我們聽說其中一些實際上會逐漸滲透到一些州，然後開始考慮逐步提高效率並實現數位化。

Are you hearing about anabolism increased conversations because of maybe this trickling down?

您是否聽說過由於這種涓滴效應而導致合成代謝對話增加？

And then the second part of this is, when you look at '25 and just based on what you're seeing in terms of the pipeline, do you see any meaningful shift between just the composition of your business from local government versus state level?

然後第二部分是，當您回顧 25 年，僅基於您所看到的管道情況，您是否看到您的業務組成在地方政府和州政府層面之間發生了任何有意義的轉變？

I would say, Max to the DOGE question, no, we're not really hearing anything yet.

我想說，Max，關於 DOGE 的問題，我們還沒有聽到任何消息。

And it's -- I don't really expect it to do anything other than to maybe spur more conversation around technology that can help them become more efficient.

而且——我並不指望它能做任何事情，除了可能激發更多有關可以幫助他們提高效率的技術的討論。

DOGE is still relatively new.

DOGE 仍然相對較新。

All that was talked about before the new administration actually took over but it's still relatively new.

所有這些都是在新政府實際接手之前談論的，但它仍然相對較新。

And our clients, at least that I know of are not talking about it.

而我們的客戶，至少據我所知，並沒有談論此事。

I think as you look generally in '25 and beyond, how we look at sales, I think it's still pretty consistent across the board, but I would -- I'd go back to my comment in the prepared remarks.

我認為，當你總體回顧 25 年及以後的銷售情況時，你會發現，我們的銷售情況在各方面仍然相當一致，但我會回到我在準備好的評論中的評論。

Look, we have -- we are in the midst of creating a new dedicated state sales team.

你看，我們正在創建一支新的專門的國家銷售團隊。

0It's something new to Tyler.

0對泰勒來說，這是新鮮事。

It's going to be -- it's something I'm excited about.

這將是—一件令我興奮的事。

So I think we will start to see more product go in.

因此我認為我們將開始看到更多產品的進入。

But part of the mission of that sales team is really about representing the entire Tyler portfolio, where it's our cost solutions, our payments, our application platform.

但銷售團隊的部分使命其實是代表整個 Tyler 產品組合，包括我們的成本解決方案、我們的付款、我們的應用平台。

It's going to be geared at not only we have state enterprise contracts, but also looking at new states, looking beyond our state enterprise contracts, look it's going to take time for that to ramp up.

它不僅適用於我們的國有企業合同，而且還將著眼於新的州，超越我們的國有企業合同，看來這需要時間來提升。

I don't necessarily expect significant variance, but it's just another sales avenue that we're teeing up and investing in starting in '25 that will take time to see meaningful results.

我並不期望會有顯著的變化，但這只是我們從 25 年開始準備和投資的另一個銷售管道，需要時間才能看到有意義的結果。

Thanks, Lynn.

謝謝，林恩。

Mark Schappel, Loop Capital Markets.

Loop Capital Markets 的 Mark Schappel。

Thank you for taking my question.

感謝您回答我的問題。

Lynn, I just wanted to ask about your priority-based budgeting solution. which appears to be off to a really strong start given the wins in the quarter.

林恩，我只是想問一下你的基於優先順序的預算解決方案。從本季的勝利來看，這似乎是一個非常強勁的開局。

I was wondering if you could just provide an example or to some public sector use cases that you're seeing the customers adopt around Resource X.

我想知道您是否可以提供一個例子，或提供一些您看到客戶採用資源 X 的公共部門用例。

Yeah.

是的。

What it does is it's a little bit different than sort of traditional line-item budgeting, and it sort of looks -- it uses AI, it looks at the cost of all the programs that are out there, kind of lines of budgets and programs and scores to those that really, they look at an organization's priorities and sort of re-shift dollars.

它的作用與傳統的分項預算略有不同，它使用人工智慧，查看所有現有項目的成本，即預算和項目的線路，並對那些真正考慮組織的優先事項並重新分配資金的項目進行評分。

It's relatively new.

它相對較新。

One of the things that we were excited about when we bought it is Chris Fabian, the founder, he's sort of known as the leader, really the leader in public sector around priority-based budgeting and he is the expert.

我們收購該公司時感到興奮的一件事是其創始人克里斯法比安 (Chris Fabian)，他被稱為領導者，實際上是公共部門優先預算方面的領導者，他是專家。

And it's something that I think we can take and transport across our client base.

我認為這是我們可以接受並傳遞給我們的客戶群的東西。

I think it's another example on our perfect tuck-in acquisitions.

我認為這是我們完美收購的另一個例子。

And when we see large organizations like L.A. County or Kansas City, taking this solution, it's pretty meaningful.

當我們看到洛杉磯縣或堪薩斯城這樣的大型組織採用這種解決方案時，這非常有意義。

We're able to do demos and fairly quickly show where organizations can achieve some real savings.

我們能夠進行演示並相當快速地展示組織可以在哪些方面實現真正的節省。

There's been a lot of talk around DOGE today.

今天有很多關於 DOGE 的討論。

I can't think of a solution that we have that would be more in line with DOGE than our priority-based budgeting solution.

我想不出還有什麼解決方案比我們的基於優先順序的預算解決方案更符合 DOGE。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

I wanted to ask the Texas payments question in a slightly different way.

我想以稍微不同的方式詢問德州的付款問題。

Lynn and Brian, when you look at your revenue mix holistically, what percentage of business looks like the Texas payments business, meaning it's more commodity, it's low margin, it's business that either you can focus on up-leveling or perhaps at the time you might consider working away from.

林恩和布萊恩，當你們整體看待你們的收入組合時，有多少比例的業務看起來像德克薩斯州的支付業務，這意味著它更多的是商品，利潤率較低，這是你們可以專注於提升的業務，或者也許在那時你們可以考慮放棄它。

Give us a sense of what sort of -- what the size of that quantum of business could look like today and where that could go longer term?

請您為我們介紹一下目前該業務的規模是多少以及長期來看該業務的發展前景如何？

Yeah.

是的。

I think it's pretty small.

我認為它非常小。

Brian is looking for the numbers.

布萊恩正在尋找數字。

Again, this is -- this was something we inherited with the NIC acquisition.

再說一次，這是我們透過收購 NIC 繼承的東西。

It's not been a strategic focus for Tyler.

這並不是泰勒的戰略重點。

When we talked earlier about our relationship with other payment providers.

當我們之前談到與其他支付提供者的關係時。

These are opportunities where we might be able to partner with them where they can provide those types of services, and we can come on and do the types of things around that, that make our offering differentiated.

這些都是我們能夠與他們合作的機會，他們可以提供這些類型的服務，我們也可以圍繞這些服務開展業務，從而使我們的產品與眾不同。

I think we talked a couple of years ago and it was something that was in the works when we acquired NIC.

我想我們幾年前就談過這件事了，當我們收購 NIC 時它就已經在籌備中了。

We talked about the IRS contract.

我們討論了 IRS 合約。

That was another example of a pure payments, and we had won that contract, that got protested, and we subsequently lost it.

這是純粹支付的另一個例子，我們贏得了那份合同，但遭到了抗議，最終我們失去了它。

We built that into our models, but it was again -- that was a north of a $50 million a year revenue with margins comparable to Texas.

我們將其納入我們的模型中，但結果是——年收入超過 5,000 萬美元，利潤率與德克薩斯州相當。

While we were disappointed that we lost it, really, it wasn't a strategic initiative for us.

雖然我們對失去它感到失望，但實際上這對我們來說並不是一個戰略舉措。

It's not a place we want to grow, and I wouldn't expect that going forward, Brian, do you have

這不是我們想要發展的地方，我也不期待未來會這樣，布萊恩，你有嗎

--?

--？

Yes.

是的。

We really -- we have two other enterprise states where we have separate payment contracts from the enterprise agreement, but they are states where we provide a lot of other portal services, other digital government services.

我們確實有另外兩個企業州，我們有與企業協議分開的付款合同，但在這些州，我們提供許多其他門戶服務和其他數位政府服務。

It's just the payments contracts are separate.

只是付款合約是分開的。

We have one other state, Florida, which is a payments-only contract, but it has a lot of differences from Texas.

我們還有另一個州，佛羅裡達州，它是僅付款合同，但它與德克薩斯州有很多不同。

We have a lot of other value-added services that we provide there.

我們在那裡提供許多其他增值服務。

And it's a very different kind of an arrangement in Texas.

而在德州，情況則截然不同。

Other than that, we really don't have a lot of pure what we kind of call commoditized payments business.

除此之外，我們確實沒有太多純粹的所謂商品化支付業務。

Generally, it's either at the state level where it's part of an enterprise agreement where we're providing a lot of services, many of which have payments associated with them or now with our focus on the local level, integrating it with our back-office software solutions and proprietary solutions that add that value.

一般來說，它要么在州一級，作為企業協議的一部分，我們在其中提供很多服務，其中許多服務都與付款有關，要么現在我們專注於地方一級，將其與我們的後台軟體解決方案和專有解決方案相結合，以增加價值。

And I think just to (inaudible) that, Gabriela.

我認為只是（聽不清楚）這一點，加布里埃拉。

As you know, a year ago, I changed all of our senior executive, executive comp -- when we look at our long-term performance drivers around margin and ARR to exclude the impact of merchant fees.

如你所知，一年前，我更換了我們所有的高階主管和高階主管薪酬——當我們考慮利潤率和 ARR 周圍的長期業績驅動因素時，排除了商家費用的影響。

Because it is -- we do not want to pursue these contracts which could theoretically increase our ARR but decrease our margins.

因為它是——我們不想追求這些理論上可以增加我們的 ARR 但降低我們的利潤率的合約。

So when I look internally at how I look at the business, I have all my presentations show me with and without merchant fees because that's really to me showing the health of the business.

因此，當我從內部審視業務時，我的所有簡報都向我展示了包含和不包含商家費用的情況，因為這確實向我展示了業務的健康狀況。

When I think about Texas and its impact this year.

當我想到德克薩斯州及其今年的影響時。

I just want to remind you that this is something that's winding down this year, but we will continue to see the same headwind next year on a top-line basis.

我只是想提醒你，這件事在今年會逐漸結束，但明年我們仍將在營收方面看到同樣的阻力。

But excluding those merchant fees, like, as we said earlier, Tyler is growing at right at 10%.

但除去那些商家費用，就像我們之前說的，泰勒的成長率正好是 10%。

Our transactions are growing between 15% and 17% and -- that shows the health of the business and where we're strategically going in the future.

我們的交易量成長了 15% 到 17%——這顯示了業務的健康狀況以及我們未來的策略發展方向。

Nice one.

好一個。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

With that, I will now turn the call back over to Lynn Moore, Chief Executive Officer, for final closing remarks.

說完這些，我現在將電話轉回給執行長 Lynn Moore，請她做最後的總結發言。

Please go ahead.

請繼續。

Thanks, [Kevin], and thanks, everybody, for joining us today.

謝謝，[凱文]，也謝謝大家今天的參與。

If you have any other questions, please feel free to contact Brian Miller or myself.

如果您有任何其他問題，請隨時聯繫 Brian Miller 或我本人。

Thanks again and have a great day.

再次感謝並祝您有愉快的一天。

Ladies and gentlemen, that concludes your conference call.

女士們、先生們，你們的電話會議到此結束。

We thank you for participating and ask that you please disconnect your lines.

感謝您的參與，並請您斷開線路。