泰勒科技 (TYL) 2025 Q1 法說會逐字稿

Hello, and welcome to today's Tyler Technologies first quarter 2025 conference call. Your host for today's call is Lynn Moore, President and CEO of Tyler Technologies. (Operator Instructions) As a reminder, this conference is being recorded today, April 24, 2025.

您好，歡迎參加今天的 Tyler Technologies 2025 年第一季電話會議。今天電話會議的主持人是 Tyler Technologies 總裁兼執行長 Lynn Moore。（操作員指示）提醒一下，本次會議將於今天（2025 年 4 月 24 日）進行錄製。

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

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

Thank you, Rob, and welcome to our call. With me today is Lynn Moore, our President and Chief Executive Officer; and Brian Miller, our Chief Financial Officer. After I give the safe harbor statement, Lynn will have some initial comments on our quarter, and then Brian will review the details of our results and update our annual guidance for 2025.

謝謝你，羅布，歡迎來電。今天和我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。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更新我們 2025 年的年度指導。

Lynn will end with some additional comments, and then we'll take your questions. During this call, management may make statements that provide information other than historical information and may include projections concerning the company's future prospects, revenues, expenses and profits.

最後，Lynn 會發表一些補充評論，然後我們會回答您的問題。在電話會議中，管理層可能會發表除歷史資訊以外的其他資訊的聲明，其中可能包括有關公司未來前景、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, which could cause actual results to differ materially from these projections. We would refer you to our Form 10-K and other SEC filings for more information on those risks.

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，可能導致實際結果與這些預測有重大差異。我們會請您參閱我們的 10-K 表格和其他 SEC 文件，以取得更多有關這些風險的資訊。

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

此外，在我們的收益報告中，我們還納入了非公認會計準則指標，我們相信這有助於理解我們的表現並與軟體產業的同業進行比較。我們的收益報告中提供了 GAAP 與非 GAAP 指標的對帳表。我們還在網站的「財務」標籤下的「投資者關係」部分發布了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 & Presentations tab, we posted an earnings summary deck to supplement our prepared remarks. Please note that all growth comparisons we make on the call today will relate to the corresponding period of last year unless we specify otherwise. Lynn?

在「活動和演示」標籤上，我們發布了一份收益摘要來補充我們準備好的發言。請注意，除非我們另有說明，否則我們在今天電話會議上進行的所有成長比較均與去年同期相關。琳恩？

Thanks, Hala. Our first quarter results provided a strong start to the year, reflecting disciplined execution around our strategic initiatives. We exceeded expectations across key revenue and profitability metrics and achieved double-digit total revenue growth fueled by robust growth in subscription revenues.

謝謝，哈拉。我們第一季的業績為今年開了個好頭，體現了我們圍繞著戰略舉措的嚴格執行。我們在關鍵收入和盈利指標上超出了預期，並在訂閱收入強勁增長的推動下實現了兩位數的總收入增長。

SaaS revenues grew 21%, marking our 17th consecutive quarter of SaaS growth of 20% or more. Transaction-based revenues were ahead of plan and grew 18.5%, driven by higher transaction volumes, including increased adoption and deployment of new transaction-based services.

SaaS 營收成長 21%，這是我們連續第 17 季實現 20% 或以上的 SaaS 成長率。交易收入超出計劃，成長 18.5%，這得益於交易量的增加，包括新交易服務的採用和部署增加。

Our non-GAAP operating margin expanded to 26.8%, benefiting from efficiencies across our cloud operations, a mix shift to higher-margin SaaS revenues and away from lower margin professional services and hardware revenues, and favorable operating expense trends.

我們的非公認會計準則營業利潤率擴大至 26.8%，這得益於我們雲端業務的效率提高、業務組合從利潤率較低的專業服務和硬體收入轉向利潤率更高的 SaaS 收入，以及有利的營運費用趨勢。

In addition, free cash flow of $48 million was ahead of our plan. Our cloud transition is driving efficiency gains through progress with version consolidation and cloud-optimized releases that enhance scalability in Tyler's next-generation cloud offering. Our cloud-first strategy further strengthens the resilience and durability of our business model.

此外，4800萬美元的自由現金流也超出了我們的計劃。我們的雲端轉型正在透過版本整合和雲端優化版本的進展來提高效率，從而增強 Tyler 下一代雲端產品的可擴展性。我們的雲端優先策略進一步增強了我們商業模式的彈性和持久性。

We are uniquely positioned to support our clients through their cloud journey as they embrace digital modernization and integrated technologies that prioritize efficiencies, optimize workflows, improve decision-making and provide enhanced security.

我們擁有獨特的優勢，可以為客戶提供雲端之旅支持，幫助他們實現數位現代化和整合技術，優先考慮效率、優化工作流程、改善決策並提供增強的安全性。

Our ability to deliver exceptionally strong results and maintain a positive outlook for the balance of the year in the midst of unpredictable macro conditions illustrates the stability of our business and the resilience of our model. While we are not completely immune to the macro conditions affecting many companies, I can say that any impacts we are currently seeing, whether from cuts in federal funding for agencies, caution around spending or potential tariffs on hardware are minimal and just around the margins of our businesses. We are not currently seeing any fundamental changes in demand or buying behavior.

在不可預測的宏觀條件下，我們能夠取得異常強勁的業績，並對今年的剩餘時間保持樂觀的展望，這說明了我們業務的穩定性和我們模式的彈性。雖然我們並不能完全免受影響許多公司的宏觀環境的影響，但我可以說，我們目前看到的任何影響，無論是削減聯邦政府對機構的資助、謹慎支出還是對硬體的潛在關稅，都是微乎其微的，而且只影響到我們業務的利潤。我們目前沒有看到需求或購買行為有任何根本性變化。

The public sector market remains active as evidenced by RFPs and sales demonstration activity that are stable at elevated levels. Some procurement processes have slowed due to two things: one, a higher number of consultant-driven processes, which tend to elongate sales cycles; and two, additional scrutiny or uncertainty around the macro environment.

公共部門市場依然活躍，RFP 和銷售演示活動穩定在較高水準就證明了這一點。有些採購流程放緩是由於兩個原因：一是顧問驅動的流程數量增加，這往往會延長銷售週期；二是宏觀環境面臨額外的審查或不確定性。

But these are fairly isolated and represent a minority of our pipeline. The strength of our pipeline reflects the benefits of our competitive position as the industry leader, together with a unified sales organization, collaborating at heightened levels to leverage our unmatched installed base, identify and secure cross-sell opportunities and drive multi-suite deal momentum.

但這些都是相當孤立的，只代表了我們管道的一小部分。我們的通路實力反映了我們作為行業領導者的競爭地位的優勢，加上統一的銷售組織，我們在更高層次上進行合作，利用我們無與倫比的安裝基礎，識別和確保交叉銷售機會，並推動多套件交易勢頭。

Additionally, we continue to expand synergies across Tyler at the state level, building out sales resources with a dedicated state sales team that will serve as a strategic bridge to leverage our deep state enterprise relationships and identify and capture sales opportunities for software across Tyler.

此外，我們將繼續在州一級擴大泰勒的協同效應，透過專門的州銷售團隊建立銷售資源，該團隊將作為戰略橋樑，利用我們與州企業的深厚關係，識別和抓住整個泰勒的軟體銷售機會。

Our leadership team has experienced challenged macro environments in the past, and that experience gives us confidence in the resilience and stability of the public sector market and our business model. At the local government level, which makes up the vast majority of our revenues, budgets that support purchases from Tyler are primarily funded by property taxes in addition to utility revenues and other locally generated sources, revenue streams that tend to be reliable even in shifting economic environments.

我們的領導團隊過去曾經歷過充滿挑戰的宏觀環境，這些經驗讓我們對公共部門市場和我們的商業模式的彈性和穩定性充滿信心。在地方政府層面，這構成了我們收入的絕大部分，支持從泰勒購買的預算主要由財產稅以及公用事業收入和其他當地產生的收入來源資助，即使在不斷變化的經濟環境中，這些收入來源往往也是可靠的。

This funding stability supports consistent long-term demand driven by the need to replace aging mission-critical systems that have reached end of life.

這種資金穩定性支持了因需要更換已達到使用壽命的老舊關鍵任務系統而產生的長期持續需求。

At the state level, the majority of our transaction revenues comes through self-funded services or user fees that do not require appropriated funds from the state budget. Most of these services, like driver's license renewals, are nondiscretionary and are generally not impacted by economic conditions.

在州一級，我們的交易收入大多來自自籌資金的服務或用戶費用，不需要從州預算中撥款。大多數此類服務（例如駕駛執照更新）都是非自由支配的，通常不受經濟狀況的影響。

This year, a new acronym, DOGE has become part of our vocabulary. While less than 5% of our revenues come from the federal government, the focus on efficiency is becoming more visible at all levels of government. We have not seen and do not currently anticipate any meaningful negative impact on our business from DOGE or similar initiatives as the vast majority of the software and services we provide are considered essential and actually enhance efficiency.

今年，一個新的縮寫 DOGE 已成為我們詞彙的一部分。雖然我們的收入中只有不到 5% 來自聯邦政府，但各級政府對效率的關注越來越明顯。我們尚未看到並且目前也不預期 DOGE 或類似舉措會對我們的業務產生任何有意義的負面影響，因為我們提供的絕大多數軟體和服務都被認為是必不可少的並且實際上提高了效率。

Rather than viewing these initiatives as a risk, we see opportunities in aligning with efficiency objectives such as those outlined in DOGE, which emphasize modernizing technology as a key component of maximizing governmental efficiency and productivity.

我們並不認為這些措施是一種風險，而是看到了與 DOGE 等效率目標保持一致的機遇，這些目標強調技術現代化是最大限度提高政府效率和生產力的關鍵組成部分。

In fact, Section 4 of the executive order establishing DOGE is entitled Modernizing Federal Technology and Software to Maximize Efficiency and Productivity, and states that the USDS administrator shall commence a software modernization initiative to improve the quality and efficiency of government-wide software, network infrastructure and information technology systems, and that among other things, the USDS administrator shall work with agency heads to promote interoperability between agency networks and systems.

事實上，設立 DOGE 的行政命令第 4 條名為“現代化聯邦技術和軟體以最大限度地提高效率和生產力”，其中規定美國農業部管理者應啟動軟體現代化計劃，以提高政府範圍內軟體、網路基礎設施和資訊科技系統的品質和效率，除其他事項外，美國農業部管理者應與機構負責人合作，促進機構網路和系統之間的互通性。

As public sector agencies manage through the challenge of aging IT infrastructures and limited resources, we are well positioned to support their digital modernization and efficiency initiatives with our cloud-based integrated software solutions. I'm pleased with the solid execution across Tyler supporting our 4 key growth pillars: completing our cloud transition, leveraging our large client base, growing our payments business, and expanding into new markets.

當公共部門機構面臨 IT 基礎設施老化和資源有限的挑戰時，我們可以透過基於雲端的整合軟體解決方案為其數位現代化和效率計劃提供支援。我很高興看到 Tyler 的出色執行力支持了我們的四大關鍵成長支柱：完成雲端轉型、利用我們龐大的客戶群、發展我們的支付業務以及拓展新市場。

I'd like to highlight a few first quarter wins that illustrate our progress against our growth objectives. These include a full Enterprise Justice on-premises to cloud migration with the Cleveland, Ohio Municipal Court for approximately $800,000 in ARR.

我想強調第一季度取得的幾場勝利，這些勝利表明我們在實現成長目標方面取得了進展。其中包括與俄亥俄州克利夫蘭市法院合作，將企業司法系統從本地全面遷移到雲端，ARR 約為 80 萬美元。

Our Courts & Justice team executed this SaaS flip in just 1 weekend following a cybersecurity incident, with operations quickly and safely restored in a new cloud environment. A five-year appraisal services privatization contract with Gwinnett County, Georgia valued at a total of $8.7 million. A SaaS contract with Fulton County, Georgia for enterprise records management, representing $500,000 in ARR plus payments.

在網路安全事件發生後，我們的法院和司法團隊僅用 1 個週末就完成了此 SaaS 轉換，並在新的雲端環境中快速安全地恢復了營運。與喬治亞州格威內特縣簽訂了一份為期五年的評估服務私有化合同，總價值 870 萬美元。與佐治亞州富爾頓縣簽訂了企業記錄管理的 SaaS 合同，代表 500,000 美元的 ARR 加上付款。

This cross-sell deal leveraged our strong existing presence in Fulton County with our Enterprise Appraisal & Tax and Enterprise Justice solutions. And building on our momentum from last quarter, we had seven wins for our AI-driven priority-based budgeting solution, including the cities of Dallas, Texas, Olympia, Washington and Bloomington, Minnesota.

此次交叉銷售交易利用了我們在富爾頓縣現有的強大影響力以及我們的企業評估與稅務和企業司法解決方案。基於上一季的良好勢頭，我們的人工智慧驅動的基於優先級的預算解決方案已獲得 7 項勝利，包括德克薩斯州達拉斯、華盛頓州奧林匹亞和明尼蘇達州布盧明頓等城市。

For the quarter, we signed a total of 106 flips to the cloud of on-premises clients with a 28% increase in the total contract value from flips. In our state enterprise business, we secured three-year extensions for our digital government services with the states of Connecticut and New Mexico, representing more than $8 million in ARR.

本季度，我們共簽署了 106 份本地客戶雲端遷移協議，遷移合約總價值成長了 28%。在我們的國有企業業務中，我們與康乃狄克州和新墨西哥州簽署了為期三年的數位政府服務延期協議，ARR 超過 800 萬美元。

We signed 196 new payment deals across Tyler software clients, representing approximately $4.4 million in projected ARR. We also signed a five-year extension of our payment processing contract with the state of Florida representing approximately $31 million in ARR.

我們與 Tyler 軟體客戶簽署了 196 份新的支付協議，預計 ARR 約為 440 萬美元。我們還與佛羅裡達州簽署了一份為期五年的支付處理合約延期協議，價值​​約 3,100 萬美元。

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. Total revenues for the quarter were $565.2 million, up 10.3%. Subscriptions revenue increased 19.7%. Within subscription, SaaS revenues grew 21% to $180.1 million. Keep in mind that there is often a lag from the signing of a new SaaS deal or a flip to the start of revenue recognition that can vary from one to several quarters.

謝謝，林恩。本季總營收為 5.652 億美元，成長 10.3%。訂閱收入成長19.7%。在訂閱範圍內，SaaS 營收成長 21%，達到 1.801 億美元。請記住，從簽署新的 SaaS 協議或轉向到開始確認收入通常會有一個滯後，這個滯後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. Transaction revenues grew 18.5% to $194.9 million, driven by higher transaction volumes from both new and existing clients and increased adoption and deployment of new transaction-based services as well as rate increases by third-party payment processing partners.

由於這個原因以及 SaaS 續約和相關價格上漲的時間，SaaS 營收年增率和環比成長可能會因季度而異。交易收入成長 18.5% 至 1.949 億美元，這得益於新舊客戶的交易量增加、新交易服務的採用和部署增加以及第三方支付處理合作夥伴的費率提高。

Total bookings for Q1 were down 1.9% year-over-year. Transaction bookings exhibited solid growth, reflecting higher payment volumes from new and existing customers as well as new services in areas such as outdoor recreation and digital motor vehicle titling. SaaS bookings declined from last year's Q1, which we attribute to several factors.

第一季總預訂量較去年同期下降 1.9%。交易預訂量呈現穩健成長，反映出新舊客戶的支付量增加，以及戶外休閒和數位機動車所有權等領域的新服務。SaaS 預訂量較去年第一季有所下降，我們將其歸因於幾個因素。

As we noted on the previous earnings call, some deals that would have signed this quarter were pulled forward into Q4 because of the year-end deadline for committing ARPA funds. While we don't believe that there has been any fundamental change in demand, as evidenced by continued strength in new RFPs and our deep pipeline, we have seen some instances of longer sales processes that we believe represent timing changes rather than cancellation of procurements.

正如我們在上次收益電話會議上所指出的，由於 ARPA 資金承諾的年底截止日期，一些原本應該在本季度簽署的交易提前到第四季度。雖然我們不認為需求發生了任何根本性的變化，但新 RFP 的持續強勁和我們豐富的管道都證明了這一點，但我們看到了一些銷售流程延長的情況，我們認為這代表著時間上的變化，而不是採購的取消。

As Lynn noted, we believe that an increase in consultant-driven processes as well as caution exhibited by some prospects in light of uncertain macroeconomic conditions are contributing to those delays. In addition, the timing of decisions in the market has always been lumpy, and this was a quarter where there simply were fewer procurements that reached the final decision or contract stage.

正如林恩所指出的，我們認為，顧問驅動流程的增加以及在不確定的宏觀經濟條件下一些潛在客戶表現出的謹慎是造成這些延遲的原因。此外，市場決策的時機向來不穩定，本季進入最終決策或簽訂合約階段的採購數量明顯較少。

SaaS deals comprised approximately 96% of our new software contract value compared to 93% last year. During the quarter, we added 138 new SaaS arrangements and signed 106 SaaS flips of existing on-premises clients, with a total contract value of approximately $67 million.

SaaS 交易約占我們新軟體合約價值的 96%，而去年這一比例為 93%。本季度，我們增加了 138 個新的 SaaS 協議，並簽署了 106 個現有內部客戶的 SaaS 交易，合約總價值約為 6700 萬美元。

In Q1 of last year, we added 200 new SaaS arrangements and had 90 flips with a total contract value of approximately $78 million. The average ARR from new SaaS contracts was approximately $53,000, down 3% over last year. The average ARR associated with our Q1 flips was flat with last year at approximately $113,000. Our total annualized recurring revenue was approximately $1.95 billion, up 13.3%.

去年第一季度，我們增加了 200 個新的 SaaS 協議，並進行了 90 次交易，合約總價值約為 7800 萬美元。新 SaaS 合約的平均 ARR 約為 53,000 美元，比去年下降 3%。我們第一季翻轉的平均 ARR 與去年持平，約 11.3 萬美元。我們的年度經常性總收入約為 19.5 億美元，成長 13.3%。

Our non-GAAP operating margin expanded 26.8% -- to 26.8%, up 300 basis points from last year. The margin expansion reflects the impact of our cloud efficiency initiatives, a positive change in our revenue mix with lower professional services and hardware, along with leverage in operating expenses. 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. We incurred merchant fees of approximately $50 million in Q1 compared to $42 million last year. Cash flows from operations and free cash flow were ahead of plan at $56.2 million and $48.3 million, respectively.

我們的非公認會計準則營業利潤率擴大了 26.8%，達到 26.8%，比去年同期成長了 300 個基點。利潤率的擴大反映了我們的雲端效率措施的影響、我們的收入結構因專業服務和硬體成本的降低而發生的積極變化，以及營運費用的槓桿作用。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戶費和交換費對我們的整體利潤率有著重大影響，因為它們包含在收入和收入成本中。我們第一季的商家費用約為 5,000 萬美元，而去年同期為 4,200 萬美元。經營現金流和自由現金流均超出計劃，分別達到 5,620 萬美元和 4,830 萬美元。

We ended the quarter with $600 million of convertible debt outstanding and cash and investments of approximately $810 million and net leverage of 0. In light of our strong first quarter results and our positive outlook for the balance of the year, we have revised our annual guidance for 2025 as follows: we expect total revenues will be between $2.31 billion and $2.35 billion.

本季結束時，我們的未償可轉換債務為 6 億美元，現金和投資約為 8.1 億美元，淨槓桿率為 0。鑑於我們第一季的強勁業績以及對今年剩餘時間的樂觀展望，我們對 2025 年年度指引進行瞭如下修改：我們預計總收入將在 23.1 億美元至 23.5 億美元之間。

The midpoint of our guidance implies organic growth of approximately 9%. We expect GAAP diluted EPS will be between $7.50 and $7.80 and may vary significantly due to the impact of discrete tax items on the GAAP effective tax rate. We expect non-GAAP diluted EPS will be between $11.05 and $11.35.

我們的指導中點意味著有機成長約為 9%。我們預計 GAAP 稀釋每股盈餘將在 7.50 美元至 7.80 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。我們預計非 GAAP 稀釋每股收益將在 11.05 美元至 11.35 美元之間。

Our estimated non-GAAP tax rate for 2025 is expected to be 22.5%. We expect our free cash flow margin will be between 24% and 26%, including an estimated impact of approximately $40 million of cash taxes related to Section 174.

我們預計 2025 年非 GAAP 稅率為 22.5%。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 4000 萬美元現金稅的估計影響。

We expect research and development expense will be in the range of $193 million to $198 million. Other details of our guidance are included in our earnings release and in the Q1 earnings deck posted on our website. I'd like to add some additional color around our guidance.

我們預計研發費用將在 1.93 億美元至 1.98 億美元之間。我們的指導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一季財報中。我想為我們的指導添加一些額外的內容。

While the annual growth ranges for most of our revenue lines are unchanged from our previous guidance, we now expect that transaction revenues will grow between 12% and 14% with merchant fees essentially flat year-over-year. This increase reflects the higher transaction volumes and rate increases that positively impacted the first quarter as well as an expectation that some payment services under the Texas contract may extend beyond August.

雖然我們大多數收入項目的年度成長範圍與先前的指引相比沒有變化，但我們現在預計交易收入將成長 12% 至 14%，而商家費用將與去年同期基本持平。這一增長反映了交易量增加和利率上升對第一季的積極影響，以及對德克薩斯州合約下的一些支付服務可能延長至 8 月以後的預期。

We now expect that revenues for the year under the Texas contract will be approximately $37 million compared to $45 million last year. We also expect that sales and marketing expense for the year will decline 2% to 4% due to alignment of sales compensation structures across Tyler. Excluding merchant fees that are absorbed under the gross revenue model, expected transactions growth in 2025 at the midpoint of our guidance would be approximately 17% and total growth would be approximately 10%.

我們現在預計，今年德州合約的收入將達到約 3700 萬美元，而去年的收入為 4500 萬美元。我們也預計，由於泰勒銷售薪酬結構的調整，今年的銷售和行銷費用將下降 2% 至 4%。不包括總收入模型下吸收的商家費用，預計 2025 年交易成長率（我們預測的中點）將達到約 17%，總成長率將達到約 10%。

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

現在我想打電話——把電話轉回給 Lynn。

Thanks, Brian. Our team members continue to deliver results and execute at a high level against our strategic road map leading toward our Tyler 2030 vision. Our exceptionally strong results in the midst of unpredictable macroeconomic conditions illustrate the stability of our business and the resilience of our model. We provide solutions that manage mission-critical functions across an extensive client base that offers tremendous long-term cross-sell opportunities. And our recurring revenues, which comprise 86% of our total, have proven to be very sticky.

謝謝，布萊恩。我們的團隊成員繼續按照我們的策略路線圖取得成果並高水準執行，朝著我們的泰勒 2030 願景邁進。在不可預測的宏觀經濟條件下，我們取得的異常強勁的業績說明了我們業務的穩定性和我們模式的彈性。我們提供的解決方案可管理廣泛客戶群中的關鍵任務功能，從而提供巨大的長期交叉銷售機會。我們的經常性收入佔總收入的 86%，事實證明，它非常具有黏性。

And in this environment of heightened focus on government efficiency and digital transformation, we are uniquely positioned to help governments at all levels achieve their goals. We continue to prioritize innovation and are making meaningful progress with our AI initiatives as we invest in innovation to empower the public sector.

在這種高度關注政府效率和數位轉型的環境下，我們擁有獨特的優勢，可以幫助各級政府實現其目標。我們繼續優先考慮創新，並在投資創新以增強公共部門能力的同時，在人工智慧計畫方面取得了有意義的進展。

We are taking an intentional and responsible approach centered on three core pillars: productivity, decision-making, and service delivery. And our singular focus on the public sector allows us to leverage decades of experience to deliver software and services that empower our clients to create smarter, safer and stronger communities. We look forward to highlighting our AI strategy at Tyler Connect 2025, which will be held in San Antonio from May 11 to May 14.

我們採取有意識且負責任的方法，以三大核心支柱為中心：生產力、決策和服務交付。我們專注於公共部門，這使我們能夠利用數十年的經驗來提供軟體和服務，幫助我們的客戶創造更聰明、更安全、更強大的社群。我們期待在 5 月 11 日至 5 月 14 日於聖安東尼奧舉行的 Tyler Connect 2025 上重點介紹我們的人工智慧策略。

Some 5,500 Tyler clients and nearly 900 Tyler team members will gather to learn, share best practices, collaborate and network. We look forward to seeing many of you there, including in our investor session at Connect on May 12. We will review our progress since our 2023 Investor Day with plans to host a full Investor Day next year. We also look forward to introducing our recently appointed Chief Client Officer, Andrew Kahl at Connect. Andrew's focus on enhancing client experience and building upon our One Tyler client-centric approach is vital to creating seamless client experiences across Tyler's vast public sector client base and to achieving our 2030 vision.

約 5,500 名 Tyler 客戶和近 900 名 Tyler 團隊成員將齊聚一堂，共同學習、分享最佳實踐、開展協作和交流。我們期待在那裡見到你們，包括 5 月 12 日在 Connect 舉行的投資者會議。我們將回顧自 2023 年投資者日以來的進展，並計劃明年舉辦完整的投資者日。我們也期待介紹我們最近任命的 Connect 首席客戶長 Andrew Kahl。安德魯 (Andrew) 專注於提升客戶體驗並建立以客戶為中心的「一個泰勒 (One Tyler)」方法，這對於在泰勒龐大的公共部門客戶群中創造無縫的客戶體驗以及實現我們的 2030 願景至關重要。

I'd like to highlight additional recent leadership transitions and promotions. Jeff Green has announced his intent to retire this June. Throughout his 22-year career with Tyler, Jeff has provided invaluable leadership and expertise, most recently as our Chief Technology Officer. Russell Gainford has been appointed to succeed Jeff as Chief Technology Officer, where he now oversees the strategic leadership of our technology organization. Russell's vision for Tyler's technology discipline is an organizational structure that serves the needs of our clients, market and business leaders.

我想強調一下最近的領導層變動和升遷。傑夫·格林已宣布他打算今年六月退休。在泰勒公司 22 年的職業生涯中，傑夫提供了寶貴的領導力和專業知識，最近擔任我們的技術長。拉塞爾蓋恩福德 (Russell Gainford) 被任命接替傑夫擔任首席技術官，目前負責監督我們技術組織的策略領導。拉塞爾對泰勒技術學科的願景是建立一個滿足客戶、市場和商業領袖需求的組織結構。

Joining Russell in this effort is Franklin Williams with an expanded role as Deputy Chief Technology Officer. He will work directly with Russell to drive our common technology strategy, developer experience and adoption of emerging technologies, including AI.

富蘭克林威廉斯 (Franklin Williams) 與 Russell 一起參與了這項工作，並擔任副首席技術長。他將直接與 Russell 合作，推動我們的共同技術策略、開發人員體驗以及包括人工智慧在內的新興技術的採用。

Lastly, we recently published our sixth annual corporate responsibility report on our website. We're proud to share updates on our ongoing efforts that align to our broader strategic objectives and invite you to review the report to learn more about our corporate governance achievements, team member initiatives and company impact.

最後，我們最近在我們的網站上發布了第六份年度企業責任報告。我們很自豪地分享我們正在進行的符合我們更廣泛的策略目標的努力的最新進展，並邀請您查看報告以了解有關我們的公司治理成就、團隊成員舉措和公司影響的更多資訊。

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

現在我們想開放問答環節。

(Operator Instructions) Kirk Materne, Evercore ISI.

（操作員指示）Kirk Materne，Evercore ISI。

Lynn, maybe just to you, I'll ask them just consecutively. I guess, first for you, Lynn, obviously, you guys have been through a lot of macro cycles. What's the leading indicator you're looking at just in terms of sort of the health of the business? You guys mentioned your RFPs in particular. But I was just wondering if you could add a little color to what you're keeping an eye on just to make sure that the macro sort of volatility is not seeping into sort of customer thought processes.

林恩，也許只是對你來說，我會連續地問他們。我想，首先對你來說，林恩，顯然你們已經經歷了很多宏觀週期。就業務健康狀況而言，您關注的領先指標是什麼？你們特別提到了你們的 RFP。但我只是想知道您是否可以為您所關注的事情添加一些色彩，以確保宏觀波動不會滲透到客戶的思考過程中。

And then Brian, for you, the ARR number was also down a little bit this quarter year-over-year. I assume it sort of plays into that broader commentary you had on SaaS deals. But I was wondering if you could add a little bit more color on that as well.

然後布萊恩，對你來說，本季度的 ARR 數字同比也略有下降。我認為它在某種程度上與您對 SaaS 交易的更廣泛的評論有關。但我想知道您是否可以對此添加更多顏色。

Yeah. Sure, Kirk, and that's a good question. And you're right, we have been through -- some of us have been here a long time. We've been through some of these cycles. What we do is, look, we get together every quarter, get with our sales teams. They give us an outlook. We track, going back multiple quarters, RFP activity, demo activity, deals that are not happening with our fees. And those are the things we focus on.

是的。當然，柯克，這是個好問題。你說得對，我們經歷過——我們中的一些人已經在這裡待了很長時間。我們已經經歷過一些這樣的週期。我們所做的是，你看，我們每季都會聚在一起，與我們的銷售團隊會面。它們為我們提供了一個展望。我們追蹤了多個季度的 RFP 活動、演示活動以及未與我們的費用相關的交易。這些正是我們關注的重點。

Our RFP activity has been elevated for the last couple of years and it's staying steady at that level. Our demo activity, similarly, is steady and, in some cases, actually up. So we're not seeing any real major impact from the macro environment right now. There's a few fringe things around DOGE that we can talk about. But generally speaking, the environment from what we're seeing sitting here today remains largely unchanged from what we've been seeing the last 18 months or two years.

在過去幾年裡，我們的 RFP 活動不斷增加，並且保持穩定在這個水平。同樣，我們的演示活動也很穩定，在某些情況下實際上還在上升。因此，我們目前沒有看到宏觀環境產生任何真正的重大影響。我們可以談論一些有關 DOGE 的邊緣事物。但總體而言，我們今天所看到的環境與過去 18 個月或兩年來所看到的環境相比基本上沒有變化。

And to your question about ARR, you're correct that any change is really related to the decline in year-over-year lower bookings on the SaaS side, which I mentioned the reasons for.

關於 ARR 的問題，您說得對，任何變化實際上都與 SaaS 方面預訂量同比下降有關，我已經提到了原因。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

I guess this could go to Lynn or Brian, but on that softer booking side, you guys called out consultant deals maybe seeing a little bit of a pushout. Or any reason to think that, that could materialize into something more concerning? I mean, what's your confidence that those deals will get over the finish line versus -- I mean, we've seen the headlines with significant slashes in IT services. And just love any color there from either of you.

我想這可能會交給 Lynn 或 Brian，但在預訂方面，你們稱顧問交易可能會遇到一些延遲。或者有任何理由認為這可能會變成更令人擔憂的事情？我的意思是，你對這些交易能夠順利完成有何信心？我的意思是，我們已經看到有關 IT 服務大幅削減的頭條新聞。並且喜歡你們任何一個人身上的顏色。

Yeah, I'll start, Ken. I would say generally, if you go back historically, we also don't talk about contracts that have been awarded and not signed yet. And we mentioned a few different things on bookings. One was we did pull forward some deals at the end of Q4, particularly in our public administration suite. Our Justice suite generally tends to be a little more lumpy, but I can -- I have pretty good confidence that some of that lumpiness from Q1 will actually come back in Q2.

是的，我先開始了，肯。我想說，一般來說，如果回顧歷史，我們不會談論已經授予但尚未簽署的合約。我們在預訂方面提到了一些不同的事情。一是，我們確實在第四季末提前了一些交易，特別是在公共管理套件方面。我們的正義套件通常會變得更加不穩定，但我可以 - 我非常有信心，第一季的一些不穩定實際上會在第二季度恢復。

I'd say the consultant thing is more anecdotal than really a driving factor right now. And so I think generally, again, I just mentioned it in my response to Kirk. Every quarter, we'll get together, look at the results of the business, but we spend a lot of time from our sales leaders diving down, looking at their plans, looking at the deals that were closed, looking at the pipeline, looking at the awards that we have, seeing where we track against our internal plans. And so sitting here today, I would say Q1 was more of an anomaly than it was something of a trend.

我想說，顧問的事情現在更多的是軼事，而不是真正的驅動因素。所以我認為總的來說，我在回覆柯克時提到了這一點。每個季度，我們都會聚在一起，看看業務結果，但我們花了很多時間與銷售主管深入討論，看看他們的計劃，看看已經完成的交易，看看管道，看看我們獲得的獎項，看看我們跟踪內部計劃的情況。所以今天坐在這裡，我想說第一季更多的是一個異常現象，而不是一個趨勢。

Terry Tillman, Truist Securities.

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

It's a question that might actually be two parts, but sorry about that ahead of time. But just one thing is on the bookings. It was good to see that the contract value on flips up though year-over-year. And then the new deals, obviously, was down year-over-year. But as you look through the rest of the year in terms of visibility and just kind of execution risk and what seems kind of easier to plan for, how does it feel on the flip side versus new SaaS bookings?

這個問題實際上可能分為兩部分，但我提前對此表示抱歉。但預訂中只有一件事。很高興看到合約價值逐年上升。顯然，新交易的數量同比有所下降。但是，當您從可見性和執行風險以及似乎更容易規劃的角度來回顧今年剩餘的時間時，與新的 SaaS 預訂相比，感覺如何？

And then Brian, the contract duration that was 2.7 years, that definitely came down from 4Q. Anything to think about going forward?

然後是布萊恩，合約期限為 2.7 年，這肯定比第四季有所縮短。關於下一步還有什麼想法嗎？

Yeah, I'll start, Terry. On the flip side, I think we're generally on pace when -- and as I look out to the rest of the year, I don't see any change from our internal plan from where we started the year. There's always differences in different parts of the business, but we're seeing, for example, in the court space, we're starting to see more and more interest in our flips. We highlighted recently our state of Idaho flip. And once you start getting some of that kind of traction, we're starting to see more interest there. So on the flip side, I think we're fine. And on SaaS, again, a little bit of softness this quarter but it's not softness in the market. It was more softness around timing.

是的，我先開始，特里。另一方面，我認為我們總體上是按計劃進行——展望今年剩餘時間，我認為我們的內部計劃與年初相比沒有任何變化。業務的不同部分總是存在差異，但我們看到，例如在球場領域，我們開始看到人們對我們的翻轉越來越感興趣。我們最近重點介紹了愛達荷州的轉變。一旦你開始獲得這樣的關注，我們就會開始看到更多的興趣。所以從另一方面來說，我認為我們還好。就 SaaS 而言，本季再次出現一些疲軟，但這並不是市場疲軟。時間安排更加柔和。

Yeah. And on the average duration, it just bounces around a little bit from quarter-to-quarter. Our standard -- sort of the standard term is three years. And this quarter, there were deals that ranged from one year to five years. So I think generally, we're going to be clustered around that three-year average, but just the mix on individual client preference can affect how we move around that standard three-year number.

是的。就平均持續時間而言，它只是在各個季度之間略有波動。我們的標準－標準期限是三年。本季度，交易期限從一年到五年不等。因此我認為，總體而言，我們將集中在三年平均值附近，但個人客戶偏好的組合會影響我們如何圍繞標準三年數字進行調整。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

I want to just try to tie some of the comments together. We're getting questions on the bookings and new deal metrics from Q1. Lynn mentioned some Q4 pull forward. So it sounds like maybe it's more of that than the consulting commentary that may have had an impact on Q1. And then on the consulting commentary, is there anything you see internally that you can do on your side to just work around any impacts there on the fringe, given you're more focused on software?

我只是想嘗試將一些評論聯繫在一起。我們收到了有關第一季的預訂量和新交易指標的問題。林恩提到了第四季的一些提前。因此，聽起來可能不只是諮詢評論對第一季產生了影響。然後，在諮詢評論方面，鑑於您更專注於軟體，您是否認為在內部您可以做些什麼來解決邊緣問題？

I think the public sector spend focus is more on software than services. I'm just wondering, is there any place you can run that just can help continue to build on some of the momentum you're signing with RFPs?

我認為公共部門的支出重點更多放在軟體上而不是服務上。我只是想知道，有沒有什麼地方可以幫助您繼續鞏固您在 RFP 上簽署的一些勢頭？

Yeah, Michael, I'll start. I'll reiterate. The comment on the consultants is, again, more anecdotal. I don't think that's a major driver. Obviously, all of our business isn't done through RFP but that's where it flows through. We did have -- we talked about it at the end of Q4 back in February.

是的，邁克爾，我先開始。我再重申一次。對顧問的評論再次顯得更具軼事性。我不認為這是一個主要驅動因素。顯然，我們的業務並不是全部透過 RFP 來完成的，但業務卻是透過 RFP 進行的。我們確實——我們在二月份第四季末討論過這個問題。

We had a few deals that were pulled forward as some of our clients were trying to use ARPA funds before the deadline. I think a lot of it has just been the business is there. What we've seen in certain parts of our business, awards have delayed a little bit, but we've also continued to see the lumpiness in some of our other deals.

由於我們的一些客戶試圖在截止日期前使用 ARPA 資金，因此我們推遲了一些交易。我認為很多事情都只是因為生意存在而已。我們發現，在我們業務的某些部分，合約授予已經稍微推遲了，但我們也繼續看到其他一些交易的不穩定性。

And I want to emphasize that as we look out to the year and we look out on our internal sales goals, a little bit of soft bookings is not causing a concern for me. I think you'll see a pickup of some of these deals that we've been awarded but not yet reached contract stage in Q1, fall in Q2.

我想強調的是，當我們展望今年並關注我們的內部銷售目標時，一點點的疲軟預訂並不會讓我擔心。我認為，您會看到，我們已授予但尚未達到合約階段的一些交易在第一季度有所回升，而在第二季度則有所下降。

And just to clarify around the consultant comment, we're referring to where a prospect is using a third-party consultant like a Gartner to manage the procurement process or a system and the procurement process. We're not referring to where the deal is being -- where we're a sub to a systems integrator or a consultant in terms of the services delivery. It's really how the procurement is being managed by the prospect.

為了澄清顧問的評論，我們指的是潛在客戶使用 Gartner 等第三方顧問來管理採購流程或系統和採購流程。我們並不是指交易的地點－就服務交付而言，我們是系統整合商或顧問的子公司。這實際上是潛在客戶管理採購的方式。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Lynn, if I may ask one more question about flips. I think in the past, you suggested that you had about 400 flips last year and were hoping to see about 550 this year. With 106 in Q1, are you still on track for that 550 target?

林恩，我可以再問一個關於翻轉的問題嗎？我認為過去您曾表示去年您有大約 400 次翻轉，並希望今年能看到大約 550 次。第一季有 106 個，您還能達成 550 個的目標嗎？

I think Alexei, I think we're -- I don't have that right in front of me. Flips vary from quarter-to-quarter. Our flips are up. What are they up from last year? Up 18% in number. So if that holds, we'll be pushing close to 500. I think importantly, we're also on track with our flip dollars for the year.

我認為阿列克謝，我認為我們──我面前沒有這個。每個季度的翻轉情況都有所不同。我們的翻轉已完成。與去年相比他們有什麼進步？數量增加了18%。如果這一數字保持不變，我們將接近 500。我認為重要的是，我們今年的營業額也進展順利。

Yeah. I don't think we set an exact target number that specific, but we did talk about an expectation of being in the -- averaging 120 to 130 a quarter for the year but not necessarily on a straight line kind of a trajectory. So I think largely, we expect -- our expectations around flips for the year have not changed.

是的。我認為我們沒有設定一個具體的目標數字，但我們確實談到了全年平均每季 120 到 130 的預期，但不一定是直線軌跡。因此我認為，總體而言，我們預計——我們對今年的翻轉的預期沒有改變。

Joshua Reilly, Needham.

約書亞‧賴利 (Joshua Reilly)，尼德姆。

If we look at the payments business, volumes were quite strong this quarter. How much of a driver vehicle history record polls maybe influenced that growth improvement? And is there any unusual transaction activity we should be considering in Q1? And do you expect the normal sequential increase in transaction volumes peaking in Q2 with historical trends?

如果我們看一下支付業務，本季的交易量相當強勁。駕駛員車輛歷史記錄調查可能對這種增長改善有多大影響？我們是否應該考慮第一季中存在哪些不尋常的交易活動？您是否預期交易量將按照歷史趨勢在第二季達到正常連續成長的高峰？

Yeah. I think seasonally, there's not really any change in that normal pattern. Driver history records are kind of flat, so that really hasn't been a big driver in transactions. The strength was kind of evenly split between in terms of the increase over last year between the state market, so our digital services, formerly NIC division, plus e-filing. So we've seen strength in e-filing.

是的。我認為從季節角度來看，這種正常模式實際上並沒有任何變化。駕駛員歷史記錄比較平淡，因此這對交易來說並不是一個很大的推動因素。就去年的成長而言，實力在州市場、我們的數位服務（以前的 NIC 部門）以及電子歸檔之間平均分配。所以我們看到了電子歸檔的優勢。

We've got some of the new services like the California Parks deal that wasn't there last year that's now contributing. We saw strong performance in Florida around our payments contract there as well as in Texas and also have had some digital titling services revenues come online. So all those have contributed to strengthen the state payments market.

我們推出了一些新服務，例如去年沒有的加州公園協議，現在卻發揮了作用。我們在佛羅裡達州以及德克薩斯州的支付合約表現強勁，並且還獲得了一些數位產權服務收入。所有這些都有助於加強國家支付市場。

In the local market, as we've called out, the new deals that we've added in recent quarters, as those come online, those are continuing to -- both deployments of new customers and added adoption with existing customers has contributed to strength there. And then there has been some impact that we expect to continue through the year from rate increases by third-party payment partners.

在本地市場，正如我們所呼籲的，我們最近幾季增加的新交易，隨著這些交易的上線，將繼續——新客戶的部署和現有客戶的增加採用都為當地市場的發展做出了貢獻。我們預計第三方支付合作夥伴的費率提高將持續產生一些影響。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Brian, maybe for you, just given all the questions on SaaS bookings or SaaS new ARR, I was wondering if we could unpack that just a little bit. Then maybe the question is, how much -- if you had to estimate, how much do you think was sort of pulled forward in Q4 roughly? And then is there a way to think about how much was maybe awarded this quarter but wasn't contracted, which maybe adds to some of that lumpiness? Does that make sense?

布萊恩，也許對你來說，考慮到有關 SaaS 預訂或 SaaS 新 ARR 的所有問題，我想知道我們是否可以稍微解釋一下。那麼問題可能是，如果您必須估計的話，您認為第四季度的提前量大概是多少？那麼，有沒有辦法考慮一下本季度可能授予了多少但未簽訂合同，這可能會增加一些不穩定性？這樣有道理嗎？

Yes, it does. I'd say it's hard to tell exactly just like it's hard to tell exactly how much deals or deal volume is directly attributed to ARPA. But I generally say it's probably in the $10 million range of bookings, give or take, that was pulled forward into last year's Q4.

是的。我想說這很難確切地說，就像很難確切地說有多少交易或交易量直接歸因於 ARPA 一樣。但我通常會說，預訂額大概在 1000 萬美元左右，大約是去年第四季的預訂額。

And the second part of the question, we really don't disclose awards that are not signed. But further to Lynn's comment, especially in the Courts business, we have a number of those, and those indicators give us confidence that in certain areas of our business that were a little lighter in Q1 in terms of timing of bookings, that we'll see those come back in Q2.

問題的第二部分，我們確實不會透露未簽署的獎項。但進一步談到林恩的評論，特別是在法院業務中，我們有很多這樣的指標，這些指標讓我們有信心，在我們業務的某些領域，第一季的預訂時間略少，但我們會在第二季度看到這些領域的回升。

I'd say on top of that, too, is there's business out there that, for whatever reason, we expected awards and contracts in Q1 and the award hasn't happened. So it's not just that we've had awards that didn't get the contract, but we're also still waiting on some awards that we expected to happen in Q1.

除此之外，我還想說的是，無論出於什麼原因，我們都預計第一季會有一些獎勵和合同，但獎勵還沒有到來。因此，我們不僅獲得了一些未簽訂合約的獎項，而且我們仍在等待一些我們預計在第一季獲得的獎項。

Charles Strauzer, CJS Securities.

查爾斯·斯特勞澤（Charles Strauzer），CJS 證券公司。

Just looking at the R&D line and the guidance this quarter versus the guidance that you gave initially last quarter, it seems to be another pretty good jump in R&D spend. Any more color you can shed on that?

僅看本季的研發線和指導，與上個季度最初給出的指導相比，研發支出似乎又有了相當大的成長。您能對此做出進一步解釋嗎？

Yeah. We talked about some of the drivers when we gave our initial guidance around the increases in R&D. As we talked about earlier, there's a shift as we redeploy people out of cost of sales expense onto the R&D line. That's largely a change from our original expectation of around $35 million of a shift there. We also have some cost of development expense that were resources that were devoted to capitalize projects last year that are now being expensed.

是的。我們在給出有關增加研發投入的初步指導時討論了一些驅動因素。正如我們之前所討論的，當我們將人員從銷售成本費用重新部署到研發線上時，就會發生轉變。這與我們最初預期的約 3500 萬美元的轉移金額有很大不同。我們還有一些開發費用，這些費用是去年用於資本化項目的資源，現在已被支出。

And then really the change from our initial guidance to now is that we -- which affects the GAAP R&D number but not the non-GAAP R&D number is that we now are recording the stock compensation expense associated with those R&D employees in R&D. And in the past, that was included in the G&A line. So that's a geography change, and of course, it doesn't affect the non-GAAP number.

然後，從我們最初的指導到現在的真正變化是——這影響了 GAAP 研發數字，但不影響非 GAAP 研發數字，因為我們現在正在記錄與研發人員相關的股票薪酬費用。過去，這包含在 G&A 行中。這是一個地理變化，當然，它不會影響非公認會計準則數字。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Lynn, just a two-part question for you just around some high-level trends. I guess, first, around ARPA. I just would be curious to hear from you. There is some chatter coming from D.C. particularly around the Department of Education around attempts to claw back some of the ARPA funds that have been already allocated and Trump administration has made clear they want to get some of that money back.

林恩，我只想問您兩個問題，關於一些高層趨勢。我想，首先，圍繞 ARPA。我只是好奇想聽聽您的意見。來自華盛頓特區，特別是教育部的一些傳言稱，他們試圖收回部分已經分配的 ARPA 資金，而川普政府已明確表示他們希望收回部分資金。

And I just would be curious to hear, I know you guys have some exposure to schools in what you're hearing there or hearing there generally. And is that the reason perhaps for some slightly slower contract activity? And then I just wanted to check on the federal side for you guys on the BPM side. Just if you guys have done any audit of that business to understand how you guys sit relative to DOGE. I know it's a very small percentage portion of your business going back to 2019 acquisition. Just wanted to check the box that we're comfortable there.

我只是好奇地想聽聽，我知道你們對學校有一些了解，或是一般會聽到一些關於學校的消息。這是否是合約活動稍微放緩的原因？然後我只是想為你們檢查一下 BPM 方面的聯邦情況。只要你們對該業務進行過審計，就能了解你們相對於 DOGE 的地位如何。我知道，自 2019 年收購以來，這只佔您業務的一小部分。只是想確認我們在那裡過得舒服。

Yeah. Thanks, Rob. We're not hearing anything from our clients that would suggest that anything that's been funded by ARPA would be clawed back. And again, we can't always specifically identify whether a deal was funded specifically by ARPA. There are isolated incidents where we can.

是的。謝謝，羅布。我們沒有聽到客戶說 ARPA 資助的任何資金會被收回。再說一次，我們無法總是明確地確定某筆交易是否由 ARPA 專門資助。有一些我們可以做的孤立事件。

A lot of times, when we talked about in the past, it was more freeing up also other resources. We did have one really small deal with the Department of Education that was in our federal space that was terminated. But that thing was maybe a $100,000 deal, give or take. So not really seeing anything there. What was the second question?

很多時候，當我們談論過去時，它更多是在釋放其他資源。我們確實與聯邦教育部達成過一項非常小的協議，但該協議被終止了。但那東西大概值 10 萬美元左右。所以實際上在那裡看不到任何東西。第二個問題是什麼？

Yeah, just broadly around our federal book of business.

是的，大致圍繞著我們的聯邦業務。

Yeah. So there, Rob, I mean, we had -- we've seen -- first of all, as you pointed out, federal is less than 5% of our revenue. We've had a handful, literally four, five -- maybe five terminations in the federal space, all adding up to less than $1 million. And you would -- kind of the usual suspects, with Department of Education. I just mentioned HHS, US AID that doesn't come as much of a surprise. But again, these were very small deals. We're watching another maybe $1 million or so to see, but again, pretty minimal, which is also reflective of the size of the materiality to our business.

是的。所以，羅布，我的意思是，我們已經看到——首先，正如你所指出的，聯邦政府的收入不到我們收入的 5%。我們在聯邦領域有少數人被解僱，確切地說是四、五人——也許是五人，總損失不到 100 萬美元。你會 — — 有點像教育部的慣常嫌疑犯。我剛才提到了美國衛生與公眾服務部 (HHS) 和美國國際開發署 (US AID)，這並不令人意外。但同樣，這些都是非常小的交易。我們正在關注另外約 100 萬美元的金額，但同樣，這個金額非常小，這也反映了該金額對我們業務的重要性。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Just wanted to better understand sort of commentary around what's happened with some of the transaction fee increases and pass-throughs as well as the Texas contract and maybe what your expectations are going forward.

只是想更好地了解有關交易費增加和轉嫁以及德克薩斯合約的評論，以及您對未來的期望。

Yeah. As you know, we have some -- we have a variety of payment streams around transactions or revenue streams around transactions and payments. And in some cases, we have existing relationships with third-party payment processors that basically we act as a reseller for that we get a revenue share from. And to the extent that those third-party processors from time to time have rate increases or fee increases, that in turn flows through to our revenue share. They're somewhat unpredictable.

是的。如您所知，我們有一些——我們圍繞交易有各種支付流，或者圍繞交易和支付有各種收入流。在某些情況下，我們與第三方支付處理商已經建立了合作關係，基本上我們充當經銷商，從中獲得收入分成。如果這些第三方處理器的費率或費用不時增加，這反過來又會影響我們的收入份額。它們有點難以預測。

And so we have seen a history in the last couple of years of those increasing. And we saw some of those increases that were a little above what our expectation was hit this quarter, and that will flow through for the rest of the year. So that's now built into our model.

我們在過去幾年中看到了這些數字不斷增長的歷史。我們看到，本季度的一些增長略高於我們的預期，並且這種增長將持續到今年剩餘時間。現在它已經融入我們的模型中。

In terms of Texas, I guess two things. One, volume. As with many of our payment processing volumes, Texas did have a little -- above our planned volumes this quarter, so that contributed to some of our transaction revenue outperformance.

就德克薩斯州而言，我猜有兩件事。一、音量。與我們的許多支付處理量一樣，德州本季的處理量確實略高於我們的計劃量，因此這促成了我們的部分交易收入表現優異。

But as they work through their transition with our contract to the new provider, it appears that some of the timing of that will go beyond for -- some of the services go beyond that August 31 contract deadline. So we do have an extension in place that provides a structure where, if necessary, we can continue to provide some of those services during the transition period. So we'll see how the timing plays out, but some of those revenues could extend a little bit beyond the end of August.

但是，隨著他們將我們的合約過渡到新的供應商，似乎有些時間會超出——有些服務會超出 8 月 31 日的合約期限。因此，我們確實有一個擴展，它提供了一個結構，如果有必要，我們可以在過渡期間繼續提供其中一些服務。因此，我們將觀察時間如何發展，但其中一些收入可能會延續到 8 月底之後。

Yeah. Jonathan, just to follow up on that. The extension was signed for August of next year, but the expectation still is that Texas will move away by the end of the year with most of the services still winding down really through September and maybe some smaller ones continuing through December. Perhaps adding another $3 million to $3.5 million of low-margin revenue, as you know, to our top line this year.

是的。喬納森，我只是想跟進這一點。延期協議簽署時間為明年 8 月，但預計德克薩斯州仍將在年底前撤出，大部分服務實際上將在 9 月結束，而一些較小的服務可能會持續到 12 月。如您所知，我們今年的營業收入可能還會增加 300 萬至 350 萬美元的低利潤收入。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Lynn and Brian, your comments throughout the last 45 minutes have been very consistent in saying the areas where you see an impact from DOGE or from consulting or from deal scrutiny, all of those areas are small.

Lynn 和 Brian，你們在過去 45 分鐘的評論中一直非常一致地指出，你們看到 DOGE 或諮詢或交易審查產生影響的領域都很小。

So my question for you is how do you think about the risk that some of these fringe issues on the margin but are more mainstream as we go through the year, what would be a scenario where you see more of an impact as we go through the year and how do you think about sizing that?

所以我想問您一個問題：您如何看待這些邊緣問題的風險？這些問題雖然暫時處於邊緣狀態，但隨著時間的推移，它們會變得越來越主流。在什麼樣的情況下，這些問題的影響會越來越大？您如何看待這些問題的規模？

Yeah, Gabriela, I mean, obviously, we talk about it. We keep an eye on it through -- regularly, we've been keeping an eye on it for the last several quarters. We see areas where there are potential, but at the same time, we're also in contact with our clients and the feedback we're getting from our clients is giving us the comfort to make the commentary we're making today. I'll give you one anecdotal piece, for example.

是的，加布里埃拉，我的意思是，顯然，我們談論過這個。我們一直在密切關注它——過去幾個季度我們一直在定期關注它。我們看到了有潛力的領域，但同時，我們也與客戶保持聯繫，從客戶那裡得到的回饋讓我們能夠放心地做出今天的評論。例如，我給你講一個軼事。

One of our clients in Arizona, who is talking about DOGE and the potential impacts of DOGE there was talking about how they may be required to cut some services, but what it's going to do is require them to have more automation and, in fact, want to buy more of our products. So right now, we're just watching it but we're also in contact with our clients, and that's sort of the basis for our commentary today.

我們在亞利桑那州的一位客戶正在談論 DOGE 及其潛在影響，他談到他們可能需要削減一些服務，但它將要求他們實現更多的自動化，事實上，他們希望購買我們的更多產品。所以現在，我們只是在觀察，但我們也在與客戶保持聯繫，這就是我們今天評論的基礎。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

I guess maybe just a two-parter for me. On new SaaS deals versus on-premise SaaS flips, is it -- should we assume that new SaaS deal ARR versus last year is going to be a little bit less around some of the pause and caution that you called or saw in Q1? And will conversions, the flips drive more of the SaaS growth this year than do SaaS deals?

我想也許對我來說只是兩個部分。關於新的 SaaS 交易與內部 SaaS 交易的對比，我們是否應該假設新的 SaaS 交易 ARR 與去年相比會稍微低一些，這是由於您在第一季所稱或看到的一些停頓和謹慎所致？那麼，今年，轉換和翻轉是否會比 SaaS 交易更能推動 SaaS 的成長？

And then on kind of leading from that, if you look at the -- if you look at the performance of SaaS, maybe help us just a little bit the year on the SaaS revenue line? And what are the puts and takes kind of hitting the low end versus the high end of your full year guide on the SaaS revenue line?

然後從這一點出發，如果你看一下——如果你看一下 SaaS 的表現，也許這對我們今年的 SaaS 收入線有一點幫助？那麼，在 SaaS 收入方面，全年指南中的最低端和最高端的利弊分別是什麼？

I'd say, on the SaaS revenue guide, that current year sales don't have as big an impact on the current year revenue, given the lag from the time we sign something to the time that we start to see that revenue stream hit the income statement. So the biggest driver around the variability of where we fall within that revenue guidance range is really around the flips, both the number of the flips and the timing of the flips, which quarter they hit in and how quickly we're able to start to see those revenue streams.

我想說，在 SaaS 收入指南中，考慮到從我們簽署協議到我們開始看到收入流進入損益表之間存在的滯後，當年的銷售額對當年的收入沒有那麼大的影響。因此，我們在收入指導範圍內變化的最大驅動因素實際上是翻轉，包括翻轉的次數和翻轉的時間，它們發生在哪個季度，以及我們能夠多快開始看到這些收入流。

We've talked about an expectation that the number of flips and the dollar value of flips will grow this year and continue to grow over the next couple of years. So that will be a bigger contributor to the SaaS bookings growth. But we do expect -- we don't give guidance on bookings, but I wouldn't say that we expect SaaS bookings for the year to be down.

我們已經討論過這樣的預期：今年房屋翻轉的數量和價值將會增長，並且在未來幾年內將繼續增長。因此，這將對 SaaS 預訂量成長產生更大的貢獻。但我們確實預計——我們沒有提供關於預訂量的指導，但我不會說我們預計今年的 SaaS 預訂量會下降。

Last year was a very strong year for SaaS bookings. But as we said, the RFP level, the pipeline remains very solid, including with some larger deals in it. The last couple of quarters, we haven't seen those big deals but they can be very lumpy, but I wouldn't necessarily expect that SaaS bookings will actually be down for the year.

去年是 SaaS 預訂量非常強勁的一年。但正如我們所說，RFP 水平、渠道仍然非常穩固，其中包括一些較大的交易。過去幾個季度，我們還沒有看到那些大交易，但它們可能會非常不穩定，但我並不一定認為今年的 SaaS 預訂量實際上會下降。

(Operator Instructions) Keith Housum, Northcoast Research.

（操作員指示）Keith Housum，Northcoast Research。

Brian, I just want to revisit the comment you made regarding sales and marketing expense being down, I think it was 2% to 4% year-over-year. Perhaps can you provide a little more color on that? And did that have a benefit in the first quarter and what you guys are doing there?

布萊恩，我只是想重新審視你關於銷售和行銷費用下降的評論，我認為同比下降了 2% 到 4%。也許您能對此提供更多細節嗎？這對第一季有好處嗎？你們在那裡做了什麼？

Yeah. We are expanding. We've talked about some of our expansion of sales resources in terms of adding a dedicated sales team that will be coming online this year. So there are some increases in expenses. We're being pretty thoughtful about how we spend some of our sales and marketing dollars.

是的。我們正在擴張。我們已經討論過一些銷售資源的擴展，包括增加一個專門的銷售團隊，該團隊將於今年上線。因此，支出增加。我們非常認真地考慮如何花費部分銷售和行銷資金。

But the biggest impact driving that reduction for the year is around commissions expenses. So under GAAP, certain commissions expenses, most commissions expenses are required to be capitalized and amortized over the period they benefit, which for us is now a five-year period.

但今年推動這項削減的最大影響在於佣金支出。因此，根據 GAAP，某些佣金費用，大多數佣金費用都需要資本化並在受益期間內攤銷，對我們來說現在是五年期。

And as we've restructured some of our sales compensation structure, and we've talked about changes we've made generally in some of the sales compensation as we just standardized across Tyler in an effort to further support cross-sell activities. So that has resulted in some sales compensation that was formerly expensed in the current period now being capitalized under GAAP. And so that change from last year is primarily responsible for that reduction in sales and marketing expense.

我們已經重組了部分銷售薪資結構，並討論了部分銷售薪資所做的整體調整，因為我們剛剛在 Tyler 進行了標準化，以進一步支援交叉銷售活動。因此，這導致一些先前在本期計入費用的銷售補償現在根據 GAAP 被資本化。因此，與去年相比的變化主要是導致銷售和行銷費用減少的原因。

And that concludes our question-and-answer session. I will now turn the call back over to Lynn Moore for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給林恩摩爾 (Lynn Moore) 做結束語。

Thanks, Rob, and thanks, everybody, for joining us today. If you have any further questions, please feel free to contact Brian Miller or myself. Thanks, everybody. Have a great day.

謝謝羅布，也謝謝大家今天加入我們。如果您有任何其他問題，請隨時聯繫 Brian Miller 或我本人。謝謝大家。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。