泰勒科技 (TYL) 2025 Q2 法說會逐字稿

Ladies and gentlemen, hello and welcome to today's Tyler Technologies second 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 July 31, 2025. I would like to turn the call over to Hala Elsherbini, Tyler's Senior Director of Investor Relations. Please go ahead.

女士們、先生們，大家好，歡迎參加今天的 Tyler Technologies 2025 年第二季電話會議。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 2025 年 7 月 31 日進行錄製。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, Abby, and welcome to our conference 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 on our annual guidance for 2025.

謝謝你，艾比，歡迎參加我們的電話會議。今天與我一起的有我們的總裁兼執行長 Lynn Moore 和我們的財務長 Brian Miller。在我發表安全港聲明之後，Lynn 將對我們的季度發表一些初步評論，然後 Brian 將審查我們的業績細節並更新我們對 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.

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。

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

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。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，我們相信這有助於理解我們的表現並與軟體產業的同行進行比較。

A reconciliation of GAAP to non-GAAP measures is provided in our earnings release. We have also posted on the Investor Relations section of our website under the Financials tab is scheduled with supplemental information, including information about our quarterly recurring revenues and bookings.

我們的收益報告中提供了 GAAP 與非 GAAP 指標的對帳表。我們還在我們網站的“財務”選項卡下的“投資者關係”部分發布了補充信息，包括有關我們的季度經常性收入和預訂的信息。

On the Events and Presentations tab, we posted an earnings summary slide 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。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 second quarter results again exceeded expectations and reflect continued momentum with double-digit total revenue growth, strong profitability and exceptional free cash flow. Our performance continues to be supported by stable market demand and strong execution as we advance our cloud-first strategy.

謝謝，哈拉。我們第二季的業績再次超出預期，並反映出持續的勢頭，總收入保持兩位數增長，盈利能力強勁，自由現金流出色。隨著我們推進雲端優先策略，穩定的市場需求和強大的執行力繼續支撐我們的業績。

SaaS revenues grew 21.5% marking our 18th consecutive quarter of SaaS growth of 20% or more. Transaction-based revenue growth was especially robust and ahead of plan, up 21.3% as quarterly transaction revenue surpassed $200 million for the first time. Our non-GAAP operating margin expanded 200 basis points to 26.5%.

SaaS 營收成長 21.5%，標誌著我們連續 18 個季度實現 20% 或以上的 SaaS 成長率。基於交易的收入成長尤為強勁且超出計劃，成長 21.3%，季度交易收入首次超過 2 億美元。我們的非公認會計準則營業利潤率擴大 200 個基點至 26.5%。

In addition, free cash flow grew 80.9% to $88 million, significantly exceeding expectations. As we've discussed on prior calls, we operate in a market defined by inherently long sales cycles, particularly for larger deals, which can create quarterly variability, but ultimately support long-term growth.

此外，自由現金流成長80.9%至8,800萬美元，大幅超出預期。正如我們在先前的電話會議上討論過的，我們所處的市場銷售週期本質上很長，特別是對於較大的交易，這可能會造成季度波動，但最終會支持長期成長。

While we still are seeing some scattered delays or cancellations of procurement processes related to the macro environment and noise around federal funding, they are not material. Many of the sales processes that were delayed in Q1 were signed in Q2, and we saw a solid sequential improvement in SaaS bookings in Q2.

儘管我們仍然看到一些與宏觀環境和聯邦資金噪音有關的採購流程的延遲或取消，但這些並不重要。許多在第一季被推遲的銷售流程都在第二季度簽署了，我們看到第二季 SaaS 預訂量連續穩定提升。

We're seeing no fundamental change in public sector demand or purchasing behavior and our sales pipeline remains strong, supported by generally stable and healthy budgets with funding priorities increasingly aligned to technology investments that drive long-term efficiencies through digital modernization.

我們沒有看到公共部門的需求或購買行為發生根本性變化，我們的銷售管道依然強勁，這得益於整體穩定和健康的預算，資金重點越來越傾向於透過數位化現代化推動長期效率的技術投資。

In addition, client conversations at our recent Connect conference reinforced that the vast majority of Tyler clients do not expect federal funding, those or other macro factors to impact their spend with Tyler. Our cloud-first strategy is the foundation of our success and is anchored by unifying principles that drive toward a single release stream to better scale, innovate and deliver improved time to value for our clients.

此外，我們最近的 Connect 會議上的客戶對話強調，絕大多數 Tyler 客戶並不認為聯邦資金、這些或其他宏觀因素會影響他們在 Tyler 的支出。我們的雲端優先策略是我們成功的基礎，並以統一的原則為基礎，推動單一發布流，以便更好地擴展、創新並為我們的客戶提供更快的價值實現時間。

By closely aligning our cloud strategy and client success efforts with our deliberate AI approach, we're unlocking the full potential of the cloud while creating deeper client connections through our unified experience that we believe will enhance cross-sell and upsell opportunities. Our team continues to execute at a high level against our strategic road map, reinforcing our leadership position in the public sector and advancing our 4 key growth pillars, completing our cloud transition, leveraging our large client base, growing our payments business and expanding into new markets.

透過將我們的雲端策略和客戶成功努力與我們深思熟慮的人工智慧方法緊密結合起來，我們正在釋放雲端的全部潛力，同時透過我們統一的體驗建立更深層次的客戶聯繫，我們相信這將增強交叉銷售和追加銷售的機會。我們的團隊繼續按照我們的策略路線圖高水準執行，鞏固我們在公共部門的領導地位，推進我們的四大關鍵成長支柱，完成我們的雲端轉型，利用我們龐大的客戶群，發展我們的支付業務並擴展到新的市場。

I'd like to highlight a few second quarter wins that illustrate progress against our growth objectives with a broader list of key deals included in our quarterly earnings deck. Our largest SaaS deal in the quarter was an $11 million contract that expands our relationship with the Arizona Supreme Court for Enterprise Supervision solution. We signed a contract for a full enterprise justice on-premises to cloud migration with the Superior Court in Santa Clara County, California, the sixth most populous county in the state. This is our first California port flip and represents more than $1 million in SaaS ARR.

我想重點介紹第二季度的一些勝利，這些勝利表明我們在實現成長目標方面取得了進展，我們的季度收益報告中還包含了更廣泛的關鍵交易清單。本季我們最大的 SaaS 交易是一份價值 1100 萬美元的合同，該合約擴大了我們與亞利桑那州最高法院在企業監督解決方案方面的合作關係。我們與加州聖克拉拉縣高等法院簽署了一份全面的企業司法從本地遷移到雲端的合同，聖克拉拉縣是該州第六大人口縣。這是我們首次在加州進行港口轉型，其 SaaS ARR 價值超過 100 萬美元。

It was another strong sales quarter in public safety, including a multi-jurisdictional, multiproduct competitive SaaS win with the West Suburban consolidated dispatch in the Chicago area. And a full public safety suite SaaS win in (inaudible) County, Minnesota, worth more than $1 million in ARR. The city of Dallas, Texas expanded its contract for our priority-based budgeting solution. The city desired an accelerated deployment to leverage our AI-powered application to identify and prioritize the highest value budget initiatives for the city and its constituents.

這是公共安全領域又一個銷售強勁的季度，包括與芝加哥西郊聯合調度公司在跨轄區、多產品競爭性 SaaS 方面的勝利。並且在明尼蘇達州 (聽不清楚) 縣贏得了全套公共安全套件 SaaS 的勝利，其 ARR 價值超過 100 萬美元。德州達拉斯市擴大了我們基於優先順序的預算解決方案的合約。該市希望加速部署，利用我們的人工智慧應用程式來確定和優先考慮對城市及其選民最有價值的預算計劃。

The State of Alabama Department of Revenue selected our AI-driven resident assistance solution. This win builds on our resident assisted projects currently in deployment in 4 other states, including Hawaii, Indiana, Mississippi and South Carolina. We see a strong pipeline behind these wins as we build upon these successes. We were recently recognized as a leader in visionary in the first-ever Gartner Magic contract for cloud-based ERP for U.S. local government. We believe this represents a clear testament to the strength of our competitive position, innovation and the differentiated value of our uniquely integrated suite of public sector solutions.

阿拉巴馬州稅務局選擇了我們的人工智慧居民援助解決方案。這場勝利建立在我們目前在其他 4 個州（夏威夷、印第安納、密西西比和南卡羅來納）部署的居民援助計畫的基礎之上。我們看到，在這些成功的基礎上，我們又取得了巨大的進步。我們最近在首個針對美國地方政府的基於雲端的 ERP 的 Gartner Magic 合約中被評為有遠見的領導者。我們相信，這充分證明了我們的競爭地位、創新能力以及我們獨特的公共部門解決方案套件的差異化價值。

Before I turn the call over to Brian, I'd like to highlight the acquisition of emergency networking earlier this week. Emergency networking, a Tyler partner since 2023 is a leading provider of cloud-native software for fire departments and emergency medical services agencies, including fire records management and patient care reporting with advanced analytics.

在我將電話轉給布萊恩之前，我想強調一下本週早些時候收購的緊急網路。緊急網路自 2023 年以來一直是 Tyler 的合作夥伴，也是消防部門和緊急醫療服務機構雲端原生軟體的領先提供商，包括火災記錄管理和具有高級分析功能的患者護理報告。

The addition of emergency networking solutions expands our TAM and adds an important piece of Tyler's public safety portfolio, solidifying our position as a market leader in compliant fire and EMS records management including the National Emergency Response Information System, or NERIS.

緊急網路解決方案的加入擴大了我們的 TAM，並增加了 Tyler 公共安全產品組合的重要組成部分，鞏固了我們在合規消防和 EMS 記錄管理（包括國家緊急應變資訊系統或 NERIS）方面的市場領先地位。

We believe Tyler now has the most comprehensive suite of solutions for public safety agencies from law enforcement to first responders to EMS agencies. Now I'd like for Brian to provide more detail on the results for the quarter and our updated annual guidance for 2025.

我們相信，泰勒現在擁有針對公共安全機構（從執法部門到急救人員到 EMS 機構）的最全面的解決方案套件。現在，我想讓 Brian 提供有關本季業績以及我們 2025 年最新年度指引的更多詳細資訊。

Thanks, Lynn. Total revenues for the quarter were $596.1 million, up 10.2%. Subscriptions revenue increased 21.4%. Within subscription, SaaS revenues grew 21.5% to $189.6 million. As we've discussed previously, 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. Because of this, as well as the timing of SaaS renewals and related price increases, SaaS revenue growth in SaaS bookings, both year-over-year and sequentially may fluctuate from quarter-to-quarter.

謝謝，林恩。本季總營收為 5.961 億美元，成長 10.2%。訂閱收入成長21.4%。在訂閱範圍內，SaaS 營收成長 21.5%，達到 1.896 億美元。正如我們之前所討論過的，從簽署新的 SaaS 協議或轉型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。由於這個原因，以及 SaaS 續約和相關價格上漲的時間，SaaS 預訂中的 SaaS 收入增長（包括同比和環比）可能會逐季度波動。

Transaction revenues grew 21.3% to $215.5 million, driven by higher transaction volumes from both new and existing clients, increased adoption and deployment of new transaction-based services and higher revenues from third-party payment processing partners. As a reminder, Q2 is typically our highest volume quarter for transaction revenues encompassing peak outdoor season along with tax filing deadlines.

交易收入成長 21.3% 至 2.155 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收入增加。提醒一下，第二季度通常是我們交易收入最高的季度，涵蓋戶外旺季以及報稅截止日期。

Professional services revenues declined 18.5% to $58.6 million due to both an intentional focus on deemphasizing low-margin services as well as the impact of reserves related to projects that were in the implementation phase with agencies in 2 states.

專業服務收入下降 18.5% 至 5,860 萬美元，原因是有意減少低利潤服務，以及與 2 個州的機構處於實施階段的項目相關的儲備金的影響。

Total bookings for Q2 were 28.8%, up sequentially from Q1 and up 5.1% year-over-year as some delayed Q1 decisions signed during Q2. SaaS bookings in total for Q2, including new SaaS deals, expansions, renewals and flips were solid, up 47.7% sequentially from Q1 and up 8.2% year-over-year. During the quarter, we added 172 new SaaS [Audio Gap] against a difficult comparison, reflecting the lumpiness of large deals.

第二季總預訂量為 28.8%，比第一季環比成長，比去年同期成長 5.1%，原因是一些延遲的第一季決定在第二季簽署。第二季的 SaaS 預訂總量（包括新的 SaaS 交易、擴展、續約和轉換）表現穩健，環比第一季成長 47.7%，較去年同期成長 8.2%。在本季度，我們增加了 172 個新的 SaaS [Audio Gap]，這與難以比較的結果相反，反映了大額交易的不穩定性。

Total ARR from new SaaS deals was approximately $15 million, which more than doubled sequentially from Q1 but was down 7% year-over-year. The average ARR from new SaaS contracts was approximately $87,000, up 65.1% sequentially from Q1 and up 9.8% over last year.

新 SaaS 交易的總 ARR 約為 1500 萬美元，比第一季環比增長一倍多，但同比下降 7%。新 SaaS 合約的平均 ARR 約為 87,000 美元，環比第一季增長 65.1%，比去年同期增長 9.8%。

The number of SaaS flips grew modestly over last year to 118. Total ARR from SaaS lips was approximately $13.3 million, up 10.9% sequentially from Q1 but down 9.2% year-over-year. Our total annualized recurring revenue was approximately $2.07 billion, up 15.2%. Our non-GAAP operating margin expanded to 26.5%, up 200 basis points from last year. The margin expansion reflects a positive shift in revenue mix towards higher-margin SaaS and transaction revenues, efficiency gains across our cloud operations and favorable operating expense trends, including leverage in sales and marketing and G&A expenses.

與去年相比，SaaS 轉型數量略有成長，達到 118 起。SaaS 平台的總 ARR 約為 1,330 萬美元，環比第一季成長 10.9%，但年減 9.2%。我們的年度經常性總收入約為 20.7 億美元，成長 15.2%。我們的非公認會計準則營業利潤率擴大至 26.5%，比去年同期成長 200 個基點。利潤率的擴大反映了收入結構向利潤率更高的 SaaS 和交易收入的積極轉變、雲端營運效率的提高以及有利的營運費用趨勢，包括銷售和行銷以及 G&A 費用的槓桿作用。

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戶費和交換費對我們的整體利潤率有重大影響，因為它們包含在收入和收入成本中。

We incurred merchant fees of approximately $53 million in Q2 compared to $45 million last year. Cash flows from operations and free cash flow were robust at $98.3 million and $88 million, respectively, driven by higher margins and working capital improvements. The recent passage of the 1 big beautiful Bill Act provided a permanent repeal of Section 174, which required capitalization of R&D expenditures for tax purposes, along with favorable changes in the treatment of tax bonus depreciation.

我們第二季的商家費用約為 5,300 萬美元，而去年同期為 4,500 萬美元。受利潤率提高和營運資本改善的推動，營運現金流和自由現金流分別強勁達到 9,830 萬美元和 8,800 萬美元。最近通過的《一項重大法案》永久廢除了第 174 條，該條款要求將研發支出資本化用於稅收目的，同時對稅收獎金折舊處理做出了有利的改變。

As a result, we currently expect that our cash tax payments in the second half of 2025 will be approximately $55 million lower than previously expected, adding approximately 200 basis points to our free cash flow margin for the year.

因此，我們目前預計 2025 年下半年的現金稅款將比先前預期的低約 5,500 萬美元，這將使我們當年的自由現金流利潤率增加約 200 個基點。

Similarly, we expect that our cash tax payments in 2026 will be minimal. We ended the quarter with $600 million of convertible debt outstanding and cash and investments of approximately $895 million and net leverage of 0. In light of our strong second 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 $2.33 billion and $2.36 billion. The midpoint of our guidance implies growth of approximately 10%. We expect GAAP diluted EPS will be between $7.40 and $7.70 and may vary significantly due to the impact of discrete tax items on the GAAP effective tax rate.

同樣，我們預計 2026 年的現金稅支付量將很少。本季結束時，我們的未償還可轉換債務為 6 億美元，現金和投資約為 8.95 億美元，淨槓桿率為 0。鑑於我們第二季度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 23.3 億美元至 23.6 億美元之間。我們的指導中點意味著成長約 10%。我們預計 GAAP 稀釋每股盈餘將在 7.40 美元至 7.70 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 $11.20 and $11.50. Our estimated non-GAAP tax rate for 2025 is expected to be 22.5%. We're currently evaluating potential impacts of the new tax bill on our tax rate going forward. We expect our free cash flow margin will be between 25% and 27%. We expect research and development expense will be in the range of $202 million to $205 million.

我們預計非公認會計準則 (Non-GAAP) 稀釋每股收益將在 11.20 美元至 11.50 美元之間。我們預計 2025 年非公認會計準則稅率為 22.5%。我們目前正在評估新稅法對我們未來稅率的潛在影響。我們預計我們的自由現金流利潤率將在 25% 至 27% 之間。我們預計研發費用將在 2.02 億美元至 2.05 億美元之間。

Other details of our guidance are included in our earnings release and in the Q2 earnings deck posted on our website. I'd also like to add some additional color around our revenue guidance. Subscription revenues in total are expected to grow between 17% and 19%. Within subscription, SaaS revenue is expected to grow between 21% and 23%. Transaction revenues are expected to grow between 14% and 16%, with merchant fees up 7% to 9%.

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二季收益報告中。我還想對我們的收入預測做一些補充。總訂閱收入預計將成長 17% 至 19%。在訂閱範圍內，SaaS 收入預計將成長 21% 至 23%。交易收入預計將成長 14% 至 16%，商家費用將上漲 7% 至 9%。

We now expect the majority of payment services under the Texas contract to continue through the end of 2025 or early 2026, with full year revenues of approximately $41 million. Maintenance revenue is expected to decline 4% to 6%. Professional services revenue is expected to decline 3% to 6%. License revenues are expected to decline 16% to 18%. Hardware and other revenue is expected to grow between 3% and 5%. Now I'd like to turn the call back over to Lynn.

我們現在預計，德州合約下的大部分支付服務將持續到 2025 年底或 2026 年初，全年收入約為 4,100 萬美元。維護收入預計將下降4%至6%。專業服務收入預計將下降3%至6%。預計授權收入將下降 16% 至 18%。硬體和其他收入預計將成長 3% 至 5%。現在我想把電話轉回給 Lynn。

Thanks, Brian. We close the second quarter with a strong performance and solid execution. Positioning us well for the second half of the year. Our results reflect competitive strength of our vipersitide business, delivering the broadest, most integrated portfolio of public sector solutions to lead our clients digitally empowered future. In May, nearly 7,000 clients, sponsors and team members came together at Tyler Connect 2025 in San Antonio.

謝謝，布萊恩。我們以強勁的業績和穩健的執行力結束了第二季。為我們下半年做好充分準備。我們的業績反映了我們業務的競爭實力，提供最廣泛、最整合的公共部門解決方案組合，引領我們的客戶走向數位化未來。5 月，近 7,000 名客戶、贊助商和團隊成員齊聚聖安東尼奧的 Tyler Connect 2025。

At the conference, we previewed our AI strategic road map with resounding client interest and indications of elevated adoption readiness. Our AI strategy rooted in 3 core pillars: productivity, decision-making and service delivery will include the introduction of new AI features for multiple products by year-end. We've also worked to standardize our monetization strategy, focusing on a value-based SaaS model that provides predictability that our clients need. We also highlighted our increased focus on investments in improving the client experience, including presentations by our new Chief Client Officer, Andrew Kahl.

在會議上，我們預覽了我們的人工智慧策略路線圖，引起了客戶的強烈興趣，並表明採用準備程度有所提高。我們的人工智慧策略植根於三大核心支柱：生產力、決策和服務交付，並將在年底前為多種產品引入新的人工智慧功能。我們也致力於標準化我們的貨幣化策略，專注於提供客戶所需的可預測性的基於價值的 SaaS 模型。我們也強調了我們更加重視改善客戶體驗的投資，包括我們新任首席客戶長 Andrew Kahl 的演講。

You may have seen our Form 8-K filed last week, announcing John Marr's intention to end his service on Tyler's Board of Directors, effective after the company's Annual Meeting of Shareholders in May of '26. John joined Tyler through the acquisition of Munis, ultimately rising to President and CEO of Tyler. He joined the Board of Directors in 2002 and has chaired the Board since 2017.

您可能已經看到了我們上週提交的 8-K 表格，其中宣布約翰·馬爾 (John Marr) 打算終止其在泰勒董事會的職務，該決定將於 26 年 5 月公司年度股東大會後生效。約翰透過收購 Munis 加入 Tyler，最終升任 Tyler 總裁兼執行長。他於 2002 年加入董事會，並自 2017 年起擔任董事會主席。

John's impact on the company is immeasurable, and we look forward to celebrating him and his leadership next year. In the meantime, we extend both our profound thanks and our sincere congratulations to him. We're also grateful that he made this decision months before his actual Board service ends so that we have time to execute a thoughtful and responsible Board transition.

約翰對公司的影響是不可估量的，我們期待明年慶祝他和他的領導。同時，我們向他表達深切的感謝和誠摯的祝賀。我們也很感激他在董事會任期實際結束前幾個月做出了這個決定，這樣我們就有時間進行深思熟慮和負責任的董事會過渡。

To that end, independent directors of the Board discussed and manically agreed that their current intention is to nominate me as the company's next board chair. Independent Directors also unanimously agreed that they would continue to appoint a lead independent director for as long as the Board Chair is not independent. On a personal level, I want to thank John for the remarkable ride we've had together since 1999.

為此，董事會獨立董事經過討論，一致同意，他們目前的意向是提名我為公司下一任董事會主席。獨立董事也一致同意，只要董事會主席不是獨立董事，他們就會繼續任命首席獨立董事。從個人角度來說，我要感謝約翰，感謝他讓我們自 1999 年以來一起走過了一段非凡的旅程。

I'm deeply grateful for his leadership of the company and the Board, but also in my own career at Tyler. I remain fully committed to executing our mission, building momentum on the initiatives we have launched and delivering value to our shareholders, clients and Tyler team members. It's been a privilege to do that with John, and I'm inspired as ever to continue writing more chapters in the incredible story that John helped write.

我非常感謝他對公司和董事會的領導，也感謝他在我泰勒的職業生涯中所扮演的角色。我將繼續全力致力於執行我們的使命，為我們已經啟動的計劃積累動力，並為我們的股東、客戶和泰勒團隊成員創造價值。能夠與約翰一起做這件事是我的榮幸，我一如既往地受到啟發，繼續為約翰幫助撰寫的這個令人難以置信的故事撰寫更多章節。

Additionally, I'm pleased to announce the recent appointment of Brian O'Connor as our Senior Vice President of Payment Strategy and Operations, a newly created executive role to support strategic objectives and further expand our payments market opportunities.

此外，我很高興地宣布，最近任命 Brian O'Connor 為我們的支付策略和營運高級副總裁，這是一個新設立的執行職位，旨在支持策略目標並進一步擴大我們的支付市場機會。

Brian brings more than 30 years of experience in the payments industry and a proven track record of driving innovation and operational excellence. He'll be responsible for Tyler's overall payment strategy, technology, third-party payments partnerships and day-to-day payments operations.

Brian 在支付行業擁有超過 30 年的經驗，並在推動創新和卓越營運方面擁有良好的記錄。他將負責 Tyler 的整體支付策略、技術、第三方支付合作夥伴關係和日常支付營運。

Ryan's Strategic Counsel will be key in this next phase of our growth as we realize the full potential of Tyler's payments business. Now we'd like to open the line for Q&A.

當我們充分發揮泰勒支付業務的潛力時，瑞安的策略顧問將成為我們下一階段成長的關鍵。現在我們想開放問答環節。

Thank you. And we'll now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Terry Tillman, Truist Securities.

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

Yeah, thanks. Good morning. First, I guess, I want to say congrats to John and all the best going forward. My one question -- I'm going to focus on bookings, the SaaS bookings. I think there was some commentary in the prepared remarks about maybe some benefit from stuff from 1Q to 2Q actually materializing.

是的，謝謝。早安.首先，我想向約翰表示祝賀，並祝福他未來一切順利。我的一個問題——我將重點關注預訂，SaaS 預訂。我認為準備好的評論中有一些評論是關於第一季至第二季的一些好處可能實際上會實現。

But if I just look at the SaaS bookings, the $1.48 to $2.18, that is a substantial uplift sequentially and is higher than any bookings last year, including some quarters where there were some big deals.

但如果我只看 SaaS 預訂量，1.48 美元到 2.18 美元，這是一個連續的大幅增長，並且高於去年的任何預訂量，包括一些有大交易的季度。

So just anything you can share more on that bookings because no part of the definition of the SaaS bookings is not just new deals, but also extensions and renewals. So maybe talk a little bit more around that SaaS bookings. Thank you.

因此，您可以分享更多有關預訂的信息，因為 SaaS 預訂的定義不僅僅是新交易，還包括擴展和續訂。所以也許我們可以多談談 SaaS 預訂問題。謝謝。

Yes, Terry. The real strength in the SaaS bookings this quarter, although the new deals, the new logo, new named deals did improve pretty significantly from Q1 sequentially, and that did include the impact of some of the deals that we talked about in Q1 that were delayed. But really, the strength there was around inside sales, which be expansions, additional sales to existing customers and renewals.

是的，特里。本季 SaaS 預訂的真正優勢在於，儘管新交易、新標誌、新命名交易確實比第一季有顯著改善，但這也包括了我們在第一季談到的一些被推遲的交易的影響。但實際上，其優勢在於內部銷售，包括擴張、對現有客戶的額外銷售和續約。

It was a very strong renewal period. Some of that is just timing of when some of the SaaS deals, especially multiyear deals, deals that we signed last year in a very strong bookings year have renewed.

這是一個非常強勁的更新時期。其中一些只是一些 SaaS 交易（尤其是多年期交易）的續約時機，這些交易是我們去年在預訂量非常強勁的一年簽署的。

And so that's really what drove most of that strength. But there's really 4 components there, as you mentioned, new names, additional sales to existing customers, renewals and flips and the latter 3 were all pretty strong this quarter.

這才是真正推動大部分力量的因素。但正如您所提到的，實際上有 4 個組成部分，即新名稱、對現有客戶的額外銷售、續約和翻轉，後三個部分本季都表現相當強勁。

Thank you.

謝謝。

Alexi Gogolev, JPMorgan.

摩根大通的 Alexi Gogolev。

Hello everyone. Lynn, yesterday, we've heard Tenable call out improving federal spending environment. How have Tyler's sales cycle evolved since Q1? And what specific improvements are you observing in the pipeline as macro begins to improve?

大家好。林恩，昨天，我們聽到 Tenable 呼籲改善聯邦支出環境。自第一季以來，泰勒的銷售週期如何演變？隨著宏觀經濟開始改善，您在管道中觀察到了哪些具體改進？

Yes, Alexei, that's a good question. And you're right. I think if you step back and look at the broader economy, you go back just 3 months ago, there was kind of a lot of noise going on a lot of things, whether it was dose or whether it was tariffs. And things seem to be stabilizing on a more broader level, I think reports recently, inflation is down, GDP, I think, was around 3% this past quarter, reflecting, I think, both a change in import exports.

是的，阿列克謝，這是個好問題。你是對的。我認為，如果你退一步看看整體經濟，回顧三個月前，很多事情都引起了很大騷動，無論是劑量還是關稅。從更廣泛的層面來看，情況似乎正在趨於穩定，我認為最近的報告顯示，通貨膨脹率正在下降，我認為上個季度的 GDP 成長率約為 3%，這反映了進出口的變化。

I think there -- for Q1, there was a lot of pre-tariff imports coming in, wages are up. There's an expectation of rate cuts coming. So I think some of that market uncertainty is starting to loosen on a broader environment. What we're seeing is there was a little bit of uncertainty, I think, coming out of Q4 really into Q1 around that broader environment. And -- but in our business, those deals don't go away.

我認為，就第一季而言，關稅前進口量很大，薪資上漲了。人們預期利率將會降息。因此我認為，從更廣泛的環境來看，部分市場不確定性正在開始減弱。我們看到的是，我認為，從第四季度到第一季度，在更廣泛的環境中存在一些不確定性。但在我們的業務中，這些交易不會消失。

So when we talk about our pipeline remains strong, it does remain strong. And even when there's been a little bit of a delay in some decisions, which -- we're still delivering mission-critical systems to our clients. They have to have them, that demand doesn't go away. And I think you're starting to see that. And we're seeing that in market activity, an anecdote, for example, in our ERP space, RFPs are up, I think, 25% since Q1.

因此，當我們說我們的管道依然強勁時，它確實依然強勁。即使某些決策稍有延遲，我們仍在向客戶提供關鍵任務系統。他們必須擁有它們，這種需求不會消失。我想你已經開始看到這一點了。我們在市場活動中看到這一點，例如，在我們的 ERP 領域，我認為 RFP 自第一季以來上漲了 25%。

So as I said, the demand doesn't go away. The pipeline is still there and robust. And we are starting to see decisions. And I think as we continue throughout the year sequentially, we'll be seeing those increase in those decisions more back to our -- what we were accustomed to in the last several years.

正如我所說，需求不會消失。管道仍然存在並且堅固耐用。我們開始看到決策。我認為，隨著我們全年的連續發展，我們將看到這些決策的成長更加回到我們過去幾年習慣的狀態。

Thank you, Lynn.

謝謝你，林恩。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Great, thank you for taking my question. I realize that everyone's still digesting all the potential OBVA impacts, any thoughts on as more responsibility is pushed down the state, specifically around things like Medicaid, they're already stretched in. Any concerns this could potentially influence buying behavior in the near term?

太好了，謝謝你回答我的問題。我意識到每個人仍然在消化所有潛在的 OBVA 影響，隨著更多的責任被推到州政府，特別是在醫療補助等方面，他們已經不堪重負。是否有人擔心這可能會影響短期內的購買行為？

Yes, Ken, that's not something that we're hearing. And particularly when you talk about things being pushed down in the state. I mean what we see is pretty normal budgets. I think NASB recently came out with a report that state budgets are relatively flat over the past couple of years and those budgets the last few years have been elevated.

是的，肯，我們聽到的不是這個。特別是當你談論國家正在壓制的事情時。我的意思是我們看到的預算相當正常。我認為 NASB 最近發布的一份報告稱，過去幾年州預算相對持平，而最近幾年的預算有所增加。

And just as a reminder, even in our state business, our DSD business, I think less than 15% of our deals are actually coming from state-funded expenditures as opposed to transaction-based funding. So it's a -- that's a small percentage of our business. But what I would say is we're not seeing any real change due to that to the one big beautiful Bill act.

需要提醒的是，即使在我們的國家業務、我們的 DSD 業務中，我認為實際上只有不到 15% 的交易來自國家資助的支出，而不是基於交易的融資。所以這只是我們業務的一小部分。但我想說的是，我們並沒有看到《比爾法案》帶來的任何真正的改變。

Fantastic. Thanks for the color.

極好的。謝謝你的顏色。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Hey, great, thanks. Good morning. I appreciate you taking the question. Brian, I was hoping we could just go back to some of the free cash flow commentary and unpack it a bit more. I guess with Q2 specifically, I'm wondering if anything, in terms of transaction outperformance, it all impacts seasonality of free cash flow or anything we should be mindful of?

嘿，太好了，謝謝。早安.感謝您回答這個問題。布萊恩，我希望我們可以回顧一下自由現金流評論，並進一步解釋。我想具體到第二季度，我想知道在交易表現優異方面，它是否會影響自由現金流的季節性或我們應該注意的任何事情？

And then the commentary on the bill impacts. Was that 200 basis points for the full year, just given the change in the second half assumptions, anything additionally you can add just there and in terms of seasonality as we're updating our forecast and just trying to get a bit more calibration around some of the changes there is helpful.

然後是有關該法案影響的評論。全年的基點是 200 個基點嗎？考慮到下半年假設的變化，您還可以添加任何額外的內容，就季節性而言，我們正在更新預測，並嘗試對一些變化進行更多的校準，這很有幫助。

Yes. The 200 basis points is the -- it's the impact of that $55 million lower cash tax payments for the full year. So that is the impact on the full year margin. In terms of seasonality, it was a really strong -- seasonally, the second quarter is the strongest quarter for transaction revenues.

是的。這 200 個基點是全年現金稅額減少 5,500 萬美元的影響。這就是對全年利潤率的影響。從季節性角度來看，第二季是交易收入最強勁的季度。

But this quarter was especially strong and exceeded the expectations around the cash flow from those transaction revenues with higher volumes and some of the newer contracts that we've signed in recent quarters coming online. The third quarter is still our biggest free cash flow quarter by a wide margin, and that continues to be the expectation, especially because we still have a lot of maintenance that the majority of which renews in the third quarter or that we can't collect the cash for in the third quarter.

但本季表現尤為強勁，交易量增加，加上我們最近幾季簽署的一些新合約的生效，交易收入產生的現金流超出了預期。第三季度仍然是我們自由現金流最大的季度，遙遙領先，這也是我們的預期，特別是因為我們仍然有很多維護工作，其中大部分在第三季度續訂，或者我們無法在第三季度收回現金。

So the really big change to the second half assumption is around the lower cash taxes. So we really expect that we won't pay any meaningful federal cash taxes for the next years almost.

因此，下半年假設的真正重大變化是現金稅的降低。因此，我們確實預計未來幾年我們幾乎不會繳納任何有意義的聯邦現金稅。

Thanks very much.

非常感謝。

Mat VanVliet, Cantor.

馬特·範弗利特（Mat VanVliet），領唱。

Yes, good morning. Thanks for taking the question. I guess when you look at the pipeline for cloud flips, curious on how that was trending into your Connect user conference, how the conference helps support that. And then as you look towards the back half of the year, how should we think about the progress of cloud flips and the magnitude of the ARR flipped over.

是的，早安。感謝您回答這個問題。我想，當您查看雲端翻轉管道時，您會好奇它在您的 Connect 用戶會議中是如何發展的，以及會議如何幫助支援這一點。然後，當你展望下半年時，我們應該如何看待雲端翻轉的進展以及 ARR 翻轉的幅度。

Yes, Matt, I think I'll start, Brian. You may want to jump in with some specifics. But I think generally speaking, as every quarter goes by and as more clients successfully flip to the cloud, it creates more momentum. I got a phrase I've used around, Tyler momentum creates momentum. And we're seeing that I think the SaaS slip that we did in California is a good example.

是的，馬特，我想我會開始的，布萊恩。您可能想要了解一些具體細節。但我認為總體而言，隨著每季的過去以及越來越多的客戶成功轉向雲端，它將創造更大的發展動力。我一直用一句話，泰勒的勢頭創造了勢頭。我們看到，我認為我們在加州所做的 SaaS 嘗試就是一個很好的例子。

I think -- I can't remember exactly when it was maybe 1.5 years ago, 2 years ago when we did our first statewide court flip in Idaho, and we talked about how that reference would create more momentum, and we're seeing that. I think the other thing is it's one of the things that I think also drives the elevated interest in AI is just some of the unique factors that are going on in the public sector, one being the changing workforce and really the reductions in workforce, which also is going to be driving as people retire, continue to retire and they're having more difficulty hiring than, say, in the public sector. I think that's also going to continue to fuel momentum in our cloud flip business.

我想——我不記得具體是什麼時候了，大概是 1.5 年前，或者 2 年前，我們在愛達荷州進行了第一次全州範圍的法院翻轉，我們討論了這一參考將如何創造更多的動力，我們現在看到了這一點。我認為另一件事是，我認為推動人們對人工智慧興趣高漲的因素之一是公共部門正在發生的一些獨特因素，其中之一就是勞動力的變化和勞動力的減少，這也將推動人們退休，繼續退休，他們在招聘方面比公共部門更困難。我認為這也將繼續推動我們的雲端翻轉業務的發展勢頭。

And with respect to the flips this year, it is a little bit more back-end weighted towards the second half of the year. I think our assumption around flips this year really hasn't changed from where we started out the year. We expect the number of flips to grow around 25% year-over-year.

就今年的翻轉而言，下半年的後端權重會更大一些。我認為，我們對今年翻轉的假設與年初相比並沒有改變。我們預計翻轉數量將年增約 25%。

I would say that our client base, our on-prem client base is still more heavily weighted towards large customers. As Lynn said, we've only flipped at this point, one of our state courts customers. We have a big presence in California with counties that we just left the first county there. So the timing of the bigger flips really impacts that ARR, and it can be somewhat unpredictable. We still see the sort of the peak of the flips, especially around the bigger customers, somewhere in that 2027, 2028 time frame.

我想說的是，我們的客戶群、我們的內部客戶群仍然更偏向大客戶。正如林恩所說，我們現在只是翻轉了這一點，我們是我們的一位州法院客戶。我們在加州的各縣都有很大的業務，我們剛離開那裡的第一個縣。因此，更大翻轉的時機確實會影響 ARR，可能有點難以預測。我們仍然看到轉換率的高峰，特別是圍繞較大的客戶，大約在 2027 年、2028 年的時間範圍內。

And we're working with customers all across our on-prem base to develop time lines for when they'll flip, I think with virtually every customer now it's a matter of when and not whether they'll flip. But we still see that peak a couple of years down the road.

我們正在與所有本地客戶合作，制定他們何時進行遷移的時間表，我認為現在幾乎每個客戶都只關心何時遷移，而不是他們是否遷移的問題。但我們仍認為幾年後將會達到頂峰。

Great, thank you.

太好了，謝謝。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Hey, great. Hey guys, thanks for taking my question here. Great to see some of the stabilization. Brian, maybe for you. Again, it was really good to see the SaaS bookings this quarter and that sequential growth. I noticed that you narrowed the SaaS revenue growth for the year, just a little bit. It's really not that material, but I was just wondering if you could just talk us through what were some of the puts and takes that you considered when doing that.

嘿，太棒了。嘿夥計們，謝謝你們在這裡回答我的問題。很高興看到一些穩定跡象。布萊恩，也許對你來說是這樣。再次，看到本季的 SaaS 預訂量和連續成長真是令人欣喜。我注意到，你們將今年的 SaaS 營收成長幅度縮小了一點。這確實不是那麼重要，但我只是想知道您是否可以向我們講講您在做這件事時考慮的一些因素。

And then just broader, remind us what you said about the long-term model here with SaaS growth at Analyst Day, if I remember correctly, it was kind of a 2-stage sort of model. I wanted to see if you had -- if you could just remind us about what that 2 stages sort of said about SaaS growth. Thanks.

然後更廣泛地說，提醒我們您在分析師日所說的關於 SaaS 成長的長期模型，如果我沒記錯的話，這是兩階段模型。我想看看您是否可以提醒我們這兩個階段對 SaaS 成長有何影響。謝謝。

Yes, sure. Yes, as we look at the -- just as we get further in the year, now halfway through the year, we just have more clarity and are able to narrow that range. I think the biggest variables around the SaaS growth in the current year, it's not as much the current year bookings. As you get into the second half of the year, they don't have much impact on the current year revenues. But really, fully understanding the timing around the start of revenues around the bookings in the first half of the year, more information around the timing of flips and when those revenue shifts from maintenance to SaaS will occur. So those are the biggest factors that enabled us to kind of narrow that range down a little bit but really no fundamental changes there.

是的，當然。是的，當我們回顧這一年時，現在已經過去一半了，我們更加清晰地了解了情況，並能夠縮小範圍。我認為今年 SaaS 成長的最大變數並不是今年的預訂量。進入下半年，它們對當年的收入不會產生太大影響。但實際上，充分了解上半年預訂收入開始的時間，就能獲得更多有關轉變時間以及收入從維護轉向 SaaS 的時間的資訊。因此，這些是使我們能夠稍微縮小範圍的最大因素，但實際上並沒有根本的變化。

In terms of the Investor Day targets, we talked about long term between 20 -- the time of the Investor Day in 2030, recurring revenues, in total, growing 10% to 12% CAGR with SaaS in the high teens kind of a 20% CAGR through 2025. As you've seen, we're ahead of pace on that. But as we get through that peak of the flips, it starts to move more towards that high teens over that total period but kind of low 20s up through the peak of the flips and then slowing down as we get on the downside of the flip chart.

就投資者日目標而言，我們談論的是 2030 年投資者日期間長期目標，總體而言，經常性收入的複合年增長率為 10% 至 12%，其中 SaaS 的複合年增長率將達到十幾歲，到 2025 年將達到 20%。如您所見，我們在這方面已經走在了前面。但是，當我們通過翻轉的峰值時，它開始在整個週期內更多地向十幾歲的高度移動，但在通過翻轉的峰值時，它的速度會下降到二十多歲，然後當我們到達活動掛圖的下側時，速度會減慢。

Makes a ton of sense. Thank you.

非常有道理。謝謝。

Joshua Reilly, Needham.

約書亞‧賴利 (Joshua Reilly)，尼德姆。

Yeah, thanks for taking my question. As we enter the second half of the year here, how should we think about the pipeline for big deals. I know specifically, there's two states with RFPs for statewide court management contracts. Any update on how these are progressing and just the overall pipeline for big deals. Thank you.

是的，感謝您回答我的問題。當我們進入下半年時，我們應該如何考慮大交易的管道。我具體知道，有兩個州已經發布了全州法院管理合約的徵求建議書。有關這些進展情況以及大型交易整體進展的任何最新消息。謝謝。

I think, Josh, as we said, just generally, our pipeline is solid. I'm aware generally -- I probably can assume which dealers you're talking about. We always have a good pipeline in the court space. those bigger deals in Corso tend to be lumpy. We expect some large RFPs to be coming out over the next several quarters. We expect to be extremely competitive in those deals. The timing of those is always a little bit uncertain. But even if RFPs were to be announced in the next quarter, say, it would take some time to get through the process and get those signed.

我認為，喬希，正如我們所說，總體而言，我們的管道是穩固的。我大致上知道——我大概能猜出您說的是哪些經銷商。我們在球場上總是有良好的管道。 Corso 的那些大交易往往不太穩定。我們預計未來幾季將會推出一些大型的 RFP。我們期望在這些交易中具有極強的競爭力。這些事情發生的時間總是有點不確定。但即使要在下個季度公佈 RFP，也需要一些時間來完成整個流程並獲得簽署。

I'd say at the high level, the mix of large deals in our pipeline is pretty consistent with what we've seen over a long period of time. But as Lynn said, it's really hard to -- it's harder on the bigger deal to predict the timing until they actually get down to an award.

我想說，從高層次來看，我們正在進行的大額交易組合與我們長期以來所看到的情況非常一致。但正如林恩所說，這真的很難——對於更大的交易來說，在他們真正達成協議之前，很難預測時機。

Oftentimes they're -- even when they have published time lines for procurements. They don't stick to them too religiously. So I'd say that broadly, the mix of large deals in our pipeline is consistent with kind of our historical norms.

通常情況下，即使他們已經公佈了採購時間表。他們並不會過於虔誠地遵守這些戒律。因此我想說，總體而言，我們正在進行的大型交易組合與我們的歷史規範是一致的。

Thank you.

謝謝。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Thank you. Good morning. My question is on cross-sell. Brian, I think you mentioned from the SaaS revenue in the quarter. There was a good contribution from entices and cross-sell. So Lynn, my question for you is, and particularly coming out of Connect, you've done a lot to kind of change the culture internally at Tyler and to drive cross-sell. So 2 areas of focus.

偉大的。謝謝。早安.我的問題是關於交叉銷售的。布萊恩，我想您提到了本季的 SaaS 收入。誘惑和交叉銷售做出了良好的貢獻。所以 Lynn，我想問您的問題是，特別是在 Connect 之後，您做了很多工作來改變 Tyler 的內部文化並推動交叉銷售。所以有兩個重點領域。

One, where are you seeing kind of the bulk of the cross-sell today? And I guess, within product sets. And then how are you seeing the evolution of kind of the one, Tyler, where you're creating a pipeline of ability to cross-sell, say, public safety into munis and ones into munis and vice versa. Thanks.

首先，您今天在哪裡看到大部分的交叉銷售？我猜，在產品系列內。那麼，泰勒，您如何看待這種轉變呢？您正在創建一種交叉銷售能力的管道，例如將公共安全債券轉換為市政債券，將公共安全債券轉換為市政債券，反之亦然。謝謝。

Yes, sure. I think that last point is pretty important. The One Tyler initiative, which really encompasses a lot of things and will become foundational for future cross-sell and upsell. And it's more than just things we're doing around our sales teams and how we're now quoting people.

是的，當然。我認為最後一點非常重要。One Tyler 計劃確實涵蓋了許多內容，並將成為未來交叉銷售和追加銷售的基礎。這不僅僅是我們圍繞銷售團隊所做的事情以及我們現在如何向人們報價。

And even when we've talked recently about building out a state sales team, which is still in the early stages. But it extends into things like how we're approaching the cloud, how we're approaching cloud living, how we're approaching client experience, trying to give all of our clients a single unified experience, both from sales to support implementation.

即使我們最近談到建立州銷售團隊，但這仍處於早期階段。但它延伸到諸如我們如何接近雲端、如何接近雲端生活、如何接近客戶體驗等方面，試圖為所有客戶提供從銷售到支援實施的單一統一的體驗。

That's what's going to continue to drive more and more cross-sell and upsell. We're seeing those opportunities really, I'd say, just kind of consistently across the board. I'd say we're still early in the process of capitalizing on the cross-sell upsell opportunities. as we continue to build out that sort of one, Tyler, foundation that makes that, for lack of a better term, sort of helps grease the skids for those types of sales.

這將繼續推動越來越多的交叉銷售和追加銷售。我想說，我們確實看到了這些機會，而這些機會在各方面都是一致的。我想說，我們在利用交叉銷售追加銷售機會的過程中還處於早期階段。隨著我們繼續建立這種基礎，泰勒，由於缺乏更好的術語，這種基礎有助於為這些類型的銷售鋪平道路。

So I continue to see that as one of our long-term growth drivers as we can continue to get more and more of our Tyler products into each of the clients' hands.

因此，我繼續將其視為我們的長期成長動力之一，因為我們可以繼續將越來越多的 Tyler 產品送到每位客戶手中。

Great, thank you.

太好了，謝謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hi, good morning. Let me echo my congratulations as well. In terms of the transaction-based revenue, what maybe drove the strong performance this quarter. Can you just unpack that for us a little bit more? And what maybe causes us to drop back down to more normalized levels over the balance of the year? Thank you.

嗨，早安。我也向你表示祝賀。就基於交易的收入而言，這可能是推動本季業績強勁的原因。您能為我們進一步解釋一下嗎？那麼，什麼原因可能導致我們在今年餘下時間裡回落至更正常的水平呢？謝謝。

Well, there's a couple of things. Our Tyler Payments revenues, as we've talked about, we have a focus on cross-sell focus really into bundling payments in an integrated manner with new Tyler software sales as well as back into our installed base.

嗯，有幾件事。正如我們所討論的，我們的 Tyler Payments 收入主要集中在交叉銷售上，即以整合的方式將支付與新的 Tyler 軟體銷售捆綁在一起，並重新融入我們的安裝基礎。

And we've had a lot of success with that really over the last year and continue to work with existing customers to add payments to their software solutions. So we've seen good growth in that. We've also seen growth in the revenues that we get from third-party payment relationships with some of our customers, and we've seen nice growth there. And then in new payment relationships, some of which are really -- what I kind of like to refer to is SaaS as a transaction where we're providing software but getting paid for it with transaction revenue.

在過去的一年裡，我們在這方面取得了很大成功，並繼續與現有客戶合作，為他們的軟體解決方案添加付款功能。所以我們看到了這方面的良好成長。我們也看到，透過與一些客戶建立第三方支付關係，我們獲得的收入有所成長，而且成長勢頭良好。然後在新的支付關係中，其中一些實際上是——我喜歡將 SaaS 稱為一種交易，我們提供軟體，但透過交易收入獲得報酬。

So for example, the California parks contract that we talked about last year, went live last August. So that's still providing growth for us that it wasn't in there last year. Some of our digital titling solutions that are paid for with transaction revenues, we went live, for example, in the State of New Jersey with that. The Florida payments contract continues to grow as we went live, actually last July with SunPass the toll roads in Florida. So that's new revenue on a year-over-year basis.

例如，我們去年談到的加州公園合約於去年 8 月生效。因此，這仍然為我們提供了去年所沒有的成長。我們的一些數位版權解決方案是透過交易收入支付的，例如，我們在新澤西州就已開始實施這些解決方案。隨著我們上線，佛羅裡達州的支付合約繼續增長，實際上是去年 7 月與 SunPass 合作在佛羅裡達州的收費公路上開展業務。這是同比新增收入。

And then Texas, which is going away at some point, continues to have higher volumes as well. So we saw some increase there. So it's really volumes, new customers and some of those new customers being cross-sell. I guess the things that would some of the volumes can be seasonal somewhat.

然後，德克薩斯州，雖然在某個時候會消失，但其交易量仍然較高。因此我們看到那裡有所增長。因此，真正的問題是銷售量、新客戶以及一些新客戶的交叉銷售。我猜想某些卷中的東西可能在某種程度上具有季節性。

And over time, I think as we continue to mine the existing customer base, at some point, we'll sort of reach a peak there and have fewer opportunities have worked through most of those opportunities. And I think we're still some time away from having fully penetrated our customer base. But eventually, we'll get there.

隨著時間的推移，我認為隨著我們繼續挖掘現有的客戶群，在某個時候，我們會達到頂峰，並且機會會越來越少，大多數機會都會被利用。我認為我們距離完全滲透我們的客戶群還有一段時間。但最終，我們會到達那裡。

I think to answer that, Jonathan, just 2 things, and it was kind of -- I think you may have covered it, Brian, but we're getting better at accelerating onboarding of our payment streams. And we also have some initiatives around trying to help increase adoption within our client base. So all the things that Brian mentioned, plus those 2 factors as well.

喬納森，我想回答這個問題，只有兩件事，有點——布萊恩，我想你可能已經談到了，但我們正在更好地加速我們的支付流的加入。我們也採取了一些舉措，試圖幫助提高客戶群的採用率。所以 Brian 提到的所有事情，再加上這兩個因素。

Thank you.

謝謝。

Alex Zukin, Wolf Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Hey guys, thanks for taking the question, echo the congrats. I guess maybe just 2 quick ones for me. First, around the kind of macro timing impacts, is there kind of maybe gauge the level of conservatism still embedded in the outlook for those events just given the kind of maybe lower macro impacts that we've seen thus far. That's just the first one. And then I have a quick follow-up.

嘿夥計們，謝謝你們提出這個問題，我也向你們表示祝賀。我想也許對我來說只需要 2 個。首先，圍繞著宏觀時機影響，鑑於我們迄今為止所看到的宏觀影響可能較低，是否有可能衡量對這些事件的展望中仍然存在的保守程度。這只是第一個。然後我有一個快速的跟進。

Yes. I mean, as I mentioned earlier, I think there has been a little bit of a macro, cloud may be the wrong word, but hanging around what's going on in the general economy, I think, is -- should free up some of that, maybe uncertainty or we experienced it's short-lived. I mean it's -- as I said earlier, the demand hasn't gone away, the pipeline hasn't gone away.

是的。我的意思是，正如我之前提到的，我認為存在一些宏觀因素，雲可能是錯誤的詞，但圍繞著總體經濟狀況，我認為應該釋放其中的一些，也許是不確定性，或者我們經歷的它是短暫的。我的意思是──正如我之前所說，需求並沒有消失，管道也沒有消失。

In terms of conservatism and the remaining outlook for the year, given the timing of even if we start seeing more deals and the timing I'm getting online, I wouldn't think that there's really any conservatism right now in our approach for the rest of 2025.

就保守主義和今年剩餘時間的前景而言，考慮到即使我們開始看到更多交易以及我上網的時間，我認為我們現在對 2025 年剩餘時間的態度實際上並不保守。

Yes. No, I wouldn't do that. I think that would probably be overly aggressive. I think the difference is really around just the impact of higher margins and higher earnings. So that's flowing through the cash, especially on the transaction side because the cash flow characteristics of the transaction revenues are really strong.

是的。不，我不會這麼做。我認為這可能有點過於激進了。我認為差異實際上只是更高利潤率和更高收益的影響。因此，這是透過現金流動的，特別是在交易方面，因為交易收入的現金流特徵非常強勁。

We get the cash when the transaction takes place. So those are the biggest factors. The tax change in just the higher earnings and particularly transaction revenues. So I think your starting point is going to be probably somewhere around where we are this year. And then the impact of basically no federal cash taxes next year which would have been probably in the $100 million range, but that impact on next year.

交易發生時我們會得到現金。這些都是最重要的因素。稅收變化只是為了提高收入，特別是交易收入。所以我認為你的起點可能就在我們今年的某個地方。然後，明年基本上沒有聯邦現金稅的影響可能在 1 億美元左右，但這會對明年產生影響。

Got i. Thank you guys.

明白了。謝謝大家。

Charlie Strauzer, CJS Securities.

Charlie Strauzer，CJS 證券公司。

Hi, good morning. Just a personal thanks to John for the 23-plus years we've known each other and you, Brian, especially introducing us to the Tyler story at the very early days. And really, that's what I had for you guys. Thank you. Appreciate that.

嗨，早安。我要親自感謝約翰，感謝他讓我們認識了 23 多年，也要感謝你，布萊恩，特別是在早期就向我們介紹了泰勒的故事。真的，這就是我要告訴你們的。謝謝。非常感謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good morning. Thank you. I wanted to follow up on the prior commentary on the potential for flip to grow around 25% year-over-year. Give us a little bit of a sense of how that's progressing from here. I think in the past, you've talked about peak flips being in 2027, 2028. So do you think that 25% can accelerate or are we talking number of clips to finish go -- maybe just a little color on where we go from here on the flip.

嗨，早安。謝謝。我想跟進之前關於翻轉潛力同比增長約 25% 的評論。請向我們稍微介紹一下目前的進展。我認為過去您曾談到高峰翻轉是在 2027 年、2028 年。那麼，您是否認為 25% 可以加速，或者我們談論的是完成剪輯的數量 - 也許只是從這裡翻轉後我們走向哪裡的一點顏色。

YYes. The 25% is number of flips and really the dollar value to clips or the size of the clips there from those is the bigger factor. It's a little bit hard to predict, but likely '26 is probably something like another 25% on top of where we are in '25 and then acceleration from that to peak in '27 and '28.

是的。25% 是翻轉次數，而實際上剪輯的美元價值或剪輯的大小才是更大的因素。這有點難以預測，但很可能 26 年的成長速度會在 25 年的基礎上再成長 25%，然後在 27 年和 28 年加速達到高峰。

So we're probably looking at something like a 25% increase year-over-year in ballpark over the next couple of years and with larger and larger within a continuous increase in the number in the average dollar value of those slips as well -- certainly on quarter-to-quarter. But we're still probably on that kind of trajectory over the next couple of years until we get to the peak.

因此，我們可能預計未來幾年內這些單據的同比增長率約為 25%，而且其平均美元價值也將持續增加——當然是按季度計算的。但在接下來的幾年裡，我們可能仍會沿著這樣的軌跡前進，直到達到頂峰。

I got you. And so even if the number of percentage growth is steady to improving, the dollar value associated with that split will be going up.

我接到你了。因此，即使百分比成長數字穩定提高，與該分割相關的美元價值也將上升。

That's correct. That's the trend we expect over the next couple of years, the dollar value increasing more than probably the number of slips especially as you get to the large clip, some of those -- the state-wide courts, the large counties are multimillion dollar annual maintenance revenue streams, and we're continuing to see a pretty consistent around that 1.7x uplift from maintenance to SaaS.

沒錯。這是我們預計未來幾年的趨勢，美元價值的增長可能超過單據數量的增長，特別是當你涉及到大型文件時，其中一些——州級法院、大縣每年都有數百萬美元的維護收入來源，我們繼續看到從維護到 SaaS 的 1.7 倍左右的持續增長。

Very helpful. Thank you.

非常有幫助。謝謝。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Thank you for taking my question. Nice job on the quarter. Lynn, I was wondering if you could just provide some additional details around emergency networking. The acquisition just announced -- it looks like a nice little pickup, but maybe just some additional information such as maybe number of employees or customers, were they a regional player and where they profitable?

感謝您回答我的問題。本季表現不錯。林恩，我想知道您是否可以提供一些有關緊急網路的更多細節。剛剛宣布的收購——看起來是一個不錯的小收購，但也許只是一些額外的信息，比如員工或客戶的數量，他們是否是區域性參與者以及他們在哪裡盈利？

Yes. Thanks, Mark. It's a good question. So as we said, the primary solution is really in FIre records and patient care reporting for EMS. Fire records has always been part of our public safety suite, but something that we actually have not been investing in significantly as we focus more on our CAD and our place records.

是的。謝謝，馬克。這是個好問題。正如我們所說，主要的解決方案實際上是 EMS 的 FIre 記錄和患者護理報告。火災記錄一直是我們公共安全套件的一部分，但實際上我們並沒有對其進行大量投資，因為我們更加重視 CAD 和場地記錄。

It's -- they've got a cloud-native, multi-tenant offering. We've been partners with them for probably 2 years to help fill that gap. And part of this is -- it's what we called internally a partner to acquire model. So we kind of tested them out. We've got to know them as people got to know the culture, got the experience whether or not that product is portable and can move up market the way we expected it that it could, and then is proved that.

他們擁有雲端原生、多租戶產品。我們與他們合作了大概兩年，以幫助填補這一空白。其中一部分是──這就是我們內部所說的合作夥伴收購模式。所以我們對它們進行了測試。我們必須了解他們，因為人們了解了文化，獲得了經驗，無論該產品是否便攜，是否可以按照我們預期的方式進入市場，然後證明這一點。

There's some new compliance standards in this space. The space has seen a lot of consolidation recently. There's -- we talked about it being compliant with nearest the national emergency response information system. That's where -- all these agencies are -- most of them are on what's called NFIRS, and they're required to move in the beginning of '26.

這個領域有一些新的合規標準。該領域最近出現了很多整合。我們討論了它是否符合國家緊急應變資訊系統。所有這些機構都在那裡，它們中的大多數都屬於所謂的 NFIRS，而且它們必須在 26 年初搬遷。

They've got that solution compliant -- it's one of the things that we find really exciting about it shortly before after LOI, but shortly before closing, they had just closed on a statewide Pennsylvania deal, which has garnered a lot of interest. So we think we've got the best solution out there in the market. We're excited about it. It is a small company, several million in revenues, a little more than around breakeven. But we believe that we can take this now and do what we've done traditionally with some of these tuck-in acquisitions.

他們已經獲得了符合要求的解決方案——這是我們在意向書 (LOI) 之後不久發現的真正令人興奮的事情之一，但在交易結束前不久，他們剛剛完成了一項賓夕法尼亞州全州範圍的交易，這引起了很多人的興趣。因此我們認為我們已經擁有市場上最好的解決方案。我們對此感到很興奮。這是一家小公司，收入只有幾百萬美元，僅略高於損益平衡點。但我們相信，我們現在可以採取這種做法，並像我們傳統上對一些小型收購所做的那樣。

It rounds out our portfolio. It makes us even more competitive and with the sort of urgency around this regulatory compliance change and what we've seen with success in the market, we're really pretty excited about it.

它完善了我們的投資組合。它使我們更具競爭力，並且隨著這種監管合規變化的緊迫性以及我們在市場上取得成功，我們對此感到非常興奮。

Thank you. Sounds like a nice pickup.

謝謝。聽起來很不錯。

I'll add on the impact from emergency networking, although it's relatively immaterial is included in our guidance for the year.

我將補充緊急網路的影響，儘管它相對不重要，但已包含在我們今年的指導中。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Great. Thanks for taking the question up Lynn. Appreciate all the color around kind of dose, maybe taking a bit of a back seat or at least the noise around that diminishing and that kind of being a good, I guess, confirmation of stronger budgets at the state level. But have you seen anything, I guess, within the confines of your federal business. I know it's small, but just has that pressure release there. Maybe just get in that broader question, just give us an update on kind of where the opportunities might lie as you go more towards that part of the customer base. Thanks.

偉大的。感謝 Lynn 提出這個問題。欣賞各種劑量周圍的色彩，也許可以稍微退居次要地位，或者至少可以減少周圍的噪音，我想，這是一種很好的確認，可以確認州一級的預算更加充足。但我想，在聯邦事務範圍內，您是否見過任何事情。我知道它很小，但那裡確實有壓力釋放。也許只是問這個更廣泛的問題，請告訴我們，當您進一步面向該部分客戶群時，機會可能在哪裡。謝謝。

Yes, Trevor. And you're right. Our federal business is a pretty small piece of our business, less than 5%. What we're seeing right now is that projects haven't been taken away. As you know, Q3 is the biggest quarter for that. So it's still a little TBD.

是的，特雷弗。你是對的。我們的聯邦業務只占我們業務的一小部分，不到5%。我們現在看到的情況是，項目並沒有被撤走。如您所知，第三季是最重要的一個季度。因此，這仍有一些待確定。

But I think, generally speaking, I don't see a material change in our outlook. There will be pockets in federal. But as we mentioned, in our opening remarks, while there has been some scattered stuff across our diversified portfolio, we don't view any of it as material.

但我認為，總體而言，我認為我們的前景不會發生實質變化。聯邦政府中將存在一些口袋。但正如我們在開場白中提到的那樣，雖然我們的多元化投資組合中有一些零散的東西，但我們並不認為它們中的任何一個是重要的。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

This is [Dawn] on for Kirk. How should we think about trailing 12-month bookings numbers? Is it still a bit too lumpy? Should we look at it more over a trailing 2-year basis?

這是柯克的《黎明》。我們應該如何看待過去 12 個月的預訂數量？是不是還是有點太粗糙了？我們是否應該更多地從過去兩年的角度來看待這個問題？

Well, the lumpiness probably does sort of point you towards looking at over a longer basis to get a more accurate trend. We'll we've pointed out in the past, and we'll remind people that last year was a record year for SaaS bookings.

嗯，這種不均勻性可能確實會引導你從更長遠的角度來觀察，以獲得更準確的趨勢。我們過去曾指出過，我們會提醒人們，去年是 SaaS 預訂創紀錄的一年。

We had a number of very large deals and particularly in the third and fourth quarters. So we do face difficult comps on -- with that just really strong -- just a lot of it based on timing, but a lot of those came together in the third and fourth quarters of last year. We had large SaaS deals and courts in Arizona, we had a large (inaudible) deal in Maine. These were $15 million, $20 million kind of deals.

我們達成了許多非常大的交易，特別是在第三季和第四季。因此，我們確實面臨著困難的競爭——這真的很強勁——很多都是基於時間的，但很多都是在去年第三季和第四季出現的。我們在亞利桑那州有大型 SaaS 交易和法庭，我們在緬因州有一筆大型（聽不清楚）交易。這些交易價值約為 1500 萬美元、2000 萬美元。

So I think the longer -- a little bit longer look back probably gives you a more accurate trend that eliminates a little bit more of that lumpiness. But as we said, the pipeline -- we're really happy with the pipeline and the outlook is -- for bookings in the second half of the year is solid, but it is up against a really tough comp from the last 2 quarters or last year's -- last 2 quarters. So just keep that in mind.

所以我認為，回顧的時間越長，可能就能得到更準確的趨勢，消除更多的不平衡。但正如我們所說，我們對下半年的預訂情況非常滿意，前景也十分樂觀，但與過去兩個季度或去年同期相比，今年下半年的預訂情況確實不容樂觀。所以請記住這一點。

Great. Thanks for taking my question.

偉大的。感謝您回答我的問題。

Keith Housum, North Coast Research.

基斯‧豪瑟姆 (Keith Housum)，北海岸研究公司。

Good morning guys. Question for you on bookings. As I look at the bookings here, obviously, it's not quite what you guys are growing in terms of revenue. But in terms of your revenue, what do you guys recognize as perhaps not recording your bookings? Is there a gap there in terms of payments or whatever not you see in revenue but not in bookings?

大家早安。關於預訂的問題。當我查看這裡的預訂情況時，顯然，這與你們的收入成長並不完全一致。但是就您的收入而言，您認為哪些東西可能沒有記錄您的預訂？付款方面是否存在差距，或者您在收入中沒有看到但在預訂中沒有看到的差距？

Well, payments doesn't show up in bookings at all. Well, it shows up in bookings when the revenue is recognized. So if we sign a new payments deal because -- or other transaction-based deal, you won't see that show up in current quarter bookings because even though the revenue stream may be very predictable and a lot of comfort around that, it is dependent on the transaction, so it doesn't go into the bookings number.

嗯，付款根本沒有出現在預訂中。嗯，當收入確認時它就會出現在預訂中。因此，如果我們簽署了一項新的支付協議或其他基於交易的協議，您將不會看到它出現在當前季度的預訂中，因為即使收入流可能非常可預測並且對此有很多安慰，但它取決於交易，所以它不會進入預訂數量。

So new transaction deals. And as I mentioned, we're doing regularly doing deals where we're delivering software that is being paid for through transaction revenues.

因此有新的交易。正如我所提到的，我們經常進行交易，交付軟體並透過交易收入來支付費用。

And so those won't show up in that bookings number, but they will show up in revenue growth. So there's kind of this hybrid model we have, in many cases, which provides us with a strong competitive advantage of being able to deliver software and get paid under a transaction model, especially at the state level. And -- but that does have the impact of really kind of under understating bookings, especially around the software.

因此，這些不會體現在預訂數量中，但會體現在收入成長中。因此，在許多情況下，我們都採用這種混合模式，這為我們提供了強大的競爭優勢，能夠在交易模式下交付軟體並獲得報酬，尤其是在州一級。但這確實會對預訂量產生一定的影響，尤其是在軟體方面。

Yes, Keith, it's like a good example, our ERP suite signed this past quarter, a deal in Florida, think with the city of pop -- I don't how to pronounce it a pop, I think Florida -- that was a 370-ish annual ARR for SaaS but we expect $330,000 in transactions a year. So it's about a $700,000 a year. But of course, a lot of -- most of that transaction doesn't show up in bookings.

是的，基思，這是一個很好的例子，我們的 ERP 套件在上個季度簽署了一項與佛羅裡達州的交易，想想與流行音樂之城——我不知道怎麼發音“pop”，我認為是佛羅裡達州——這是 SaaS 的年度 ARR 為 370 美元左右，但我們預計每年的交易額為 330,000 美元。所以每年大約是70萬美元。但當然，很多——大部分交易都不會出現在預訂中。

Just another example, we signed a deal with the state of Oklahoma for our cashiering product. There is a small SaaS fee associated with it in 140-some a year.

再舉一個例子，我們與俄克拉荷馬州簽署了有關收銀產品的協議。每年需要支付約 140 美元的少量 SaaS 費用。

But with transaction revenues associated with it, it's $1 million of ARR. But all that showed up in the bookings was $144,000. So that's why we've have sort of deemphasized backlog in bookings in favor of total ARR.

但加上與之相關的交易收入，其 ARR 為 100 萬美元。但預訂單上顯示的金額僅為 144,000 美元。這就是為什麼我們不再強調預訂積壓，而更重視總 ARR。

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

女士們、先生們，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先生，請他作最後發言。

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

偉大的。謝謝艾比，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 call, and we thank you for your participation. You may not disconnect.

今天的電話會議到此結束，感謝您的參與。您不能斷開連線。