泰勒科技 (TYL) 2025 Q3 法說會逐字稿

Hello, and welcome to today's Tyler Technologies third-quarter 2025 conference call. Your host for today's call is Lynn Moore, President and CEO of Tyler Technologies. (Operator Instructions)

大家好，歡迎參加泰勒科技公司2025年第三季業績電話會議。今天電話會議的主持人是泰勒科技公司總裁兼執行長林恩摩爾。（操作說明）

And as a reminder, this conference is being recorded today, October 30, 2025. I would like to turn the call over to Hala Elsherbini, Tyler's Senior Director of Investor Relations. Please go ahead.

再次提醒大家，本次會議於2025年10月30日進行錄製。我謹將電話轉交給泰勒公司投資者關係資深總監哈拉‧埃爾舍比尼。請繼續。

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

謝謝，歡迎參加我們的通話。今天陪我一起的還有我們的總裁兼執行長林恩·摩爾，以及我們的財務長布萊恩·米勒。在我發表安全港聲明之後，Lynn 將對我們本季的業績發表一些初步評論，然後 Brian 將審查我們業績的詳細資訊並更新我們 2025 年的年度指導意見。Lynn最後會補充一些評論，然後我們會回答大家的問題。

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

在本次電話會議中，管理層可能會發表一些聲明，提供除歷史資訊以外的信息，並可能包括對公司未來前景、收入、支出和利潤的預測。根據 1995 年《私人證券訴訟改革法案》的安全港條款，此類聲明被視為前瞻性聲明，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些預測有重大差異。有關這些風險的更多信息，請參閱我們的 10-K 表格和其他提交給美國證券交易委員會的文件。

Also, in our earnings release, we have included non-GAAP measures that we believe facilitate understanding of our results and comparisons with peers in the software industry. 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 Financial tab, a schedule with supplemental information, including information about quarterly recurring revenues and bookings.

此外，我們在獲利報告中加入了非GAAP指標，我們認為這些指標有助於理解我們的業績，並與軟體產業的同業進行比較。我們在獲利報告中提供了GAAP與非GAAP指標的調節表。我們還在其網站的「投資者關係」部分的「財務」標籤下發布了一份包含補充資訊的時間表，其中包括季度經常性收入和預訂資訊。

On the Events and Presentations tabs, 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.

在「活動與簡報」標籤頁中，我們發布了收益摘要投影片，以補充我們準備好的發言稿。請注意，除非另有說明，否則我們今天在電話會議上所做的所有成長比較都將與去年同期相關。

Thanks, Hala. Third quarter results once again exceeded expectations across our key revenue and profitability measures, continuing the momentum we saw in the first half of the year. Total revenue grew by almost 10% and led by 20% SaaS revenue growth and 11.5% transaction revenue growth. We're also pleased to report solid bookings in Q3 as total SaaS bookings grew 5% sequentially and rose 5.8% year-over-year to reach a new all-time high. Our results reflect a high level of execution across our team as we advance our cloud strategy to lead the public sector's digital transformation.

謝謝你，哈拉。第三季業績在關鍵收入和獲利能力指標方面再次超越預期，延續了上半年的成長動能。總營收成長近 10%，其中 SaaS 營收成長 20%，交易營收成長 11.5%。我們也很高興地報告第三季預訂情況穩健，SaaS 總預訂量較上季成長 5%，較去年同期成長 5.8%，創歷史新高。我們的成果反映了我們團隊在推動雲端策略、引領公共部門數位轉型方面所展現出的高水準執行力。

Our leading sales indicators including RFP and demo activity remained steady, reflecting a healthy new business pipeline. Throughout the year, we have not seen any fundamental change in public sector demand, nor have we seen any material impact on demand from DOGE or related initiatives or more recently, the federal government shutdown. As we've discussed previously, we view efficiency mandates as a long-term tailwind for our software and services across a large replacement market of aging mission-critical systems.

包括 RFP 和演示活動在內的主要銷售指標保持穩定，反映健康的新業務管道。今年以來，我們沒有看到公共部門需求發生任何根本性變化，也沒有看到 DOGE 或相關舉措，或最近的聯邦政府停擺，對需求產生任何實質影響。正如我們之前討論過的，我們認為效率要求將對我們的軟體和服務在老舊關鍵任務系統龐大的替換市場中起到長期的推動作用。

We continue to operate in a resilient budget environment with allocations increasingly directed towards technology investments as a key lever for maximizing efficiency and productivity. We are executing our strategic priorities from a position of strength, grounded in durable fundamentals that reinforce our leadership position and competitive differentiators. Our four key growth pillars remain central to the strategy, completing our cloud transition, leveraging our large client base, growing our payments business and expanding into new markets.

我們繼續在穩健的預算環境下運營，並將越來越多的資金用於技術投資，以此作為提高效率和生產力的關鍵手段。我們憑藉著強大的實力，以穩固的基本面為基礎，執行各項策略重點，以鞏固我們的領導地位和競爭優勢。我們的四大關鍵成長支柱仍然是策略的核心：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。

Operationalizing our cloud-first strategy is fully embedded as the cornerstone of how we deliver, innovate and scale. Our cloud living approach will bring together technology and talent to drive agility and continuous improvement, ensuring consistency across releases and improved time to value for clients. Building on this foundation, our purpose-built AI innovation is amplifying the power of the cloud, creating more seamless connected client experiences, deepening relationships and expanding cross-sell and upsell opportunities across our portfolio.

我們將雲端優先策略全面落地，並將其作為我們交付、創新和擴展業務的基石。我們的雲端生活模式將技術與人才結合，以推動敏捷性和持續改進，確保版本之間的一致性，並加快客戶實現價值的速度。在此基礎上，我們專門打造的 AI 創新正在增強雲端的力量，創造更無縫的客戶連接體驗，加深客戶關係，並擴大我們產品組合中的交叉銷售和向上銷售機會。

I'd like to highlight a few third quarter wins that illustrate progress against our growth objectives with a broader list of key deals included in our quarterly earnings deck. We continue to gain traction with our AI-driven solutions. Significant deals this quarter included a contract with Hillsboro County, Florida, the state's third largest county for document automation adding $953,000 in ARR and a contract with the state of Arizona for our priority-based budgeting solution.

我想重點介紹第三季度取得的一些成果，這些成果體現了我們在實現成長目標方面取得的進展，更多關鍵交易資訊請參閱我們的季度收益報告。我們的人工智慧驅動解決方案持續獲得市場認可。本季度的重要交易包括與佛羅裡達州希爾斯伯勒縣（該州第三大縣）簽訂的文檔自動化合同，該合約增加了 953,000 美元的年度經常性收入；以及與亞利桑那州簽訂的基於優先級的預算解決方案合約。

We also signed a contract with the South Carolina Department of Administration for our resident engagement solution adding to our growing roster of state clients, unlocking streamlined government services access through our AI-powered Resident Assistant. We continue to build momentum in the public safety market with competitive wins that demonstrate the breadth of our integrated offering and market strength. Public Safety deals this quarter included contracts with Coweta County, Georgia, in the metropolitan area of Atlanta for our full enterprise public safety suite and a cross-sell win with the City of Columbia, Missouri, an existing enterprise ERP client.

我們還與南卡羅來納州行政部門簽署了一份合同，為其提供居民互動解決方案，進一步壯大了我們的州級客戶隊伍，透過我們的人工智慧居民助手，簡化了政府服務的獲取流程。我們在公共安全市場持續保持成長勢頭，不斷贏得競爭性勝利，這證明了我們綜合產品的廣度和市場實力。本季度公共安全領域的交易包括與佐治亞州亞特蘭大都會區的科維塔縣簽訂的合同，該合同涉及我們完整的企業公共安全套件；此外，我們還與密蘇裡州哥倫比亞市（一家現有的企業 ERP 客戶）達成了交叉銷售協議。

We're also pleased to see market success from our recent acquisition, Emergency Networking with the first statewide win for our National Emergency Response Information System with the State of Pennsylvania serving more than 2,000 fire agencies across the state. Finally, we signed a statewide contract with the Colorado Department of Corrections for our inmate services financial suite which is expected to generate approximately $2 million in transaction-based ARR.

我們也很高興看到我們最近收購的 Emergency Networking 公司取得了市場成功，我們的國家緊急應變資訊系統首次在賓州獲得全州範圍內的成功，為該州 2000 多個消防機構提供服務。最後，我們與科羅拉多州懲教部門簽署了一份全州範圍的合同，為該部門提供囚犯服務財務套件，預計該套件將產生約 200 萬美元的交易型年度經常性收入 (ARR)。

Now I'd like Brian to provide more detail on the results for the quarter and our updated annual guidance for '25.

現在我想請布萊恩詳細介紹本季的業績以及我們更新後的 2025 年年度業績預期。

Thanks, Lynn. Total revenues for the quarter were $595.9 million, up 9.7%. Subscriptions revenue increased 15.5%. Within subscription, SaaS revenues grew 20% to $199.8 million. As we've discussed previously, there is often a lag from the signing of a new SaaS deal or flip to the start 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 and SaaS bookings, both year over year and sequentially may fluctuate from quarter to quarter.

謝謝你，琳恩。本季總營收為 5.959 億美元，成長 9.7%。訂閱收入成長了15.5%。在訂閱業務方面，SaaS 營收成長了 20%，達到 1.998 億美元。正如我們之前討論過的，從簽署新的 SaaS 交易或業務轉換到開始確認收入，通常會有一個到幾個季度的延遲時間。正因如此，加上 SaaS 續約和相關價格上漲的時間安排，SaaS 收入成長和 SaaS 預訂量，無論是同比還是環比，都可能出現季度波動。

Transaction revenues grew 11.5% to $201.3 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. Total bookings for Q3 were up 2.6% year over year. Total SaaS bookings, including new SaaS deals, flips of on-premises clients, expansions and renewals reached a new quarterly high, up 5% sequentially from Q2 and up 5.8% year over year. This booking's growth was driven by higher flips as well as expansions and renewals from our installed base.

交易收入成長 11.5% 至 2.013 億美元，這主要得益於新舊客戶交易量的增加、基於交易的新服務的採用和部署的增加以及第三方支付處理合作夥伴收入的增加。第三季總預訂量較去年同期成長2.6%。SaaS 總預訂量（包括新的 SaaS 交易、本地客戶轉投、擴展和續約）達到季度新高，環比增​​長 5%，同比增長 5.8%。此次預訂量的成長得益於更高的翻修率，以及現有客戶的擴租和續租。

Total ARR from new SaaS deals and flips signed this quarter was approximately $30.8 million, up 8.5% sequentially from Q2 and down 3.3% from last year. ARR from flips rose 54%, while new SaaS ARR declined 39% against a difficult comparison from the exceptional number of large deals last year. As a reminder, the lumpiness of large deal timing was also evident in last year's fourth quarter, new SaaS bookings, which also included several large deals.

本季新簽署的 SaaS 交易和轉售的總 ARR 約為 3,080 萬美元，比第二季環比成長 8.5%，比去年同期下降 3.3%。來自房屋翻新的 ARR 增加了 54%，而由於去年大額交易數量異常之多，導致新的 SaaS ARR 下降了 39%。需要提醒的是，去年第四季的新 SaaS 訂單也存在大額交易時間不規律的問題，其中也包括幾筆大額交易。

Our total annualized recurring revenue was approximately $2.05 billion, up 10.7%. Our non-GAAP operating margin expanded to 26.6%, up 120 basis points from last year, reflecting a continued positive shift in revenue mix towards higher-margin SaaS and transaction revenues and efficiency gains across our cloud operations.

我們的年度經常性收入總額約為 20.5 億美元，成長了 10.7%。我們的非GAAP營業利潤率擴大至26.6%，比去年增長了120個基點，反映出收入結構持續向利潤率更高的SaaS和交易收入方向積極轉變，以及我們雲端運營效率的提高。

Cash flows from operations and free cash flow were solid at $255.2 million and $247.6 million, respectively, down slightly year over year, mainly due to the timing of working capital changes. We ended the quarter with $600 million of convertible debt outstanding and cash and investments of approximately $973 million. Our annual guidance for 2025 is as follows.

經營活動產生的現金流和自由現金流分別為 2.552 億美元和 2.476 億美元，表現穩健，較去年同期略有下降，主要原因是營運資本變動的時間安排。本季末，我們未償還的可轉換債券為 6 億美元，現金和投資約為 9.73 億美元。我們對 2025 年的年度預期如下。

We expect total revenues will be between $2.335 billion and $2.360 billion. The midpoint of our guidance implies growth of approximately 10%. We expect GAAP diluted EPS will be between $7.28 and $7.48 and may vary significantly due to the impact of discrete tax items on the GAAP effective tax rate.

我們預計總收入將在 23.35 億美元至 23.6 億美元之間。我們預測的中點意味著成長約 10%。我們預計 GAAP 稀釋後每股收益將在 7.28 美元至 7.48 美元之間，並且由於個別稅收項目對 GAAP 實際稅率的影響，可能會出現較大差異。

We expect non-GAAP diluted EPS will be between $11.30 and $11.50. Our estimated non-GAAP tax rate for 2025 is expected to be 22.5%. 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. Other details of our guidance are included in our earnings release and in the Q3 earnings deck posted on our website.

我們預計非GAAP稀釋後每股盈餘將在11.30美元至11.50美元之間。我們預計2025年的非GAAP稅率為22.5%。我們預計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。其他相關細節請參閱我們的獲利報告和發佈在我們網站上的第三季獲利報告。

In addition, while we are currently in the middle of our 2026 planning process, I want to share an early view of our revenue outlook for next year while we continue to evaluate our investment priorities. For 2026, we currently expect SaaS revenues to grow approximately 20% and we anticipate total recurring revenue growth will be within our long-term target range of 10% to 12%, excluding the impact of the wind down of the Texas payments contract. Our 2025 guidance and 2026 revenue outlook reflects solid progress towards our 2030 goals, although long-term growth and margin expansion will not be linear.

此外，雖然我們目前正處於 2026 年規劃流程的中期階段，但我想在繼續評估投資重點的同時，分享我們對明年收入前景的初步看法。2026 年，我們目前預計 SaaS 營收將成長約 20%，預計經常性收入總額將達到我們 10% 至 12% 的長期目標範圍，不包括德州支付合約終止的影響。我們的 2025 年業績指引和 2026 年營收展望反映了我們在實現 2030 年目標方面取得的穩步進展，儘管長期成長和利潤率擴張不會是線性的。

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

現在我想把電話轉回給琳恩。

Thanks, Brian. We're pleased that our third quarter performance again surpassed expectations, and I remain confident in our ability to deliver sustained growth through our unique competitive strengths that position us to lead our client digital transformation through enhanced cloud capabilities, improved client experience and the next wave of AI modernization.

謝謝你，布萊恩。我們很高興第三季的業績再次超出預期，我對我們透過獨特的競爭優勢實現持續成長的能力仍然充滿信心，這些優勢使我們能夠透過增強雲端能力、改善客戶體驗和下一波人工智慧現代化來引領客戶的數位轉型。

We remain on track to achieve our 2030 targets executing well and delivering across all key priorities. Importantly, our 2030 plan did not contemplate potential additive growth from M&A or AI, but we expect upside potential from both of those growth opportunities. Our balance sheet remains healthy, and we currently have more than $1 billion in cash and short-term investments. Our $600 million convertible debt matures in March of '26. Based on our internal modeling and interest rate movements since we issued the convert, it has proven to be an efficient component of the financing of the NIC acquisition.

我們仍按計畫推進2030年目標的實現，在所有關鍵優先事項上都執行到位並取得成果。重要的是，我們的 2030 年計畫沒有考慮到併購或人工智慧可能帶來的額外成長，但我們預計這兩個成長機會都有上升潛力。我們的資產負債表依然健康，目前我們擁有超過10億美元的現金和短期投資。我們6億美元的可轉換債券將於2026年3月到期。根據我們內部的建模以及自發行可轉換債券以來的利率走勢，事實證明，它是 NIC 收購融資的有效組成部分。

As we grow free cash flow, our historical capital allocation priorities remain unchanged and include internal investments, M&A and opportunistic share repurchases. We repurchased approximately 300,000 shares in Q3 in part to offset potential dilution from our convertible debt. Following our repurchases, the stock saw further weakness to levels we believe represent an attractive long-term value proposition, but most of the decline took place after our blackout period commenced.

隨著自由現金流的成長，我們歷來資本配置重點保持不變，包括內部投資、併購和機會性股票回購。第三季度，我們回購了約 30 萬股股票，部分原因是抵銷了可轉換債券可能造成的股權稀釋。在我們回購股票之後，該股進一步走弱，跌至我們認為具有吸引力的長期價值水平，但大部分跌幅發生在我們的靜默期開始之後。

On the M&A front, we have closed two acquisitions this year, MyGov and Emergency networking and our M&A pipeline is active. We continue to follow our proven playbook adding competitive products or functionality that are adjacent to or complementary with our existing core business. We expect to leverage our established sales channels and client base to grow acquired businesses faster than Tyler's overall growth rate.

在併購方面，我們今年已經完成了兩項收購，分別是 MyGov 和 Emergency networking，而我們的併購專案仍在積極進行中。我們將繼續遵循行之有效的策略，增加與現有核心業務相鄰或互補的競爭性產品或功能。我們期望利用我們現有的銷售管道和客戶群，使收購的業務成長速度超過泰勒的整體成長速度。

Looking ahead to 2026 and beyond, you'll see us take a more proactive intentional approach to M&A within our general guidelines while staying disciplined on valuation. Over recent years, we've discussed a higher bar for M&A. Since the NIC acquisition, we've closed 11 transactions of varying sizes for a total purchase price of nearly $400 million.

展望 2026 年及以後，您將會看到我們在整體指導方針範圍內採取更積極主動的併購方式，同時在估值方面保持嚴謹。近年來，我們一直在討論提高併購門檻。自從收購 NIC 以來，我們已完成 11 筆規模不一的交易，總收購價接近 4 億美元。

The higher bar reflected both management bandwidth and balance sheet considerations. Going forward, we'll continue our disciplined valuation approach and consider management bandwidth, but I'd expect to use our significant free cash flow and if circumstances warrant, reasonable levels of debt to drive future growth through M&A and when appropriate, fund opportunistic share repurchases.

更高的門檻既反映了管理階層的能力範圍，也反映了資產負債表的考量。展望未來，我們將繼續採取嚴謹的估值方法，並考慮管理層的能力範圍，但我預計我們將利用我們充裕的自由現金流，並在情況允許的情況下，透過合理的債務水平，透過併購推動未來的成長，並在適當的時候，為機會性股票回購提供資金。

Now I'd like to make a few comments addressing some of the market noise around AI. For more than 25 years, Tyler has successfully navigated the public sector through successive waves of technological transformation. From the emergence of web browsers in the dot-com revolution, the mobile computing, cloud migration and now artificial intelligence. Each shift brought similar promises. New entrants with new technology will disrupt established players. And each time we learn the same fundamental lesson, technology alone never wins.

現在我想就人工智慧領域的一些市場噪音發表幾點看法。25 年來，泰勒成功地帶領公共部門度過了一波又一波的科技變革。從網路泡沫時期網路瀏覽器的出現，到行動運算、雲端運算遷移，再到如今的人工智慧。每一次轉變都帶來了類似的承諾。擁有新技術的新興企業將顛覆現有企業。而我們每次都從中學到同樣的根本教訓：單靠科技永遠無法取得勝利。

In the public sector, durable outcomes come from deep domain expertise, trusted client partnerships and disciplined execution. That's been our edge, and it still is. Today, we are building those same principles and expect to guide the public sector into the next era, one that's driven by AI, and we are confident that no company is better positioned than Tyler to lead this transformation.

在公共部門，持久的成果來自於深厚的專業知識、值得信賴的客戶夥伴關係和嚴謹的執行。那一直是我們的優勢，現在仍然是。今天，我們秉持著同樣的原則，期望引領公共部門邁向人工智慧驅動的下一個時代，我們相信，沒有任何一家公司比泰勒更適合引領這場變革。

AI's effectiveness depends on quality data. Our 15,000-plus clients generate vast amounts of data daily through our systems and they trust us to govern it responsibly. Through well-structured data partnerships and governance frameworks, we can leverage this client data with appropriate permissions and safeguards to build AI solutions that truly understand government operations and complex workflows.

人工智慧的有效性取決於數據的品質。我們擁有超過 15,000 家客戶，他們每天透過我們的系統產生大量數據，並且他們信任我們能夠負責任地管理這些數據。透過結構良好的數據合作夥伴關係和治理框架，我們可以利用這些客戶數據，並輔以適當的權限和保障措施，建構真正了解政府運作和複雜工作流程的人工智慧解決方案。

Our clients are ready, and they're seeing results. Early deployments of products like document automation and priority-based budgeting are delivering 10% to 30% productivity gains and 2 times to 3 times ROI on targeted processes while maintaining the level of reliability and trust that our clients demand.

我們的客戶已經做好準備，並且看到了成效。文件自動化和基於優先順序的預算等產品的早期部署，在保持客戶所要求的可靠性和信任度的同時，為目標流程帶來了 10% 到 30% 的生產力提升和 2 到 3 倍的投資回報率。

Looking ahead, I view our AI opportunities in three categories. First, internal efficiencies where we'll invest and set specific ROI targets. For example, we're currently scaling our investments in AI tooling for all 2,000 of our product development team members, rolling out the tooling, training and enablement required to innovate and deliver at the speed of AI. Second, competitive differentiation with existing products to win more business and provide more meaningful upsell opportunities. And finally, new products through M&A or internal development that drive revenue growth.

展望未來，我認為我們在人工智慧領域面臨的機會可以分為三類。首先，我們將投資提高內部效率，並設定具體的投資報酬率目標。例如，我們目前正在擴大對人工智慧工具的投資，為我們所有 2000 名產品開發團隊成員提供所需的工具、培訓和支持，以便他們能夠以人工智慧的速度進行創新和交付。其次，透過與現有產品競爭差異化，贏得更多業務，並提供更有意義的追加銷售機會。最後，透過併購或內部研發推出新產品，從而推動營收成長。

Agentic AI operating as a digital extension of the workforce is a natural path to monetization because it delivers clear, obvious and measurable outcomes, such as hours saved, backlogs reduced or revenue recovered. When that value is proven, we believe Tyler can capture a fair share of the ROI (inaudible) as a predictable annual SaaS fee tied to the value.

智能體人工智慧作為勞動力的數位延伸，是一種自然的獲利途徑，因為它能帶來清晰、明顯且可衡量的結果，例如節省工時、減少積壓工作或恢復收入。當這一價值得到證明時，我們相信泰勒可以獲得相當一部分投資回報率（聽不清楚），作為與價值掛鉤的可預測的年度 SaaS 費用。

It's also interesting to note that some of our forward-thinking clients are starting to blend in their software and labor budgets, allocating more of the latter towards their digital workforce. As digital labor shows impact, agencies can reallocate portions of labor spend to software. If this trend continues, we believe it will further expand Tyler's opportunity.

值得注意的是，我們一些前瞻性的客戶開始將軟體預算和勞動力預算合併，並將更多的勞動力預算分配給他們的數位化員工隊伍。隨著數位化勞動力展現出影響力，各機構可以將部分勞動支出重新分配給軟體。如果這種趨勢持續下去，我們相信這將進一步擴大泰勒的機會。

In summary, and in my opinion, some of the noise around AI and vertical software has been a bit overblown. I quip that AI itself is fueling displacement fears and there's still significant hype, reminiscent of the dot=com era. With every technology cycle or transformation, there are shifts to redefine markets and leadership positions, and yet Tyler continues to endure, thrive and lead. To me, the question people should ask is, who is best positioned to lead the public sector through this next transformative cycle? I contend it's Tyler.

總而言之，我認為圍繞人工智慧和垂直軟體的一些爭論有些誇大其詞。我打趣說，人工智慧本身正在加劇人們對就業機會流失的擔憂，而且目前仍然存在很大的炒作，讓人想起網路泡沫時期。每一次技術變革或轉型都會帶來市場和領導地位的重新定義，但泰勒始終屹立不倒，蓬勃發展，並保持領先地位。在我看來，人們應該問的問題是，誰最適合領導公共部門度過下一個變革週期？我認為是泰勒。

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

現在我們開放問答環節。

(Operator Instructions) Aleksandr Zukin, Wolfe Research.

（操作說明）Aleksandr Zukin，Wolfe Research。

Hey, guys. Maybe just -- the first -- I'll go with a tactical question first around some of the numbers and then maybe a high-level one. So maybe, Brian, for you, just understanding and helping us bridge the decline in kind of net new annual SaaS bookings year-to-date in the quarter on tough comps from last year, but the confidence in SaaS revenue growth for next year at 20%. Maybe just help -- give us a little bit of context for when the implementations when those conversions need to happen from that prior book business to hit that number? Like how much visibility do you have on that relative to previous years?

嘿，夥計們。或許——第一個問題——我會先圍繞一些數字提出一個戰術性問題，然後再提出一個高層次的問題。所以，布萊恩，也許對你來說，理解並幫助我們克服本季年初至今淨新增年度 SaaS 預訂量因去年同期基數較高而出現的下滑，但對明年 SaaS 收入增長 20% 的信心依然存在。或許可以幫我們一點忙——給我們一些背景信息，說明為了達到目標數字，何時需要將之前的圖書業務進行轉換？與往年相比，你對這方面的了解程度如何？

And maybe some guardrails on those estimates for next year? And then why pull some of the segmented guidance for this year? I mean, just help on those two points then I've got a big picture one.

或許應該對明年的這些預測設定一些限制？那麼，為什麼要撤回今年的部分分項業績指引呢？我的意思是，只要你們幫我解決這兩點，我就能掌握全局了。

As we look, and as we said, this is a preliminary look at 2026 as we're building out our plans, but we expect that SaaS revenues growth will be in that 20% range. It's really built up from all of the factors and our visibility into those that drive SaaS revenue growth. Part of that is new SaaS bookings, both those that will happen next year and those that have already happened.

正如我們所說，這只是我們對 2026 年的初步展望，因為我們仍在製定計劃，但我們預計 SaaS 收入成長將在 20% 的範圍內。這實際上是由所有因素以及我們對推動 SaaS 收入成長的因素的了解共同建構起來的。其中一部分是新的 SaaS 訂單，包括明年將要發生的訂單和已經發生的訂單。

And as we've talked about, there can be a lag from one to multiple quarters. Sometimes these deals are phased in as they hit revenue. So some of that growth is coming out of the bookings that we saw this year and the bookings that some of them even that we saw last year as those are phased in, so effectively out of our backlog.

正如我們之前討論過的，可能會出現一個季度到多個季度的延遲。有時，這些交易會根據其帶來的收入分階段實施。因此，部分成長來自我們今年看到的預訂，以及去年的一些預訂，因為這些預訂正在逐步落實，實際上是來自我們的積壓訂單。

There's also the impact of flips. We've talked about the trajectory of flips continuing to be on the uphill side. So those are still growing, both in terms of number and in terms of size. So our expectations around flips next year are layered into that.

還有房屋翻轉的影響。我們已經討論過，翻轉的趨勢將繼續向上發展。所以，無論從數量或規模上來說，這些都還在成長。因此，我們對明年房屋翻新的預期也包含在其中。

And then there's our -- the renewals, the price -- the sales to new customers, which actually reflect the majority of new SaaS bookings are coming from add-on sales to existing customers, not the new named deals that we also disclosed. And then there's the pricing impact of our annual increases that we see on renewals. So if we look at all those -- how we build up all of those, those -- we have, I'd say, at least as good a visibility as we have in any normal year. And that is what drives that confidence around that 20% range for growth next year.

此外，還有我們的續約、價格以及新客戶的銷售額，實際上反映出大部分新的 SaaS 預訂來自現有客戶的附加銷售，而不是我們先前揭露的新指定交易。此外，續約時我們也會看到年度價格上漲帶來的價格影響。所以如果我們看看所有這些——我們如何構建所有這些——我認為，我們至少擁有與任何正常年份一樣好的能見度。正是這種信心促使人們對明年20%的成長目標充滿信心。

And on your question about segmented guidance, I assume you're asking about the breaking out revenue guidance by line item. Given that early in the year to help with modeling in general, but now that we're down to the fourth quarter, we really don't have any significant changes around what we've given in the past. So we've tried to simplify things a bit and just go with the overall revenue guidance.

至於你提出的分項指引問題，我假設你問的是按專案細分的收入指引。鑑於年初的情況有助於整體建模，但現在已經到了第四季度，我們與過去相比並沒有任何重大變化。所以我們盡量簡化了流程，只採用整體營收預期。

Got it. And then, Lynn, maybe for you, maybe you talked about not really seeing an impact from budgets and budget cycles and DOGE which makes a lot of sense. When -- I guess it felt like the commentary around M&A was maybe a little bit more pointed. So maybe I'll just ask a question around how much should we anticipate from an organic from a total top line contribution maybe for fiscal '26 and beyond? Are -- is this a change in terms of the point or so from M&A that we've kind of come to expect? Are you thinking maybe more can come because the opportunity set is so much broader than it's been before because of AI? Or what's the signal that you want us to take away from that comment?

知道了。然後，Lynn，也許對你來說，也許你談到了預算和預算週期以及狗狗幣並沒有真正產生影響，這很有道理。當時——我覺得圍繞併購的評論可能更有針對性。所以，我或許可以問一個問題，關於在 2026 財年及以後，我們應該預期有機成長對總營收貢獻多少？這是否意味著併購的某些方面發生了變化，與我們通常所預期的併購有所不同？你是否認為，由於人工智慧的出現，機會比以往任何時候都更加廣闊，因此未來可能會有更多機會出現？或者，你想讓我們從這句話領悟到什麼訊息？

I think really the signal is, one, we've done two deals this year. They were relatively small. We do have an active pipeline. They're not necessarily large deals. I wouldn't expect '26 to have meaningful impact more in that sort of 1%-ish range, assuming other deals may or may not go. Really, the comment is based around the fact that, hey, over the last several years, we talked about the need to strengthen our balance sheet, and we've talked about management bandwidth, not just because of M&A deals, but also, we have a lot of strategic initiatives going on.

我認為真正的信號是，第一，我們今年已經完成了兩筆交易。它們個頭相對較小。我們確實有一條活躍的研發管線。這些事未必是件大事。我不認為 '26 會對市場產生實質影響，大概在 1% 左右，假設其他交易能夠達成也可能無法達成。實際上，這條評論是基於這樣一個事實：嘿，在過去的幾年裡，我們一直在討論加強資產負債表的必要性，我們也一直在討論管理能力的問題，這不僅是因為併購交易，還因為我們有很多戰略舉措正在進行中。

And throughout this year, as you know, we've gotten to a point where we have the cash on the balance sheet to pay off the convert. We are getting past some major hurdles on some of these internal investments and strategic initiatives, even if more are spinning up. And I just feel like we're more in a place now where we can actually be a little more proactive. Whereas over the last few years, I think we've been a little more reactive, more responding to brokers instead of other types of deals.

如您所知，今年以來，我們已經累積了足夠的現金，可以在資產負債表上償還轉換貸款。我們正在克服一些內部投資和策略舉措方面的一些重大障礙，儘管還有更多障礙正在醞釀中。我覺得我們現在更有能力採取更積極主動的行動了。而過去幾年，我認為我們變得更加被動，更多地回應經紀人的需求，而不是其他類型的交易。

Now to be fair, the Emergency Networking deal that we did this year, that was something we proactively went after. They were a partner of ours. That's a proven model for us. We get to know them out in the market. Our ability to close on deals when we knock on doors or we establish relationship versus a broker bringing it to us is much higher. And I think we're just in a position where I feel like we have the more of ability both again, from a balance sheet perspective and a management perspective, everything to sort of go back to more of our traditional approach pre-NIC.

公平地說，我們今年達成的緊急網路交易，是我們主動爭取來的。他們是我們的合作夥伴。這對我們來說是一個行之有效的模式。我們在市場上認識了他們。我們自己上門拜訪或建立關係後達成交易的能力，比經紀人把客戶介紹給我們時要高得多。我認為我們現在所處的位置，無論從資產負債表角度或管理角度來看，我們都更有能力回到NIC成立之前的傳統方法。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Hey, Lynn, Brian, Hala. Good to see this flag on the ground on the 20% SaaS growth. I had a bunch of questions, but I'll keep it to one.

嘿，琳恩，布萊恩，哈拉。很高興看到 SaaS 行業實現了 20% 的成長。我有很多問題，但我只問一個。

And there's a maniacal focus on your supplemental information on your IR section of the website. And it is often on that new SaaS and flips SaaS bookings. I love how you brought up the idea of add-on sales. Could you maybe double-click on kind of approaches you all have been taking to be much more programmatic to drive those add-on sales and expansion? And just where are you in kind of getting the benefits of that focused effort? Thank you.

而且，網站的投資者關係部分對補充資訊的關注程度令人難以置信。而且它通常發生在新的 SaaS 和翻轉 SaaS 預訂上。我很喜歡你提出的附加銷售這個概念。能否請您詳細闡述你們一直以來採取的、更程序化的方式來推動附加銷售和業務拓展的方法？那麼，你從這種專注的努力中究竟獲得了哪些好處呢？謝謝。

Terry, it's been a focus of ours for some time. Our inside sales teams have been outperforming generally against their quotas for the last couple of years. But we're still, I would say, in the very early stages, but I think there are 20, 30 targets we talked about having that kind of 2 to 3 products per client. And our goal is to get to 10 to 12 or even more, particularly if we do more M&A and it's more opportunity. We're still pretty early in that, but it is a big factor of what we -- of how we approach the business.

特里，這一直是我們關注的重點。過去幾年，我們的內部銷售團隊整體上都超額完成了銷售目標。但我認為我們仍處於非常早期的階段，但我認為我們有 20 到 30 個目標，我們討論過每個客戶有 2 到 3 種產品。我們的目標是達到 10 到 12 家甚至更多，特別是如果我們進行更多併購，機會就會更多。我們目前還處於起步階段，但這對我們開展業務的方式來說是一個重要因素。

I think the other thing I want to talk about going back to Alex's question about the markets is, what we're seeing now is we've said for the last several quarters, RFP activity is steady, demo activity is steady to up. But for whatever reason, and we've talked with our sales guys in Q1 and Q2 for whatever reason, some procurements were put on pause, and we're starting to see that be released. And we feel good about our Q4 sales outlook for example, in enterprise ERP solutions.

我想再談談Alex關於市場的問題，我們現在看到的情況正如我們過去幾季所說的那樣，RFP活動保持穩定，演示活動保持穩定或上升。但不知何故，我們在第一季和第二季都和銷售人員談過，不知何故，一些採購被暫停了，我們現在開始看到這種情況有所緩解。例如，我們對第四季度企業 ERP 解決方案的銷售前景感到樂觀。

Q2 and Q3 had the highest number of RFPs that we've seen in the last two years. That demand, just like historically, doesn't go away. We're there to capture it. I think that was, for whatever reason, it was a post ARPA hangover, it was a short blip. But we've seen that before in larger cases, whether it was post-9/11, Great Recession, COVID, whenever there was for whatever reason a pause we were there. This obviously was never -- nothing to that extent. But that's part of our confidence as we move forward.

第二季和第三季收到的 RFP 數量是近兩年來最多的。這種需求，就像歷史上一樣，不會消失。我們到那裡就是為了記錄它。我認為，不管是什麼原因，都是ARPA計畫實施後的餘波，只是短暫的波動。但我們以前在更大的案例中也看到過這種情況，無論是 9/11 事件後、大蕭條時期、新冠疫情時期，無論出於什麼原因出現停滯，我們都在那裡。這顯然從未發生過——根本沒有到那個程度。但這正是我們前進信心的來源之一。

Thank you.

謝謝。

Joshua Reilly, Needham.

約書亞·雷利，尼德姆。

Great. Thank you for taking my question. Can you just remind us the moving parts of how the Texas payments contract winding down is going to impact transaction revenue for the balance of the year and then offsetting that is the ramping of the California State Park deal? Is that at a full run rate now? And are there any other notable payments deals ramping in transactions disrupting the normal seasonality for decline into Q4? Thank you.

偉大的。感謝您回答我的問題。您能否簡要說明一下，德州支付合約的逐步結束將如何影響今年剩餘時間的交易收入，以及加州州立公園交易的逐步推進將如何抵消這種影響？現在是滿載運轉了嗎？還有哪些值得關注的支付交易正在加速成長，從而打破了第四季正常的季節性下滑趨勢？謝謝。

Yeah, the Texas contract continues to move towards wind down. I think we currently expect revenues from Texas for the full year to be kind of in the $39 million to $40 million range, which is maybe down just a tick from I think last quarter, we said $41 million. So as we get more clarity as it transitions out, that's the level we expect to be. There's probably a little bit that carries over into next year, maybe $4 million or $5 million. So that delta between the 39% to 40% this year and (inaudible) next year is what will come out of next year.

是的，德州合約正繼續走向到期。我認為我們目前預計德克薩斯州全年的收入將在 3900 萬美元至 4000 萬美元之間，這可能比上一季的 4100 萬美元略有下降。隨著情況逐漸明朗，我們預計最終會達到那個水平。可能有一部分會延續到明年，大概 400 萬或 500 萬美元。所以，今年 39% 到 40% 和明年（聽不清楚）之間的差額，就是明年最終的結果。

With the California parks, which was a big basically software and services that mostly software paid for as transactions, that contract started last August. So we lapped it during this quarter. So going forward, although that the revenues from the contract will continue to grow. I'd say it's not fully ramped, but most of that growth -- or most of the incremental revenues from that are now built into our base.

與加州公園簽訂的合同，基本上是一份大型軟體和服務合同，其中大部分軟體都是透過交易付費的，該合約於去年八月開始生效。所以，我們本季就超越了它。因此，展望未來，儘管合約帶來的收入將繼續成長。我認為它還沒有完全達到預期，但大部分成長——或者大部分由此產生的增量收入——現在都已融入我們的基礎之中。

I don't think there's anything that fundamentally changes the seasonality. We did call out, Lynn mentioned one large transaction-based deal we signed this quarter with the state of Colorado for our inmate services financial suite. So again, that's software that's being provided under a transaction-based arrangement that will add a couple of million dollars a year of revenue, but no individual deal that's on this -- on the scale of something like California.

我認為沒有什麼能從根本上改變季節性。我們確實提到了，Lynn 提到了我們本季與科羅拉多州簽署的一項大型交易協議，該協議涉及我們的囚犯服務財務套件。所以，這是一款根據交易安排提供的軟體，每年可帶來數百萬美元的收入，但沒有任何一項交易的規模能與加州這樣的規模相提並論。

Yeah, we also -- in this quarter, we signed a payments deal with chesterfield County, Virginia that fully ramped up. We think it will be about $1.5 million deal. There are some other payments transactions that are in queue right now that, as you know, we don't announce awards or where we sit. But we like the trajectory right now of our payments transaction business.

是的，我們本季也與維吉尼亞州切斯特菲爾德縣簽署了一項付款協議，該協議已全面生效。我們認為這筆交易金額約為150萬美元。目前還有一些支付交易正在排隊等待處理，但正如您所知，我們不會公佈結果或處理進度。但我們對目前支付交易業務的發展軌跡感到滿意。

Thank you.

謝謝。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay. Great. Hey, guys. Thank for taking my questions. Great to hear the 20% SaaS growth for next year as well.

好的。偉大的。嘿，夥計們。謝謝您回答我的問題。很高興聽到明年SaaS產業也將成長20%。

Maybe for my one question, Lynn, it's really for you. Really appreciated your points on AI in your prepared comments. And I want to marry that with kind of Tyler's move to SaaS. As more of the base moves to SaaS, what do you -- and without getting too specific, what do you sort of see on Tyler's road map that's going to maybe grow that revenue opportunity in terms of AI in the public sector? And maybe relatedly, have you seen any changes from competitors as perhaps AI becomes more of an offering in public sector? That's been -- that's been a question that I've gotten as well. Curious if you could comment.

琳恩，也許我這個問題其實是問你的。非常感謝您在準備好的評論中提出的關於人工智慧的觀點。我想把這一點與泰勒向 SaaS 轉型結合起來。隨著越來越多的用戶轉向 SaaS，您認為——在不具體說明的情況下——泰勒的路線圖上有哪些方面可能會增加公共部門人工智慧領域的收入機會？或許與此相關的是，隨著人工智慧在公共部門的應用日益普及，您是否觀察到競爭對手方面有任何變化？這也是我一直被問到的問題。想請您發表一下看法。

Yeah, I think I haven't seen anything material out of competitors. I do think your analogy with SaaS is a good one. It's one I've used internally, which was, as you recall, we historically had an on-premise license business. We had a SaaS offering. We were cloud agnostic. And then in 2019, we made the strategic shift, and we said, look, we're the leader in the space. We're going to lead the public sector to the cloud. We're not just going to be reactive.

是的，我覺得我還沒看到競爭對手有什麼實質的進展。我認為你用SaaS做類比很貼切。這是我內部使用過的，你可能還記得，我們​​過去一直採用的是本地部署授權模式。我們當時提供的是SaaS產品。我們對雲端平台沒有特定要求。然後在 2019 年，我們進行了策略轉變，我們說，看，我們是這個領域的領導者。我們將引領公共部門邁向雲端。我們不會只是被動應對。

And that's the mindset that we have right now internally is we're going to lead the public sector through this next cycle of transformation, which is AI. And we're best positioned to do it. I mentioned some of those things on the -- in my prepared remarks, our access to data, our deep domain expertise, our know-how, both internal resources, we've got partnerships with AWS, OpenAI, Anthropic.

這就是我們目前內部的心態，我們將引領公共部門進入下一個轉型週期，也就是人工智慧時代。我們是最有能力做到這一點的。我在準備的演講稿中提到了其中的一些內容，包括我們獲取數據的管道、我們深厚的領域專業知識、我們的技術訣竅，以及內部資源，我們還與 AWS、OpenAI 和 Anthropic 建立了合作關係。

But a big one also is trust. Our clients trust us. This is a journey that they're ready to take, but they really want someone a trusted partner to be moving forward with them. And that was a big theme at our Connect conference last year. And it's something that really resonates with our clients. So it's really capitalizing on our position. We're making investments in AI. We've got products right now that are clearly AI-driven. We've got plans for next year to ramp up more investments on AI.

但信任也是一個重要因素。我們的客戶信任我們。這是他們準備好踏上的旅程，但他們真的希望有一個值得信賴的伙伴與他們一起前進。這也是去年我們 Connect 大會的重要主題。而這一點也確實引起了我們客戶的共鳴。所以這確實是在充分利用我們的優勢地位。我們正在對人工智慧進行投資。我們現在有一些產品，它們顯然是由人工智慧驅動的。我們計劃明年加大對人工智慧的投資。

But one thing I want to be clear is I'm not going to jump on the AI hype train. We've got those products. It's part of our strategy. I'm not going to go out and put out big numbers that a lot of people are doing. We're going to continue to be like we've always been. We're going to tell you what we're going to do, and then we're going to go do it. And that's going to be our approach. But we are excited about where we are. We're excited that our clients are ready. But again, it's -- this stuff doesn't happen overnight, as you know, it's going to take time.

但我要明確一點，我不會盲目追捧人工智慧。我們有這些產品。這是我們戰略的一部分。我不會像很多人那樣，出去公佈一些驚人的數字。我們將繼續保持以往的作風。我們會告訴你們我們要做什麼，然後我們就會去做。這就是我們將採取的方法。但我們對目前所處的位置感到興奮。我們很高興客戶已經做好準備。但話說回來，你知道，這種事不會一蹴可幾，需要時間。

Super helpful and thank you.

非常有用，謝謝！

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Thanks. It's interesting to hear about how some clients are starting to marry their software and labor budgets together. My question is pretty similar or at least a follow-on to what Saket asked on the AI front, which is, how are you -- I guess I realize it's early, but how are you envisioning discussing sort of pricing for AI functionality with your clients? I mean, you guys have had a long partnership with your clients, where I think there's been some sort of value exchange between you and your customers.

謝謝。聽到一些客戶開始將軟體預算和人工預算結合起來，真是令人感興趣。我的問題與 Saket 在人工智慧方面提出的問題非常相似，或者至少是對其的後續，那就是，您——我知道現在談這個問題還為時過早，但您打算如何與客戶討論人工智慧功能的定價呢？我的意思是，你們和客戶之間建立了長期的合作關係，我認為你們和客戶之間肯定存在某種價值交換。

Does that change at all in an AI world, meaning is it -- or is it just sort of we're delivering more we can take price as a result? Do you price per agent? Just trying to get a sense, and I realize it's early, but I was thinking more specifically around some -- as you bring in more AI functionality into the ERP suite, some of your core offerings. Thank you.

在人工智慧時代，這種情況會有所改變嗎？也就是說，情況會改變嗎？還是說，我們只是提供了更多產品和服務，因此可以收取更高的價格？你們是照經紀人數定價嗎？我只是想了解一下情況，我知道現在還為時過早，但我更具體地思考了一些問題——隨著您將更多 AI 功能引入 ERP 套件，您的一些核心產品會發生什麼變化。謝謝。

Thanks for the question, Kirk. I guess on the first part, yes, we've had a small -- a very small sampling of clients who actually moved and took money out of our labor budget to help fund that. I mentioned Silver County, Florida. And I think what that does is it actually produces another way for us to approach it. And your comment about agentic AI and replacing the digital work force is something where we can show a proven ROI return. And I think it's something that you can price.

謝謝你的提問，柯克。我想關於第一部分，是的，我們確實有一小部分客戶——非常少的一部分——實際搬家並從我們的勞動力預算中拿出錢來幫助支付搬家費用。我提到了佛羅裡達州的銀縣。我認為這實際上為我們提供了一種新的處理方式。您提到的智慧人工智慧和取代數位勞動力的問題，我們可以證明其投資回報率。我認為這是可以定價的。

I also spoke about there will be areas of AI that I think are really going to be about improving our competitiveness and perhaps elevating a bundle of -- or suite of products as opposed to maybe necessarily a separate module. But you're right, having to -- our ability to sell the value on the ROI is what's going to be critical in terms of a separate monetization lane.

我還談到，人工智慧的某些領域我認為真正是為了提高我們的競爭力，或許是為了提升一整套產品，而不是只提升一個單獨的模組。但你說得對，我們必須——我們能否推銷投資回報率的價值，對於開闢單獨的獲利途徑至關重要。

Thanks.

謝謝。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great. Thank you. Good morning. My question is on the customer conversions or pace of flips, two--part question. One, Lynn, have the drivers of flips changed at all? I know you guys have cited security and certain customers being ready to modernize in the past. And are there additional factors that could offset that, like AI readiness or concern on AI?

偉大的。謝謝。早安.我的問題是關於客戶轉換率或翻車速度的，這個問題分為兩個部分。林恩，第一，翻車事故的驅動因素有變化嗎？我知道你們過去曾提到安全問題以及某些客戶願意進行現代化改造。有其他因素可能會抵消這種影響嗎？例如人工智慧的準備或對人工智慧的擔憂？

And then for Brian, just around the conversion math, if you could just remind us how that's looking today? And any color around cross-sell on top of that would be helpful. Thank you very much.

然後，布萊恩，關於換算數學方面，你能不能簡單提醒一下我們目前的狀況如何？此外，任何關於交叉銷售的顏色標註都會有所幫助。非常感謝。

Yes, Rob, I think actually security has historically been a foundational selling point. I think it's shifting now to the value that you're getting in the cloud and the value of the enhancements the upgrades. We have not yet -- we are in the process of formulating a consistent One Tyler approach to how we're going to our clients as to our messaging around the cloud. We're still doing more of a carrot versus stick approach, but that's evolving. But the carrot is the value prop that you're going to get by being in the cloud versus not being in the cloud. And that will include, to your comment, AI features and functionality.

是的，羅布，我認為安全問題歷來都是基本的賣點。我認為現在人們關注的重點正在轉向雲端帶來的價值以及增強和升級的價值。我們還沒有——我們正在製定一個統一的「一個泰勒」方法，用於向我們的客戶傳達有關雲端的訊息。我們目前仍然更多地採用胡蘿蔔加大棒的方式，但這種方式正在不斷發展。但真正的誘人之處在於，使用雲端服務來相比不使用雲端服務所能獲得的價值。正如您所說，這將包括人工智慧的特性和功能。

And I'll also add that one sort of gating item around the pace of flips and the readiness of clients that flip is goes hand-in-hand with our version consolidation. And as we've continued to eliminate older versions of products and move more and more customers onto the current version of products, that puts them in a position to be able to migrate to the cloud, where we ultimately have one cloud version of each product.

我還要補充一點，關於產品翻轉速度和客戶對產品翻轉的準備程度的一個限制因素，與我們的版本整合密切相關。隨著我們不斷淘汰舊版產品，並將越來越多的客戶轉移到當前版本的產品上，這使他們能夠遷移到雲端，最終我們每個產品都會有一個雲端版本。

And we've made a lot of progress with that, especially with our core key products over the last couple of years, and we continue to do work on that. But that has put more and more customers in a position which also supports an increase in the pace of flips over the next couple of years.

我們在這方面取得了很大進展，尤其是在過去幾年裡，我們的核心關鍵產品取得了顯著進步，我們將繼續在這方面努力。但這使得越來越多的客戶處於一種有利地位，也支持了未來幾年房屋翻新速度的加速。

The math around the flips still sort of on a like-for-like basis, still holding pretty steady at that 1.7x to 1.8x uplift from their maintenance revenues. It's a bit anecdotal at this point, but I think we are seeing an increase in add-on sales, upsells whether it's additional services or additional modules or products as customers move to the cloud, that provide that opportunity to have a conversation with them about other products that they could get from Tyler and deploying the cloud at the same time. And I think we're more intentional about that today than we may have been in the past.

就翻轉而言，數學計算仍然大致是以類似方式進行的，仍然保持相當穩定的水平，比維護收入高出 1.7 倍到 1.8 倍。目前這只是一些零星的觀察，但我認為隨著客戶遷移到雲端，我們看到附加銷售和追加銷售（無論是額外的服務、模組還是產品）都在增加，這為我們提供了一個機會，可以與他們討論他們可以從 Tyler 獲取的其他產品，並同時部署雲端服務。而且我認為，與過去相比，我們現在在這方面更有意識。

Matt Vanvliet, Cantor.

馬特範弗利特，坎托爾。

Good morning. Thanks for taking the question. I guess when you look at the number of sort of sub verticals that you play in, it sounds like some of the courts and justice and then the ERP financial side have been particularly strong the last few quarters. Curious if there have been any areas where you've seen some weakness and maybe any reasons you've identified there, maybe any areas that have shown a little bit more of that ARPA hangover or even on the K-12 side, maybe the (inaudible) funds in addition to ARU? Just help us understand kind of where in the business is seeing some positives, maybe where some negatives are?

早安.感謝您回答這個問題。我想，如果你看看你涉足的細分領域數量，你會發現法院和司法以及 ERP 財務方面在過去幾季表現尤為強勁。我很好奇您是否發現某些領域存在一些弱點，以及您是否找到了造成這些弱點的原因，或者某些領域是否表現出更多 ARPA 的後遺症，甚至在 K-12 教育方面，除了 ARU 之外的（聽不清）資金？請您幫我們了解一下，貴公司在哪些方面取得了正面進展，又在哪些方面有些不足？

I would say, Matt, generally, in the first quarter or two, we talked about decisions being delayed, not canceled, but just sort of being delayed and we attribute a lot of that to post ARPU. That filtered across product suite, it filtered across our ERP -- enterprise ERP suite, it did filter across some of our Justice solutions.

我想說，馬特，一般來說，在前一兩個季度，我們討論的是決策被推遲，而不是取消，只是被推遲了，我們認為這很大程度上是由於 ARPU 之後發生的。這種影響滲透到我們的產品套件、我們的企業級 ERP 套件，甚至滲透到我們的一些司法解決方案中。

Public safety is having a really great sales year. Our Courts & Justice solutions, I think they're -- the softness that they saw in the first half really caused a sort of delay of deals is starting to ramp back up. And as I mentioned, that's the case also with our enterprise ERP. Federal obviously has been impacted by a lot of the noise that's out there. But as a reminder, it's a pretty immaterial part of our business.

公共安全產品今年的銷售業績非常出色。我認為，我們的法院和司法解決方案——他們在上半年看到的疲軟確實導致交易延遲——現在開始重新加速。正如我之前提到的，我們的企業ERP系統也是如此。聯邦政府顯然受到了外界諸多幹擾因素的影響。但需要提醒的是，這只是我們業務中相當無關緊要的部分。

Thank you.

謝謝。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Brian, I wanted to maybe dig in a little deeper on Alex's question about '26 SaaS revenue. You touched on some of the components, the stuff coming off backlog, stuff coming in from new. At this stage in the planning cycle, any sense whether or not '26 might have a larger backlog component that gives you guys the confidence? Like how should we think about that relative to '25 or past years?

Brian，我想就 Alex 關於 2026 年 SaaS 收入的問題進行更深入的探討。你提到了一些組成部分，包括從積壓工作中釋放出來的項目，以及新加入的項目。在規劃週期的現階段，你們是否有任何跡象表明 2026 年可能會有更大的積壓工作，從而讓你們更有信心？我們應該如何看待它與 2025 年或過去幾年之間的關係？

I'd say structurally, there's not a big difference. Probably again, given the number of big deals we did last year that are still filtering in, there's probably a little bit more that comes from that backlog just because like you saw quarters last year where SaaS ARR bookings growth was 60% and 50%. Obviously, our revenues didn't grow by that level. So those bookings, some of those still have not fully hit revenues.

我認為從結構上看，兩者並沒有太大區別。考慮到去年我們達成的眾多大單仍在陸續到賬，積壓訂單中可能還會有更多訂單湧入，因為正如你所看到的，去年有幾個季度 SaaS ARR 預訂量增長了 60% 和 50%。顯然，我們的收入並沒有成長到那個水準。所以，在這些預訂中，有些還沒有完全轉化為收入。

And then there's just this continued increase in sales to our customer base, which is where the vast majority of those new -- those SaaS revenue growth comes from. It's both pricing and its add-on sales and selling other modules or other suites of products to existing customers. And those, Lynn pointed out, as we make more acquisitions and as we invest in more product development, we have more things to sell to those customers. We've made structural changes around our sales organizations, for example, adding the new state sales organization that are also helping position us to drive more of those sales into the existing customer base.

此外，我們的客戶群的銷售額也持續成長，而絕大多數新增的 SaaS 收入成長都來自這部分客戶。這包括定價、附加銷售以及向現有客戶銷售其他模組或其他產品套件。林恩指出，隨著我們進行更多收購，並增加對產品研發的投資，我們將有更多產品可以賣給這些客戶。我們對銷售組織進行了結構性調整，例如，新增了州銷售組織，這也有助於我們向現有客戶群推動更多銷售。

And then we talked about the trajectory of flips. So probably a minor, more amount coming from backlog but also just our general outlook around cross-sells, upsells, new sales next year, how we gauge the pipeline. So we've talked about for several quarters, the market activity, the number of RFPs, the number of demos we're doing being kind of steady at this sort of historically elevated levels. So a very robust pipeline of business, but we have long sales cycles that can typically be a year, 18 months in large deals, sometimes well even longer than that. So that pipeline activity continues to support a really solid sales outlook as well.

然後我們討論了翻轉的軌跡。所以可能會有少量成長，更多成長來自積壓訂單，但也與我們對明年交叉銷售、追加銷售、新銷售的整體展望有關，以及我們如何評估銷售管道。我們已經討論了好幾個季度，市場活動、招標數量、演示數量都穩定在歷史高點。因此，我們的業務管道非常穩健，但我們的銷售週期很長，通常需要一年，大型交易可能需要 18 個月，有時甚至更長。因此，銷售通路的持續活躍也為穩健的銷售前景提供了支撐。

Ken, just to jump on that a little bit, 2024 was a record sales year. And we experienced a little bit of softness in the Q1 that carried over a little bit to Q2. But as we said at the time, this was not something systemic. This was not a sustained issue. And what we've seen is what we expected is that as the year has gone on, our sales continue to ramp up, and we expect it to continue to ramp up in Q4.

Ken，我稍微補充一下，2024 年是創紀錄的銷售年。第一季我們經歷了一些疲軟，這種疲軟的局面也延續到了第二季。但正如我們當時所說，這不是系統性問題。這並非一個持續存在的問題。我們看到的情況和我們預期的一樣，隨著時間的推移，我們的銷售額持續成長，我們預計第四季將繼續成長。

And it was just -- it was a temporary blip, but it was no fundamental change in any of the markets or our offerings or our competitiveness. And we've seen it before in bigger situations. But from my perspective, there's nothing that's fundamentally changed about our trajectory and our 2030 targets.

這只是暫時的波動，並沒有對任何市場、我們的產品或我們的競爭力造成根本性的改變。我們以前在更大的場合也見過這種情況。但從我的角度來看，我們的發展軌跡和2030年目標並沒有任何根本性的改變。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi. Good afternoon or good morning. So I just wanted to understand when it comes to some of your newer products like emergency response and prison transactions, can you help us understand the growth opportunity here and potential cross-sell synergies with some of your other systems?

你好。下午好/早安。所以我想了解一下，對於你們的一些新產品，例如緊急應變和監獄交易系統，你們能否幫助我們了解這方面的成長機會，以及與你們其他系統之間潛在的交叉銷售協同效應？

Those -- both of those product lines, our Resident -- our correction Resident services has a big TAM. I don't have it in front of me. I remember when we did the acquisition, I believe we thought it was north of $100 million, and it actually represented a cross-sell opportunity. We utilize the relationships in Colorado from the NIC acquisition, married with our salespeople on the Justice side to create that opportunity. So that's pretty big.

這兩條產品線，我們的居民矯正服務，都有很大的市場潛力。我手邊沒有。我記得我們進行收購的時候，我認為收購金額超過了 1 億美元，而且它實際上代表著一個交叉銷售的機會。我們利用收購 NIC 後在科羅拉多州建立的人脈關係，結合 Justice 方面的銷售人員，創造了這個機會。那可是件大事。

The Emergency Networking acquisition, a small acquisition, but an important one because they had -- their fire incident reporting system is one that is current and meets '26 compliance. And that's a big deal. So it's going to drive growth. They're smaller deals, but it's something that we're excited about. It's something that we can take and leverage.

收購 Emergency Networking 是一筆小收購，但卻是一項重要的收購，因為他們的火災事故報告系統是最新的，符合 '26 合規性要求。這可是件大事。所以它將推動成長。雖然都是些小交易，但我們對此感到很興奮。這是我們可以利用和利用的東西。

Pennsylvania, when we got this statewide, it's the state with the highest number of fire agencies in the country. And for us to win that deal and actually, the initial deal was kind of small, but it has expansion opportunities, which we're already seeing and get that success and then take that and transport it across the country will also help drive our public safety sales.

賓州在全州範圍內推行這項政策後，成為全國消防機構數量最多的州。對我們來說，贏得這筆交易——實際上，最初的交易規模比較小——但它具有擴張的機會，我們已經看到了這些機會，取得這樣的成功，然後將其推廣到全國各地，也將有助於推動我們的公共安全產品銷售。

That's really a key characteristic that we look at in a lot of the acquisitions we do, these tuck-in types that even if they're relatively small at the time we acquire them, we expect them to grow at a rate that's significantly in excess of Tyler's core growth rate as we leverage our sales organization, put that product in the bags of many more sales reps than that business had on its own and sell it both to existing Tyler customers in related products and bundle it in new sales, which is what we're doing with Emergency Networking. And we've seen that playbook work extremely well over the years. A lot of examples like our enterprise supervision product that have proven up that. So that really is a common characteristic of a lot of our acquisitions.

這確實是我們進行的許多收購中都會考慮的一個關鍵特徵，這些“補充型”收購即使在我們收購時規模相對較小，我們也期望它們能夠以遠超泰勒核心增長率的速度增長，因為我們可以利用我們的銷售組織，將該產品推廣到比該公司自身擁有的更多的銷售代表手中，並將其作為相關產品銷售給泰勒的現有客戶，以及將其捆綁到新的客戶在緊急銷售中。多年來，我們已經看到這套策略非常有效。很多例子，像是我們的企業監管產品，都證明了這一點。所以這確實是我們許多收購項目的共同特徵。

Thank you.

謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey. Good morning. Thank you. Lynn, I want to follow up on your comments on the AI because there's been some frustration in the software ecosystem this year, just how long it's taking to see real productivity gains in knowledge workers and at the application layer. And so my question for you is there is a perception that government typically moves slower than enterprise?

嘿。早安.謝謝。Lynn，我想就你關於人工智慧的評論做個後續討論，因為今年軟體生態系統中出現了一些令人沮喪的情況，那就是知識工作者和應用層真正提高生產力所需的時間太長了。所以我想問您的問題是，人們普遍認為政府的行動速度通常比企業慢嗎？

Based on your conversations, what are you seeing in terms of the (inaudible) customers being willing to engage? Are there some products that they're more willing to engage and then others for AI use cases specifically? And to the extent there are limiting factors, what do you as the company doing to address those limiting factors directly? Thank you.

根據你們的對話，你們觀察到（聽不清楚的）客戶在參與方面有哪些意願？他們是否更願意參與某些產品，而另一些產品則專門用於人工智慧應用場景？如果有限制因素，那麼作為公司，你們採取了哪些措施來直接解決這些限制因素？謝謝。

Thanks, Gabriela. I mean, clearly, our sector typically move slower than the private sector. That probably was part of our approach when we used to talk about it probably about a year ago that we were taking a disciplined approach. We're seeing clients being more receptive today than others. A lot of it has to do with things around their workforce as their workforce continues to age and reach retirement, and they're not replacing it. They're starting to see the need and the demand for that. That's the whole agentic AI and the digital worker.

謝謝你，加布里埃拉。我的意思是，很顯然，我們這個產業的運作速度通常比私部門慢。大約一年前，我們談到這件事時，可能採取的是一種嚴謹的方法，而這或許就是我們當時的方法之一。我們發現，現今的客戶比以往更容易接受新事物。很大程度上是因為他們的員工團隊不斷老化並陸續退休，而他們卻沒有補充新員工。他們開始意識到這種需求。這就是全部的智慧人工智慧和數位員工的概念。

We've seen places in our business where I think it's been -- it's more receptive today than other places in our business. Certainly, in the court space, I talked about the document automation, which was our CSI acquisition a year ago. We're seeing a little more receptiveness in our ERP space for things like our priority-based budgeting and some other modules, AP automation and things like that. So it's not -- I wouldn't say that it's -- the dam has been broken, so to speak, but there is receptiveness to it. We will continue to push it because we will lay out that ROI value to our clients.

在我們的業務中，有些地方的接受度比其他地方更高。當然，在法院領域，我談到了文件自動化，這是我們一年前收購的 CSI 公司的產品。我們看到，在企業資源規劃 (ERP) 領域，人們對我們基於優先順序的預算編制和其他一些模組、應付帳款自動化等功能的接受度有所提高。所以，雖然不能說——我不會說——堤防已經被突破，但人們確實對此有所接受。我們將繼續推進這項工作，因為我們將向客戶展示其投資報酬率。

And I think I some of that receptiveness is tied to the trust they have with Tyler, that they -- we have these deep long-term, often decades-long relationships where we've brought them through different stages of technology, and they trust us to do that with AI as well and to show them a way and show them the value proposition, protect their data, provide the transparency, where they may be less trusting of a point solution or a start-up that just comes in with an AI solution on top of other products. So they really -- they trust us to understand their needs and to marry that with the way we manage their complex workflows. So that trust factor is important in their receptiveness to AI.

我認為這種接受度部分源於他們對泰勒的信任，我們與他們建立了深厚的長期關係，往往長達數十年，我們帶領他們經歷了不同的技術發展階段，他們相信我們也能帶領他們走向人工智能，向他們展示方向，向他們展示價值主張，保護他們的數據，提供透明度，而他們可能不太信任那些僅在其他產品之上提供人工智能解決方案的單一解決方案人工智能解決方案的單一解決方案或新創公司。所以他們真的——他們信任我們，相信我們能夠理解他們的需求，並將這些需求與我們管理他們複雜工作流程的方式結合起來。因此，信任因素對他們接受人工智慧至關重要。

Yeah, I'd be remiss, and I also mentioned our products in the state space, the resident assistant, resident engagement, automated field ops. And we did a deal this quarter with the South Carolina Department of Administration for Resident Engagement product, and that was about $1 million in ARR. But the solutions that we're able to provide to help citizens navigate the complex web of government operations to find their needs and to meet -- find what they're looking for and meet their needs is also somewhat compelling.

是的，我疏忽了，我還提到了我們在州政府領域的產品，例如居民助手、居民互動、自動化現場操作。本季我們與南卡羅來納州行政部門就居民參與產品達成了一項協議，該協議的年度經常性收入約為 100 萬美元。但是，我們能夠提供的解決方案，幫助公民在複雜的政府運作網絡中找到他們的需求並滿足他們的需求，也具有一定的吸引力。

Thank you so much.

太感謝了。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thank you for taking my question. Lynn, it sounds like it was a strong quarter for your public safety business. Q4 also tends to be a strong period for public safety. I was wondering if you could just provide some additional color on maybe your public sector -- excuse me, public safety pipeline and a setup for Q4, if you could.

你好。感謝您回答我的問題。琳恩，聽起來你的公共安全業務上個季度業績非常強勁。第四季通常也是公共安全領域的重點時期。我想請您補充一些關於公共部門——抱歉，是公共安全部門——的人才儲備以及第四季度的規劃。

Yeah, Mark, you're right. We had a good quarter in sales and public safety. We've got a lot of momentum in public safety. And I'm expecting some good sales in Q4 as well. We closed a few good deals. We don't talk necessarily about the competitors we beat, but I'm certainly happy with some of the wins that we had and because of the competitive people that we beat. And it's -- there's momentum there, and it's something that's got exciting up in our (inaudible) division.

是的，馬克，你說得對。本季我們在銷售和公共安全方面都取得了不錯的成績。我們在公共安全領域取得了長足的進展。我預計第四季銷售額也會不錯。我們達成了幾筆不錯的交易。我們不一定會談論我們擊敗的對手，但我對我們取得的一些勝利以及我們擊敗的那些強大的對手感到非常高興。而且──這股勢頭很強勁，在我們（聽不清楚）部門裡，這確實令人興奮。

We're still the leader in the public safety space as it relates to cloud. I think this quarter, we're -- through this year, we're about 93% year over year ahead in subscription versus last year. So that's -- it's a good place to be. Now we're not going to sit on our laurels, there's going to be more competitive investments we're going to make us like we do across the board. But I like our position there.

在公共安全領域，尤其是在雲端運算方面，我們仍然是領導者。我認為本季度，到今年年底，我們的訂閱量比去年同期增長了約 93%。所以，這裡是個好地方。現在我們不會止步不前，我們會像在其他所有領域一樣，進行更多具有競爭力的投資。但我喜歡我們在那裡的立場。

Great. Thanks. And then, Brian, just building an earlier question around flips. I believe flips were growing about 25% this year. Just wondering if you could just comment on growth expectations for flips next year? And also, if you can maybe just provide an update on maybe what percent of the installed base has moved to SaaS.

偉大的。謝謝。然後，布萊恩，只是圍繞翻轉問題構建了一個更早的問題。我認為今年房屋翻新業務成長了約 25%。請問您能否談談對明年房屋翻新市場成長的預期？另外，能否提供一下已安裝用戶群中有多少百分比已遷移到 SaaS 的最新情況？

We don't guide actually to a flip number, but we have said that the trajectory both into next year and really for the next two or three years, we've talked about a peak in the '27, '28 time frame. So that trajectory, both in terms of the number of flips and the size of flips. So the average size of flips is increasing. If you look at the cohort of customers that are still on-prem, it's more heavily weighted towards large customers, statewide court systems, large counties. So there is more revenue in that base that's still on prem.

我們實際上並沒有給出具體的數字，但我們已經說過，無論是明年還是未來兩三年，我們都認為 2027 年、2028 年會達到頂峰。因此，無論從翻轉次數或翻轉幅度來看，該軌跡都是如此。因此，翻轉的平均尺寸正在增加。如果你看一下仍然採用本地部署的客戶群，你會發現其中大型客戶、州級法院系統、大縣的比例更高。因此，仍部署在本地的客戶群能帶來更多收入。

So we do expect that trend to continue to be upward and to the right but are not giving a specific number for how we expect that to grow. Just like with new sales, there's lumpiness around large flips, and those are a little less predictable about exactly what quarter or even what year they're going to fall in, although we're certainly in conversations with virtually every customer about their long-term plans to move to the cloud. So that's kind of where we stand on that.

因此，我們預期這一趨勢將繼續向上向右發展，但我們不會給出具體的成長數字。就像新銷售一樣，大額交易也會出現波動，而且這些交易具體會在哪個季度甚至哪一年完成都很難預測，儘管我們幾乎與每一位客戶都就他們遷移到雲端的長期計劃進行了溝通。這就是我們對此事的立場。

The second part of your question, what was that?

你問題的第二部分是什麼？

It was around the growth expectations, I think, for flips next year -- oh, I'm sorry, what percentage of the installed base has moved to SaaS.

我想，這大概是關於明年房屋翻新業務的成長預期——哦，抱歉，是說已安裝用戶群中有多少百分比已經轉移到 SaaS 平台。

From a revenue standpoint, so if you take the maintenance revenue that we have today and multiply it by 1.75 to make a SaaS equivalent and compare that to our SaaS revenues, so from an equivalent revenue basis, it's about 50-50 right now. So about half of our customer base by revenue is still on-prem and about half is in the cloud.

從收入的角度來看，如果你把我們目前的維護收入乘以 1.75 得到 SaaS 的等效收入，然後與我們的 SaaS 收入進行比較，那麼從等效收入的角度來看，目前兩者的比例大約是 50-50。因此，以收入計算，我們大約一半的客戶群仍然採用本地部署方案，而大約一半的客戶群採用雲端方案。

Thank you.

謝謝。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

This is (inaudible) on for Michael. Just wanted to ask about the cross-sell opportunity. You talked about that 8 to 10 product goal for a few months now. So just wanted to know like what are the key drivers to bridge that gap from the current 2 to 3 products that customers kind of have right now? And is this going to require some M&A or new product development?

這是（聽不清楚）給麥可的。我想諮詢一下交叉銷售的機會。你們幾個月來一直在談論推出 8 到 10 款產品的目標。所以我想知道，彌合目前客戶擁有的兩到三種產品之間差距的關鍵驅動因素是什麼？這是否需要透過併購或新產品開發來實現？

There's a number of factors that drive that. One factor is we're still in the process of getting all our products to a single cloud version, which will help that. Our approach to sales. We're taking a hard look right now at our overall approach to sales holistically and not really in a position to go into details on that right now. But suffice to say that's a significant as to how we look at -- how we view a client, how we look at territories, how we view their bag of products.

造成這種情況的原因有很多。其中一個因素是我們仍在努力將所有產品遷移到單一的雲端版本，這將對此有所幫助。我們的銷售方法。我們目前正在認真審視我們整體的銷售策略，現在還不方便透露細節。但總而言之，這對於我們如何看待客戶、如何看待市場、如何看待他們的產品組合都具有重要意義。

There's other things about it, too. The other initiatives that we've got going on. I talked about getting down to a cloud. That's our cloud living initiative. Our client has that initiative, making sure our clients are extremely happy is a huge component of cross-sells and upsells. As I say, if our clients aren't happy, they're not going to buy more of our products. And we've unleashed a lot of it.

除此之外，還有其他一些面向。我們正在進行的其他項目。我談到了降落到雲端。這就是我們的雲端生活計畫。我們的客戶有這樣的主動性，確保客戶非常滿意是交叉銷售和向上銷售的重要組成部分。正如我所說，如果我們的客戶不滿意，他們就不會購買我們的更多產品。我們已經釋放了很多。

As you know, we hired Andrew Kahl, our new Chief Client Officer. We started some One Tyler initiatives around client experience, standing up and getting a better One Tyler approach to client success and things like that. So there's a lot of motions in the background. It's not one specific thing and some of these are bigger motions than others. But it still remains to be a significant opportunity for us over the next 5, 10 years.

如您所知，我們聘請了 Andrew Kahl，他是我們新的首席客戶長。我們圍繞著客戶體驗啟動了一些 One Tyler 計劃，旨在建立更好的 One Tyler 方法以實現客戶成功等等。所以背景有很多動態效果。這並非指某件具體的事情，而且其中一些動作比其他動作幅度更大。但在未來5到10年內，這仍然是我們一個重要的機會。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Hey. Good morning. A lot of my questions have been answered, but just a couple of follow-ups. Remind me, this was a big year for R&D catch-up. What are we thinking as -- I think in the longer term, framework that you had provided, you were thinking that R&D would approximate maybe 5% of revenue in 2030. But it looks to me like it's certainly above that now. And so we truly expect it to plateau and then come down as a percentage of revenue grows? Or would we expect it to continue to maybe grow at an accelerated rate in 2026?

嘿。早安.我的許多問題都得到了解答，但還有幾個後續問題。提醒我一下，今年是研發追趕的大年。我們正在考慮的是——我認為從長遠來看，根據您提供的框架，您認為到 2030 年研發支出可能佔收入的 5% 左右。但依我看，它現在肯定已經高於那個水準了。所以，我們真的預期它會先趨於平穩，然後隨著營收百分比的成長而下降嗎？或者我們可以預期它在 2026 年繼續加速成長？

I think in general, as we look at long term over multiple years, we expect R&D would grow in line with or slightly below our overall revenue growth. So as a percentage of revenue, it would be stable or come down. As we've talked about in the past this year and on into the next couple of years, there's an impact on R&D from sort of a geography change. So as we continue to evolve in our cloud transition that resources that were formerly classified in cost of sales are being redeployed in the R&D.

我認為總體而言，從長遠來看，我們預期研發投入的成長將與我們的整體營收成長持平或略低於整體營收成長。因此，佔收入的百分比將保持穩定或下降。正如我們今年以及未來幾年一直在討論的那樣，地理變化會對研發產生影響。因此，隨著我們不斷推動雲端轉型，以前歸類為銷售成本的資源正在重新部署到研發中。

And so there is a move of expense that's part of the reason for that growth. But as we look at this year and on into next year, I'd say we are expecting an elevated level of R&D. So we're seeing actual increases above our revenue increase as we invest in various initiatives, some of which Lynn talked about, including incremental investments around AI.

因此，支出增加是造成這種成長的部分原因。但展望今年以及明年，我認為我們預計研發水準將會提高。因此，隨著我們對各種舉措進行投資（其中一些舉措 Lynn 也談到了，包括對人工智慧的增量投資），我們看到實際成長超過了收入成長。

Okay. That's helpful and a good reminder on the reallocation. And then just in terms of with the Texas payments deal deconversion, really the majority of that happening for next year, that creates a bit of a drag. And if we're thinking of SaaS growth at 20%, I guess what's the underlying growth rate of payments that we should be thinking about to get to kind of thinking about where subscriptions growth ends up next year in terms of thinking about like is the right way to think about transaction revenue growth ex the Texas payments, something in the high teens?

好的。這很有幫助，也很好地提醒了我們重新分配資源的重要性。而就德州支付協議的轉換而言，大部分轉換實際上發生在明年，這會造成一些拖累。如果我們認為 SaaS 的成長率為 20%，那麼我們應該考慮支付的潛在成長率是多少，才能大致了解明年訂閱成長的最終結果，例如，考慮交易收入成長（例如德州的支付）是否應該達到 10% 以上？

I'd say, yes, ex the impact of Texas, low-double digit.

我會說，是的，不包括德克薩斯州的影響，低兩位數。

Okay. Low-double digit. Okay. So certainly, on a combined basis just because of Texas, we will see subscription revenue growth fall kind of more towards the mid-teens next year versus what looks like it's going to be 18% this year. Is that the right way to think about it?

好的。低兩位數。好的。因此，僅就德州而言，明年訂閱收入成長肯定會下降到十幾個百分點左右，而不是像今年這樣達到 18%。這種思考方式正確嗎？

I think that's generally the way to frame it. Again, the only guidance or directional guidance we've talked about today is really around the total SaaS growth and that subscription growth in the -- recurring revenue growth in the 10% to 12% range. So recurring revenue growth being the SaaS maintenance and transactions combined. So you can kind of back into the what that leaves for transactions if you apply the 20% to the SaaS and that recurring revenue growth excludes the impact of the Texas transition.

我認為這通常是處理這個問題的正確方式。再次強調，我們今天討論的唯一指導或方向性指導實際上都圍繞著 SaaS 的整體增長以及訂閱增長——經常性收入增長在 10% 到 12% 的範圍內。因此，經常性收入成長是指 SaaS 維護和交易的總和。所以，如果你將 20% 應用於 SaaS，而經常性收入成長不包括德州過渡的影響，那麼你就可以反推交易量還剩下多少。

Okay. That's helpful. I appreciate that. Thank you.

好的。那很有幫助。我很感激。謝謝。

Trevor Walsh, Citizens.

特雷弗·沃爾什，市民。

Hi. Thanks for taking my question. Great. Brian, maybe for you, but Lynn, feel free to weigh in as well. I appreciate all the color around kind of 2026 and kind of top line type of outlook.

你好。謝謝您回答我的問題。偉大的。布萊恩，也許對你來說是這樣，但琳恩，你也請發表意見。我喜歡圍繞著 2026 年的各種色彩和總體展望。

But can you maybe just give us a sense of how, from a profitability standpoint, kind of where are some of the levers you think going in '26 that might be pulled? And also on that front, could you give us an update on the data center closure? I think there was one targeted for the end of this year. And if my memory serves that was (inaudible) locations kind of in the early part of next year. So maybe if we could just get an update on that process, just as part of your answer, that would be terrific. Thanks.

但您能否從獲利能力的角度，大致談談您認為 2026 年可能會採取哪些措施來提高獲利能力？另外，關於資料中心關閉事宜，您能否提供最新進展？我認為今年年底前應該有一個目標。如果我沒記錯的話，那應該是（聽不清楚）地點，大概在明年年初。所以，如果您能在答覆中簡要說明一下這個進展情況，那就太好了。謝謝。

Sure. The margins, we've said we're not giving guidance on margins for next year. We have said that that progression on margins will not be linear over the next several years. It's been at a bit of an elevated level for the last couple of years. We're a little bit ahead of plan as we've seen -- ahead of our long-term trajectory as we've seen some of the benefits of the cloud transition earlier.

當然。關於利潤率，我們之前說過，我們不會對明年的利潤率給予預期。我們曾說過，未來幾年利潤率的成長不會是線性的。近兩年來，這個數字一直處於較高水準。正如我們所看到的，我們目前的進展比計劃稍稍超前——比我們的長期發展軌跡略有超前，因為我們已經較早地看到了雲端轉型的一些好處。

We've also seen more OpEx benefits earlier. So I would expect that margin expansion next year will not reach the same level of margin expansion that we're seeing this year, but certainly on track to achieve or exceed the targets that we've already established for 2030.

我們之前也看到了更多的營運支出效益。因此，我預計明年的利潤率擴張不會達到今年的水平，但肯定會朝著實現或超過我們為 2030 年制定的目標穩步前進。

I'd say, Trevor, that's right. We're too early in the process to talk about margins. I will say we have approved and greenlighted some investments that we're not in this year's budget that are coming online now, investments in our products in both competitive and AI investments. And I would expect some of that additional elevated investment next year.

特雷弗，你說得對。現在談論利潤率還為時過早。我想說的是，我們已經批准並批准了一些不在今年預算中的投資項目，這些項目現在正在上線，包括對我們產品的競爭性投資和人工智慧投資。我預計明年會有部分新增投資。

On the data center closure, you're right. We have exited the (inaudible) data center, a huge milestone, huge congratulations to our teams. We did that a little bit a couple of months early. And we talked about this in '23 about exiting the Dallas data center on time, and now we've done it with the Yarmouth Data Center.

關於資料中心關閉的問題，你說得對。我們已經撤出了（聽不清楚）資料中心，這是一個巨大的里程碑，向我們的團隊表示熱烈祝賀。我們提前幾個月就做了這件事。我們在 2023 年討論過按時撤出達拉斯資料中心的問題，現在我們已經完成了雅茅斯資料中心的撤出。

One thing I want to caution about that exit is that does not necessarily equate to immediate cost savings. There are some transitional headwind costs that are short term. I'm not prepared to give you a window of that. But clearly, over the long term, it's a tailwind to margins.

我想提醒大家的是，這種退出方式不一定代表能立即節省成本。存在一些短期過渡期的不利成本。我無法給你那方面的資訊。但顯然，從長遠來看，這對利潤率是一個利好因素。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Hello. Thank you for taking the question. I just wanted to do a follow-up on some of the commentary on the flips. I just -- Lynn, Brian, how much is version consolidation still limiting factor across the product base? I think it was framed at the beginning of the year you were ahead of schedule with ERP at a 95% level, Justice at 75%. I just wanted to wonder -- I just wanted to ask about 2026 going into next year, where are you at in that version of consolidation? What are limiting factors really are left just to frame the ability to really have capacity for greater flips next year? Thank you.

你好。感謝您回答這個問題。我只是想對一些關於翻轉的評論做一些後續說明。我只是想問——Lynn、Brian，版本整合在整個產品線中仍然有多大程度上是限制因素？我認為年初的時候你們的進度就超前了，ERP 完成度達到了 95%，司法系統完成了度達到了 75%。我只是想問一下——我只是想問一下關於 2026 年，也就是明年，你們在整合方面進展如何？究竟還剩下哪些限制因素會影響我們明年進行更大規模交易的能力？謝謝。

Yes. So there's -- take ERP, for example, there's two motions that are going on. One is we had multiple versions out in the field, which you consolidate those. And then we also have our cloud version of the software, which we will flip them at. And those are two different functions that are going on. You need one to get to the other and we've made significant progress there.

是的。所以，以 ERP 為例，有兩種運動正在進行中。一是我們在現場部署了多個版本，你需要將這些版本合併起來。此外，我們還有該軟體的雲端版本，我們會將其上架銷售。這是兩個不同的功能同時進行的功能。要實現其中一個目標，我們需要先實現另一個目標，而我們在這方面已經取得了顯著進展。

Charles Strauzer, CJS Securities.

Charles Strauzer，CJS Securities。

Hi. Good morning. Just on the flip conversation, just looking at the time it takes the customer to go live in the cloud once they've signed on to flip, are you seeing noticeable improved efficiencies, allowing you to convert to customers at a faster clip?

你好。早安.就翻轉平台而言，僅從客戶簽約翻轉平台後到正式上線雲端所需的時間來看，您是否看到明顯的效率提升，從而能夠更快地轉化為客戶？

I think in general, our experience has been pretty good. I'd say we've probably gotten better at it. It varies from client to client. There's typically a lot of planning done well in advance, often months in some cases, multiple quarters before they actually signed to flip. But we've seen pretty good experience in terms of the time from when they sign to when they actually go live in the cloud.

總的來說，我認為我們的體驗相當不錯。我覺得我們在這方面可能已經做得更好了。因客戶而異。通常情況下，他們會提前做好大量的計劃，有時甚至提前數月、數個季度，才最終簽署房屋買賣合約。但從簽約到實際上線到雲端，我們已經看到了相當不錯的效率。

(inaudible) court system, for example, I think was in a matter of just a few months, we've seen -- so I'd say our experience probably is really good there. It's more around the client doing a lot of planning in advance and working it into their overall IT road map. We've certainly seen situations where often because of a ransomware attack, the decisions are made very quickly, and we're able to bring customers up in the cloud, sometimes in a matter of days. So that doesn't have to be a really long lead time, but it varies from client to client.

例如，（聽不清楚）法院系統，我認為在短短幾個月內，我們就看到了——所以我認為我們在那裡的經驗可能真的很好。更重要的是客戶要事先做好大量的規劃，並將其納入整體 IT 路線圖中。我們確實見過這樣的情況：由於勒索軟體攻擊，決策往往非常迅速，我們能夠在幾天之內將客戶遷移到雲端。所以，提前期不一定很長，但具體時間因客戶而異。

Each client has got different levels of complexity, and we have been able to do things pretty quickly, maybe not full functionality. But I would say that as we continue to move forward, yes, I think we're getting better and more efficient. I couldn't quantify what that is at this point.

每個客戶的需求複雜程度都不同，我們能夠很快地完成一些工作，雖然可能無法實現全部功能。但我認為，隨著我們不斷前進，是的，我認為我們正在變得更好、更有效率。目前我無法量化那是什麼。

With no further questions, I'd like to turn the call back over to Lynn Moore for closing remarks.

沒有其他問題了，現在我把電話交還給林恩·摩爾，請她做總結發言。

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

謝謝傑伊，也謝謝各位今天收看我們的節目。如果您還有其他疑問，請隨時聯繫布萊恩米勒或我本人。再次感謝，祝您今天過得愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。