泰勒科技 (TYL) 2026 Q1 法說會逐字稿

Hello, and welcome to today's Tyler Technologies first quarter 2026 conference call. Your host for today's call is Lynn Moore, President and CEO of Tyler Technologies. (Operator Instructions) And as a reminder, this conference is being recorded today, April 30, 2026.

您好，歡迎參加 Tyler Technologies 2026 年第一季電話法說會。今天的主持人是 Tyler Technologies 總裁暨執行長 Lynn Moore。(接線員指示) 提醒您，本次會議將於今日 2026 年 4 月 30 日錄音。

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

我想把電話交給 Tyler 投資人關係資深總監 Hala Elsherbini。請開始。

Thank you, John, and welcome to our call. With me today is Lynn Moore, our President and CEO; and Brian Miller, our CFO. In an effort to streamline our earnings communications and provide timely context around our quarterly earnings results, we published our prepared remarks yesterday, shortly after posting our full quarterly results release to the news section of our Investor Relations website.

謝謝你，John，歡迎各位參加我們的電話會議。今天與我一同出席的有總裁暨執行長 Lynn Moore，以及財務長 Brian Miller。為了精簡我們的財報溝通並就季度財報結果提供即時背景說明，我們已於昨日在投資人關係網站新聞專區發布完整季度財報新聞稿後不久，公布了我們的事先準備講稿。

This go-forward practice allows for more timely understanding of our earnings results release before our earnings call this morning. Additionally, beginning next quarter, we plan to hold our earnings call earlier in the day before the market opens.

此一未來作法可讓各位在今天上午的財報電話會議前，更即時地理解我們的財報結果發布內容。此外，自下季起，我們計畫在開盤前更早的時間舉行財報電話會議。

After I get the Safe Harbor statement, Lynn will provide a summary of our key quarter highlights, and we'll move to our Q&A session. During this conference 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.

在我宣讀安全港聲明後，Lynn 將提供本季重點摘要，接著我們將進入問答環節。在本次電話會議中，管理團隊可能會發表非歷史資訊的陳述，並可能包含對公司未來展望、營收、費用與獲利的預測。

Such statements are considered forward-looking statements under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties, which could cause actual results to differ materially from these projections. We refer you to our Form 10-K and other SEC filings for more information on those risks. We have also posted on the Financials section of our Investor Relations website a schedule with supplemental information.

此類陳述依據 1995 年《私人證券訴訟改革法》之安全港條款，屬於前瞻性陳述，並受若干風險與不確定性影響，可能導致實際結果與這些預測存在重大差異。關於上述風險的更多資訊，請參閱我們的 Form 10-K 及其他向 SEC 提交的文件。我們也已在投資人關係網站的 Financials（財務資訊）專區發布一份包含補充資訊的明細表。

During the past year, we've discussed our intent to simplify the supplemental information we present to focus on our key performance indicators. Annualized recurring revenue, ARR, and free cash flow, along with other metrics we consider meaningful, including quarterly recurring revenues and bookings. We believe this will enable investors and others to focus on relevant metrics that best reflect the performance and trajectory of our business. Also on the Events & Presentations tab, we posted an earnings summary slide deck to supplement our prepared remarks. Lynn?

過去一年，我們已討論過我們有意簡化所提供的補充資訊，以聚焦於關鍵績效指標。包括年化經常性收入（ARR）與自由現金流，以及我們認為具意義的其他指標，例如季度經常性收入與簽約額（bookings）。我們相信這將使投資人及其他利害關係人能聚焦於最能反映我們業務表現與發展軌跡的相關指標。此外，在 Events & Presentations（活動與簡報）分頁中，我們也發布了一份財報摘要投影片，以補充我們的事先準備講稿。Lynn？

Thanks, Hala. Our first quarter results provided a strong start to 2026 with better-than-expected recurring revenue growth and free cash flow generation. Total revenues and recurring revenues both reached new record highs and free cash flow more than doubled last year's first quarter.

謝謝，Hala。我們第一季的結果為 2026 年帶來強勁開局，經常性收入成長與自由現金流創造均優於預期。總營收與經常性收入皆創下新高紀錄，自由現金流較去年第一季增加逾一倍。

Public sector demand remains robust with an active pipeline and growing momentum across our cloud solutions, AI-enabled applications, and our unified transaction strategy. Operating margins continue to improve, benefiting from our cloud model transition.

公部門需求依然強勁，管線活躍，且我們的雲端解決方案、AI 賦能應用，以及統一交易策略（unified transaction strategy）均展現日益增長的動能。營業利益率持續改善，受惠於我們向雲端模式轉型。

During the quarter, we repaid our convertible debt at maturity and executed meaningful opportunistic share repurchases under our new authorization. And earlier this month, we completed the acquisition of For The Record, representing the third largest acquisition in Tyler's history.

本季我們在到期時償還了可轉換公司債，並在新的授權額度下，執行了具規模且具機會性的庫藏股回購。此外，本月稍早我們完成了對 For The Record 的收購，這是 Tyler 歷史上第三大收購案。

We are well positioned for 2026 with durable demand drivers, accelerating cloud momentum, and a trust-based approach to leading the public sector's AI evolution, supporting our confidence in delivering on our strategic initiatives and 2030 targets. We'll now take your questions.

憑藉穩健的需求驅動因素、加速的雲端動能，以及以信任為基礎、引領公部門 AI 演進的方法，我們在 2026 年具備良好定位，並支持我們對推動策略性計畫與達成 2030 年目標的信心。接下來我們開始回答各位的問題。

(Operator Instructions)

(接線員指示)

Terrell Tillman, Truist.

Terrell Tillman，Truist。

Yeah, hey, Lynn, Brian and Hala, I will absolutely look forward to getting back in the queue as well. And I will keep it to one right now. We had the benefit of going to your conference. That was helpful. A lot about enablement for customers moving to cloud and just building confidence that they're ready to move to cloud.

是的，嗨，Lynn、Brian 和 Hala，我也非常期待之後再回到提問隊列。我現在先問一題。我們有機會參加你們的會議。那很有幫助。內容談了很多關於協助客戶遷移到雲端的賦能，以及建立他們已準備好上雲的信心。

But I don't know, maybe this is for you, Lynn. In terms of just confidence level, 90 days since your last update on SaaS flips, the volume and velocity as we look through the year. I know you had ACV growth, I think, on the flip side of 10% year-over-year in 1Q. But just any more color you can share about the confidence level? Has it increased? Is it where it was in terms of SaaS flips for the rest of the year? And kind of related to that, is AI and agentic kind of becoming an incremental stimulus or not necessarily? Thank you.

不過我不確定，或許這題給你，Lynn。就信心程度而言，距離你們上次更新 SaaS 轉換（flips）已經 90 天了，從今年來看，其量與速度如何？我知道你們在 1Q 的 ACV 成長，我想在轉換面向上是年增 10%。但你能否再多分享一些關於信心程度的細節？是否提高了？對於今年剩餘時間的 SaaS 轉換，是否仍維持原先的信心水準？以及與此相關，AI 與代理式（agentic）是否正成為額外的刺激因素，或未必如此？謝謝。

Yes, thanks, Terry. I'd say my confidence level in our cloud transition, both in terms of customers flipping to the cloud and what we're doing from an operational perspective are really high. We showcased this at Connect, as you mentioned, we had a client advisory board where we talked about the future direction of Tyler's cloud movement. And clients now -- they're just really receptive to it.

好的，謝謝你，Terry。我會說，我對我們的雲端轉型非常有信心，無論是客戶轉到雲端，或是我們在營運面所做的工作，信心都很高。如你所提到，我們在 Connect 上展示了這些；我們也舉辦了客戶諮詢委員會，討論 Tyler 雲端推進的未來方向。而客戶現在——他們對此非常買單。

I think hesitation in the past is really in the past. Now it's a matter of execution going forward. One anecdote, I would say, is public safety. We used to talk about how that was something that was a little bit slower to move to the cloud. We're seeing out in the public safety market, is pretty much all 100% going to the cloud. So I think all those points lead me to feel just as confident as ever. Our 2030 plan hasn't changed as it relates to that right now. As it relates to AI, I think it's a tailwind. I wouldn't say it's a big tailwind at this point.

我認為過去的猶豫真的已經成為過去。現在接下來就是執行力的問題。我想分享一個例子：公共安全。我們過去常說那個領域上雲的速度稍微慢一些。但我們在公共安全市場看到的情況是，幾乎 100% 都在走向雲端。所以我認為這些因素都讓我感覺自己一如既往地有信心。就目前而言，我們與此相關的 2030 計畫並沒有改變。至於 AI，我認為它是一股順風。但我不會說它在此刻是一股很大的順風。

We have a lot of AI initiatives going that AI and a lot of our products. It's embedded in our workflows. We spend a lot of time showcasing it at Connect. There was a lot of buzz around what we're doing and really the trust we have with our clients. And they trust us to move forward with AI. And so I like where we're positioned. We're making the right investments. Our clients are partnering with us on it, and I like where it's going.

我們正在推動許多 AI 計畫，AI 也已融入我們的許多產品之中。它被嵌入在我們的工作流程裡。我們在 Connect 上花了很多時間展示這些。大家對我們正在做的事情有很多討論熱度，尤其是我們與客戶之間建立的信任。他們信任我們能在 AI 上持續向前推進。因此我很喜歡我們目前的定位。我們正在做出正確的投資。我們的客戶也正與我們合作推動，我也很看好接下來的發展。

That's great to hear. Thank you.

很高興聽到這個消息。謝謝。

Matthew VanVliet, Cantor.

Matthew VanVliet，Cantor。

Hey, good morning. Thanks for taking the question. You mentioned in the prepared remarks you put up that RFP activity continues to improve and you're seeing a lot of momentum there. Curious in terms of what you're seeing coming out of that in terms of deal execution win, like win percentage?

嗨，早安。謝謝讓我提問。你在事先準備的講稿中提到，你們看到 RFP 活動持續改善，而且那邊的動能很強。我想了解的是，從那裡看下來，在交易執行的得標情況上，例如得標率（win percentage）如何？

And then also, are customers looking to land a little bit bigger now that they're going to be moving into the cloud and bolting things on is maybe a little bit more palatable upfront. So just curious on how deal sizes are and how win rates are looking.

另外，客戶現在是否傾向於一次落地更大一些的案子，因為他們將轉向雲端，而前期把功能「加掛」上去可能更容易被接受。所以想請教交易規模以及得標率目前看起來如何。

Yeah, I think, Matt, the market dynamic is, I think, pretty steady. RFPs continue to be steady. Our win rates are steady. I think the market right now is good. As it relates to deal size, every time we flip to the cloud, it's an opportunity for us to upsell, and that continues. We're also seeing some increasing deal sizes by adding on things like AI and things like that. So I'd say, overall, the market is good and steady.

是的，我想，Matt，市場動態我認為相當穩定。RFP 仍然維持穩定。我們的得標率也很穩定。我覺得目前市場狀況不錯。至於交易規模，每次我們轉到雲端，對我們而言都是一次向上銷售（upsell）的機會，而這種情況仍在持續。我們也看到透過加上像 AI 之類的功能，交易規模有些增加。所以我會說，整體而言，市場狀況良好且穩定。

Ken Wong, Oppenheimer.

Ken Wong，Oppenheimer。

Fantastic. Thanks for taking my question. Brian, a question on the guidance. Nice to see the strong quarter and the raise. Any way to help us dissect some of the drivers of that increased raise, whether it's For The Record, the increased demand, timing of SaaS deals? Any color you can give would be fantastic.

太棒了。謝謝讓我提問。Brian，我想問一下指引（guidance）。很高興看到強勁的一季以及上調。能否協助我們拆解一下這次上調的驅動因素，例如 For The Record、需求增加、SaaS 交易時點等？任何你能提供的補充說明都會很有幫助。

Yeah, this early in the year, not any major changes to the guidance other than the biggest factor is the addition of FTR, which is now included in our guidance for the year. So that accounted for a meaningful amount of the revenue raise along with the outperformance in the first quarter, particularly around transactions. FTR adds somewhere in the neighborhood of $30 million of revenues for the full year and a modest amount to EPS. So it's kind of the combination of the outperformance in the first quarter as well as the addition of FTR.

是的，在年初這麼早的時點，指引沒有任何重大變動；最大的因素是納入了 FTR，現在已經包含在我們今年的年度指引中。因此，這占了營收上調中相當有意義的一部分，另外也包括第一季的優於預期表現，特別是在交易（transactions）方面。FTR 全年大約會增加約 3,000 萬美元的營收，並對 EPS 有小幅貢獻。所以基本上是第一季超預期表現加上納入 FTR 的綜合結果。

Fantastic. Thank you very much.

太棒了。非常感謝。

Joshua Reilly, Needham & Company.

Joshua Reilly，Needham & Company。

Great. Thanks for taking my question. After seeing some of the Tyler Foundry use cases at Tyler Connect and the packed room for the customer overview of the agentic capabilities, clearly, the demand is there for the AI products. How quickly can you ramp to market the roughly 40 to 50 use cases that you plan to release for the initial kind of a genetic use cases at the conference? And how is the sales and implementation process going to work for those kind of initial use cases on the agentic side?

很好。謝謝讓我提問。在 Tyler Connect 上看到一些 Tyler Foundry 的使用案例，以及客戶概覽會場對代理式（agentic）能力的介紹座無虛席，顯然市場對 AI 產品是有需求的。你們計畫針對會議上初期那一批代理式使用案例，推出約 40 到 50 個使用案例，這些能多快推向市場？另外，針對這些代理式初期使用案例，銷售與導入流程會如何運作？

Yeah, Josh, you're right. The buzz at Connect was strong. I think our message generally around AI really resonated with our clients. And I can't overemphasize how much our clients put their trust in us to deliver the AI solutions for them in the future. Buzz doesn't always translate to deals immediately.

是的，Josh，你說得對。Connect 上的討論熱度很高。我認為我們整體在 AI 方面的訊息確實引起客戶很大共鳴。而且我再怎麼強調都不為過：客戶非常信任我們，期待我們在未來為他們交付 AI 解決方案。但熱度不一定會立刻轉化為交易。

We are getting deals, as you mentioned, these use cases, we have some of those already in the hands of clients and in the market. But I would generally say it's going to be a slower ramp, but our sector generally moves a little slower than the private sector. A lot of receptiveness, a lot of excitement, I think still TBD to see how much it's going to impact near-term financials.

我們確實正在拿到一些案子；如你提到的這些使用案例，我們已經有部分交到客戶手上並且在市場上推出。但整體來說，我會說爬坡會比較慢；我們這個產業本來就比民間部門（private sector）節奏慢一些。接受度很高、也很興奮，但它會在多大程度上影響近期財務表現，我想仍有待觀察（TBD）。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Okay, great. Hey guys, thanks for taking my question here. And I appreciate the new format as well. Brian, maybe for you. I'd love to dig into maybe some of the moving parts within the higher SaaS revenue guide. I think that part -- the $30 million from FTR is adding to that a little bit. But maybe you could just talk us through how that SaaS revenue guide is changing both organically and inorganically, just so that we're all on the same page.

好的，很棒。各位好，謝謝讓我在這裡提問。我也很喜歡新的形式。Brian，可能想請教你。我想深入了解一下較高的 SaaS 營收指引裡面的一些變動因素。我想其中一部分是 FTR 帶來的 3,000 萬美元。但你能否帶我們梳理一下，這個 SaaS 營收指引在有機（organically）與無機（inorganically）兩方面各自是如何變動的，讓大家理解一致？

Yeah, somewhere around 30% of FTR's revenues are -- I'm sorry, around 70% of FTR's revenues are software revenues. So a combination of SaaS and maintenance and the rest is in the hardware. So they are the biggest piece of that increase. The other thing is really driving the increase, SaaS is just a little bit around the timing of help some of the bookings come online.

是的，FTR 的營收中大約 70% 是軟體營收——抱歉，我是說大約 70% 的 FTR 營收是軟體營收。因此其中包含 SaaS 與維護（maintenance）的組合，其餘則是硬體。所以他們是這次增加的最大部分。另外一個推動增加的因素是，SaaS 方面主要是一些時點因素，讓部分訂單（bookings）開始上線（come online）。

So it's really sort of some fine tuning. There's no fundamental change from the outlook we entered the year with obviously, strong bookings in the first quarter give us more confidence around that. And there's a modest contribution from the acquisitions last year that have been built into our guidance for the year from the start. So really some modest tweaking around timing combined with the FTR acquisition.

所以這其實比較像是一些微調。從我們進入今年時的展望來看，沒有根本性的改變；當然，第一季強勁的訂單表現讓我們更有信心。另外，去年收購案對今年也有小幅貢獻，這些從一開始就已納入我們今年的指引。因此主要是時點上的小幅調整，加上 FTR 收購案的影響。

And I think I would just add on the FTR acquisition. We noted this in our prepared remarks, they are in the midst of their own SaaS transition themselves. And as we look out over the next few years, we expect that SaaS to accelerate in their business at a rate faster than Tyler's overall rate or comparable or above as hardware and maintenance will continue to decline over the next few years.

我想我再補充一下 FTR 這筆收購。我們在事先準備的講稿中也提到，他們自己也正處於 SaaS 轉型的過程中。展望未來幾年，我們預期他們業務中的 SaaS 會加速成長，增速會快於 Tyler 的整體增速，或至少相當、甚至更高；因為硬體與維護在未來幾年仍會持續下滑。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Yeah, hey, guys. Thanks for taking the question. I guess maybe on a couple of really nice wins and a really seemingly strong bookings quarter for you guys, and it feels like even some of those wins aren't fully reflected in the bookings number. So maybe what's driving the strength competitively here? Were there any onetime items? Or is kind of there's -- are we pulling forward bookings from later in the year? Just help us gauge kind of how that ebb and flow should come in this year?

是的，嗨，各位。謝謝讓我提問。我想就你們拿下幾個很不錯的案子、以及看起來非常強勁的一季訂單表現來問一下，而且感覺其中一些得標甚至還沒有完全反映在訂單數字裡。所以，這次競爭面上的強勁表現是由什麼驅動的？有沒有任何一次性因素？或者我們是否把原本今年稍晚的訂單提前拉到前面了？請幫我們判斷一下今年這種起伏（ebb and flow）大概會如何呈現？

Yeah, I don't think there's anything pulled forward anything unusual. It actually was a quarter in which there weren't really any large deals, a handful of deals with ARR of SaaS deals with ARR of more than $0.5 million a year. So no kind of multimillion dollar SaaS deals. As you know, bookings can be kind of lumpy with respect to big deals. We've talked about the pipeline still containing a normal amount of large deals.

是的，我不認為有任何提前拉動、或任何不尋常的情況。實際上，這一季並沒有真正出現任何大型交易，只有少數幾筆 SaaS 交易的 ARR（年度經常性收入）超過每年 50 萬美元。所以沒有那種數百萬美元等級的 SaaS 大單。如你所知，預訂（bookings）在大型交易方面可能會比較不均勻、呈現波動。我們也談過，銷售管線（pipeline）仍然包含正常數量的大型交易。

But this quarter, there really weren't those. What was one of the biggest software deals is a transaction-based deal, a statewide digital motor vehicle titling solution. And so it does not appear in SaaS bookings. It's one of those deals where we're providing software as well as payment processing and other services under a transaction-funded arrangement. So it doesn't hit SaaS bookings, doesn't hit bookings at all this year.

但在這一季，確實沒有那些交易。其中一筆最大的軟體交易其實是按交易計費（transaction-based）的案子，是一個全州性的數位車輛產權登記（titling）解決方案。因此它不會出現在 SaaS 預訂中。這類交易是我們在按交易資金支持（transaction-funded）的安排下，提供軟體以及支付處理和其他服務。所以它不會計入 SaaS 預訂，今年也不會計入任何預訂。

Revenues really won't start for that until next year, but that's a deal that we estimate will generate in excess of $20 million a year in transaction revenues when it's at full ramp. So it's one of those software under a transaction arrangement that will -- that doesn't really impact the current bookings. And that would have had a significant impact on what was already a really strong reported bookings number.

這筆交易的營收要到明年才會真正開始，但我們估計在完全爬坡（full ramp）後，它每年將產生超過 2,000 萬美元的交易型營收。所以這是一種「在交易安排下提供軟體」的案子——它並不會真正影響當期的預訂。而這本來會對已經非常強勁的已報告預訂數字帶來顯著的提升。

Otherwise, as we talked about going into the year, we expected to see a good rebound in bookings. There were certainly some unusual events that impacted last year's first quarter. So made the comp a little bit easier. But notwithstanding that, it was a very strong bookings quarter without any major onetime events just a good solid volume quarter.

除此之外，正如我們在進入今年時所談到的，我們預期預訂會有不錯的反彈。去年第一季確實有一些不尋常事件造成影響。因此讓同比比較（comp）稍微容易一些。但即便如此，這仍是一個非常強勁的預訂季度，沒有任何重大的單次性事件，就是一個量能扎實的季度。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Hi, good morning, and thank you for the new format. One thing I wanted to understand a little bit better is how do we think about the cadence of your on-premises flips this quarter? And how do we think about that maybe progressing over the course of the year? Especially as you start to implement some of these cloud first changes.

嗨，早安，謝謝你們採用新的形式。我想更深入了解的一點是：我們該如何看待你們本季的本地部署（on-premises）翻轉（flips）的節奏？以及我們該如何看待它在今年接下來的進展？特別是在你們開始落實一些「雲端優先」（cloud first）的變更之後。

I mean we don't focus too much on the short-term cadence of flips. We've talked about our expectation over the next several years of getting to by 2030, a point where 80% or more of our on-premise customers have moved to the cloud. We've said we're still on track for that. We expect the peak of that flip activity to be in the '27, through '29, time frame. So at a high level, we expect the volume of flips and focused on dollars rather than number of lips.

我的意思是，我們不會太聚焦在翻轉的短期節奏。我們談過未來幾年內的預期：到 2030 年，達到我們 80% 或以上的本地部署客戶已移轉到雲端的狀態。我們也說過，我們仍在朝這個目標前進。我們預期翻轉活動的高峰會落在 2027 到 2029 年的時間範圍。所以從高層次來看，我們預期翻轉的量——而且我們更關注金額而不是翻轉的筆數。

But for that to be higher this year than last year, the quarterly cadence is a bit hard to pin down. And as long as we're making appropriate progress towards those longer-term goals, we don't worry about the quarter-to-quarter as much.

但要說今年會比去年更高，季度之間的節奏其實有點難精準界定。只要我們朝那些較長期的目標取得適當進展，我們就不會那麼擔心季度到季度的變化。

So we expect that volume to be up this year. It's in line with our expectations, and we have a high degree of confidence, as Lynn mentioned earlier, from conversations with clients that it's a matter of when not if and we're on the right track to achieve our goals.

所以我們預期今年的量會上升。這符合我們的預期，而且我們有很高的信心——如 Lynn 先前提到的，從與客戶的對話來看，這是「何時」而不是「是否」的問題；我們也正走在達成目標的正確軌道上。

Rob Oliver, Baird.

Rob Oliver，Baird。

Great. Thank you. Good morning. Lynn, my question is for you. Coming out of Tyler Connect, I'd be curious to get your view on the product per customer motion for you, guys? I guess, another way to ask to cross-sell question that Matt had earlier. You -- I think your prepared remarks mentioned that you saw some really good progress internally. I know you guys have driven a lot of those initiatives.

很好。謝謝。早安。Lynn，我的問題想請教你。從 Tyler Connect 之後，我很好奇你們如何看待「每位客戶的產品數」這個推進方式（motion）？我想，換個方式問，就是 Matt 先前提到的交叉銷售問題。你——我記得你在準備好的發言中提到，你們在內部看到一些非常好的進展。我知道你們推動了很多這類倡議。

I think you said that average customer has around three products, and that could go to seven to eight. Just if you could help us put some color around what you saw out of Connect and how that appears to be trending now as customers move to the cloud. Thanks.

我想你說過平均每位客戶大約有三個產品，而這可以提升到七到八個。如果你能補充一些在 Connect 看到的情況，以及當客戶移轉到雲端後，這個趨勢目前看起來如何。謝謝。

Yeah, Rob, I'd actually say we're looking for 3 products -- average of 3 to go to 10 to 12 and not 7 to 8, but I'm not going to quibble. Yeah, I think the momentum is there. We're also seeing a lot more cross-sell momentum coming out of our State and Federal group, getting more of our local products into the state hands. We're seeing it with things like with our document automation product and our priority-based budgeting product.

是的，Rob，我其實會說我們希望平均 3 個產品——能提升到 10 到 12 個，而不是 7 到 8 個，但我不想在這點上爭論。是的，我認為動能是存在的。我們也看到從我們的州與聯邦（State and Federal）團隊出來的交叉銷售動能更強，把更多我們的地方政府（local）產品帶進州政府端。我們也在像是文件自動化產品，以及以優先順序為基礎的預算編制（priority-based budgeting）產品上看到這種情況。

I think the initiatives that we've been talking about for the last 1.5 years or so around improved client set, improved efficiencies and optimization in the cloud, making the cloud experience better for our clients is only going to help grease the wheels and help us make that cross-sell motion go faster.

我認為我們在過去大約一年半所談到的那些倡議——改善客戶組合、提升效率，以及在雲端進行最佳化、讓客戶的雲端體驗更好——只會進一步潤滑流程，並幫助我們讓交叉銷售的推進更快。

So it's a lot of things that we're doing, not only the competitiveness of our products, putting AI in our products but it's the whole basket of our strategic initiatives that will help drive those cross-sells and upsells as we head towards our 2030 goals.

所以我們正在做很多事情，不僅是產品競爭力、把 AI 放進我們的產品裡；更是我們整套策略性倡議的組合，將在我們邁向 2030 目標的過程中，幫助推動這些交叉銷售與加購（upsell）。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Hey, thanks for taking the question here. Can you just share how you're thinking about potentially including AI capabilities for your on-premise customers? And just really quick on the strong free cash flow in the quarter. What drove that? Any onetime items we should be aware of and kind of the level of prudence in the updated guide considering the strength you saw in the quarter?

嘿，謝謝讓我提問。你能分享一下你們如何思考，可能為本地部署（on-premise）客戶納入 AI 能力嗎？另外很快問一下，本季自由現金流（free cash flow）很強，主要是什麼驅動的？有沒有任何我們需要注意的一次性項目？以及在你們看到本季強勁表現的情況下，更新後的指引（guide）在保守程度（prudence）上是如何考量的？

Yeah, Allan, as it relates to AI, I think as we look out over time, there's been a few questions around flips and getting clients in the cloud. And over the years, we've talked about carrots and sticks. I wouldn't be surprised if we look out in the future that AI will be something that will become more and more available only in the cloud, but we're not quite there yet. But that is something that we're looking at really hard.

是的，Allan，關於 AI，我想隨著時間推進，我們看到有一些問題圍繞在翻轉以及讓客戶上雲。多年來，我們談過「胡蘿蔔與棍子」（carrots and sticks）。我不會意外，如果展望未來，AI 會成為越來越多只在雲端才提供的功能，但我們還沒到那一步。不過這確實是我們正在非常認真評估的事情。

And Allan, on the free cash flow side, it was mostly around working capital improvement. So we had strong AR collections. We had -- and some of that is around timing. There's not really any onetime thing in there, but the timing of working capital changes, particularly around collections. CapEx was a little bit lower.

Allan，至於自由現金流，主要是營運資金（working capital）的改善。所以我們的應收帳款（AR）回收很強。而其中一部分也與時間點有關。裡面其實沒有什麼一次性因素，主要是營運資金變動的時間點，特別是回收款項方面。資本支出（CapEx）也稍微低一些。

And then improved operating margin as well flowed through to cash, but mostly timing events. Our expectation for the full year around free cash flow margin hasn't changed at all. So nothing particularly unusual to point out there, but just good execution.

接著，營業利益率的改善也反映到現金上，但主要是時點因素。我們對全年自由現金流利潤率的預期完全沒有改變。所以那裡沒有什麼特別異常需要指出，只是執行得很好。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

Hello, thank you for taking the question. Just to clarify one for me. You did raise the midpoint of maintenance revenue by about 2 points. I just want to confirm that, that was entirely driven by For The Record. And you've made reference to the time line being a few years for the SaaS transition. Is that at all impacted by the contract length or just the comfortable pace that you want to go through that model transition? Thank you.

您好，謝謝讓我提問。我想先釐清一點。你們確實把維護收入的中位數上調了大約2個百分點。我想確認一下，這完全是由 For The Record 所帶動的嗎？另外你們也提到 SaaS 轉型的時間軸會是幾年。這是否會受到合約年期的影響，還是只是你們希望以較為從容的步調來完成這個模式轉換？謝謝。

Yeah, most of the maintenance increases For The Record, our expectation around flips and that impact on maintenance changes hasn't changed. So that would be the primary thing there. The longer-term pace of flips and the impact there, there's not really a contract link factor that's impacting that. It's really around a lot of complex issues that vary from client to client about when they're ready to move internally things like their -- how hard their replacement cycles for hardware in their own data centers, their concerns about cybersecurity, their overall IT road maps and how they can pace moving multiple products to the cloud.

是的，維護收入的增加主要來自 For The Record；我們對於轉換（flips）的預期，以及其對維護收入變動的影響，並沒有改變。所以主要就是這個因素。至於長期的轉換步調及其影響，並沒有什麼合約連動因素在影響。主要是許多複雜議題，且因客戶而異，像是他們何時準備好在內部移轉，例如他們自有資料中心硬體的汰換週期有多難推動、他們對資安的顧慮、整體 IT 路線圖，以及他們如何安排多個產品上雲的節奏。

All of those things kind of drive that long-term trajectory or cadence around flips and it's a pace we're comfortable with. We can accommodate that. We'd love it to be faster, but we can certainly accommodate it well also serving our new customers and new implementations as well.

這些因素共同驅動了長期的走勢或轉換節奏，而這也是我們覺得舒適的步調。我們可以配合。我們當然希望更快，但我們也完全有能力在服務新客戶與新導入案的同時，妥善配合這個節奏。

Charles Strauzer, CJS Securities.

Charles Strauzer，CJS Securities。

Hi, good morning. Can we talk just a little bit more on FTR and just your thoughts on the address market for that product line and client overlap with current plans. Thanks.

嗨，早安。我們能不能再多談一點 FTR，以及你們對該產品線可服務市場的看法，還有它與現有方案之間的客戶重疊程度？謝謝。

Yeah, sure, Charlie. FTR, they've already made a big splash in their space. 45% of the US courtrooms are using it. We look at it as the combination is something that we're able to create something powerful. We call judicial intelligence, something that doesn't exist today, something that can sort of bring together what's right now disparate manual systems between the judge, the clerk, the court reporter.

好的，當然可以，Charlie。FTR 在他們的領域已經掀起很大波瀾；美國有45%的法庭正在使用它。我們認為這次結合能讓我們打造出很有力的東西。我們稱之為「司法智慧」（judicial intelligence），這是目前不存在的概念，能把現在法官、書記官、法庭速記員之間彼此分散、以人工為主的系統整合起來。

Right now, as we look at the market, we look at Tyler's current SAM using our client base. We think it's about a $200 million market. But then when you sort of expand that and beyond, just again with their core offerings, that goes up to about $500 million.

就目前市場來看，我們以 Tyler 現有客戶基礎來估算其現有 SAM。我們認為大約是2億美元的市場。但如果再把範圍擴大到更多面向，仍以他們的核心產品為主，市場規模可提升到約5億美元。

One of the things we're also excited about it is it opens up the door for some other revenue opportunities. I don't want to get too carried away with these because we've got to bring it in, we've got to execute on our own SAM and then execute on the TAM. But there's a lot of things that we think we can do in terms of monetizing the audio and transcript data that actually will increase that overall TAM, well north of $1 billion, maybe $1.5 billion. And I'm talking about things like attorney remote access and third-party data sharing online transcript certifications, attorney insights, even going international.

另外一個讓我們很興奮的點是，它也為其他營收機會打開大門。我不想在這裡講得太超前，因為我們得先把它整合進來，先把我們自己的 SAM 做好執行，再去執行 TAM。但我們認為在音訊與逐字稿資料的變現方面，有很多事情可以做，這會把整體 TAM 拉高到遠超過10億美元，可能到15億美元。我指的是像律師遠端存取、第三方資料分享、線上逐字稿認證、律師洞察，甚至走向國際市場。

So there's a lot of other layers that we see playing out in the future, which really fits in well with our overall M&A strategy around trying to expand into new markets, things that can grow faster than we can avoid gaps in our offerings but are adjacent to our core fundamentals is something that I'm really excited about this acquisition. It's going to take time, like all our acquisitions do, but the runway is out there and being able to leverage our strong position in courts, coupled with their offering makes it pretty exciting.

所以我們看到未來還有很多其他層次會逐步展開，這也非常符合我們整體的併購策略：嘗試擴展到新市場、尋找成長速度比我們本業更快的領域、避免產品供給上的缺口，同時又與我們核心基本盤相鄰；這也是我對這次收購特別興奮的原因。這會需要時間，就像我們所有的收購一樣，但跑道就在那裡；能夠運用我們在法院領域的強勢地位，再結合他們的產品，確實相當令人期待。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，Goldman Sachs。

Great. Thanks so much for taking the question. I wanted to ask Rob's question on cross-sell a little bit -- in a little bit of a different way. I know you mentioned the success and execution on the dedicated state sales team side of things. Could you just maybe help us understand what's happening on the ground with the state and federal initiatives and how that sort of differs from the strategy and the resource allocation you've had historically on that front. Thanks so much.

很好。非常感謝讓我提問。我想用稍微不同的方式來問 Rob 關於交叉銷售的問題。我知道你們提到專責州政府銷售團隊在成功與執行上的成果。你們能否協助我們理解，在第一線州與聯邦層級的倡議目前發生了什麼，以及這與你們過去在這方面的策略與資源配置有何不同？非常感謝。

Yeah, Adam, we talked about it going back about this time last year. We've really created a whole new state sales team that's just dedicated to space, something that was different than what was there before. And part of that is new strategic account plans, new strategic account managers actually targeting states where formerly NIC didn't have state enterprise contracts, so expanding our footprint there.

好的，Adam，我們大約在去年這個時候就談過。我們確實建立了一支全新的州政府銷售團隊，專注於這個領域，這與以前的做法不同。其中一部分是新的策略性客戶計畫，以及新的策略性客戶經理，實際鎖定那些過去 NIC 沒有州級企業合約的州，藉此擴大我們在那裡的版圖。

We're also doing things within the states try to transform sort of the way historic NIC's business model was. Historically, a lot of their state contracts were funded through DHR's and we're moving to more of a funded solution type contract.

我們也在各州內推動一些事情，試圖改造過去 NIC 歷史上的商業模式。過去他們很多州政府合約是透過 DHR 來出資，我們正轉向更多「有預算支持的解決方案型」合約。

And we've already seen that take get some traction with Oklahoma and Kansas. So there's a lot of exciting things going on there. We continue to look at sales all the time and how we can tweak and make it better, and those are just some of the things we're doing in the state space.

而我們已經看到在奧克拉荷馬州與堪薩斯州開始取得一些進展。所以那裡有很多令人振奮的事情正在發生。我們也一直在檢視銷售端，思考如何微調並做得更好；以上只是我們在州政府領域所做的一些事情。

Mark Schappel, Loop Capital Markets.

Mark Schappel，Loop Capital Markets。

Hi, thank you for taking my question. Lynn, in your prepared remarks, you discussed the goal of getting every client on a single code stream for each product. I was wondering if you could talk about how far along you are in that journey. I suspect it's still early, but also which business segments such as maybe courts or ERP are furthest along there?

嗨，謝謝讓我提問。Lynn，在你準備好的發言中，你提到目標是讓每個產品的所有客戶都使用同一條程式碼主線（single code stream）。我想請你談談你們在這段旅程中目前進展到哪裡。我猜可能還在早期階段，但也想了解像法院或 ERP 等業務板塊，哪一個在這方面走得最前面？

You're right, Mark. This is what we call sort of Phase 2 of our cloud transition and what we call it as cloud moving. We can get a lot more detail on that at the Investor Day in June. And it is trying to get all of our core portfolio products down to that single release stream, continuous improvement, continuous delivery, coordinated releases across all of our product portfolio. We've been working behind the scenes towards that and again, we'll give you more details at Investor Day.

你說得對，Mark。這是我們所謂雲端轉型的第二階段，我們稱之為雲端遷移（cloud moving）。我們會在六月的投資人日提供更多細節。其目標是讓我們核心產品組合的所有產品都收斂到單一發佈主線：持續改進、持續交付，並在整個產品組合中協調一致地發佈。我們一直在幕後推進這件事，並且同樣會在投資人日提供更多細節。

Obviously, part of that process is getting everybody to a single version, getting to the cloud version. And each of our divisions is at different stages of that, but they are all making solid progress. It's something to me that's really exciting is where we're really going to start seeing some leverage in the gross margins of our cloud delivery.

顯然，該流程的一部分是讓所有人都切換到單一版本，也就是切換到雲端版本。我們各個事業部在這方面所處的階段不同，但都在穩健推進。對我而言，真正令人振奮的是，我們將開始在雲端交付的毛利率上看到一些槓桿效益。

Alexei Gogolev, JPMorgan.

Alexei Gogolev，摩根大通。

Thank you very much. Hello, everyone. Brian, I wanted to ask about the R&D step up. Obviously, remember how you're migrating some of the costs from COGS to R&D. But where is the investment concentrated in? Is it the agentic AI versus core ERP courts or some implementation tooling and what are the clearest milestones to watch out this year?

非常感謝。各位好。Brian，我想問一下研發（R&D）支出上升的問題。顯然，我記得你們正在把部分成本從銷貨成本（COGS）移轉到研發。但投資主要集中在哪些方面？是代理式 AI（agentic AI）相對於核心 ERP 產品，還是一些導入工具？以及今年最值得關注的明確里程碑是什麼？

I think the R&D investment is pretty balanced across those things you mentioned. There is increased -- as you noted, there is an ongoing migration or movement of R&D resources or development resources from the cost of sales line to the R&D line as we continue to evolve along that cloud transition. So that's just a geography change.

我認為研發投資在你提到的那些方向上相當均衡。如你所說，隨著我們持續推進雲端轉型，研發資源或開發資源正持續從銷售成本項下移轉到研發項下。所以那只是科目歸類的變動。

We also have reduced the amount of R&D that's being capitalized as some of those capitalizable projects have wound down. And so more of the same resources are being expensed now that we're formally being capitalized, so that's not really a change.

我們也降低了可資本化的研發金額，因為其中一些可資本化的專案已經接近尾聲。因此，同樣的資源現在更多是以費用化認列，而不是正式資本化，所以這其實不算變化。

But when we look about the true increase in development spend, it's kind of balanced across investments in innovation across our entire portfolio. Those things that improve our competitiveness, drive higher win rates, add more value to our existing customers, which has always been a hallmark of Tyler as well as the newer investments and growing investments in AI. We are continuing to move resources that are already on board to the AI side as we do things like execute on version consolidation and free up more internal resources. So it's not a huge hiring push on the AI side, but we are dedicating more of our development resources to those efforts.

但若看真正的開發支出增加，基本上是平均分布在我們整體產品組合的創新投資上。也就是那些能提升競爭力、提高得標率、為既有客戶創造更多價值的事項——這一直是 Tyler 的特色——以及較新的、持續成長的 AI 投資。隨著我們執行版本整併並釋放更多內部資源，我們也持續把既有的人力資源轉向 AI 相關工作。因此，AI 方面並不是大規模招募，而是把更多開發資源投入到這些工作上。

Bill McNamara, Evercore ISI.

Bill McNamara，Evercore ISI。

Hi, this is Bill on for Kirk, and thanks for taking my question. On the $20 million state digital motor vehicle titling and electronic lean win, can you provide more detail what differentiated you on that deal? And how should we think about the implementation timeline and revenue ramp as we look out to 2027?

嗨，我是 Bill，代 Kirk 提問，謝謝讓我提問。關於那筆 2,000 萬美元的州級數位車輛產權登記（titling）與電子留置權（electronic lien）得標案，你能否提供更多細節，說明你們在這筆交易中有哪些差異化優勢？另外，展望到 2027 年，我們應該如何看待導入時程與營收爬坡？

Yeah, that's an area where we have had a fair amount of success in the last couple of years in providing those solutions. We have a partner in that space that we work with. And we have deployed that solution in a handful of states already as those states move from paper titles to digital titles, create a lot of efficiency in how they manage motor vehicle titling and those have been typically funded by transaction revenues. So it's been a nice growth area for us.

是的，這是我們過去幾年在提供相關解決方案方面取得相當多成功的領域。我們在這個領域有合作夥伴一起合作。隨著各州從紙本車輛權狀轉向數位權狀，我們已在少數幾個州部署了該解決方案，這能大幅提升其車輛產權管理效率，而這些通常是由交易收入來支應。因此，這對我們而言是一個不錯的成長領域。

We continue to see a number of opportunities in our statewide client base. And I'd say the solution we're deploying is certainly a leader in that space. That implementation will take place over this year. We expect revenues to start in the first half of next year. And there'll be transaction-based revenues, and we expect those as they ramp up to reach north of $20 million a year of transaction revenues.

我們在州級客戶基礎中仍持續看到不少機會。我會說，我們正在部署的解決方案在該領域確實是領先者。該導入將在今年完成。我們預期營收將在明年上半年開始貢獻。而且會是以交易為基礎的收入，我們預期隨著規模爬坡，交易收入每年可超過 2,000 萬美元。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hi, good morning. Thanks for taking the question, guys. As you partner with your clients on their own AI journey, I'm wondering if you could provide some of the main points of feedback they're giving to you on the current feature set, the road map and the pricing model around that?

嗨，早安。謝謝你們回答問題。當你們與客戶在其自身的 AI 旅程上合作時，我想請你們分享一些他們對目前功能組合、產品路線圖以及相關定價模式所給的主要回饋重點？

Yeah, Parker, I think the most important feedback we've gotten is really the point we've emphasized a lot over the last year is trust. Our clients really trust us to be their partner more so than anybody else. They're really concerned about their data and the fact that while -- and the protection of that data, which is something that we do.

是的，Parker，我認為我們收到最重要的回饋，正是我們過去一年反覆強調的重點：信任。我們的客戶非常信任我們作為他們的合作夥伴，甚至勝過其他任何人。他們非常在意自己的資料，以及——資料的保護，而這正是我們在做的事情。

We talk a lot about the AI Foundry, we mentioned it in our notes. And that really includes all that security we have around their data, around their processes being embedded in their workflows and really helping them do their business and make their jobs more efficient and free up their time from sort of more manual tests so they can accomplish other things.

我們談了很多 AI Foundry，也在我們的說明中提到。那其實涵蓋了我們對其資料的所有安全防護、將其流程嵌入工作流程之中，真正協助他們經營業務、提升工作效率，並把時間從較偏手動的工作中釋放出來，好讓他們能完成其他事情。

That's the message that I think gives me the most confidence going forward. Our clients have high switching costs, and that plays to our advantage as well. So we do have client focus groups. We had a client advisory board, where we spent time talking about AI.

我認為這個訊息最能讓我對未來充滿信心。我們的客戶轉換成本很高，這也對我們有利。因此我們確實有客戶焦點小組。我們也有客戶諮詢委員會，並花時間討論 AI。

Our ERP solutions has their own client AI working focus groups and the feedback and working with our partners and making sure that we're doing the things that are most meaningful to them is something that really resonates with our clients.

我們的 ERP 解決方案也有自己的客戶 AI 工作焦點小組；而這些回饋、與合作夥伴共同合作並確保我們在做對他們最有意義的事情，確實非常能引起客戶共鳴。

As it relates to the pricing model, it's going to be priced differently. Some of these are going to be priced SaaS. Some AI features will be just part of our competitiveness added into our features and some will be priced at separate modules.

至於定價模式，會採用不同的定價方式。其中一些會以 SaaS 方式定價。有些 AI 功能會作為提升競爭力的一部分，直接納入我們的功能之中；也有些會以獨立模組另外定價。

Right now, I think we're still early, but we're getting wins and deals that are validating our models. For example, this past quarter, we won a couple of document automation deals, one in Miami-Dade, I think we mentioned that in our prepared remarks.

目前我認為我們仍在早期階段，但我們正在拿下案子與交易，這些都在驗證我們的模式。例如在上一季，我們拿下了幾筆文件自動化的案子，其中一筆在 Miami-Dade，我想我們在事先準備的發言中有提到。

That's a client where their existing maintenance support agreement was a little over $0.25 million, and we sold a document automation SaaS deal for upwards of $800,000. So that product is getting a lot of traction in the market. So right now, all the feedback we're getting is positive, and I like where we're sitting and I like our trajectory.

那是一個客戶，他們既有的維護支援合約金額略高於 25 萬美元，而我們賣出了一筆文件自動化的 SaaS 交易，金額超過 80 萬美元。因此，該產品在市場上獲得了很大的動能。所以目前我們收到的回饋都是正面的，我喜歡我們目前的位置，也喜歡我們的發展軌跡。

And just to add one thought to that example that Lynn mentioned with Miami-Dade, it's really a value-based approach because with that uplift from the AI-driven document automation, they will generate really significant labor savings. So there's a very strong ROI to that purchase from Tyler.

再補充一點 Lynn 提到的 Miami-Dade 例子：這其實是以價值為基礎的做法，因為透過 AI 驅動的文件自動化所帶來的提升，他們將能產生非常可觀的人力成本節省。因此，購買 Tyler 的這項產品具有非常強的投資報酬率（ROI）。

Austin Williams, Wells Fargo.

Austin Williams，富國銀行。

Hey, thanks. This is Austin is on for Michael Turrin. I just wanted to follow up on the AI efficiencies internally that you're seeing. Any color on how you're leveraging AI and any cost savings that you're able to drive there? And as a follow-up, any thoughts on the pace of the buyback going forward? Thank you.

嘿，謝謝。我是 Austin，代 Michael Turrin 提問。我想追問一下你們內部正在看到的 AI 效率提升。能否分享一些你們如何運用 AI，以及因此能帶來哪些成本節省？另外追問一下，對於未來回購的節奏有什麼想法？謝謝。

Yeah, on internal AI efficiencies, I would say we're seeing them, but it's still anecdotal at this point. Brian answered the question before about R&D. And the way we really think about internal resources is we really focus on capacity. And so what we're seeing, for example, in the R&D world, it's increasing the capacity of our developers, which allows them to do more, which is great.

是的，關於內部 AI 效率，我會說我們確實看到了，但目前仍屬於軼事性觀察。Brian 先前已回答過關於研發的問題。而我們看待內部資源的方式，主要是聚焦在產能。因此我們看到的例子是，在研發領域，它正在提升我們開發人員的產能，讓他們能做更多事情，這很棒。

We are seeing some anecdotal efficiencies in the service delivery areas. For example, one of our clients in our appraisal intact, just doing a data conversion. In the past, this was a conversion that would have taken many months that was down to a couple of weeks. Still early to say that we can apply that across all of Tyler solutions, but the things that we're seeing are positive and something that we're continuing to focus on. I don't know what the second point of the question.

我們也在服務交付領域看到一些軼事性的效率提升。例如，我們在估價（appraisal）業務的一位客戶，只是在做資料轉換。過去這種轉換可能要花好幾個月，現在縮短到幾週。現在還太早說我們能把這套做法套用到所有 Tyler 解決方案上，但我們看到的跡象是正面的，也是我們會持續聚焦的方向。我不確定問題的第二點是什麼。

The share repurchase. Yes. So we've -- obviously, we've repurchased 2.5% of our stock this year. Average price has been around $315. We still have another $650 million-ish under our authorization. When I look at our share repurchases and generally our capital allocation, I've made a lot of comments about our Tyler 2030 path and our goals and the increasing confidence we have in that and the increasing confidence we have in our free cash flow generation that will go exceed $1 billion in 2030, and we believe we'll continue to extend far out in the future.

股票回購。是的。所以我們——很明顯地——今年已回購了我們 2.5% 的股票。平均價格大約在 315 美元左右。在授權額度下我們仍有約 6.5 億美元可用。當我看我們的股票回購以及整體資本配置時，我已就 Tyler 2030 路徑、我們的目標、以及我們對此日益提升的信心，還有我們對自由現金流產生能力日益提升的信心做過很多評論；我們預期 2030 年自由現金流將超過 10 億美元，並且我們相信未來很長一段時間都能持續延伸。

And when I look at that and have the confidence in our 88% recurring, going to plus -- 90%-plus, it makes me think that today is a good value. And so we're going to continue to buy our shares when we think it's a good value.

而當我看到這些，並對我們 88% 的經常性收入、將提升到 90% 以上有信心時，這讓我認為以今天的價格來看是有不錯的價值。因此，當我們認為價格具備良好價值時，我們會持續回購自家股票。

Terry Tillman, Truist.

Terry Tillman，Truist。

Yeah, the part of my tender was still in here was my follow-up on the AI-driven deals. I was going to focus on document automation. And I think both Lynn and Brian shared some perspective on that, but there was a lot of deals mentioned here. Did something happen or inflect in terms of maybe just go-to-market and kind of the sales playbook?

是的，我剛才還沒問到的部分，是我對 AI 驅動交易的追問。我想聚焦在文件自動化。我認為 Lynn 和 Brian 都分享了一些觀點，但這裡提到的交易很多。在可能的上市推廣（go-to-market）以及銷售作戰手冊方面，是否發生了什麼變化或出現拐點？

And with these kind of deals on document automation, does this go beyond kind of where maybe the sphere of influence you had, whether it was courts or back-office ERP and it's like a broader document automation kind of use case that could go well beyond what you typically were doing? Thank you.

另外，這類文件自動化的交易，是否已超出你們原本的影響範圍——不論是法院或後台 ERP——而變成更廣泛的文件自動化使用情境，可能遠超過你們以往通常在做的事情？謝謝。

Yeah, Terry, I don't know that there was anything more specific. It was just more of the timing of these deals. We had two big document automation deals. I mentioned one was about an $800,000 deal. Another one with Harry's County, that was pushing $1 million.

是的，Terry，我不覺得有什麼更具體的原因。主要只是這些交易發生的時間點。我們有兩筆大型的文件自動化交易。我提到其中一筆大約是 80 萬美元。另一筆是和 Harry's County 的，接近 100 萬美元。

Brian mentioned the ROI selling point, which I think is something that we focus on, and it's a message that resonates with our clients. As it relates generally to that acquisition of CSI and document automation, absolutely, we think it's applicable across more parts of our portfolio.

Brian 提到以 ROI 作為銷售訴求，我認為這是我們聚焦的重點之一，而且這個訊息能引起客戶共鳴。至於整體而言，關於收購 CSI 與文件自動化，完全沒錯，我們認為它可適用於我們產品組合中更多的部分。

Our initial focus has been in the court space. That's where their bread and butter was and that's where we have a really strong presence, but it is something that I expect to be rolling out across other Tyler portfolio products.

我們最初的重點是在法院領域。那是他們的核心業務所在，也是我們擁有非常強勢布局的地方，但我預期它會逐步推廣到 Tyler 產品組合中的其他產品。

Matt VanVliet, Cantor.

Matt VanVliet，Cantor。

Yeah, thanks for taking the second question here. I guess I wanted to drill in a little bit more on the raise of the revenue guide for 2026. I presume it now includes For The Record, curious on what the contribution was there. And if there's anything else there were sort of puts and takes in terms of raising the guidance?

是的，謝謝讓我問第二個問題。我想更深入了解一下 2026 年營收指引上調的部分。我推測現在已包含 For The Record，想請教它的貢獻是多少。以及在上調指引方面，是否還有其他因素的拉抬與抵銷？

For The Record is the biggest contributor to the revenue gain and that added in the neighborhood of $30 million of total revenues. In addition, we continue to see a little bit higher volumes around our transaction-based business. Some of that reflected this quarter in the actual results. And so to the extent our expectations have changed at least modestly around that, we factored that into the guide for the year. But again, the vast majority of that would be the result of the FTR acquisition.

For The Record 是營收上調的最大貢獻者，新增的總營收大約在 3,000 萬美元左右。此外，我們持續看到交易型業務的量略高一些。其中一部分在本季的實際結果中已有反映。因此，在我們對此的預期至少有些微調整的範圍內，我們也把它納入今年的指引。但再次強調，絕大多數的變動來自 FTR 的收購。

Thank you, Matt. At this point, that concludes our Q&A session. I will now turn the call back over to Lynn Moore for closing remarks.

謝謝你，Matt。到這裡，我們的問答環節就結束了。接下來我會把電話交回給 Lynn Moore 做結語。

Thanks, John, and thanks, everybody, for joining our call today. If you have any further questions, please feel free to contact Brian Miller or myself. We look forward to welcoming many of you to our June Investor Day in person or on the webcast. Thanks again and have a great day.

謝謝你，John，也謝謝各位今天參加我們的電話會議。如果你們還有任何問題，歡迎隨時聯絡 Brian Miller 或我本人。我們期待在六月的投資人日，無論是親自到場或透過網路直播，歡迎各位參與。再次感謝，祝各位有美好的一天。

Ladies and gentlemen, this concludes today's conference call, and we would like to thank you for your participation. You may now disconnect your line.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛斷電話。