泰勒科技 (TYL) 2026 Q2 法說會逐字稿

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

您好，歡迎參加 Tyler Technologies 2026 年第二季財報電話會議。今天的主持人是 Tyler Technologies 的執行董事長、總裁兼執行長 Lynn Moore。(接線員指示) 提醒各位，本次會議將於今天（2026 年 7 月 30 日）進行錄音。

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

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

Thank you, and welcome to our call. With me today is Lynn Moore, Executive Chair, President and CEO; and Brian Miller, our Chief Financial Officer. In an effort to streamline our earnings communications and provide timely context around our quarterly earnings release, we published our prepared remarks yesterday, shortly after posting our full quarterly results release to the News section of our Investor Relations website. We've also posted on the Investor Relations section of our website under the Financials tab, a schedule with supplemental information.

謝謝，歡迎各位參加我們的電話會議。今天與我一同出席的有：執行董事長、總裁兼執行長 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發布提供即時背景資訊，我們已於昨日在投資人關係網站「新聞」專區發布完整季度業績新聞稿後不久，公布了事先準備的講稿。我們也在投資人關係網站「財務」分頁下，發布了一份包含補充資訊的時程表。

Lastly, on the Events & Presentations tab, we posted an earnings summary slide deck to supplement our prepared remarks. After I give the safe harbor statement, Lynn will have some opening remarks, and we'll directly go to Q&A.

最後，我們在「活動與簡報」分頁上發布了一份財報摘要投影片，以補充我們的事先準備講稿。在我宣讀安全港聲明後，Lynn 會先做一些開場致詞，接著我們將直接進入問答。

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. 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.

在本次電話會議中，管理層可能會發表除歷史資訊以外的陳述，並可能包含對公司未來前景、營收、費用與獲利的預測。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。

Lynn?

Lynn？

Thanks, Hala. As you can see, it was a very busy and exceptionally productive quarter for Tyler. We accomplished a great deal strategically, including our Investor Day, where we detailed new higher Tyler 2030 targets, our convertible debt offering, which enhanced our financial flexibility, significant share repurchases, reflecting confidence in our long-term growth and the acquisition of For The Record, which strengthens our leadership position in the Courts & Justice market, all while continuing to deliver strong execution across the business.

謝謝你，Hala。如各位所見，這對 Tyler 來說是一個非常忙碌且格外高產的季度。我們在策略上完成了許多事項，包括舉辦投資人日並詳細說明新的、更高的 Tyler 2030 目標；發行可轉換公司債以提升財務彈性；進行大規模庫藏股回購，展現對長期成長的信心；以及收購 For The Record，強化我們在法院與司法（Courts & Justice）市場的領導地位，同時也持續在各項業務上展現強勁的執行力。

Operationally, we delivered another strong quarter, highlighted by 21.7% SaaS revenue growth, record SaaS bookings, record total bookings and record second quarter free cash flow. Public sector demand remains healthy, supported by ongoing modernization priorities across government and continued investment in digital transformation cyber security, operational efficiency and constituent engagement.

在營運面，我們再度交出強勁的一季，亮點包括 SaaS 營收成長 21.7%、SaaS 訂單創新高、總訂單創新高，以及第二季自由現金流創新高。公部門需求仍然健康，受政府持續推動現代化優先事項所支撐，並持續投資於數位轉型、資安、營運效率與民眾互動。

We also continue to see momentum in our transactions business, made meaningful progress with our cloud operations and advanced our AI strategy with growing client engagement and early customer adoption across the portfolio.

我們也持續看到交易（transactions）業務的動能，在雲端營運方面取得實質進展，並在 AI 策略上持續推進，客戶互動增加，且在整體產品組合中已有早期客戶採用。

Overall, we're very pleased with our first half performance and remain well positioned for the second half of 2026 and beyond. Simply put, we got a lot done this quarter and the progress we made reinforces our confidence in the opportunities ahead.

整體而言，我們對上半年表現非常滿意，並且仍然具備良好定位，迎接 2026 年下半年及更長遠的未來。簡而言之，本季我們完成了很多工作，而我們取得的進展也強化了我們對未來機會的信心。

We'll now take your questions.

接下來我們開始回答各位的問題。

(Operator Instructions)

(接線員指示)

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah, thanks very much for taking the question. Lynn, I realize you guys ran through a lot of the AI strategy at your recent Analyst Day. But I was just kind of curious, we've heard from some companies that AI sort of decisions are slowing down decisions in other parts of the business.

好的，非常感謝讓我提問。Lynn，我知道你們在最近的分析師日已經談了很多 AI 策略。但我有點好奇，我們聽到一些公司表示，AI 相關的決策正在拖慢企業其他部分的決策。

And I was just kind of curious what you're seeing in your area. Have sort of the broader discussion of AI slowed any discussions on flips or on some of your products? Or is it pretty much business as usual, right now?

所以我想了解你們這邊看到的情況。AI 的整體討論是否讓你們在轉換（flips）或某些產品上的討論變慢？還是目前基本上仍是照常運作？

Yes. Thanks, Kirk. I'd say it's business as usual. As we talked about at Investor Day, our market is going to move a little bit slower, but there is a lot of excitement and energy around the products that we're starting to bring to market around AI. We're not seeing any meaningful impact or any impact really on the remainder of our core business.

是的。謝謝你，Kirk。我會說目前是照常運作。如同我們在投資人日所談，我們的市場推進速度會稍微慢一些，但對於我們開始推向市場的 AI 相關產品，市場上有很多興奮與能量。我們沒有看到對核心業務其餘部分有任何顯著影響，甚至可以說沒有影響。

And if I can just ask a quick follow-up for Brian. Brian, just on the margin front going in the back half of the year, anything we should be sort of aware of in terms of hiring plans or any sort of shift in how you guys are thinking about sort of spending?

如果可以的話，我想再快速追問 Brian 一題。Brian，關於今年下半年毛利率/利潤率表現，有沒有什麼我們需要留意的，例如招募計畫或你們在支出思維上是否有任何轉變？

No, there's no real change to our spending outlook. Margin expectation, obviously, is that margins will continue to expand through the year. I think the midpoint of our guidance has somewhere around the 100 basis point margin expansion. There were a couple of onetime things in this quarter that pulled it down a bit, but we still have about the same outlook on growth. And our hiring is right on plan and fairly limited in the second half of the year.

沒有，我們的支出展望沒有實質改變。至於利潤率預期，顯然我們預期利潤率會在全年持續擴張。我想我們指引的中位數大約對應 100 個基點的利潤率擴張。本季有幾項一次性因素使利潤率略為下滑，但我們對成長的展望仍大致相同。而我們的人才招募也完全依計畫進行，且在下半年相對有限。

Matthew VanVliet, Cantor.

Matthew VanVliet，Cantor。

Hey, good morning. Thanks for taking the question. I guess looking at the progress of For The Record. Obviously, it's only been a couple of months, but just curious on how the interest there gives you confidence in both future M&A strategy, but also just sort of your own AI road map as you were just talking about?

嗨，早安。謝謝讓我提問。我想從 For The Record 的進展來看。顯然才過了幾個月，但我想了解，看到那邊的市場興趣，如何讓你們對未來的併購策略更有信心，同時也對你們剛才提到的 AI 路線圖更有信心？

Yes, sure, Matt. Yes, we're still just as excited about For The Record as we were two months ago. And as we were when we made our initial investment 11 years ago. They won a really big opportunity in Australia this quarter, about a $1.6 million annual ARR. They also won a -- I think it's seven or eight other deals in the quarter.

好的，當然可以，Matt。是的，我們對 For The Record 的興奮程度，和兩個月前一樣高。也和我們 11 年前首次投資時一樣。他們本季在澳洲拿下一個非常大的機會，年化 ARR 約 160 萬美元。他們本季也拿下了——我想是七或八個——其他案子。

So really out of the gate, it's about what we expected. Like a lot of our acquisitions, we expect that over time, we're going to help accelerate its growth. And that's the plan. I'm sorry, I don't remember the second part of your question.

所以整體來說，一開始的表現就如我們預期。和我們許多收購案一樣，我們預期隨著時間推進，我們將協助加速其成長。這就是計畫。抱歉，我不太記得你問題的第二部分。

Just how this also require --

就是這也如何需要--

Generally about M&A.

大致上是關於併購（M&A）。

Encouraging the AI strategy.

以及對 AI 策略的推進。

I'm sorry, we talked over each other.

抱歉，我們剛剛同時說話了。

Yes. Just how it impacts your AI strategy for both M&A and organic?

是的。就是它如何影響你們在併購與有機成長兩方面的 AI 策略？

I think it just reinforces one, our overall M&A strategy. And obviously, with changes that are going in the market, that's one of the things we talk about is what is it that they can bring for AI. And on the flip side, we're probably scrutinizing acquisition candidates a little more closely in terms of whether or not AI is something that could displace those types of products versus others. But I would say it validates our approach. And again, we're as excited about FTR as we've really been for many years.

我認為這只是再次強化了我們整體的併購策略。而且很明顯，隨著市場正在發生的變化，我們討論的一個重點就是：標的能為 AI 帶來什麼。另一方面，我們也可能會更仔細地審視併購候選標的，評估 AI 是否可能取代某些類型的產品，相較於其他產品的影響程度。但我會說，這驗證了我們的方法。而且再次強調，我們對 FTR 的興奮程度，確實已經維持很多年了。

And then, Brian, quickly following up. Could you just give us the organic revenue growth and bookings growth that you've historically given?

然後，Brian，快速追問一下。你能否提供你們過去一向會提供的有機營收成長與訂單（bookings）成長？

Yes. The organic revenue growth on a total revenue basis is about 2 points lower than the overall growth. And I don't have the organic bookings growth. But there was a pretty minimal contribution on the -- from the acquisitions this quarter, but about 2 points on the organic revenue growth. About $11 million of bookings from acquisition. So the contribution for bookings was about $11 million from the acquired revenues.

可以。以總營收口徑來看，有機營收成長率大約比整體成長率低 2 個百分點。至於有機訂單成長率我手上沒有。不過本季併購帶來的貢獻相當有限——就有機營收成長而言大約是 2 個百分點的差異。併購帶來的訂單約 1,100 萬美元。因此，訂單的貢獻約為 1,100 萬美元，來自併購取得的營收。

Joshua Reilly, Needham.

Joshua Reilly，Needham。

Great. Thanks for taking my question. If you look at some of the channel checks we did in the last quarter, some of the interesting feedback was customers on the ERP side seem more concerned about features and functionality, vendor reliability and AI product road map relative to necessarily having the lowest contract price. Is that consistent with what you're seeing in deals?

很好。謝謝讓我提問。如果看我們上季做的一些通路調查，其中一些有趣的回饋是：在 ERP 端，客戶似乎更在意功能與特性、供應商可靠性，以及 AI 產品路線圖，而不一定是追求最低的合約價格。這與你們在交易中看到的情況一致嗎？

And then along with that, do you think customers are less price sensitive than historically because you can drive a higher ROI to offset these higher contract costs?

另外，基於這點，你是否認為客戶相較以往對價格的敏感度較低，因為你們可以帶來更高的 ROI 以抵銷較高的合約成本？

Yes. Sure, Josh. I don't know that they're less price sensitive than they have been in the past. But I would agree with you about features and functionality and AI product road map. One of the things we've done on the ERP side is we've actually engaged our client base.

是的。當然，Josh。我不確定他們是否比過去更不在意價格。但我同意你對功能與特性以及 AI 產品路線圖的看法。我們在 ERP 端做的一件事是，實際上我們已經與客戶群進行更深入的互動。

We have an annual AI product focus group, not annual. They meet monthly, and we're working with our clients to make sure we're delivering the right value of AI into their products.

我們有一個 AI 產品焦點小組，不是每年一次。他們每月開會，我們與客戶合作，確保我們把正確的 AI 價值交付到他們的產品中。

Features and functionality are always going to be king. That's one of the things that's always differentiated Tyler is our 30-plus years of domain expertise, and that's going to continue to be the case in the future.

功能與特性永遠是王道。這一直是 Tyler 的差異化之一：我們 30 多年的產業領域專業知識，而未來也會持續如此。

Alexei Gogolev, JPMorgan.

Alexei Gogolev，JPMorgan。

Thank you, and hello, everyone. Firstly, Brian, could I ask you about how you're thinking about gating specific capabilities, including AI to cloud-only over the next year? And what principles determine whether something stays available on-prem versus becoming on cloud exclusively?

謝謝，大家好。首先，Brian，我想請教你們如何看待在未來一年把特定能力（包含 AI）設為僅限雲端（cloud-only）提供？以及你們用什麼原則來決定某項功能是維持可在地端（on-prem）使用，或改為僅在雲端提供？

Yes, Alexei, it's Lynn. You're right. We've outlined a lot of what we call incentives for clients to flip to the cloud, and one of those will be AI functionality that will be solely available in our cloud release. We are -- we recently sent out messages to our client base around their need to get a path to the cloud and working with us and our salespeople to do it.

是的，Alexei，我是 Lynn。你說得對。我們已經提出許多我們所稱的、促使客戶轉到雲端的誘因，其中之一就是 AI 功能將只會在我們的雲端版本中提供。我們最近也向客戶群發出訊息，說明他們需要規劃上雲路徑，並與我們及我們的業務團隊合作來完成。

There'll be a lot of incentives to do that. It's not just AI features, but cloud-only features, cloud living release model that we talked about at Investor Day, the faster time to value they can get, starting to work with clients on transitional pricing. So you're going to see us continue to ramp up what we traditionally called carrots, but I'd rather just call them incentives to moving to the cloud.

我們會提供很多誘因來推動這件事。不只是 AI 功能，還包括僅限雲端的功能、我們在投資人日提到的雲端持續更新（living release）模式、更快的價值實現時間（time to value），以及開始與客戶討論過渡期定價。所以你會看到我們持續加大力度，提供我們過去稱為「胡蘿蔔」的東西，但我更願意稱之為轉向雲端的「誘因」。

Thank you, Lynn. And another question about transactions. So excluding the Texas contract, transactions seem to be quite strong. Can you unpack what's driving the improvement? Is it volumes, mix or new logos? And how you expect the mix shift towards software-type transactions streams to evolve through second half of the year?

謝謝你，Lynn。另外一個關於交易（transactions）收入的問題。若排除德州合約，交易收入看起來相當強勁。你能否拆解一下改善的驅動因素？是量（volumes）、組合（mix）還是新客戶（new logos）？以及你預期今年下半年，交易收入結構往「軟體型」交易收入流的轉移會如何演進？

Yes. It's really all three. You're right. Excluding Texas, our transaction revenues have grown about 10%. And for the -- it's really from all three of those things. It's from higher volumes, and we are continuing to see that. We've talked about how we work with our clients to drive greater adoption. It's from new names. And so sales continue to be very active in terms of bundling transaction services with both new sales and driving it back into our installed software base.

是的。其實三者都有。你說得對。排除德州後，我們的交易收入成長約 10%。而這——確實是由這三項共同帶動。來自更高的交易量，而且我們持續看到這個趨勢。我們也談過如何與客戶合作以推動更高的採用率。也來自新客戶。因此，銷售端在把交易服務與新銷售綁在一起，以及回推到我們既有軟體客戶基礎方面，都持續非常積極。

And then the third part is, as you noted, providing software under a transaction-based arrangement. And those -- not as much impact on the second half of the year. We've seen impact or ongoing impact from the California deal we did some time back. I think it's interesting that both last quarter and this quarter, the biggest software deals of the quarter were transaction-based. And so they're not showing up in the SaaS bookings, but they will show up in transaction revenues. But the largest actual software deal in terms of full ARR at full adoption rate was a statewide deal again this quarter as it was last quarter for our digital motor vehicle titling and electronic lien solution.

第三部分如你所提，是以交易計費的方式提供軟體。而這些——對今年下半年的影響不會那麼大。我們持續看到先前加州案子帶來的影響或持續性影響。我覺得有趣的是，上季與本季，當季最大的軟體案子都是交易型（transaction-based）。因此它們不會反映在 SaaS 訂單（bookings）中，但會反映在交易收入裡。不過，以全面採用率下的完整 ARR 來看，本季最大的實質軟體案子仍是一個全州（statewide）案子，與上季相同，為我們的數位車輛產權登記（titling）與電子留置權（electronic lien）解決方案。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Lynn, Brian and Hala, can you hear me okay?

Lynn、Brian 和 Hala，你們聽得到我嗎？

Yes.

聽得到。

Wonderful. Kind of building on that last question on the transaction deal that's a $10 million ARR deal. I'm curious, was that early on in the opportunity looking like it would be a transaction-funded deal or was it looking like a SaaS deal?

太好了。延續上一題提到的那筆交易型案子——一筆 1,000 萬美元 ARR 的案子。我想了解的是，在機會初期，它看起來就是會走交易資助（transaction-funded）的模式，還是原本看起來像是一筆 SaaS 案子？

And kind of the follow-up to this first question is could you all maybe do sales enablement work where you actually lead faster with transaction-funded opportunities and maybe that moves the deals along faster? And maybe it's not that simple. And then I had a follow-up.

另外，延伸追問是：你們是否可以做一些銷售賦能（sales enablement）的工作，讓團隊更早、更快地以交易資助型機會切入，或許能讓案子推進得更快？當然也許沒那麼簡單。然後我還有一個追問。

Yes. I think that deal, as with the one last quarter in that digital motor vehicle titling deal, my understanding is that, that was expected to be a transaction-funded deal throughout the process. That is one of those areas. We've now with our partner, Champ, have done those types of DMV deals in several states now. And that lends itself well to the transaction-funded model because it has a revenue stream or a charge to the citizen that accompanies that transaction.

是的。據我了解，那筆案子和上季的數位車輛產權登記案子一樣，在整個過程中一開始就預期會是交易資助型。那是其中一個領域。我們現在與合作夥伴 Champ 已在好幾個州做過這類 DMV（車輛管理局）案子。這很適合交易資助模式，因為每筆交易都會伴隨一個收入流或對民眾收取的費用。

So those things, outdoor recreation is another one of those areas. There -- it doesn't lend itself to every type of software deal but there certainly are those where it does, and we do use that to our advantage, being able to provide those transaction services, the payment capabilities and fund it with that transaction model that takes away the pressure of budgets because it doesn't have to have appropriated funds to pay for it. And so we use that to our advantage when it fits the transaction type perfect perfectly.

所以這類案子，戶外休閒（outdoor recreation）也是其中一個領域。這不一定適用於每一種軟體交易，但確實有些類型非常適合；而當它符合時，我們會善加利用——能提供這些交易服務、支付能力，並用交易模式來資助，從而減輕預算壓力，因為不需要編列撥款資金來支付。因此，當它與交易類型非常、非常契合時，我們就會把這點作為優勢來運用。

Yes. I think if there are deals where the citizens are involved in interacting with the government or businesses like digital titling outdoors that lends it. But our traditional business, probably not so much.

是的。我認為如果有一些交易是市民需要與政府或企業互動的情境，例如戶外的數位產權登記之類、能夠支撐它的。但我們的傳統業務，可能就沒那麼多。

Okay. Got it. And then it's always good to see the AI-driven deal kind of commentary in the slides. I'm curious, as it stands right now looking out over the next couple of quarters, what seems more impactful, document automation, priority-based budgeting or the resident AI assist?

好的。了解。另外，在投影片裡看到 AI 驅動的交易相關評論總是很不錯。我很好奇，就目前來看、展望未來幾個季度，哪一項看起來影響更大：文件自動化、以優先順序為基礎的預算編列，還是居民 AI 助理？

Gosh, Terry, I'm not sure how I would prioritize. I think the interest across all three are pretty high, and we're continuing to release new AI into the market as well. You're going to see an increase of that really starting next year and revenues probably start picking up the latter part of next year.

哎呀，Terry，我不確定我會怎麼排優先順序。我認為這三項的興趣都相當高，而且我們也持續把新的 AI 推向市場。你會看到這方面的增加，真正從明年開始，營收可能在明年下半年開始回升。

The excitement around all three is high, but for different reasons. And we're getting a lot of traction right now out of document automation. We're getting a lot of traction on the resident AI. And priority-based budgeting, we've had in the bag for a couple of years now, and it's out there and it's proven in the market. And I think as the other -- our other solutions continue to be proven in the market. Again, as we talked about at Investor Day, trust and provability is really important in this segment. You're going to continue to see more traction and excitement.

大家對這三項的熱度都很高，但原因各不相同。而我們目前在文件自動化上獲得了很多進展。在居民 AI 上也獲得了很多進展。至於以優先順序為基礎的預算編列，我們已經準備了好幾年，已經推出，而且在市場上也被驗證。我認為，隨著其他——我們其他解決方案持續在市場上被驗證。再次如同我們在投資人日所談到的，信任與可驗證性在這個細分市場非常重要。你會持續看到更多的採用動能與興奮度。

Parker Lane, Stifel.

Parker Lane，Stifel。

Good morning. Thanks for taking the questions. Lynn, in the prepared remarks, you called out some investments in AI-enabled sales tools to improve the go-to-market function here. I was wondering if you can go a layer deeper and help us understand exactly what you're bringing in here and how that's changing the way that you all approach this end market today.

早安。謝謝讓我提問。Lynn，在事先準備的發言中，你提到在 AI 賦能的銷售工具上做了一些投資，以改善這裡的市場進入（go-to-market）職能。我想請你再深入一層，幫我們理解你們具體引入了什麼，以及這如何改變你們目前面對這個終端市場的方式。

Yes. I don't want to go too deep for competitive reasons, but we've been utilizing AI in sales for some period of time. There's obviously -- everything we do is in the public domain. Everything is out there. And so being able to use AI to understand client demand, understand what's going on at city council meetings, to understand their specific needs to the extent that we don't have that already through our relationships, to understand what competitive processes are out there, what competitors are doing. There's just a lot that we're doing, and it's -- the results have been encouraging to see.

是的。基於競爭因素我不想講得太深入，但我們在銷售上運用 AI 已經有一段時間了。很明顯——我們做的所有事情都在公開領域。所有資訊都在外面。因此，能夠用 AI 來理解客戶需求、理解市議會會議上發生了什麼、理解他們的特定需求（在我們既有關係尚未涵蓋的範圍內）、理解外面有哪些競標流程、競爭對手在做什麼。我們做了很多事情，而且——看到的結果令人鼓舞。

One of the things is the AI enablement in our CRM system, and taking advantage of that, that there's a wide variety of tools there.

其中一項是我們 CRM 系統中的 AI 賦能，並善用那裡各式各樣的工具。

Got it. And Brian, a follow-up for you. Record second quarter free cash flow here. Anything onetime to call out about that performance that you saw here?

了解。Brian，我再追問一個。你們第二季自由現金流創下紀錄。這個表現有沒有什麼一次性因素需要特別指出？

There's not anything necessarily onetime, but I think probably the biggest impact on the increase over last year was cash taxes. So there was about a $30 million less cash taxes this quarter than there was in the second quarter of last year, and that's primarily related to some of the impacts of the One Big Beautiful Bill.

不一定有什麼一次性因素，但我認為相較去年增加的最大影響，可能是現金稅。所以本季的現金稅比去年第二季少了大約 3,000 萬美元，這主要與《One Big Beautiful Bill》的一些影響有關。

Tamjid Chowdhury, Guggenheim.

Tamjid Chowdhury，Guggenheim。

Hi, thanks for taking my question. I guess first one for Lynn. In the prepared remarks, you talked about Resident AI Assistant now being adopted by eight states. What brings customers to table to come to the table and say, hey, Tyler, we want to talk to you about a solution like that. And then what is the typical ARR uplift for a solution like that once it's fully deployed in a state?

嗨，謝謝讓我提問。我想第一個問題給 Lynn。在事先準備的發言中，你提到居民 AI 助理目前已被八個州採用。是什麼讓客戶願意坐到談判桌前，說「嘿，Tyler，我們想跟你談談這樣的解決方案」？另外，像這樣的解決方案在一個州全面部署後，典型的 ARR 提升幅度是多少？

Yes, I think it's a couple of things on what garners the interest. I think when you talk about AI solutions, we're talking about -- this is one of those that is really an outcome-based solution and you're really trying to ease the burden, the sort of the day-to-day routine that in this instance, state agencies, but with all our jurisdictions, the burden that they have in serving their citizens. And what they see is, like I mentioned earlier, in the response to the other question, everything we do is out in the public.

是的，我認為引發興趣的因素有幾個。我想當你談 AI 解決方案時，我們談的是——這是一種真正以成果為導向的解決方案，你真正想做的是減輕負擔，也就是在這個案例中州政府機關、但其實對我們所有轄區而言，他們在服務市民時所承受的日常例行負擔。而他們看到的是，如同我先前在回答另一個問題時提到的，我們做的所有事情都是公開的。

And our client base tends to be a little conservative, and they tend to watch what happens in other states and when things start working for other jurisdictions, generally say, states. But when things start working, and they see that measurable ROI outcome, then it drives that demand. And that's what we've seen with our Resident AI Assistant.

而我們的客戶群通常比較保守，他們傾向觀察其他州發生了什麼，以及當事情開始在其他轄區運作起來時——通常是州。但當事情開始奏效、他們看到可衡量的 ROI 成果時，就會帶動需求。這就是我們在居民 AI 助理上看到的情況。

And the ARR varies from state to state, but I would say, typically, it's in the multiple millions of dollars.

至於 ARR 會因州而異，但我會說，通常是數百萬美元等級（多個百萬）。

Okay. Great. And then for Brian, a quick one for you. As you approach the second half of the year, ACV from conversions from on-prem will see some tough comps. Can you give us more color on the visibility that you have into the second half when it comes to conversions?

好的。很棒。接著 Brian，我再快速問一個。進入下半年，從地端（on-prem）轉換帶來的 ACV 會面臨較高的比較基期。你能否就下半年在轉換方面的能見度提供更多說明？

Yes. And we've gotten away from commenting on that quarter-to-quarter. We have said that we expect the activity to continue to grow in general over the next three to four years and that we're certainly on track to achieve that 85% of our 2023 maintenance converted to the cloud by 2030. So -- and it can be lumpy from quarter-to-quarter, especially based on the larger customers, and there's probably a little less -- I wouldn't say visibility, but a little less certainty around some of those. The timing tends to move around a bit around those larger flip opportunities.

可以。我們已經不再逐季評論這件事。我們曾表示，預期未來三到四年整體活動量會持續成長，而且我們確實正按計畫推進，以在 2030 年前將 2023 年維護收入的 85% 轉換到雲端。所以——它可能會逐季波動，尤其取決於較大型客戶；而對其中一些案子，可能不是說能見度較低，但確定性會稍微低一些。時點往往會因那些較大型的「翻轉」機會而有所移動。

So I'd say we're on track to certainly achieve the long-term objectives, and we're continuing to see those pick up. And Lynn talked about some of the things we're doing with -- particularly around incentives now that we expect will help solidify that activity over the next couple of years.

所以我會說，我們確實在軌道上，能達成長期目標，而且我們也持續看到這些在加速。另外，Lynn 也談到我們正在做的一些事情——特別是在激勵措施方面——我們預期這將有助於在未來幾年鞏固這項活動。

Rob Oliver, Baird.

Rob Oliver，Baird。

Great. Thank you. Good morning. Two for me. Lynn, just first for you, on really strong performance on trailing 12-month ACV from conversions for you guys. And I know you've talked a little bit about in the prepared remarks around AI and some of the data preparedness that customers need to think about if they're going to have an AI future?

很好。謝謝。早安。我有兩個問題。Lynn，先問你，你們在過去 12 個月由轉換帶來的 ACV 表現非常強勁。我也知道你在事先準備的發言中稍微談到 AI，以及客戶若要迎向 AI 未來，需要思考的一些資料準備度？

And is that pulling you guys into the equation today? In other words, are you seeing today that AI is serving to show up in the rationale around those flips and potentially start to help accelerate those flips?

那這是否正在把你們也拉進今天的討論方程式裡？換句話說，你們今天是否看到 AI 正在成為這些轉換（flips）背後理由的一部分，並且可能開始幫助加速這些轉換？

I don't know that sitting here today, Rob, it's been a meaningful contributor. I do expect it to become more meaningful and more significant over the next, I'd say, probably 12 to 18 months as we continue to put more AI agentic cases in our flagship products as we tend to do more commercialization of the AI. I think you're going to see that ramp up.

Rob，我不確定就今天坐在這裡來看，它是否已經成為一個有意義的貢獻因素。但我確實預期，在接下來大概 12 到 18 個月，隨著我們一如既往地在旗艦產品中加入更多 AI 代理式（agentic）應用案例、並且推進 AI 的商業化，它會變得更有意義、也更重要。我想你會看到那個動能逐步拉升。

As I mentioned on the other question, we've got a whole program in place to try to start incentivizing the move a little faster, particularly now as our products and our -- as we move towards cloud living that we talked about at Investor Day. And as we become better prepared and our clients become better prepared, I think you're going to see that continue to increase, consistent with what we outlined at Investor Day.

如同我在另一個問題中提到的，我們已經有一整套計畫，試圖去激勵大家把轉換速度再拉快一些，特別是現在，隨著我們的產品以及我們——如同我們在投資人日所談到的——正朝向雲端化生活（cloud living）邁進。而當我們準備得更充分、客戶也準備得更充分時，我認為你會看到這個趨勢持續增加，與我們在投資人日所概述的一致。

Great. Thank you. And then Brian, for you, just on the third-party payment processing headwind that you guys called out, how structural is that? Does it recur in '27? And then how should we think about the kind of normalized incremental margin on SaaS once that noise clears?

很好。謝謝。接著 Brian，想請教你們提到的第三方支付處理帶來的逆風，這有多結構性？它會在 2027 年再度出現嗎？另外，一旦這些雜音消退後，我們應該如何看 SaaS 的常態化增量利潤率？

No, that third-party payment headwind was really pretty much isolated to last year where we saw sort of outsized increases from some of our third-party payment processing partners. That seems to be played out after the first part of last year. So that headwind really isn't the big factor going forward. But last year in Q2 was sort of the peak of that.

不會，那個第三方支付的逆風基本上主要是集中在去年，當時我們看到部分第三方支付處理合作夥伴出現某種程度的超預期漲幅。在去年上半年之後，這件事看起來就已經消化完了。所以往後那個逆風不會是主要因素。但去年第二季大概是那個影響的高峰。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey, guys. Thanks for taking my question. I guess, Brian, maybe the first one for you. Can you help us understand -- investors understand a little bit of the SaaS revenue in the quarter? Were there some timing impacts that led to there being a bit less recognized in the quarter?

嗨，各位。謝謝讓我提問。我想，Brian，第一題可能先問你。你能否幫我們——也幫投資人——更理解一下本季的 SaaS 營收？是否有一些時點因素，導致本季認列的金額稍微少一些？

And then is there confidence given it looks like first half SaaS bookings is a meaningful acceleration obviously versus last year. But kind of when does that start to show up? Is that the confidence behind the reiterated SaaS revenue guidance?

另外，看起來上半年 SaaS 訂單（bookings）相較去年明顯加速，你們是否有信心？但這大概什麼時候才會開始反映出來？這是否就是你們重申 SaaS 營收指引背後的信心來源？

Yes. I think you -- as we've talked about for a long time, there is a lag from the time we signed something to the time those SaaS revenues start to show up in the income statement, and that's true both with respect to new deals, which is probably a little longer, often one or two quarters, but could be longer.

是的。我想你——如同我們長期以來一直談到的——從我們簽下合約到這些 SaaS 營收開始出現在損益表上，中間是有落後期（lag）的；這點不論是新案子（通常會更久一些，往往是一到兩季，但也可能更久），都是如此。

And flips. There's also a lag there as well. So I think the accelerated bookings in both of the last two quarters don't have as much of an impact, certainly on the current quarter, but even in the next quarter or two as they do beyond that. And so that lag, I think, is something you have to keep in mind.

以及轉換（flips）。那裡也同樣存在落後期。所以我認為，過去兩季加速的訂單，對本季的影響不會那麼大，甚至對接下來一兩季的影響也不如更往後的期間來得明顯。因此我覺得這個落後期是你必須記在心上的。

I don't think there's anything particular around timing. We always have deals that move around, some that -- so we typically aren't calling out deal slippage as a major factor because it's -- they're all the time. There's nothing unusual about this quarter. And I'd just say that our outlook for the full year hasn't changed, and we don't give quarterly guidance. And -- but I'd say there's not any meaningful change to our outlook for the year.

我不認為有任何特別的時點因素。我們一直都會有案子在時間上前後移動，有些——所以我們通常不會把案子延後（deal slippage）當作主要因素特別提出，因為這——一直都在發生。這一季沒有任何不尋常之處。我只想說，我們對全年展望沒有改變，而且我們不提供季度指引。總之，我會說我們對今年的展望沒有任何實質變動。

Got it. And then maybe on the AI ACV contribution as a percentage of your new SaaS ACV this quarter. I think you called out New SaaS ACV growing about 22%. You talked about document automation attach continuing to be really healthy. Any sense for what that attach rate looks like on the installed base and like how much should we think about that potentially being a tailwind to new SaaS ACV over the course of the -- maybe beyond this year?

了解。那再問一下，本季 AI 對你們新增 SaaS ACV 的貢獻占比。我記得你提到新增 SaaS ACV 成長大約 22%。你也談到文件自動化（document automation）的附加銷售（attach）持續非常健康。能否分享一下，在既有客戶基礎（installed base）上的附加率大概是什麼樣子？以及我們應該如何看待它在今年之後、在一段時間內可能對新增 SaaS ACV 帶來的順風？

Yes, I'd say, as Lynn mentioned, it's beyond this year where we expect it to be meaningful. The direct sort of AI stuff that we've talked about is still a real small percentage of the total ACV. As we've said in the past, we expect that revenue contribution really is probably 12 to 18 months down the road when it starts to become more meaningful. It's certainly growing, but it's still a very small percentage of the new ACV.

是的，我會說，如同 Lynn 提到的，我們預期它在今年之後才會變得有意義。我們一直在談的那種直接的 AI 相關內容，目前仍只占總 ACV 的非常小一部分。如同我們過去所說，我們預期那個營收貢獻大概是在 12 到 18 個月之後，才會開始變得更有意義。它當然在成長，但在新增 ACV 中仍然只是非常小的比例。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Great. Thanks for taking my questions. Brian, maybe I'll just start with you, a real quick one. You made some comments around that $10 million transaction business or that deal with -- for motor vehicle. Do you have a sense of the ramp on that $10 million annually number? And if so, kind of how does that compare maybe to other similarly situated or sized deals?

很好。謝謝讓我提問。Brian，我可能先從你開始，快速問一題。你提到那筆每年 1,000 萬美元的交易型業務，或是那個與——機動車（motor vehicle）相關的案子。你對那個每年 1,000 萬美元數字的爬坡（ramp）有概念嗎？如果有的話，它和其他類似情況或規模的案子相比大概如何？

Yeah, I think the biggest difference between -- from state to state is whether adoption is mandated initially or whether it starts out as optional or voluntary. In the case of the state that we signed this quarter, it is not yet mandated. So we expect it will start out at somewhere around a $2 million ARR run rate, and that's probably starts at some point in early 2027, and then would ramp up to $10 million plus as it becomes mandated.

是的，我想各州之間最大的差異在於：一開始採用是被強制要求（mandated），還是先以可選或自願方式開始。就我們本季簽下的這個州而言，目前還沒有被強制要求。因此我們預期它一開始的年經常性收入（ARR）運行率大概在 200 萬美元左右，可能會在 2027 年初的某個時間點開始，之後隨著變成強制要求，會爬坡到 1,000 萬美元以上。

In the case of the state we signed last quarter, it has been mandated. So we expect that ramp up. I believe that one was closer to $20 million of ARR that, that ramp-up will start faster. And it just depends on state policies from state to state how they decide to govern that.

至於我們上季簽下的那個州，已經是強制要求了。所以我們預期它的爬坡會更快。我相信那個案子更接近 2,000 萬美元的 ARR，而那個爬坡會更快開始。這就取決於各州政策，各州會如何治理與推動。

Yes. It's not too dissimilar from our courts and e-filing business that we -- as you remember, 10, 15 -- 10 years ago, 12 years ago, as we were rolling out e-filing and a lot of counties were sort of voluntary and then as jurisdictions went mandatory, which will happen over time as they see the value of the solution, that then you'll start to see those revenues pick up.

是的。這和我們的法院與電子遞交（e-filing）業務其實很類似——你可能還記得，在 10 年前、12 年前，當我們在推行 e-filing 時，很多郡（counties）一開始是自願性質；而隨著各司法管轄區逐步轉為強制（這會隨時間發生，因為他們看到解決方案的價值），你就會開始看到那些營收拉升。

Got it. Super helpful color. And maybe just one quick follow-up. Maybe, Lynn, for you, but Brian, feel free to weigh in as well. I know at the Investor Day, you guys talked a little bit about more disincentives or negative types of consequences, i.e., sticks, which you didn't like to use that term, which I get as far as flipping to the cloud.

了解。這些補充非常有幫助。再快速追問一題。可能問 Lynn，但 Brian 也歡迎補充。我知道在投資人日，你們談到在轉向雲端的過程中，會有更多的抑制因素或偏負向的後果，也就是所謂的「棍子」（sticks）——你們不太喜歡用這個詞，我也理解——就雲端轉換而言。

And then I think you had mentioned either in your prepared remarks or some of your comments earlier, Lynn, that you've rolled out e-mail or comms basically to the customers saying kind of what to expect going forward. Any just initial feedback from customers around maybe some of the more negative aspects or the stick pieces of that? Just trying to get a sense of kind of how you think the new order, if you will, of getting people to kind of move faster is kind of being received by the customer base.

然後我想你在事先準備的發言或你先前的一些評論中有提到，Lynn，你們已經向客戶推出了電子郵件或通訊，基本上是在告訴客戶未來可以期待什麼。客戶對其中一些可能較負面的面向或較「硬」的部分，有沒有任何初步回饋？我只是想了解一下，你認為這種新的做法（如果可以這麼說）—讓大家加快行動—在客戶群中的接受度如何。

Yes. Sure, Trevor. I'd say right now, yes, communication has gone out since Investor Day to our clients. And it's really about, look, we want to be there and hold your hand and work with you on the plan that's going to get you to the cloud. We'd like for you to have a plan in place by -- within a certain time period.

是的。當然，Trevor。我會說目前是的，自投資人日之後，我們已經向客戶發出相關溝通。重點其實是：我們希望一路陪著你、協助你，並與你一起制定能讓你上雲的計畫。我們希望你能在——在某個特定的時間範圍內——把計畫落地。

We're still focusing mostly on the incentives. We're not necessarily communicating right now what those disincentives will be. But -- and I'll tell you, the feedback we've got from a lot of clients as well, both at Connect that we had this past quarter, our client advisory board, our focus groups and just generally, our general day-to-day working relationships with our clients is some of them also need our help in sort of selling the move to the cloud internally.

我們目前仍主要聚焦在激勵措施上。我們現在不一定會去溝通那些反向激勵（disincentives）會是什麼。不過——我也可以告訴你，我們從許多客戶那裡得到的回饋，包括我們在本季舉辦的 Connect、客戶諮詢委員會、焦點團體，以及日常與客戶的合作關係中，都顯示有些客戶也需要我們協助他們在內部「推銷」上雲這件事。

And so we're working with them on the talking points that they need to go internally to sell those. The disincentives, I think you'll start to see come out more over the next 12 to 24 months, as opposed to something that we're really focusing on right now today.

因此我們正在協助他們準備需要帶回內部溝通、用來推動這件事的談話要點。至於反向激勵，我想你會在接下來 12 到 24 個月看到它更明確地浮現，而不是我們今天此刻真正聚焦的重點。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Hi, everyone. Thanks for taking the questions here. You mentioned in the prepared remarks how you are testing pricing models in the market with respect to monetizing AI? And you went through different methods of monetization at the recent Investor Day. But can you just share what your latest learnings are coming out of this quarter on that front?

各位好。感謝讓我在這裡提問。你們在事先準備的發言中提到，正在市場上測試與 AI 變現相關的定價模型。而你們在最近的投資人日也談到不同的變現方式。但能否分享一下，本季在這方面最新的學習與收穫是什麼？

Yes, sure, Allan. I mean right now, the proof points are, it's validating. When I think about how we price AI, and I think we covered this at Investor Day, there's really sort of three different models that we're talking about. The first is really what I call sort of essentials or table stakes. This is stuff that's going to be in our product.

好的，當然，Allan。我的意思是，目前的驗證點在於：這些做法正在被驗證、方向是對的。當我思考我們如何為 AI 定價——我想我們在投資人日也談過——基本上我們在討論三種不同的模式。第一種是我所謂的「基本配備」或「入場門檻」。這些功能會直接內建在我們的產品中。

It's going to improve our competitive position, it's going to improve our win rates, it's going to improve client sat. But I also think it's stuff that as we continue to bake stuff in the product, that may also allow us to increase annual rates. The second is obviously the subscriptions uplift, where we're bundling the AI capabilities and then outcome-based type of pricing. On the subscription uplift, yes, we're seeing that in the market right now that's being well received. We're still testing and talking with our clients about the amount that we can charge for that and the viability of those going forward, similar with outcome-based, it's still early but it is being validated in the market.

它會提升我們的競爭地位、提高贏單率、提升客戶滿意度。但我也認為，隨著我們持續把功能「烘焙」進產品裡，這也可能讓我們有機會提高年度費率。第二種顯然是訂閱升級（subscription uplift），也就是把 AI 能力打包進去，另外還有以成果為基礎的定價（outcome-based pricing）。在訂閱升級方面，是的，我們現在在市場上看到反應良好、接受度不錯。我們仍在測試並與客戶討論我們能收取的金額，以及未來持續推行的可行性；成果導向定價也類似，仍在早期，但正在市場上得到驗證。

And again, you're going to start seeing more meaningful revenues coming from AI, really probably the second half of '27. It will ramp up between now. But second half of '27 and going into '28, I think you'll start seeing more meaningful revenue.

再者，你們會開始看到更具規模的 AI 收入，可能真的要到 2027 年下半年。在此之前會逐步爬升。但我認為從 2027 年下半年到 2028 年，你會開始看到更有意義的收入貢獻。

Perfect. And then maybe internally just regarding that early internal productivity benefits you're seeing across development, implementation and service delivery. Can you just expand on what you're seeing there and how we should think about those benefits alongside your unchanged R&D guidance?

很好。接著可能是內部方面，關於你們在開發、導入與服務交付上看到的早期內部生產力效益。你能否再多談一些你們看到的情況，以及在你們研發（R&D）指引維持不變的前提下，我們應該如何看待這些效益？

Yes. I think right now, some of it's still anecdotal. We're really trying to tease everything out and make sure there's clear ROI before we go invest too much internally. On the developer side, we're seeing as much as anecdotally, 30% increase in productivity. I don't know that, that translates into anything other than our developers are going to be 30% more productive. And the way I view productivity is we want more productivity, not less.

好的。我想目前其中一些仍屬於軼聞式的觀察。我們正在努力把各項影響拆解清楚，並確保在我們投入過多內部資源之前，有明確的投資報酬率（ROI）。在開發者端，我們看到的軼聞數據顯示，生產力提升可達 30%。我不確定這是否會轉化成其他結果，除了我們的開發者會提高 30% 的產出。而我對生產力的看法是：我們希望生產力更高，而不是更低。

In the areas of support and implementation, we have some -- we have some guidelines that we're shooting towards. I'm not ready to publish those. But we are looking at different ways to both shorten implementations, which shortens time to value, which increases client sat, which helps us with cross-sells and upsells.

在支援與導入的領域，我們有一些——我們有一些正在努力達成的目標指標。我還沒準備好對外公布那些數字。但我們正在尋找不同的方法，來同時縮短導入週期，縮短價值實現時間（time to value），提升客戶滿意度，並幫助我們進行交叉銷售與加購（upsell）。

And same thing on the support side, how can our clients get their answers faster, and we've got a lot of things in motion there. But again, it's still a little too early to say, hey, this is going to mean x return or y return. All I can say is we're extremely diligent to make sure that whatever investments we're making in AI are going to have a meaningful ROI attached with them.

支援端也是同樣的概念：如何讓客戶更快得到答案，我們在這方面有很多工作正在推進。但同樣地，現在還稍早，還不能說這會帶來 x 的回報或 y 的回報。我能說的是，我們非常嚴謹，確保我們在 AI 上所做的任何投資，都會對應到有意義的 ROI。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Hi, everyone. This is Greyson on for Gabriela. Thank you for taking the questions. I wanted to start with a little bit of the labor augmentation thesis that you discussed at your Investor Day and sort of you outlined this vision where AI can expand your TAM beyond targeting traditional software budgets into more of the labor-related spending.

各位好。我是 Greyson，代 Gabriela 提問。感謝讓我提問。我想先從你們在投資人日談到的「勞動力增強」論點開始，你們描繪了一個願景：AI 可以把你們的總可服務市場（TAM）從傳統軟體預算，擴展到更多與人力相關的支出。

I know it's early, but I wanted to ask, what evidence have you seen so far that customers are evaluating solutions through an ROI lens tied to labor rather than traditional software procurement? And are there any specific workflows where you're starting to see that shift materialize?

我知道現在還早，但我想問的是：到目前為止，你們看到哪些證據顯示，客戶正在用與人力相關的 ROI 視角來評估解決方案，而不是用傳統軟體採購的方式？另外，有沒有任何特定的工作流程，你們開始看到這種轉變正在具體化？

Yes, Greyson, that's a good question. And I'd say a couple of the products that we talked about earlier on the call, document automation, resident assistant. Those are being viewed specifically through the lens of the labor budget. In fact, one of our clients made the comment as we were going through the sales process that they were going to be able to tap the labor budget to go ahead and procure this product. I think we outlined at Investor Day Tarrant County, which is a document automation, product.

是的，Greyson，這是個好問題。我會說，我們在電話會議前面提到的幾個產品，例如文件自動化（document automation）、Resident Assistant。這些產品確實是以人力預算的角度來被評估。事實上，我們有一位客戶在銷售流程中提到，他們將能動用人力預算來採購這個產品。我想我們在投資人日提到的 Tarrant County，就是一個文件自動化的產品案例。

And we went from, I think, a $900,000 SaaS arrangement to about a $1.3 million total ARR. So a pretty significant increase. We've seen it with Resident Assistant, being able to document the fewer amount of calls and Q&A that jurisdictions employees had to take because we all know, and we've talked about it for years, is that one of the things the public sector workforce is facing over the coming years is a shrinking labor force, both through retirements and also a lack of hiring and technology.

我們從我記得約 90 萬美元的 SaaS 合約，提升到約 130 萬美元的總年度經常性收入（ARR）。所以是相當顯著的增加。我們也在 Resident Assistant 上看到類似情況：能夠量化因為轄區員工需要接聽的電話與問答變少而帶來的效益；因為我們都知道、也談了很多年，公共部門勞動力在未來幾年面臨的其中一個問題，是勞動力縮減——一方面是退休潮，另一方面也有招募不足以及科技因素。

So tapping that labor budget is becoming more meaningful. It's part of our playbook and discussion. We're still in the early innings, like we talk about everything else, but it is getting traction in the market.

因此，動用那筆勞動預算正變得更有意義。這已成為我們作戰手冊與討論的一部分。我們仍處於早期階段，就像我們談到其他所有事情一樣，但它正在市場上獲得動能。

Great. And then just one quick follow-up. In your prepared remarks, you highlighted the 40-plus AP automation wins in the quarter. As customers sort of adopt these workflows, how should investors think about the economic implications for Tyler? Like do you see a bigger opportunity here for incremental software ARR, higher payments penetration or sort of a combination of both?

很好。接著再快速追問一個問題。在你們事先準備的發言中，你提到本季有 40 多個應付帳款（AP）自動化的勝出案例。當客戶逐步採用這些工作流程時，投資人應該如何看待對 Tyler 的經濟影響？例如，你是否看到在這裡有更大的機會帶來額外的軟體 ARR、提高支付滲透率，或是兩者的組合？

Yes

是的。

It's a combination of both for sure. AP automation is one we called out. On an individual basis as we add that to our ERP clients, it's a relatively small uplift in the SaaS fees, but it is a SaaS fee uplift, but it does open up additional opportunities to leverage payments in association with that automation of invoice processing. So it creates a new conversation and a new opportunity to bring in more transaction-based revenues tied to that automation.

確定是兩者的組合。我們點名提到的其中一項就是 AP 自動化。就單一客戶而言，當我們把它加到 ERP 客戶上時，SaaS 費用的提升幅度相對不大，但確實是 SaaS 費用的上調；同時，它也會開啟更多機會，讓我們在發票處理自動化的同時搭配支付服務。因此，它會帶來新的對話與新的機會，導入更多與該自動化相關、以交易為基礎的收入。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Great. Thanks. And I like the new format on the call, so kudos on that. Lynn, on the -- how would you rank order the product strength across the different portfolio of products across ERP, public safety, financials and Courts & Justice, how would you rank order those?

很好。謝謝。我也喜歡這次電話會議的新形式，做得很好。Lynn，關於——如果要在 ERP、公共安全、財務，以及法院與司法（Courts & Justice）等不同產品組合之間，按產品強度來排序，你會怎麼排？

And how is the pipeline building across those? And how would you drive cross-sell up across -- there are some big cities and counties that might not have all of those core products, what are you working on to drive up cross-sell there?

另外，這些領域的銷售管線建立得如何？以及你會如何推動跨售——有一些大城市和郡縣可能沒有你們所有的核心產品，你們正在做什麼來提升那裡的跨售？

Well, I'd say this, when we talk about sort of our Cornerstone products, our view is that we want to be number 1 in the market with each of those cornerstones. I wouldn't rank one over the other. You can look at it in terms of -- I wouldn't rank one over the other in terms of our competitiveness, or our functionality but you can look at some things where we sit in the market and our market share, clearly, a place like courts, we have a lot higher market share. There's fewer competitors, and we really dominate that market.

我會這麼說，當我們談到所謂的基石（Cornerstone）產品時，我們的觀點是：我們希望在每一個基石領域都做到市場第一。我不會把某一個排在另一個之上。就競爭力或功能性而言，我不會把某一個排在另一個之上；但你可以從我們在市場中的位置與市占率來看一些差異——很明顯地，在法院這一塊，我們的市占率高得多。競爭者較少，而我們幾乎主導了那個市場。

ERP and public safety, more competitive markets, but our competitive position is really strong and continues to get stronger. We've made significant investments, for example, in our ERP product over the last 12 months.

ERP 和公共安全則是競爭更激烈的市場，但我們的競爭地位非常強，而且持續變得更強。例如，在過去 12 個月裡，我們對 ERP 產品做了相當可觀的投資。

And we're always doing that. Public safety, some really nice wins this quarter against some really key competitors, which I always like to see. So I would say, generally, when I look at our portfolio, again, our flagship products, we want them to be number 1, and I believe they're very competitive in each of the markets they serve.

而且我們一直都在這麼做。公共安全方面，本季我們對上一些非常關鍵的競爭對手拿下了幾個很不錯的案子，我很樂見這種結果。所以整體來看，當我看我們的產品組合——再次強調，我們的旗艦產品都希望做到第一，我也相信它們在各自服務的市場中都非常有競爭力。

And on the cross-sell. We've talked about cross-sell as being one of the key pillars of our growth. You're correct that especially in larger customers, very few have all of our flagship products. And there are a lot of underpinnings that we're doing to create those opportunities to make a more compelling story for why that next product and the next product when it comes time to replace those should come from Tyler.

至於跨售。我們一直把跨售視為成長的關鍵支柱之一。你說得沒錯，尤其是大型客戶，幾乎沒有誰擁有我們所有的旗艦產品。我們正在做很多基礎建設來創造這些機會，讓我們能提出更有說服力的故事：為什麼當下一個產品、再下一個產品到了汰換時點，應該選 Tyler。

So we've talked a lot about going from that two or three products a customer to 8 to 10 products to customer and all of the things that we're doing to encourage that. But that customer base that we have that doesn't have all those flagship products is a huge opportunity for us.

我們也談過很多，如何把每位客戶從使用兩到三個產品，提升到每位客戶使用 8 到 10 個產品，以及我們為了促成這件事所做的各種努力。但我們現有客戶中，尚未擁有所有旗艦產品的那一大塊客群，對我們而言是巨大的機會。

Yes. I think one of our biggest cross-sells of the quarter was out of our ERP division. We sold to the Mississippi Department of Health, our enterprise permitting and licensing enterprise health. It was a $700,000 ARR deal, and that came -- that was leveraged by our DSD or former NIC relationships. We've made great inroads with the State of Mississippi, and we're looking to turn that into what we call a Total Tyler state. But that doesn't happen without those relationships across our different divisions.

是的。我認為本季我們最大的跨售之一來自 ERP 事業部。我們賣給密西西比州衛生部的是企業級許可與執照（permitting and licensing）以及企業健康（enterprise health）。那是一筆 70 萬美元 ARR 的交易，而這筆交易——是藉由我們 DSD 或前 NIC 的關係所促成。我們在密西西比州取得了很好的進展，並希望把它推進成我們所稱的「Total Tyler」州。但若沒有我們不同事業部之間的這些關係，是不可能做到的。

That's great. One more follow-up, Lynn. The Riverside deal in public safety was -- seemed like a big one. Any way to ballpark size that? And just the state of the public safety market and budgets, I would love to hear any color on that.

很棒。再追問一個問題，Lynn。公共安全的 Riverside 這筆案子——看起來是個大案。有沒有辦法大概估一下規模？另外，公共安全市場與預算的現況，我也很想聽聽你能提供的任何補充說明。

Yes. I think the public safety market is pretty healthy and budgets seem to be stable as generally across all of our business lines. Our competitiveness is really strong. I'm happy with where we are in public safety. As you pointed out, we won some nice deals.

是的。我認為公共安全市場相當健康，預算看起來也很穩定，整體上與我們所有業務線的情況一致。我們的競爭力非常強。我對我們在公共安全領域的位置很滿意。如你所說，我們贏下了一些不錯的案子。

As I mentioned, I don't like to call out competitors, but we had some really nice competitive wins against some very competitive companies in Q2 and the momentum and engagement and my general excitement about what we're doing at Public Safety remains high.

如我提到的，我不喜歡點名競爭對手，但我們在第二季對上一些競爭力很強的公司，拿下了幾個非常漂亮的競爭型勝出案例；而且在公共安全這塊，我們的動能、客戶互動，以及我對我們正在做的事情的整體興奮感，仍然很高。

I don't have the Riverside deal off the top of my -- at the tip of my tongue. I'm not sure we won a nice deal in Santa Cruz, California. Maybe that was -- I don't have Riverside. That was about a $660,000 ARR deal for our RMS and enforcement mobile solutions.

Riverside 那筆案子我一時想不起來——一時說不上來。我不確定；我們在加州 Santa Cruz 贏了一筆不錯的案子。也許那個才是——我沒有 Riverside 的資訊。那筆大約是 66 萬美元 ARR，涵蓋我們的 RMS 與執法行動（enforcement）行動化解決方案。

Michael Turrin, Wells Fargo Securities.

Michael Turrin，Wells Fargo Securities。

Thanks very much. I appreciate you taking the questions. I guess just first on the Q2 metrics, I think what stands out is the new SaaS ACV and flips ACV growth. So I'm just curious, Brian, how durable is that from your perspective at this point? Is there anything we should be just mindful of in terms of compares or seasonality there? Just the right way to think about those metrics going forward?

非常感謝。感謝你們回答問題。我想先從第二季的指標談起，我覺得最突出的，是新的 SaaS ACV 以及轉換（flips）ACV 的成長。所以我想請教 Brian，從你目前的角度看，這樣的表現有多可持續？在可比基期或季節性方面，有沒有什麼我們需要特別留意的？未來應該如何正確看待這些指標？

Yes. I -- obviously, those are really good growth numbers. And regardless of what the comp was, those were our SaaS bookings and our total bookings were all-time quarterly records. So it was the highest quarter ever for those bookings, again, regardless of the comp from last year. Clearly, as we talked about a lot last year, the first two quarters of last year, were weaker booking quarters.

是的。我——顯然，這些都是非常好的成長數字。而且不管可比基期如何，我們的 SaaS 訂單與總訂單都創下史上單季新高。也就是說，這是史上最高的一季訂單表現——再次強調，不論去年同期的比較基期如何。很明顯地，正如我們去年多次談到的，去年前兩季的訂單表現較弱。

So those are against somewhat easier comps, although the second quarter improved sequentially from the first and then the second half of last year was stronger. I think one thing to point out is that both last quarter and this quarter, the good bookings number weren't really on the back of mega contracts or really big deals. The biggest deals were transaction-based, so they're not showing up in those SaaS numbers.

所以這些數字是在相對較容易的比較基期上達成的，雖然去年第二季相較第一季有逐季改善，而去年下半年則更強。我想指出的一點是，上季與本季的良好訂單數字，並不是靠超大型合約或特別大的交易所帶動。最大的交易是以交易為基礎的，因此不會反映在那些 SaaS 數字裡。

So it was just a lot of volume of good sort of traditional midsized deals and a handful of a little bit larger deals, but no mega deals. Those things are still in the pipeline. It's hard to tell what quarter those could fall in. So the comps are a little harder in the second half. But as we said, the underlying factors of the strength that we're seeing in RFPs, the strength in the activity in sales demos, all those point to continued good bookings throughout the rest of the year.

所以主要就是大量傳統、優質的中型交易量，以及少數稍微大一點的交易，但沒有超大型交易。那些案子仍在管線中。很難判斷它們會落在哪一個季度。因此下半年在可比性上會稍微更難一些。但如同我們所說，我們在RFP（提案徵求）中看到的強勁動能、銷售展示活動的活躍度，這些都指向今年剩餘時間的訂單（bookings）將持續保持良好。

That's great. Just as a follow-up, Brian, you've now bought back more than 5.5% of shares outstanding year-to-date. Just maybe speak to how you're approaching the buyback from here as part of your overall capital allocation framework, what would lead you to hold that cadence going forward throughout the rest of the year versus moderate? Or what could we see going forward?

太好了。再追問一下，Brian，你們今年迄今已回購超過流通在外股數的5.5%。能否談談你們接下來如何在整體資本配置框架下看待回購、以及什麼因素會讓你們在今年剩餘時間維持目前的回購節奏，或是轉為放緩？或者我們接下來可能會看到什麼？

Yes, Michael. Over the years, I'd say our priorities have sort of evolved based on what's going on in the market, what's going on in the business at a particular time. If you go back 10 years ago, our priority focus was internal investment in 2017, 2018. Coming out of NIC, our priorities were debt repayment. I'd see right now that share repurchases are taking a higher priority for me. And that's based on the confidence I have in our 2030 outlook and what I see the valuation in the stock market, I think it's a great time to buy right now.

好的，Michael。多年來，我會說我們的優先順序會隨著市場狀況、以及某一特定時點的業務情況而有所演變。如果回到10年前，我們的優先重點是在2017、2018年的內部投資。在NIC併購之後，我們的優先事項是償還債務。而我認為目前，股票回購對我而言正被放在更高的優先順序。這是基於我對我們2030年展望的信心，以及我看到股票市場對我們的估值；我認為現在是很好的買入時點。

There have been 3 times in Tyler's history, where we've really sort of gone hard at it, I'd say, in the early 2000s post-recession, 2010, 2012. And now we've sprinkled buybacks in between those times. But I just think where things sit today and the valuation that Tyler has in the market, our free cash flow, our outlook, the confidence in our future it's a compelling value. And I think you'll see us continue to execute on that as we try to continue to reduce our share count and then really maintain that reduced count going forward.

在Tyler的歷史上，大概有三次我們真的算是大力進行回購：我會說是在2000年代初期景氣衰退之後，以及2010年、2012年。而在這些時期之間，我們也零星地做過回購。但我認為以目前的情況、Tyler在市場上的估值、我們的自由現金流、我們的展望，以及對未來的信心來看，這是一個很有吸引力的價值。我想你們會看到我們持續執行這件事，努力進一步降低股數，並在未來真正維持較低的股數水準。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Good morning. I wanted to, I guess, better understand. I think you said in the prepared remarks that you're embedding AI into your workflows. Can you provide a little bit more color on what customers are looking for in terms of embedding and what the opportunity is to more broadly build sort of that AI functionality across your entire portfolio?

早安。我想更好地理解一下。我記得你在事先準備的發言中提到，你們正在把AI嵌入到工作流程中。你能否多補充一些細節，說明客戶在「嵌入」方面具體在尋求什麼，以及在你們整個產品組合中更廣泛地建置這類AI功能的機會是什麼？

Yes. I think at a high level, Jonathan, we're talking about automating just more routine work, reducing those manual responses, helping our clients be able to make better decisions through data assistance and generative AI predictive and analysis, basically just generally freeing our clients up to do other things. again, we talked earlier about labor savings. It's not just -- it's making their day-to-day work go faster and making them more efficient in addition to being able to compensate for lost labor actually in the market.

是的。我想在高層次來說，Jonathan，我們談的是把更多例行性工作自動化、減少人工回應，透過資料輔助以及生成式AI的預測與分析，幫助客戶做出更好的決策；基本上就是讓客戶能騰出時間去做其他事情。正如我們先前提到的勞動力節省。這不只是——它讓他們的日常工作更快、更有效率，同時也能在市場上實際勞動力流失的情況下加以補位。

And you see that stuff with things like we talk about our document automation, our priority-based budgeting, AP automation, report writing assistance, geo reconciliations, policy assistance, permit review assistance, just things like that, are getting inside of our products, inside of our workflows and making them -- our clients be more efficient with their daily tasks.

你會在一些功能上看到這些，例如我們提到的文件自動化、以優先順序為基礎的預算編製、應付帳款（AP）自動化、報告撰寫輔助、地理資料對帳（geo reconciliations）、政策輔助、許可審查輔助等，這些都正在進入我們的產品、進入我們的工作流程，讓客戶在日常任務上更有效率。

And in terms of that being embedded in the workflows as opposed to bolted on, that's really key to our clients. We're hearing from them that that's what they're looking for. They want those -- from Tyler, they want them integrated and embedded in the system of record that's doing the work, and it's really a matter of trust and their comfort with how that data is being handled, how those models are working, and they want that from the same provider as the system.

至於「嵌入在工作流程中」而不是「外掛式加上去」，這對我們的客戶來說非常關鍵。我們從他們那裡聽到，這正是他們在尋找的。他們希望Tyler提供的功能能整合並嵌入在負責執行工作的「記錄系統」（system of record）中；這其實關乎信任與他們對資料如何被處理、模型如何運作的安心感，而且他們希望由同一個系統供應商來提供。

That makes a ton of sense. And it seems like it would sort of have you bring AI to the customers as opposed to large language model provider. Can you talk a little bit about maybe the spending environment, particularly as new state and local budgets start to unlock?

這非常合理。而且看起來你們是把AI帶給客戶，而不是由大型語言模型供應商直接面向客戶。你能否談談支出環境，特別是當新的州與地方預算開始解鎖、釋放出來時？

I know you've said that the pipeline looks pretty good here, but I just want to get a sense for -- on a forward-looking basis, whether there's any concerns out there over the macroeconomic or anything that you're seeing on either the compliance driver side or grant driver side as well?

我知道你們說目前的管線看起來相當不錯，但我想了解一下——從前瞻角度來看，外部是否有任何對總體經濟的疑慮，或你們在合規驅動面或補助金驅動面看到任何變化？

Yes, Jon, we're not seeing any real change. I would say the market dynamic budgets are generally healthy and stable. It's been pretty consistent now for the last, I don't know, several quarters, maybe 1.5 years, 2 years. So I think that's pretty stable. A year ago, for example, we were talking about some decisions taking a little bit longer.

是的，Jon，我們沒有看到任何實質變化。我會說市場動態上，各項預算整體健康且穩定。這種狀況在過去我不確定，可能好幾個季度了，也許1.5年、2年，都相當一致。所以我認為這相當穩定。例如一年前，我們還在談有些決策需要更長時間。

The market didn't go away, but some decisions. We're actually starting to see, it's still anecdotal, particularly like in our ERP area that an uptick in the decisions actually being made. But generally speaking, the overall demand environment, the overall health is pretty consistent with where it's been.

市場並沒有消失，但有些決策會拖久一些。而我們其實開始看到——雖然仍屬軼事性——特別是在我們的ERP領域，決策實際拍板的速度有所回升。但整體而言，總體需求環境與整體健康度，與先前的水準大致一致。

And I think where customers -- and it certainly varies from place to place, but where customers are seeing pressure, that's where the ROI analysis comes in and becomes more important as they work -- drive towards more efficiencies and doing more with less, the understanding of how technology can make that happen. So looking at that ROI -- and that's also, as we talked about earlier, where the -- in certain instances where the transaction-funded model is attractive.

我認為客戶——當然各地情況不同——在感受到壓力的地方，ROI分析就會派上用場並變得更重要，因為他們在推動更高效率、以更少資源做更多事時，需要理解科技如何促成這件事。因此會去看那個ROI——而且如同我們先前提到的，在某些情況下，交易資助（transaction-funded）模式就很有吸引力。

So the systems that we've talked about states acquiring under that model, they don't have to appropriate budget funds for that. It operates sort of outside of the budget through self-funded revenues and the budget pressure does not enter into the equation.

所以我們談到在該模式下由州政府採購的系統，他們不需要為此編列（appropriation）預算資金。它透過自籌收入在某種程度上於預算之外運作，因此預算壓力不會納入考量。

Mark Schappel, Loop Capital

Mark Schappel，Loop Capital

Hi. Thank you for taking my question. Lynn, in the past, you've discussed the goal of getting every client onto a single code stream for each of your products. I was wondering if you could just provide some additional details on how far along you are in that journey and maybe which businesses such as courts or ERP are maybe the furthest along.

你好。謝謝你回答我的問題。Lynn，過去你曾談到目標是讓每一項產品的所有客戶都使用同一條程式碼主線（single code stream）。我想請你補充一些細節，說明你們在這段旅程目前進展到哪裡，以及像法院或ERP等業務線，哪些可能走得最前面。

Yes. There's a lot to unpack there. So at Investor Day, we talked about our whole cloud living initiative, which is to get everybody on that single stream that's got continuous improvement, continuous delivery. Before we can even achieve that, we've got to get people down to a single version, when we're going to get them in the cloud. You will see us start to unroll Cloud Living. We're launching pilots throughout 2027, and we're going to start to have clients referenceable on '28.

是的。這裡面有很多可以拆解說明的部分。所以在投資人日（Investor Day）上，我們談到整體的Cloud Living倡議，也就是讓所有人都上到那條具備持續改進、持續交付的單一主線。在我們真正達成那個目標之前，我們必須先把客戶收斂到單一版本，之後才能把他們上雲。你們會看到我們開始逐步推展Cloud Living。我們會在2027年推出試點（pilots），並在2028年開始讓客戶案例可供引用（referenceable）。

When you look generally at version control, what we've done, for example, you mentioned in courts over the last three years, we've gone from 89% of our clients being on a legacy system to only 7% today. And look at our enterprise ERP, we've got about 85%, 90% are on the current version.

當你從整體來看版本控管時，我們所做的事情，例如你提到過去三年在法院領域，我們已經從 89% 的客戶使用舊版系統，降到今天只剩 7%。再看我們的企業級 ERP，大約有 85%、90% 都已在現行版本上。

That's not necessarily our cloud living version, but getting them current, then moving them to cloud and getting them into our cloud living road map is a goal that's going to drive higher client sat, higher retention, increased upsell and cross-sell opportunities. It's pretty exciting. It's a pretty bold vision. We've been working on it for many years, but you're going to continue to see gains year-over-year over the next -- over the coming years.

那不一定是我們的雲端常青版本，但先讓他們維持在最新版本，接著再把他們移到雲端，並納入我們的雲端常青路線圖，這個目標將帶動更高的客戶滿意度、更高的留存率，以及更多加購與交叉銷售機會。這非常令人振奮。這是一個相當大膽的願景。我們已經為此努力多年，但你將會在未來幾年持續看到逐年提升的成果。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

Hello, thank you for taking the question. I noticed had another sizable city of Orlando public safety flip. And you made the comment at the Analyst Day that, that segment has really had a change of heart when it comes to SaaS, nearly 100% going to cloud. Just wondering if we could get a state of affairs across the products, really what segment remains the biggest set of holdouts? Is that the state court?

你好，謝謝讓我提問。我注意到奧蘭多市公共安全又有一筆相當可觀的轉換。而你在分析師日提到，該細分市場在 SaaS 方面確實改變了想法，幾乎 100% 轉向雲端。想請問我們是否能從各產品線的角度了解目前的狀況，究竟哪個細分市場仍是最大一群觀望者？是州法院嗎？

And just tactically, is the state team going to be taking over tackling those flips on the largest court clients at the state level? Will they be working jointly with Courts & Justice team? And then one follow-up.

另外從戰術面來看，州級團隊是否會接手、主導在州層級最大法院客戶的這些轉換案？他們會與 Courts & Justice 團隊共同合作嗎？然後我還有一個追問。

Yes. I think the answer to the second question is I don't envision that. Those are -- it's a smaller client base. Our relationships are strong and deep within our Courts & Justice division. So they'll continue to work those.

是的。我想第二個問題的答案是，我不這麼預期。那些——客戶基數較小。我們在 Courts & Justice 事業部內的客戶關係既強且深。所以他們會繼續負責推進這些案子。

And there, just like other places, we talk about how the clients -- they like to watch what their neighbors is doing, and they like to see it successful. We did that Idaho state flip a few years ago. That was the first one. Everybody watched it, and that spurred more interest. Generally speaking, yes, Orlando was a really nice SaaS flip for our Public Safety division.

而且在那裡，就像其他地方一樣，我們常說客戶——他們喜歡觀察鄰近單位在做什麼，也喜歡看到成功案例。幾年前我們完成了愛達荷州的州級轉換。那是第一個案例。大家都在看，這也帶動了更多興趣。整體而言，是的，奧蘭多對我們公共安全事業部來說是一個非常不錯的 SaaS 轉換案例。

It involved I think our CAD product, our RMS and our newer product, emergency networking that came through acquisition last year. I don't think there's really a segment of the market that has sort of the reluctance that we used to talk about a few years ago with public safety.

我想它涵蓋了我們的 CAD 產品、RMS，以及我們較新的產品——緊急事件聯網（emergency networking），那是我們去年透過併購納入的。我不認為市場上還有哪個細分領域，仍像幾年前我們談公共安全時那樣存在某種抗拒。

Public safety is moving all -- is moving to SaaS. That's all we're selling. We're actually one of the -- a pure SaaS provider. Many of our competitors are still more in the lift and shift mode. But I think just generally, across the board, I don't think there's any sort of structural or individual vertical market resistance.

公共安全正在全面——正在轉向 SaaS。這就是我們目前唯一在賣的模式。我們其實是——一家純 SaaS 供應商。我們許多競爭對手仍比較偏向「搬上雲再原樣移轉」（lift and shift）的模式。但我認為整體來說，全面看下來，我不覺得存在任何結構性或特定垂直市場的抗拒。

It's just the same factors that we've been talking about for the last couple of years. And as more clients go, as more see the value, as we continue to roll out incentives and eventually disincentives, we'll reach our goals that we outlined in Investor Day.

只是同樣的因素，這也是我們過去幾年一直在談的。隨著更多客戶上雲、更多人看見價值，並且我們持續推出激勵措施，最終也會導入一些反向激勵（disincentives），我們就能達成在投資人日所提出的目標。

Perfect. And then I did see Federal Courts of Australia For The Record, getting that transaction. Just wondering if there's any appetite to follow with other products in the portfolio for the international opportunity? Anything that would make sense based off of For The Record, having that presence? And then remind us if it's an inside or a field sales motion for some of those international markets?

很好。另外我也看到澳洲聯邦法院採用 For The Record，拿下了那筆交易。想請問是否有意願把產品組合中的其他產品也跟進，去把握國際市場機會？基於 For The Record 已經有那樣的在地據點，有沒有什麼延伸會比較合理？另外也請提醒我們，在某些國際市場的銷售模式是內勤銷售還是外勤銷售？

So FTR is based in Australia. So not surprising, they had a presence. They used to own a manual transcription business there, which was actually sold off while we owned a piece of FTR, so several years ago. I don't know that FTR -- they'll continue to do things in Australia. They'll continue to have sales international. They had a couple of international sales, small deals this past quarter. I don't think it changes our overall strategy, which is we still got a lot of runway ahead in front of us.

FTR 的基地在澳洲。所以他們在當地有布局並不令人意外。他們以前在那裡擁有一個人工聽打（manual transcription）業務，當時我們持有 FTR 的一部分股權，那個業務其實已在我們持有期間就出售了，所以是好幾年前的事。我不確定 FTR——他們會繼續在澳洲做一些事情。他們也會持續進行國際銷售。他們在本季也有幾筆國際銷售，都是小型案子。我不認為這會改變我們的整體策略，因為我們前方仍有很長的成長跑道。

We've got a lot of strategic initiatives. We're rolling out -- moving our US clients in the cloud. We're rolling out AI here. So I think it would be a bit of a distraction to think that we're going to start taking other products more international when we've got still such great runway in front of us here.

我們有很多策略性計畫。我們正在推進——把美國客戶移到雲端。我們也在這裡推出 AI。所以我認為，當我們在本土仍有這麼好的成長跑道時，去思考把其他產品更大幅度推向國際，可能會有點分散焦點。

There are no further questions at this time. I will now turn the call back to Lynn Moore for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Lynn Moore 作結語。

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

謝謝你，Maria，也謝謝各位今天參加我們的電話會議。如果你還有任何問題，歡迎隨時聯絡 Brian Miller 或我本人。再次感謝，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。你現在可以掛線。