Tyler Technologies, Inc. · NYSE:TYL
Tyler Technologies — Investor Presentation (March 2026)
63 slides from Tyler Technologies's investor presentation, March 2026
Slide 1: Investor Presentation
Investor Presentation Tyler Technologies | March 2026
Slide 2: Statement Regarding Use of Non-GAAP Measures
Statement Regarding Use of Non-GAAP Measures Tyler Technologies has provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP financial measures. This information includes non
Slide 3: Forward-Looking Statements
Forward-Looking Statements This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and typically address future or anticipated events, trends, expectat
Slide 4: Tyler: A Winning Long-Term Growth Story
Tyler: A Winning Long-Term Growth Story Recurring Revenue Growth Massive Opportunity, SaaS Revenue Growth a Market Leader With Just 20% 25% ~11% CAGR CAGR share* since 2020 Since 2020 of fragmented $21B market Uniquely positioned to deliver the most comprehensive mission-critical digital solutions i
Slide 5: The Leader in Software Solutions to the Public Sector
The Leader in Software Solutions to the Public Sector T Y L E R A T A G L A N C E 1 M ARKET 87% RECURRI NG 26.6% F REE CASH F L OW 98% GROSS CL I ENT POSI TI ON REVENUES 2 0 2 5 M ARGI N 2 0 2 5 RETENTI ON 2 0 2 5 R E V E N U E B R E A K D O W N ERP / PLATFORM COURTS & PUBLIC K-12 APPRAISAL & CIVIC
Slide 6: Tyler: A Winning Long-Term Growth Story
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics and Success Leader Four Growth Cloud-First Annual Guidance Pillars Strategy An impressive A clear leader in Delivering superior FCR track record attractive markets Recurring revenue, Three dim
Slide 7: Tyler is in a New Growth Era
Tyler is in a New Growth Era 1998 - 2017 2018 - 2022 2023+ Building Leadership Expanding the Vision: New Era of Sustained Growth and Position Strategic Investment FCF Generation Built a broad portfolio of software solutions Connected Communities, Shift to cloud-first, 2023 SaaS inflection point and
Slide 8: Connected Communities
Family of Products THE FIRST VISION OF BEST PRODUCTS FOR EACH AGENCY Connected Communities Common Foundation CONSISTENT FUNCTIONALITY Shared Data CLOUD -BASED DATA SHARING Connected Apps & Personalized Portals A CUSTOMIZED EXPERIENCE 8
Slide 9: Tyler Transformation is Well Underway
Tyler Transformation is Well Underway WITH HIGHER GROW TH, HIGHER LONG -TERM MARGIN PROFILE 2025 Non-Recurring Revenues 13% 20% CAGR 2020 $1.2B $2.33B IN Non-Recurring RECURRING Revenues 87% REVENUES 45% LAST 5 YEARS $289M 55% Recurring Revenues Recurring Revenues 18.2% 26.0% N O N - G A A P O P E R
Slide 10: Tyler: A Winning Long-Term Growth Story
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics and Success Leader Four Growth Cloud-First Annual Guidance Pillars Strategy An impressive A clear leader in Delivering superior FCR track record attractive markets Recurring revenue, Three dim
Slide 11: We have more than doubled our Software TAM since 2018
We have more than doubled our Software TAM since 2018 Strong Secular Tailwinds… 2018 2024 Many antiquated government systems no longer supported INCLUDING FEDER AL Governments shifting systems S TAT E , L O C A L , to the cloud & E D U C AT I O N Total Software Demand for digital Market1 modernizati
Slide 12: Targeting a Large, Fragmented Market with Antiquated Systems
Targeting a Large, Fragmented Market with Antiquated Systems >88,000 Local Governments >450,000 Potential Systems 1/3 2/3 Competitive Antiquated Deployments Deployments 20+ year old systems Legacy vendors Homegrown/custom COBOL systems 12
Slide 13: Strengths We Are Leveraging
Strengths We Are Leveraging 1 Broadest, most integrated solutions 2 Singular vertical focus 3 Largest installed base Investments in innovation focused on 4 long-term results Uniquely positioned to deliver Strategic acquirer in a most comprehensive mission-critical digital solutions to the public sec
Slide 14: Delivering the Broadest, Most Integrated Public Sector Solutions
Delivering the Broadest, Most Integrated Public Sector Solutions PUBLIC COURTS & PLATFORM SCHOOLS ADMINISTRATION PUBLIC SAFETY TECHNOLOGIES Enterprise Resource Enterprise Justice School ERP Pro Digital Solutions Planning Enterprise Supervision Student Transportation Resident Engagement Permitting &
Slide 15: Singular Vertical Focus With Deep Domain Expertise
S T R E N G T H # 2 Singular Vertical Focus With Deep Domain Expertise D I F F E R E N T I AT O R S Large R&D Singular focus Broad Families Large Robust Integrated spend on on public public sector of connected installed base SaaS Payments & public sector sector solutions suites to leverage solutions
Slide 16: Largest Installed Base – Cross-Sell and Upsell Opportunities
S T R E N G T H # 3 Largest Installed Base – Provides Significant Cross-Sell and Upsell Opportunities L A R G E ST I N STA L L E D B A S E O F F E R I N G U N I Q U E S A L E S SY N E R G I E S 45,000 15,000 client installations client locations ~3 8-10 Average number of Potential products products
Slide 17: Strategic Innovation Focused on Long-Term Results
S T R E N G T H # 4 Strategic Innovation Focused on Long-Term Results Increased R&D* Anticipating client needs for digital 3X+ transformation $205M Increased R&D spending further widens the moat $118M $105M $110M $93M $81M $88M 2,815 innovative engineers $63M 45% of Tyler team members have worked in
Slide 18: Acquisitions Are a Core Competency
S T R E N G T H # 5 Acquisitions Are a Core Competency – Adding Capabilities and Accelerating Growth 16 acquisitions last 5 years, including: Advantages NIC Rapid Financial Solutions Invested Expands TAM Computing Systems Innovations 39% of free Adds new products, ARInspect cash flow capabilities, a
Slide 19: Tyler: A Winning Long-Term Growth Story
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics and Success Leader Four Growth Cloud-First Annual Guidance Pillars Strategy An impressive A clear leader in Delivering superior FCR track record attractive markets Recurring revenue, Three dim
Slide 20: Tyler 2030 Vision and Four Growth Pillars
Tyler 2030 Vision and Four Growth Pillars G O A L Recurring revenue growth + Improved Margins & Expanded Free Cash Flow Leveraging Expanding TAM: Transactions Cloud Transition Installed Base State & Federal Growth • Flips / Upsell • Leverage M&A to • Cloud-first drives • Truly differentiated • Cross
Slide 21: Leveraging Tyler’s Vast Installed Base
P I L L A R # 1 Leveraging Tyler’s Vast Installed Base • Leverage 15,000+ client locations through upsells and cross sells • Strategic acquisitions adding adjacent products and expanding TAM • Continued R&D to maintain market dominance and high retention rates • Enhanced focus on client satisfaction
Slide 22: Expand TAM into State and Federal
P I L L A R # 2 Expand TAM into State and Federal Leverage recent acquisitions to create compelling offerings for state and federal markets: • Data & Insights platform • Low code platform • State enterprise contracts 22
Slide 23: Next Generation SaaS Business
P I L L A R # 3 Next Generation SaaS Business • Complete cloud transition – margin expansion • Optimize products for the cloud • Consolidate product versions • Close private data centers • Migrate on-premises clients to AWS • Achieve 90+% recurring revenues 23
Slide 24: Enhanced Citizen Engagement – Transactions Growth
P I L L A R # 4 Enhanced Citizen Engagement – Transactions Growth • Grow transactions revenue across installed base • Highly differentiated from commodity solutions • Sticky, reliable revenue streams • FCF contribution but lower margin 24
Slide 25: Payments – A Channel for Driving Growth
Payments – A Channel for Driving Growth Payments brings value to our clients and will be a channel for driving growth Payments will enhance Tyler free cash flow with acknowledged margin pressure from pass through processing and interchange fees Tyler is modeling 10% – 13% transaction revenue growth
Slide 26: Significant Opportunity to Expand Payments Beyond Current Installed Base
Significant Opportunity to Expand Payments Beyond Current Installed Base State & Local Acquiring TAM $30B+ New Enterprise Opportunities Enterprise Contracts New cities, new states, non-install base clients Install Base TAM Increased adoption and $2.3B – $3.8B new state services Tyler local install b
Slide 27: Electronic Disbursements is an Entirely New Market
Electronic Disbursements is an Entirely New Market with Equal Growth Potential State & Local Disbursements TAM $31B+ New Case Types: • Government payroll • AP automation New Case Types: • Utility refunds AP & Payroll • Unemployment and rebates TAM $1.7B+ • Unclaimed property • Tax refunds • Child su
Slide 28: Opportunity for Payments Margin Expansion +100-200 bps
Opportunity for Payments Margin Expansion 3 2 +100-200 bps 1 Interchange optimization Economies of Tyler scale Increased contribution from disbursements & premium services Tyler Payments Gross 2030 Margin 2023* Tyler Payments Gross Margin *As of June 15, 2023. 28
Slide 29: Payments Offers Multiple Growth Opportunities Ahead
Payments Offers Multiple Growth Opportunities Ahead 4 Electronic disbursements 3 Expand beyond current installed base 2 Increase existing state services 1 Leverage local government installed base 29
Slide 30: Tyler: A Winning Long-Term Growth Story
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics and Success Leader Four Growth Cloud-First Annual Guidance Pillars Strategy An impressive A clear leader in Delivering superior FCR track record attractive markets Recurring revenue, Three dim
Slide 31: Advancing Along Our Cloud-First Roadmap
Advancing Along Our Cloud-First Roadmap 2019 • Launched Cloud First initiative • Strategic Collaboration Agreement with AWS 2016 • 30% of new Total Contract Value sold as SaaS 2011 • Tyler opens second datacenter in Dallas, Texas 2000 • Began offering solutions hosted in Tyler private cloud 31
Slide 32: Advancing Along Our Cloud-First Roadmap
Advancing Along Our Cloud-First Roadmap Tyler 2030 2023 - 2025 • Evacuate/close our private cloud Data Centers • Launch cloud optimized releases & begin version consolidation • Accelerate on-premises maintenance-to-SaaS conversions 2022 • Align on a Data Center closure approach • Begin migrating on-
Slide 33: Executing Progress on Three Dimensions of Cloud Transformation
Executing Progress on Three Dimensions of Cloud Transformation 97% 100% ~30% 1 2 3 New Clients Private Cloud Clients On-Premises Clients Goal: 100% of new client Goal: Tyler’s private cloud Goal: 75%-85% of Tyler’s contracts are Software- datacenters are completely existing on-premises as-a-Service
Slide 34: Tyler by 2030 – A SaaS Company, with ~$2B Software Recurring Revenues
Tyler by 2030 – A SaaS Company, with ~$2B Software Recurring Revenues • Achieved 22% CAGR, outpacing our 2023 guidance of 20% or more through 2025. • Maintenance fees will decline as licensed clients convert to SaaS, but will not drop to zero by 2030 ~$2B* CAGR CAGR • Price increases on maintenance
Slide 35: Cloud Transformation Margin Drivers
Cloud Transformation Margin Drivers 1. 2. 3. Private cloud Tyler solution Version evacuation optimization consolidation 35
Slide 36: Expect 400-500 bps Contribution to Gross Margin by 2030
Collectively, Expect 400-500 bps Contribution to Gross Margin by 2030 3 2 +400-500 bps 1 Version consolidation Tyler solution optimization Private cloud evacuation Tyler Gross Margin 2030 2023* Tyler Gross Margin *As of June 15, 2023. 36
Slide 37: Tyler: A Winning Long-Term Growth Story
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics and Success Leader Four Growth Cloud-First Annual Guidance Pillars Strategy An impressive A clear leader in Delivering superior FCR track record attractive markets Recurring revenue, Three dim
Slide 38: Tyler’s Financial Algorithm Delivers Superior Free Cash Flow
Tyler’s Financial Algorithm Delivers Superior Free Cash Flow and Creates Sustained Value Sustained Value Creation Prudent Capital Allocation Strong Free Cash Flow Margin Expansion Organic Revenue Growth 38
Slide 39: Tyler’s Organic Financial Goals: Near-Term 2025 and Mid-Term 2030
Tyler’s Organic Financial Goals: Near-Term 2025 and Mid-Term 2030 2025 2025 2030 Revenues* Targets Actual Targets Total revenues $2.3-2.4B $2.332B $3.6-3.8B % recurring 86-87% 87% ~90% 2025 2025 2030 Margin Profile* Targets Actual Targets Gross Margin 47-48% 49.6% 53-55% S&M % of Revenue ~7% 6% 6-7%
Slide 40: Recurring Revenues and Free Cash Flow are the Best Measures of Performance
Recurring Revenues and Free Cash Flow are the Best Measures of Our Performance Top-Line Performance Bottom-Line Performance Recurring Revenues Free Cash Flow • Total Recurring Revenues ‒ Software (SaaS & Maintenance) LTM Free Cash Flow ‒ Transactional 40
Slide 41: Solid Recurring Revenue Growth
Solid Recurring Revenue Growth $millions 10% CAGR $2,032 CAGR ’21-’25 $1,806 Drivers $1,626 Transactional 16% $1,481 $1,261 Cloud transition Differentiated SaaS 23% payments platform Industry-leading customer retention Maintenance (-2)% 2021 2022 2023 2024 2025 Maintenance SaaS Transactional 41
Slide 42: Powerful Cash Generating Engine Drives Optionality in Capital Allocation
Powerful Cash Generating Engine Drives Optionality in Capital Allocation FCF / Non-GAAP Net Income Conversion Capital Allocation Priorities 1 Internal growth and productivity investments 117% average 2 Strategic acquisitions L A S T 5 Y E A R S 3 Opportunistic share repurchase 42
Slide 43: Deleveraging Has Been Our Top Priority
P R I O R I T Y # 1 Deleveraging Has Been Our Top Priority Repaid $1.2B of term debt since NIC acquisition in $M April 2021 1,750 $600M convertible debt paid in cash March 16, 2026 Revolver 1,500 1,250 Net Leverage 1,000 Term Debt Zero at 750 500 12/31/25 250 Convertible Debt 0 1Q21 2Q21 3Q21 4Q
Slide 44: Acquisition Playbook: Driving Long-term Strategic Value
P R I O R I T Y # 2 Acquisition Playbook: Driving Long-term Strategic Value Target Company Strategy Valuation Approach Profile • TAM expansion into Accretive to Tyler growth • Acquisition multiples below adjacent markets and margins Tyler’s trading multiples • Functional “tuck-ins” to add Sustai
Slide 45: Case Study: Acquisition Playbook
Case Study Demonstrates Success of Our Acquisition Playbook: Acquire Integrate Invest Grow Integrated with Tyler ERP & Civic Division What We Did: Revenue run rate at time of acqusition <$3M 2025+ Enhanced AI-functionality to provide blueprints for speedier ROI • Competitive differentiator by
Slide 46: Acquisitions complete suites and create sales enablement
Acquisitions complete “suites” and create sales enablement across connected markets to drive accelerated growth Tyler Enterprise Supervision ARR PURCHASED 15 CASELOADPRO IN 2018 12 IN MILLIONS 9 CAGR ~84% 6 3 0 2018 2019 2020 2021 2022 2023 2024 2025 LAW ENFORCEMENT CORRECTIONS & SUPERVISION COURTS
Slide 47: Opportunistic Share Repurchases
P R I O R I T Y # 3 Opportunistic Share Repurchases Cash Paid ($M) ~28M * $174.7 $146.6 Total shares repurchased since 2002 $46.2 $40.3 $27.0 $27.2 $27.7 $17.8 $15.5 $12.9 $13.0 $5.3 2018 2019 2020 2021 2022 2023 2024 2025 Open Market Repurchases Value of Shares Withheld for Taxes on Equity Awards1
Slide 48: 2030 Goals
2030 Goals A L I G N E D W I T H E X E C U T I V E C O M P E N S AT I O N Recurring Revenues Margin Expansion Free Cash Flow 10-12% organic recurring 30+% blended operating FCF margin high 20s% revenue growth margin Approx. $1B FCF in 2030 Total revenues: $3.6B-$3.8B Recurring revenue 90+% 48
Slide 49: Growth, Revenue Mix, and Margin Improvement Will Reshape Tyler’s Financial Profile
Growth, Revenue Mix, and Margin Improvement will Reshape Tyler’s Financial Profile by 2030 $B $5 Acquisitions1 $4 Non-recurring2 $3 Aspire to Transactional high 40s / low 50s Key growth driver gross margin $2 10-13% long-term CAGR SaaS Aspire to high 60s / low 70s $1 Key growth driver High-teens lon
Slide 50: Clear Runway for Double-Digit Recurring Revenue Growth
Clear Runway for Double-Digit Recurring Revenue Growth 10-12% Recurring Rev. CAGR excl. M&A M&A 10-13% CAGR Assumes ~80% of Incremental on-prem base Low-teens transactional converts by 2030 CAGR Net expansion >1.7x1 and new software Converted Gross uplift recurring maintenance on flips revenues (exc
Slide 51: Cloud is a Significant Margin Expansion Lever
Cloud is a Significant Margin Expansion Lever Category P&L Impact Potential Drivers • Datacenter evacuations Cloud Operations Cost of Revenue • AWS efficiency / cloud optimization of products Development & Support Cost of Revenue / R&D • Version consolidation and more streamlined focus on cloud port
Slide 52: Majority of Operating Leverage to Come from Gross Margin Improvement
Majority of Operating Leverage to Come from Gross Margin Improvement Gross Margin Operating Expense 1-2% <1% <1% 30+% ~1% 1-2% R&D 4-5% S&M G&A Services Payments 23% Cloud Ops 2023 Non-GAAP OP Margin1 2030E Non-GAAP OP Margin 1 See reconciliation of GAAP to Non-GAAP measures included in this present
Slide 53: Free Cash Flow Grows to ~$1B by 2030
Free Cash Flow Grows to ~$1B by 2030 Free Cash Flow (FCF) 2030 Estimated FCF Contribution Growing to ~$1B – One Third From Transactional Business $M $1,400 Other $1,200 Actuals Estimate $1,000 Transactional $800 $600 Impact of unusual items1 $1B $400 Recurring Software $200 $0 2023A 2024A 2025A 2030
Slide 54: 2026 Annual Guidance
2026 Annual Guidance
Slide 55: 2026 Annual Guidance
2026 Annual Guidance E X E C U T I N G LO N G -T E R M G R O W T H A N D C LO U D - F I R ST ST R AT E GY REVENUE DRIVERS Guidance midpoint implies growth of approx. 8.3% • Excluding impact of Texas payments contract Total Revenues termination, midpoint implies 10.0% $2.50B - $2.55B Revenue range pe
Slide 56: 2026 Annual Guidance
2026 Annual Guidance Diluted EPS - GAAP Diluted EPS - Non-GAAP $12.40 - $12.65 $11.31 $8.36 - $8.61 $7.20 2025 2026 Guidance 2025 2026 Guidance Free Cash Flow Margin R&D Expense - GAAP 26.6% 26% -28% $242M - $247M $204.6M 2025 2026 Guidance 2025 2026 Guidance Most recent 2025 guidance provided on 2/
Slide 57: Tyler’s AI Commitment
Tyler’s AI Commitment
Slide 58: Tyler’s AI Commitment
Tyler’s AI Commitment BU I LT O N FO U N DATI ONAL PR I N C I PLE S Built on foundational Governed with strong Strengthened with principles oversight deep partnerships Secure & private AI governance committee AWS Auditable & transparent GenAI-specific guardrails and Azure protections Practical Adver
Slide 59: Tyler Has the Foundational Elements to Succeed
Tyler Has the Foundational Elements to Succeed W H Y W E W I N + + + Data Expertise Tyler AI Trust Produced daily by over From decades of public Internal & partnerships Clients trust 15,000 clients sector experience with Microsoft + us to lead managing complex OpenAI + AWS + workflows Anthropic
Slide 60: Appendix
Appendix
Slide 61: Non-GAAP Measures
Non-GAAP Measures THE TABLE RECONCILES THE NON-GAAP MEASURES USED IN THIS PRESENTATION GAAP 61
Slide 62: Non-GAAP Measures
Non-GAAP Measures THE TABLE RECONCILES THE NON-GAAP MEASURES USED IN THIS PRESENTATION GAAP 62
Slide 63: tylertech.com
“>. tyler Empowering people who serve the public” "ey eo eo y technologies tylertech.com f X in©Q o
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