Tyler Technologies, Inc. · NYSE:TYL
Tyler Technologies — Investor Presentation (November 2025)
63 slides from Tyler Technologies's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation Tyler Technologies | November 2025
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 Accelerating Recurring Massive Opportunity, SaaS Revenue Growth Revenue Growth a Market Leader With Just 20% 25% ~6% CAGR CAGR share* since 2019 Since 2019 of fragmented $21B market Uniquely positioned to deliver the most comprehensive mission-critical digital
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 AT A G L A N C E 1 M ARKET 85% RECURRI NG 26.9% F REE CASH F L OW 98% GROSS CL I ENT POSI TI ON REVENUES 2 0 2 4 M ARGI N 2 0 2 4 RETENTI ON 2 0 2 4 R E V E N U E B R E A K D O W N ERP / PLATFORM COURTS & PUBLIC K-12 APPRAISAL & CIVIC S
Slide 6: Agenda: Record of Success
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics & Success Leader Four Growth Pillars Cloud First Strategy Annual Guidance An impressive A clear leader in Recurring revenue, Three dimensions of Delivering superior FCF and track record attrac
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 BEST PRODUCTS FOR EACH AGENCY THE FIRST VISION OF Common Foundation CONSISTENT FUNCTIONALITY Connected Communities 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 2024 Non-Recurring 20% Revenues 15% CAGR IN 2010 $1.2B $2.138B RECURRING REVENUES Non-Recurring LAST 5 YEARS Revenues 85% 45% $289M 55% Recurring Revenues Recurring Revenues 18.2% 24.5% N O N - G A A P O P E
Slide 10: Agenda: Market Leader
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics & Success Leader Four Growth Pillars Cloud First Strategy Annual Guidance An impressive A clear leader in Recurring revenues, Three dimensions of Delivering superior FCF and track record attra
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 1 2 Singular vertical focus 32 Largest installed base Investments in innovation focused on 4 long-term results Uniquely positioned to deliver 3 Strategic acquirer in a most comprehensive mission-critical digital solutions to the publi
Slide 14: Delivering the Broadest, Most Integrated Public Sector Solutions
S T R E N G T H # 1 Delivering the Broadest, Most Integrated Public Sector Solutions PUBLIC COURTS & TRANSFORMATIVE HEALTH & HUMAN SCHOOLS ADMINISTRATION PUBLIC SAFETY TECHNOLOGY SERVICES Enterprise Financial Enterprise Justice School ERP Pro Data & Insights Veterans’ Benefits Management Enterprise
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 transformation 2X+ $118M $110M $105M Increased R&D spending further $88M $93M widens the moat $81M $63M 1,909 innovative engineers* 45% of Tyler team members have worked in the p
Slide 18: Acquisitions Are a Core Competency
S T R E N G T H # 5 Acquisitions Are a Core Competency – Adding Capabilities and Accelerates Growth 13 acquisitions last 5 years including: Advantages NIC VendEngine Invested Expands TAM US eDirect 36% of free Adds new products, Rapid Financial Solutions capabilities, and AI technologies Computing S
Slide 19: Agenda: 2030 Vision & Four Growth Pillars
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics & Success Leader Four Growth Pillars Cloud First Strategy Annual Guidance An impressive A clear leader in Recurring revenues, Three dimensions of Delivering superior FCF and track record attra
Slide 20: Tyler 2030 Vision and Four Growth Pillars
Tyler 2030 Vision and Four Growth Pillars GOAL Recurring revenue growth + Improved Margins & Expanded Free Cash Flow 1. Leveraging 2. Expanding TAM: 4. Transactions 3. Cloud Transition Installed Base State & Federal Growth • Flips / Upsell • Leverage M&A to • Cloud-first drives • Truly differentiate
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 payments business 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: The Combination of Three Companies Produced Strategic Synergies
The Combination of Three Companies Produced Strategic Synergies 3 Companies Leading Player ONE 1 payments product team Tyler Technologies PAY M E N T S O R G A N I Z AT I O N All Tyler divisions serviced NIC 300+ sales professionals Rapid Financial $88B+ dollars processed 26
Slide 27: Significant Opportunity to Expand Payments Beyond 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 28: 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 29: The Nature of the Contract Impacts Revenue, FCF, and Margin
The Nature of the Contract Impacts Differently on Revenue, FCF, and Margin ‘Gross’ Contracts ‘Net’ Contracts Revenues flow to Tyler who bears the risk Interchange and merchant processing fees of underlying interchange and merchant and risk is assumed by the processing fees – Tyler receives a % + age
Slide 30: Overwhelmingly, Tyler's Business is 'Gross' Revenue
Overwhelmingly, Tyler’s Business is ‘Gross’ Revenue Payments Revenue by Contracting Model Impact on Financial Profile Tyler can command a premium price given its differentiators Payments growth put Net Gross pressure on Tyler margins 7% 93% (-210 bps in 2024) Free cash flow will be bolstered by a gr
Slide 31: Opportunity for Payments Margin Expansion Exists
Whether Gross or Net Contracts, Opportunity for Payments Margin Expansion Exists 3 2 +100-200 bps 1 Interchange Economies of optimization Increased Tyler scale contribution from disbursements & premium services Tyler Payments 2030 Gross Margin Tyler Payments Today Gross Margin 31
Slide 32: 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 32
Slide 33: Agenda: Accelerating Cloud First Strategy
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics & Success Leader Four Growth Pillars Cloud First Strategy Annual Guidance An impressive A clear leader in Recurring revenue, Three dimensions Delivering superior FCF and track record attractiv
Slide 34: 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 34
Slide 35: Advancing Along Our Cloud-First Roadmap: Tyler 2030
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 36: Executing Progress on Three Dimensions of Cloud Transformation
Executing Progress on Three Dimensions of Cloud Transformation 97% 65% ~25% 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 existing on-premises as-a-Service deployed in
Slide 37: The Transition to Cloud Creates Both Headwinds and Tailwinds
The Transition to Cloud Creates Both Headwinds and Tailwinds On-premises Perpetual Revenue Growth SaaS Model License Model Potential $1M Cloud lifetime Headwind Software License / revenue Maintenance 1.7X- 2X* $400k is ~ 1.7-2X greater Tailwind $200k than on-premises. Year 1 Annual Annual License Pu
Slide 38: Tyler by 2030 – A SaaS Company
Tyler by 2030 – A SaaS Company, with ~$2B Software Recurring Revenues • Maintenance fees will decline as licensed clients convert to SaaS, but will not drop to zero by 2030 • Price increases on maintenance will continue ~$2B* • <10% of new contract value may still generate new CAGR CAGR maintenance
Slide 39: Cloud Transformation Margin Drivers
Cloud Transformation Margin Drivers 1. 2. 3. Private cloud Tyler solution Version evacuation optimization consolidation 39
Slide 40: 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 Tyler solution consolidation Private cloud optimization evacuation Tyler Gross Margin 2030 2023* Tyler Gross Margin *As of June 15, 2023. 40
Slide 41: Agenda: Key Metrics & Annual Guidance
A G E N D A Tyler: A Winning Long-Term Growth Story Record of Market 2030 Vision & Accelerating Key Metrics & Success Leader Four Growth Pillars Cloud First Strategy Annual Guidance An impressive A clear leader in Recurring revenues, Three dimensions of Delivering superior FCF and track record attra
Slide 42: Tyler's Financial Algorithm Delivers Superior Free Cash Flow
Tyler’s Financial Algorithm Delivers Superior Free Cash Flow and Creates Sustained Value Sustained Value Prudent Creation Capital Allocation Strong Free Cash Flow Margin Expansion Organic Revenue Growth 42
Slide 43: Tyler's Organic Financial Goals: 2025 and 2030
Tyler’s Organic Financial Goals: Near-Term 2025 and Mid-Term 2030 Revenues* 2025E 2030E Total revenues $2.3-2.4B $3.6-3.8B % recurring 86-87% ~90% Margin Profile* 2025E 2030E Revenues 100% 100% Gross Margin 47-48% 53-55% S&M % of Revenue ~7% 6-7% G&A % of Revenue ~11% 9-10% R&D % of Revenue ~5% ~5%
Slide 44: Recurring Revenues and Free Cash Flow are the Best Measures
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 44
Slide 45: Recurring Revenue Growth has Accelerated
Recurring Revenue Growth has Accelerated $millions 13% CAGR $1,806 $1,626 CAGR ’21-’24 $1,481 Drivers Transactional 16% $1,261 Cloud transition Differentiated SaaS 23% payments platform Industry-leading customer retention Maintenance (-1)% 2021 2022 2023 2024 45
Slide 46: Powerful Cash Generating Engine Drives 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 116% average 2 Strategic acquisitions L A S T 5 Y E A R S 3 Opportunistic share repurchase 46
Slide 47: Deleveraging Has Been Our Top Priority
P R I O R I T Y # 1 Deleveraging Has Been Our Top Priority $M 1,750 Repaid $1.2B of term debt since NIC Revolver acquisition in April 2021 1,500 1,250 Net Leverage Term Debt 1,000 750 Zero at 500 12/31/24 Convertible 250 Debt 0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q
Slide 48: 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 49: Case Study: Acquire, Integrate, Invest, Grow
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 <$3M 2025+ Enhanced AI-functionality to provide blueprints for speedier ROI • Competitive differentiator by
Slide 50: Acquisitions complete suites and create sales enablement
Acquisitions complete “suites” and create sales enablement across connected markets to drive accelerated growth Tyler Enterprise Supervision ARR PURCHASED 15 CASELOADPRO IN 2018 12 IN MILLIONS 9 CAGR ~98% 6 3 0 2018 2019 2020 2021 2022 2023 2024 LAW ENFORCEMENT CORRECTIONS & SUPERVISION COURTS & PRO
Slide 51: Opportunistic Share Repurchases
P R I O R I T Y # 3 Opportunistic Share Repurchases Cash Paid ($M) $146.6 ~28M * Total shares repurchased since 2002 $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 Open Market Repurchases Value of Shares Withheld for Taxes on Equity Awards1 1. Reflects the va
Slide 52: 2030 Goals
2030 Goals ALIGNED WITH EXECUTIVE COMPENSATION 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+% 52
Slide 53: Growth, Revenue Mix, and Margin Improvement Reshape Financial Profile by 2030
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 54: 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 55: 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 56: Majority of Operating Leverage to Come from Gross Margin
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 57: 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 Estimates2 $1,000 Transactional $800 $600 Impact of unusual items1 $1B $400 Recurring Software $200 $0 2023A 2024A 2025E 20
Slide 58: 2025 Annual Guidance
2025 Annual Guidance © Tyler Technologies 2024
Slide 59: 2025 Annual Guidance
2025 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 Total Revenues $2.335B - $2.360B $2.14B Revenue Guidance midpoint implies growth of approx. 10% Net interest income in the range of $29 million to $31 million 2024 2025 Guidance Most recent
Slide 60: 2025 Annual Guidance
2025 Annual Guidance Diluted EPS - GAAP Diluted EPS - Non-GAAP $11.30 - $11.50 $7.28 - $7.48 $6.05 $9.55 2024 2025 Guidance 2024 2025 Guidance Free Cash Flow Margin R&D Expense $202M - $205M 26.9% 25% -27% $117.9M 2024 2025 Guidance 2024 2025 Guidance Most recent 2025 guidance provided on 10/29/25 6
Slide 61: Appendix
Appendix
Slide 62: Non-GAAP Measures
Non-GAAP Measures T HE TA BLE RECONCILES THE NON-GAAP MEASURES USED IN THIS PRESENTAT I O N GAAP 62
Slide 63: tylertech.com
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