TYL: Key Takes from Investor Day - Touching Up Target Model

研报英文原文证据摘录

TYL: Key Takes from Investor Day - Touching Up Target Model

Equity Research

Earnings Revised — June 9, 2026

U.S. Software

Tyler Technologies, Inc.

Key Takes from Investor Day - Touching Up Target Model Equal Weight

Price Target: $335.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We were out at TYL's investor day in TX, where mgmt touched up the 2030 target model EPS 2026 13.00 12.67 2.6%

(increasing SaaS revenue & FCF), while also outlining the co's new One Tyler vision + AI EPS 2027 14.76 14.00 5.4%

opps. We remain EW, awaiting further evidence around the expected uplift. FCF (MM) 2026 688.7 666.4 3.4%

FCF (MM) 2027 763.0 738.4 3.3%

Raised 2026 EPS Guidance. TYL also raised its 2026 EPS guidance by $0.30 to

$12.80-13.05 driven by opportunistic share repurchasing YTD coinciding with the co's Ticker TYL

$1.4 billion convertible debt offering. Mgmt noted the co has repurchased >1M shares Upside/(Downside) to Target 8.4%

with the completion of the convert, which subsequently lowered share count. Additionally,

Price (06/09/2026) $308.92EPS seasonality is expected to prove more backend weighted than usual with ~53% of

annual EPS target falling into the 2H vs ~51% avg over last 5 years. 52 Week Range $283.72 - 621.34

Market Cap (MM) $13,329

Message centered on One Tyler vision, embedded AI opportunities, and continued Enterprise Value (MM) $12,549

execution in SaaS & transaction. Mgmt outlined its One Tyler GTM strategy and Average Daily Value (MM) $189

operating cost efficiencies that are supporting its improved margin trajectory as cloud Dividend Yield 0.0%

costs scale and AI drives productivity uplift. Specifically, mgmt noted that 30% of the co's

R&D costs are associated with keeping legacy, on-prem versions current and that cloud $ (Dec) Q1 Q2 Q3 Q4 FY