TYL - Investor Day 2026; Achieved 2025 Targets, Continued Cloud & AI Momentum, Raised 2030 Targets; Reit. Buy

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TYL - Investor Day 2026; Achieved 2025 Targets, Continued Cloud & AI Momentum, Raised 2030 Targets; Reit. Buy

ecting the trust-based, mission-critical nature of its public sector relationships, in our

TR to Target 42.4% opinion. As a result, Tyler has increased its 2030 outlook, raising its annual recurring revenue

Price (Jun. 9, 2026) $308.92 target from $3.2-$3.4 billion to $3.3-$3.4 billion and increasing its free cash flow target

52-Wk Range $611.76-$287.04 from $1.0 billion to $1.1-$1.2 billion, with management indicating results are likely to trend

Market Cap ($M) $13,329 toward the upper end of the free cash flow range. We believe the updated targets reflect

ADTV 427,365 continued execution against Tyler's long-term strategy of increasing recurring revenue,

Shares Out (M) 43 improving margins, and the scalability benefits created by the company's cloud transition

Short Interest Ratio/% Of Float 6.3% and operational initiatives.

Enterprise Value ($M) $12,983 Management also reiterated its confidence in the long-term public sector opportunity,

Cash & Equivalents ($M) $346 highlighting a ~$44 billion state and local government market growing at ~10% annually that

Total Debt ($M) $0 continues to be driven by legacy system replacement, workforce shortages, rising citizen

expectations, cybersecurity requirements, and the need for government modernization.

Despite being the largest software provider focused exclusively on the public sector, 11 Page Document

Tyler currently supports more than 50,000 software installations across over 16,000 client

locations, representing only ~11% market penetration and providing a significant runway for

Reasons for this report future growth.

The company outlined five core competitive advantages that position Tyler to capture a