TYL - Investor Meetings With Mgmt; Attractive L-T Sub Rev Growth Profile; Reiterate Buy

研报英文原文证据摘录

TYL - Investor Meetings With Mgmt; Attractive L-T Sub Rev Growth Profile; Reiterate Buy

Truist Securities

Equity Research Report June 22, 2026

TMT: Application Software and Tyler Technologies, Inc. (TYL)

Agentic AI

TYL - Investor Meetings With Mgmt; Attractive L-T Sub Rev Growth

Terry Tillman Profile; Reiterate Buy

404-926-5362

Terry.Tillman@truist.com

We hosted investor mtgs with Tyler Tech mgmt this past week and are incrementally bullish

Connor Passarella on one of the most visible L-T attractive SaaS rev growth profiles in our coverage. This

212-326-6153 note double clicks on commentary and content from the company’s recent Investor Day

Connor.Passarella@truist.com in the following areas: drivers of confidence that influenced raising L-T SaaS rev growth

to ~20%, transaction revenue biz offering meaningful upside potential to ~10% L-T target,

Giancarlo Valle AI innovation update (app review/permitting intriguing newer user case) and $6 billion total

212-537-9006 liquidity representing significant capital allocation oppty. Reiterate Buy with shares below

Giancarlo.Valle@Research.truist.com 20x on FCF basis including impact of SBC.

Luc Radice Tracking Ahead of L-T Targets Per Recent Investor Day; Double Clicking on SaaS 212-537-9032

Luc.Radice@truist.com Revenue. The company recently raised its L-T recurring revenue target to $3.3 billion -

$3.4 billion in 2030 (up $50 million at the midpoint from the prior 2030 target), driven by

increased confidence and visibility in SaaS revenue. The company had originally discussed

mid-term 20% SaaS revenue growth but then drifting a bit lower into the high teens in

Stock Rating BUY the latter years of the L-T model. Now, the company is confident they can sustain ~20%

Unchanged SaaS revenue growth through 2030.