Terry Tillman

Jason confirmed Vertafore ARR growth is above the segment; Neil added the agentic TAM could roughly double the market over time.

Neil said yes, some businesses will need forward deployed engineers for change management. But likely a reallocation from customer support/service rather than huge cost increase. Some businesses see natural uptake while others face 'do I lose my job' trepidation requiring change management.

Neil traced Aderant's multi-era growth: competitive market share gains (35% to 65% in large law), bolt-on product expansion for cross-sell, cloud enablement post-COVID, and now AI tailwind. Still early innings (3rd-4th) on cloud migration. Multiple growth drivers with long runway.

Jason said December naturally stronger but two large GovCon deals slipped at year-end. Expect both to land in H1 2026 but hedged guidance in case. Neil added commercial pipeline build has been encouraging throughout, no competitive issue, just signature timing pushed right by shutdown uncertainty.

Neil confirmed ARPU expansion continuing from like-for-like pricing plus more value to sell on both network sides (automation, data beyond load board). Automated matching technology works, brokers tendering, carriers matching, payments overlaid. Focus on native TMS integrations with cascade of announcements expected in 2026.

Jason said not assuming Deltek shutdown recovery hits in Q4 but acknowledged customers can decide quickly. Very strong pipelines across businesses despite tough Q4 2024 comps. Feels good about Deltek for 2026 with cloud AI features driving conversion of largest maintenance base at Roper.

Neil sized opportunity at 1.2M daily loads x $100-200 labor savings per automated load. Declined to specify capture rate but signaled strong conviction. Requires TMS integration with every broker and carrier onboarding. Early broker integration results described as 'sold out.' Emphasized Switzerland positioning.

Neil said Neptune's meter-to-cash strategy is unique in the market, compelling for smaller municipalities wanting single-vendor solutions. Growth pickup expected but will take time.

Neil acknowledged ProCare underdelivered at 10% vs 15% target. Complete leadership change (CEO, CFO, CRO, CTO). Go-to-market massively improved. Expects mid-teens growth in H2. Payments attach at 75%.

Neil said CentralReach AI revenue not yet material but is a meaningful growth driver. Broader portfolio pivoting to Agentic AI with digital employees monetized on work-completed basis.

Jason expects segment-level core margins up nicely with corporate G&A making total flattish. Acquisition margins improve through year with Transact seasonal ramp and CentralReach at low-40s.

Neil cited leadership talent upgrades as primary driver, followed by more stable macro outlook and ongoing SaaS conversion tailwind with $900M+ of on-premise maintenance still to convert.

Jason outlined phased pricing actions: half the network in Q4, another action in H1 2025, and more at year-end, all tied to fraud prevention and network reliability improvements.

Miller confirmed the deal was transaction-funded from the outset and explained where that model does and does not fit.

Moore declined to rank the products but said document automation and resident AI are getting the most traction today.

Lynn said confidence very high with clients now receptive and hesitation in the past. Public safety now 100% going to cloud. AI a tailwind but not yet a big tailwind. 2030 plan unchanged.

Lynn said no specific inflection, just timing of 2 big deals (Miami-Dade ~$800K and Harris County ~$1M). ROI selling point resonating. Expects document automation to expand beyond courts into broader Tyler portfolio.

Lynn said state sales team still early innings but really good Q4 sales success including several deals over $1M ARR. New Mexico corrections deal wouldn't have happened without them. Brian said SaaS growth expected fairly consistent across year at 20%+ range.

Lynn said inside sales outperforming quotas but still early in 2-3 to 10-12 products per client journey. Also noted ERP RFPs in Q2-Q3 were highest in 2 years, confirming demand recovery from post-ARPA blip.

Brian attributed SaaS bookings strength to inside sales expansions, strong renewals of multiyear deals signed last year, plus sequential improvement in new logo deals.

Brian confirmed flips are on track with internal plans. Average contract duration at 2.7 years bounces around the standard 3-year term based on client preference mix.

Lynn said no DOGE impact from clients yet. Announced new dedicated state sales team for 2025 representing full Tyler portfolio, expects gradual ramp.

Asked where Gupta as COO sees quick-impact opportunities; he cited faster post-sale starts and tighter coordination among partners, services and delivery teams.

Asked whether AI-attached deals land similarly and whether outcome-based monetization featured; Ramani said AI/platform deals are naturally larger but did not detail outcome-based pricing.

Daniel said Maestro is agent-agnostic, with tight integration for its own agents and support for open-source frameworks like LangGraph.

Daniel confirmed customers are consolidating away from legacy RPA vendors that cannot keep pace, favoring combined AI-agent and robot platforms.

Daniel called SAP SolEx early innings but expanding reach and pipeline; Ashim said SolEx follows normal 606 revenue recognition.

Harley said Catalog converts 2x vs general search and AI search converts nearly 80% higher than traditional organic search; likened the AI builder moment to the COVID entrepreneurship surge via Sidekick.

Harley confirmed Catalog and Checkout Kit are already live with Microsoft Copilot using Checkout Kit. Universal Cart launched in early access. The three products enable discovery, cart management, and embedded checkout for AI agents.