Tyler Technologies Inc. reported total revenues of $595.9 million for the third quarter of 2025, representing a 9.7% increase compared to the same period in 2024. Recurring revenues reached $512.4 million, up 10.7%, accounting for 86.0% of total revenues. Subscription revenues grew 15.5% to $401.1 million, with SaaS revenues rising 19.9% to $199.8 million and transaction-based revenues up 11.5% to $201.3 million. Annualized recurring revenue was $2.05 billion, an increase of 10.7%. GAAP operating income for the quarter was $97.9 million, up 18.2%, while non-GAAP operating income was $158.6 million, an increase of 15.1%. GAAP net income was $84.4 million, or $1.93 per diluted share, up 11.2%. Non-GAAP net income was $130.4 million, or $2.97 per diluted share, up 18.5%. Adjusted EBITDA was $169.9 million, up 14.4%. Cash flows from operations were $255.2 million, a decrease of 3.2%, and free cash flow was $247.6 million, down 2.1%. The company repurchased approximately 300,000 shares of its common stock at an average price of $576.82 per share during the quarter. Tyler Technologies completed the acquisition of Emergency Networking for approximately $19.4 million in cash. For the full year 2025, Tyler Technologies expects total revenues between $2.335 billion and $2.360 billion. GAAP diluted earnings per share are projected to be in the range of $7.28 to $7.48, while non-GAAP diluted earnings per share are expected to be between $11.30 and $11.50. The company forecasts a free cash flow margin between 25% and 27%, research and development expenses between $202 million and $205 million, and capital expenditures between $31 million and $33 million. Net interest income is anticipated to be in the range of $29 million to $31 million.