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Clarke Jefferies

Vice President and Senior Research Analyst at Piper Sandler Companies

Clarke Jeffries is a Vice President and Senior Research Analyst at Piper Sandler Companies, specializing in commerce, industrial software, and defense tech within the computer and technology sector. He covers 22 companies including Procore Technologies (PCOR), Palantir Technologies (PLTR), Autodesk (ADSK), BILL, Shift4 Payments (FOUR), Cadence Design Systems (CDNS), Lightspeed Commerce (LSPD), Riskified (RSKD), AvidXchange (AVDX), and Karman (KRMN), with a track record showing a 48% success rate and 3.1% average return according to StockAnalysis, alongside 66% buy recommendations out of 47 ratings per MarketBeat. Jeffries joined Piper Sandler after working at KeyBanc Capital Markets/Pacific Crest Securities covering infrastructure, vertical, enterprise software, and IT services, and he holds a degree in economics from Case Western Reserve University.

Clarke Jefferies's questions to TYLER TECHNOLOGIES (TYL) leadership

Question · Q4 2025

Clarke Jefferies sought confirmation on whether the Texas contract rolled off mid-quarter or at the end of Q4, and asked about rough expectations for merchant fees within the transactions revenue guidance for next year.

Answer

Brian Miller, CFO, clarified that the Texas contract wound down throughout 2025, with Q4 revenues being about $4 million less than anticipated, totaling $36 million for the year. He stated that merchant fees are expected to grow, with more of the payments business shifting to a Gross Model, driving growth in merchant fees through integrated payments and higher transaction volumes.

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