Roper Technologies, Inc. (ROP) 2021 Q2 法說會逐字稿

Good morning. The Roper Technologies conference call will now begin. Today's call is being recorded. (Operator Instructions)

各位早安。Roper Technologies 電話會議現在開始。今天的電話會議將被錄音。（接線員指示）

I would now like to turn the call over to Zack Moxcey, Vice President, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係副總裁 Zack Moxcey。請開始。

Good morning, and thank you all for joining us as we discuss the second quarter financial results for Roper Technologies. Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer; Rob Crisci, Executive Vice President and Chief Financial Officer; Jason Conley, Vice President and Chief Accounting Officer; and Shannon O'Callaghan, Vice President of Finance.

各位早安，感謝大家加入我們，一同討論 Roper Technologies 第二季財務結果。今天早上與我一同參與電話會議的有：總裁兼執行長 Neil Hunn；執行副總裁兼財務長 Rob Crisci；副總裁兼首席會計長 Jason Conley；以及財務副總裁 Shannon O'Callaghan。

Earlier this morning, we issued a press release announcing our financial results. The press release also includes replay information for today's call. We have prepared slides to accompany today's call, which are available through the webcast and are also available on our website.

今天稍早，我們發布新聞稿公布財務結果。新聞稿亦包含今天電話會議的重播資訊。我們已準備投影片配合今天的電話會議，可透過網路直播取得，也可在我們的網站上取得。

Now if you'll please turn to Slide 2. We begin with our safe harbor statement. During the course of today's call, we will make forward-looking statements, which are subject to risks and uncertainties as described on this page, in our press release and in our SEC filings. You should listen to today's call in the context of that information.

現在請翻到投影片 2。我們先從安全港聲明開始。在今天的電話會議過程中，我們將作出前瞻性陳述，這些陳述受本頁、我們的新聞稿以及我們向 SEC 提交文件中所述之風險與不確定性影響。您應在該等資訊的脈絡下收聽今天的電話會議。

And now please turn to Slide 3. Today, we will discuss our results for the quarter primarily on an adjusted non-GAAP basis. Reconciliations between GAAP and adjusted measures can be found in our press release and in the appendix of this presentation on our website. For the second quarter, the difference between our GAAP results and adjusted results consists of the following items: amortization of acquisition-related intangible assets and purchase accounting adjustments to commission expense.

接著請翻到投影片 3。今天我們將主要以調整後的非 GAAP 基礎來討論本季結果。GAAP 與調整後衡量指標之間的調節表可在我們的新聞稿以及本簡報網站版本的附錄中找到。就第二季而言，我們 GAAP 結果與調整後結果的差異包含以下項目：併購相關無形資產攤銷，以及對佣金費用的購買會計調整。

And now if you please turn to Slide 4, I will hand the call over to Neil. After our prepared remarks, we will take questions from our telephone participants. Neil?

現在請翻到投影片 4，我將把電話交給 Neil。在我們的準備發言之後，我們將接受電話與會者提問。Neil？

Good morning, everyone, and thanks for joining us. This morning, I'll provide the highlights, of which there were several for the quarter. Rob will then discuss our P&L performance and balance sheet metrics and then turn it back to me to review our segment details, our increased outlook for the year and our concluding comments. As usual, we'll leave plenty of time to talk through all your questions towards the end.

各位早安，感謝加入我們。今天早上我會先提供重點摘要，本季有幾項亮點。接著 Rob 會討論我們的損益表表現與資產負債表指標，然後再交回給我，讓我檢視各事業部門細節、我們上調的全年展望，以及結語。如同往常，我們會在最後預留充足時間回答各位的問題。

Next slide, please. As we turn to Page 5, we delivered an excellent second quarter with strength across all 4 of our segments. Specific to the financial metrics, which Rob will detail shortly, revenue, EBITDA, DEPS and cash flow all grew north of 20% in the quarter.

請看下一張投影片。翻到第 5 頁，我們交出非常出色的第二季成績，四個事業部門皆展現強勁表現。就財務指標而言（Rob 稍後會詳細說明），本季營收、EBITDA、DEPS 與現金流皆成長超過 20%。

Also during the quarter, we are encouraged to see the post-pandemic recovery gain momentum and broaden at the same time. Specifically, not only did we experience continued improvement across virtually all of our businesses, the strength within each business was broad.

此外，在本季我們也很受鼓舞地看到後疫情復甦同時加速並擴大。具體而言，我們不僅在幾乎所有業務上持續改善，各業務內部的強勁表現也相當全面。

Our software businesses, which now make up over 55% of our revenue base performed very well in the quarter. Specifically, on an organic basis, we grew our Application Software segment 9% and grew our software businesses within our NSS segment 10%. Across our software businesses, we saw the acceleration of our recurring revenue growth, approximately 80% of our software revenues, from mid singles to high singles and a solid recovery of perpetual license activity.

我們的軟體業務目前占營收基礎超過 55%，本季表現非常亮眼。具體來說，以有機基礎計算，我們的應用軟體事業部門成長 9%，而 NSS 事業部門內的軟體業務成長 10%。在整體軟體業務方面，我們看到經常性收入（約占軟體收入的 80%）的成長加速，從中個位數提升至高個位數，同時永久授權活動也穩健復甦。

Relative to our product businesses, a very similar pattern: acceleration and recovery of our consumables revenue sources and very nice ordering patterns for our capital equipment-type products. In addition, our 2020 acquisition cohort led by Vertafore is performing very well. Importantly and consistent with our guidance over the last 3 quarters, we continue to delever our balance sheet at a rapid pace, now under 4x debt to EBITDA.

相較於我們的產品業務，也呈現非常類似的型態：耗材收入來源加速與復甦，資本設備類產品的接單模式也相當良好。此外，我們 2020 年的併購組合（以 Vertafore 為首）表現非常出色。重要的是，且與我們過去 3 季的指引一致，我們持續以快速步伐降低資產負債表槓桿，目前負債對 EBITDA 已降至 4 倍以下。

And finally, before handing things over to Rob, just a great first half to the year. Our teams have performed magnificently, thanks to each and every team member at Roper. Given the great start and the positive momentum across our enterprise, we are once again increasing our full year guidance.

最後，在把時間交給 Rob 之前，先說今年上半年表現非常出色。我們的團隊表現卓越，感謝 Roper 每一位團隊成員。基於良好的開局以及全公司正向動能，我們再次上調全年指引。

Rob, let me hand it over to you.

Rob，我把時間交給你。

Thanks, Neil. And congrats again on the Lightning winning the Stanley Cup. Turning to Page 6, looking at some of the key financial highlights for Q2. Total revenue increased 22% $1.59 billion, another record for any Roper quarter. Q2 organic revenue growth was 7% versus last year's comp of minus 3%. All 4 segments performed well, with strong organic growth across our portfolio of software and product businesses.

謝謝，Neil。也再次恭喜 Lightning 贏得史丹利盃。翻到第 6 頁，來看第二季的一些關鍵財務亮點。總營收成長 22% 至 15.9 億美元，再創 Roper 單季新高。第二季有機營收成長為 7%，相較去年同期為 -3%。四個事業部門皆表現良好，我們的軟體與產品業務組合均展現強勁的有機成長。

Q2 EBITDA grew 26% to $579 million, and EBITDA margin increased 110 basis points to 36.4%. Adjusted DEPS was $3.76, 28% above prior year and also above our Q2 guidance range of $3.61 to $3.65.

第二季 EBITDA 成長 26% 至 5.79 億美元，EBITDA 利潤率提升 110 個基點至 36.4%。調整後 DEPS 為 3.76 美元，較去年同期高 28%，也高於我們第二季指引區間 3.61 至 3.65 美元。

Free cash flow was $409 million, up a very strong 30% versus last year. As a reminder, last year, we adjusted our Q2 cash flow to account for the income tax payments that were deferred from Q2 to Q3 due to 2020 delayed tax deadlines.

自由現金流為 4.09 億美元，較去年大幅成長 30%。提醒一下，去年我們調整了第二季現金流，以反映因 2020 年報稅期限延後而使所得稅款從第二季遞延至第三季支付。

Net working capital was negative 8%. We continue to benefit from Roper's transformation to a high recurring revenue, majority software business model that is structurally designed to consistently drive high cash conversion.

淨營運資金為負 8%。我們持續受惠於 Roper 轉型為高經常性收入、以軟體為主的商業模式；該結構性設計可一貫推動高現金轉換率。

Lastly, we have been laser-focused on debt reduction this year after last year's record capital deployment, and we continue to make great progress on that front with an additional $375 million paid down in Q2. So in summary, an excellent second quarter, wrapping up a very strong first half for Roper.

最後，在去年創紀錄的資本部署之後，我們今年高度聚焦於減債，並在此方面持續取得重大進展，第二季再償還 3.75 億美元。因此總結而言，第二季表現非常出色，為 Roper 強勁的上半年畫下句點。

Next slide. Turning to Page 7, an update to the charge we introduced last quarter showing our rapid deleveraging. Through the first half of 2021, we have now reduced our net debt by nearly $900 million, raising the total debt reduction to approximately $1.4 billion since completing the 2020 acquisition late last year. Our debt reduction, along with the meaningful contributions from our 2020 acquisitions, has enabled us to rapidly lower our net debt-to-EBITDA ratio, from 4.7 to 3.8 in only 6 months. We expect this downward trend in leverage ratios to continue moving forward, which positions us well for a return to meaningful capital deployment in the coming quarters.

下一張投影片。翻到第 7 頁，更新我們上季引入的圖表，顯示我們快速去槓桿的進展。2021 年上半年，我們已將淨負債降低近 9 億美元，使自去年底完成 2020 年併購以來的總減債金額提升至約 14 億美元。我們的減債行動，加上 2020 年併購帶來的顯著貢獻，使我們能在短短 6 個月內將淨負債對 EBITDA 比率從 4.7 降至 3.8。我們預期未來槓桿比率的下降趨勢將持續，這也讓我們在接下來幾季重返具規模的資本部署時具備良好條件。

So with that, I'll turn it back over to Neil to discuss our segment performance.

那麼，我把時間交回給 Neil，請他說明各事業部門的表現。

Thanks, Rob. Let's turn to Page 9 and walk through our Application Software segment. Revenues in this segment were $592 million, up 9% on an organic basis. As a reminder, this segment grew 1% organically last year, aided by strong results from our lab software franchises that were critical to the COVID response. EBITDA margins were 43.7% in the quarter.

謝謝，Rob。請翻到第 9 頁，我們來逐一說明應用軟體事業部門。本事業部門營收為 5.92 億美元，以有機基礎計算成長 9%。提醒一下，去年本事業部門有機成長 1%，受惠於我們實驗室軟體系列在 COVID 應對中扮演關鍵角色而帶來的強勁成果。本季 EBITDA 利潤率為 43.7%。

Across this segment, we saw organic recurring revenue, which is a touch north of 75% of the revenue for the segment increased approximately 9%. This recurring revenue strength is based on strong customer retention, continued migration to our SaaS delivery models, new product cross-selling activity and new customer adds. To that end, the nonrecurring organic revenue in this segment grew 9% as well.

在此事業部門中，我們看到有機經常性收入（略高於本事業部門營收的 75%）成長約 9%。這項經常性收入的強勁表現，來自於高客戶留存率、持續移轉至我們的 SaaS 交付模式、新產品交叉銷售活動，以及新增客戶。相應地，本事業部門的有機非經常性收入也成長 9%。

Specific to business unit performance, Deltek, our enterprise software business that serves the U.S. federal contractor, architect, engineering and other services end market had an excellent quarter. Their strength was rooted in large-scale GovCon customer wins and expansion activity. Deltek was further benefited by the recovery in the professional services end market. Terrific job by Mike and the entire team at Deltek.

就各業務單位表現而言，Deltek（我們服務美國聯邦承包商、建築師、工程與其他服務終端市場的企業軟體業務）本季表現極佳。其強勁動能來自大型 GovCon 客戶得標與擴張活動。Deltek 也進一步受惠於專業服務終端市場的復甦。Mike 與 Deltek 全體團隊表現非常出色。

Aderant, our legal software business, continues its momentum and market share gains. In addition, and encouragingly, their customers are beginning the journey of migrating to Aderant's cloud solutions. This will take many years for the entire customer base to migrate, but will result in increased customer intimacy and higher levels of recurring revenue.

我們的法律軟體業務 Aderant 持續保持動能並提升市占率。此外，令人鼓舞的是，其客戶正開始踏上移轉至 Aderant 雲端解決方案的旅程。整體客戶群完成移轉將需要多年時間，但將帶來更高的客戶黏著度，以及更高水準的經常性收入。

CliniSys and Data Innovations continued their long string of market share gains in the quarter. And CBORD grew based on strength in health care and, in particular, their higher education product offerings. Finally, our 2020 cohort of acquisitions continue to perform very well, both at Vertafore and EPSi.

CliniSys 與 Data Innovations 在本季延續其長期的市占率提升表現。CBORD 則受惠於醫療保健領域的強勁需求，尤其是其高等教育產品組合。最後，我們 2020 年的併購組合在 Vertafore 與 EPSi 兩者皆持續表現非常出色。

As we turn to the outlook for the balance of the year, we expect high single-digit organic growth for this segment based on strength in both our recurring and nonrecurring revenue streams. A solid quarter here for sure.

展望今年剩餘期間，我們預期該業務板塊將實現高個位數的有機成長，主要受惠於經常性與非經常性收入來源的雙重強勁表現。這一季確實表現扎實。

And with that, let's turn to our next slide. Turning to Page 10. Revenues in our Network segment were $459 million, up 5% on an organic basis, and EBITDA margins were 42.5% in the quarter.

接著，讓我們看下一張投影片。翻到第10頁。我們網路（Network）板塊營收為4.59億美元，有機口徑成長5%，本季EBITDA利潤率為42.5%。

Our software businesses in this segment, about 65% of the revenues, were up 10% on an organic basis. This growth was broad based among our software businesses and driven by organic recurring revenue growth of approximately 11%.

該板塊中的軟體業務約占營收的65%，有機口徑成長10%。成長動能在各軟體業務間相當廣泛，並由約11%的有機經常性收入成長所帶動。

At the business level, our Freight Match businesses, both in the U.S. and Canada, continue to be solid growers. As a reminder, our Freight Match networks are critical and necessary elements to help organize, interact and transact the trucking, shipping spot markets. Strength in our businesses have been on both sides of the network, brokers and carriers, but with particular strength in this quarter on the carrier side of the network. We also continue to see nice organic gains at ConstructConnect as our network enables commercial construction planning and bidding to occur in a more efficient and transparent manner.

在業務層面，我們的 Freight Match 業務（美國與加拿大）持續穩健成長。提醒一下，我們的 Freight Match 網路是協助卡車運輸、貨運即期市場進行組織、互動與交易的關鍵且必要要素。我們的業務在網路兩端——經紀商與承運商——都表現強勁，但本季尤其以承運商端的表現更為突出。我們也持續看到 ConstructConnect 的良好有機成長，因為我們的網路讓商業建築規劃與投標能以更有效率且更透明的方式進行。

Foundry, our media and entertainment software business, which enables the combination of live action and computer-generated graphics to be combined into a single frame, recovered nicely in the quarter with particular strength in the mid-market. Importantly, we continue to see very strong customer retention levels across each and every one of our network software businesses.

Foundry（我們的媒體與娛樂軟體業務）可將實拍影像與電腦生成圖形合成於同一畫面，本季復甦良好，尤其中端市場表現突出。更重要的是，我們持續看到旗下每一項網路軟體業務都維持非常高的客戶留存率。

The strong growth in our software businesses was partially offset by project delays in our TransCore New York congestion pricing project. These delays are based on pending federal environmental approvals. While we all believe the federal approval will be granted, the approval process to complete our work is taking longer than originally anticipated. Conversely, TransCore tag demand appears to be normalizing for the balance of the year.

我們軟體業務的強勁成長，部分被 TransCore 紐約擁堵收費（congestion pricing）專案的延遲所抵銷。這些延遲源於聯邦環境審批尚待完成。雖然我們都相信聯邦批准將會獲得通過，但為完成我們工作所需的審批流程耗時比原先預期更長。相對地，TransCore 標籤（tag）需求看起來在今年剩餘期間正逐步回歸常態。

As we look to our second half outlook, we expect to see high single-digit growth in this segment: the growth to be underpinned by strength in our network software businesses, which we expect to grow in the low double-digit range in the second half of the year. Based on the New York TransCore project pushing to the right, we now expect about $40 million of this project's revenue to push out of the second half of the year and into 2022. All in all, high single-digit organic increases in this segment for the balance of the year.

展望下半年，我們預期該板塊將維持高個位數成長；成長將由我們的網路軟體業務所支撐，預期其在下半年將達到低雙位數成長。由於紐約 TransCore 專案時程向後遞延，我們目前預期約4,000萬美元的該專案營收將從下半年遞延至2022年。整體而言，今年剩餘期間該板塊將實現高個位數的有機增長。

Please turn to the next slide. As we turn to Page 11, revenues in our MAS segment were $397 million, up 7% on an organic basis. Organic growth in this segment, excluding Verathon, was north of 20%. EBITDA margins for the segment were 33.4% in the quarter.

請翻到下一張投影片。來到第11頁，我們 MAS 板塊營收為3.97億美元，有機口徑成長7%。若排除 Verathon，該板塊的有機成長超過20%。本季該板塊EBITDA利潤率為33.4%。

Verathon, coming off unprecedented demand for their intubation family of products a year ago, is roughly 40% larger today versus 2019. The momentum within this business continues given the larger installed base of intubation capital equipment, which enables recurring consumable pull-through volumes. In addition, Verathon continues to experience impressive growth within their bronchoscope product family and the recovery in their BladderScan ultrasound product group. EBITDA margins in the segment were lower due to Verathon's extraordinary prior year quarter and the associated margin benefit.

Verathon 去年因其插管（intubation）產品系列出現前所未有的需求高峰，如今相較2019年規模約大了40%。由於插管資本設備的裝機基礎擴大，可帶動經常性耗材的拉動（pull-through）量，該業務動能仍在延續。此外，Verathon 在支氣管鏡（bronchoscope）產品系列持續展現亮眼成長，其 BladderScan 膀胱掃描超音波產品群也正在復甦。該板塊EBITDA利潤率較低，主要因 Verathon 去年同期的異常高基期及其帶來的利潤率紅利。

Our other medical product businesses accelerated nicely in the quarter based on hospitals and hospital equipment OEMs resuming normal levels of activity. Demand at Neptune was very strong as well. The Northeast opened up and the balance of the country experienced normalizing levels of activity.

我們其他醫療產品業務本季也明顯加速成長，主要因醫院與醫院設備OEM恢復到正常活動水準。Neptune 的需求同樣非常強勁。美國東北部重新開放，而全國其他地區的活動水準也逐步回歸常態。

Our industrial businesses were strong. As I mentioned in the opening, the strength was buoyed by improving consumables activity and solid returns to capital equipment spending. Our businesses within this segment have done a nice job navigating the difficult supply environment. In supply environments like the one we are in right now, our decentralized, highly nimble organization tends to perform quite well. This quarter was no exception.

我們的工業業務表現強勁。如同我在開場提到的，成長動能受惠於耗材活動改善，以及資本設備支出穩健回升。該板塊內各項業務在艱難的供應環境下應對得當。在像目前這樣的供應環境中，我們分散化且高度靈活的組織通常能有很好的表現，本季也不例外。

For the balance of the year, we expect double-digit growth for this segment. This is based on broadly improving conditions both in medical and industrial markets and easing prior year comps for Verathon.

展望今年剩餘期間，我們預期該板塊將實現雙位數成長，主要基於醫療與工業市場環境普遍改善，以及 Verathon 去年同期比較基期逐步趨於有利。

Now let's turn to our final segment, process tech. As we turn to Page 12, revenues in our process tech segment were $140 million, up 13% on an organic basis. EBITDA margins improved by over 500 basis points to 32.8% in the quarter. The short story here is we're seeing improving end market conditions across virtually every one of our businesses in this segment after over nearly 2 years of declines.

現在讓我們看最後一個板塊：流程技術（process tech）。翻到第12頁，流程技術板塊營收為1.40億美元，有機口徑成長13%。本季EBITDA利潤率提升超過500個基點至32.8%。簡而言之，在經歷近兩年的下滑後，我們看到該板塊幾乎所有業務的終端市場狀況都在改善。

Our upstream oil and gas business has started to recover nicely. Cornell continues to perform well for us. This is partially based on market conditions, but also based on Cornell's product innovation as they're seeing very nice demand pickup for their IoT-connected pumping solutions. And finally at CCC, we're seeing the resumption of previously deferred projects and the demand for field services to come back online. Also, greenfield bidding activity is back in full swing, especially on an international basis.

我們的上游油氣業務已開始明顯復甦。Cornell 持續為我們帶來良好表現，部分來自市場環境改善，也來自 Cornell 的產品創新——其物聯網（IoT）連網泵浦解決方案的需求回升相當可觀。最後，在 CCC，我們看到先前延後的專案重新啟動，現場服務需求也回到正軌。此外，新建（greenfield）投標活動已全面回溫，尤其在國際市場更為明顯。

As we turn to the outlook for the balance of the year, we expect 20%-plus organic growth based on improving market conditions and continued easing comps.

展望今年剩餘期間，我們預期在市場狀況改善與比較基期持續趨於有利的帶動下，有機成長可達20%以上。

Now please turn to Page 14, and I'll highlight our increased guidance for 2021. Based on strong first half performance, improvement to our recurring revenue growth rates and improving market conditions, we are raising our full year adjusted DEPS to be in the range of $15 and $15.20 per share. Of note, our prior high-end DEPS guidance was $15, now the bottom end of our range. Also, we're increasing our guidance notwithstanding pushing roughly $40 million of the TransCore New York City project into next year, providing everyone a good sense of how strong the balance of our portfolio is performing.

現在請翻到第14頁，我將重點說明我們上調的2021年指引。基於上半年強勁表現、經常性收入成長率改善以及市場狀況好轉，我們將全年調整後DEPS上調至每股15.00至15.20美元區間。值得注意的是，我們先前DEPS指引的上緣為15.00美元，現在成為區間下緣。此外，儘管我們將約4,000萬美元的 TransCore 紐約市專案遞延至明年，我們仍上調指引，這也讓大家更清楚看到我們投資組合其餘部分的表現有多強勁。

Our full year organic growth is expected to be 7% or a touch higher. This full year growth outlook implies low double-digit organic growth in the second half. Our tax rate should continue to be in the 21% to 22% range. For the third quarter, we're establishing adjusted DEPS guidance to be between $3.80 and $3.84.

我們預期全年有機成長為7%或略高。此全年成長展望意味著下半年將有低雙位數的有機成長。我們的稅率應可持續維持在21%至22%的區間。針對第三季，我們設定調整後DEPS指引為每股3.80至3.84美元。

Now let's turn to our summary and get to your questions. Turning to Page 15 and our closing summary. This is a very strong quarter for our enterprise with software revenues growing on an organic basis, 9% in our Application Software segment and 10% for our software businesses in our NSS segment. In addition, the recovery pattern is characterized as gaining momentum and being broad, strength in product and software, strength in recurring and nonrecurring. We performed very well virtually every financial metric, growing 20% plus in revenue, EBITDA, DEPS and cash flow. EBITDA margins expanded by 110 basis points and free cash flow increased 30% to $409 million in the quarter. As promised, we continue to delever our balance sheet, reducing debt by $375 million in the quarter and by $1.4 billion since completing our 2020 acquisitions in Q4 of last year.

現在讓我們進入總結並回答各位的提問。翻到第15頁，作為結語總結：這對我們整體企業而言是非常強勁的一季，軟體營收在有機口徑下成長——應用軟體（Application Software）板塊成長9%，NSS板塊中的軟體業務成長10%。此外，復甦態勢呈現動能增強且範圍廣泛的特徵：產品與軟體皆強、經常性與非經常性皆強。我們幾乎在每一項財務指標上都表現出色，營收、EBITDA、DEPS與現金流均成長20%以上。EBITDA利潤率擴張110個基點，自由現金流在本季成長30%至4.09億美元。依照承諾，我們持續降低資產負債表槓桿，本季減債3.75億美元，自去年第四季完成2020年收購案以來累計減債14億美元。

As we look forward, positive momentum continues to build. Over the last decade, we have worked to improve the quality of our portfolio to be more software based, resulting in enterprise having higher levels of recurring revenue and be increasingly asset-light. In addition to having this improved quality within our business portfolio, we're seeing our recurring revenue growth rates improve from mid singles to high singles. Finally, our businesses will benefit from improving end market conditions.

展望未來，正向動能持續累積。過去十年，我們致力於提升投資組合品質，使其更偏向軟體，進而讓企業擁有更高比例的經常性收入，並日益走向輕資產。此外，除了業務組合品質提升之外，我們也看到經常性收入成長率由中個位數提升至高個位數。最後，我們的各項業務也將受惠於終端市場狀況改善。

Given each of these: improved portfolio quality, improving recurring revenue growth rates and improving market conditions, we expect to see double-digit organic growth in the second half of the year. Also, our 2020 cohort of acquisitions continue to perform very well and solidly contribute to, and improve the quality of, our enterprise. Given all of these factors, we're increasing our outlook for the full year.

綜合上述因素：投資組合品質提升、經常性收入成長率改善，以及市場狀況好轉，我們預期下半年將實現雙位數的有機成長。此外，我們2020年那一批收購案持續表現非常出色，對企業的貢獻穩健，並進一步提升我們的企業品質。基於這些因素，我們上調了全年展望。

Finally, while we continue to focus on deleveraging our balance sheet, we also remain committed to our long-term capital deployment strategy. To this end, our pipeline of M&A candidates is active, robust and has many high-quality opportunities. As our balance sheet becomes more offensive towards the end of the year, our active pipeline of M&A targets will enable us to resume capital deployment in our usual process-oriented and disciplined manner. And with that, let's turn to your questions.

最後，在我們持續專注於降低資產負債表槓桿的同時，我們也仍然致力於長期的資本配置策略。為此，我們的併購（M&A）候選標的管線活躍、強勁，且包含許多高品質機會。隨著我們的資產負債表在年底前變得更具進攻性，我們活躍的併購目標管線將使我們能以一貫流程導向且嚴謹自律的方式，恢復資本部署。接下來，我們來回答各位的提問。

(Operator Instructions) Our first question comes from Deane Dray from RBC Capital Markets.

（接線員指示）我們的第一個問題來自 RBC Capital Markets 的 Deane Dray。

Maybe we can start on measurement and analytical. The point is there were some soft spots on the margin side. I know you called out supply chain is -- how much of an impact was that higher input costs?

也許我們可以先從量測與分析業務談起。重點是毛利率端出現了一些疲弱之處。我知道你提到供應鏈——較高的投入成本對此影響有多大？

And then for Verathon and know, really tough comp. And -- but -- and sadly, it looks like this latest COVID surge is going to put this product back in demand for ventilators. So just -- are you ready for that capacity? And just start there, please.

另外關於 Verathon，我知道比較基期非常艱難。而且——但——遺憾的是，看起來這一波最新的 COVID 激增將使這項產品在呼吸器需求上再度升溫。所以——你們的產能準備好了嗎？先從這裡開始，謝謝。

Yes, sure. On margins, really, it's driven by Verathon and just that exceptional quarter last year. And so with the decline this year, a little bit lower. There's certainly some supply chain things going on everywhere like every other company, not really a meaningful impact for us. And I'll let Neil talk about the Verathon question.

好的，當然。就毛利率而言，主要是由 Verathon 驅動，因為去年有一個非常突出的季度。因此今年下滑後，毛利率就略低一些。供應鏈方面，確實像其他公司一樣到處都有一些狀況，但對我們而言並沒有實質性的影響。我讓 Neil 來回答 Verathon 的問題。

Yes. And again, just to echo what Rob said, the margin pressure there is just Verathon was amazing last year and they were deleveraged, as you expected, this year.

是的。再呼應 Rob 所說，那邊的毛利壓力只是因為 Verathon 去年表現非常亮眼，而今年如你所預期出現了去槓桿效應。

In terms of the capacity there, the company is perfectly fine. I mean they ramped up last year in a way that was unprecedented. And as we look back and just we're sort of amazed at how that company operation was able to do that.

就產能而言，公司完全沒問題。我的意思是，他們去年以前所未有的方式擴產。回頭看，我們也有點驚訝那家公司的營運能做到那樣的提升。

I would also just highlight for Verathon, it was -- the demand there was a little bit driven by ventilators, but a lot a bit by the anesthesiologists and the people who do the intubations wanting to do it at an arm's length away for general surgery as opposed to when you do a direct intubation, you have to visualize the vocal cords right on top of the patient. Our product allows you to do it, if you monitor and be arm's length. And so it's less, the demand, it's less about the ventilators and more about just a better, more effective way to do an intubation, so much so that the total percentage of intubations done now versus 2018 or '19, using video assistance, we believe, is permanently meaningfully higher. So it should be a long-term tailwind for the business.

我也想強調一下 Verathon：那邊的需求有一部分是由呼吸器帶動，但更大一部分是由麻醉科醫師以及執行插管的人員所帶動；他們希望在一般手術時能以「保持一段距離」的方式進行插管。相較之下，若是直接插管，你必須在病人正上方目視聲帶。我們的產品讓你可以在監看下、以保持距離的方式操作。因此需求較少是因為呼吸器，更多是因為插管方式更好、更有效。以至於我們相信，現在相較於 2018 或 2019 年，使用影像輔助進行插管的總占比已永久性地顯著提高。因此，這應該會成為該業務的長期順風。

Great. And then just second question for us is the deleveraging, which has been happening faster. I know the target has been to get to the mid-3x leverage, and it looks like you could be there next quarter. And notably, you talked about back playing offense. Can you talk about the funnel? It's interesting you're using a new data point of just sizing the funnel at $150 billion as oppose to talking about the number of potential assets. So just flesh out what the funnel looks like and the assumption that you could be getting to that mid-3 sooner than originally projected.

很好。第二個問題是去槓桿，進展似乎更快。我知道目標是把槓桿降到 3 倍中段，看起來你們下個季度就可能達到。尤其你提到要重新轉為進攻。能否談談併購漏斗？有趣的是，你們用了一個新的數據點，把漏斗規模定為 1,500 億美元，而不是談潛在資產的數量。請更具體說明漏斗長什麼樣，以及你們可能比原先預期更早達到 3 倍中段的假設。

Yes. So relative to the leverage of getting there, I mean, we -- essentially, when we did the larger transactions last year, we thought we'd be in strike zone or being back in the M&A business sort of late this year into early next year. And I think we're just on track. And I may be pacing a touch ahead, but cash flow has been amazingly strong in Q4, Q1 and Q2, which has certainly helped.

好的。關於槓桿下降的進度，我的意思是——基本上，當我們去年做了較大型的交易時，我們原本認為會在今年稍晚到明年初左右回到可出手的區間、也就是重新回到併購（M&A）市場。我認為我們只是按計畫推進。我可能稍微快了一點，但第 4 季、第 1 季與第 2 季的現金流都異常強勁，確實有所助益。

Relative to the pipeline and the characterization of pipeline, it is just -- there's a lot of great things. But for my 10 years here, there's always been a lot of great things at any moment in time to buy. I would remind you and everybody that we do a lot of work well ahead of when assets are actually for sale. And I'll remind you that Vertafore, we met with Amy and the team 18 months before we ultimately bought the company. And so we do a lot of early spade work, understanding the businesses, understanding the management teams and tracking. And that's the activity we've done this year to sort of position us for late this year and into next year deploying capital.

至於管線以及我們對管線的描述，確實——有很多很棒的機會。但在我在這裡的 10 年裡，任何時點其實一直都有很多很棒的標的可買。我想提醒你以及大家，我們在資產真正出售之前就會做大量工作。我也提醒各位，Vertafore 這案子，我們在最終收購該公司之前 18 個月就與 Amy 和團隊會面了。因此我們會做很多前期的鋪墊工作，了解業務、了解管理團隊並持續追蹤。今年我們所做的活動，就是為了讓我們在今年稍晚到明年能夠部署資本做好準備。

The next question comes from Christopher Glynn from Oppenheimer.

下一個問題來自 Oppenheimer 的 Christopher Glynn。

Curious about Aderant's share gain, that's been going on for some time. Just curious how you see the duration on that dynamic.

我想了解 Aderant 的市占提升，這已經持續一段時間了。想請教你如何看待這種動能的持續時間。

Yes. I appreciate the question about Aderant, a business that we don't get a chance to talk about very much. And Deane and Chris and Raphael and the whole team there has just done really a remarkable job.

是的。謝謝你問到 Aderant，這是一個我們不太有機會多談的業務。Deane、Chris、Raphael 以及那邊整個團隊都做得非常出色。

I think the success here at Aderant is a combination of a great leadership team in a great market with a great product but also complemented by our government system that focuses over success -- over a long [market] time.

我認為 Aderant 的成功，是優秀的領導團隊、良好的市場與優秀產品的結合，同時也有我們的治理體系作為補充，專注於長期的成功——在很長的（市場）時間尺度上。

So the share gain from our principal competitor, as you mentioned, has been happening for essentially since we've owned the business. There is just a couple of years of inventory left in terms of those large law firms that have yet to make a decision on their enterprise system between us and our primary competitor, but that's been a known issue for 3 or 4 years now. That inventory is going to run out in 2023, 2024. And so Aderant goes to work on their product offerings. They go to work on their cloud solutions. We've done a couple of bolt-on acquisitions in that business to where the -- if you will, the divot that existed in 2023 or 2024 relative to the growth rate 4 or 5 years ago. Now this no longer exists in any capacity, and we believe Aderant will grow -- easily grow through the divot because of the product portfolio, the cloud migration and really the long-term planning and execution of that team.

因此，如你所提到的，從我們主要競爭對手那裡取得的市占，基本上自我們擁有這項業務以來就一直在發生。就那些尚未在我們與主要競爭對手之間、針對其企業系統做出決策的大型律師事務所而言，剩餘的「存量」大概只剩幾年；但這其實在 3 到 4 年前就已是已知議題。這些存量會在 2023、2024 年耗盡。因此 Aderant 會持續投入其產品供給、投入其雲端解決方案。我們也在該業務做了幾筆補強型收購，使得——如果你願意這麼說——相較於 4、5 年前的成長率，在 2023 或 2024 年原本存在的那個「凹陷」如今已不再以任何形式存在；而且我們相信，憑藉產品組合、雲端遷移，以及團隊的長期規劃與執行，Aderant 將能——輕鬆地——穿越那個凹陷並持續成長。

A lot of information there. And just curious if there's any particular second half mix dynamics across the segment we should be mindful of.

資訊很多。另想請教，下半年在各事業群之間的組合（mix）動態，有沒有什麼我們需要特別留意的？

Not really. I think we laid out each of the segments and what we see for organic for the second half. It's really great results we're expecting. And Q3 and Q4, relatively similar margin dynamics. The leverage, as you know, as the businesses start to grow, especially the industrial and the processing, is always very strong on the rebound. And then the software businesses are always strong no matter where you are in any sort of a cycle. So we feel really good about the second half.

沒有特別的。我想我們已逐一說明各事業群，以及我們對下半年有機成長的看法。我們預期會有非常好的成果。第 3 季與第 4 季的毛利率動態相對類似。如你所知，隨著業務開始成長，特別是工業與流程相關業務，在復甦時的營運槓桿一向非常強；而軟體業務則不論處於任何景氣循環階段都一向強勁。因此我們對下半年感覺非常好。

The next question comes from Allison Poliniak from Wells Fargo.

下一個問題來自 Wells Fargo 的 Allison Poliniak。

I want to keep on the Application Software segment. I know a pretty strong outlook in the second half in terms of that high single-digit organic growth. But how -- I know both recurring and the nonrecurring revenue are starting -- in the nonrecurring more specifically is starting to grow. How do we think of those dynamics in the second half, particularly just given, I would think, easier comps at least on the nonrecurring side? Any thoughts there?

我想延續應用軟體（Application Software）事業群。我知道你們對下半年展望相當強勁，預期有機成長可達高個位數。不過——我知道經常性與非經常性收入都開始——更具體說是非經常性收入開始成長。下半年我們該如何看待這些動態？尤其考量到我認為至少在非經常性那邊的比較基期會更容易。你有什麼想法嗎？

Yes. I think so, Allison. Let me tackle that sort of recurring and nonrecurring broadly in Application Software. And if I don't exactly land in your question, then circle back to us on that.

是的，我想是的，Allison。讓我先從應用軟體中經常性與非經常性收入的整體面來談。如果我沒有完全切中你的問題，請再回到這點追問我們。

So the second half for organic recurring is strong, right? So the dynamic there is that in the middle of COVID, recurring was more, generally speaking, across our enterprise, mid singles, it's ticking up to high singles. The reason for that is twofold. One is that you have more additions, product and customer additions today, both perpetual and SaaS related that drive the recurring. But then also, you have our software businesses that were most negatively impacted by COVID now being coming out of the ditch. Think of like in Application Software, think of CBORD for instance. So not only did they have good bookings performance in the quarter, but they saw a bit of a tick up in their transactional revenue stream in Q2. And that will continue even more in Q3 and Q4 as kids get more on campuses and K-12 and higher education.

所以下半年經常性收入的有機成長很強，對吧？其動態是，在 COVID 期間，我們整體企業的經常性收入大致是中個位數成長，現在正上升到高個位數。原因有兩個。第一，你現在有更多新增——產品新增與客戶新增——不論是永久授權（perpetual）或 SaaS 相關，這些都會帶動經常性收入。第二，那些受 COVID 影響最嚴重的軟體業務現在正走出低谷。以應用軟體為例，像 CBORD。它們不僅本季訂單（bookings）表現良好，第 2 季的交易型收入也略有回升。隨著學生更多回到校園，以及 K-12 與高等教育的恢復，這種趨勢在第 3 季與第 4 季會更為延續、甚至更明顯。

No, that's helpful. That's helpful. And kind of a similar dynamic with Measurement & Analytical, businesses like Neptune, you noted some recovery there. Is there a way to kind of say relative to what you would think is normal there in terms of that volume? Are we far off of it? Are we kind of there? Or a little bit above? Just trying a sense of any pent-up demand that's coming out of that.

不，這很有幫助。這很有幫助。而且在 Measurement & Analytical（量測與分析）方面也有點類似的動態，像 Neptune 這類業務，你提到那邊有一些復甦。能不能相對於你認為那邊「正常」的量來說，給個大概的判斷？我們離正常水準還差很遠嗎？差不多到了嗎？還是略高一些？只是想了解一下是否有任何被壓抑的需求正在釋放出來。

So in Neptune, we're returning to normal. So I think this -- we believe that 2021 revenue will be equal to ish 2019, maybe a touch higher. So in terms of actual activities, June for Neptune, I believe, was their highest bookings month in the history of the company. The guys are nodding their heads. So the actual current momentum is great. I don't think we expect that to sustain itself for the balance of the year, just get more normalized as the Northeast is open. Canada is not open quite yet, we expect it to come online here in 3Q, in 4Q, but that gives you a sense of what's happening at Neptune.

就 Neptune 而言，我們正在回到正常水準。所以我認為——我們相信 2021 年營收大致會與 2019 年相當，可能還會略高一點。就實際活動來看，我記得 Neptune 在 6 月的訂單（bookings）是公司史上最高的月份。各位也在點頭。所以目前的動能非常好。我不認為我們預期這種狀態會在今年剩餘時間持續下去，而是會隨著美國東北部重新開放而更趨於正常化。加拿大目前還沒有完全開放，我們預期會在第 3 季、或第 4 季逐步恢復，這大概就是 Neptune 的情況。

And I'll just add to that, as you talk about MAS, you also have the medical products businesses that aren't Verathon, right, that were impacted negatively throughout COVID. Those are now really rebounding very strongly, and that's just beginning as we're getting to sort of more normalized world in the medical world outside of the Verathon issue.

我再補充一點，談到 MAS 時，你也有一些醫療產品業務不是 Verathon，對吧？那些在 COVID 期間受到負面影響。現在它們正非常強勁地反彈，而這才剛開始，因為醫療領域（不含 Verathon 的議題）正在回到比較正常的狀態。

The next question comes from Julian Mitchell from Barclays.

下一個問題來自 Barclays 的 Julian Mitchell。

Just wanted to circle back firstly on the software businesses. Neil, you talked about, I think, there was obviously the cyclical aspect to an extent of the recurring revenue growth profile improving. Also sounds though like as if there's something more structural going on in driving that. So maybe help us understand what those aspects might be. I know your R&D to sales has gone up substantially in recent years.

我想先回到軟體業務。Neil，你提到我想其中一部分顯然是循環性因素，使經常性收入成長的輪廓有所改善。但聽起來似乎也有更結構性的因素在推動。也許請你幫我們理解這些面向可能是什麼。我知道你們近年來的研發費用占營收比重已大幅上升。

And also then within application. Just give us some update on Vertafore's performance relative to expectations on accretion and returns.

另外在應用軟體方面，也請更新一下 Vertafore 的表現，相對於你們對增厚（accretion）與報酬的預期如何。

Okay. So let's take the software recurring question. Other than what I just mentioned about the shorter-term dynamics of mid singles going to high singles on the recurring revenue base, the structural element that's underpinning this is migration to the cloud. So you think we have -- our network businesses are almost all cloud as it speaks today delivered in that manner. The application businesses, you have Deltek, it's on its journey. You have Aderant, it's just starting its journey. You have PowerPlan, it's just starting its journey. At CBORD, it's just starting its journey. And we mentioned many times, it's our customers that are pacing this activity, not us. So this will take 5, 10 years to complete the migration, maybe longer. But as you do that, you're lifting customers that are paying you maintenance and getting them into the cloud are large installed base, and that's accretive, meaningfully accretive to the recurring revenue growth rate.

好。我們先談軟體經常性收入的問題。除了我剛提到的短期動態——經常性收入基礎的成長率從中個位數提升到高個位數——支撐這一切的結構性因素是向雲端遷移。你想想，我們的 Network（網路）業務幾乎都已是雲端交付的模式。應用軟體業務方面，Deltek 正在遷移旅程中；Aderant 才剛開始；PowerPlan 才剛開始；CBORD 也才剛開始。我們也多次提到，推動這項活動節奏的是客戶，而不是我們。因此，完成遷移可能需要 5 到 10 年，甚至更久。但當你這麼做時，你是在把原本付你維護費的客戶、把龐大的既有裝機基礎帶到雲端，這會對經常性收入成長率帶來增厚效果，而且是顯著的增厚。

Relative to Vertafore, I appreciate the question. Vertafore is just a rock-solid business. As we mentioned, when we bought it, it's 90-plus percent recurring in terms of its revenue stream. It's on track for -- against our models and our deal -- models and sort of our expectations. Q2 was a touch better than we thought. But all in all, I'll call it on track relative to financial performance.

至於 Vertafore，謝謝你的問題。Vertafore 是一個非常穩健的業務。如我們提到的，收購時它的營收結構有 90% 以上是經常性收入。它的表現符合——相對於我們的模型與交易模型、以及我們的預期。第 2 季比我們想的略好一些。但整體而言，我會說就財務表現來看是按計畫進行。

Specific to the company itself, Amy and her team, they've demonstrated a wonderful ability to land new large customers. I think we mentioned in Q4 of last year, maybe Q1, we've won the largest deal in the market since we've owned the company which is encouraging. The customer base really appreciates the steady hand of ownership of Roper as opposed to trading every 3 to 5 years of private equity. And so it's still early, but the early days are certainly positive.

就公司本身而言，Amy 和她的團隊展現了很強的能力，能拿下新的大型客戶。我想我們在去年第 4 季、或可能第 1 季提過，自從我們擁有這家公司以來，我們贏得了市場上最大的一筆案子，這令人鼓舞。客戶群非常欣賞 Roper 作為所有者所帶來的穩定性，而不是像私募股權那樣每 3 到 5 年就換手一次。所以現在還早，但早期進展確實是正面的。

And then just my follow-up around Measurement & Analytical Solutions. It was touched on a little bit earlier, but the margin, obviously, you had sort of 300 bps of year-on-year pressure in Q2 on that margin line. Just wondered what's baked into the second half guidance on margins year-on-year in that segment. I think last second half, they were sort of 34.5% roughly. Just wondered where you think this second half shakes out in those margins relative to that.

接著我想追問 Measurement & Analytical Solutions。前面稍微提到過，但在利潤率方面，很明顯你們在第 2 季該利潤率項目年對年大約有 300 個基點的壓力。想請教你們在下半年指引中，對該部門利潤率年對年的假設是什麼？我記得去年下半年大概是 34.5% 左右。想了解你們認為今年下半年利潤率相對於那個水準會落在哪裡。

Yes. So in our guide, we're assuming a little bit lower than that because you still had Verathon very, very strong in the third quarter and then fourth quarter was more normalized. So we have built in the guidance a little bit down from last year, but better than Q2 from a year-over-year fee standpoint.

是的。在我們的指引中，我們假設會比那個水準略低一些，因為去年第 3 季 Verathon 仍然非常、非常強勁，而第 4 季則更趨於正常化。所以我們在指引中納入了比去年略低一些的假設，但從年對年的角度看，會比第 2 季更好。

Yes. It's principally Verathon we baked in a little supply chain pressure.

是的。主要是 Verathon，我們也把一些供應鏈壓力納入考量。

The next question comes from Joe Giordano from Cowen.

下一個問題來自 Cowen 的 Joe Giordano。

So [capping like a weird] world here, I guess, we continue to be where markets are at high as rates keep pushing lower and everyone kind of scrambling to transact deals with really good balance sheets. So I'm just curious, when you talk about the funnel, have you seen kind of increased pressure in competition just because of the nature of where liquidity is and where rates are?

所以在這個（有點奇怪的）世界裡，我想我們持續看到市場處在高檔、利率持續走低，大家都在搶著做交易，而且資產負債表都很強。我只是好奇，當你談到案源漏斗（funnel）時，是否因為流動性充裕、利率偏低的環境，而看到競爭壓力有所增加？

So we haven't -- while we've been in the market and talking with companies, we haven't been actively bidding on a large number of assets in this interim period as we've been deleveraging. So I can't speak with specificity to deals that we've done. But what I can speak to is what we're observing from other companies and other transactions that are happening.

我們沒有——雖然我們一直在市場上、也在與公司接觸，但在這段去槓桿的期間，我們並沒有積極對大量資產進行競標。所以我無法就我們實際做過的交易提供很具體的說法。但我可以談談我們從其他公司與市場上正在發生的交易所觀察到的情況。

Here in the last quarter, certainly -- I won't time bound it. Since the beginning of the year, valuations for the assets that we looked at actually feel like they pulled back a touch. They've actually gotten a little bit better. Maybe moderate, maybe they're flat, maybe they're a little bit better, but they're certainly not increasing, which seems to be the case really since 2013 or '14. So that maybe that bodes well. But we'll be able to speak more to that as we get more into the market and start bidding on activity here late this year into next year.

在最近一季——我不想限定時間範圍。自今年年初以來，我們看過的資產估值其實感覺略有回落，反而變得稍微好一些。也許是溫和改善、也許是持平、也許是略好，但至少沒有繼續上升；而自 2013 或 2014 年以來，估值上升似乎一直是常態。所以這也許是個好兆頭。不過等我們更深入市場、並在今年稍晚到明年開始更積極參與競標時，我們就能更清楚地說明。

And then just a question on the New York project. This is kind of an initial foray into this type of work for big cities. Do you think that the amount of regulatory problems that this has had makes it less likely that other cities try to explore this? Or is the revenue potential for something like this outweigh that from the point of view of like the city leaders?

另外一個關於紐約專案的問題。這算是大型城市在這類工作上的初次嘗試。你認為它遇到的監管問題這麼多，會不會讓其他城市較不願意探索這類方案？還是從市府領導者的角度來看，這類方案的營收潛力足以抵銷那些問題？

Well, first, I'd say I wouldn't characterize this as a regulatory problem. I would characterize it as a regulatory process that has slowed down the project. And so it's not as though people are saying, no, it's just a process that takes time.

嗯，首先我會說，我不會把這形容為監管問題。我會把它形容為一個監管流程，這個流程讓專案進度放慢了。所以並不是有人說不行，而是流程本來就需要時間。

We all believe, by the way, the federal approval will occur. At the end of the day, it's an environmental approval, and this is about reducing cars and congestion and pollution in New York, right? So it is an environmental-friendly exercise.

順帶一提，我們都相信聯邦層級的核准會發生。歸根結底，這是一項環境核准，而這件事是為了減少紐約的車流、壅塞與污染，對吧？所以這是一個有利環境的措施。

I think this is just the first in the United States. I think MTA in New York are sort of carving out what this looks like and sort of setting an expectation for the other cities in the U.S. that will eventually follow suit. So no, I don't think it will slow things now. If anything, it might speed it up because I know the road bumps are sort of well understood now.

我認為這只是美國的第一個案例。我想紐約的 MTA 正在勾勒這會是什麼樣子，並為美國其他最終會跟進的城市建立一個預期。所以不，我不認為它會讓事情放慢；如果有的話，反而可能加快，因為現在這些路上的顛簸（road bumps）已經被充分理解了。

The next question comes from Steve Tusa from JPMorgan.

下一個問題來自 JPMorgan 的 Steve Tusa。

Just a question on Vertafore, the -- and the acquisition contributions at A&S. I think last quarter, it was like 39%. This quarter was 38%. Is there any like revenue volatility at all seasonally at Vertafore? I mean it's only like $10 million or something, but you also have ESPI (sic) [EPSi] in there, whatever the smaller one is. And any seasonality to those revenues at all?

想問一下 Vertafore——以及 A&S 裡收購案的貢獻。我記得上季大概是 39%，這季是 38%。Vertafore 的營收在季節性上有任何波動嗎？我的意思是差異只有大概 1,000 萬美元之類，但你們那裡也有 ESPI（sic）[EPSi]，不管是哪個較小的那個。那些營收有任何季節性嗎？

Steve, there's a ton of seasonality. So Vertafore's Q1 is usually season of the best quarter. But you're right, it's just a few million dollars difference. And then the EPSi acquisition -- or integration with Strata is ongoing. So that's going very, very well. I think there are some customers that are choosing to go with Strata instead of EPSi, which is a wonderful thing as that thing is coming together. And so that, again, could give a couple of million dollars of revenue here and there that ends up in Strata versus EPSi. But overall, both of the deals are on track to our model, as Neil mentioned.

Steve，季節性因素很多。因此，Vertafore 的第一季通常是表現最好的季度。但你說得沒錯，差異其實只有幾百萬美元。然後 EPSi 的收購——或者說與 Strata 的整合——仍在進行中。所以進展非常、非常順利。我認為有些客戶選擇改用 Strata 而不是 EPSi，這是一件很棒的事，因為兩者正在逐步整合到位。因此，這也可能讓營收在這裡或那裡出現幾百萬美元的挪移，最後落在 Strata 而不是 EPSi。不過整體而言，正如 Neil 提到的，這兩筆交易都按我們的模型進度推進。

Got it. And then just lastly, could you just remind us of anything seasonally on free cash flow? This year is kind of unusual, or maybe it's not, with the first quarter being strong and the second quarter kind of giving back a little bit sequentially. Anything in the second half moving mechanically that moves around seasonally? How do we think about kind of the sequential for free cash?

了解。最後想再問一下，你能否提醒我們自由現金流在季節性上有什麼需要注意的？今年有點不尋常——或許其實也不是——第一季很強，第二季在環比上又回吐了一些。下半年在機制上有沒有什麼季節性因素會造成波動？我們該如何看待自由現金的環比走勢？

Sure. Yes. So as you know, the second quarter has 2 federal tax payments. So it's always our lowest conversion quarter. Now as we talked about, there is the benefit from the Vertafore tax attribute which we've -- which helped us in the second quarter against the payroll tax headwind which we talked about last quarter. So if you net those 2 together, probably a $40 million benefit for the second quarter. And then for the second half of the year though, those things really cancel each other out. So there's really no benefit from that for the second half of the year or any sort of a headwind. So as you move forward, Q3 and Q4 conversion should be pretty normal to what we normally see, which is 80% plus when you look at EBITDA to free cash flow.

當然。是的。如你所知，第二季有兩筆聯邦稅款支付，所以一直是我們轉換率最低的季度。正如我們討論過的，Vertafore 的稅務屬性帶來的好處——我們已經——在第二季幫助我們抵消了上季提到的薪資稅逆風。把這兩項相抵後，第二季大概有 4,000 萬美元的淨利多。不過到了下半年，這些因素基本上會互相抵消，所以下半年不會再有這方面的利多或任何逆風。因此往後看，第三季和第四季的轉換率應該會相當正常，符合我們通常看到的水準，也就是以 EBITDA 轉自由現金流來看會在 80% 以上。

Okay. Got it. So like is there a number like so $1.9 billion for the year or something like that in cash?

好的，了解。所以像是全年現金有沒有一個數字，比如 19 億美元之類？

Yes. I think 80% EBITDA to free cash flow conversion in the second half is kind of what we're expecting, and you can do the math.

是的。我們預期下半年 EBITDA 轉自由現金流的轉換率大概是 80%，你可以自行推算。

So that was a second half number. Okay. Got it. Awesome.

所以那是下半年的數字。好的，了解。太棒了。

The next question comes from Alex Blanton from Clear Harbor Asset Management.

下一個問題來自 Clear Harbor Asset Management 的 Alex Blanton。

Nice quarter, it's great. Could you comment on CBORD, what it looks like for the fall with universities getting back into operation in a more normal way?

這一季表現很好，很棒。你能談談 CBORD 嗎？隨著大學在秋季以更正常的方式恢復運作，CBORD 看起來會是什麼狀況？

Yes. So I need to talk about CBORD. They had a great quarter. The bookings activity in the quarter was just fantastic. The vast majority of the bookings activity in the quarter was in higher education. So you see these universities really preparing to ramp up. It's a combination of integrated security platforms and the payments platform. And as you know, we have integration with the iPhone now for access to the campuses. And so they're certainly preparing, and it was just a great bookings quarter on that front for CBORD.

可以。我來談談 CBORD。他們這一季表現非常好。本季的訂單（bookings）活動非常亮眼。本季絕大多數的訂單活動來自高等教育領域。所以你會看到這些大學確實在為加速恢復做準備。這是整合式安全平台與支付平台的組合。而且如你所知，我們現在已經與 iPhone 整合，可用於校園門禁。因此他們確實在做準備，而就 CBORD 而言，這一塊的訂單表現就是非常出色的一季。

The next question comes from Rob Mason from Baird.

下一個問題來自 Baird 的 Rob Mason。

Just back to the MTA project real quick. Could you just clarify how that will shake out -- how the revenue will shake out first half, second half? I think we were originally expecting about $100 million for the year. So now maybe that goes to $60 million, but just how that $60 million would break down first half, second half, if you could.

再快速回到 MTA 專案。你能否釐清一下——營收在上半年、下半年會如何分布？我記得我們原本預期全年大約 1 億美元。現在可能變成 6,000 萬美元，但如果可以的話，請說明這 6,000 萬美元在上半年、下半年會如何拆分。

Happy to do it. Rob?

很樂意說明。Rob？

Yes. So we had about $35 million in the first half, and we're assuming about 25% in the second half and it's relatively split between Q3 and Q4. And the project continues, it's just sort of everything is slowing down. So we're continuing to work, and that's what -- if they can turn the switch tomorrow and that could speed up, but that's what we're assuming from a modeling standpoint.

好的。我們上半年大約是 3,500 萬美元，而我們假設下半年大約占 25%，並且在第三季與第四季之間大致平均分配。專案仍在持續，只是整體進度有點放慢。我們會持續推進工作；如果他們明天就能按下開關，進度可能會加快，但從建模角度來看，我們目前就是這樣假設。

Okay. And then completion would be assumed -- of the installation would be assumed next year then?

好的。那麼安裝完成會假設是在明年嗎？

That's the -- that's the working assumption.

這是——目前的工作假設。

Yes. Just a second question. Neil, you had spoken about the freight matching business, DAT, and that continues to be a very dynamic space. And you obviously have a very strong legacy position there. But I'm just curious if you could speak to how you're evolving the product given the way the market is evolving in that space and some of the things you've done or maybe what you're contemplating for future investments around that business.

好的。再問第二個問題。Neil，你提到貨運撮合業務 DAT，這個領域一直非常動態。你們在那裡顯然有很強的既有優勢地位。但我想請你談談，隨著該市場的演變，你們如何演進產品，以及你們已經做了哪些事，或未來在該業務周邊可能考慮哪些投資？

Yes. I appreciate the question. You're right. It's a wonderful business and a wonderful space that enjoys a 3 to 4x relative market share advantage to our principal competitor. So we have tremendous scale advantage in this Freight Match spot market for freight in North America. It is a marketplace. It's a 2-sided network. It's paid by both the carriers and the brokers. There's value on both sides of the equation for sure.

是的，謝謝你的問題。你說得對，這是一門很棒的業務，也是個很棒的領域；相較於我們的主要競爭對手，我們享有約 3 到 4 倍的相對市占優勢。因此在北美的貨運即期（spot）市場、也就是 Freight Match 這個市場中，我們具備巨大的規模優勢。這是一個市集型業務，是雙邊網路，承運商與經紀商兩端都會付費。毫無疑問，這個等式的兩端都有價值。

The big thing that's happening in the space is the brokers are becoming more tech-enabled, right? So how do you match and connect shipments with fewer and fewer calls and sort of complete automation straight through? A dynamic that's very similar to our business in the life insurance, very similar to Vertafore, conceptually. How do you tech-enable the agencies to do their job? And that's precisely the product road map that DAT is endeavoring, right? So you'll have the high end of folks that are going to do a lot of this on their own. And then you have the very long tail of thousands and thousands brokers that are going to run on our technology to do that.

這個領域正在發生的一件大事是：經紀商正變得更具科技賦能（tech-enabled），對吧？也就是你如何用越來越少的電話去撮合並連結貨運，並且做到端到端的全自動化？這種動態在概念上非常類似我們在人壽保險的業務、也非常類似 Vertafore：如何用科技賦能代理機構把工作做好？而這正是 DAT 正在推進的產品路線圖，對吧？因此，高端客戶會有一部分會自己完成很多事情；同時也有非常長尾的、成千上萬的經紀商會在我們的技術上運行來完成這些工作。

It's part of the reason why the strength is in the market today. It strengthened the business today. It's also what we believe will happen when you can organize the spot market in a more efficient way with less friction cost to match a load, then the spot market will compete very favorably against the contracted market, which is much larger. So we believe there'll be a permanent market share shift into the spot market which will further benefit our business, the brokers, et cetera. So it's -- we're very bullish on this for the long term.

這也是為什麼目前市場的強勢正在發生——它強化了當下的業務。我們也相信，當你能以更有效率的方式組織即期市場、用更低的摩擦成本去匹配一筆貨載時，即期市場將能非常有利地與規模更大的合約市場競爭。因此我們相信，市占會永久性地向即期市場轉移，進一步讓我們的業務、經紀商等受益。所以——我們對這個領域的長期前景非常樂觀。

Is there the need to stretch back to the shipper, the origination side, for this business?

這項業務是否需要往上游延伸到貨主端、也就是需求發起端？

Well, we -- I mean, we did an acquisition last year that works with the shippers to understand volumes and rates and pricing. And we have an integrated offering now that shares sort of -- that provides pricing between the contracted market and the spot market. So we have an increasing relationship with the shippers. But the brokers provide a high and legitimate value in this value chain, right? So I think there will always be shipper -- principally shipper to broker to carrier relationship, it's just going to be a more automated and seamless relationship.

嗯，我們——我的意思是，我們去年做了一項收購，能與貨主合作以了解運量、費率與定價。我們現在也有一個整合式方案，能共享某種——能在合約市場與即期市場之間提供定價資訊。因此我們與貨主的關係正在加深。但在這條價值鏈中，經紀商確實提供很高且正當的價值，對吧？所以我認為，基本上仍會是貨主——主要是貨主到經紀商到承運商的關係，只是會變得更自動化、更無縫。

This concludes our question-and-answer session. We will now turn the call back to Zack Moxcey for any closing remarks.

問答環節到此結束。接下來我們把電話交回 Zack Moxcey，請他做結語。

Thank you, everyone, for joining us today, and we look forward to speaking with you during our next earnings call.

謝謝各位今天的參與，我們期待在下一次財報電話會議中再與各位交流。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。