Roper Technologies, Inc. (ROP) 2020 Q3 法說會逐字稿

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

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 like now to turn the call over to Zack Moxcey, Vice President of 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 third quarter financial results for Roper Technology. We hope everyone is doing well. 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 Controller; and Shannon O'Callaghan, Vice President of Finance.

早安，感謝各位加入我們，一同討論 Roper Technology 第三季財務結果。希望大家都一切安好。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；副總裁兼主計長 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，我們發布新聞稿公告財務結果。新聞稿亦包含今日電話會議的重播資訊。我們已準備投影片搭配今日電話會議，可透過網路直播取得，亦可在我們網站上查閱。

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.

現在請翻到投影片第 2 頁。我們先從安全港聲明開始。在今日電話會議過程中，我們將作出前瞻性陳述，相關風險與不確定性如本頁、我們的新聞稿以及向 SEC 提交的文件所述。請在上述資訊的脈絡下收聽今日電話會議。

And now please turn to Slide 3. Today, we will discuss our results for the quarter primarily on an adjusted non-GAAP basis. Reconciliation between GAAP and adjusted measures can be found in our press release and in the appendix of this presentation on our website.

接著請翻到投影片第 3 頁。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。

For the third quarter, the difference between our GAAP results and adjusted results consist of the following items: amortization of acquisition-related intangible assets; purchase accounting adjustments to acquired deferred revenue and related commission expense; transaction-related expenses for completed acquisitions; and lastly, we've adjusted our cash flow results to exclude income tax payments deferred from Q2 to Q3 due to COVID-19 and cash taxes paid for the Gatan divestiture. As a reminder, GAAP requires tax payments for a gain on sale to be classified as an operating cash flow item even though it is related to a divestiture.

就第三季而言，我們 GAAP 結果與調整後結果的差異包含以下項目：與收購相關之無形資產攤銷；對收購遞延收入及相關佣金費用的購買會計調整；已完成收購的交易相關費用；最後，我們也調整了現金流結果，以排除因 COVID-19 而自第二季遞延至第三季的所得稅付款，以及因處分 Gatan 所支付的現金稅款。提醒各位，GAAP 規定出售利益的稅款支付須分類為營運現金流量項目，即使其與資產處分相關。

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

現在請翻到投影片第 4 頁，我將把電話交給 Neil。在我們的準備發言之後，將開放電話與會者提問。Neil？

Thanks, Zack, and good morning, everyone. Thanks for joining us. Let's go ahead and get into this morning's content, and as we always do, we'll start by reviewing our agenda.

謝謝你，Zack，各位早安。感謝大家加入我們。我們直接進入今天早上的內容；一如往常，我們先回顧議程。

I'll begin discussing our enterprise highlights for the quarter, which was a very busy and very productive quarter for us. To that end, I'll briefly review our acquisition activity. Rob will then discuss our financial performance and capital market activity. Afterwards, I'll walk through our detailed segment review and associated outlook, followed by our enterprise fourth quarter and raised full year guidance. We will then look forward to your questions.

我將先談本季的企業重點，這對我們而言是非常忙碌且非常有成果的一季。為此，我會簡要回顧我們的併購活動。接著 Rob 將說明我們的財務表現與資本市場活動。之後，我會帶大家檢視各事業部門的詳細回顧與相關展望，並接續說明我們第四季以及上調後的全年指引。最後我們將期待各位的提問。

Now with that, let's turn to a brief run-through of our Q3 enterprise highlights. Next slide, please. Third quarter demonstrated the strength of our execution capabilities, first, on an operating basis; second, on a capital deployment basis; and finally, from a capital markets perspective. Operationally, our revenues and EBITDA continued to grow, albeit modestly, despite the well-documented economic challenges resulting from the pandemic situation we're all facing.

那麼，讓我們簡要快速回顧第三季的企業重點。請下一頁投影片。第三季展現了我們執行能力的強勁：第一，在營運面；第二，在資本配置面；最後，在資本市場面。在營運方面，儘管我們都面臨疫情所帶來、眾所周知的經濟挑戰，我們的營收與 EBITDA 仍持續成長，雖然增幅不大。

At a summary level, our software recurring revenues continue to grow. Recurring revenue growth is very important for us. This indicates high levels of retention, demonstrates our ongoing and increasing relevance we have with our customers and provides for a more stable and predictable forward financial model. However, as anticipated, we experienced modest declines in our perpetual license revenue tied to lower levels of market activity across a few of our softer end markets and a difficult comp from a year ago. We discussed this on each of our last 2 calls, COVID is absolutely driving faster adoption of our SaaS or cloud-based recurring revenue solutions. This is a very healthy and positive trend.

在整體概況層面，我們的軟體經常性收入持續成長。經常性收入成長對我們非常重要。這代表高留存率，顯示我們對客戶的持續且日益提升的相關性，並使未來的財務模型更穩定、更可預測。然而，如同預期，我們的永久授權收入出現小幅下滑，原因在於部分較疲弱終端市場的市場活動水準較低，以及相較去年同期的高基期。我們在前兩次電話會議中都提到，COVID 絕對正在推動客戶更快速採用我們的 SaaS 或雲端式經常性收入解決方案。這是一個非常健康且正向的趨勢。

Separately, we continue to see very nice momentum for our products and software used in the fight against COVID. Most notably, our laboratory software businesses continue to see strong demand as we're helping stand up and maintain health system and country-level COVID testing capability. In addition, Verathon, our largest medical product business, continues to drive meaningful market adoption across their video intubation product line.

另外，我們持續看到用於對抗 COVID 的產品與軟體有非常好的動能。最值得一提的是，我們的實驗室軟體事業持續需求強勁，因為我們正在協助建立並維持醫療體系與國家層級的 COVID 檢測能力。此外，Verathon 作為我們最大的醫療產品事業，持續在其影像插管產品線推動顯著的市場採用。

The final operating item I'll point out here is -- at the onset is the fact that Neptune and our short-cycle industrial businesses started to rebound in the quarter, from which we draw encouragement.

我在此要指出的最後一項營運面事項是：Neptune 以及我們的短週期工業事業在本季開始回升，這讓我們備受鼓舞。

From a financial point of view, our organic revenues declined 3%. Our gross margin were 64%, and our operating profitability remained very strong with 37% EBITDA margins. Most importantly, we grew our cash flow double digits again.

從財務角度來看，我們的有機營收下滑 3%。我們的毛利率為 64%，營運獲利能力仍然非常強勁，EBITDA 利潤率為 37%。最重要的是，我們的現金流再次達成兩位數成長。

Turning to our acquisition activities. We completed 4 acquisitions for a total of $5.8 billion of capital deployment, certainly led by our $5.35 billion acquisition of Vertafore. More on these when I turn to our next slide. Finally, the team was successful in the debt capital markets, completing a $2.7 billion bond offering with a blended rate of 1.3% and increasing our revolver capacity to $3 billion that has an extended maturity date.

接著談我們的併購活動。我們完成 4 項收購，資本投入合計 58 億美元，其中最主要的是以 53.5 億美元收購 Vertafore。我在下一張投影片會再多談一些。最後，我們的團隊也成功在債務資本市場完成 27 億美元的債券發行，綜合利率為 1.3%，並將循環信貸額度提高至 30 億美元，同時延長到期日。

I'm super proud of our execution in this quarter with all 3 phases of our offense on full display: solid operating performance across the enterprise, $5.8 billion of CRI-accretive capital deployment and successfully executing a capital market transaction at extremely favorable interest rates.

我對我們本季的執行成果感到非常自豪，三個面向的攻勢全面展現：全企業穩健的營運表現、58 億美元具 CRI 增益的資本配置，以及以極為有利的利率成功完成資本市場交易。

Now let's turn to our next slide and talk through our recent acquisitions. Okay. This was a very strong quarter for us relative to our capital deployment strategy. As we have mentioned for several calls, the quality and quantity of ideas in our M&A pipeline has been robust for quite some time. We were very selective in our approach before landing on these acquisitions highlighted on this page.

現在讓我們翻到下一張投影片，談談近期的收購案。好的。就資本配置策略而言，這一季對我們來說非常強勁。如同我們在過去幾次電話會議提到的，我們的併購管線中，構想的品質與數量在相當長一段時間內都很充沛。在鎖定本頁所列的收購案之前，我們採取了非常審慎的篩選方式。

First, we completed the acquisition of Vertafore for $5.35 billion. I refer you to the call we did just after announcing this transaction for all the relevant details. But to highlight, Vertafore is a business that delivers cloud-based software to the property and casualty insurance industry, principally in the United States. Vertafore's focus is straightforward: to simplify, automate and drive productivity across the complex and highly regulated processes in the P&C space.

首先，我們以 53.5 億美元完成 Vertafore 的收購。關於所有相關細節，請參考我們在宣布此交易後不久所舉行的電話會議。重點是，Vertafore 向財產與意外險（P&C）產業提供雲端軟體服務，主要市場在美國。Vertafore 的聚焦很明確：在 P&C 領域複雜且高度受監管的流程中，簡化、自动化並提升生產力。

Today, the business serves over 20,000 independent agencies, 1,000 insurance carriers and touches over $140 billion of premiums per year. And high-quality management teams motivated to build their businesses are super important for us. And to that end, Amy and her team have done a tremendous job building this business over the last several years. We expect Vertafore will deliver about $590 million of revenue and $290 million of EBITDA next year.

目前，該業務服務超過 20,000 家獨立代理機構、1,000 家保險承保公司，並每年觸及超過 1,400 億美元的保費。而具高品質、且有動力打造其事業的管理團隊對我們而言極其重要。就此而言，Amy 與她的團隊在過去幾年建立這項業務方面做得非常出色。我們預期 Vertafore 明年將貢獻約 5.9 億美元營收與 2.9 億美元 EBITDA。

Separately, we announced and closed 3 strategic add-ons, 1 for Strata and 2 for iPipeline. Relative to Strata, we acquired EPSi. As a reminder, both Strata and EPSi delivered decision support, financial planning and analytics software solutions that help hospitals manage their cost structure and identify opportunities for operational improvements.

另外，我們宣布並完成了3項策略性加購併購（add-ons），其中1項屬於Strata、2項屬於iPipeline。就Strata而言，我們收購了EPSi。提醒一下，Strata與EPSi皆提供決策支援、財務規劃與分析軟體解決方案，協助醫院管理其成本結構並找出營運改善機會。

Strata, when combined with EPSi, will serve over 400 health systems and 2,000 hospitals. The aggregate spending power of this combined customer base is approximately $1 trillion or about 25% of the total health care spend in the U.S. The combination of Strata and EPSi will be a powerful one for the market and our customers.

Strata與EPSi結合後，將服務超過400個醫療體系與2,000家醫院。這個合併後客戶基礎的總體支出能力約為1兆美元，約占美國整體醫療支出的25%。Strata與EPSi的結合，對市場與我們的客戶而言都將非常有力。

Relative to iPipeline, we acquired both WELIS and IFS. WELIS is a nice product tuck-in that enhances iPipeline's life insurance and annuity illustration capability. For those who do not know, the illustration is the modeled value calculation that permanent insurance carriers are required to provide to their insured. IFS enhances iPipeline's capabilities to better serve the financial planning channel relative to life insurance account management.

就iPipeline而言，我們同時收購了WELIS與IFS。WELIS是一項很好的產品補強（tuck-in），可提升iPipeline在壽險與年金的試算（illustration）能力。對不熟悉的人來說，試算是永久型保險承保公司必須提供給被保險人的模型化價值計算。IFS則強化iPipeline的能力，使其在壽險帳戶管理方面能更好地服務財務規劃通路。

We expect these 3 bolt-ons will deliver about $75 million of revenue and $30 million of EBITDA next year. When looking at each of these deals, either individually or together, they are right down the middle for us. Each business has very strong cash flow capability, which is punctuated by being super asset light.

我們預期這3項加購併購明年將帶來約7,500萬美元營收與3,000萬美元EBITDA。不論單獨或合併來看，這些交易都非常符合我們的標準。每個業務都具備非常強的現金流能力，而其特點在於資產極輕（asset light）。

Also, these businesses are, as our most Roper businesses, market leaders in their niche. Over the years, when we refer to niche, we mean smaller markets. We like small markets. Small TAMs provide deterrents for new potential entrants.

此外，這些業務如同我們多數Roper旗下業務一樣，都是其利基市場的領導者。多年來，當我們提到利基（niche），指的是較小的市場。我們喜歡小市場。較小的TAM（總可服務市場）能對潛在新進入者形成阻礙。

On top of this, these and other Roper businesses provide deeply verticalized solutions. By this, we mean solutions that are specifically developed to address unique industry workflows or challenges. It is at the cross-section of, one, being the market leader; two, operating in smaller markets; and three, delivering vertical solutions that enable our businesses to have intense customer intimacy. This intimacy enables our businesses to invest at the pace our customers require. Importantly, these 4 businesses have very high levels of recurring revenue. For instance, Vertafore has over 90% recurrence.

除此之外，這些以及其他Roper業務提供高度垂直化的解決方案。也就是專為解決特定產業的獨特工作流程或挑戰而開發的方案。在（1）成為市場領導者、（2）在較小市場中營運、以及（3）提供垂直解決方案三者交會之處，使我們的業務能與客戶建立高度緊密的關係。這種緊密關係讓我們的業務能以客戶所需的速度進行投資。重要的是，這4項業務的經常性收入占比非常高。例如，Vertafore的經常性收入占比超過90%。

Finally, these businesses grow nicely on an organic basis. Their growth drivers are diversified and are multiple. We expect these businesses to grow mid-single digits over a long arc of time. Taken together, the $5.8 billion of capital deployment should deliver about $665 million of revenue and $320 million of EBITDA to our enterprise in 2021.

最後，這些業務在有機成長方面表現也相當不錯。其成長動能多元且不只一項。我們預期這些業務在很長的時間跨度內可達到中個位數的成長。綜合而言，58億美元的資本部署預計在2021年為本公司帶來約6.65億美元營收與3.2億美元EBITDA。

In a few pages, Rob will discuss our financing package for these deals, which, as you likely know by now, was quite good. So now I'm going to hand it over to Rob, but look forward to discussing our activity here more during your Q&A. Rob, your ball.

再過幾頁，Rob將討論我們為這些交易所安排的融資方案；如你們現在可能已經知道的，那相當不錯。接下來我把時間交給Rob，也期待在問答環節進一步討論我們在這裡的活動。Rob，交給你了。

Thanks, Neil. Good morning, everyone. We appreciate your interest, as always, in Roper Technologies.

謝謝，Neil。各位早安。一如既往，我們感謝各位對Roper Technologies的關注。

Turning to Page 7, looking at our Q3 income statement performance. Total revenue increased 1% to $1.369 billion. Organic revenue for the enterprise declined 3% versus prior year, similar to what we saw in Q2 and about what we would expect for Q4 as the pandemic continues. We had positive organic revenue growth in both Network Software & Systems and Measurement & Analytical Solutions. We had a slight organic decline in application software due to the difficult perpetual license comp we discussed last quarter. Lastly, and similar to Q2, we experienced a 25% decline in our smallest segment, Process Technologies.

翻到第7頁，來看我們第三季損益表的表現。總營收成長1%，達13.69億美元。公司整體有機營收較去年下滑3%，與我們在第二季看到的情況類似；在疫情持續的情況下，這也大致符合我們對第四季的預期。Network Software & Systems以及Measurement & Analytical Solutions兩個部門的有機營收皆呈正成長。由於我們上季討論過的永久授權（perpetual license）比較基期較為艱難，應用軟體（application software）出現小幅有機下滑。最後，與第二季類似，我們最小的部門Process Technologies有機營收下滑25%。

Margin performance was once again quite strong with gross margin of 64.2%, and EBITDA margin, down 10 basis points versus prior year but up quite a bit sequentially to 36.6%. EBITDA grew in the quarter despite the pandemic to a Q3 record of $501 million. Tax rate came in at 22.2%, which was a couple of points higher than last year. So that all results in adjusted diluted earnings per share of $3.17, which was well above our guidance range, aided by both better organic performance and some accretion from our Vertafore acquisition. So once again, strong execution by our business leaders in a very challenging environment.

毛利率表現再次相當強勁，毛利率為64.2%；EBITDA利潤率較去年下降10個基點，但較前一季明顯提升至36.6%。儘管疫情影響，EBITDA在本季仍成長，創下第三季新高達5.01億美元。稅率為22.2%，較去年高出約2個百分點。因此，調整後稀釋每股盈餘為3.17美元，明顯高於我們的指引區間，受惠於更佳的有機表現以及Vertafore收購帶來的部分增厚（accretion）。因此再次證明，在極具挑戰的環境下，我們的業務領導團隊執行力依然強勁。

Next slide. Turning to Page 8, on networking capital. Here, we look at the 3-year trend on working capital, which continues to improve. You may recall, we exited the last quarter with negative working capital of minus 5.4%, and now we further improved working capital as a percent of revenue down to minus 6.3%. Continuing to improve on these important working capital metrics despite the challenging macro environment really is a testament to the excellent work of our finance organizations across the Roper enterprise. Our people do a really good job of focusing on what matters. We will see more evidence of this as we move forward to look at cash flow and cash conversion on the next 2 slides.

下一張投影片。翻到第8頁，談營運資本。這裡我們看營運資本的3年趨勢，持續改善。各位可能記得，我們上季結束時的營運資本為負，約為營收的-5.4%；現在我們進一步改善，營運資本占營收比降至-6.3%。在具挑戰的總體環境下仍能持續改善這些重要的營運資本指標，確實是Roper全公司財務團隊優異工作的證明。我們的同仁非常擅長聚焦於真正重要的事項。接下來兩張投影片在檢視現金流與現金轉換時，大家會看到更多證據。

Next slide. Turning to Page 9, on compounding cash flow. Really amazing, as Neil had mentioned, to have our third straight quarter of double-digit cash flow growth in 2020. As we discussed last quarter, for better comparability and clarity, we adjusted our results for the $124 million of cash tax payments that were deferred from Q2 to Q3 due to COVID-19. So that adjustment hurt our numbers in Q2 and helps us in Q3 but has no net impact on our year-to-date results. Next year, we expect the IRS to return back to their normal schedule.

下一張投影片。翻到第9頁，談現金流的複利成長。如Neil提到的，2020年連續第三季實現兩位數的現金流成長，確實令人驚艷。如同上季所述，為了提高可比性與清晰度，我們針對因COVID-19而從第二季遞延至第三季支付的1.24億美元現金稅款，對結果進行調整。因此該調整使第二季數字較差、第三季較好，但對年初至今的結果沒有淨影響。明年我們預期IRS將回到正常的時程。

We do have one additional adjustment this quarter, as Zack mentioned, for the $192 million of cash taxes that we paid in the quarter that were due from the 2019 Gatan divestiture. So net of those adjustments, Q3 operating cash flow grew 12% to $454 million, which represented 33% of revenue. Q3 free cash flow grew 14% to $442 million, which represented 32% of revenue. And you can see on the right-hand side, on a year-to-date basis, our adjusted free cash flow is up 13% to $1.1 billion. So as the takeaway reads, really consistent cash flow performance in a very challenging environment.

本季我們還有一項額外調整，如Zack提到的，為本季支付的1.92億美元現金稅款，該稅款源自2019年Gatan的處分。扣除上述調整後，第三季營運現金流成長12%至4.54億美元，占營收33%。第三季自由現金流成長14%至4.42億美元，占營收32%。右側可見，以年初至今計算，我們調整後自由現金流成長13%至11億美元。因此如重點所示，在極具挑戰的環境下，我們的現金流表現仍非常一致且穩健。

Next slide. On Page 10, turning to Roper's strong cash conversion. So through 3 quarters of 2020, 28% of our revenue and 78% of our EBITDA has converted to free cash flow. So comparing our 2020 year-to-date to our full year cash conversion over the past few years, we actually see that we are trending ahead of where we've been historically on cash conversion. Even better, Q4 is typically a seasonally strong quarter for cash conversion driven by annual billing cycles and lower tax payments. So we are quite confident we are heading for a very strong cash result in 2020.

下一張投影片。第10頁，談Roper強勁的現金轉換。因此在2020年前三季，我們有28%的營收與78%的EBITDA轉換為自由現金流。將2020年年初至今與過去幾年的全年現金轉換相比，我們實際上看到現金轉換趨勢優於歷史水準。更好的是，第四季通常是現金轉換季節性強勁的一季，主要受年度開立帳單週期與較低的稅款支付所帶動。因此我們相當有信心，2020年的現金結果將非常強勁。

Our consistently high cash conversion is important because it further demonstrates the high quality of our EBITDA, which allows us to quickly and predictably reduce leverage after large acquisitions.

我們一貫維持高水準的現金轉換率非常重要，因為這進一步證明我們 EBITDA 的高品質，使我們能在大型併購後快速且可預期地降低槓桿。

Next slide. Turning to Page 11 and updating on our balance sheet. So you can see here where we stand after the completion of the Vertafore acquisition in September. Our cash balance is reduced to a normal level of about $300 million, down from $1.8 billion at the end of the second quarter. That excess cash was used to partially fund the acquisitions.

下一張投影片。接著看第 11 頁，更新我們的資產負債表。因此你可以在這裡看到，我們在 9 月完成 Vertafore 併購後的狀況。我們的現金餘額已降至約 3 億美元的正常水準，較第二季末的 18 億美元下降。這些超額現金用於部分資助併購。

Net debt to trailing EBITDA ended the quarter at 4.8x. Importantly, this calculation does not include the pro forma impact of the Vertafore acquisition. Including a full year of Vertafore's EBITDA would push this ratio down into the low 4s. We expect our leverage to decline quickly over the next year as the EBITDA flows through and we use our generated cash flow to reduce our debt.

淨負債對過去 12 個月 EBITDA 的比率在本季末為 4.8 倍。重要的是，這項計算未包含 Vertafore 併購的備考（pro forma）影響。若納入 Vertafore 全年的 EBITDA，該比率將降至 4 倍出頭。我們預期未來一年隨著 EBITDA 貢獻反映，以及我們運用所產生的現金流降低負債，槓桿將快速下降。

Next slide. So on Page 12, we'll talk about the financing activities that occurred in the third quarter. Including the EPSi deal that closed in October, we recently deployed a little over $5.8 billion of capital, financed by our excess cash on-hand, a meaningful amount of which was generated from last year's Gatan divestiture, new investment-grade debt and a draw on our credit facility. We launched a bond offering in August and benefited from strong demand from Roper's debt investors, consistent with what we had experienced when we accessed the high-grade bond market in June. So we ended up spreading this $2.7 billion of principal over 4 tranches, which resulted in a very good blended interest rate of 1.3% and duration of a little over 7 years.

下一張投影片。在第 12 頁，我們將談談第三季發生的融資活動。包含 10 月完成交割的 EPSi 交易在內，我們近期投入了略高於 58 億美元的資本，資金來源包括我們手上的超額現金（其中相當一部分來自去年出售 Gatan 所產生的資金）、新增的投資級債務，以及動用我們的信用額度。我們在 8 月啟動債券發行，並受惠於 Roper 債券投資人強勁的需求，這與我們 6 月進入高評級債券市場時的經驗一致。因此我們將 27 億美元的本金分散於 4 個期別，最終取得非常不錯的加權平均利率 1.3%，以及略高於 7 年的存續期間。

Notably, and importantly, no changes to Roper credit ratings. We remain BBB+ at S&P and Baa2 at Moody's, and we remain committed to maintaining solid investment-grade ratings moving forward.

值得注意且重要的是，Roper 的信用評等沒有任何變動。我們在標普仍為 BBB+、在穆迪仍為 Baa2，並且我們仍致力於未來維持穩健的投資級評等。

We also successfully extended our revolving credit facility out 3 years and also upsized it from $2.5 billion to $3 billion. The current floating borrowing rate on the revolver is about 1.2%. So we like to strike a balance between fixed rate debt and prepayable floating debt to enable us to delever quickly.

我們也成功將循環信用額度展延 3 年，並將額度由 25 億美元提高至 30 億美元。目前該循環額度的浮動借款利率約為 1.2%。因此我們希望在固定利率債務與可提前償還的浮動利率債務之間取得平衡，以便我們能快速去槓桿。

So in summary, these financing activities are consistent with our long-term strategy of augmenting our internally generated cash flow with investment-grade debt. Then we use our consistent and durable cash flow generation to rapidly reduce leverage, which we plan to do over the next 12 to 18 months.

總結而言，這些融資活動符合我們以投資級債務補強內生現金流的長期策略。接著我們運用穩定且具韌性的現金流產生能力迅速降低槓桿，我們計畫在未來 12 至 18 個月內做到這點。

So with that, I'll pass it back over to Neil.

那麼，我把時間交回給 Neil。

Thanks, Rob. Let's turn to our Application Software segment. Revenues here were $451 million, down 1% on an organic basis. EBITDA was $201 million or 44.6% of revenue. Similar to the way we started our commentary about this segment during our last call, our retention rates, and thus, our recurring revenues, remained strong in the quarter.

謝謝，Rob。我們來看應用軟體（Application Software）部門。本部門營收為 4.51 億美元，有機基礎下下降 1%。EBITDA 為 2.01 億美元，約占營收的 44.6%。與我們上次電話會議開始評論此部門的方式類似，我們的留存率，因此也包括經常性收入，在本季仍維持強勁。

In addition, we are continuing to see an acceleration of our Software-as-a-service or cloud solutions across this segment. This trend will provide a long-term benefit for both our customers and for our business. Our customers outsource the operations of their software applications to us and gain the benefit of being on the most recent software release at all times. Our businesses are improved by having higher levels of recurring revenue and customer intimacy.

此外，我們持續看到本部門的軟體即服務（SaaS）或雲端解決方案加速成長。這個趨勢將為我們的客戶與我們的業務帶來長期效益。我們的客戶將其軟體應用的營運外包給我們，並可隨時享有最新版本的軟體。而我們的業務則因更高比例的經常性收入與更緊密的客戶關係而受益。

Importantly, we believe this migration to the cloud will be a net growth driver for us. So based on this SaaS migration trend and our continued high levels of customer retention, we saw recurring revenues grow mid-single digits in the quarter. We expect this strength to continue into next year.

重要的是，我們相信這波上雲遷移將成為我們的淨成長驅動力。因此，基於這項 SaaS 遷移趨勢以及我們持續維持高水準的客戶留存，本季經常性收入成長達中個位數百分比。我們預期這股強勢將延續到明年。

As an offset, and as expected, we saw declines in our perpetual revenue stream for 2 reasons: first, a difficult prior year license comp; and second, a slowing of new logo licenses associated with the current macro headwinds.

作為抵銷且如預期，我們的永久授權（perpetual）收入流出現下滑，原因有二：第一，前一年授權收入基期較高、比較不利；第二，受當前總體環境逆風影響，新客戶（new logo）授權放緩。

Things remain solid at Deltek. We saw normalized bookings increase double digits in the quarter, coming off very large perpetual bookings a quarter ago. They were seeing particular strength across their GovCon offerings and with their subscription content solutions. Recurring revenues are up double digits versus this time last year.

Deltek 仍維持穩健。本季標準化訂單（normalized bookings）較去年同期呈雙位數成長，這是在上一季永久授權訂單非常龐大之後的表現。他們在 GovCon 產品以及訂閱式內容解決方案方面展現特別強勁的動能。經常性收入較去年同期成長達雙位數。

And as you'll note towards the bottom of this page, a business that has been negatively impacted in this segment is CBORD. To remind everyone, CBORD designs and delivers K-12 and university, campus, integrated security and nutrition management solutions. Given the fact that many educational campuses are deferring in-person attendance, this business is negatively impacted in the short run. As soon as in-person classes resume, we expect CBORD to return to normal levels of growth.

另外，如你在本頁底部所見，本部門中受到負面影響的業務是 CBORD。提醒大家，CBORD 設計並提供 K-12 與大學校園的整合式安防與營養管理解決方案。由於許多教育校園延後恢復到校上課，該業務短期內受到負面影響。一旦實體課程恢復，我們預期 CBORD 將回到正常的成長水準。

Our laboratory software businesses, Sunquest, Data Innovations and CliniSys all performed nicely, aided by global demand to deploy laboratory software associated with combating COVID-19. A good example we're talking about here is the activity CliniSys is helping drive. Specifically, CliniSys is the IT backbone for the French and Belgian national COVID testing programs. You'll also note from the page that Data Innovations, our diagnostic middleware business, had record orders in the quarter. Congrats to the team in Vermont. With this being said, we do expect some of this COVID strength to moderate going forward.

我們的實驗室軟體業務 Sunquest、Data Innovations 與 CliniSys 表現都相當不錯，受惠於全球為對抗 COVID-19 而部署實驗室軟體的需求。我們在此談到的一個好例子是 CliniSys 所協助推動的活動。具體而言，CliniSys 是法國與比利時國家 COVID 檢測計畫的 IT 骨幹。你也會從本頁注意到，我們的診斷中介軟體（diagnostic middleware）業務 Data Innovations 本季訂單創下新高。恭喜佛蒙特團隊。不過即便如此，我們確實預期未來這部分的 COVID 動能將有所降溫。

Also, we continue to see strength in Strata. One of the nice perks of having Strata in the family of business is this learning further hospital analytics. From Strata's research, we know that hospital volumes are normalizing in the 90% to 95% pre-COVID level. In addition, most hospitals have enacted cost measures to rightsize their operating structures for this level of patient activity. Given our health care IT and medical product businesses primarily serve the hospital market, we take confidence that patient volumes are coming back and hope to see the associated hospital capital spending come back online next year.

此外，我們持續看到 Strata 的強勁表現。將 Strata 納入我們的業務家族的一項好處，是能進一步學習醫院分析洞察。根據 Strata 的研究，我們知道醫院量能正回到疫情前水準的 90% 至 95%。此外，多數醫院已採取成本措施，使其營運結構調整到符合這一病患活動水準。鑑於我們的醫療照護 IT 與醫療產品業務主要服務醫院市場，我們對病患量能回升感到更有信心，也希望看到相關的醫院資本支出在明年重新啟動。

Finally, we will be reporting Vertafore and the EPSi-Strata bolt-on in this segment.

最後，我們將在本部門中報告 Vertafore 以及 EPSi-Strata 的附加併購（bolt-on）。

As we turn to the outlook for the fourth quarter, we expect this segment to be flat on an organic basis, principally for the reasons just discussed. We expect to see continued high levels of recurring revenue retention. As a reminder, the vast majority of our customers in this segment are enterprise or larger companies. That said, we do anticipate some continued pressure on our upfront software license sales.

展望第四季，我們預期本部門在有機基礎下將持平，主要原因如前所述。我們預期經常性收入留存將持續維持高水準。提醒一下，本部門絕大多數客戶為企業級或較大型公司。即便如此，我們確實預期一次性（upfront）軟體授權銷售仍將面臨一些持續壓力。

We're encouraged by seeing our sales pipeline activity being higher than this time a year ago, but we continue to expect our new logo prospects decision time frames to extend longer than our historical experience, which leads deals likely moving into next year. All in all, we expect flat organic growth but with a higher-quality revenue mix towards recurring versus perpetual.

我們看到銷售管線活動較去年同期更高而感到鼓舞，但我們仍預期新客戶（new logo）潛在客戶的決策時程將比我們過往經驗更長，導致交易可能延後到明年。總體而言，我們預期有機成長持平，但收入組合品質將更佳，經常性收入占比提高、相對於永久授權。

With that, next slide, please. Now let's turn to our network segment. Revenues here increased 1% organically to $430 million. EBITDA was $180 million or 41.8% of revenue. I'd like to start, and as a reminder, that our Software businesses in this segment principally share highly recurring SaaS revenue models, which are further aided by strong network effects that drive high retention rates, which was certainly the case in this quarter. For the entire segment, similar to that of the Application Software segment, we saw mid single-digit organic increases in recurring revenue.

那麼，請看下一張投影片。現在讓我們轉到網路事業部門。本部門營收以有機口徑成長1%，達4.30億美元。EBITDA為1.80億美元，占營收的41.8%。我想先說明並提醒各位，本部門中的軟體業務主要採用高度經常性的SaaS營收模式，並且受益於強勁的網路效應，帶動高留存率，本季確實如此。就整個部門而言，與應用軟體部門類似，我們看到經常性收入以有機口徑呈現中個位數成長。

ConstructConnect continues to perform well. Their network expanded in the quarter and was driven by strong customer adds and network utilization. DAT continues to post record quarters. This quarter is highlighted by record net addition of carriers to the network and enterprise brokerage seats fully recovering to pre-COVID. In addition, iPipeline's SHP and SoftWriters all continued to be strong.

ConstructConnect持續表現良好。其網路於本季擴張，主要由強勁的新增客戶與網路使用率所帶動。DAT持續繳出創紀錄的季度表現。本季亮點包括承運商加入網路的淨新增數創新高，以及企業經紀席位數已完全恢復至COVID前水準。此外，iPipeline的SHP與SoftWriters也都持續強勁。

A couple of our software businesses in this segment are facing modest headwinds, each of which are short term and tied to COVID-related economic activity. iTrade is being negatively impacted as food volumes in institutional settings, such as restaurants and sporting events are down. As these activities come back online, so will iTrade's growth.

本部門中有幾項軟體業務正面臨些許逆風，且各自都屬短期，並與COVID相關的經濟活動有關。iTrade受到負面影響，原因是機構場域（如餐廳與體育賽事）的食品量下滑。隨著這些活動重新恢復，iTrade的成長也將回升。

Also, MHA was down a bit in the third quarter as well, directly resulting from patient volumes and long-term care being down. We expect MHA to recover starting in the fourth quarter.

另外，MHA在第三季也略有下滑，直接原因是就診量與長期照護量下降。我們預期MHA將自第四季開始復甦。

Of note, during the quarter, Foundry was awarded their first Engineering Emmy Award for visual effect innovation used in television. The team at Foundry are super excited, as they should be, for this recognition. Congrats.

值得一提的是，本季Foundry因其用於電視的視覺特效創新而獲得首座工程艾美獎。Foundry團隊對此肯定感到非常興奮，也確實值得這份肯定。恭喜。

Finally, the TransCore New York City congestion pricing infrastructure project continues. However, the project that the election of our customer continues to slow and be pushed into 2021. Execution of the project remains quite strong, but the timing continues to elongate. In addition, a few other projects are slightly delayed as we near go live, causing some revenue and margin pressure in this segment.

最後，TransCore的紐約市擁堵收費（congestion pricing）基礎建設專案仍在持續推進。然而，由於我們客戶的選舉因素，該專案持續放緩並被推遲至2021年。專案執行仍相當強勁，但時程持續拉長。此外，隨著我們接近上線（go live），其他幾個專案也略有延遲，對本部門造成部分營收與毛利率壓力。

Now let's turn to our outlook for this segment. We see low single-digit organic growth for the final quarter of the year. We continue to see growth and resiliency in our network software businesses, driven by high recurring revenue mix, strong retention rates, expanding networks and network participation.

現在讓我們轉到本部門的展望。我們預期年度最後一季將呈現低個位數的有機成長。我們持續看到網路軟體業務的成長與韌性，主要由高經常性收入占比、強勁留存率、網路擴張以及網路參與度所驅動。

Relative to TransCore, we continue to see the New York City project pushing to the right. A few other projects being delayed and lower tag shipments due to the lower levels of vehicle traffic in 2020. All in all, again, we expect low single-digit organic growth for the final quarter of the year.

就TransCore而言，我們仍看到紐約市專案持續往後遞延。另有少數專案延遲，以及因2020年車流量較低而導致標籤（tag）出貨量下降。總體而言，我們再次預期年度最後一季將呈現低個位數的有機成長。

Next slide, please. Turning to our Measurement & Analytical segment. Revenues grew 2% organically to $368 million. EBITDA was $131 million or 35.7% of revenue. With the current pandemic backdrop, this segment's activities continue to be best broken into 4 boxes: one, Verathon-IPA; two, other medical product businesses; three, Neptune; and fourth, our industrial businesses.

請看下一張投影片。接著談我們的量測與分析（Measurement & Analytical）部門。營收以有機口徑成長2%，達3.68億美元。EBITDA為1.31億美元，占營收的35.7%。在目前疫情背景下，本部門的活動仍最適合分為四個區塊：第一，Verathon-IPA；第二，其他醫療產品業務；第三，Neptune；第四，我們的工業業務。

First, Verathon continues to experience high levels of demand for their GlideScope video intubation solutions. In this quarter, orders remained strong, and the company is able to clear much of the backlog that entered the quarter. As a result of COVID-19, the percentage of all intubations, not just COVID-related, that are being done using video assistance has meaningfully increased. We expect video-assisted intubation market share to remain above pre-COVID levels going forward, which is a great long term and recurring benefit for Verathon's business model. IPA continues to be strong as well.

首先，Verathon對其GlideScope影像插管解決方案的需求仍維持在高檔。本季訂單依然強勁，公司也得以消化本季初的多數積壓訂單。受COVID-19影響，使用影像輔助進行的插管比例（不僅限於COVID相關）已顯著提高。我們預期影像輔助插管的市占率未來將維持在高於COVID前的水準，這對Verathon的商業模式而言是極佳的長期且具經常性的利多。IPA也持續強勁。

Second, and relative to our other medical product businesses, we did see revenue headwinds tied directly to lower patient volumes within acute care hospitals. We also note this group of companies normally grow mid-single digits, but this growth is conditioned on normalized hospital activity. As hospital capital budgets begin to free up in 2021, we expect these businesses to return to a more normal state at some point next year.

第二，關於我們其他醫療產品業務，我們確實看到與急性照護醫院就診量下降直接相關的營收逆風。我們也指出，這一組公司通常可達中個位數成長，但此成長取決於醫院活動回歸常態。隨著醫院資本預算在2021年開始釋放，我們預期這些業務將在明年某個時點回到較正常的狀態。

Third, Neptune improved sequentially, but the pace of recovery was hampered a bit by continued restricted access to indoor meters, in particular, in the Northeast United States and Canada.

第三，Neptune較前一季有所改善，但復甦速度仍受到持續受限的室內水表進入權影響，尤其是在美國東北部與加拿大。

Finally, and as expected, we did see recovery across our shorter-cycle industrial businesses.

最後，如同預期，我們的短週期工業業務確實出現復甦。

As we turn to the fourth quarter outlook, this will be the last quarter we have Gatan results in our prior period, given its divestiture was in the fourth quarter of last year. For the fourth quarter, we expect to see low single-digit growth for this segment, led by continued strong but moderating demand at Verathon. Given the strength in 2020, Verathon continues to accelerate investments in both product and go-to-market areas.

展望第四季，鑑於Gatan已於去年第四季完成出售，本季將是我們在比較期間中最後一次包含Gatan的季度。第四季我們預期本部門將呈現低個位數成長，主要由Verathon持續強勁但趨於降溫的需求所帶動。鑑於2020年的強勁表現，Verathon持續加速在產品與市場推廣（go-to-market）領域的投資。

In addition, we do expect to see our other medical product businesses improve from historic lows. But as discussed, hospital spending continues to be somewhat uncertain for the near term. We expect to see continued improvements in Neptune as they gain more access to indoor meters. And finally, we expect to see continued but likely modest short-cycle industrial improvement.

此外，我們也預期其他醫療產品業務將自歷史低點回升。但如前所述，短期內醫院支出仍存在一定不確定性。我們預期Neptune在取得更多室內水表進入權後將持續改善。最後，我們預期短週期工業業務將持續改善，但幅度可能偏溫和。

Next slide, please. Now turning to the segment that represents 9% of our revenue, Process Technologies. Revenues were $120 million in the quarter, down 25% on an organic basis. EBITDA was $34 million or 28.4% of revenue. While these businesses are facing incredible market headwinds, they continue to demonstrate their resiliency with their 28%-plus EBITDA margins.

請看下一張投影片。接著談占我們營收9%的部門：製程技術（Process Technologies）。本季營收為1.20億美元，以有機口徑下滑25%。EBITDA為3,400萬美元，占營收的28.4%。儘管這些業務面臨極大的市場逆風，它們仍以28%以上的EBITDA利潤率展現韌性。

As we said for the last couple of quarters, this, too, was a difficult quarter for these businesses, and we expect the outlook to remain poor for the balance of the year. We saw our upstream businesses decline approximately 40%. CCC was weak based on their inability to perform field service work, again, related to COVID. Cornell declined on weakness in their rental markets but did grow in many of their other end markets. And a bright spot in the quarter was Zetec, which experienced growth based on the strength in their new nondisruptive testing products. .

如同我們在過去幾季所說，這一季對這些業務同樣艱難，我們預期今年剩餘期間的展望仍將疲弱。我們看到上游業務下滑約40%。CCC因無法執行現場服務工作而表現疲弱，這同樣與COVID相關。Cornell因租賃市場疲弱而下滑，但在其其他多個終端市場仍有成長。本季的亮點是Zetec，受惠於其新型非破壞檢測產品的強勁表現而實現成長。 .

The outlook for the fourth quarter continues to be an extremely challenging one as we expect to see approximately 20% organic declines. Specifically, we do not anticipate any recovery in upstream oil and gas markets but do anticipate sequential and seasonal improvement from many of the other businesses in this segment.

第四季展望仍極具挑戰，我們預期有機口徑將下滑約20%。具體而言，我們不預期上游油氣市場會有任何復甦，但預期本部門中多數其他業務將出現環比與季節性改善。

Next slide, please. As we turn to our guidance, we are raising our full year adjusted DEPS guidance to be in the range of $12.55 and $12.65 per share. The increase is principally attributed to the acquisitions closed since our last call. Full year revenue and EBITDA are expected to increase in the range of 2% to 3%. Our organic revenue outlook for the full year now leans to be flat to slightly down, perhaps 1% or so. Back in April, we guided revenues to be plus or minus flat, now flat to down 1%.

請看下一張投影片。接著談我們的財測指引：我們將全年調整後DEPS指引上調至每股12.55至12.65美元區間。本次上調主要歸因於自上次電話會議以來完成交割的併購案。預期全年營收與EBITDA將成長2%至3%。我們對全年有機營收的展望目前偏向持平至小幅下滑，可能約1%左右。回到4月時，我們指引營收為正負持平，如今則為持平至下滑1%。

While there are several puts and takes, the primary assumption that changed is the substantial amount of revenue tied to the TransCore New York City project pushing into 2021. The majority of other businesses have improved versus our April outlook.

雖然有幾項利多與利空因素交錯，但主要改變的假設是：與 TransCore 紐約市專案相關的相當大一部分營收將遞延至 2021 年。相較於我們 4 月的展望，其餘多數業務都有所改善。

For the fourth quarter, we are establishing adjusted DEPS guidance to be in the range of $3.39 and $3.49 per share. We expect consolidated organic growth to be similar to that of the third quarter. Our tax rate for the quarter is expected to be about 20%.

針對第四季，我們建立調整後 DEPS 指引，預估每股介於 3.39 美元至 3.49 美元。我們預期合併有機成長將與第三季相近。本季稅率預估約為 20%。

Now let's turn to our summary and get to your questions. In closing, I'll recap with what we started, strong execution across the 3 parts of our offense: operational, capital deployment and capital markets.

現在讓我們進入總結並開始回答各位的提問。最後我將回到我們一開始提到的重點：在我們攻勢的三個面向—營運、資本配置與資本市場—皆展現強勁的執行力。

Operationally, revenue grew 1% overall and declined 3% on an organic basis. EBITDA grew and margins remained strong. Most importantly, free cash flow grew 14% in the quarter. Throughout this year, our asset-light niche and market-leading businesses remain focused on investing for higher levels of long-term and sustainable organic growth. As such, this year, we're seeing increased levels of R&D across many of our businesses. Also, and it's worth repeating, we meaningfully enhanced our portfolio by successfully deploying $5.8 billion.

在營運面，營收整體成長 1%，以有機基礎計算則下滑 3%。EBITDA 成長且利潤率維持強勁。最重要的是，本季自由現金流成長 14%。今年以來，我們的輕資產利基與市場領先業務持續專注於投資，以達成更高水準、長期且可持續的有機成長。因此，今年我們在多項業務中看到研發投入水準提高。另外，也值得再次強調的是，我們透過成功部署 58 億美元，顯著強化了我們的投資組合。

Following these acquisitions, 2/3 of Roper's EBITDA will be generated from our software group of businesses. These acquisitions further add to our recurring revenue profile and our ability to compound our cash flows moving forward.

在完成這些併購後，Roper 的 EBITDA 將有 2/3 由我們的軟體事業群貢獻。這些併購進一步提升我們的經常性收入結構，以及未來持續複利累積現金流的能力。

Given our recent capital deployment and our commitment to investment-grade ratings, we are focusing our efforts for the next few quarters on operating our businesses and generating our durable cash flow, which will allow us to delever, just as we did following our Deltek acquisition in 2016.

鑑於近期的資本部署以及我們對投資級評等的承諾，未來幾季我們將把重心放在經營各項業務並產生穩健、耐久的現金流，這將使我們能夠去槓桿化，就如同 2016 年收購 Deltek 後所做的一樣。

So with all of this, we continue to be bullish about the coming quarter, about 2021 and about our longer-term future.

因此，綜合以上，我們對即將到來的一季、對 2021 年以及對更長期的未來，仍然保持樂觀。

And finally, and relative to our long-term strategy model, I'll conclude by highlighting, we compound cash flow. That's our job. Our cash flows are remarkably durable, as demonstrated this year. We do this by operating a portfolio of businesses that have leading positions in small, niche and growing markets.

最後，並且相對於我們的長期策略模型，我想以一點作結：我們讓現金流複利成長。這就是我們的工作。如今年所示，我們的現金流極具韌性。我們透過經營一個由在小型、利基且成長型市場中具領先地位的企業所組成的投資組合來做到這一點。

Also, our businesses, whether product or software, deliver highly application-specific or vertical solutions. Taken together, our businesses are awarded with intense customer intimacy. This intimacy allows us to innovate at the pace required by our customers. Our businesses have high-margin and asset-light economic models that naturally generate high levels of operating cash flow as they grow. To this end, we incent our management teams based on growth.

此外，我們的業務不論是產品或軟體，都提供高度應用特定或垂直領域的解決方案。綜合而言，我們的業務擁有高度的客戶緊密度。這種緊密度使我們能以客戶所需的速度進行創新。我們的業務具備高毛利、輕資產的經濟模型，隨著成長自然能產生高水準的營運現金流。因此，我們以成長作為對管理團隊的激勵依據。

And finally, we take the excess free cash flow generated by our businesses, and by this, we mean the cash flow that the businesses generate beyond investments required to drive organic growth, combine it with investment-grade leverage and acquire businesses that have better cash returns than our existing company that, in turn, improve Roper and further accelerate our cash flow compounding. This very model, this very strategy are the simple ideas that deliver our powerful results.

最後，我們將各業務所產生的超額自由現金流—也就是在推動有機成長所需投資之外所產生的現金流—結合投資級槓桿，去收購現金報酬率優於我們既有公司的企業；這反過來能改善 Roper，並進一步加速我們現金流的複利成長。正是這個模型、這個策略，以簡單的理念帶來我們強勁的成果。

So with that, let's get to your questions.

那麼，接下來我們開始回答各位的問題。

(Operator Instructions) Our first question will come from Deane Dray with RBC Capital Markets.

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

I was hoping you could quantify the revenue pushout for the New York City congestion tolling project. We've been thinking $30 million in the fourth quarter. So that's obviously lower. But hopefully, you can quantify that. And can you clarify whether there's been any change in scope? Or are these pushouts more as a result of COVID kind of logistics?

我希望你們能量化一下紐約市壅塞收費專案的營收遞延幅度。我們原本預期第四季是 3,000 萬美元。所以顯然會更低。但希望你們能量化說明。另外能否釐清一下，專案範疇是否有任何變動？或者這些遞延主要是 COVID 造成的物流等因素？

Yes. Deane, it's Neil. I'll take the second half of your question and give the first half to Rob. So the scope is completely unchanged. The project continues. It's just slower, pushing a little bit, as we discussed in the prepared remarks into next year. But yes, the scope is fully intact.

是的。Deane，我是 Neil。你問題的後半段我來回答，前半段交給 Rob。所以專案範疇完全沒有改變。專案仍在持續進行。只是進度較慢、稍微往後推，如同我們在事先準備的講稿中提到的，會推到明年。但沒錯，範疇完全不變。

Yes. So it's continuing, as Neil mentioned. And so there's -- now, we've got about $100 million for the project this year, right? So maybe that's down $10 million or so versus what we said last quarter.

是的。所以如 Neil 所說，專案仍在持續。因此—目前我們今年對該專案大約是 1 億美元，對吧？所以可能比我們上季所說的少了約 1,000 萬美元左右。

Got it. And then I don't know if it would be Neil or Rob, but could you expand the point on fourth quarter seasonality? Maybe you can start with the free cash flow expectations because just given the macro, you're concerned about what might be seasonally normal, what might not happen or play out the same.

了解。接著我不確定是 Neil 或 Rob，但能否再延伸談談第四季的季節性？也許可以先從自由現金流的預期談起，因為在目前宏觀環境下，你們可能會擔心哪些是季節性正常表現、哪些可能不會發生或不會以相同方式呈現。

And then within the businesses, is there -- just remind us on where and how you would expect a seasonal impact in the fourth quarter?

另外在各項業務中，能否提醒我們第四季你們預期季節性影響會出現在哪裡、以及如何呈現？

Sure. So on cash flow, as I mentioned earlier, we feel great about where the conversion is year-to-date. And Q4 is generally a high cash conversion quarter because of the annual billing of the software businesses and the fact that we don't have -- most of the tax payments are usually in the first half of the year. So the tax payments are less in the fourth quarter.

當然。就現金流而言，如我先前提到的，我們對今年迄今的轉換率表現感到非常滿意。而第四季通常是現金轉換較高的一季，原因在於軟體業務的年度開立帳單，以及我們沒有—大部分稅款通常在上半年支付。因此第四季的稅款支付較少。

On the seasonality, so yes, I think it's a good point. I mean, normally, if you go back historically, right, when Roper was more of the cyclical businesses of a percent, you'd get the Q4 bump in what used to be our energy segment. So there's some of that. I think, sequentially, we still have. It's just a very small part of Roper.

至於季節性，是的，我認為這點提得很好。我的意思是，若回顧歷史，當 Roper 過去較偏向循環性業務時，你會在第四季看到我們以前能源事業部的拉升。所以有一些這樣的因素。我認為就環比而言，我們仍然有。只是它在 Roper 中占比非常小。

What's happening this year, as Neil mentioned, is our medical products businesses, really specifically Verathon, had an enormous second and third quarter driven by the COVID surge. And so their fourth quarter versus the third quarter is down about $30 million of revenue. And they're still up quite a bit year-over-year. And we're hopeful that happens, right? If the COVID surge gets worse, then Verathon will sell more products, but we're hoping that doesn't happen. So that's what's all included in our guidance for Q4.

今年發生的情況，如 Neil 所提到的，是我們的醫療產品業務，特別是 Verathon，在 COVID 激增帶動下，第二季與第三季表現非常強勁。因此他們第四季相較第三季，營收約少 3,000 萬美元。但年對年仍然成長不少。而我們希望會是這樣，對吧？如果 COVID 激增更嚴重，Verathon 會賣出更多產品，但我們希望不要發生那種情況。所以這些都已包含在我們第四季的指引之中。

Our next question will come from Allison Poliniak with Wells Fargo.

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

I just want to go to your comments around iTrade and Foundry, understanding COVID certainly having disruption. But obviously, those markets are quite a bit more challenged than maybe others. Are you seeing any sort of longer-term impairment to some of those customers? Any color there?

我想回到你們對 iTrade 和 Foundry 的評論，理解 COVID 確實造成干擾。但顯然，這些市場比其他市場更具挑戰。你們是否看到部分客戶出現任何長期性的損害？能否提供一些說明？

I don't think so at all. Take iTrade, as I mentioned in our prepared remarks, I mean, that business is partially indexed to sort of the institutional food and that's also partially indexed to retail. So institutional down, retail up, it just balances a little bit towards the negative. The renewal rates for the more institutional side have been fine. There's not -- they're not dropping off. Obviously, the contract sizes have gotten a little smaller, but the retention rates of the actual customers are the same.

我完全不這麼認為。以 iTrade 為例，如我在事先準備的講稿中提到的，那項業務部分與機構餐飲相關，也部分與零售相關。因此機構端下滑、零售端上升，整體只是稍微偏向負面。機構端的續約率一直都很好。並沒有—客戶並未流失。當然，合約規模變得稍微小一些，但實際客戶的留存率維持不變。

On Foundry. Foundry has had a good year. Recurring revenues are up. The EBITDA is up in that business. It's just there's the way that the flow of work happens in converting live production into post and to releasing content, either film or television. There was a fair amount of backlog being worked on in the first half of the year. Then there was this pause in 2Q of live action. Came back on slowly in Q3. It's fully ramped up right now across the globe. That creates more content for post. And so there's a couple of quarters inside the middle of this year where the number of net new software sales to new customers paused or waned a bit. But the recurrence was high, and we expect that to fully bounce back as the pipeline is filling back up with content.

關於 Foundry。Foundry 今年表現不錯。經常性收入上升。該業務的 EBITDA 也上升。只是工作流程在把現場製作轉換到後期、再到內容發行（無論是電影或電視）時，本來就有其節奏。上半年處理了相當多的積壓案量。接著第二季真人實拍出現暫停。第三季才慢慢恢復。目前在全球已完全拉升至滿載。這會為後期製作帶來更多內容。因此，今年中間有幾個季度，對新客戶的淨新增軟體銷售出現暫停或略有走弱。但經常性收入維持高檔，我們預期隨著內容管線重新補滿，將會完全反彈。

Understood. And then just kind of going back to TransCore and some of the other projects. Anything tied to municipal in your portfolio that you're starting to see incremental challenges or delays there?

了解。那再回到 TransCore 和其他一些專案。你們投資組合中有任何與市政相關的項目，開始看到額外的挑戰或延遲嗎？

I would say no. I mean, if you -- on the municipal side, the -- on TransCore, no. I mean, the bidding activity, the sort of the sales pipeline, TransCore are quite good. There are a large number of projects that are sort of in the process of being awarded now. So that's a good leading indicator.

我會說沒有。我的意思是，如果你看——在市政端——就 TransCore 而言，沒有。我的意思是，投標活動、也就是銷售管線，TransCore 都相當不錯。目前有大量專案正處於即將決標的過程中。所以那是一個很好的領先指標。

The municipal budgets at Neptune are largely intact and then renewed, and sort of dollars are being spent against them on that municipal side. So no, I mean, I think we feel pretty good about the spending -- the budgets that are out there to be spent across the municipal parts of our business.

Neptune 的市政預算大致維持完整，且也已續編，市政端的資金也正在依此支出。所以沒有，我的意思是，我們對於市政業務各部分可供支出的預算——以及正在支出的預算——感覺相當不錯。

Yes. It's really just projects slowing, which is probably mostly due to COVID, right? It’s just things are just taking longer to get going at TransCore for the most part.

是的。主要就是專案進度放慢，這大概多半是因為 COVID，對吧？基本上在 TransCore 這邊，事情只是需要更久時間才能啟動。

Our next question will come from Christopher Glynn with Oppenheimer.

下一個問題來自 Oppenheimer 的 Christopher Glynn。

I was curious about Sunquest. It sounds like you have some fresh momentum going there. Are you moving past the kind of net attrition, modest slide that, that business has been seeing?

我想問 Sunquest。聽起來你們那邊有一些新的動能。你們是否正在走出該業務先前出現的淨流失、溫和下滑？

So I characterize Sunquest -- hey, they've had just a great year. They're actually going to be up a little bit in EBITDA this year versus last year based on all the activity that's going on around COVID and a little bit of strength we're seeing in the diagnostic -- the molecular part of their business, a new product offering and some public health offerings they have as well.

我會這樣形容 Sunquest——嘿，他們今年表現非常好。基於 COVID 相關的各項活動，以及我們在診斷——分子檢測這一塊看到的一些強勁表現、再加上一個新產品供應與一些公共衛生方案，他們今年的 EBITDA 實際上會比去年小幅成長。

That said, I think we still got -- I sort of view this year as a pause in the longer-term trend. I would expect that business to have faced a little bit, maybe a year or so, maybe -- it's hard to pinpoint it precisely, but, call it, a year to 2 of headwinds. Then it will normalize, stabilize and get back into sort of maybe a low single-digit organic growth sort of business.

話雖如此，我認為我們仍然——我把今年視為長期趨勢中的一個暫停點。我預期該業務仍會面臨一些逆風，可能還要一段時間，也許一年左右——很難精準界定，但大概是一到兩年的逆風。之後會回到正常、趨於穩定，並回到大概低個位數的有機成長型態。

Okay. And as you're focused on debt reduction in the next year, 1.5 years, would you still anticipate some EPSis or WELIS type of additions to existing platforms?

好的。那在你們未來一年到一年半專注於降債的同時，是否仍預期會有像 EPSi 或 WELIS 這類對既有平台的補強式併購？

It was going to be -- the bar is very high for those. It wouldn't surprise me. That said, if there was at a little bit of bolt-on activity, but our principal focus here is to deleverage for the next year or so.

那會——門檻會非常高。我不會感到意外。話雖如此，如果有一些小型補強式併購活動也有可能，但我們接下來一年左右的主要重點是去槓桿、降低負債。

Our next question will come from Steve Tusa with JPMorgan.

下一個問題來自 JPMorgan 的 Steve Tusa。

Can you just give us some color on how -- with a little more precision, your revenue performed in licensed, maintenance and recurring? I mean, you guys are definitely giving a lot more really solid color directionally on this stuff. But just love to understand. You can talk about it enterprise-wise, if you want. Just a little more precision on kind of how those 3 buckets performed in the quarter.

你能否更精準地說明一下——你們在授權、維護與經常性收入這幾塊的營收表現如何？我的意思是，你們確實在這些項目上提供了更多、方向性很清楚的資訊。但我想更了解。如果你願意，也可以用企業整體的角度來談。就這三個桶（類別）在本季的表現，能否再更精準一些？

Yes. So I think overall, recurring revenue, which, right, is maintenance plus subscription, as I think Neil mentioned earlier, was up mid-single digits. The licensed and the services piece is impacted by COVID, as we talked about, all throughout the year. So there's some declines there, and that's what get you to that -- basically, overall, the software businesses were in line, a tad better than we had coming in, really, since the pandemic began.

可以。所以我想整體而言，經常性收入——也就是維護加上訂閱，如同 Neil 先前提到的——成長約中個位數百分比。授權與服務的部分如我們所談，全年都受到 COVID 影響。因此那邊有一些下滑，而這也使得——基本上整體來看，軟體業務表現符合預期，甚至比我們在疫情開始時的預期略好一些。

I think overall, our software revenue is about 80% recurring, and that's the maintenance and the subscription piece, which continues to grow. Our retention rates continue to be very, very high. So it all bodes well for next year when the services and the perpetual stuff should start to come back.

我想整體而言，我們的軟體營收約有 80% 是經常性收入，也就是維護與訂閱部分，而且仍在持續成長。我們的續約／留存率仍然非常、非常高。所以當服務與永久授權的部分在明年開始回升時，整體前景會更好。

So I guess, shouldn't that be dilutive to margins for you guys? Is it -- aren't licensed higher margin than the recurring side?

那我想問，這不應該會稀釋你們的利潤率嗎？是不是——授權的毛利率不是比經常性收入更高嗎？

Yes. I mean, the perpetual…

是的。我的意思是，永久……

Not services.

不是服務。

Yes, perpetual licenses or high-margin services is the lowest margin part of a software business, and recurring revenue was quite high, as you know. Also, these -- not just us, pretty much every business on the planet, their cost structure is lower this year because of the COVID -- you just couldn't spend money on travel and customer meetings and things like that. So that became a natural offset to some of the perpetual headwinds.

是的，永久授權——或高毛利的服務——服務是軟體業務中毛利率最低的部分，而經常性收入如你所知相當高。另外，不只是我們，幾乎地球上每一家企業，今年的成本結構都比較低，因為 COVID——你就是無法在差旅、客戶會議等方面花錢。所以這自然抵消了部分永久授權的逆風。

Our next question will come from Julian Mitchell with Barclays.

下一個問題來自 Barclays 的 Julian Mitchell。

This is Joao on for Julian. Maybe just asking on, you guys mentioned, the short-cycle business seeing a bit of recovery here. Any -- is there any color you can give on sort of how the cadence of that has looked? Was there some pent-up demand earlier in the quarter? Or are we still seeing kind of more gradual sequential improvement that should continue ahead?

我是 Joao，代 Julian 提問。想請教一下，你們提到短週期業務這邊開始看到一些復甦。你們能否分享一下其節奏大概是怎麼走的？本季稍早是否有一些被壓抑的需求釋放？還是我們仍看到較為逐步的環比改善，並且應該會持續向前？

Yes. I appreciate the question. As you know, it's such a small part of our business. We reported and talked about last quarter is the consumable piece was starting to pick up. That continued -- the strength of that continued through the quarter. Then we saw some pickup of the capital spending, particularly at our Struers business. I think the pace throughout the quarter was just improving a little bit sequentially through the quarter. I mean it was pretty straightforward for us.

是的。謝謝這個問題。如你所知，這在我們業務中占比很小。我們上季報告並提到耗材部分開始回升。這股強勁在本季持續。接著我們也看到資本支出有些回升，特別是在我們的 Struers 業務。我認為整個季度的節奏就是逐步環比改善一些。對我們來說相當直接明確。

Yes, very gradual sequential improvement. That's a good way of stating it.

是的，非常逐步的環比改善。這樣說很貼切。

And then, Rob, you touched on it earlier, but obviously, we're seeing COVID cases and hospitalization rates kind of going up over the past week or 2. How does this kind of line up with the Q4 outlook and sort of the expectations for the medical businesses that are benefiting from COVID, the ones that are sort of -- would benefit from more normalization?

然後，Rob，你先前也提到過，但很明顯地，我們看到過去一到兩週 COVID 病例數與住院率有點上升。這樣的情況與第四季展望，以及那些因 COVID 而受惠的醫療業務、以及那些在更趨正常化時會受惠的業務之預期，彼此是如何對應的？

Yes. So we've really had 5 businesses this year, right, that have benefited from COVID financially, Verathon-IPA, we talked a lot about, and our 3 businesses in our laboratory software platform. And they're all at the front lines of fighting this thing. And so there would be some give and take if COVID surged and you had more hospitalizations, which I don't think has happened yet. If that started to happen, then those businesses would probably do more and then that could hurt other areas. So it's great having this big diversified portfolio of businesses, whereas, we'll do great in a post-COVID world, we can't wait for it to happen, but you get a little bit of financial benefit in the short term.

是的。所以今年我們確實有 5 個業務，對吧，在財務上受惠於 COVID：我們談了很多的 Verathon-IPA，以及我們實驗室軟體平台中的 3 個業務。而且它們都在對抗這件事的第一線。因此，如果 COVID 再度升溫、住院人數增加（我認為目前還沒發生），就會有一些此消彼長。如果那開始發生，那些業務可能會做得更好，而這可能會傷到其他領域。所以擁有這樣一個高度多元化的業務組合很棒；我們在後 COVID 的世界會表現得很好，我們也迫不及待希望那一天到來，但短期內你也會得到一點財務上的好處。

Do you have anything to add to that, Neil?

Neil，你有什麼要補充的嗎？

No.

沒有。

Okay.

好的。

Our next question will come from Scott Davis with Melius Research.

下一個問題來自 Melius Research 的 Scott Davis。

What's -- I'm sure you guys have seen the news with all these new SPACs coming out. And it seems to be literally hundreds of them, but -- or many of them, I should say. Is there any concern that, that's going to provide a new competitor for you guys? Or do you think you're too niche for really that type of a vehicle?

我想——我相信你們都看到了新聞，現在有這麼多新的 SPAC 出來。看起來真的有數百個，不過——或者我該說很多。你們是否擔心這會為你們帶來新的競爭對手？還是你們覺得你們太利基，不太會被這種工具影響？

Yes. So we've spent a little bit of time on this. We've got some -- we studied with some advisers on this very question, Scott, a new competitor emerging for capital deployment. And our conclusion to that is no. And the reason is that a SPAC -- the seller is obviously doing a backdoor IPO. The seller is getting a percentage of their proceeds at closing, not the whole thing. And then you also -- there's other factors around the business dynamic and the leadership team and the ability for it to be a public company that investors have appetite for. And so principally, no. Could there be 1 or 2 on the fringe? Maybe, but it's not like a full-on competitor relative to our capital deployment.

是的。所以我們在這件事上花了一些時間。Scott，針對你這個問題——資本配置方面是否會出現新的競爭者——我們和一些顧問做了研究。我們的結論是否定的。原因是，SPAC——賣方顯然是在做一種借殼上市（backdoor IPO）。賣方在交割時拿到的是部分比例的對價，而不是全部。此外，還有其他因素，涉及企業動態、領導團隊，以及它是否具備成為投資人有興趣的上市公司之能力。所以原則上，不會。邊緣上會不會有 1、2 個？也許，但相對於我們的資本配置而言，它不算是全面性的競爭對手。

And by the way, SPACs have been around in big volume for the last 3 or 4 years. It's obviously increased a bit here. There'll be a lot of the SPAC money that doesn't get deployed or recycled. It's -- just because you raised it, it doesn't mean that the deal is going to happen. And so it's not a totally new phenomenon. It's just catching some, obviously, mainstream media right now.

順帶一提，SPAC 在過去 3、4 年一直以很大的量存在。很明顯地，最近又增加了一些。會有很多 SPAC 的資金最後沒有被部署，或是被回收再循環。也就是說——你募到錢，不代表交易就一定會發生。所以這不是一個全新的現象。只是現在顯然被主流媒體大量報導而已。

Yes. Makes sense. I'm glad you've studied it.

是的。有道理。我很高興你們有研究過。

But I've got a question about Vertafore. The SaaS versus perpetual obviously are higher than most of the other software businesses you have. Is there a particular reason why that product sells better into a SaaS versus perpetual? Or is it how you go to market and how you price it? Is it the product or is it the pricing, I guess, is kind of the question.

不過我有一個關於 Vertafore 的問題。你們那邊 SaaS 相對於永久授權（perpetual）的比重，顯然高於你們多數其他軟體業務。是否有特定原因讓那個產品在 SaaS 模式下比永久授權更好賣？還是說是你們的市場進入方式與定價方式？我想問的是：是產品本身，還是定價？

Well, I think that they started the journey to migrating to SaaS earlier than many of our other businesses. So they just got to the point where they have about 80% deployed in SaaS and a little over 90% recurrence for their revenue stream, where, for instance, Deltek is midstream in that conversion, going that way, by the way. I mean, Deltek is 75% recurring, pushing to 80% this year. It will get -- fast forward 5 years, it will look more like Deltek.

嗯，我認為他們比我們其他許多業務更早開始往 SaaS 遷移的旅程。所以他們只是走到了目前這個階段：大約 80% 已部署在 SaaS，上線後其營收流的經常性（recurrence）略高於 90%；而例如 Deltek 則正處於那個轉換的中段，順帶一提，它也正往那個方向走。我的意思是，Deltek 有 75% 的經常性收入，今年正推進到 80%。再往後看 5 年，它會更像 Deltek（的樣子）。

And then companies like CBORD, Aderant, PowerPlan are just beginning that migration, again, all of this paced by our customers. Our customers decide when they're ready to go to the cloud and when the value and when the timing is right for them. And because of that pacing, it elongates over multiple years. We don't run sort of any of this Adobe risk where you have the J-curve and go backwards before you go forward.

然後像 CBORD、Aderant、PowerPlan 這些公司才剛開始那個遷移；同樣地，這一切的節奏都由我們的客戶所決定。我們的客戶會決定他們何時準備好上雲、何時價值與時點對他們而言是合適的。而因為這樣的節奏，它會拉長到好幾年。我們不會去承擔那種 Adobe 式的風險——也就是你會出現 J 曲線，先倒退再前進。

And as we said many, many times, this is all a net growth driver for us. As you migrate that -- the maintenance part up to the cloud, you get an uplift on that. And then obviously, you're selling net new SaaS licenses, which drive your current revenue base up. I think it's just that Vertafore started earlier in this process than some of our other companies.

而且如同我們已經說過很多很多次，這整件事對我們而言都是淨成長的驅動因素。當你把——維護（maintenance）那一部分遷移到雲端時，你會在那上面得到一個上調（uplift）。然後很明顯地，你也在銷售淨新增的 SaaS 授權，這會把你目前的營收基礎往上推。我想只是 Vertafore 在這個流程上比我們其他一些公司開始得更早。

Our next question comes from Joe Giordano with Cowen.

下一個問題來自 Cowen 的 Joe Giordano。

I just wanted to understand the puts and takes in the guide here. So like -- I think you beat the midpoint of your prior guide by $0.22. You're raising the full year by $0.45. How much of that incremental is from the deals? And how would we think about like the core guidance ex the M&A versus what it was 3 months ago?

我只是想了解一下這次指引裡面的拉鋸因素（puts and takes）。例如——我認為你們比先前指引的中位數高出 0.22 美元。你們把全年上調了 0.45 美元。其中有多少增量是來自交易（deals）？我們該如何看待扣除併購（M&A）後的核心指引，相較於 3 個月前的變化？

Yes. So think of the deals, as $0.45 to $0.50, to the second half. Some of that we've got in Q3, about $0.12, and the rest in Q4. And then everything else is pretty much a wash. There's $0.04, $0.05 from tax. There's the Verathon and TransCore sort of pushed to the right. And then quite frankly, a lot of investment that we're doing in the fourth quarter is businesses like Verathon to continue to position ourselves well for next year. So think about the operational stuff as sort of washed in throughout M&A and the midpoint change.

是的。所以把交易的影響想成是下半年貢獻 0.45 到 0.50 美元。其中一部分我們已在第三季拿到，大約 0.12 美元，其餘在第四季。然後其他部分基本上大致相抵。稅務帶來 0.04、0.05 美元。Verathon 和 TransCore 有點往後遞延。坦白說，我們在第四季做了很多投資，像是 Verathon 這類業務，以便讓我們為明年做好更好的布局。所以把營運面的因素視為在併購與中位數變動之中大致被沖抵。

Okay. Fair enough. And then just curious on Deltek. Like have you -- what are your guys there saying about like the potential for that business in the Biden administration, given the spending plans that they have, things like that.

好的。可以。另外想問一下 Deltek。你們那邊的人怎麼看這個業務在拜登政府下的潛力？考量到他們的支出計畫之類的。

Yes. It's often -- it's a frequent question around elections for Deltek. That goes back a lot of years, many elections. And what -- the short answer is either administration, either way is fine for Deltek. The principal reason for that is these government subcontractors just gravitate towards the rapid or fast current of government spending. And so for instance, with Obama, it was health care. If Biden wins, it's infrastructure. They'll just migrate into where that spending is.

是的。這在選舉期間對 Deltek 來說是個常見問題。這可以追溯很多年、很多次選舉。簡短的答案是：不管哪個政府、哪種結果，對 Deltek 都沒問題。主要原因是，這些政府分包商會自然地流向政府支出最湍急、最快的那股水流。例如在歐巴馬時期，是醫療保健。如果拜登勝選，那就是基礎建設。他們只會遷移到支出所在的地方。

There might be a few incremental sort of subcontractors -- government subcontractors that might show up in infrastructure bill, which might be a little bit incrementally beneficial for Deltek, but not a meaningful growth driver. We're -- the great thing about this business is it does well in almost any government spending environment because, as you know, government spending always increases.

可能會有少數一些增量性的分包商——政府分包商——可能會在基礎建設法案中出現，這對 Deltek 可能會帶來些許增量效益，但不會是有意義的成長驅動因素。我們——這門生意最棒的一點是，幾乎在任何政府支出環境下都能表現良好，因為如你所知，政府支出總是會增加。

Our next question comes from Blake Gendron with Wolfe Research.

下一個問題來自 Wolfe Research 的 Blake Gendron。

So we've been focused on the better-than-expected recovery in nonemergent hospital activity. You mentioned and you've been very descriptive with the Verathon and IPA impacts of COVID. So wondering if this health care recovery is driving somewhat of a subdued, nonemergent health care-exposed businesses versus the Verathon and IPA tailwinds. I'm just wondering how we, in aggregate, maybe frame the improvement in the nonemergent side of the health care business.

所以我們一直聚焦在非急診醫院活動復甦優於預期。你提到，而且你也非常詳細地描述了 Verathon 和 IPA 受到 COVID 的影響。因此想請教，這波醫療照護復甦是否正在推動某些與非急診醫療照護曝險相關的業務呈現較為低迷的狀態，與 Verathon 和 IPA 的順風形成對比。我想知道我們整體上該如何界定非急診端醫療照護業務的改善。

Yes. So the other medical products businesses that aren't Verathon, right, have been down this year quite a bit, so really double digits. And that's starting to moderate a little bit in the fourth quarter, where they're not -- they're going to be probably more flattish year-over-year. And then they would grow quite a bit coming out of that, right? These are the businesses, as Neil has mentioned, that grow mid-single digit organically like clockwork literally going back 10 years. And so as you get more procedures happening, then those businesses become -- get back to normal and probably have some catch-up as well.

是的。所以其他不是 Verathon 的醫療產品業務，今年下滑幅度相當大，確實是雙位數下滑。而在第四季開始稍微趨緩，它們不——年對年可能會更接近持平。然後在那之後它們會有相當不錯的成長，對吧？如 Neil 提到的，這些業務過去 10 年幾乎像時鐘一樣，內生成長率維持在中個位數。因此當更多手術量回來時，這些業務就會——回到正常水準，並且可能也會有一些補償性成長。

Yes. And just a little more color on that. I mean, hospitals, like a lot of businesses, right, when things got economically really challenged and patient volumes were down quite a bit in Q2 and coming into Q3, hospitals may have took dramatic cost actions on the operating side, but also basically froze all capital spending. And hospital budgets, as they cycle back in next year, there'll be some level of capital spending. And that's likely going to be on things that are more akin to what we do. I mean, we're like mainstream procedure type things, not esoteric or sort of super high technology that is super high dollar and sometimes questionable at the hospital level.

是的。再補充一點背景。我的意思是，醫院跟很多企業一樣，當經濟面臨很大挑戰、病患量在第二季大幅下滑並延續到第三季時，醫院可能在營運端採取了大幅的成本措施，但也基本上凍結了所有資本支出。而當醫院預算在明年重新循環回來時，會有一定程度的資本支出。而那很可能會用在更接近我們所做的事情上。我的意思是，我們屬於主流的手術/處置類型產品，不是那種冷門或超高科技、單價極高、且在醫院層級有時會被質疑其必要性的設備。

Understood. And just a follow-up here. So the question was asked last quarter. Businesses like DAT and ConstructConnect getting more sign-on, just given the sheer dynamism in the market, the shorter-cycle industrial recovery broadly seems to be plateauing or stabilizing. How do you expect this to impact new logos in some of these businesses versus the opportunity to expand existing customer touches through things like product enhancement? Perhaps R&D, maybe, is folded in here.

了解。再追問一下。這個問題上季也有人問過。像 DAT 和 ConstructConnect 這類業務，鑑於市場的高度動態性，簽約數有所增加；但整體而言，短週期的工業復甦似乎正在趨於平台或穩定。你預期這會如何影響這些業務的新客戶（new logos）獲取，相較於透過產品強化等方式擴大既有客戶觸及的機會？也許研發（R&D）也包含在這裡。

Yes. So a couple of things on ConstructConnect. The business has spent -- the team there spent, really, 3 years building the software capability that's part of the workflow of both general contractors and subcontractors and building product manufacturers. It's no longer just a content business essentially identifying leads for new projects, really working to drive habitualization of the software and the daily workflow of all the users.

是的。關於 ConstructConnect 有幾點。這項業務——那邊的團隊——其實花了 3 年打造軟體能力，讓它成為總承包商、分包商以及建材產品製造商工作流程的一部分。它不再只是內容型業務，本質上只是辨識新專案線索，而是更著力於推動軟體使用的習慣化，以及所有使用者的日常工作流程。

And so when you get into an environment like the one we're in, the environment opens up, meaning there's more people that are looking for work. So they come to ConstructConnect and buy the first product. The cross-sell into some of the workflow products, now, we actually have the ability to do it. And we're seeing a decent -- better than decent attach rates of multiple products. And importantly then, we're seeing what we hope to see, which is the increase of the daily use. And so we think the long-term retention rates will be higher.

因此當你進入像我們目前這樣的環境時，環境會打開，意思是有更多人在找工作。所以他們會來 ConstructConnect，先購買第一個產品。而對一些工作流程產品的交叉銷售，現在我們其實具備了這樣的能力。我們看到不錯——甚至高於不錯的多產品搭售率（attach rates）。而且很重要的是，我們也看到我們希望看到的情況，也就是每日使用量的提升。因此我們認為長期留存率會更高。

We think this is going to continue for quite some time. I mean, ConstructConnect services sub-10% of the market, and there's 90% of the market that is unvended. And that market, the one that's -- that unvended market is the one that is coming to ConstructConnect in an environment like this.

我們認為這種情況會持續相當一段時間。我的意思是，ConstructConnect 服務的市場不到 10%，而有 90% 的市場仍未被供應商覆蓋（unvended）。而在像這樣的環境下，正是那個未被供應商覆蓋的市場會來到 ConstructConnect。

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

問答環節到此結束。接下來我們將把時間交還給 Zack Moxcey，請他做結語。

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

感謝各位今天加入我們。我們期待在下一次財報電話會議中與各位交流。

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。感謝各位出席今天的簡報。您現在可以中斷連線。