Roper Technologies Inc (ROP) 2022 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) And now I'd like to turn the call over to Zack Moxcey, Vice President, Investor Relations. Please go ahead.

早上好。 Roper Technologies 電話會議現在開始。今天的電話正在錄音，（操作員說明）現在我想把電話轉給投資者關係副總裁 Zack Moxcey。請繼續。

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.

早上好，感謝大家加入我們，討論 Roper Technologies 第二季度的財務業績。今天早上和我一起參加電話會議的是總裁兼首席執行官 Neil Hunn； Rob Crisci，執行副總裁兼首席財務官； Jason Conley，副總裁兼首席會計官；和財務副總裁 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 prepared slides to accompany today's call, which are available through the webcast and are also available on our website.

今天早上早些時候，我們發布了一份新聞稿，宣布了我們的財務業績。新聞稿還包括今天電話會議的重播信息。我們為今天的電話會議準備了幻燈片，這些幻燈片可通過網絡廣播獲取，也可在我們的網站上獲取。

Now if you please turn to Page 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.

現在請翻到第 2 頁。我們從安全港聲明開始。在今天的電話會議期間，我們將做出前瞻性陳述，這些陳述受到本頁、我們的新聞稿和我們提交給美國證券交易委員會的文件中所述的風險和不確定性的影響。您應該在該信息的背景下收聽今天的電話。

And now please turn to Page 3. Today, we will discuss our results for the quarter primarily on an adjusted non-GAAP basis. During the quarter, Roper announced an agreement to sell a majority stake in our industrial businesses. Results for these businesses are reported as discontinued operations for all periods presented. Unless otherwise noted, the numbers shown in this presentation are on a continuing operations basis.

現在請轉到第 3 頁。今天，我們將主要根據調整後的非公認會計原則討論本季度的業績。在本季度，羅珀宣布了一項出售我們工業業務多數股權的協議。這些業務的業績報告為所有期間的終止經營。除非另有說明，否則本演示文稿中顯示的數字是基於持續運營的。

For the second quarter, the difference between our GAAP results and adjusted results consists of the following items: amortization of acquisition-related intangible assets; purchase accounting adjustments to commission expense; income tax restructuring expense associated with the pending sale of our industrial businesses; and lastly, we have adjusted our cash flow statement to exclude the cash taxes paid related to our 2021 divestitures. GAAP requires these payments to be classified as operating cash flow items even though they are related to the divestitures. Reconciliations can be found in our press release and in the appendix of this presentation on our website.

對於第二季度，我們的 GAAP 業績與調整後業績之間的差異包括以下項目：與收購相關的無形資產的攤銷；購買佣金費用的會計調整；與待售工業業務相關的所得稅重組費用；最後，我們調整了現金流量表，排除了與 2021 年資產剝離相關的現金稅。 GAAP 要求將這些付款歸類為經營現金流項目，即使它們與資產剝離有關。調解可以在我們的新聞稿和我們網站上本演示文稿的附錄中找到。

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

現在請翻到第 4 頁，我將把電話轉給 Neil。在我們準備好發言後，我們將回答電話參與者的問題。尼爾？

Thanks, Zack, and good morning, everyone. Thanks for joining us. This morning, we'll start by reviewing our second quarter highlights and financial results, then we'll review our segment detail and our increase out for the year, then get to your questions.

謝謝，扎克，大家早上好。感謝您加入我們。今天早上，我們將首先回顧我們的第二季度亮點和財務業績，然後我們將回顧我們的細分市場細節和今年的增長，然後回答您的問題。

Next slide, please. As we turn to Page 5, the main takeaways for today's call are: first, we had another great quarter of operational and financial performance, and we're increasing our outlook for the year; second, during the quarter, we entered into an agreement to divest the majority stake of our industrial businesses; and third, we have north of $7 billion of available M&A firepower.

請下一張幻燈片。當我們轉到第 5 頁時，今天電話會議的主要內容是：首先，我們的運營和財務業績又取得了一個很好的季度，我們正在提高對今年的展望；第二，在本季度，我們簽訂了剝離我們工業業務多數股權的協議；第三，我們擁有超過 70 億美元的可用併購火力。

Looking at the second quarter, we continue to be pleased with the quality of execution across our enterprise. This quarter is characterized by having very strong order activity and solid organic growth of 11%. Of particular importance, our growth was quite broad-based across our 3 segments. Consistent with our commentary during the last several quarters, not only did we grow nicely within the quarter, but the quality of the underlying businesses also improved as we saw our software recurring revenue base grow 12% on an organic basis.

展望第二季度，我們繼續對整個企業的執行質量感到滿意。本季度的特點是訂單活動非常強勁，有機增長達到 11%。特別重要的是，我們的增長在我們的三個細分市場中非常廣泛。與我們在過去幾個季度的評論一致，我們不僅在本季度內增長良好，而且基礎業務的質量也有所提高，因為我們看到我們的軟件經常性收入基礎有機增長了 12%。

In addition to our strong software growth, our product businesses performed very well in the quarter, experiencing very high levels of demand and record levels of backlog. Once we complete the divestiture of the majority interest of our industrial businesses, the quality of our portfolio will be significantly improved across several dimensions. First, we will be meaningfully less cyclical, with about 75% of our portfolio being software and the balance being medical and water products. Second, we'll have higher levels of recurring revenue, with 80% of our software revenue being recurring in nature. Also, a large percentage of our product revenue is reoccurring in nature, such as Neptune's replacement demand and our medical product consumables. And third, we'll be even more asset-light given a vastly improved working capital profile, one that generates significant increasing amount of cash as we continue to grow. And finally, with the closing of our industrial divestiture, which we anticipate will occur later this year, we'll have north of $7 billion of M&A capacity.

除了我們強勁的軟件增長外，我們的產品業務在本季度表現非常出色，需求水平非常高，積壓水平創歷史新高。一旦我們完成對工業業務多數股權的剝離，我們的投資組合質量將在多個方面得到顯著提高。首先，我們將顯著減少週期性，我們的產品組合中約有 75% 是軟件，其餘的是醫療和水產品。其次，我們將擁有更高水平的經常性收入，我們 80% 的軟件收入本質上是經常性收入。此外，我們產品收入的很大一部分是在性質上重複出現的，例如海王星的替換需求和我們的醫療產品消耗品。第三，鑑於營運資金狀況大大改善，我們將更加輕資產，隨著我們的持續增長，它會產生大量增加的現金。最後，隨著我們預計將在今年晚些時候完成的工業剝離，我們將擁有超過 70 億美元的併購能力。

We are very active in the M&A markets, but also remain super patient and highly disciplined to ensure optimal deployment of our available capital. We are confident in our ability to deploy this capital wisely, which in turn will further improve both the quality and scale of our enterprise. We are proud of our operating team for their execution, a very solid quarter. Now let me turn the call to Rob, who will walk through our financial summary. Rob?

我們在併購市場非常活躍，但也保持超級耐心和高度紀律，以確保我們可用資本的最佳部署。我們有信心明智地部署這筆資金，這反過來將進一步提高我們企業的質量和規模。我們為我們的運營團隊的執行感到自豪，這是一個非常穩健的季度。現在讓我把電話轉給 Rob，他將介紹我們的財務摘要。搶？

Thanks, Neil. Good morning, everyone. Turning to Page 6. Here, we want to briefly cover our Q2 performance compared to our guidance, including the industrial businesses now reported as part of discontinued operations due to the pending sale. On that apples-to-apples basis, our Q2 DEPS of $3.95 compares quite favorably to our guidance of $3.80 to $3.84, an $0.11 beat at the high end of our guidance. A very strong quarter.

謝謝，尼爾。大家，早安。轉到第 6 頁。在這裡，我們想簡要介紹與我們的指引相比的第二季度業績，包括由於待定出售而現在報告為停產業務的工業業務。在蘋果對蘋果的基礎上，我們 3.95 美元的第二季度 DEPS 與我們 3.80 美元至 3.84 美元的指導相比相當有利，比我們指導的高端高出 0.11 美元。一個非常強勁的季度。

Next slide. Turning to Page 7 and covering the Q2 financial highlights. Here, we will review some of the key financial metrics on a continuing operations basis, which is our reporting basis for earnings and guidance moving forward. Total revenue increased 10% to $1.31 billion. Organic revenue increased 11%, with strength across each of our 3 reporting segments. Application Software grew 7% organically as our 2 largest businesses, Deltek and Vertafore, continue to perform very well. Network Software grew 15% led by continued exceptional performance at our freight matching businesses. Finally, our new technology-enabled products segment grew 13% organically, aided by an excellent quarter from Neptune.

下一張幻燈片。轉到第 7 頁並介紹第二季度的財務亮點。在這裡，我們將在持續運營的基礎上審查一些關鍵財務指標，這是我們未來收益和指導的報告基礎。總收入增長 10% 至 13.1 億美元。有機收入增長了 11%，在我們的 3 個報告部門中的每一個部門都表現強勁。應用軟件有機增長 7%，因為我們最大的兩個業務 Deltek 和 Vertafore 繼續表現良好。在我們的貨運匹配業務持續出色表現的帶動下，Network Software 增長了 15%。最後，我們的新技術產品部門有機增長了 13%，這得益於海王星一個出色的季度。

EBITDA margin was 39.3%, resulting in EBITDA increasing 10% to $515 million. DEPS on a continuing ops basis was $3.43, 16% higher than last year. Net working capital is now negative 17% of Q2 annualized revenue as a result of our higher-quality portfolio.

EBITDA 利潤率為 39.3%，導致 EBITDA 增長 10% 至 5.15 億美元。持續運營的 DEPS 為 3.43 美元，比去年高出 16%。由於我們更高質量的投資組合，淨營運資本現在是第二季度年化收入的負 17%。

Q2 adjusted free cash flow was $252 million, which was 19% below prior year, but still represent a 17% 3-year CAGR versus 2019. Notably, like many technology companies, our cash flow was negatively impacted by the Section 174 R&D capitalization change that took effect for 2022. We paid $49 million in Q2 related to Section 174, and we expect to pay an additional $50 million for Section 174 in the second half. Importantly, this tax law change only impacts the timing of when the taxes are due, and not the overall amount of tax owed or our tax rate.

第二季度調整後的自由現金流為 2.52 億美元，比去年同期下降 19%，但與 2019 年相比，3 年復合年增長率仍為 17%。值得注意的是，與許多科技公司一樣，我們的現金流受到第 174 條研發資本化變更的負面影響該法案於 2022 年生效。我們在第二季度支付了與第 174 條相關的 4900 萬美元，我們預計在下半年為第 174 條支付額外的 5000 萬美元。重要的是，這項稅法變更僅影響應繳稅款的時間，而不影響所欠稅款的總額或我們的稅率。

Additionally, in the quarter, we made tax payments related to the gains on the 2021 divestitures of TransCore, Zetec and CIVCO Radiotherapy. Per our normal convention, those payments have been adjusted out of our cash flow. Finally, we are very pleased to announce the completion of our new 5-year $3.5 billion revolving credit facility. We are grateful for our bank group and their continued support, and I'd personally like to thank Shannon O'Callaghan sitting next to me for the excellent work in leading the process for Roper.

此外，在本季度，我們支付了與 2021 年剝離 TransCore、Zetec 和 CIVCO Radiotherapy 的收益相關的稅款。根據我們的常規慣例，這些付款已從我們的現金流中調整。最後，我們非常高興地宣布我們新的 5 年 35 億美元循環信貸額度已完成。我們感謝我們的銀行集團及其持續的支持，我個人要感謝坐在我旁邊的 Shannon O'Callaghan 在領導 Roper 流程方面所做的出色工作。

So in summary, with a $3 billion cash balance, our new revolver in place and the future proceeds from the closing of our industrial sale later this year, we are very well positioned for meaningful capital deployment. So with that, I'll turn it back over to Neil.

因此，總而言之，憑藉 30 億美元的現金餘額、我們的新左輪手槍以及今年晚些時候完成工業銷售的未來收益，我們為有意義的資本部署做好了準備。因此，我將把它交給尼爾。

Thanks, Rob. Congrats to you and your team for upsizing and extending our revolver, especially in these market conditions.

謝謝，羅伯。祝賀您和您的團隊升級和擴展我們的左輪手槍，尤其是在這些市場條件下。

As we turn to Page 9, we summarize for you our go-forward portfolio of 26 businesses arrayed across 3 segments: Application Software, Network Software and tech-enabled products. In the 8-K issued a few weeks ago, we provided historical annual and quarterly financial disclosures on this segmented basis. Also for the first time, we're breaking down our revenues by type. As you see, 61% of our total revenue and 82% of our software revenues are recurring or reoccurring in nature. 74% of our total revenues are software related.

當我們翻到第 9 頁時，我們為您總結了我們的 26 個業務組合，分佈在 3 個部分：應用軟件、網絡軟件和技術支持的產品。在幾週前發布的 8-K 中，我們在此細分基礎上提供了歷史年度和季度財務披露。同樣，我們第一次按類型細分收入。如您所見，我們總收入的 61% 和軟件收入的 82% 是經常性或經常性的。我們總收入的 74% 與軟件相關。

For several quarters, we've communicated how the quality of our revenue stream continues to improve. You can see this point well illustrated here. Our 11% organic growth is underpinned by a 12% growth in our software recurring revenue base. Further, you can see the breadth of the growth, growth in software and products. Our strategy for nearly 2 decades now has been to improve the quality of our enterprise, and this is clearly reflected on this page. We cannot be more excited for our future.

幾個季度以來，我們一直在傳達我們的收入流質量如何繼續提高。您可以在這裡很好地說明這一點。我們 11% 的有機增長得益於我們的軟件經常性收入基礎增長 12%。此外，您可以看到增長的廣度，軟件和產品的增長。我們近20年來的戰略一直是提高我們的企業質量，這一點在這個頁面上得到了清晰的體現。我們對我們的未來感到無比興奮。

Let's turn to Page 10 and walk through the 2Q highlights for our Application Software segment. Revenues here were $627 million, up 7% on an organic basis and EBITDA margins were 43.1%. Across this segment, we saw recurring revenue which is about 75% of the revenue for this segment increased 8% in the quarter. This recurring revenue growth is enabled by strong customer retention and continued migration to our SaaS delivery models. Across this group of companies, the financial strength was quite broad.

讓我們翻到第 10 頁，瀏覽我們應用軟件部門的第二季度亮點。這裡的收入為 6.27 億美元，有機增長 7%，EBITDA 利潤率為 43.1%。在該細分市場中，我們看到經常性收入約佔該細分市場收入的 75%，在本季度增長了 8%。這種經常性收入增長得益於強大的客戶保留率和持續遷移到我們的 SaaS 交付模式。在這組公司中，財務實力相當廣泛。

As we highlight a few businesses, we'll start with Deltek. The Deltek team posted another great quarter of strength across all end market serves, with particular strength in their construction contractor end market. In addition, Deltek continues to gain momentum, driving adoption to their cloud-based product offerings.

當我們重點介紹一些業務時，我們將從 Deltek 開始。 Deltek 團隊在所有終端市場服務中再創佳績，尤其是在其建築承包商終端市場。此外，Deltek 繼續獲得動力，推動採用基於雲的產品。

Vertafore had an excellent quarter, which was highlighted by strong ARR bookings activity and revenue growth. Also during the quarter, we completed the acquisition of MGA Systems. This tuck-in acquisition enhances Vertafore's ability to compete and win in the managed general agent segment of the property and casualty insurance ecosystem. CliniSys and Data Innovations continue to exhibit strong demand and operational strength. CliniSys continued its market share gains in the U.K.; DI continues to demonstrate product market fit by gaining share of wallet across large health systems and the VA.

Vertafore 的季度表現出色，強勁的 ARR 預訂活動和收入增長突顯了這一點。同樣在本季度，我們完成了對 MGA Systems 的收購。此次收購增強了 Vertafore 在財產和意外傷害保險生態系統的託管總代理領域的競爭和獲勝能力。 CliniSys 和 Data Innovations 繼續表現出強勁的需求和運營實力。 CliniSys 在英國的市場份額繼續增長； DI 通過在大型衛生系統和 VA 中獲得錢包份額，繼續展示產品市場契合度。

Strata continues to be super solid for us. The acquisition of EPSI has been exceedingly strong as Strata has successfully lifted and shifted many EPSI customers to the Strata cloud-based offering. At the same time, Strata continues to improve the legacy EPSI product release and support capability. We remain committed to meeting the EPSI and Strata customers where they are.

Strata 對我們來說仍然非常穩固。由於 Strata 已成功提升許多 EPSI 客戶並將其轉移到 Strata 基於雲的產品，因此對 EPSI 的收購非常強勁。同時，Strata 繼續改進傳統 EPSI 產品的發布和支持能力。我們仍然致力於滿足 EPSI 和 Strata 客戶的需求。

Finally, Aderant continues to be a solid performer for Roper, extending their share gains in the large law space. Aderant continues to see an acceleration of SaaS bookings activity, driving substantial increases in the recurring revenue base. Looking to the outlook for the second half of 2022 in this segment. We expect to see mid-single-digit growth for the balance of the year, driven by continued ARR momentum.

最後，Aderant 繼續成為 Roper 的穩健表現者，擴大了他們在大型法律領域的份額增長。 Aderant 繼續看到 SaaS 預訂活動的加速，推動了經常性收入基礎的大幅增長。展望該領域2022年下半年的前景。在持續的 ARR 勢頭的推動下，我們預計今年餘下時間將實現中個位數增長。

Turning to Page 11. Revenues in the quarter for our Network Software segment were $343 million, up 15% on an organic basis and EBITDA margins were strong at 52%. The 15% organic growth in this segment is underpinned by 19% growth in recurring revenue.

轉到第 11 頁。本季度我們網絡軟件部門的收入為 3.43 億美元，有機增長 15%，EBITDA 利潤率強勁，達到 52%。該細分市場 15% 的有機增長得益於經常性收入增長 19%。

As we dig into business-specific performance, our U.S. and Canadian freight matching businesses continued to be exceptional. The market conditions while slowing a touch on the carrier side of the network continue to be favorable. During the recent surge in transportation volumes, the market share of the ecosystem represented by the spot market increased as it became easier to transact volumes in the spot market compared to the contracted market. We believe this is a secular trend that DAT will benefit from over a multiyear arc. In addition, DAT continues to do a nice job of increasing revenue per user by both adding features and improving value capture. Finally, over a longer arc planning horizon, our freight matching businesses continue to be well positioned to enable the further digitization of the spot freight market.

隨著我們深入研究特定業務的表現，我們的美國和加拿大貨運匹配業務繼續表現出色。市場條件在放緩對網絡運營商的影響的同時繼續有利。在最近的運輸量激增期間，以現貨市場為代表的生態系統的市場份額有所增加，因為與合約市場相比，現貨市場的交易量變得更加容易。我們相信這是一個長期趨勢，DAT 將受益於多年的弧線。此外，DAT 通過添加功能和改進價值獲取，繼續在增加每位用戶的收入方面做得很好。最後，在更長的規劃範圍內，我們的貨運匹配業務繼續處於有利地位，以實現現貨貨運市場的進一步數字化。

Moving to Foundry. Our software business that enables live-action filming and computer-generated graphics to be combined in a single frame, continued their recent financial strength. Net retention is north of 110% and ARR grew double digits again. Foundry's success is rooted in their fast-paced innovation capability and favorable long-term market conditions. iTrade, our network food supply chain business and iPipeline, our life insurance SaaS business that tech enables the quoting and underwriting processes, each had solid customer additions, which helped drive strong air of growth in the quarter. Finally, our businesses which focus on alternate site health care, namely skilled nursing, assisted living and home health grew nicely in the quarter despite their customers' growth being constrained by staffing shortages. Proud of the execution here.

搬到鑄造廠。我們的軟件業務能夠將真人拍攝和計算機生成的圖形結合在一個幀中，這延續了他們最近的財務實力。淨留存率超過 110%，ARR 再次增長兩位數。 Foundry 的成功源於其快節奏的創新能力和有利的長期市場條件。 iTrade，我們的網絡食品供應鏈業務和 iPipeline，我們的人壽保險 SaaS 業務，技術支持報價和承保流程，每個都有穩固的客戶增加，這有助於推動本季度的強勁增長。最後，儘管客戶的增長受到人員短缺的限制，但我們專注於替代現場醫療保健（即熟練護理、輔助生活和家庭健康）的業務在本季度增長良好。為這裡的執行感到自豪。

Turning to the outlook for the balance of the year. We expect to see mid-single-digit organic growth for this segment, driven by continued recurring revenue momentum and moderating growth for our freight match businesses.

轉向今年餘額的展望。在持續的經常性收入勢頭和貨運匹配業務增長放緩的推動下，我們預計該部門將實現中個位數的有機增長。

As we turn to Page 12, revenues in our tech-enabled products segment were $340 million, up 13% on an organic basis despite the very challenging supply chain environment. EBITDA margins for this segment were 34.9% in the quarter.

當我們翻到第 12 頁時，儘管供應鏈環境非常具有挑戰性，但我們技術支持產品部門的收入為 3.4 億美元，有機增長 13%。本季度該部門的 EBITDA 利潤率為 34.9%。

Let's start with Neptune, which had record orders, revenue and quarter ending backlog. For a few quarters running, Neptune has been able to gain market share by being successful in keeping product lead times at industry-leading terms and releasing new products, both in terms of cellular connectivity and static meter reading technology. As a fun fact, Neptune turns 50 later this quarter and next year will mark our 20-year ownership anniversary, a great run so far with an even better forward view. Congrats, Don, to you and your team for building such a great company.

讓我們從海王星開始，它有創紀錄的訂單、收入和季度末積壓。連續幾個季度以來，Neptune 成功地將產品交貨時間保持在行業領先的水平，並在蜂窩連接和靜態抄表技術方面發布了新產品，從而獲得了市場份額。有趣的是，本季度晚些時候海王星將迎來 50 歲生日，明年將是我們擁有 20 年的周年紀念日，到目前為止，這是一個偉大的運行，具有更好的前瞻性。祝賀 Don，您和您的團隊建立瞭如此出色的公司。

Verathon, Northern Digital and each of our medical product franchises continue to see very strong ordering activity but were hampered by a variety of supply chain challenges during the quarter. That said, the teams are executing exceptionally well, and we remain confident in our ability to execute through these challenges. Looking over the horizon, each of our medical product businesses are benefactors of secular tailwinds, namely the increased demand for single-use devices and the aging of the population. As it relates to the outlook for the balance of the year, we expect to see high single-digit growth for this segment, underpinned by strong demand and backlog levels, but somewhat constrained by the current supply chain challenges.

Verathon、Northern Digital 和我們的每個醫療產品特許經營商繼續看到非常強勁的訂購活動，但在本季度受到各種供應鏈挑戰的阻礙。也就是說，這些團隊的執行力非常好，我們仍然對自己應對這些挑戰的能力充滿信心。放眼長遠，我們的每個醫療產品業務都是長期順風的受益者，即對一次性設備的需求增加和人口老齡化。由於它與今年餘下時間的前景有關，我們預計在強勁的需求和積壓水平的支撐下，該細分市場將實現高個位數增長，但在一定程度上受到當前供應鏈挑戰的限制。

Now please turn to Page 14, and let's review our updated and increased outlook for the balance of the year. As a reminder, last quarter, we increased our adjusted DEPS guidance to be between $15.50 and $15.75, which included $2.30 from our industrial businesses. Given our agreement to divest our industrial businesses, we are removing the $2.30 from our guidance model going forward. So on a new continuing ops basis, our previous guidance equates to $13.20 to $13.45.

現在請轉到第 14 頁，讓我們回顧一下我們對本年度餘額的更新和增加的展望。提醒一下，上個季度，我們將調整後的 DEPS 指引提高到 15.50 美元至 15.75 美元之間，其中包括來自我們工業業務的 2.30 美元。鑑於我們同意剝離我們的工業業務，我們將從未來的指導模型中刪除 2.30 美元。因此，在新的持續運營基礎上，我們之前的指導相當於 13.20 美元至 13.45 美元。

Based on our strong Q2 and second half visibility, we're now increasing our continuing ops guidance to be between $13.46 and $13.62. Embedded in this guidance is full year organic growth of 8% to 9%, again, on a continuing ops basis. As we look to the third quarter, we're establishing DEPS guidance to be in the range of $3.42 and $3.46.

基於我們強勁的第二季度和下半年的知名度，我們現在將我們的持續運營指導提高到 13.46 美元至 13.62 美元之間。本指南中包含 8% 至 9% 的全年有機增長，這也是在持續運營的基礎上。當我們展望第三季度時，我們將 DEPS 指導設定在 3.42 美元和 3.46 美元之間。

Now our concluding comments, and we'll get to your questions. As we turn to Page 15, we want to leave you with the same 3 points with which we started: first, we had a strong quarter of performance, and we're increasing the outlook for the full year; second, we took strategic actions to divest a majority stake in our industrial businesses; and third, we have a tremendous amount of M&A firepower north of $7 billion.

現在我們的結論性意見，我們將回答您的問題。當我們翻到第 15 頁時，我們想給您留下與我們開始時相同的 3 點：首先，我們有一個強勁的季度業績，我們正在提高全年的前景；第二，我們採取戰略行動，剝離工業業務的多數股權；第三，我們擁有超過 70 億美元的巨大併購火力。

As it relates to our strong start, we grew revenues organically 11%; EBITDA, 10%; and DEPS, 16%; and free cash flow has grown 17% on a 3-year compounded basis. We are lifting our full year organic growth in DEPS guidance based on the factors outlined during the call, specifically strong recurring revenue growth and a record demand for our product businesses. Finally, we have reloaded our balance sheet and continue to have a highly active and engaged pipeline of M&A opportunities. We have north of $7 billion of M&A available firepower.

由於這與我們強勁的開端有關，我們的收入有機增長了 11%； EBITDA，10%；和 DEPS，16%；自由現金流在 3 年復合基礎上增長了 17%。根據電話會議中概述的因素，特別是強勁的經常性收入增長和對我們產品業務的創紀錄需求，我們正在提高 DEPS 全年的有機增長。最後，我們重新加載了我們的資產負債表，並繼續擁有高度活躍和參與的併購機會管道。我們擁有超過 70 億美元的併購可用火力。

As mentioned at the start of today's call, our high levels of activity are equally matched with our patience and discipline, and we remain confident in our ability to deploy this capital to further improve the quality and scale of our enterprise, just as we've done over the past 2 decades. Finally, kudos to Rob and Shannon and the finance team for increasing the size and term of our $3.5 billion revolver.

正如今天電話會議開始時提到的那樣，我們的高水平活動與我們的耐心和紀律同樣相匹配，我們仍然有信心部署這筆資金以進一步提高我們企業的質量和規模，就像我們已經做到的那樣在過去的 2 年中完成。最後，感謝 Rob 和 Shannon 以及財務團隊增加我們 35 億美元左輪手槍的規模和期限。

As we turn to your questions, let us remind everyone that our strategy is the same: we compound cash flow by acquiring and growing niche market-leading technology businesses. This is what we've done for over 20 years and will continue to do so. In addition, our value creation and governance model remains unchanged. We operate a portfolio of market-leading businesses and defensible niches. Each of our businesses has high levels of recurring revenue, strong margins and competes based on customer intimacy, which yields highly resilient organic growth rates.

當我們轉向您的問題時，讓我們提醒大家，我們的戰略是相同的：我們通過收購和發展利基市場領先的技術業務來增加現金流。這是我們 20 多年來所做的事情，並將繼續這樣做。此外，我們的價值創造和治理模式保持不變。我們經營一系列市場領先的業務和可防禦的利基市場。我們的每項業務都擁有高水平的經常性收入、強勁的利潤率和基於客戶親密度的競爭，從而產生了極具彈性的有機增長率。

We operate a highly decentralized operational structure that focuses on long-term business building. Our culture sets a very high bar for performance and focuses on continually improving. We are all paid to grow, which reinforces our culture of transparency, nimbleness and humility. Finally, we redeployed the vast majority of our capital to acquire the next great business. We do this with a centralized corporate resource team in a highly disciplined, thoughtful and analytical manner. This strategy, unchanged, delivers compounded and superior long-term shareholder value.

我們運營高度分散的運營結構，專注於長期業務建設。我們的文化為績效設定了非常高的標準，並專注於持續改進。我們都因成長而獲得報酬，這強化了我們透明、靈活和謙遜的文化。最後，我們重新部署了絕大多數資本來收購下一個偉大的企業。我們以高度紀律、深思熟慮和分析的方式與集中的企業資源團隊合作。這一戰略不變，提供複合和卓越的長期股東價值。

So thanks for joining us this morning. And with that, let's open it up to your questions.

感謝您今天早上加入我們。有了這個，讓我們敞開心扉回答你的問題。

(Operator Instructions) And the first question comes from Deane Dray with RBC Capital Markets.

（操作員說明）第一個問題來自 RBC Capital Markets 的 Deane Dray。

Congrats on the first earnings report under the new look, Roper.

恭喜羅珀，新面貌下的第一份收益報告。

Thank you. Thank you.

謝謝你。謝謝你。

If we could start, I really like the new breakout on revenue on Page 9 as well as Page 19 in the appendix, which shows you the same information broken out by segment. How do you expect that mix to change over the next couple of years, especially in the conversion and migration to SaaS?

如果我們可以開始，我真的很喜歡第 9 頁和附錄中第 19 頁的新收入突破，它向您顯示了按細分市場細分的相同信息。您預計這種組合在未來幾年會發生怎樣的變化，尤其是在向 SaaS 的轉換和遷移方面？

Yes, Deane. So really, the -- in the recurring line, that 54% line on Page 9, embedded in that line is both the on-premise maintenance and the SaaS. And so the migration will happen inside of that line. Now what we'll see is it'll -- as that happens, we get an uplift from the on-prem maintenance to the SaaS because you're delivering more value, and so you'll see sort of a long-term multi-multiyear tailwind in that line, but it happens and the conversion happens within that singular line.

是的，迪恩。所以真的，在經常性行中，第 9 頁上的 54% 行，嵌入在該行中既是內部維護又是 SaaS。因此遷移將發生在該行內。現在我們將看到它會——當這種情況發生時，我們從本地維護到 SaaS 得到提升，因為您提供了更多價值，因此您將看到一種長期的多- 這條線上的多年順風，但它發生並且轉換發生在這條單線內。

Okay, that's helpful. And then for Rob, look, we're all kind of calibrating the Section 174 and the impact, and I'm glad you added that one sentence that says it doesn't change the total amount, it just changed the timing of the tax payments. Just clarify how that plays out for the course of the year and the comps for next year. And then is there -- on the working capital, that negative 17%, is that the new run rate based upon the new earnings and mix for Roper going forward? And is there still upside to that?

好的，這很有幫助。然後對於 Rob，看，我們都在校準第 174 條及其影響，我很高興你補充說它不會改變總量，它只是改變了稅收的時間付款。只需澄清這一年的過程和明年的比賽如何發揮作用。然後是 - 關於營運資本，負 17%，是基於 Roper 未來的新收益和組合的新運行率嗎？那還有什麼好處嗎？

Yes, yes. So on working capital, yes. I mean the 17% is the run rate. I think there is upside, right? We expect to grow these software businesses. As they continue to grow, they'll generate more cash and working capital should get more negative over time. Yes, on 174, it is -- it will be a total $100 million headwind for this year. So it's basically around $25 million a quarter we paid.

是的是的。所以關於營運資金，是的。我的意思是 17% 是運行率。我認為有好處，對吧？我們希望發展這些軟件業務。隨著它們的持續增長，它們將產生更多的現金，隨著時間的推移，營運資金應該會變得更加負值。是的，在 174 年，今年的逆風總額將達到 1 億美元。所以基本上我們每個季度支付的費用約為 2500 萬美元。

As you know, we make 2 tax payments in the second quarter, that's why it was $49 million in the quarter. Yes. So obviously, there's been a lot said about this. The law could change at some point, and then we'd get that money back. So it's really just -- you look at the same deductions over time, but certainly, now you have to wait for the deductions basically.

如您所知，我們在第二季度繳納了 2 次稅款，這就是該季度為 4900 萬美元的原因。是的。很明顯，關於這個問題已經有很多說法了。法律可能會在某個時候改變，然後我們會拿回這筆錢。所以這真的只是 - 隨著時間的推移，你會看到相同的扣除額，但可以肯定的是，現在你基本上必須等待扣除額。

And the next question comes from Christopher Glynn with Oppenheimer.

下一個問題來自克里斯托弗·格林和奧本海默。

So I wanted to talk about the new segment a little bit in the medical products. Talk -- seeing if you could break out some of the supply chain impacts on margins, the revenue gating aspect and any abnormal kind of levels of backlog, how you'd characterize that, how to think about it.

所以我想談談醫療產品中的新細分市場。談話——看看你是否可以打破供應鏈對利潤率、收入門控方面和任何異常的積壓水平的影響，你會如何描述它，如何思考它。

Yes. So the performance was very good. So we're certainly, like everyone else who sells products, have some supply chain issues. I mean backlog is, I think, double if you look where we are this year versus the same time last year. So there's plenty of opportunity to continue to grow the revenue. A little bit of margin impact. We think that gets a little bit better in the second half. I think our business has done a great job of pushing through price. And so that takes some time to start to sell the products at a higher price versus the cost. So I think that's a little bit better over time. But everyone is managing it really, really well. So we feel really good about our operations.

是的。所以表現非常好。因此，我們當然與其他銷售產品的人一樣，存在一些供應鏈問題。我的意思是，如果你看看我們今年的情況與去年同期相比，我認為積壓是兩倍。因此，有很多機會繼續增加收入。一點邊際影響。我們認為下半場情況會好一些。我認為我們的業務在推動價格方面做得很好。因此，開始以更高的價格銷售產品需要一些時間。所以我認為隨著時間的推移會好一些。但是每個人都在管理它，非常非常好。所以我們對我們的運營感覺非常好。

Okay. And for a follow-up, if you look at Slide 12, the tech-enabled products, the EBITDA margins are down about 5.5 points Q2 this year versus 2020 second quarter. Just can you talk just conceptually about that bridge, what that gap represents?

好的。接下來，如果您查看幻燈片 12，即技術支持的產品，今年第二季度的 EBITDA 利潤率與 2020 年第二季度相比下降了約 5.5 個百分點。你能不能從概念上談談那座橋，那個差距代表什麼？

Yes. So 2020 was an outlier because of the big Verathon quarter with the -- in the heart of COVID. So that's when Verathon had that just extremely strong growth as we're trying to fight the virus. And so I think probably '19 is a little bit more normalized from a margin standpoint. But we do think that those margins should tick up over time.

是的。因此，2020 年是一個異常值，因為 Verathon 的大季度位於 COVID 的核心。因此，當我們努力抗擊病毒時，Verathon 實現了極其強勁的增長。所以我認為從利潤的角度來看，19 年可能會更加規範化。但我們確實認為這些利潤率應該會隨著時間的推移而上升。

And the next question comes from Scott Davis with Melius.

下一個問題來自 Scott Davis 和 Melius。

I wanted to talk a little bit about price. Is there -- I imagine the price escalators in the SaaS. Is it -- is there some sort of basis like CPI? Is it half a CPI? I mean can you give us just a little bit color there, how you think how price gets passed through and those things?

我想談談價格。有沒有——我想像 SaaS 中的價格自動扶梯。是不是——有像CPI這樣的基礎嗎？是CPI的一半嗎？我的意思是你能不能給我們一點顏色，你認為價格是如何通過的以及那些東西？

Yes. So there's -- and price -- if you're -- obviously, you're specifically talking about software. I mean there's -- the way you sort of capture price and value capture in software is a little bit different than the product. So in the software, you're right, for all that subscription and maintenance is generally tied to a CPI plus a touch which is -- so we're able to see price.

是的。所以有 - 和價格 - 如果你是 - 顯然，你是在專門談論軟件。我的意思是——你在軟件中捕捉價格和價值的方式與產品有點不同。所以在軟件中，你是對的，因為所有訂閱和維護通常都與 CPI 和触摸相關聯——所以我們能夠看到價格。

The other thing that's just also just naturally embedded in the software business is price. I mean it's a part of the growth algorithm in each and every year. The customers are used to taking price. And it's -- and obviously, with inflation, interest rates higher, then there'll be a little bit more price. The offset to that is the cost structure in the software businesses increase through increasing labor wages, but it happens over a longer arc of time, and it's less spiky than what you see in the product businesses. So naturally, as the pipeline of that is you get a nice matchup of the increase of labor cost with the pricing on the software part of our business.

另一件自然而然地嵌入軟件業務的是價格。我的意思是它是每年增長算法的一部分。客戶習慣於定價。它是 - 很明顯，隨著通貨膨脹，利率更高，那麼價格會更高一些。對此的抵消是軟件業務的成本結構通過增加勞動力工資而增加，但它發生的時間更長，而且它不像您在產品業務中看到的那樣尖銳。因此，自然而然地，您可以很好地匹配勞動力成本的增加與我們業務軟件部分的定價。

And is there a difference in kind of pricing when you think about recurring versus nonrecurring? It's kind of Dean's question. I was a little confused in your answer, and maybe just because I only had one cup of coffee. But is there a difference -- I mean, you mentioned you kind of add more value and you get a little bit more price, but go back and talk to me like I'm 3-year old.

當您考慮經常性與非經常性時，定價類型是否存在差異？這是Dean的問題。我對你的回答有點困惑，也許只是因為我只喝了一杯咖啡。但是有區別嗎？我的意思是，你提到你增加了更多的價值，你得到了更多的價格，但是回去和我說話，就像我 3 歲一樣。

Okay. So apologies if I was confusing. So there's 2 issues we're talking about. So on price, on software; if you're a well-run software company, you're taking price on both the cost of the software in a perpetual world and the maintenance on that. So you move them up in tandem, where you don't end up in sort of a challenging thing that some software companies do that ends up being a bad thing is they only take price up on the maintenance and not the initial software. Our companies take them up in tandem, so they stay together. So that's the pricing point.

好的。如果我感到困惑，請道歉。因此，我們正在討論兩個問題。價格，軟件等等；如果您是一家經營良好的軟件公司，那麼您就需要為永久世界中的軟件成本和維護成本定價。因此，您將它們串聯起來，這樣您就不會遇到一些軟件公司所做的具有挑戰性的事情，這最終會成為一件壞事，因為他們只對維護而不是初始軟件收取價格。我們的公司將它們串聯起來，因此它們保持在一起。這就是定價點。

Dean's point was asking about what's the relationship between on-premise maintenance, which we get paid once we deliver the perpetual software and SaaS and the SaaS shift. And so as we migrate or "lift and shift" a customer from on-premise to our cloud, as you're doing that, you're delivering more value, not only hosting the application and all the security, you're also delivering the most recent versions or keeping them on the most recent version so they get to take advantage of the most recent features. And you're just generally eliminating sort of the headaches of running the software for the client. Because of that value bundle of SaaS, you are able to capture more value. Oftentimes, 2x on a recurring basis or a touch more. So it's -- that's about the value proposition of moving to the cloud versus your straight question of what happens in a price increase environment for the software.

Dean 的重點是詢問本地維護之間的關係，一旦我們交付永久軟件和 SaaS 以及 SaaS 轉變，我們就會獲得報酬。因此，當我們將客戶從本地遷移或“提升並轉移”到我們的雲時，當您這樣做時，您將交付更多價值，不僅託管應用程序和所有安全性，您還交付最新版本或將它們保留在最新版本上，以便他們利用最新功能。而且您通常只是消除了為客戶端運行軟件的一些麻煩。由於 SaaS 的價值捆綁，您能夠獲得更多價值。通常情況下，經常性 2 倍或更多。因此，這是關於遷移到雲的價值主張，而不是關於軟件價格上漲環境中會發生什麼的直接問題。

And just to give you a sense, we're roughly 75% subscription and 25% in maintenance today. So we're still -- we're already largely in the cloud. There's roughly $200 million of license revenue that would go away over time and convert to that subscription revenue that Neil mentioned. But as you know with us, that's a long period of time, driven by the customers. And so it's a really good story, I think, on the recurring revenue line.

只是為了給你一個感覺，我們今天大約有 75% 的訂閱和 25% 的維護。所以我們仍然——我們已經在很大程度上處於雲端。大約有 2 億美元的許可收入會隨著時間的推移而消失，並轉化為 Neil 提到的訂閱收入。但正如您對我們所知，這是一段很長的時間，由客戶驅動。因此，我認為，在經常性收入線上，這是一個非常好的故事。

And the next question comes from Joe Giordano with Cowen.

下一個問題來自與 Cowen 的 Joe Giordano。

So now you've gone through the GICS code change and all this. I'm just curious, Neil, Rob, what's your initial kind of conversations were with the new cohort of investors that you'll likely talk to now? And what were some of the things that maybe some initial pushback you're getting from them, some things that they like and how have those discussions kind of overall have gone so far?

所以現在您已經完成了 GICS 代碼更改和所有這些。我只是好奇，尼爾，羅伯，你最初與新一批投資者的對話是什麼，你現在可能會與之交談？你從他們那裡得到了一些最初的反對，他們喜歡的一些事情是什麼？到目前為止，這些討論的總體進展如何？

Yes. I would say the GICS code change, it's not like this light switch that's happened or all of a sudden, every conversation we're having with the buy-side is a different person. In fact, it's quite the opposite. I mean it's a slow evolutionary sort of change here. We've been to a singular software conference where we had half a dozen conversations. They were generally the same conversation we have with our legacy shareholder base, which is what's your business model, what's your flywheel and what are the risks, what's the durability and quite similar. A little bit -- a little discussion, obviously, on growth, a little bit on the cash flow dynamics of the business, a little bit of the business model mix between recurring, nonrecurring, but they're the same questions really.

是的。我想說的是 GICS 代碼更改，這不是突然發生或突然發生的電燈開關，我們與買方進行的每次對話都是不同的人。事實上，情況恰恰相反。我的意思是這是一種緩慢的進化變化。我們參加了一個單一的軟件會議，在那裡我們進行了六次對話。他們通常與我們與傳統股東群進行的對話相同，即您的商業模式是什麼，您的飛輪是什麼，風險是什麼，耐用性是什麼，並且非常相似。一點點 - 一點點討論，顯然，關於增長，一點點關於業務的現金流動態，一點點關於經常性和非經常性之間的商業模式組合，但它們實際上是相同的問題。

Now I was just saying a lot of excitement, right? Because I think as we said at that conference, we were at intra-quarter that we're the fourth largest application software company, I think, in the S&P 500. And a lot of these analysts are just getting to know us, and I think they're really excited when they look at our past and our future prospects. So we're excited to expand to a new shareholder race while, of course, also making sure that our current shareholder base is continually happy with their investment in Roper.

現在我只是說很興奮，對吧？因為我認為正如我們在那次會議上所說的那樣，我們在季度內是第四大應用軟件公司，我認為，在標準普爾 500 指數中。很多這些分析師剛剛開始了解我們，我當他們看到我們的過去和未來的前景時，認為他們真的很興奮。因此，我們很高興能夠擴展到新的股東競賽，當然，同時還要確保我們目前的股東基礎對他們對 Roper 的投資持續感到滿意。

So when you think about M&A, does the divestment like is there a step change function that happened internally with CRI that makes finding new companies that clear the threshold harder? I'm guessing just mathematically taking out the industrial businesses, make CRI higher or more negative or however you want to look at it. And then like maybe you could have slotted in a business that previously could have improved the profile of Roper, but maybe now that business might not meet the threshold. Is that accurate? Or is it just not material enough to worry about?

因此，當您考慮併購時，撤資是否像 CRI 內部發生的階躍變化功能，這使得尋找越過門檻的新公司變得更加困難？我猜只是在數學上剔除工業企業，使 CRI 更高或更負，或者你想怎麼看。然後就像也許你可以進入一個以前可以改善羅珀形象的業務，但也許現在這個業務可能達不到門檻。那準確嗎？還是只是擔心不夠重要？

It's not material enough to worry about, but let me tell you why. I mean the -- for essentially my entire almost 11 years I've been here, we've looked at the same cohort of targets, which are wonderful asset-light software businesses. And that's the cohort we're looking at now, right? So it's just -- it's not about becoming even more asset-light once yours is asset-light. As we are, it's about staying as asset-light as we are. That's why the universe of targets is plentiful.

這還不夠重要，但讓我告訴你為什麼。我的意思是——在我在這里工作的近 11 年裡，我們一直在關注同一批目標，它們都是出色的輕資產軟件業務。這就是我們現在正在研究的群體，對吧？所以它只是 - 一旦你的資產變得輕資產，它就不會變得更加輕資產。像我們一樣，它是關於像我們一樣保持輕資產。這就是為什麼目標的世界是豐富的。

And the next question comes from Allison Poliniak with Wells Fargo.

下一個問題來自富國銀行的 Allison Poliniak。

On that Network Software business, understanding that freight matching sort of the growth and sort of the moderation there, could you maybe talk to the balance of the businesses in that segment in terms of the overall combined? Is it mid- to high single-digit growth? I'm just trying to understand the impact that the freight match had on it.

關於網絡軟件業務，了解貨運與那裡的增長和適度的增長相匹配，您能否談談該細分市場的整體業務平衡？是中高個位數增長嗎？我只是想了解貨運比賽對它的影響。

Yes. Most of the businesses in that segment are normally sort of mid-single-digit organic businesses that occasionally do higher than that, very rarely do lower than that. And so I think as you get into the second half of the year, those are sort of doing what they do, and then you just have a little bit of moderation in the freight matching growth.

是的。該細分市場中的大多數企業通常都是中等個位數的有機企業，偶爾會高於這個數字，很少低於這個數字。所以我認為當你進入下半年時，那些人正在做他們所做的事情，然後你在貨運匹配增長方面會有一點放緩。

Got it. And then just kind of pulling on to that last M&A question. Certainly, the software is a focus in terms of M&A. What about tech-enabled products? Is there anything you guys are kind of looking at so we may be clear that hurdle? Or is it sort of off the table there at this point?

知道了。然後只是談到最後一個併購問題。當然，軟件是併購的焦點。科技產品呢？你們有什麼正在看的東西，所以我們可能會清除這個障礙嗎？或者，此時此刻它已經不在討論範圍內了？

No. It's definitely not off the table. It has not been off the table. We just haven't actioned anything there in quite a while. So if it's an asset-light tech-enabled product than a business that is a leader in a small market, the competitive forces are stable, sort of all of our criteria, then it's definitely something we would look at.

不，它絕對不會被排除在外。它還沒有被排除在外。我們只是在很長一段時間內沒有採取任何行動。因此，如果它是一種輕資產技術支持的產品，而不是在小市場中處於領先地位的企業，競爭力是穩定的，這是我們所有的標準，那麼這絕對是我們會關注的東西。

And the next question comes from Julian Mitchell with Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe I just wanted to ask a couple of questions on the software business. First off, in terms of freight match, help us understand the cyclicality of that business. There's been a lot of scare stories about freight recessions all year long in the U.S. How should we expect that business to perform in that type of macro? And I guess NSS has enjoyed fantastic operating leverage. We see the margins going up to the low 50s in Q2. What's the risk to that sort of incremental margin, if you like, from freight match rolling? And then any color in Application Software about the license business? Again, there were some questions after the SAP update earlier this week.

也許我只是想問幾個關於軟件業務的問題。首先，在運費匹配方面，幫助我們了解該業務的周期性。美國全年都有很多關於貨運衰退的恐怖故事。我們應該如何期望該業務在這種宏觀環境中表現？而且我猜 NSS 享有極好的經營槓桿。我們看到第二季度的利潤率上升到 50 年代的低點。如果您願意，從貨運匹配滾動中獲得這種增量利潤的風險是什麼？然後應用軟件中關於許可業務的任何顏色？同樣，在本週早些時候的 SAP 更新之後出現了一些問題。

So let me take the DAT one and the Application Software license one, and I'll let Rob talk about the margins, if that's okay, in NSS. So first on DAT, DAT grew through the 2019 freight recession. There's -- but it has been just spectacular the last couple of years at DAT for two reasons. There's certainly a cyclical tailwind it's had, there's also a secular tailwind that it's enjoyed. The secular tailwind endures. That's why the business is able to sort of grow through in '19. And principally, in summary version, that secular tailwind is that the spot freight markets are just a more liquid, less -- easier to transact end market today than it was 2 years, 3 years, 5 years ago. So you see that the spot market, market share of the total freight increasing over this time mark, and that's been a benefactor of DAT and its customers, and that's going to continue. As DAT in the market, it will continue, period, but then it may accelerate over the next 5-plus years as we further tech-enable the broker's business model, right?

所以讓我拿一份 DAT 和一份應用軟件許可證，如果可以的話，我會讓 Rob 談談 NSS 中的利潤。因此，首先在 DAT 上，DAT 在 2019 年貨運衰退中增長。有——但過去幾年在 DAT 的表現非常出色，原因有兩個。它肯定有一個週期性的順風，它也有一個長期的順風。世俗的順風持續存在。這就是為什麼該業務能夠在 19 年實現增長的原因。總的來說，長期的順風是現貨貨運市場比 2 年、3 年、5 年前更容易交易，現在的終端市場更容易交易。所以你看到現貨市場，總運費的市場份額在這段時間內增加，這是 DAT 及其客戶的恩人，而且這種情況將繼續下去。作為市場上的 DAT，它將持續一段時間，但隨著我們進一步為經紀人的商業模式提供技術支持，它可能會在未來 5 年多的時間裡加速，對吧？

As it relates to the license -- excuse me, the perpetual license activity in application software, it's solid orders in the first half and in the quarter. I think we're maybe modestly different than like an SAP because our price points are much, much lower, right? I mean our -- something like that. So we're not -- these are -- we're important and we're sizable for our customers. But these are -- our price points, I mean, a big deal for us is a $1 million, $2 million, $3 million deal, not multiples of that. So Rob, do you want to...

因為它與許可證有關——對不起，應用軟件中的永久許可證活動，這是上半年和季度的穩定訂單。我認為我們可能與 SAP 略有不同，因為我們的價格點要低得多，對吧？我的意思是我們的——類似的東西。所以我們不是 - 這些是 - 我們很重要，我們對我們的客戶來說是相當大的。但這些是 - 我們的價格點，我的意思是，對我們來說，一筆大交易是 100 萬美元、200 萬美元、300 萬美元的交易，而不是它的倍數。所以羅伯，你想...

Yes. And then on the margins, I would not be concerned that margins would take a step backwards as growth were to slow there. I mean these are businesses that sort of all have those structural EBITDA margins in that 50%-plus range. And so I'd expect that to continue even if growth were to slow a little.

是的。然後在利潤率方面，我不會擔心利潤率會因為那裡的增長放緩而倒退。我的意思是，這些企業的結構性 EBITDA 利潤率都在 50% 以上的範圍內。所以我預計即使增長放緩一點，這種情況也會繼續下去。

That's helpful. And then maybe sort of following up more for Rob this line. Just you have announced this big divestment, you've got restated numbers out there. How should we think about any changes from here around or changes in the sort of go-forward run rate for things like tax rate in the P&L? Maybe corporate costs and then kind of free cash flow conversion. Any changes in those 3 metrics as we look at the sort of new go-forward Roper?

這很有幫助。然後可能會對 Rob 這條線進行更多跟進。就在你宣布了這一大筆撤資，你已經得到了重述的數字。對於諸如損益表中的稅率之類的事情，我們應該如何考慮從這裡開始的任何變化或前進運行率的變化？也許是公司成本，然後是一種自由現金流轉換。當我們看到新的前鋒 Roper 時，這 3 個指標有什麼變化嗎？

Yes. There shouldn't be any meaningful changes in terms of tax rate. I think in terms of conversion, I mean, clearly, there's a lot of noise around cash taxes this year as we've been talking about, and that's sort of part of the price to pay also when you do these transactions that we think are the best thing to do for the company in the long term. So I think if you look forward to next year and beyond, I mean, our free cash flow conversion should be at the levels it's been historically and probably a little bit better because we have even more negative working capital. Just better quality portfolio, less cyclicality. And so I think the cash flow conversion should get a little bit better over time. And corporate, yes. I mean, I think the run rate that you see now sort of for continuing ops is the right run rate moving forward.

是的。在稅率方面不應該有任何有意義的變化。我認為就轉換而言，我的意思是，很明顯，正如我們一直在談論的那樣，今年現金稅有很多噪音，這也是您進行我們認為的這些交易時要付出的代價的一部分從長遠來看，對公司最好的事情。所以我認為，如果你期待明年及以後，我的意思是，我們的自由現金流轉換應該處於歷史水平，並且可能會更好一些，因為我們有更多的負營運資本。只是更好的投資組合，更少的周期性。所以我認為隨著時間的推移，現金流轉換應該會好一些。和企業，是的。我的意思是，我認為您現在看到的持續運營的運行率是向前發展的正確運行率。

And the next question comes from Steve Tusa with JPMorgan.

下一個問題來自摩根大通的史蒂夫·圖薩。

Just a question on the cash. I know you guys don't guide on cash, but usually it gets on kind of an underlying basis, seasonally better in the third and the fourth. Anything changed from that perspective? And any kind of color on how you'd expect it to kind of bounce back here in the third and the fourth from second quarter levels? It's a little bit lumpy in the first and second quarter putting cash...

只是關於現金的問題。我知道你們不指導現金，但通常它會在某種基礎上獲得，在第三和第四季度會更好。從這個角度有什麼改變嗎？以及您期望它如何在第三和第四季度從第二季度水平反彈的任何顏色？第一季度和第二季度投入現金有點不穩定......

Yes, I think that's right. So seasonally, fourth quarter is always our best working capital quarter because that's when you're getting a lot of the renewals in software. So we would expect working capital to be a pretty good guy in the second half. And we sort of talked about the cash tax situation. And I think everything else is performing really well to generate a lot of cash.

是的，我認為這是正確的。因此，季節性地，第四季度始終是我們最好的營運資金季度，因為那是您獲得大量軟件更新的時候。因此，我們預計下半年營運資金將是一個相當不錯的人。我們談到了現金稅的情況。而且我認為其他一切都表現得非常好，可以產生大量現金。

Okay. And then on the revenue side, when you think about your recurring, is there on the accounting there in 606, do you book a percentage of those deals, the 3-year, 5-year type of deals? Do you book a percentage of those upfront as per the 606 accounting? I know you have different businesses in there, so maybe they behave differently from an accounting perspective. But is there an element of that in the revenue there?

好的。然後在收入方面，當你考慮你的經常性時，在 606 的會計中，你是否預訂了這些交易的百分比，即 3 年、5 年類型的交易？根據 606 會計，您是否預先預訂了其中的一部分？我知道你在那裡有不同的業務，所以從會計的角度來看，它們的行為可能不同。但是那裡的收入中有這樣的因素嗎？

Yes. Steve, this is Jason Conley. A lot of the term licenses, there's a portion of that, that does get recognized upfront. So multiyear term licenses is very small for us. Only a couple of businesses have that. And then our perpetual licenses are also booked upfront as part of 606, a portion of it.

是的。史蒂夫，這是傑森康利。很多術語許可證，其中有一部分確實得到了預先認可。所以多年期許可證對我們來說非常小。只有幾家企業有這個。然後我們的永久許可證也作為 606 的一部分預先預訂，這是其中的一部分。

And the next question comes from Joe Ritchie with Goldman Sachs.

下一個問題來自高盛的喬·里奇。

Maybe just the first question on this new portfolio going forward. How do I think about like the right long-term organic growth rate for this business over time? I think we've historically kind of thought about your legacy businesses kind of like somewhere in that 4% to 5% type organic growth rate. I'm just wondering if this business is going to achieve healthier growth longer term.

也許只是這個新投資組合的第一個問題。隨著時間的推移，我如何看待這項業務的正確長期有機增長率？我認為從歷史上看，我們一直在考慮您的傳統業務，有點像 4% 到 5% 的有機增長率。我只是想知道這項業務是否會長期實現更健康的增長。

So it's -- when we did the -- announced the transaction with the industrial and process businesses, we showed a chart that showed the long-term growth rate -- historical long-term growth rate of the go-forward portfolio is about 6%. So that's where we would expect that's the baseline, and then obviously, we work every day to try to make that better. But right now, that we would sort of say 6% to the new norm.

因此，當我們宣布與工業和加工業務進行交易時，我們展示了一張圖表，顯示了長期增長率——前進投資組合的歷史長期增長率約為 6% .所以這就是我們期望的基線，然後很明顯，我們每天都在努力讓它變得更好。但現在，我們會說新標準的 6%。

Okay. Got it. That's helpful. And then I guess this whole conversion from on-prem to your SaaS business, it seems like you guys are well on your way there. I'm just curious like how much is that kind of like added to the growth rate in recent years? And then that extra, call it, I don't know if it's an additional 20% to 25% that you are expected to convert, how do we think about that as kind of like an added benefit that you'll continue to see in the coming years?

好的。知道了。這很有幫助。然後我猜想這整個從本地到你的 SaaS 業務的轉換，看起來你們在你那裡的路上進展順利。我只是好奇，這種類似對近年來的增長率增加了多少？然後是額外的，叫它，我不知道你是否希望轉換額外的 20% 到 25%，我們如何看待這就像你將繼續看到的額外好處未來幾年？

Yes. It's been, as we said for a while, it's been a modest growth driver. And just to go through it for a minute, there's the good guy and there's a bad guy, right? So the bad guy is if you're in a year where you're selling a perpetual deal, let's say it's a $1 million deal. You booked the vast majority of that revenue in that year. If that deal converts to a subscription or a SaaS deal, maybe that's -- I mean, maybe that's priced at, I don't know, $300,000 a year, plus or minus. So in that end year, there's a $700,000 bad guy between the upfront license versus the SaaS, and that's assuming you booked the SaaS deal on January 1.

是的。正如我們所說，它一直是適度的增長動力。只看一分鐘，有好人，也有壞人，對吧？所以壞人是，如果你在銷售永久交易的一年，假設這是一筆 100 萬美元的交易。您在那一年預訂了大部分收入。如果該交易轉換為訂閱或 SaaS 交易，那可能是 - 我的意思是，也許它的價格是，我不知道，每年 300,000 美元，上下浮動。因此，在那一年，前期許可與 SaaS 之間存在 700,000 美元的壞人，假設您在 1 月 1 日預訂了 SaaS 交易。

So there's a little bit of bad guy when that happens. But what is overwhelmed to that for us to a slight net positive is the lifting and shifting of our large installed base of maintenance customers. So as you take the -- in this same example, if you have a cohort of customers paying you $300,000 a year, you're going to lift and shift them into the cloud in the plus or minus $600,000 a year. So you get that and that nets out to be a slight good guy. We've gotten many years of that dynamic. Even if I had to guess, it's 7 to 10 years of that dynamic because we're not forcing our customers to migrate. We're very much in the posture of meeting our customers where they are relative to wanting to do this. And that's why it will take a while to do it.

所以當這種情況發生時，會有一點壞人。但是，讓我們感到不知所措的是輕微的淨積極因素是我們龐大的維護客戶安裝基礎的提升和轉移。因此，當您採用相同的示例時，如果您有一群客戶每年向您支付 300,000 美元，那麼您將在每年正負 600,000 美元的時間內將他們提升並轉移到雲中。所以你得到了那個，這就是一個輕微的好人。我們已經獲得了多年的這種動力。即使我不得不猜測，這種動態也需要 7 到 10 年，因為我們沒有強迫客戶遷移。我們非常願意在客戶想要這樣做的地方與他們會面。這就是為什麼需要一段時間才能做到這一點。

Yes. I'll just add that every business is on a different sort of phase of this journey, right? I mean many businesses we have been SaaS in the very beginning, and they're always 100% SaaS. Other businesses were mainly on-prem like an Aderant. That's really the one business we haven't talked about, where really their customers are really starting to move to the cloud. Deltek has been a mix over time. Most of the rest of the businesses are really kind of already SaaS, at least several businesses that we bought the last 4 or 5 years.

是的。我只想補充一點，每家企業都處於這一旅程的不同階段，對吧？我的意思是，我們從一開始就是 SaaS 的許多企業，而且它們始終是 100% 的 SaaS。其他業務主要像 Aderant 一樣在本地進行。這確實是我們還沒有談論過的一項業務，他們的客戶真正開始向雲遷移。隨著時間的推移，Deltek 一直是一個混合體。其餘大多數業務實際上已經是 SaaS，至少有幾項我們在過去 4 或 5 年購買的業務。

The next question comes from Jeff Sprague with Vertical Research.

下一個問題來自 Vertical Research 的 Jeff Sprague。

I guess as we're transitioning to software, I'll just ask an annoying industrial question. Just going back to the deal itself and the structure, there are some additional detail on that 8-K, obviously, that wasn't -- certainly wasn't clear to me at the time the deal was announced. And what's still not clear to me is what the back end might look like for you guys on this deal, right? With CD&R paying $829 million for 51% of the equity, and then with new debt on the deal of 1.950 billion, I mean, it looks like the enterprise value is $3.6 billion and 11x multiple, right? If you guys have taken 2.6 out upfront, it's very unclear how we think about the back end.

我想當我們過渡到軟件時，我會問一個煩人的工業問題。回到交易本身和結構，關於那個 8-K 有一些額外的細節，顯然，那不是 - 在交易宣佈時我當然不清楚。我仍然不清楚的是，你們在這筆交易中的後端可能是什麼樣子，對吧？ CD&R 為 51% 的股權支付了 8.29 億美元，然後在交易中產生了 19.5 億美元的新債務，我的意思是，看起來企業價值是 36 億美元和 11 倍，對吧？如果你們已經提前使用了 2.6，那麼我們對後端的看法就非常不清楚了。

Yes. So the way that we would think about it, I'll just -- I'll put it through the lens of our new partner, right? So by the way, the math just went through, we would say it's correct, right? And so it was that $3.5 billion, $3.6 billion is the enterprise value upfront. That's 11x this year, 13.5x last year. In terms of EBITDA, more like in that 13 range if you look over the last 5 years, given the cyclicality. We, too, so the amount of capital that CD&R put in is basically equal to our amount of capital still in the business. CD&R's business model is to drive a 3x-plus money-on-money return over their investment horizon. So if we and they are successful, then you get a triple of our stub of equity, right? It's sort of a framing of how to think that. So maybe there's a couple of billion, plus or minus, of upside in addition to getting the liquidity on the $800 million or $900 million that we have there. So call it, $2.5 billion to $3 billion on the back end if, underscore and capitalize, if things go successful over the next 5-or-so years.

是的。所以我們會考慮它的方式，我會 - 我會通過我們的新合作夥伴的鏡頭來看待它，對嗎？所以順便說一句，數學剛剛經過，我們會說它是正確的，對吧？因此，35 億美元，36 億美元是企業的前期價值。今年是 11 倍，去年是 13.5 倍。就 EBITDA 而言，考慮到週期性，如果你回顧過去 5 年，更像是在這 13 個範圍內。我們也一樣，所以 CD&R 投入的資金量基本上等於我們仍在業務中的資金量。 CD&R 的商業模式是在其投資期限內推動 3 倍以上的物有所值回報。所以如果我們和他們都成功了，那麼你會得到三倍的股權，對吧？這是一種如何思考的框架。因此，除了我們擁有的 8 億或 9 億美元的流動性之外，也許還有數十億美元的上行空間。所以，如果事情在未來 5 年左右的時間裡取得成功，那麼在後端投資 25 億到 30 億美元，強調和資本化。

Is that based on the premise that they actively do other things with the business? For example, other M&A in the business? And wouldn't that dilute you? Or would you participate in kind of incremental investments in the business to get it ready for eventual sale?

這是基於他們積極地為企業做其他事情的前提嗎？例如，業務中的其他併購？那不會稀釋你嗎？還是您會參與對業務的增量投資，為最終出售做好準備？

Yes. So we're totally aligned -- two questions in there, right? So the implied is around the growth thesis of the company. So we're completely aligned with our partner on the growth thesis. It centers on continuing to invest in the organic growth that we've been doing with these businesses for the last 4-or-so years and then building it at sort of a capital deployment or M&A flywheel, a repeatable flywheel.

是的。所以我們完全一致——有兩個問題，對吧？因此，暗示圍繞著公司的增長論點。因此，我們在增長論點上與我們的合作夥伴完全一致。它的中心是繼續投資於過去 4 年左右我們一直在與這些業務合作的有機增長，然後以某種資本部署或併購飛輪（可重複的飛輪）的形式構建它。

There's -- without getting into the details of how the company is going to execute that because it's still very much being formed, but at the highest level, this is a -- one, it's a cash-generative asset, right? So the goal for all of us is to run a levered asset and use that leverage in the cash generation as a primary source of funding so you don't have a dilutive effect. If there is a transaction where CD&R is going to kick in equity, then we have the option to consider that. And we'll make that a deal-by-deal sort of decision. We think it's in the best interest of our shareholders. And so yes, there could be a little bit of dilution, but that dilution is sort of somewhat factored into the math that I gave you before.

有 - 沒有詳細說明公司將如何執行它，因為它仍然在很大程度上正在形成，但在最高級別，這是一個 - 一個，它是一種產生現金的資產，對嗎？因此，我們所有人的目標是經營槓桿資產，並在產生現金時使用該槓桿作為主要資金來源，這樣您就不會產生稀釋效應。如果存在 CD&R 將獲得股權的交易，那麼我們可以選擇考慮這一點。我們將做出逐筆交易的決定。我們認為這符合我們股東的最佳利益。所以是的，可能會有一點稀釋，但這種稀釋在某種程度上是我之前給你的數學計算的因素。

And the next question comes from Rob Mason with Baird.

下一個問題來自 Rob Mason 和 Baird。

Just first, a technical question around the guidance. So the core growth guidance for the year is 8% to 9%. Did that change versus where it would have been on an apples-to-apples basis 3 months ago?

首先，關於指南的技術問題。因此，今年的核心增長指導是 8% 到 9%。與 3 個月前的情況相比，這種情況是否發生了變化？

I would say slightly higher, maybe like 0.5% or so. But I mean it's -- I think we are 7% to 9% in our last guide and the businesses we divested were slightly higher. Those go away, and we've raised to 8% to 9%. So I think it's a little bit of a net raise, but not by a lot.

我會說稍微高一點，可能是 0.5% 左右。但我的意思是——我認為我們在上一份指南中的比例為 7% 到 9%，我們剝離的業務略高。這些都消失了，我們已經提高到 8% 到 9%。所以我認為這是一點點淨加薪，但不是很多。

Would you -- where would you slot that increase within the segments, the 3 segments now?

你會 - 你會在哪些細分市場中增加增長，現在是 3 個細分市場？

So I'd say the biggest business that has a better outlook is Neptune. They're just doing incredibly well, as we said in the prepared remarks in their second half, given their backlog, given their ability to execute and deliver to their customers. It looks really, really strong. So that's really the one I think that's gotten quite a bit better. Everything else I'd say is about the same as we had it 3 months ago.

所以我想說，前景更好的最大業務是海王星。他們做得非常好，正如我們在下半場準備好的評論中所說，考慮到他們的積壓，考慮到他們執行和交付給客戶的能力。它看起來非常非常強大。所以這真的是我認為變得更好的那個。我要說的其他一切都與我們 3 個月前的情況大致相同。

And the next question comes from Alex Blanton with Clear Harbor Asset Management.

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

Yes. I just wanted to look at this $2.30 for a minute. What was that in the first quarter?

是的。我只是想看看這 2.30 美元一分鐘。第一季度是什麼？

Yes. It was about $0.50 in the first quarter and, what, $0.52 in the second quarter.

是的。第一季度約為 0.50 美元，第二季度約為 0.52 美元。

And then what is your guidance for that for the third quarter?

那麼你對第三季度的指導是什麼？

So we're not guiding it by quarter, right, because it's in disc ops, but it's $2.30 for the full year. So generally, the fourth quarter is the best quarter for those businesses given the cyclicality in the oil and gas markets.

所以我們不是按季度來指導它，對，因為它是光盤操作，但全年是 2.30 美元。因此，考慮到石油和天然氣市場的周期性，一般來說，第四季度是這些企業的最佳季度。

Yes. Well, the thing was I was trying to work out what the total would have been with that in there for the rest of the year by quarter. But I guess I can do it with what you just said. I'd like to talk about the future, and the future is acquisitions, of course. How does that look now? What's the pipeline like? How far are you along in putting the work to $7 billion? What are you working on? What kinds of things are you working on? Just give us some color on that because I think that really is what is going to give investors confidence.

是的。好吧，問題是我試圖計算出在今年剩下的時間裡按季度計算的總數。但我想我可以用你剛才說的來做。我想談談未來，當然，未來是收購。現在看起來怎麼樣？管道是什麼樣的？您在將這項工作投入到 70 億美元方面走了多遠？你在做什麼？你在做什麼？只是給我們一些顏色，因為我認為這確實會給投資者帶來信心。

I appreciate the question and the opportunity to address it. So it's been a very above-average level of activity really for this year. Obviously, we've not posted anything of size, just a couple of small tuck-ins. We're being -- while we have $7 billion, we're continuing to be just ridiculously selective as we've always been. We run this sort of -- we have our criteria. We stay committed to the criteria. There's a lot of analytics, there's a tremendous amount of discipline and a ton of patience. And the reason we have that posture is we're making decisions to put companies in the portfolio, which we view as a forever thing. And so every deal matters, everyone's got to be right and everyone has got to meet the criteria. And so -- but we're super busy, and we'll continue to sort of keep this posture and to grow the quality and the scale of the enterprise. But we -- there's no timetable on that. We're just going to -- we're going to do the right deal at the time in which it presents itself.

我很感激這個問題和解決它的機會。因此，今年的活動真的非常高於平均水平。顯然，我們沒有發布任何大小的東西，只是一些小插曲。我們正在——雖然我們有 70 億美元，但我們仍然像往常一樣保持可笑的選擇性。我們運行這種——我們有我們的標準。我們始終致力於標準。有很多分析，有大量的紀律和大量的耐心。我們擁有這種姿態的原因是我們正在做出將公司納入投資組合的決定，我們認為這是永遠的事情。所以每筆交易都很重要，每個人都必須是正確的，每個人都必須符合標準。所以 - 但我們非常忙碌，我們將繼續保持這種姿態並提高企業的質量和規模。但是我們 - 沒有時間表。我們只是要 - 我們將在它出現的時候做正確的交易。

But do you think that you'll be able to do some this year?

但是你認為你今年能做一些嗎？

We would like to be -- we would like to do it. But again, there's no timetable. There's no clock ticking in the back of mind or this team, or our Board's head about we have to get x dollars deployed by x date. So I think that leads to bad decision-making, but it's an active market. So the odds are we'll get something done this year, but we'll just have to see how it goes.

我們想成為——我們想這樣做。但同樣，沒有時間表。沒有時間在腦海中滴答作響，或者這個團隊，或者我們董事會的頭腦，我們必須在 x 日期之前部署 x 美元。所以我認為這會導致糟糕的決策，但這是一個活躍的市場。所以今年我們很有可能會完成一些事情，但我們只需要看看進展如何。

Yes. Yes, just we're very active working on a lot of different projects like we always are. So we're certainly very active.

是的。是的，只是我們像往常一樣非常積極地從事許多不同的項目。所以我們當然非常活躍。

And just characterize the pipeline of how many businesses are available compared with the past. And what are the prices like compared with the past and so on?

並且只是描述與過去相比有多少業務可用的管道。和過去相比價格如何？等等？

Yes. So I mentioned it's -- we never want to quantify the number of deals either by number or dollar size in a pipeline. We think it's -- for us, is it sufficient or not. And so it's clearly sufficient. I said at the beginning of your question, it's been an above-average level of activity for this year. Valuations, hey, it's high-quality assets are still highly priced. I mean that's a bit of the reason why we're being patient. And we'll just -- we believe that market comes to us over time, and so we remain patient for the right company with the right characteristics at the right price.

是的。所以我提到它 - 我們永遠不想通過管道中的數量或美元規模來量化交易數量。我們認為——對我們來說，這是否足夠。所以這顯然就足夠了。我在你的問題開始時說過，今年的活動水平高於平均水平。估值，哎，它的優質資產還是高價的。我的意思是，這也是我們保持耐心的部分原因。而且我們只會 - 我們相信市場會隨著時間的推移而出現，因此我們對合適的公司保持耐心，以合適的價格提供合適的特性。

And this concludes our question-and-answer session. I would now like to turn the call back over to Zack Moxcey for any closing remarks.

我們的問答環節到此結束。我現在想將電話轉回給 Zack Moxcey 以發表任何結束語。

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

謝謝大家，今天加入我們。我們期待在下一次財報電話會議上與您交談。

Thank you. This concludes today's presentation. Thank you for dialing in, and you may now disconnect your lines.

謝謝你。今天的介紹到此結束。感謝您撥入，您現在可以斷開您的線路。