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

各位早安。Roper Technologies 電話會議現在開始。今天的電話會議將被錄音。（接線員指示）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 Technologies. Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer; Rob Crisci, Executive Vice President and Chief Financial Officer; Jason Conley, Vice President and Chief Accounting Officer; and Shannon O'Callaghan, Vice President of Finance.

各位早安，感謝各位加入我們，一同討論 Roper Technologies 第三季財務結果。今天早上與我一同參與電話會議的有：總裁兼執行長 Neil Hunn；執行副總裁兼財務長 Rob Crisci；副總裁兼首席會計長 Jason Conley；以及財務副總裁 Shannon O'Callaghan。

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

今天稍早，我們發布新聞稿公告財務結果。新聞稿也包含今天電話會議的重播資訊。我們已準備投影片搭配今天的電話會議，可透過網路直播取得，亦可在我們的網站上查閱。

Now if you will 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。我們先從安全港聲明開始。在今天電話會議過程中，我們將作出前瞻性陳述，這些陳述受風險與不確定性影響，如本頁、我們的新聞稿以及我們向 SEC 提交的文件中所述。您應在該等資訊的脈絡下收聽今天的電話會議。

And now please turn to Page 3. Unless otherwise noted, we will discuss our results and guidance on an adjusted non-GAAP and continuing operations basis. For the third 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, transaction-related expenses for completed acquisitions; and lastly, we have adjusted our cash flow statement to exclude the cash taxes paid related to our divestiture activity. GAAP requires these payments to be classified as operating cash flow items even though they are related to divestitures. Reconciliations can be found in our press release and in the appendix of this presentation on our website.

接著請翻到第 3 頁。除非另有說明，我們將以調整後的非 GAAP 以及持續營運基礎來討論我們的結果與指引。就第三季而言，我們 GAAP 結果與調整後結果之差異包含以下項目：與收購相關之無形資產攤銷；對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，我們已調整現金流量表，以排除與資產剝離活動相關之已支付現金稅款。GAAP 要求將這些付款分類為營運現金流量項目，即使它們與資產剝離相關。對帳表可在我們的新聞稿以及本簡報於網站上的附錄中找到。

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，我將把電話交給 Neil。在我們的準備發言之後，我們將接受電話與會者的提問。Neil？

Thanks, Zack, and good morning, everyone. As we turn to Page 4, we'll walk through our usual agenda, highlights for the most recent quarter, followed by color commentary for each of our segments and ending with our increased outlook for the year. Let's go ahead and get started.

謝謝你，Zack，各位早安。翻到第 4 頁，我們將依照慣例的議程進行：先回顧最近一季的重點，接著針對各事業部門提供補充說明，最後以我們上調的全年展望作結。那我們開始吧。

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 further increasing our outlook for the year. Second, earlier this month, we acquired another leading niche software business, Frontline Education. Third, we continue to have substantial M&A firepower north of $4 billion. And fourth and perhaps the most important, the new, higher-quality Roper portfolio is becoming increasingly more evident, and we've never been more excited about our future.

請看下一張投影片。翻到第 5 頁，今天電話會議的主要重點是：第一，我們在營運與財務表現上再度繳出非常出色的一季，並進一步上調全年展望。第二，本月稍早我們收購了另一家領先的利基軟體企業 Frontline Education。第三，我們仍擁有超過 40 億美元的充足併購火力。第四，也是或許最重要的一點，全新、更高品質的 Roper 投資組合正愈發明顯，我們對未來從未如此振奮。

As it relates to the operating and financial performance in the quarter, we are pleased that revenues grew 10% on an organic basis and the strength was broad-based across our 3 segments and that margin performance improved well.

就本季的營運與財務表現而言，我們很高興營收以有機基礎成長 10%，且成長動能在三大事業部門皆相當廣泛，同時利潤率表現也有良好改善。

Consistent with our commentary during the last several quarters, not only did we grow nicely in the quarter, but the quality of our underlying business also improved as we saw our software recurring revenue base grew 11% on an organic basis. More on Frontline in a moment.

與我們過去幾季的評論一致，我們不僅在本季取得良好成長，基礎業務的品質也有所提升，因為我們看到軟體經常性收入基礎以有機基礎成長 11%。稍後會再談 Frontline。

Based on the strength in Q3 and our expectations for Q4, we're increasing our organic growth outlook to north of 9% for the year, and for those reasons, together with the addition of Frontline, we're increasing our full year DEPS guidance by $0.57 at the midpoint.

基於第三季的強勁表現以及我們對第四季的預期，我們將全年有機成長展望上調至超過 9%；基於這些原因，再加上 Frontline 的加入，我們將全年 DEPS 指引在中位數上調 0.57 美元。

And finally, we've been active in the M&A market. Over the last few months, we deployed just over $4 billion, $3.7 billion for Frontline and $300 million for 2 Bolt-ons, one for Deltek and the other for Aderant. To this end, even after our recent $4 billion of capital deployment, we still have a large amount of available M&A firepower, over $4 billion.

最後，我們在併購市場上相當活躍。過去幾個月，我們投入略高於 40 億美元的資金，其中 37 億美元用於 Frontline，另有 3 億美元用於兩項補強型收購（Bolt-ons），一項為 Deltek，另一項為 Aderant。即便在近期投入 40 億美元資本之後，我們仍有大量可用的併購火力，超過 40 億美元。

We continue to be very active in the M&A market. But as you saw in Q3 and as always, we will remain super patient and highly disciplined to ensure optimal deployment of available capital.

我們將持續在併購市場上非常活躍。但如同你們在第三季所見，以及一貫的作風，我們會保持極度耐心並高度自律，以確保可用資本的最佳配置。

Finally, we feel great about the improving quality of the portfolio and the associated financial and operating results. All of this is made possible by our incredibly committed and passionate teams and associates. Thank you to everyone.

最後，我們對投資組合品質的提升以及相關的財務與營運成果感到非常振奮。這一切都要歸功於我們極其投入且充滿熱情的團隊與同仁。感謝大家。

Turning to the next page. As previously announced, we're excited to introduce to you another niche application software leader which we've added to the Roper portfolio, Frontline Education. Of note, we closed this transaction on October 4.

翻到下一頁。如先前所公告，我們很高興向各位介紹另一家加入 Roper 投資組合的利基應用軟體領導者 Frontline Education。值得一提的是，我們於 10 月 4 日完成此交易交割。

Frontline is a leading provider of SaaS software solutions targeted to the U.S. K-12 education market. Frontline is an exceptional business which, not surprisingly, meets all our acquisition criteria, including being the clear leader that delivers administrative and HCM solutions purpose-built for the K-12 market, having multiple durable growth drivers and a high single-digit organic growth outlook, higher recurring revenue north of 90%, great cash flow characteristics and a passionate high-quality team. While early days, we're delighted to welcome Frontline to the Roper family where we will be their permanent home going forward. This is just another great fit relative to our capital deployment and corporate strategy, not only to increase the scale of our enterprise but the quality as well.

Frontline 是面向美國 K-12 教育市場的 SaaS 軟體解決方案領先供應商。Frontline 是一家卓越的企業，且不意外地符合我們所有收購標準，包括：作為明確的領導者，提供為 K-12 市場量身打造的行政管理與 HCM 解決方案；具備多項持久的成長驅動因素，且有機成長展望為高個位數；經常性收入占比超過 90%；具備優異的現金流特性；以及一支充滿熱情且高品質的團隊。雖然仍在初期階段，我們很高興歡迎 Frontline 加入 Roper 大家庭，未來我們將成為其永久歸屬。這再次展現我們在資本配置與公司策略上的高度契合，不僅提升企業規模，也同時提升品質。

Next slide, please. As we turn to Page 7, we want to take a moment to highlight the recent transformation of Roper and our higher quality portfolio. To that end, the vast majority of our 27 businesses, save for their smaller size, could be a highly successful, stand-alone, leading vertical software or tech-enabled product company. Each of our 27 businesses are leaders in their respective niche markets. Our businesses serve the mission-critical needs of our customers and have intimate relationships with them. Our market leadership, purpose-built software solutions and customer intimacy are the basis for our long-term, competitive advantage.

請看下一張投影片。翻到第 7 頁，我們想花點時間強調 Roper 近期的轉型以及更高品質的投資組合。就此而言，我們 27 家企業中的絕大多數（除了規模較小之外）都可以成為非常成功、獨立運作的垂直軟體或科技賦能產品領導公司。我們 27 家企業各自都是其利基市場的領導者。我們的企業服務客戶的關鍵任務需求，並與客戶維持緊密關係。我們的市場領導地位、量身打造的軟體解決方案以及與客戶的緊密連結，構成我們長期競爭優勢的基礎。

Next is our higher level of organic growth. This is no accident. We have raised the performance expectations for each of our businesses to structurally improve their long-term organic growth capabilities. We're doing this in a balance sheet- and margin-friendly way.

接下來是我們更高水準的有機成長。這並非偶然。我們已提高對各家企業的績效期待，以結構性地改善其長期有機成長能力。我們以對資產負債表與利潤率更友善的方式來推動這件事。

A large component of the organic growth story is the higher level of recurring revenue within each of our companies, approaching 60% for the enterprise and about 75% for our software businesses. In addition, our businesses are blessed with business models that generate high levels of free cash flow, a result of their operational efficiency, margin levels and customer prepaid orientation of their balance sheets.

有機成長故事的一大部分，來自於我們各公司更高水準的經常性收入：全企業接近 60%，而我們的軟體業務約為 75%。此外，我們的企業擁有可產生高水準自由現金流的商業模式，這得益於其營運效率、利潤率水準，以及資產負債表以客戶預收款為導向的特性。

Today, our portfolio is 75% software and 25% medical and water products. We are meaningfully less cyclical today versus 2018 given the markets we serve, health care, legal, education, government contracting, utilities and food, to name some of our larger ones, and our fixed subscription versus volume-based revenue model.

目前，我們的投資組合中 75% 為軟體，25% 為醫療與水務產品。相較於 2018 年，鑑於我們所服務的市場（例如醫療保健、法律、教育、政府承包、公用事業與食品等較大的市場）以及我們以固定訂閱而非以量計價的營收模式，我們如今的景氣循環性顯著降低。

To put today's portfolio in perspective, in 2018, roughly 40% of our company was either highly cyclical or project-oriented. Today, these market dynamics essentially no longer exist for us.

為了讓各位更理解目前的投資組合，2018 年時，我們公司約有 40% 的業務屬於高度景氣循環或專案導向。如今，這些市場動態對我們而言基本上已不復存在。

When we reflect on this portfolio transition, we've never been more excited for the future of Roper given our increased quality, higher growth and more resilient portfolio companies.

回顧這次投資組合轉型，鑑於我們品質提升、成長更高以及更具韌性的投資組合公司，我們對 Roper 的未來從未如此振奮。

With that, let me turn the call over to Rob to walk you through our financial summary and our balance sheet position. Rob?

接下來，我把電話交給 Rob，請他帶各位回顧我們的財務摘要以及資產負債表狀況。Rob？

Thanks, Neil. Good morning, everyone. Turning to Page 8 and covering our Q3 financial highlights. As a reminder, as Zack said, all financial results are on a continuing operations basis.

謝謝你，Neil。各位早安。請翻到第 8 頁，我們來看第三季的財務重點。提醒一下，如 Zack 所說，所有財務結果皆以持續營運基礎呈現。

Total revenue increased 10% to $1.35 billion. The FX headwind was $20 million or 1.6% and was offset by acquisition contributions. Notably, our mix of business has shifted meaningfully toward more domestic revenue post the announced majority sale of our industrial businesses. The U.S. now represents approximately 85% of our revenue, helping to shield our results from the impacts of any currency fluctuations.

總營收成長 10% 至 13.5 億美元。匯率逆風為 2,000 萬美元（或 1.6%），並由併購貢獻所抵銷。值得注意的是，在我們宣布出售工業業務多數股權之後，我們的業務組合已明顯轉向更多的國內營收。美國目前約占我們營收的 85%，有助於使我們的業績免受任何匯率波動影響。

Q3 organic revenue increased 10%, with broad-based strength across each of our 3 reporting segments. Application Software grew 7%. Network software grew 10%. And technology-enabled products grew a robust 15% organically.

第三季有機營收成長 10%，我們三個報告部門皆呈現廣泛的強勁表現。應用軟體成長 7%。網路軟體成長 10%。而科技賦能產品有機成長強勁，達 15%。

EBITDA margin increased 80 basis points to 41.1%, resulting in 12% EBITDA growth.

EBITDA 利潤率提升 80 個基點至 41.1%，帶動 EBITDA 成長 12%。

Adjusted DEPS was $3.67, well above our guidance range and 18% higher than last year.

調整後 DEPS 為 3.67 美元，顯著高於我們的指引區間，且較去年成長 18%。

Q3 adjusted free cash flow was $353 million, which was 9% above prior year.

第三季調整後自由現金流為 3.53 億美元，較去年同期高 9%。

Excluding the Section 174 tax law change we discussed last quarter, quarterly free cash flow grew 17%.

若排除我們上季討論的《第 174 條》稅法變更，單季自由現金流成長 17%。

In the quarter, we made $157 million of additional tax payments related to our recent divestitures. Per our normal convention, those payments have been adjusted out of our reported cash flow.

本季我們就近期資產處分支付了額外 1.57 億美元的稅款。依照我們一貫的慣例，這些付款已自我們揭露的現金流中調整剔除。

So overall, an excellent third quarter, as Neil said, and great momentum heading into Q4.

因此整體而言，正如 Neil 所說，第三季表現非常出色，並且在邁入第四季時動能強勁。

Next slide. Turning to Page 9, looking at our strong financial position. We did complete the Frontline acquisition early in the fourth quarter utilizing a combination of our balance sheet cash and a draw on our revolving credit facility. As of today, our drawn revolver balance sits at $2.2 billion. We expect to fully pay down the revolver balance with the proceeds from our industrial sale, which should close late in the fourth quarter.

下一張投影片。請翻到第 9 頁，來看我們強勁的財務狀況。我們確實在第四季初完成了 Frontline 的收購，資金來源為資產負債表上的現金與動用循環信用額度的組合。截至今日，我們已動用的循環信貸餘額為 22 億美元。我們預期將以工業業務出售的所得款項全數償還循環信貸餘額；該交易預計在第四季末完成交割。

So after taking into account the receipt of those industrial transaction proceeds, we'd expect to end the year with a net debt-to-EBITDA ratio pro forma for our recent acquisitions in the mid-2s.

因此，在納入收到該工業交易款項後，我們預期年底的淨負債對 EBITDA 比率（以近期收購的備考口徑計）將落在 2 倍中段。

Our consistently strong cash generation quickly refreshes our capacity for capital deployment. So looking forward, we remain active on the M&A front, and we have the ability to deploy an additional $4 billion plus of capital now through the end of 2023.

我們一貫強勁的現金創造能力，能迅速恢復我們的資本配置能力。因此展望未來，我們在併購（M&A）方面仍將保持積極，且我們有能力在現在到 2023 年底之前額外部署超過 40 億美元的資本。

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

以上，我把時間交回給 Neil，請他回顧各部門的表現。

Thanks, Rob. Let's turn to Page 11 and walk through our 3Q highlights for our Application Software segment. Revenues here were $644 million, up 7% on an organic basis, and EBITDA margins were 43.6%.

謝謝你，Rob。請翻到第 11 頁，我們來走過應用軟體部門的第三季重點。本部門營收為 6.44 億美元，有機成長 7%，EBITDA 利潤率為 43.6%。

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.

在此部門中，我們看到經常性收入（約占本部門營收的 75%）在本季成長 8%。這項經常性收入成長，來自強勁的客戶留存，以及持續移轉至我們的 SaaS 交付模式。

Across this group of companies, the financial strength was broad and has been quite consistent for several quarters running.

在這一組公司中，財務強勁表現相當廣泛，且已連續數季維持相當一致。

As we highlight a few businesses, we'll start with Vertafore, who had another great quarter of bookings growth, revenue growth and margin performance. Vertafore continues to see success in their software solutions targeted to the P&C insurance market, with particular strength in the enterprise class market segment.

在我們點出幾項業務時，先從 Vertafore 開始，其訂單成長、營收成長與利潤率表現再度繳出亮眼的一季。Vertafore 持續在其針對產險（P&C）保險市場的軟體解決方案上取得成功，尤其在企業級市場區隔表現特別強勁。

Across both Deltek and Aderant, we continue to see solid new customer adds and nice momentum and migration towards their SaaS solutions. Also in the quarter, we acquired TIP Technologies for Deltek, a leading software provider servicing the GovCon manufacturing and QA market and viGlobal for Aderant, a leading human resources and recruiting software tool for global law firms.

在 Deltek 與 Aderant 兩者方面，我們持續看到穩健的新客戶增加，以及朝其 SaaS 解決方案移轉的良好動能。此外，本季我們為 Deltek 收購了 TIP Technologies（服務 GovCon 製造與 QA 市場的領先軟體供應商），並為 Aderant 收購了 viGlobal（面向全球律師事務所的人力資源與招募軟體工具領先業者）。

CBORD, our nutrition and access Management software business, had strength across both education and health care end markets.

CBORD（我們的營養與門禁管理軟體業務）在教育與醫療保健兩個終端市場皆展現強勁表現。

Clinisys and Data Innovations continue to exhibit strong demand and operational strength. CliniSys continued its market share gains across Europe, and DI continues to demonstrate product market fit by gaining share of wallet across large health care systems.

Clinisys 與 Data Innovations 持續展現強勁需求與營運韌性。CliniSys 持續在歐洲擴大市占，而 DI 也持續透過在大型醫療體系中提升錢包份額來證明其產品與市場的契合度。

Strata continues to be solid for us as evidenced by strong new customer adds, cross-selling and renewal activity.

Strata 對我們而言仍維持穩健，從強勁的新客戶增加、交叉銷售與續約活動即可看出。

Finally, Frontline will be reported in this segment starting in Q4.

最後，Frontline 將自第四季起在本部門中列報。

Looking at the outlook for the final quarter of the year, we expect to see organic growth in the 6% to 8% area.

就今年最後一季的展望而言，我們預期有機成長將落在 6% 至 8% 的區間。

Turning to Page 12. Revenues in the quarter for our Network Software segment were $347 million, up 10% on an organic basis, and EBITDA margins were strong at 54.5%. The 10% organic growth in this segment is underpinned by 16% growth in recurring revenue.

請翻到第 12 頁。本季我們網路軟體部門營收為 3.47 億美元，有機成長 10%，EBITDA 利潤率維持強勁，達 54.5%。本部門 10% 的有機成長，主要由經常性收入 16% 的成長所支撐。

As we dig into business-specific performance, our U.S. and Canadian freight matching businesses continue to be fantastic. The market conditions, while slowing a touch on the carrier side of the network, remain favorable. These businesses saw a nice new customer adds and ARPU increases during the quarter.

進一步看各業務表現，我們在美國與加拿大的貨運撮合業務持續表現非常出色。市場狀況雖在承運端略有放緩，但整體仍然有利。這些業務在本季新增客戶表現不錯，且 ARPU 也有所提升。

Moving to Foundry, our software business that enables live action film and computer-generated graphics to be combined in a single frame, again demonstrated their financial strength. Net retention was very strong and ARR grew in the strong double digits again.

再看 Foundry——我們使實拍影片與電腦生成圖像能在同一畫格中合成的軟體業務——其財務強勁表現再次獲得驗證。淨留存率非常強勁，ARR 再次以強勁的雙位數成長。

Foundry's success is rooted in their fast-paced innovation capability and favorable long-term market conditions.

Foundry 的成功，根植於其快速的創新能力以及有利的長期市場條件。

Growth in our businesses that focus on alternate site healthcare was led by SHP and SoftWriters and, importantly, retention rates across each of these businesses remained extremely high.

我們聚焦於替代照護場域（alternate site healthcare）的業務成長，主要由 SHP 與 SoftWriters 帶動；且重要的是，這些業務的留存率仍維持在極高水準。

Finally, iTrade, our network through 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 ARR growth in the quarter.

最後，iTrade（我們的供應鏈網路業務）與 iPipeline（我們以科技賦能報價與核保流程的人壽保險 SaaS 業務）在本季皆有穩健的客戶新增，進而帶動 ARR 強勁成長。

Turning to the outlook for the fourth quarter. We expect to see 8% to 10% organic growth for this segment.

談到第四季展望，我們預期本部門有機成長為 8% 至 10%。

As we turn to Page 13, revenues in our tech-enabled products segment were $360 million, up 15% on an organic basis. EBITDA margins for the segment increased nicely to 37.2% in the quarter. It's very nice to see 15% organic growth in the quarter and easing supply chain challenges. While supply chain challenges remain, we experienced demonstrable easing conditions, especially as it relates to chips and chipsets. We are cautiously optimistic; conditions will continue to improve.

請翻到第 13 頁，我們科技賦能產品部門本季營收為 3.60 億美元，有機成長 15%。本部門 EBITDA 利潤率在本季也明顯提升至 37.2%。很高興看到本季 15% 的有機成長，以及供應鏈挑戰的緩解。雖然供應鏈挑戰仍在，但我們確實看到情勢明顯改善，尤其是在晶片與晶片組方面。我們審慎樂觀，認為狀況將持續改善。

Let's start with Neptune, which once again set records for orders and quarter-end backlog. For a few quarters running, Neptune has been able to gain market share by successfully maintaining industry-leading product lead times while simultaneously launching new products, both in terms of cellular connectivity and static meter reading technology. To this end, Neptune continues to experience accelerating demand for their static leader solutions.

先從 Neptune 開始，其再次創下訂單與季末在手訂單（backlog）的新紀錄。連續幾季以來，Neptune 透過成功維持業界領先的產品交期，同時推出新產品（包括行動通訊連接與靜態抄表技術兩方面），得以持續提升市占。為此，Neptune 對其靜態讀表解決方案的需求持續加速。

Verathon was simply strong. They grew nicely in the quarter driven by momentum across all 3 components of their product portfolio, bladder volume measurement, video intubation and single-use bronchoscopes.

Verathon 的表現就是強勁。本季在其產品組合三大構成——膀胱容量測量、影像插管與一次性支氣管鏡——全面動能帶動下，實現了良好成長。

As it relates to Northern Digital, they set a new record for quarterly revenues as they experienced continued strong demand for their precision measurement solutions.

至於 Northern Digital，由於其精密量測解決方案需求持續強勁，本季營收創下單季新高。

Our outlook for the final quarter of the year is 5% to 7% organic growth for this segment as we have a more difficult comp heading into Q4.

我們對今年最後一季的展望為：本部門有機成長 5% 至 7%，因為進入第四季時比較基期更具挑戰。

Now please turn to Page 15, and let's review our updated and increased outlook for the balance of the year.

現在請翻到第 15 頁，我們來檢視今年剩餘期間更新且上調的展望。

As a reminder, last quarter, we increased our adjusted DEPS outlook to be between $13.46 and $13.62. We are now once again increasing our guidance to be between $14.09 and $14.13, an increase of $0.57 at the midpoint. This increase as guided is driven by our strong third quarter performance and the momentum we carry in Q4, together with the addition of Frontline Education. Embedded in this guidance is full year organic growth of 9% plus, an increase from 8% to 9% organic growth guidance discussed last quarter.

提醒一下，上季我們將調整後 DEPS 展望上調至 13.46 至 13.62 美元之間。現在我們再次上調指引至 14.09 至 14.13 美元之間，中點上調 0.57 美元。此一上調如指引所述，主要由我們強勁的第三季表現與延續至第四季的動能所驅動，並加上 Frontline Education 的併入。此指引亦隱含全年有機成長 9% 以上，較上季討論的 8% 至 9% 有機成長指引進一步上調。

As we look to the fourth quarter, we're establishing DEPS guidance to be in the range of $3.72 and $3.76.

展望第四季，我們設定 DEPS 指引區間為 3.72 美元至 3.76 美元。

Now our concluding comments, and we'll get to your questions. As we turn to Page 16, we want to leave you with the same key points with which we started. First, we had another great quarter of operational and financial performance, and we are increasing our outlook for the year. Second, we acquired another leading niche software business, Frontline Education. Third, we continue to have substantial M&A firepower, north of $4 billion. And fourth and perhaps the most important, the new, higher quality portfolio is becoming ever more visible.

接下來是我們的結語，然後我們會進入各位的提問。翻到第 16 頁，我們想以與開場相同的幾個重點作結。第一，我們在營運與財務表現上又交出一個非常出色的季度，因此上調全年展望。第二，我們收購了另一家領先的利基軟體企業 Frontline Education。第三，我們仍擁有充足的併購火力，超過 40 億美元。第四點、也許是最重要的一點，更高品質的新投資組合正變得愈來愈清晰可見。

As it relates to our strong start, we grew revenues organically by 10% and EBITDA by 12%. We are lifting our full year organic growth and DEPS guidance based on the factors previously discussed.

就我們強勁的開局而言，我們的營收有機成長 10%，EBITDA 成長 12%。基於先前討論的因素，我們上調全年有機成長與 DEPS 指引。

Regarding capital deployment, we have been active. Over the past couple of months, we deployed just over $4 billion. To this end, our prudence and patience are being rewarded through the identification and selection of these high-quality assets.

在資本配置方面，我們一直相當積極。過去幾個月，我們投入了略高於 40 億美元。為此，我們的審慎與耐心，透過辨識並挑選這些高品質資產而獲得回報。

We continue to have a large amount of available M&A capacity north of $4 billion. We continue to be very active in the M&A market. But as you saw in Q3, as always, we remain super patient and highly disciplined to ensure optimal deployment of our available capital.

我們仍有超過 40 億美元的可用併購額度。我們在併購市場依然非常活躍。但如同你在第三季所看到的，一如既往，我們仍保持極度耐心與高度紀律，以確保以最佳方式運用可用資本。

Finally and perhaps the most important, the new, higher-quality Roper portfolio is becoming increasingly more evident, and we have never been more excited about the future of our enterprise.

最後、也許是最重要的一點，Roper 更高品質的新投資組合正愈來愈明顯，我們對公司未來從未如此振奮。

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 we'll continue to do.

在進入各位提問之前，提醒大家我們的策略不變：透過收購並成長於利基、具市場領導地位的科技企業來複利化現金流。這是我們 20 多年來一直在做的事，未來也會持續。

In addition, our value creation and governance model remains unchanged. We operate a portfolio of market-leading businesses in defensible niches. Each of our businesses has high levels of recurring revenue, strong margin and competes based on customer intimacy, which yields highly resilient organic growth rates.

此外，我們的價值創造與治理模式也維持不變。我們經營一組在具防禦性的利基市場中具領導地位的企業組合。我們每一家企業都擁有高比例的經常性收入、強勁的利潤率，並以貼近客戶來競爭，從而帶來高度韌性的有機成長率。

We operate a highly decentralized operating 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.

我們採取高度分權的營運架構，聚焦於長期的事業打造。我們的文化對績效設下非常高的標準，並專注於持續改善。我們所有人的薪酬都與成長掛鉤，這也強化了我們透明、敏捷與謙遜的文化。

Finally, we redeploy the vast majority of our capital to acquire the next great business. We do this with centralized corporate resources in a highly disciplined, thoughtful and analytical manner. This strategy unchanged, delivers compounded and superior long-term shareholder value.

最後，我們將絕大多數資本再投入，用於收購下一家優秀企業。我們透過集中的公司資源，以高度紀律、周延且分析導向的方式來執行。此一不變的策略，能為股東帶來長期複利且更優異的價值。

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

感謝各位今天早上加入我們。接下來，我們開放提問。

(Operator Instructions) Today's first question comes from Deane Dray at RBC Capital Markets.

（接線員指示）今天第一個問題來自 RBC Capital Markets 的 Deane Dray。

I know we're not seeing it in any of your reported numbers today with all this upside but has there been any changes in customer behavior on the software side given the uncertain macro, whether it's velocity of new contracts, orders, customer adds. Anything kind of below the radar screen?

我知道在今天你們公布的數字裡、在這麼多上行因素之下，我們看不太出來；但在宏觀環境不確定的情況下，軟體端客戶行為是否有任何變化？例如新合約簽約速度、訂單、客戶新增等。有沒有什麼比較不顯眼、但值得注意的訊號？

Deane, nothing in a meaningful, sustained manner, right? So I think we attribute that first to the markets that we serve, right? So think about customers in healthcare, education, insurance, food, government contracting, utilities. I mean, the macro forces generally are lessened or less impactful in those end markets. ARRs, I think, up to double digits, 10%. So that's always a leading indicator of the strength.

Deane，沒有任何具實質性、且持續性的變化，對吧？我想首先要歸因於我們所服務的市場。想想看，我們的客戶在醫療保健、教育、保險、食品、政府承包、公用事業等領域。整體而言，宏觀力量在這些終端市場的影響較小或較不顯著。ARR 我認為仍是雙位數成長、約 10%。這一直是衡量強勁程度的領先指標。

But there's certainly quarter-to-quarter, there can be some noise. And so last quarter, we're looking at, for instance, PowerPlan, might have saw some softening, but that recovered this quarter. And so it's not to say there's not pockets of things we look at, but nothing in a sustained manner at this stage.

但季度之間確實可能會有一些雜訊。比如上一季我們看到 PowerPlan 可能有些轉弱，但這一季又恢復了。所以並不是說沒有一些我們會關注的局部情況，但在目前階段，沒有任何持續性的變化。

That's great to hear. And as a follow-up, can you expand on this initiative to structurally improve the longer-term organic growth rates of the businesses? And just so we're clear, part of your acquisition criteria has never been to buy the fastest topline growing companies because that just doesn't fit the kind of where you're looking for these unicorns that have high barriers to entry that private equity is not going to take public. So you've never been focused on the real, sexy topline growth. But what is the target when you say kind of long-term improvement in organic growth?

很高興聽到這點。接著追問一下，你能否更詳細說明這項旨在結構性提升各事業長期有機成長率的計畫？另外確認一下，你們的收購標準從來就不是去買營收成長最快的公司，因為那不符合你們尋找的那種具高進入門檻、私募股權也不會拿去上市的「獨角獸」類型。因此你們從未把那種很吸睛的營收成長當作重點。但當你們說要在長期改善有機成長時，目標大概是什麼？

Yes. I'd draw back. This is the same thing we've been talking about since really for over the last 4 or 5 years since we became COO and CEO and the team we have in place today.

是的。我會先回到一點：這其實就是我們過去 4 到 5 年一直在談的事情，從我們成為 COO 與 CEO 以來，以及目前這個團隊到位之後。

So historically, longest history, this -- we've said this is a GDP plus a little bit grower. And as we restructured the portfolio and we -- as we talked about here, increased the expectation outlook for more organic existing portfolio, now it's mid-single digits, certainly through cycle, and we're always looking to continue to improve that.

從更長的歷史來看，我們過去常說這是一個「GDP 再加一點」的成長者。而隨著我們重整投資組合，並如同今天所談到的，對既有投資組合的有機成長提出更高的預期與展望，現在我們認為穿越景氣循環可達到中個位數成長，且我們也一直在尋求持續改善。

We've talked ad nauseam about the desire to improve the organic growth outlook through our governance system, our businesses thinking about how to do strategy right, where to play and how to win, how to execute that strategy in a process and disciplined manner, then how to build the team and talent to sort of use that as a long-term competitive advantage.

我們已經反覆談過，希望透過我們的治理系統來改善有機成長展望：讓各事業思考如何把策略做對——在哪裡競爭、如何取勝；如何以流程化與紀律化的方式執行該策略；再來是如何打造團隊與人才，並把這些作為長期競爭優勢。

We've been at this with the portfolio for 3 or 4 years, and we're starting to see some signs of improvement. So we're encouraged, but it's an ongoing body of work that never ends.

我們在整個投資組合上推動這件事已經 3 到 4 年，開始看到一些改善的跡象。我們因此受到鼓舞，但這是一項永無止境、持續進行的工作。

And our next question today comes from Scott Davis of Melius Research.

我們今天的下一個問題來自 Melius Research 的 Scott Davis。

Great results as usual. It probably sounds like a broken record after kind of a decade of that. But I was hoping for a little bit of a play-by-play on Frontline. Were there the same kind of number of people that showed up for the auction? Was there less? Was it a little less competitive? The same? Just a little bit of a play-by-play would be helpful.

一如既往地漂亮成績。這樣講可能聽起來像壞掉的唱片，畢竟你們這樣已經差不多十年了。但我希望能更逐步地了解 Frontline 的情況：參與競標的人數是否差不多？有比較少嗎？競爭是否沒那麼激烈？還是差不多？如果能稍微逐段描述一下會很有幫助。

Sure. I appreciate the opportunity to talk about that. I'll tell you, you never have perfect information, and so this is using all of our inputs and reading the tea leaves to really understand what happened.

當然。謝謝你給我們機會談這個。我會說，你永遠不可能掌握完美資訊，所以這是我們綜合所有輸入、並「讀茶葉渣」來理解實際發生了什麼。

In the process, the seller here, [Toma], had some bespoke reasons. They needed to get liquidity from an asset, they chose this one. It happened at the time in the market where private equity bidders had a difficult time bidding because there's not -- there was not -- or has not been a private leveraged loan market. And so in that result, the process was thinner competitively, meaningfully thinner competitively, and that's why we believe we're able to get a very good price for the asset.

在這個流程中，賣方 [Toma] 有一些量身訂做的原因：他們需要從某項資產取得流動性，因此選擇出售這一項。交易發生的時間點，市場上私募股權買家在出價上有困難，因為當時沒有——或一直沒有——私募槓桿貸款市場。因此，整個流程在競爭上就比較薄弱，且是明顯薄弱；這也是我們認為能以非常好的價格買到該資產的原因。

So the process dynamics are a little bit different and just another example of sort of the patience and our commitment to investment-grade leverage and the conservative posture of our financial policy enables us to sort of move nimbly when an opportunity presents itself.

所以流程動態有些不同，這也再次說明：我們的耐心、對投資級槓桿的承諾，以及保守的財務政策立場，使我們能在機會出現時靈活迅速地行動。

That's helpful. And can you give us, just as a follow-up, just a little bit of sense of magnitude of price in your 10% growth number this quarter? Is it 1/3, 1/2, something that you can give us just a sense of what component that was?

這很有幫助。再追問一下，你能否讓我們大概了解一下：本季你們 10% 成長數字中，價格因素的量級大概是多少？是三分之一、二分之一，或任何你能提供的比例，讓我們對其構成有個概念？

It's very difficult for us to sort of bifurcate volume and price. Keep in mind, we're 75% software. Inside software, the growth algorithm of every one of our software businesses, you attrit a little bit. There is price baked in every year to sort of offset a little -- mostly, if not all, of the attrit. And you're cross-selling and up-selling into the customer base that gives you your attrit taste to every retention then you're adding new customers to get the total growth.

要把量與價做清楚拆分對我們來說非常困難。請記得，我們有 75% 是軟體。在軟體內部，每一家軟體事業的成長算法是：你會有一點流失；每年都會內含一定的價格調整，用來抵消一點——多數情況下甚至是全部——的流失；你也會在既有客戶基礎上做交叉銷售與向上銷售，這會影響你的流失與留存；然後再透過新增客戶來達成整體成長。

And so pricing and value capture is just completely native to the inner workings of the pricing model inside of software. And it's not -- and it would be generally consistent with the past. I mean there's maybe a little bit more price as labor has gone up in the software model.

因此，定價與價值擷取完全內建於軟體內部的定價模型運作機制之中。這並不是——而且整體上會與過去一致。我是說，隨著軟體模式中的勞動成本上升，價格可能會略有提高。

As it relates to the product businesses, our product businesses have done a fabulous job of essentially passing the cost increases through with the margin to our customers. As you know, that lags a little bit. It showed up in margins this quarter in TEP. That will continue to bleed out over the next several quarters as the backlog that was built early in the year as this shipped. And so the teams have done a nice job with that.

就產品業務而言，我們的產品業務做得非常出色，基本上已將成本上升連同利潤率轉嫁給客戶。如你所知，這會有一點滯後。本季在 TEP 的利潤率中已經反映出來。隨著年初建立的積壓訂單在接下來幾季陸續出貨，這個影響還會持續逐步釋放。因此團隊在這方面做得很好。

And our next question today comes from Joe Giordano with Cowen.

我們今天的下一個問題來自 Cowen 的 Joe Giordano。

Just to follow kind of on Deane's question. We are starting to see like at least announcements about layoffs at tech companies and these kind of things as their business starts to slow. Obviously, the businesses you have are very different. But if you were to start extrapolating those type of announcement down to permeate throughout the broader economy, like how do you like play that scenario with your businesses? Like, okay, we're seeing this and that means just much impact to some of these software businesses and here's what we do and here's how we kind of think about that. Like kind of like run us through that playbook.

只是延續一下 Deane 的問題。我們開始看到一些科技公司宣布裁員之類的消息，因為它們的業務開始放緩。顯然，你們的業務非常不同。但如果把這類宣布往下推演，假設它會滲透到更廣泛的經濟體系中，你們會如何在自身業務中推演這種情境？比如說，好，我們看到這個，那對某些軟體業務意味著多大影響，我們會怎麼做、我們怎麼思考——能否帶我們走一遍你們的應對手冊？

Yes. So it is company-specific, right? So every company is going to adjust as their market demands. As a general matter, as large tech employment softens, I view that as a good thing for our business because it makes it easier for us to hire the labor and talent that we need to hire, it is point one.

是的。所以這是公司特定的，對吧？每家公司都會依其市場需求來調整。一般而言，當大型科技業就業市場轉弱，我認為這對我們的業務是好事，因為這讓我們更容易招募到我們需要的勞動力與人才，這是第一點。

Point two is, keep in mind, what we do for our customers, right? We are selling and delivering to them the things they need to run their business. So we are mission-critical to what they do. And we're -- our pricing model is vastly fixed subscription. So it's not volume- or transaction-based. So we should be relatively muted to sort of short-cycle fluctuations and in the macroeconomic indicators.

第二點是，請記住我們為客戶做什麼，對吧？我們向他們銷售並交付他們經營業務所需的東西。所以我們對他們所做的事情是關鍵任務（mission-critical）。而且——我們的定價模式主要是固定訂閱制。因此它不是以量或交易為基礎。這使得我們相對不會受到短週期波動以及宏觀經濟指標變化的太大影響。

And so a little bit better labor environment, I think, is on balance a good thing for us.

因此，我認為勞動環境稍微改善，整體而言對我們是好事。

And then as you think about going forward in M&A, just given where the stock is de-rated, we haven't been in a situation where some of the deals you might look at are higher multiples than Roper itself. So like how are you kind of thinking about actionability of certain things just given where the stock trades?

再來談到未來的併購（M&A），考量到股價被重新評價（de-rated）之後，我們過去不太會遇到你可能會看的某些交易，其估值倍數高於 Roper 本身的情況。所以在目前股價交易水準下，你們如何思考某些事項的可操作性（actionability）？

We're always focused on improving both the scale and the quality of the enterprise. It's been 20 years, it will be the next 20 years, and finding the best asset at the best prices we can find. And there's no difference in that going forward.

我們始終專注於同時提升企業的規模與品質。過去 20 年如此，未來 20 年也會如此，並以我們能找到的最佳價格去尋找最佳資產。未來在這方面沒有任何不同。

And our next question today comes from Christopher Glynn at Oppenheimer.

我們今天的下一個問題來自 Oppenheimer 的 Christopher Glynn。

Curious, [NSS] margins seem to step out a bit nicely, very strong incrementals. I just want to kind of discuss if there's mix shift there that's kind of episodic or kind of sticky.

我很好奇，[NSS] 的利潤率似乎提升得不錯，增量利潤非常強。我想討論一下，這是否有產品組合（mix）變化，屬於偶發性的，還是比較具有黏著性（sticky）。

Chris, it's Rob. I don't think -- I don't think anything really to call out. I mean we had really strong organic growth and with the software businesses that comes through with great incremental. So I'm just looking back to the margins last year. I think we ended last year at 54% in the fourth quarter. We are 54.5% EBITDA here. So yes, no, I think it was a nice quarter performance, probably similar for the fourth quarter in terms of the EBITDA margin for the segment.

Chris，我是 Rob。我不認為——我不認為有什麼特別需要點出的。我是說，我們有非常強勁的有機成長，而在軟體業務中，這會帶來很好的增量利潤。我回頭看去年利潤率，我想我們去年第四季結束時是 54%。我們這裡的 EBITDA 是 54.5%。所以，是的，我認為這是一個不錯的季度表現；就該事業部的 EBITDA 利潤率而言，可能與第四季的水準相近。

Okay. And thinking about Frontline accretion, we take the $175 million of EBITDA, maybe that's $160 million EBITA. And then there might be some net interest increase expected there. So just curious how to put that together.

好的。那在思考 Frontline 的增厚（accretion）時，我們取 1.75 億美元的 EBITDA，可能是 1.6 億美元的 EBITA。然後利息淨額可能會增加。所以想請教該如何把這些拼在一起看。

Yes, yes. That's right. So for the fourth quarter, we've got about $40 million of EBITDA in for Frontline and there's about $24 million of incremental interest if you look at where we were before to now. As I mentioned earlier, we did draw on the revolver. And so we're paying the revolver interest for much of the fourth quarter. Then we're assuming that the industrial sale closes late in the quarter and then that interest expense would go away.

是的，是的。沒錯。所以在第四季，我們把 Frontline 約 4,000 萬美元的 EBITDA 納入，若你比較我們之前與現在的狀況，增量利息大約是 2,400 萬美元。如我先前提到的，我們確實動用了循環信貸（revolver）。因此第四季大部分時間我們都在支付循環信貸利息。接著我們假設工業業務出售在季末完成，那麼那筆利息費用就會消失。

So I think the math on that is about $0.12 of our sort of $0.57 guidance increase was Frontline.

所以我認為這樣算下來，在我們約 0.57 美元的指引上調中，大約有 0.12 美元是來自 Frontline。

Depreciation is about $7 million or $8 million a year.

折舊大約每年 700 萬到 800 萬美元。

And our next question today comes from Julian Mitchell of Barclays.

我們今天的下一個問題來自 Barclays 的 Julian Mitchell。

Just wanted to circle back to Network Software in terms of the topline. Because I think you've had now sort of 6 quarters consecutive of around double-digit organic sales growth. And I was curious to what extent it's the same 1 or 2 businesses driving that consistently. Or is it kind of different horses pulling it along at different times and kind of the leadership is changing? And any thoughts on the next few quarters which businesses you see driving the Network Software organic growth?

我想回到 Network Software 的營收（topline）。因為我認為你們現在已經連續大約 6 個季度都有接近兩位數的有機銷售成長。我好奇的是，這在多大程度上是由同樣的 1 到 2 個業務持續帶動？還是說不同時間由不同業務拉動、領先者在變化？另外，對未來幾季，你們認為哪些業務會驅動 Network Software 的有機成長？

Yes, sure. I'll take a crack at it and then ask Rob if he wants to correct or amplify anything I say.

好的，當然。我先嘗試回答，然後再請 Rob 看看是否要更正或補充我說的任何內容。

So it's been a pretty consistent set of performance across the various businesses. We've talked for many quarters about the strength of U.S. Canadian freight match, right? It's just been fantastic for us. It continues to be good. For the last 2 or 3 quarters, we talked 2 quarters, this quarter and last quarter, we've talked about how the -- the rate of growth is slowing a little bit, but it's still very, very good. Even this quarter, there was a strong number of new carrier adds. So we would expect that to sort of slow down a bit over the course of the next year.

所以整體而言，各個業務的表現一直相當一致。我們已經談了很多季美國、加拿大的貨運撮合（freight match）業務的強勁表現，對吧？對我們來說一直非常出色，而且仍然很好。過去 2 或 3 季——我們談了 2 季，就是本季和上季——我們提到成長率正在稍微放緩，但仍然非常、非常好。即便在本季，新加入的承運商（carrier）數量仍然很強。因此我們預期在接下來一年中，這部分會逐步再放慢一些。

The other businesses, Foundry, SoftWriters, iTrade, SHP, iPipeline, are just solid performers that have been very consistent and generally don't have that macro sort of tailwind that the freight match businesses have had. So we wouldn't expect any meaningful change for those businesses.

其他業務如 Foundry、SoftWriters、iTrade、SHP、iPipeline，都是穩健的表現者，一直非常一致，而且通常不像貨運撮合業務那樣享有宏觀層面的順風。因此我們不預期這些業務會有任何顯著變化。

Anything you want to add or cut?

你有什麼想補充或刪減的嗎？

No, I think that's fair.

沒有，我覺得這樣說很公平。

And then just on technology-enabled products, you have had issues, like most manufacturers, from cost inflation, from supply chain challenges for some time. Those are starting to ease, it looks like. So maybe help us understand what you're assuming for the pace of those supply chain challenges easing. And then assuming you've got volume growth ahead, easier supply chain and inflation, what kind of operating leverage should we expect in the TEP segment, not so much next quarter, but let's say, next 12 months?

再來談到技術賦能產品（technology-enabled products），你們和大多數製造商一樣，因成本通膨與供應鏈挑戰而困擾了一段時間。看起來這些問題開始緩解了。所以也許請幫我們理解，你們對供應鏈挑戰緩解速度的假設是什麼。然後假設未來有量的成長、供應鏈更順、通膨也緩和，在 TEP 事業部，我們應該期待什麼樣的營運槓桿？不是指下季，而是接下來 12 個月左右。

I'll take the first couple parts of that question around supply chain pacing and improvement. I'll let Rob comment about the OP leverage or EBITDA leverage there.

我先回答供應鏈緩解節奏與改善的前半部分。至於營業利益（OP）槓桿或 EBITDA 槓桿，我讓 Rob 來評論。

So just to set the context, for us, the supply chain, we have been modestly gated from shipping 1 or 2 of the businesses for short periods of time. But for the most part, it's been about -- we've been able to ship, but it's been about a higher component cost and expedited logistics in order to sort of both inbound and outbound the products.

先設定一下背景：對我們而言，供應鏈方面，我們曾在短時間內因 1 到 2 個業務而在出貨上受到些許限制。但大多數情況下，重點在於——我們能出貨，但零組件成本更高，且為了讓產品進出貨（inbound 與 outbound）順利，我們需要使用加急物流。

This quarter, demonstrably, supply chain, especially around chips, improved intra-quarter. We went into the quarter assuming it's going to be difficult, and it meaningfully improved during the quarter. So it's our expectation that, that part of supply chain element continues to ease Q4 and beyond.

本季可以明顯看到，供應鏈——特別是晶片方面——在季內有所改善。我們在進入本季時原本假設會很困難，但在本季期間情況顯著好轉。因此我們預期，這部分的供應鏈因素在第四季及之後會持續緩解。

There's still a little bit of challenges around certain components principally coming out of China, I think motors and things like that. That are still -- have longer lead times, but those appear to be abating as well. We don't assume that happens per se in Q4.

某些零組件仍然存在一些挑戰，主要是來自中國的供應，我想像是馬達之類的。這些仍然——交期較長，但看起來也正在緩解。我們並不假設這在第四季一定會發生。

As it relates to the price and sort of pushing that through, we talked about a little bit before, the companies have been very good at taking price increases to offset the component price -- or cost increases, but it lags by a handful of -- not a handful, a couple of quarters between you take the order and when you deliver the order, and that started showing up this quarter.

至於價格以及把漲價傳導出去這件事，我們之前也稍微談過。各家公司在透過漲價來抵消零組件價格——或成本上升方面做得很好，但從接單到交付之間會落後幾個——不是幾個，而是兩個季度左右，而這一點在本季開始顯現。

Yes. I'll just add to that, there's great momentum here. Neptune is performing really, really well. Neil talked about how they're still seeing great orders and great backlog and great momentum, so that should certainly carry forward.

是的。我再補充一下，這裡的動能非常強。Neptune 的表現非常、非常好。Neil 談到他們仍然看到很強的訂單、很強的在手訂單以及很強的動能，所以這當然應該會延續下去。

so with the supply chain issues easing, as Neil mentioned, I mean, leverage here, I think it was 50% EBITDA leverage in the quarter, we should be north of 40% leverage over the long term as these businesses continue to grow strong organically. And so that would pick up the EBITDA margins a little bit in that segment.

因此，隨著供應鏈問題緩解，如 Neil 所提，我的意思是，這裡的槓桿效應——我想本季是 50% 的 EBITDA 槓桿效應——長期來看，隨著這些業務持續強勁的有機成長，我們應該會高於 40% 的槓桿效應。這將使該分部的 EBITDA 利潤率略有提升。

And our next question today comes from Steve Tusa at JPMorgan.

我們今天的下一個問題來自摩根大通（JPMorgan）的 Steve Tusa。

Just on -- going back to the Frontline. So if that adds like $0.12 and your -- I think your sequential increase in earnings is, I don't know, like $0.07 or something like that, what's the -- I know it's only down modestly, but maybe sometimes you have an increase in the fourth quarter I think, obviously, seasonality has changed a bit. But anything else kind of moving around? Or is everything generally just kind of flat from [3 to 4 of EPS]?

就——回到 Frontline。若它增加大約 0.12 美元，而你們——我想你們的獲利季增大概是 0.07 美元左右之類的，那——我知道只是小幅下滑，但有時候第四季我記得會有增加，顯然季節性也有些改變。但還有其他什麼在變動嗎？還是整體上就是從【EPS 第三季到第四季】大致持平？

Yes. I think if you look at the guide, the TEP volume, revenue is little lower fourth quarter versus third quarter, you mentioned some supply chain eased and some stuff shifted -- shipped a little bit earlier. Other than that, I think you're right. I mean it's a much different portfolio, right? We don't have the seasonality with all the energy businesses, the big fourth quarter that just -- those businesses have been divested.

是的。我想如果你看指引，TEP 的出貨量、營收在第四季相較第三季略低；你提到供應鏈有所緩解，有些東西移動——提前一點出貨了。除此之外，我想你說得對。我的意思是，這是一個非常不同的投資組合，對吧？我們不再有所有能源業務帶來的季節性——那種第四季特別強的情況——那些業務已經被剝離了。

Right. And then just for free cash flow, can you just baseline us on fourth quarter or just for the year? What you guys would -- I know you don't guide, but we're getting close to the end of the year, maybe you could just baseline us on what you expect for the fourth quarter. And deferred revenue is actually pretty negative in the quarter, what's going on there?

了解。那再問自由現金流，你能不能給我們一個第四季或全年基準？你們會——我知道你們不提供指引，但我們已經接近年底了，也許你可以給我們一個你們對第四季的預期基準。另外，遞延收入在本季其實是相當負的，這是怎麼回事？

Yes. So I mean, cash flow should be strong in the fourth quarter, obviously setting aside the fact that we're still making payments on the divestiture. It's always our best working capital quarter on deferred revenue. In the fourth quarter is when we get most of our renewals for the software businesses. That's usually the best quarter for that as well. So it's usually a very good working capital quarter.

是的。所以我的意思是，第四季的現金流應該會很強，當然先不考慮我們仍在為剝離交易支付款項這件事。就遞延收入而言，第四季一向是我們營運資金表現最好的季度。第四季是我們軟體業務大部分續約發生的時點。那通常也是這方面最好的季度。所以通常會是一個非常好的營運資金季度。

And then if you look forward, we certainly don't guide cash flow, but we are really, really well positioned for great cash conversion next year as we get these cash tax payments behind us and now we have a portfolio with even better working capital characteristics. And so we feel great about our ability to continue to compound cash flow moving forward.

再往前看，我們當然不提供現金流指引，但隨著這些現金稅款支付逐步結束，而且我們現在擁有一個營運資金特性更好的投資組合，我們在明年的現金轉換方面確實、確實處於非常有利的位置。因此，我們對於未來持續複利式地累積現金流的能力感到非常有信心。

And our next question today comes from Allison Poliniak with Wells Fargo.

我們今天的下一個問題來自富國銀行（Wells Fargo）的 Allison Poliniak。

Want to go back to the Network Software businesses. And particularly as we look, you touched on freight matching and then iTrade network. Both businesses which I would have thought had pretty strong market share historically. Could you maybe talk to with the new customer adds? Are those markets evolving for you? Or is it something that Roper is doing specifically to capture share in there? Just any thoughts?

我想回到 Network Software 業務。特別是當我們看——你提到了貨運撮合（freight matching）以及 iTrade network。這兩個業務我原本以為在歷史上都有相當強的市占。你能否談談新增客戶方面？這些市場對你們而言正在演變嗎？還是 Roper 正在做一些特定的事情來在其中取得市占？有什麼想法都可以。

So yes, each one is different between the freight match, the North American DAT freight match business and iTrade on what they're doing relative to their product and go-to-market strategy.

是的，兩者各不相同：北美的 DAT 貨運撮合業務，以及 iTrade，在產品與市場進入策略（go-to-market strategy）上各自採取的作法不同。

Relative to DAT, I would -- there's a lot that we can unpack and delighted to talk to you about this on a call down or more in a longer form way. But the short version is they've done a terrific job on both their freight match products and their analytics product and then creating product tiers based on the value the customer wants to sort of buy into.

就 DAT 而言，我會——這裡有很多可以拆解的內容，也很樂意在後續電話或用更長篇幅的方式與你討論。但簡而言之，他們在貨運撮合產品與分析產品上都做得非常出色，並且依據客戶想要購買的價值，建立了不同的產品分級（product tiers）。

At DAT also, something like 75% of the bookings today are through their e-commerce channel, where 3 years ago or 5 years ago it was 0. So they've really removed the barriers to do business with them.

另外在 DAT，目前大約 75% 的預訂（bookings）是透過他們的電商通路完成的，而在 3 年前或 5 年前這個比例是 0。也就是說，他們確實移除了與他們做生意的障礙。

And when you look at the ARPU increases, like 70% of the ARPU increase has been because customers have elected to a higher package because there's been more value to sort of get from the network. So they've done a wonderful job. That's bespoke and unique to DAT like it is for all 27 businesses.

而當你看 ARPU 的提升時，像是 ARPU 增加的 70% 是因為客戶選擇升級到更高的方案，因為他們能從網路中獲得更多價值。所以他們做得非常好。這是為 DAT 量身打造且獨特的作法，就像對 27 家業務中的每一家都是如此。

At iTrade, the go-to-market motion there, it's been mostly the same. But this -- over the course of probably, about 1.5 years ago, the company released a new product offering to enable the supplier part of the network to do easier trading with the buy side of the network. It is the simplest way to describe it. So think of it as like a lighter weight supply chain management software tool for half of the network, and it's just been a very consistent bookings over the last 4 or 5 quarters since it has been released.

至於 iTrade，那裡的市場進入動作大多維持不變。但在——大概 1.5 年前的某個時點，公司推出了一個新的產品方案，讓網路中的供應商端能更容易與網路中的買方端進行交易。這是最簡單的描述方式。你可以把它想成是一個較輕量的供應鏈管理軟體工具，提供給網路的一半使用者；自從推出以來，過去 4 到 5 個季度的預訂表現一直非常穩定。

Great. And then just as we think about organic, recurring revenue in the software business has been quite strong. Do we assume a similar level of the recurring revenue growth as we look to our Q4 numbers? Just any thoughts there?

很好。再來，當我們思考有機成長時，軟體業務的經常性收入一直相當強勁。當我們看第四季數字時，我們是否可以假設經常性收入成長會維持在類似水準？有什麼想法嗎？

You want to comment on Q4 revenue recurring?

你想評論一下第四季的經常性收入嗎？

Yes, should be similar that we've seen. The trends there continue to be very positive overall on recurring revenue, for sure.

是的，應該會與我們目前看到的情況相近。那裡的趨勢整體而言仍然非常正面，經常性收入確實如此。

Our next question today comes from Joe Ritchie at Goldman Sachs.

我們今天的下一個問題來自高盛（Goldman Sachs）的 Joe Ritchie。

So guys, I've been getting a bunch of questions on just the long-term growth rate for your businesses. And clearly, like the portfolio has evolved a lot over time. I think last quarter, we talked about 6% long-term growth. I was just wondering, as you kind of look at the 27 companies that now make up Roper, are there businesses that you expect to grow, let's call it, high single to low double digits over time because of where they are in their maturity? And if there are, could you maybe just talk through some of those?

各位，我收到很多關於你們業務長期成長率的問題。很明顯，投資組合隨時間演變很多。我想上季我們談到長期成長 6%。我想問的是，當你們看現在構成 Roper 的 27 家公司時，是否有一些業務因為成熟度所處的位置，預期長期能以我們稱之為高個位數到低雙位數的速度成長？如果有的話，你能否談談其中一些？

Yes. I think the place to start, right, is the removal of the cyclicality, right? So if you look at where Roper is now, as we mentioned earlier, it's a very different portfolio because we don't have that 40% of Roper that was projects and cyclicality back to 2018. So that -- so now you don't have the situation where you might have something that grows 15% 1 year and then goes down 15% the next year. So really, the whole portfolio is sort of plus or minus mid-single-digit organic. And in a bad year, something might be up 2% or 3%. And in a great year, it could certainly be double digits. And I'll let Neil expand on that.

是的。我想起點是移除景氣循環性，對吧？所以如果你看 Roper 現在的狀況，如我們先前提到的，這是一個非常不同的投資組合，因為我們不再像 2018 年那樣，有 40% 的 Roper 來自專案型與景氣循環性業務。所以——現在你不會有那種某一年成長 15%，下一年又下滑 15% 的情況。整體而言，整個投資組合的有機成長大致是在中個位數上下波動。在不好的年份，可能成長 2% 或 3%；在很好的年份，當然也可能達到雙位數。我讓 Neil 再補充。

I would maybe add 3 points to that, Joe. One is it's -- when you look at the 27 companies, it's a very tight distribution in terms of the growth rate. There's not -- it's not a barbell where you've got 10 companies growing 2% and 10 companies growing 15% and averages into something different. It's very tight.

Joe，我可能再補充三點。第一是——當你看這 27 家公司時，就成長率而言，它的分布非常集中。並不是——不是那種兩極分化（barbell），例如有 10 家公司成長 2%、另 10 家公司成長 15%，然後平均成另一個數字。它非常集中。

I think the only 2 acquisitions we've done, we've announced as a high single-digit organic growth business. Everything else has been mid-singles, and we're working to improve that. So as a general matter, think of it as a mid-single-digit through-cycle organic growth portfolio that is -- has all the cash flow characteristics you'd want to see with that.

我認為我們做過的僅有兩筆收購，我們都已宣布其為有機成長達高個位數的業務。其他所有的都是中個位數，而我們正在努力改善。因此，整體而言，可以把它視為一個穿越景氣循環、以中個位數有機成長的投資組合——並且具備你希望看到的所有現金流特性。

We'd see operating leverage occurs, so that's going to translate to a little bit more cash flow growth organically. And then you got to layer on top of that the M&A flywheel. So we feel very comfortable we have a mid-teens sort of cash flow compounding growth algorithm that's embedded in our strategy.

我們會看到營運槓桿的發生，因此這將轉化為有機的、略高一些的現金流成長。然後你還得把併購的飛輪效應疊加上去。所以我們非常有信心，我們的策略中內嵌了一套中十位數左右的現金流複利成長演算法。

Got it. That's super helpful. And then I guess my follow-on question, I haven't historically thought of you guys as being potentially a big beneficiary of some of the stimulus packages that have been passed. And so, as an example, like the K to 12 education stimulus funding. But then as you're talking about CBORD and now this acquisition, the Frontline, I'm just wondering like do you guys see yourself as a beneficiary of some of these stimulus measures where we actually haven't seen a lot of that spending yet come through and perhaps, we'll start to see some of that in 2023?

了解。這非常有幫助。那我接著想問，我過去並不會把你們視為已通過的一些刺激方案的主要受益者。舉例來說，K-12 教育刺激資金。但當你們談到 CBORD，以及現在這筆收購 Frontline 時，我就在想，你們是否會成為其中一些刺激措施的受益者？因為我們其實還沒看到很多這類支出真正落地，也許在 2023 年會開始看到？

We think the answer is no. We're not in any meaningful way, or even in a minor way, a beneficiary of the stimulus or COVID funds. For instance, with Frontline, we studied that extensively during the diligence process. And while the K to 12 districts certainly onboarded stimulus and COVID dollars, the vast, vast majority of those funds, onetime funds, are spent on onetime-type items, principally getting, for instance, student-to-device ratios to 1:1, for instance. They were -- districts were super hesitant to buy a recurring software package with onetime money. So Frontline, we don't believe in any meaningful way, was a beneficiary of that. We think that's a good thing, goes through the durability of the growth drivers of the business.

我們認為答案是否定的。我們在任何有意義的程度上——甚至在很小的程度上——都不是刺激資金或 COVID 資金的受益者。以 Frontline 為例，我們在盡職調查過程中對此做了大量研究。雖然 K-12 學區確實取得了刺激與 COVID 資金，但這些一次性資金的絕大多數、絕大多數都用在一次性類型的項目上，主要是例如把學生對裝置的比例提升到 1:1 等等。學區非常、非常不願意用一次性資金去購買經常性（訂閱式）的軟體套件。因此，我們不認為 Frontline 在任何有意義的程度上受益於此。我們認為這是好事，因為這反映了該業務成長驅動因素的耐久性。

CBORD, same thing. There's -- what CBORD does, I mean it's about food and management for these K to 12 and higher ed-facilities and ed-campuses as well as access management and integrated security, and they have not been a meaningful beneficiary. So no is the short answer.

CBORD 也是一樣。CBORD 所做的事情——它主要是為這些 K-12 與高等教育的設施與校園提供餐飲與管理，以及門禁管理與整合式安防——他們也沒有成為有意義的受益者。所以簡短答案就是：沒有。

And our next question today comes from Brendan Luecke with Alliance Bernstein.

我們今天的下一個問題來自 Alliance Bernstein 的 Brendan Luecke。

A few quick ones on the M&A environment. You haven't shined in the past levering up for big deals. Has your target leverage ratio changed at all at the higher rate environment?

關於併購環境有幾個快問。過去你們並不以為大型交易大幅加槓桿而聞名。在利率較高的環境下，你們的目標槓桿比率有任何改變嗎？

No. The leverage ratio is completely independent of the rate environment.

沒有。槓桿比率與利率環境完全無關。

Okay. Great. And then within a higher rate environment, do you feel you have an advantage over PE funds, particularly with the IPO market drying up?

好的。很好。那在較高利率環境下，尤其 IPO 市場趨於乾涸時，你們是否覺得相較於私募股權基金（PE）你們有優勢？

We've long said that higher interest rates are, we believe, are -- we're a benefactor of that, 70% -- for the reasons that 70% to 80% of our capital that we deploy is from our internally generated cash flow. Obviously, 20% to 30% is from the balance sheet.

我們長期以來一直說，我們相信較高利率對我們是有利的——原因在於我們投入資本的 70%到 80% 來自內部產生的現金流。當然，20%到 30% 來自資產負債表。

So we're -- versus private equity, who are competing against 50-plus percent of what they deploy in every [LBO] deal is variable rate debt at the moment. So they are much more indexed, and their values are much more indexed to shorter-term rates than anything that we would see.

因此，相較於私募股權——他們目前在每一筆（LBO）交易中，投入資本中有 50% 以上是浮動利率債務——他們的曝險更高，他們的估值也比我們所看到的更與短期利率連動。

And very high yield.

而且是非常高收益。

And very high yield.

而且是非常高收益。

And that those markets are -- have been closed.

而那些市場——已經關閉了。

So we think we're beneficiaries in a higher rate environment because one would think over time if these rates are sustained, and that's a big if they're sustained, then you'd see valuations adjust accordingly. And so we think that's our view on that. We've been very consistent in that view for a long time.

所以我們認為在高利率環境下我們是受益者，因為人們會認為，隨著時間推移如果這些利率得以維持——而這是個很大的「如果」——那麼你會看到估值相應調整。因此這就是我們的看法。我們長期以來在這個觀點上一直非常一致。

And our next question today comes from Alex Blanton of Clear Harbor Asset Management.

我們今天的下一個問題來自 Clear Harbor Asset Management 的 Alex Blanton。

(inaudible) my second question. Could you wait until I say thank you before you cut up my mic, please?

（聽不清）我的第二個問題。你們能不能等我說完謝謝再把我的麥克風切掉，拜託？

Yes, Sure. No problem.

可以，當然。沒問題。

The first question is in the tech-enabled segment, you had a 15% growth. What portion of that was just due to supply chain catch-up -- catching up on things that have been delayed because of the supply chain?

第一個問題是在科技賦能（tech-enabled）部門，你們有 15% 的成長。其中有多少只是因為供應鏈追趕——把因供應鏈而延遲的事情補回來？

Alex, that's a hard one to give you a level of precision. I will tell you, we did better in the quarter because the supply chain got better. I mean, Verathon had a lot of things that had to go exactly right and for the most part they did. Neptune did a nice job as well. Northern Digital did a great job. So a chunk of the beat would certainly be attributed to that.

Alex，這個問題很難給你一個精確的數字。我可以告訴你的是，我們這一季表現更好，因為供應鏈狀況改善了。我的意思是，Verathon 有很多事情必須剛好都做對，而大多數情況下他們確實做到了。Neptune 也做得很好。Northern Digital 做得非常出色。所以超出預期的一部分，確實可以歸因於此。

Yes. Okay. And secondly, on the acquisition front. In the past, when you made a big acquisition like this, you've had a pause in your acquisition pace until you transitioned into the new company and get things squared away. What do you expect to do this time? You have $4 billion in dry powder. Would you expect to use some of that or a lot of that or a little of that in the coming year?

是的。好的。第二個問題是關於收購。過去當你們做了像這樣的大型收購時，你們通常會在收購節奏上暫停一下，直到你們完成整合、把事情理順。這次你們預期會怎麼做？你們有 40 億美元的乾粉。你們預期在未來一年會用掉其中一些、很多，還是很少？

Yes, Alex. So there's certainly no need for a pause to delever because our leverage rates are still relatively low because we are benefiting from the fact that we did these divestitures and we're still really redeploying those proceeds in addition to our normal cadence. So really no reason to pause. So we're very active in the M&A markets today. We'll remain active. We might do deals very soon. It might take us a couple of quarters. As Neil mentioned, we're going to be very, very patient. But we're certainly going to remain active, and there's not going to be any sort of a pause in that activity, like you've seen after some of the larger areas where we did lever up and we're in a situation where we sort of had to take some time to reduce the leverage.

是的，Alex。所以完全沒有必要為了去槓桿而暫停，因為我們的槓桿水準仍然相對較低，這得益於我們做了這些資產剝離，而且我們仍在重新部署這些所得款項，並且也在維持我們正常的節奏。因此真的沒有理由暫停。我們目前在併購市場非常活躍，未來也會保持活躍。我們可能很快就會做交易；也可能需要幾個季度。正如 Neil 提到的，我們會非常、非常有耐心。但我們肯定會保持活躍，不會像你看到我們在某些較大領域加槓桿之後那樣，因為需要花時間降低槓桿而出現任何形式的暫停。

And there's a good backlog of companies to buy that you're looking at?

而且你們正在看的、可收購公司的名單有不錯的積壓量？

Yes, the market is, the number of deals and processes that are in flight are quite large, yes.

是的，市場上正在進行中的交易與流程數量相當多，是的。

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

問答環節到此結束。我們現在把時間交還給 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。

Thank you. The conference has now concluded, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。本次電話會議到此結束，感謝各位出席今天的簡報。各位現在可以掛線，祝各位有美好的一天。