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.

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）我現在想將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 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.

早上好，感謝大家加入我們，討論 Roper Technologies 的第三季度財務業績。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 have 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 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。我們從安全港聲明開始。在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響，如本頁、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。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. 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.

現在請轉到第 3 頁。除非另有說明，否則我們將在調整後的非公認會計原則和持續運營的基礎上討論我們的結果和指導。第三季度，我們的公認會計原則結果與調整後結果之間的差異包括以下項目：與收購相關的無形資產攤銷；對佣金費用、已完成收購的交易相關費用的採購會計調整；最後，我們調整了我們的現金流量表，以排除與我們的資產剝離活動相關的現金稅。 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. 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，扎克，大家早上好。當我們翻到第 4 頁時，我們將介紹我們通常的議程，最近一個季度的亮點，然後是我們每個細分市場的彩色評論，最後是我們對今年的展望。讓我們開始吧。

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.

請下一張幻燈片。當我們翻到第 5 頁時，今天電話會議的主要內容是：首先，我們的運營和財務表現又取得了一個很好的季度，我們正在進一步提高對今年的展望。其次，本月早些時候，我們收購了另一家領先的利基軟件企業 Frontline Education。第三，我們繼續擁有超過 40 億美元的大量併購火力。第四，也許也是最重要的一點，新的、更高質量的儒博產品組合正變得越來越明顯，我們對我們的未來從未如此興奮過。

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.

由於它與本季度的運營和財務業績有關，我們很高興收入有機增長了 10%，並且我們的 3 個部門的實力基礎廣泛，利潤率表現也得到了很好的改善。

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.

與我們在過去幾個季度的評論一致，我們不僅在本季度增長良好，而且我們的基礎業務質量也有所提高，因為我們看到我們的軟件經常性收入基礎有機增長了 11%。更多關於前線的信息。

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.

基於第三季度的強勁勢頭和我們對第四季度的預期，我們將今年的有機增長前景提高到 9% 以上，出於這些原因，再加上 Frontline 的加入，我們將提高全年 DEPS 指導中點 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，我們一直活躍於併購市場。在過去的幾個月裡，我們部署了超過 40 億美元，其中 37 億美元用於 Frontline，3 億美元用於 2 個 Bolt-ons，一個用於 Deltek，另一個用於 Aderant。為此，即使在我們最近的 40 億美元資本部署之後，我們仍然擁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.

我們繼續在併購市場上非常活躍。但正如您在第三季度所看到的，一如既往，我們將保持超級耐心和高度自律，以確保最佳部署可用資金。

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，我們對投資組合質量的提高以及相關的財務和經營業績感到非常滿意。所有這一切都歸功於我們極其投入和熱情的團隊和同事。謝謝大家。

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。正如之前宣布的那樣，我們很高興向您介紹我們已添加到 Roper 產品組合中的另一位利基應用軟件領導者 Frontline Education。值得注意的是，我們於 10 月 4 日完成了這筆交易。

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 軟件解決方案的領先供應商。 Frontline 是一家出色的企業，毫不奇怪，它符合我們所有的收購標準，包括成為提供專為 K-12 市場打造的行政和 HCM 解決方案的明顯領導者，擁有多個持久的增長驅動力和高個位數的有機增長展望、高於 90% 的經常性收入、良好的現金流特徵和充滿激情的高素質團隊。在早期，我們很高興歡迎 Frontline 加入 Roper 家族，我們將成為他們未來的永久家園。相對於我們的資本部署和企業戰略，這只是另一個非常合適的選擇，不僅可以增加我們企業的規模，還可以增加質量。

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.

請下一張幻燈片。當我們翻到第 7 頁時，我們想花一點時間來強調一下儒博最近的轉型以及我們更高質量的產品組合。為此，我們 27 家企業中的絕大多數，除了規模較小外，都可以成為一家非常成功、獨立、領先的垂直軟件或技術支持的產品公司。我們 27 家企業中的每一個都是各自利基市場的領導者。我們的業務滿足客戶的關鍵任務需求，並與他們建立了密切的關係。我們的市場領先地位、專用軟件解決方案和客戶親密度是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平的有機增長。這絕非偶然。我們提高了各業務的業績預期，從結構上提升其長期內生增長能力。我們正在以一種對資產負債表和利潤友好的方式來做到這一點。

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.

有機增長故事的一個重要組成部分是我們每家公司的經常性收入水平較高，企業接近 60%，我們的軟件業務接近 75%。此外，由於其運營效率、利潤率水平和資產負債表的客戶預付導向，我們的業務擁有能夠產生高水平自由現金流的商業模式。

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.

今天，我們的產品組合包括 75% 的軟件和 25% 的醫療和水產品。鑑於我們所服務的市場、醫療保健、法律、教育、政府承包、公用事業和食品等市場，以及我們的固定訂閱與基於數量的收入模式，我們今天的周期性明顯低於 2018 年。

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.

從今天的投資組合來看，2018 年，我們公司大約 40% 的公司要么是高度週期性的，要么是以項目為導向的。今天，這些市場動態對我們來說基本上不再存在。

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.

當我們反思這種投資組合轉型時，鑑於我們更高質量、更高增長和更具彈性的投資組合公司，我們對儒博的未來感到前所未有的興奮。

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

有了這個，讓我把電話轉給 Rob，讓你了解我們的財務摘要和資產負債表狀況。搶？

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，尼爾。大家，早安。轉到第 8 頁並介紹我們的第三季度財務亮點。提醒一下，正如 Zack 所說，所有財務結果都是基於持續運營的。

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.

總收入增長 10% 至 13.5 億美元。外匯逆風為 2000 萬美元或 1.6%，並被收購貢獻所抵消。值得注意的是，在宣布大部分工業業務出售後，我們的業務組合已顯著轉向增加國內收入。美國現在約占我們收入的 85%，有助於保護我們的業績免受任何貨幣波動的影響。

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.

第三季度有機收入增長了 10%，在我們的 3 個報告部分中的每一個都具有廣泛的實力。應用軟件增長 7%。網絡軟件增長10%。技術驅動的產品有機地增長了 15%。

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

EBITDA 利潤率增長 80 個基點至 41.1%，導致 EBITDA 增長 12%。

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

調整後的 DEPS 為 3.67 美元，遠高於我們的指導範圍，比去年高出 18%。

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

第三季度調整後的自由現金流為 3.53 億美元，比去年同期增長 9%。

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

不包括我們上季度討論的第 174 條稅法變更，季度自由現金流增長了 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.

在本季度，我們為最近的資產剝離支付了 1.57 億美元的額外稅款。根據我們的常規慣例，這些付款已從我們報告的現金流中進行了調整。

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

總體而言，正如尼爾所說，第三季度表現出色，進入第四季度勢頭強勁。

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.

下一張幻燈片。轉到第 9 頁，看看我們強大的財務狀況。我們確實在第四季度初利用我們的資產負債表現金和循環信貸額度完成了對 Frontline 的收購。截至今天，我們提取的左輪手槍餘額為 22 億美元。我們預計將用我們的工業銷售所得全額償還左輪手槍餘額，該銷售應在第四季度末結束。

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，在考慮到收到這些工業交易收益後，我們預計到今年年底，我們最近在 2 年代中期收購的淨債務與 EBITDA 比率備考。

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.

我們持續強勁的現金產生迅速刷新了我們的資本部署能力。因此，展望未來，我們在併購方面仍然很活躍，到 2023 年底，我們有能力再部署超過 40 億美元的資本。

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

因此，我將把它交給尼爾來審查我們的細分市場表現。

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，羅伯。讓我們翻到第 11 頁，瀏覽我們應用軟件部門的第三季度亮點。這裡的收入為 6.44 億美元，有機增長 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.

在這個細分市場中，我們看到了經常性收入，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。

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

在這組公司中，財務實力廣泛，並且連續幾個季度都相當穩定。

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.

當我們重點介紹一些業務時，我們將從 Vertafore 開始，該季度的預訂量增長、收入增長和利潤率表現都非常出色。 Vertafore 繼續在其針對 P&C 保險市場的軟件解決方案中取得成功，在企業級市場領域尤其具有優勢。

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 和 Aderant 中，我們繼續看到穩固的新客戶增加以及向他們的 SaaS 解決方案遷移的良好勢頭。同樣在本季度，我們為 Deltek（為 GovCon 製造和 QA 市場提供服務的領先軟件提供商）收購了 TIP Technologies，為 Aderant（為全球律師事務所提供領先的人力資源和招聘軟件工具）收購了 viGlobal。

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

CBORD 是我們的營養和訪問管理軟件業務，在教育和醫療保健終端市場都具有實力。

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 和 Data Innovations 繼續表現出強勁的需求和運營實力。 CliniSys 在歐洲的市場份額繼續增長，DI 繼續通過在大型醫療保健系統中獲得錢包份額來證明產品市場契合度。

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

強勁的新客戶增加、交叉銷售和更新活動證明了 Strata 對我們來說繼續穩固。

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

最後，從第四季度開始，該部分將報告 Frontline。

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

展望今年最後一個季度的前景，我們預計有機增長將在 6% 至 8% 之間。

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.

轉到第 12 頁。我們的網絡軟件部門本季度的收入為 3.47 億美元，有機增長 10%，EBITDA 利潤率強勁，達到 54.5%。該細分市場 10% 的有機增長得益於經常性收入增長 16%。

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.

當我們深入研究特定業務的表現時，我們的美國和加拿大貨運匹配業務繼續表現出色。市場條件雖然減緩了對網絡運營商的影響，但仍然有利。這些業務在本季度看到了不錯的新客戶增加和 ARPU 增加。

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.

轉到 Foundry，我們的軟件業務可以將真人電影和計算機生成的圖形組合在一個幀中，再次證明了他們的財務實力。淨留存率非常高，ARR 再次以強勁的兩位數增長。

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

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。

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.

我們專注於替代站點醫療保健的業務增長由 SHP 和 SoftWriters 引領，重要的是，這些業務的保留率仍然非常高。

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，我們通過供應鏈業務的網絡，以及 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 ARR 強勁增長。

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

轉向第四季度的前景。我們預計該細分市場將實現 8% 至 10% 的有機增長。

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.

當我們翻到第 13 頁時，我們技術支持產品部門的收入為 3.6 億美元，有機增長 15%。該部門的 EBITDA 利潤率在本季度大幅增長至 37.2%。很高興看到本季度 15% 的有機增長和緩解供應鏈挑戰。儘管供應鏈挑戰依然存在，但我們經歷了明顯的寬鬆條件，尤其是與芯片和芯片組有關的情況。我們謹慎樂觀；條件將繼續改善。

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.

讓我們從海王星開始，它再次創下訂單和季度末積壓記錄。連續幾個季度以來，Neptune 成功地保持了行業領先的產品交付週期，同時推出了蜂窩連接和靜態抄表技術方面的新產品，從而獲得了市場份額。為此，海王星對其靜態領導者解決方案的需求不斷增加。

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簡直太強了。在其產品組合的所有 3 個組成部分、膀胱容量測量、視頻插管和一次性支氣管鏡的推動下，他們在本季度實現了良好的增長。

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.

由於與 Northern Digital 相關，他們創下了季度收入的新紀錄，因為他們對精密測量解決方案的需求持續強勁。

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.

我們對今年最後一個季度的展望是該細分市場的有機增長為 5% 至 7%，因為我們進入第四季度的競爭更加困難。

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

現在請轉到第 15 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。

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，上個季度，我們將調整後的 DEPS 前景提高到 13.46 美元至 13.62 美元之間。我們現在再次將我們的指導提高到 14.09 美元至 14.13 美元之間，中點增加了 0.57 美元。這一增長是由我們強勁的第三季度業績和第四季度的發展勢頭以及前線教育的加入推動的。該指引中包含 9% 以上的全年有機增長，上個季度討論的有機增長指引從 8% 增加到 9%。

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

當我們展望第四季度時，我們將 DEPS 指導設定在 3.72 美元和 3.76 美元之間。

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.

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 16 頁時，我們希望給您留下與我們開始時相同的關鍵點。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。其次，我們收購了另一家領先的小眾軟件企業 Frontline Education。第三，我們繼續擁有強大的併購火力，超過 40 億美元。第四，也許也是最重要的一點，新的、更高質量的產品組合正變得越來越引人注目。

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.

由於這與我們強勁的開端有關，我們的收入有機增長了 10%，EBITDA 增長了 12%。我們正在根據之前討論的因素提高我們的全年有機增長和 DEPS 指導。

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，我們一直很積極。在過去的幾個月裡，我們部署了超過 40 億美元。為此，我們的審慎和耐心正在通過對這些優質資產的識別和選擇得到回報。

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.

我們繼續擁有超過 40 億美元的大量可用併購能力。我們繼續在併購市場上非常活躍。但正如您在第三季度看到的那樣，我們一如既往地保持超級耐心和高度紀律，以確保我們可用資金的最佳部署。

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，也許也是最重要的一點，全新的、更高質量的儒博產品組合正變得越來越明顯，我們對企業的未來感到前所未有的興奮。

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.

當我們轉向您的問題時，讓我們提醒大家，我們的策略是相同的。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 多年來一直在做的事情，我們將繼續這樣做。

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，我們的價值創造和治理模式保持不變。我們在可防禦的利基市場經營一系列市場領先的業務。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 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。

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。我們以高度自律、深思熟慮和分析的方式利用集中的企業資源來做到這一點。這一戰略沒有改變，提供了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 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) Today's first question comes from Deane Dray at RBC Capital Markets.

（操作員說明）今天的第一個問題來自加拿大皇家銀行資本市場的 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?

我知道我們今天在您報告的任何數字中都沒有看到它有所有這些好處，但是鑑於不確定的宏觀，無論是新合同、訂單的速度，客戶補充說，軟件方面的客戶行為是否有任何變化。雷達屏幕下方有什麼東西嗎？

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.

迪恩，沒有任何有意義的、持續的方式，對吧？所以我認為我們首先將其歸因於我們所服務的市場，對吧？因此，請考慮醫療保健、教育、保險、食品、政府承包、公用事業領域的客戶。我的意思是，宏觀力量在這些終端市場中通常會減弱或影響較小。我認為 ARR 高達兩位數，即 10%。所以這始終是實力的領先指標。

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.

但肯定有季度到季度，可能會有一些噪音。因此，上個季度，我們正在研究的 PowerPlan 可能會出現一些疲軟，但本季度有所恢復。所以這並不是說我們沒有看到一些東西，而是在這個階段沒有任何東西可以持續。

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?

聽到這個消息我很高興。作為後續行動，您能否擴展這一舉措以從結構上提高企業的長期有機增長率？而且我們很清楚，您的部分收購標準從來都不是購買收入增長最快的公司，因為這不適合您正在尋找這些對私募股權具有高准入門檻的獨角獸公司不會公開。所以你從來沒有關注過真正的、性感的收入增長。但是，當您說有機增長的長期改善時，目標是什麼？

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。我會退縮。自從我們成為首席運營官和首席執行官以及我們今天的團隊以來，這就是我們在過去 4 或 5 年裡一直在談論的事情。

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.

所以從歷史上看，最長的歷史，這 - 我們已經說過這是一個 GDP 加上一點點增長。當我們重組投資組合時，我們 - 正如我們在這裡談到的那樣，增加了對更多有機現有投資組合的預期前景，現在它是中個位數，當然是整個週期，我們一直在尋求繼續改善這一點。

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.

我們已經令人作嘔地談論了通過我們的治理體系改善有機增長前景的願望，我們的企業正在思考如何正確地制定戰略，在哪裡玩以及如何取勝，如何以流程和紀律的方式執行該戰略，然後如何建立團隊和人才，以將其用作長期競爭優勢。

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.

我們已經使用該產品組合 3 或 4 年了，我們開始看到一些改進的跡象。因此，我們受到鼓勵，但這是一項永無止境的持續工作。

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.

一如既往的好成績。在這樣的十年之後，這聽起來可能像是一個破紀錄。但我希望在前線有一點點逐個播放。參加拍賣的人數是否相同？少了嗎？是不是競爭力差了一點？相同？只是一點點的逐個播放會很有幫助。

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。我很高興有機會談論這個問題。我會告訴你，你永遠沒有完美的信息，所以這是使用我們所有的輸入並閱讀茶葉來真正了解發生了什麼。

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.

在此過程中，這裡的賣家 [Toma] 有一些定制的原因。他們需要從資產中獲得流動性，他們選擇了這個。它發生在私募股權競標者難以競標的市場上，因為沒有 - 沒有 - 或沒有私人槓桿貸款市場。所以在這個結果中，這個過程在競爭上變得更薄了，在競爭上更薄了，這就是為什麼我們相信我們能夠為資產獲得一個非常好的價格。

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.

因此，流程動態略有不同，這只是我們對投資級槓桿的耐心和承諾以及我們財務政策的保守態度的另一個例子，使我們能夠在機會出現時靈活地採取行動。

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。作為後續行動，您能否給我們一點關於本季度 10% 增長數字的價格幅度感？是 1/3 還是 1/2，你可以讓我們知道那是什麼組成部分？

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.

我們很難區分數量和價格。請記住，我們是 75% 的軟件。在軟件內部，我們每一個軟件業務的增長算法，你都會消耗一點點。每年都有一些價格可以抵消一點——如果不是全部的話，大部分是損耗。你在客戶群中進行交叉銷售和向上銷售，讓你對每一次留存都有你的品味，然後你正在增加新客戶以獲得總體增長。

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.

因此定價和價值捕獲完全是軟件內部定價模型的內部運作方式。它不是——而且它通常與過去一致。我的意思是，隨著軟件模型中勞動力的增加，價格可能會更高一些。

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.

由於它與產品業務有關，我們的產品業務做得非常出色，基本上將成本增加和利潤轉嫁給了我們的客戶。如您所知，這有點滯後。它出現在本季度 TEP 的利潤率中。這將在接下來的幾個季度中繼續流失，因為在今年年初發貨時積壓的訂單。所以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 Joe Giordano 和 Cowen。

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.

只是為了關注迪恩的問題。隨著科技公司的業務開始放緩，我們至少開始看到有關裁員的公告以及此類事情。顯然，您擁有的業務非常不同。但是，如果您要開始將此類公告推斷為滲透到更廣泛的經濟中，例如您希望如何與您的企業一起玩這種情況？就像，好吧，我們看到了這一點，這意味著對其中一些軟件業務產生很大影響，這就是我們所做的，這就是我們對此的看法。就像讓我們通過那本劇本一樣。

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。所以這是特定於公司的，對吧？所以每家公司都會根據自己的市場需求進行調整。一般來說，隨著大型科技行業的就業疲軟，我認為這對我們的業務來說是一件好事，因為它讓我們更容易僱傭我們需要雇傭的勞動力和人才，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，對嗎？我們正在向他們銷售和交付他們經營業務所需的東西。因此，我們對他們的工作至關重要。而且我們 - 我們的定價模式是非常固定的訂閱。所以它不是基於數量或交易的。因此，我們應該對短期波動和宏觀經濟指標保持相對沉默。

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

因此，我認為，總體而言，更好的勞動環境對我們來說是一件好事。

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?

然後，當您考慮在併購中前進時，只要考慮到股票被降級的情況，我們還沒有遇到過您可能會看到的某些交易的倍數高於 Roper 本身的情況。那麼，在股票交易的情況下，您如何看待某些事情的可操作性？

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.

我們始終專注於提高企業的規模和質量。已經 20 年了，接下來的 20 年，我們會以最優惠的價格找到最好的資產。向前發展沒有區別。

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.

奇怪的是，[NSS] 的利潤似乎有點好，非常強勁的增量。我只是想討論一下那裡是否有混合轉變，這是一種偶發性或粘性的。

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.

克里斯，我是羅布。我不認為——我認為沒有什麼可說的。我的意思是，我們的有機增長非常強勁，軟件業務的增長也非常強勁。所以我只是回顧去年的利潤。我認為我們去年第四季度的收盤率為 54%。我們這裡的 EBITDA 是 54.5%。所以是的，不，我認為這是一個不錯的季度表現，就該部門的 EBITDA 利潤率而言，第四季度可能與第四季度相似。

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。考慮到 Frontline 的增長，我們拿了 1.75 億美元的 EBITDA，也許是 1.6 億美元的 EBITA。然後可能會有一些淨利息增加。所以只是好奇如何把它放在一起。

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。這是正確的。因此，對於第四季度，我們為 Frontline 獲得了大約 4000 萬美元的 EBITDA，如果你看看我們之前到現在的情況，還有大約 2400 萬美元的增量利息。正如我之前提到的，我們確實使用了左輪手槍。所以我們在第四季度的大部分時間裡支付左輪手槍的利息。然後我們假設工業銷售在本季度末結束，然後利息費用將消失。

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

所以我認為這方面的數學是我們的 0.57 美元指導增加中的 0.12 美元是 Frontline。

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

折舊約為每年 700 萬美元或 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巴克萊銀行的朱利安·米切爾。

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?

只是想在頂線方面回到網絡軟件。因為我認為您現在已經連續 6 個季度實現了大約兩位數的有機銷售增長。我很好奇在多大程度上是相同的 1 或 2 家企業持續推動這一點。或者是不同的馬在不同的時間拉著它，領導層正在改變？您對未來幾個季度推動網絡軟件有機增長的業務有何想法？

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

是的，當然。我會仔細研究一下，然後問 Rob 是否想更正或放大我所說的任何內容。

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.

因此，在各種業務中，這是一組相當一致的表現。我們已經談論了很多次關於美國加拿大貨運比賽的實力，對吧？這對我們來說太棒了。它繼續很好。在過去的 2 或 3 個季度，我們談到了 2 個季度，本季度和上個季度，我們談到了增長速度是如何放緩的，但它仍然非常非常好。即使在本季度，也有大量新的運營商增加。因此，我們預計在明年的過程中會有所放緩。

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.

其他企業，Foundry、SoftWriters、iTrade、SHP、iPipeline，只是表現穩定的企業，它們一直非常穩定，通常沒有貨運匹配企業所擁有的那種宏觀順風。因此，我們預計這些業務不會有任何有意義的變化。

Anything you want to add or cut?

有什麼要添加或刪減的嗎？

No, I think that's fair.

不，我認為這是公平的。

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?

然後只是在技術支持的產品上，你和大多數製造商一樣，在一段時間內遇到了成本膨脹和供應鏈挑戰的問題。那些開始緩解，看起來像。因此，也許可以幫助我們了解您對這些供應鏈挑戰緩和速度的假設。然後假設您已經實現了銷量增長，更輕鬆的供應鍊和通貨膨脹，我們應該在 TEP 領域期待什麼樣的經營槓桿，而不是下個季度，而是說，接下來的 12 個月？

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.

我將圍繞供應鏈的節奏和改進來回答這個問題的前幾個部分。我會讓 Rob 評論那裡的 OP 槓桿或 EBITDA 槓桿。

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.

因此，只是為了設定背景，對於我們來說，供應鏈，我們已經在短時間內適度地限制了 1 或 2 家企業的運輸。但在大多數情況下，它是關於 - 我們已經能夠發貨，但它是關於更高的組件成本和加快物流，以便對產品的入站和出站進行分類。

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.

顯然，本季度供應鏈，尤其是圍繞芯片的供應鏈，在季度內有所改善。我們假設它會很困難進入本季度，並且在本季度有顯著改善。因此，我們預計，供應鏈元素的這一部分將繼續緩解第四季度及以後的情況。

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.

某些主要來自中國的組件仍然存在一些挑戰，我認為電機和類似的東西。那仍然 - 有更長的交貨時間，但這些似乎也在減少。我們不認為這本身會在第四季度發生。

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.

由於它與價格和推動價格有關，我們之前談過一點，這些公司一直非常擅長通過提價來抵消組件價格 - 或成本增加，但它落後於少數 - - 不是少數，在您接受訂單和交付訂單之間的幾個季度，並且從本季度開始出現。

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。我只是補充一點，這裡有很大的動力。海王星的表現非常非常好。尼爾談到他們如何仍然看到大量訂單、大量積壓和良好勢頭，因此這當然應該繼續下去。

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，正如尼爾所說，隨著供應鏈問題的緩解，我的意思是，這裡的槓桿率，我認為本季度的 EBITDA 槓桿率是 50%，隨著這些業務繼續有機增長，我們應該在長期內超過 40% 的槓桿率.因此，這將在該細分市場中略微提高 EBITDA 利潤率。

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的史蒂夫·圖薩。

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]?

就在——回到前線。因此，如果這增加了 0.12 美元，而您的 - 我認為您的收入連續增長是，我不知道，像 0.07 美元或類似的東西，那是什麼 - 我知道它只是適度下降，但也許有時你有增加在第四季度，我認為，顯然，季節性發生了一些變化。但是還有什麼可以四處走動的嗎？還是從 [EPS 的 3 到 4]，一切通常都只是平淡無奇？

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。我認為，如果您查看指南，第四季度的 TEP 數量和收入略低於第三季度，您提到一些供應鏈有所緩解，一些東西發生了變化——發貨時間稍早一些。除此之外，我認為你是對的。我的意思是這是一個非常不同的投資組合，對吧？我們沒有所有能源業務的季節性，第四季度只是 - 這些業務已被剝離。

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?

正確的。然後只是為了自由現金流，你可以在第四季度或僅在今年為我們提供基線嗎？你們會做什麼——我知道你們沒有指導，但我們已經接近年底了，也許你們可以根據你們對第四季度的預期來為我們做基準。而本季度的遞延收入實際上是相當負的，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，第四季度的現金流應該很強勁，顯然我們仍在為資產剝離付款這一事實。對於遞延收入，這始終是我們最好的營運資金季度。在第四季度，我們獲得了大部分軟件業務的續訂。這通常也是最好的季度。因此，這通常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.

然後，如果您向前看，我們當然不會引導現金流，但是我們確實非常有能力在明年實現出色的現金轉換，因為我們已經擺脫了這些現金稅的支付，現在我們的投資組合擁有更好的營運資金特徵。因此，我們對我們繼續增加現金流的能力感到非常滿意。

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?

想回到網絡軟件業務。特別是在我們看來，您談到了貨運匹配，然後是 iTrade 網絡。我認為這兩項業務在歷史上都擁有相當強大的市場份額。你能和新客戶談談嗎？這些市場是否為您而發展？還是 Roper 專門為在其中獲取份額而做的事情？只是有什麼想法嗎？

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.

所以，是的，貨運匹配、北美 DAT 貨運匹配業務和 iTrade 之間的每一個在他們的產品和上市戰略方面都不同。

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.

相對於 DAT，我會 - 我們可以解開很多東西，並很高興在電話會議上與您討論這個問題，或者以更長的形式與您討論這個問題。但簡而言之，他們在貨運匹配產品和分析產品上都做得非常出色，然後根據客戶想要購買的價值創建產品層級。

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.

同樣在 DAT，今天大約 75% 的預訂是通過他們的電子商務渠道完成的，而 3 年前或 5 年前是 0。所以他們確實消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.

當您查看 ARPU 的增加時，ARPU 增加的 70% 是因為客戶選擇了更高的套餐，因為從網絡中獲得更多的價值。所以他們做得很好。這是 DAT 的定制和獨特的，就像所有 27 家企業一樣。

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.

在 iTrade，進入市場的行動，基本上是一樣的。但是，在大約 1.5 年前，該公司發布了一種新產品，以使網絡的供應商部分能夠更輕鬆地與網絡的買方進行交易。這是描述它的最簡單的方式。因此，可以將其視為網絡一半的輕量級供應鏈管理軟件工具，自發布以來的過去 4 或 5 個季度，它的預訂量一直非常穩定。

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?

偉大的。然後就像我們考慮有機的一樣，軟件業務的經常性收入非常強勁。當我們查看第四季度的數據時，我們是否假設經常性收入增長水平相似？有什麼想法嗎？

You want to comment on Q4 revenue recurring?

您想評論第四季度的經常性收入嗎？

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

是的，應該和我們看到的類似。當然，總體而言，經常性收入的趨勢仍然非常積極。

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的喬·里奇。

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?

所以，伙計們，我收到了很多關於你們企業長期增長率的問題。顯然，隨著時間的推移，投資組合已經發生了很大變化。我認為上個季度，我們談到了 6% 的長期增長。我只是想知道，當您看看現在組成 Roper 的 27 家公司時，您是否期望隨著時間的推移從高個位數到低兩位數增長的業務，因為它們處於成熟期？如果有的話，你能不能談談其中的一些？

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。我認為開始的地方，對，是消除週期性，對嗎？所以如果你看看儒博現在的情況，正如我們之前提到的，這是一個非常不同的投資組合，因為我們沒有 40% 的儒博股權，那是 2018 年的項目和周期性。所以 - 所以現在你沒有有這樣的情況，你的東西可能在 1 年增長 15%，然後在第二年下降 15%。所以真的，整個投資組合都是正負中個位數的有機。在糟糕的一年裡，可能會上漲 2% 或 3%。在偉大的一年裡，它肯定會是兩位數。我會讓尼爾對此進行擴展。

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.

喬，我可能會為此加 3 分。一個是——當你查看這 27 家公司時，就增長率而言，這是一個非常緊密的分佈。沒有——這不是一個槓鈴，你有 10 家公司增長 2%，10 家公司增長 15%，而且平均情況不同。它非常緊。

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.

我認為我們完成的僅有的 2 次收購是我們宣布的高個位數有機增長業務。其他一切都是中單，我們正在努力改善這一點。因此，一般而言，將其視為中個位數的貫穿週期有機增長投資組合，即具有您希望看到的所有現金流特徵。

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.

我們會看到經營槓桿的出現，因此這將轉化為更多的現金流有機增長。然後你必須在 M&A 飛輪的基礎上進行分層。因此，我們感到非常自在，我們的戰略中嵌入了一種十幾歲的現金流複合增長算法。

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?

知道了。這非常有幫助。然後我想我的後續問題，從歷史上看，我從來沒有認為你們是已經通過的一些刺激方案的潛在受益者。因此，例如，像 K 到 12 教育刺激資金一樣。但是當你們談論 CBORD 和現在的收購 Frontline 時，我只是想知道你們是否認為自己是其中一些刺激措施的受益者，而我們實際上還沒有看到很多支出走過來，也許，我們會在 2023 年開始看到其中的一些？

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。我們不是以任何有意義的方式，甚至在次要方面，刺激或 COVID 資金的受益者。例如，我們在 Frontline 的盡職調查過程中對此進行了廣泛的研究。雖然 K 至 12 學區肯定加入了刺激計劃和 COVID 美元，但這些資金中的絕大多數，一次性資金，都花在了一次性項目上，例如，學生與設備的比率達到 1:1 ， 例如。他們是 - 地區對於用一次性錢購買經常性軟件包非常猶豫。所以 Frontline，我們不相信任何有意義的方式，是其中的受益者。我們認為這是一件好事，通過業務增長動力的持久性。

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，同樣的事情。有 - CBORD 所做的，我的意思是關於這些 K 到 12 及更高教育設施和教育校園的食物和管理，以及訪問管理和綜合安全，但它們並不是一個有意義的受益者。所以“否”是簡短的回答。

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?

一些關於併購環境的快速介紹。過去，您在為大筆交易籌措資金時並沒有大放異彩。在高利率環境下，您的目標槓桿率是否發生了變化？

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

不會。槓桿比率完全獨立於利率環境。

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。偉大的。然後在更高利率的環境中，你是否覺得你比 PE 基金更有優勢，尤其是在 IPO 市場枯竭的情況下？

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.

我們早就說過，我們相信，更高的利率是——我們是 70% 的恩人——因為我們部署的資本的 70% 到 80% 來自我們內部產生的現金流動。顯然，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，我們與私募股權相比，目前他們在每筆 [LBO] 交易中部署的 50% 以上是浮動利率債務。因此，它們的指數化程度更高，它們的價值與我們所看到的任何東西相比，更能與短期利率掛鉤。

And very high yield.

並且產量非常高。

And very high yield.

並且產量非常高。

And that those markets are -- have been closed.

這些市場已經關閉。

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.

因此，我們認為我們是高利率環境中的受益者，因為隨著時間的推移，如果這些利率持續下去，人們會認為這是一個很大的問題，如果它們持續下去，那麼你會看到估值相應地調整。所以我們認為這是我們對此的看法。長期以來，我們在這種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。你能不能等我說聲謝謝再剪斷我的麥克風好嗎？

Yes, Sure. No problem.

是的，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?

第一個問題是在技術驅動的領域，你有 15% 的增長。其中有多少只是由於供應鏈的追趕——趕上了因供應鏈而延遲的事情？

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.

亞歷克斯，這很難給你一個精確的水平。我會告訴你，我們在本季度做得更好，因為供應鏈變得更好了。我的意思是，Verathon 有很多事情必須完全正確，而且他們大部分都做到了。海王星也做得很好。北方數碼做得很好。因此，節拍的一部分肯定會歸因於此。

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。其次，在收購方面。過去，當您進行此類大型收購時，您的收購步伐會暫停，直到您過渡到新公司並解決問題。這次你希望做什麼？你有 40 億美元的干粉。您是否希望在來年使用其中的一些或大量或少量？

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，亞歷克斯。因此，當然沒有必要暫停去槓桿化，因為我們的槓桿率仍然相對較低，因為我們受益於我們進行了這些資產剝離的事實，並且除了我們的正常節奏之外，我們仍在重新部署這些收益。所以真的沒有理由停下來。所以我們今天在併購市場上非常活躍。我們將保持活躍。我們可能很快就會做交易。這可能需要我們幾個季度。正如尼爾所說，我們將非常非常有耐心。但我們肯定會保持活躍，並且不會出現任何形式的暫停，就像你在我們確實提高槓桿率的一些較大區域之後看到的那樣，我們處於這樣一種情況不得不花一些時間來降低杠桿。

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

您正在尋找大量積壓的公司可以購買嗎？

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

是的，市場是，正在進行的交易和流程的數量非常大，是的。

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

我們的問答環節到此結束。我們現在將回到 Zack Moxcey 的任何結束語。

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. 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.

謝謝你。會議現已結束，感謝大家出席今天的演講。您現在可以斷開線路並度過美好的一天。