Roper Technologies Inc (ROP) 2023 Q1 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 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。今天的通話正在錄音中。 （操作員說明）我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 first quarter financial results for Roper Technologies. Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer; Jason Conley, Executive Vice President and Chief Financial Officer; Brandon Cross, Vice President and Principal Accounting Officer; and Shannon O'Callaghan, Vice President of Finance.

早上好，感謝大家加入我們討論 Roper Technologies 第一季度的財務業績。總裁兼首席執行官尼爾·亨恩 (Neil Hunn) 今天早上和我一起參加了電話會議；執行副總裁兼首席財務官 Jason Conley； Brandon Cross，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，公佈了我們的財務業績。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，可通過網絡廣播獲取，也可在我們的網站上獲取。

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

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

And now please turn to Page 3. Today, we will discuss our results primarily on an adjusted non-GAAP and continuing operations basis. For the first quarter, the difference between our GAAP results and adjusted results consists of the following items: amortization of acquisition-related intangible assets and the financial impacts associated with our minority investment in Indicor. Reconciliations can be found in our press release and in the appendix of this presentation on our website.

現在請翻到第 3 頁。今天，我們將主要在調整後的非 GAAP 和持續運營基礎上討論我們的業績。對於第一季度，我們的 GAAP 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以及與我們對 Indicor 的少數股權投資相關的財務影響。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對賬。

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，我會把電話轉給尼爾。在我們準備好的發言之後，我們將回答電話參與者的問題。尼爾？

Thanks, Zack, and we hope everyone is doing well this morning. We're looking forward to sharing our Q1 results with you, which were quite good. As we turn to Page 4, let's look at today's agenda. We'll start with our enterprise highlights and financial results, then turn to our segment-specific discussion and wrap up discussing our raised 2023 enterprise guidance.

謝謝，扎克，我們希望今天早上每個人都過得很好。我們期待與您分享我們的第一季度業績，這非常好。當我們翻到第 4 頁時，讓我們看看今天的議程。我們將從我們的企業亮點和財務業績開始，然後轉向我們針對特定細分市場的討論，最後討論我們提出的 2023 年企業指南。

So with that, let's go ahead and get started. Next slide, please. As we turn to Page 5, the three main takeaways for today's call are, first, the year is off to a strong operational and financial start as our higher-quality, enhanced portfolio is obviously performing really well; second, we're increasing our full year guidance both in terms of organic revenue growth and adjusted DEPS; and third, we continue to be very well positioned for disciplined capital deployment.

因此，讓我們繼續並開始吧。請換下一張幻燈片。當我們翻到第 5 頁時，今天電話會議的三個主要要點是：第一，今年的運營和財務開局強勁，因為我們質量更高、增強的投資組合顯然表現非常好；其次，我們在有機收入增長和調整後的 DEPS 方面增加了全年指導；第三，我們在有紀律的資本部署方面繼續處於非常有利的地位。

As it relates to our first takeaway, a strong start to the year, we saw total revenue grow 15% and organic revenue grow 8%. Consistent with our long-standing strategy, we continue to not only scale our enterprise but also simultaneously improve its underlying quality and recurring revenue base. Importantly, we had very strong cash flow performance with free cash flow margins in excess of 30%. Our results this quarter are another proof point that our higher-quality, less cyclical portfolio was purpose-built to consistently perform at a very high level.

由於它與我們的第一個外賣有關，今年開局強勁，我們看到總收入增長了 15%，有機收入增長了 8%。與我們的長期戰略一致，我們不僅繼續擴大我們的企業規模，而且同時提高其基本質量和經常性收入基礎。重要的是，我們的現金流表現非常強勁，自由現金流利潤率超過 30%。我們本季度的業績再次證明，我們質量更高、週期性更小的投資組合是專門為持續保持高水平表現而設計的。

Finally, and also during the quarter, we held our first ever Roper Leadership Summit, where we had our 27 business unit presidents together and shared best practices and learnings across a variety of topics, including strategy development, strategy enablement and team and talent. While honoring our high trust autonomous model, the operating and corporate teams left feeling a true sense of community. It was a terrific week.

最後，也是在本季度，我們舉行了有史以來的第一次 Roper 領導力峰會，我們的 27 位業務部門總裁齊聚一堂，分享了各種主題的最佳實踐和經驗，包括戰略制定、戰略實施以及團隊和人才。在尊重我們高度信任的自治模式的同時，運營和企業團隊感受到了真正的社區意識。這是非常棒的一周。

Given the strong start to the year, we're increasing our full year organic growth outlook 100 basis points from 5% to 6% to 6% to 7% and increasing our full year DEPS guidance to be to be $16.10 to $16.30 or $0.15 at the midpoint. Our previous DEPS guide was $15.90 to $16.20. And finally, we continue to be well positioned relative to capital deployment. We remain quite active in the market as we evaluate an actively diligent many high-quality opportunities.

鑑於今年的強勁開局，我們將全年有機增長預期提高 100 個基點，從 5% 到 6% 到 6% 到 7%，並將全年 DEPS 指導值提高到 16.10 美元到 16.30 美元或 0.15 美元中點。我們之前的 DEPS 指南是 15.90 美元到 16.20 美元。最後，我們在資本部署方面繼續處於有利地位。我們在市場上仍然非常活躍，因為我們評估了積極勤奮的許多高質量機會。

Jason, I'll turn the call over to you so you can walk through our first quarter results and our strong financial position. Jason?

傑森，我會把電話轉給你，這樣你就可以了解我們第一季度的業績和我們強勁的財務狀況。傑森？

Thanks, Neil, and thanks, everyone, for joining us this morning. Turning to Slide 6. We're very pleased with how Q1 shaped up. Revenue came in at $1.47 billion or 15% over prior year. This was through a combination of strong organic growth of 8% and an 8% contribution from acquisitions, led by Frontline, and this was slightly offset by a 1% FX headwind. Growth was broad-based across the segments and a little better than expected. Broadly speaking, customer demand was favorable in the quarter, and order pipelines remain strong.

謝謝，尼爾，也謝謝大家今天早上加入我們。轉到幻燈片 6。我們對第一季度的表現非常滿意。收入為 14.7 億美元，比上年增長 15%。這是通過 8% 的強勁有機增長和由 Frontline 領導的收購貢獻 8% 的結合，這被 1% 的外匯逆風略微抵消了。各細分市場的增長基礎廣泛，略好於預期。總體而言，本季度客戶需求良好，訂單渠道依然強勁。

EBITDA was $582 million or 15% of our prior year with margins roughly flat and in line with expectations. DEPS of $3.90 was up 19% over prior year and $0.06 above the high end of our guidance range of $3.80 to $3.84. Free cash flow of $445 million was 4% higher than prior year In our Q4 earnings call, we highlighted a $45 million settlement of a patent dispute for certain Verathon sales dating back to 2004. We paid that this quarter, so adjusted for the settlement, free cash would be 33% of revenue and up 14% over prior year.

EBITDA 為 5.82 億美元，是上一年的 15%，利潤率大致持平，符合預期。 DEPS 為 3.90 美元，比上年增長 19%，比我們 3.80 美元至 3.84 美元的指導範圍上限高出 0.06 美元。自由現金流為 4.45 億美元，比去年同期高出 4% 在我們第四季度的財報電話會議上，我們強調了一項 4500 萬美元的和解協議，涉及可追溯至 2004 年的某些 Verathon 銷售的專利糾紛。我們在本季度支付了這筆款項，因此對和解進行了調整，自由現金將佔收入的 33%，比上一年增長 14%。

We saw very good cash performance, especially in our software businesses. Our Q1 renewals and related collections came in strong as expected. As I mentioned last quarter, Frontline will collect most of their renewals in the third quarter. So it's a bit of a drag on conversion in the first half. So overall, just a really great start to 2023.

我們看到了非常好的現金表現，尤其是在我們的軟件業務中。我們的第一季度續訂和相關係列如預期般強勁。正如我上個季度提到的，Frontline 將在第三季度收集大部分續訂。所以這對上半年的轉換有點拖累。總的來說，這對 2023 年來說是一個非常好的開始。

Now turning to Slide 7, we'll spin through our balance sheet. Coming off solid Q1 cash flow performance, our balance sheet continues to strengthen. Gross debt was around $6.7 billion, and our cash balance has grown to just under $1.2 billion, which yields net debt just shy of $5.5 billion. This puts our net debt-to-EBITDA ratio at 2.4, which was down from 2.7 at year-end.

現在轉到幻燈片 7，我們將瀏覽我們的資產負債表。憑藉穩健的第一季度現金流表現，我們的資產負債表繼續走強。總債務約為 67 億美元，我們的現金餘額已增長到略低於 12 億美元，由此產生的淨債務略低於 55 億美元。這使我們的淨債務與 EBITDA 比率為 2.4，低於年底的 2.7。

This, coupled with our undrawn revolver of $3.5 billion gives us capacity to deploy $4 billion or more in the near term.

這一點，再加上我們未動用的 35 億美元左輪手槍，使我們有能力在短期內部署 40 億美元或更多。

To that end, we've been quite active in 2023, evaluating a number of platform and bolt-on opportunities. As always, we will remain disciplined and patient in our capital deployment process. With that, I'll turn it back over to Neil, to talk about our segment performance and outlook. Neil?

為此，我們在 2023 年一直非常活躍，評估了許多平台和附加機會。一如既往，我們將在資本配置過程中保持紀律和耐心。有了這個，我會把它轉回給尼爾，談談我們的部門表現和前景。尼爾？

Thanks, Jason. Let's turn to Page 9 and walk through our Q1 highlights for Application Software segment. Revenues here were $761 million, up 6% on an organic basis, and EBITDA margins were 43.2%. Performance in this segment was strong across the board. To highlight a few of our business' performance, we'll start with Deltek. Deltek was solid. As we mentioned last quarter, Deltek did see some slower customer decision-making, but that was largely rectified this quarter. Deltek had double-digit bookings in the quarter with strength across both enterprise class and SMB-sized customers as well as government contracting and private sector solutions. As usual, both gross and net retention at Deltek remain strong and consistent with recent history.

謝謝，傑森。讓我們翻到第 9 頁，瀏覽一下應用軟件部分的第一季度亮點。這裡的收入為 7.61 億美元，有機增長 6%，EBITDA 利潤率為 43.2%。該細分市場的表現全面強勁。為了突出我們業務的一些表現，我們將從 Deltek 開始。 Deltek 很穩固。正如我們在上個季度提到的那樣，Deltek 確實發現客戶決策制定速度有所放緩，但這在本季度得到了很大程度的糾正。 Deltek 在本季度的預訂量達到兩位數，在企業級和 SMB 規模的客戶以及政府承包和私營部門解決方案方面實力強勁。與往常一樣，Deltek 的總保留率和淨保留率都保持強勁並與近期歷史保持一致。

Aderant, our software business focused on the needs of law firms, continues to compete and win and take share from our competitors. In the quarter, Aderant experienced record bookings and continued success in the adoption of their SaaS solutions. Great job by Chris, Rafi and the entire Aderant team.

Aderant，我們的軟件業務專注於律師事務所的需求，繼續競爭並從我們的競爭對手那裡贏得和分享。本季度，Aderant 的 SaaS 解決方案的預訂量創下記錄，並持續取得成功。 Chris、Rafi 和整個 Aderant 團隊的出色工作。

Vertafore, our software business at tech-enabled property and casualty insurance agencies, posted another solid quarter and continues to perform quite well for us. Of particular note, Vertafore recent acquisition of MGA Systems, a software solution targeted to manage general agents, or MGAs, is proving to be highly strategic and bookings activity is tracking ahead of plan.

Vertafore，我們在技術支持的財產和意外傷害保險機構的軟件業務，發布了另一個穩定的季度，並繼續為我們表現良好。特別值得注意的是，Vertafore 最近收購了 MGA Systems，這是一種旨在管理總代理 (MGA) 的軟件解決方案，被證明具有高度戰略意義，並且預訂活動正在提前跟踪計劃。

Frontline continues to perform quite well for us in the first couple of quarters of ownership. Frontline's mission is to empower the front line of education. As many of you know, hiring of teachers and administrative staff is particularly challenging, and Frontline software solutions better equip K-12 school districts to navigate these challenges. Because of this, frontline solutions are mission-critical and of high importance to their school district customers.

在所有權的前幾個季度，Frontline 繼續為我們表現良好。 Frontline 的使命是賦能教育一線。正如你們許多人所知，招聘教師和行政人員特別具有挑戰性，而 Frontline 軟件解決方案可以更好地裝備 K-12 學區以應對這些挑戰。正因為如此，一線解決方案是關鍵任務，對他們的學區客戶來說非常重要。

For the segment, EBITDA margins were down 90 basis points year-over-year, in line with our expectations.

該部門的 EBITDA 利潤率同比下降 90 個基點，符合我們的預期。

Our Acute Care software businesses, especially CliniSys, Data Innovations and Strata are ramping up their implementation capacity based on recent bookings momentum. We expect to see similar margins in Q2.

我們的急性護理軟件業務，尤其是 CliniSys、Data Innovations 和 Strata，正在根據最近的預訂勢頭提高其實施能力。我們希望在第二季度看到類似的利潤率。

Looking to the balance of the year, we expect to see organic growth in the mid-single-digit area for this segment based on our leading market positions and growth in recurring revenue.

展望今年的餘額，基於我們領先的市場地位和經常性收入的增長，我們預計該細分市場將實現中個位數區域的有機增長。

Turning to Page 10. Revenues in the quarter for a Network Software segment were $355 million, up 6% on an organic basis, and EBITDA margins were strong at 53.1%. As with our Application Software segment, growth and performance was broad-based across this segment. Relative to business-specific comments, we'll start with our U.S. and Canadian freight matching businesses, DAT and Loadlink, which both grew nicely in the quarter. While freight market conditions are softer than this time last year, our businesses in this space are critical to the operation and execution of the spot freight market.

翻到第 10 頁。本季度網絡軟件部門的收入為 3.55 億美元，有機增長 6%，EBITDA 利潤率高達 53.1%。與我們的應用軟件部門一樣，該部門的增長和業績表現廣泛。相對於特定業務的評論，我們將從美國和加拿大的貨運匹配業務 DAT 和 Loadlink 開始，它們在本季度都增長良好。雖然貨運市場狀況比去年同期疲軟，但我們在這一領域的業務對現貨貨運市場的運營和執行至關重要。

In addition and importantly, the spot market is a long-term secular beneficiary in terms of the volume of future freight shipments. Throughout and across the freight and economic cycle, DAT and Loadlink continue to innovate and launch new products and offerings to help drive enhanced customer value and share of wallet. with the current product strategy focused on tech enabling the connectivity between brokers and carriers.

此外，重要的是，就未來貨運量而言，現貨市場是長期的長期受益者。在整個貨運和經濟周期中，DAT 和 Loadlink 不斷創新並推出新產品和服務，以幫助提高客戶價值和錢包份額。當前的產品戰略側重於支持經紀人和運營商之間連接的技術。

iPipeline, our network software business that tech enables the distribution channel for life insurance and annuities, is coming off a terrific 2022 and continued its high level of execution this quarter with very strong bookings, retention and customer expansions.

iPipeline 是我們的網絡軟件業務，通過技術支持人壽保險和年金的分銷渠道，它在 2022 年表現出色，本季度繼續保持高水平的執行力，預訂量、保留率和客戶擴展非常強勁。

Foundry continued its string of strong performance in the quarter and had terrific seat growth for their flagship product Nuke , which enabled continued double-digit recurring revenue growth. As we mentioned last quarter, Foundry commenced their subscription pricing transition for Nuke and in Q1 had north of 50% of the Nuke seats sold under their new model ahead of their plan.

Foundry 在本季度繼續保持強勁表現，其旗艦產品 Nuke 的席位增長驚人，這使得經常性收入持續實現兩位數增長。正如我們在上個季度提到的，Foundry 開始了 Nuke 的訂閱定價過渡，並且在第一季度，他們的新模型提前售出了超過 50% 的 Nuke 席位。

Finally, our alternate site health care businesses, MHA, SoftWriters and SHP were strong in the quarter. Execution was solid, and the business has benefited by an improving census in skilled nursing, assisted living facilities and home health reaching the highest occupancy levels and patient volumes since the onset of the pandemic. Turning to the balance of the year. We expect to see mid-single-digit organic growth for this segment based on broad and sustained growth across this group.

最後，我們的備用站點醫療保健業務、MHA、SoftWriters 和 SHP 在本季度表現強勁。執行穩健，業務受益於熟練護理、輔助生活設施和家庭保健方面的人口普查不斷改進，入住率和患者數量達到自大流行病爆發以來的最高水平。談到今年的餘額。基於該集團廣泛而持續的增長，我們預計該細分市場將實現中個位數的有機增長。

As we turn to Page 11. Revenues in the quarter for our Tech-enabled Products segment were $354 million, up 14% on an organic basis. EBITDA margins for the segment were 34.7% in the quarter. Across the segment, business performance and execution was solid. Importantly, the broad-based supply chain issues continue to wane. Though we're not entirely out of the woods, we can now see a path to a more normalized supply chain environment.

當我們翻到第 11 頁時。本季度我們的技術支持產品部門的收入為 3.54 億美元，有機增長 14%。本季度該部門的 EBITDA 利潤率為 34.7%。在整個細分市場中，業務績效和執行都很穩健。重要的是，基礎廣泛的供應鏈問題繼續減弱。雖然我們還沒有完全走出困境，但我們現在可以看到一條通向更規範化供應鏈環境的道路。

Neptune, our water meter and technology product business, continues to be just great. In the quarter, they had record revenue performance and set records for backlog levels. Importantly, Neptune continues to see increasing demand and momentum for their residential and commercial ultrasonic or static meters. We remain bullish on Neptune and the market in which they compete as this market tends to be quite steady as Neptune's customers' budgets are typically fixed year-to-year and not tied to broader macroeconomic trends or cycles. Great job at Neptune, and congrats.

我們的水錶和技術產品業務 Neptune 繼續表現出色。在本季度，他們的收入表現創下歷史新高，並創下了積壓水平的記錄。重要的是，Neptune 繼續看到對其住宅和商業超聲波或靜態儀表的需求和勢頭不斷增長。我們仍然看好 Neptune 及其競爭市場，因為該市場往往相當穩定，因為 Neptune 客戶的預算通常每年都是固定的，並且與更廣泛的宏觀經濟趨勢或週期無關。在 Neptune 幹得好，恭喜。

Verathon was strong in the quarter as well with double-digit order growth. Specifically, Verathon saw strength across the reoccurring single-use products, both bronchoscope or BFlex and video innovation or GlideScope as well as BladderScan capital purchases. Importantly, Verathon has four product launches scheduled for the next few months which will help continue their market share gains and momentum.

Verathon 在本季度表現強勁，訂單增長也達到兩位數。具體而言，Verathon 看到了反復出現的一次性產品的優勢，包括支氣管鏡或 BFlex 和視頻創新或 GlideScope 以及 BladderScan 資本購買。重要的是，Verathon 計劃在未來幾個月推出四款產品，這將有助於繼續擴大市場份額並保持增長勢頭。

Northern Digital NDI was also strong in the quarter and continued to see terrific demand for their optical and EM solutions. NDI's enabling measurement technology is used by scores and medical product OEMs and solutions such as robotic-assisted surgery and across multiple cardiac-specific modalities. NDI's high level of market focus and operational discipline will enable them to continue to be the market share leader for these measurement technologies long into the future.

Northern Digital NDI 在本季度也表現強勁，並且繼續看到對其光學和 EM 解決方案的巨大需求。 NDI 的支持測量技術被分數和醫療產品 OEM 和解決方案使用，例如機器人輔助手術和多種心臟特定模式。 NDI 對市場的高度關注和運營紀律將使他們能夠在未來很長一段時間內繼續成為這些測量技術的市場份額領導者。

Our outlook for the balance of the year for this segment has improved to be in the low double-digit area and is based on continued strong orders and improving manufacturing productivity at Neptune as well as an improved growth outlook across our medical product businesses.

我們對該細分市場的年度餘額展望已改善至低兩位數區域，並且基於持續強勁的訂單和海王星製造生產力的提高以及我們醫療產品業務增長前景的改善。

Now please turn to Page 13. And let's review our increased 2023 guidance. For 2023, we expect total revenue growth to be north of 12%. In addition, we're updating our organic revenue growth outlook to be in the 6% to 7% range, an increase from our original guidance of 5% to 6%. As a result, we're increasing our DEPS guidance to be in the range of $16.10 and $16.30 up from our prior guidance of $15.90 to $16.20, assuming that this guidance is a tax rate in the 21% to 22% area. Specific to the second quarter, we're establishing our DEPS guidance is to be in the $3.96 to $4 range.

現在請翻到第 13 頁。讓我們回顧一下我們增加的 2023 年指導。到 2023 年，我們預計總收入增長將超過 12%。此外，我們將有機收入增長前景更新為 6% 至 7%，高於我們最初 5% 至 6% 的預期。因此，我們將 DEPS 指導從之前的 15.90 美元至 16.20 美元提高到 16.10 美元至 16.30 美元，假設該指導是 21% 至 22% 範圍內的稅率。具體到第二季度，我們正在確定我們的 DEPS 指導是在 3.96 美元到 4 美元的範圍內。

Now please turn with us to Page 14, and then Jason and I will look forward to answering your questions. As we turn to Page 14, we want to leave you with the same three points with which we started. First, 2023 is off to a great start. We saw revenues increase 15% to $1.47 billion in the quarter. This growth was underpinned with 8% organic revenue growth and 8% recurring revenue growth. In addition, margins were quite strong.

現在請翻到第 14 頁，Jason 和我將期待回答您的問題。當我們翻到第 14 頁時，我們想留給您與我們開始時相同的三點。首先，2023 年開局良好。我們看到本季度的收入增長了 15%，達到 14.7 億美元。這一增長得益於 8% 的有機收入增長和 8% 的經常性收入增長。此外，利潤率相當強勁。

This quarter's financial and operational performance is yet another proof point of our capabilities, and frankly, the expectations of our improved higher-quality portfolio of businesses. Most importantly, our revenue growth translated to impressive cash flow growth with our underlying free cash flow growing 14%. As you know, we view cash flow growth as the best measure of performance.

本季度的財務和運營業績再次證明了我們的能力，坦率地說，這是對我們改進的更高質量業務組合的期望。最重要的是，我們的收入增長轉化為令人印象深刻的現金流增長，我們的基本自由現金流增長了 14%。如您所知，我們將現金流量增長視為衡量績效的最佳指標。

Second, based on the strong start to the year, the higher recurring nature of our revenue stream and the importance of our solutions to our customers, we are increasing our full year organic revenue growth outlook to be between 6% and 7% and increasing our full year DEPS to be between $16.10 an $16.30.

其次，基於今年的強勁開局、我們收入流的更高經常性以及我們的解決方案對客戶的重要性，我們將全年有機收入增長預期提高到 6% 至 7%，並增加我們的全年 DEPS 在 16.10 美元到 16.30 美元之間。

Finally, we continue to be active with our capital deployment activities as we have north of $4 billion of available M&A firepower. As we discussed during our Investor Day last month, we have a very large universe and pipeline of opportunities, though, as always, we remain super patient and highly disciplined to ensure optimal deployment of our available capital.

最後，我們繼續積極開展資本部署活動，因為我們擁有超過 40 億美元的可用併購火力。正如我們在上個月的投資者日討論的那樣，我們有一個非常大的領域和機會管道，儘管我們一如既往地保持超級耐心和高度紀律，以確保最佳部署我們的可用資本。

Now as we turn to your questions and if you could flip to the final slide, our strategic flywheel, we want to thank those of you who joined us in New York or online last month for our first ever Investor Day. During that long-form overview of Roper, we are excited to share with you our long-term strategy, the high-quality nature of our portfolio of businesses, our operating ability to improve our businesses, our process-driven capital deployment approach and our compelling long-term business model that compounds cash flow in the mid-teens area.

現在我們轉向你的問題，如果你能翻到最後一張幻燈片，我們的戰略飛輪，我們要感謝你們中那些上個月在紐約或在線參加我們的第一個投資者日的人。在對儒博的長期概述中，我們很高興與您分享我們的長期戰略、我們業務組合的高質量特性、我們改善業務的運營能力、我們以流程為導向的資本部署方法以及我們的引人注目的長期商業模式，在青少年中期復合現金流。

So thank you for your continued interest in Roper. And with that, let's open it up to your questions.

因此，感謝您對羅珀的持續關注。有了這個，讓我們打開它來回答你的問題。

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

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

It was great to see everyone in New York last month. Just maybe we can start off, and it's a bit of a follow-up from last quarter with Deltek on some of the slowing in decision-making. This is kind of what everyone is watching, might there be any kind of fallout from bank turmoil or read through in to construction markets and so forth. But the idea of slower customer decision making, maybe just give us an update on how that played out, time to sign contracts, any new logos. Just any color there would be helpful.

很高興上個月在紐約見到大家。只是也許我們可以開始，這是上個季度與 Deltek 對決策制定放緩的一些跟進。這是每個人都在關注的事情，銀行動盪是否會產生任何影響，或者通讀建築市場等等。但是，客戶決策速度較慢的想法，也許只是讓我們了解最新情況、簽訂合同的時間、任何新標識。任何顏色都會有幫助。

Yes. Sure, Deane. Happy to talk about it. it's something that we spent a tremendous amount of time talking to our leadership teams, our group executives about, trying to understand the signal. To set the obvious context, we spent the last several years trying to really work out the cyclicality of the portfolio, and we're also in these very small niche markets where the customers tend to be not that cyclical. So the signal for us is faint. It's not nonexistent, but it's faint.

是的。當然，迪恩。很高興談論它。這是我們花了很多時間與我們的領導團隊、我們的集團高管討論的事情，試圖理解這個信號。為了設置明顯的背景，我們在過去幾年裡試圖真正計算出投資組合的周期性，我們也在這些非常小的利基市場中，客戶往往沒有那麼週期性。所以我們的信號很微弱。它不是不存在，但它很微弱。

Last quarter, we certainly talked about Deltek and them having some slower customer demand, as we said in the prepared comments, that largely, it's not fully rectified itself this most recent quarter. Two or three quarters ago, we talked about the same thing going on at PowerPlan, that rectified itself the subsequent quarter as well. Some of the other macro things that we listen to, the amount of property casualty insurance written as a sign of sort of business formation or business growth continued to grow, life insurance applications got steady. DAT, the number of carriers we expected and certainly have seen for a couple of quarters, carrier declines at touch. But that meaningfully moderated in Q1.

上個季度，我們當然談到了 Deltek，正如我們在準備好的評論中所說，他們的客戶需求有所放緩，這在很大程度上是最近一個季度沒有完全自我糾正。兩三個季度前，我們談到了 PowerPlan 發生的同樣事情，在隨後的一個季度也進行了自我糾正。我們聽到的其他一些宏觀事物，作為業務形成或業務增長標誌的財產意外險數量繼續增長，人壽保險申請穩定。 DAT，我們預期並且肯定已經看到幾個季度的運營商數量，運營商觸及下降。但這在第一季度有意義地緩和了。

So we continue to listen for it, but -- and we certainly have planned for the second half of the year, concern outlook relative to a slowdown. But the signal's faint at the moment. Jason, anything you want to add to that?

所以我們繼續傾聽它，但是 - 我們當然已經為今年下半年計劃，關注與經濟放緩相關的前景。但此刻信號微弱。傑森，你想補充什麼嗎？

Yes I would just say our software bookings were up high single digits year-over-year in the quarter. So that just put some math behind what Neil was saying.

是的，我只想說本季度我們的軟件預訂量同比增長了個位數。所以這只是對 Neil 所說的進行了一些數學運算。

Great. That's really helpful, and appreciate kind of that walk through the portfolio there on sensitivity. And then just second question, it was nice to see the boost in organic revenue guides for the back of the year in tech-enabled products up low double digits. And just with the expectation, look, Neptune continues to do really well, and we see that in the industry. That tends to be a bit steady. So how is it that you're seeing this acceleration and must be also on the medical side, too?

偉大的。這真的很有幫助，並且很欣賞在敏感性方面瀏覽投資組合的那種方式。然後是第二個問題，很高興看到今年年底技術支持產品的有機收入指南增長了兩位數。就像期望一樣，看，海王星繼續做得很好，我們在行業中看到了這一點。這往往有點穩定。那麼，您如何看到這種加速並且也必須在醫療方面呢？

Yes. There's three parts to this -- macro parts to this segment. There's Neptune, medical products and then a couple of small RF product businesses, all three, they have and -- we, at corporate, sort of increased the outlook for the balance of the year. Neptune has just continued incredible order growth and then terrific performance out of the factory at Neptune, which gives us confidence that they can chew into a little bit more of the backlog than we maybe originally thought coming into the year.

是的。這分為三個部分——這個部分的宏觀部分。有海王星、醫療產品，然後是一些小型 RF 產品業務，所有這三個業務，他們都有——我們在公司，有點增加了今年餘下時間的前景。 Neptune 剛剛繼續保持令人難以置信的訂單增長，然後是 Neptune 工廠的出色表現，這讓我們相信他們可以比我們原先想像的更多地處理積壓訂單。

At the medical product businesses, as we all know, last year, medical procedure volumes were down in the 7% to 8% range. We plan for that to continue this year. It's actually been a little bit better than that, and that flowed through at Verathon, CIVCO directly and less directly through NDI. And then the Inovonics and RF Ideas, the RF product businesses, have been riddled with supply chain challenges and coming into the year. We assume those would continue, and they meaningfully improved in Q1. So it's a little bit uplift across the board that gives us the confidence to take the guide up in that segment.

眾所周知，去年醫療產品業務的醫療程序量下降了 7% 至 8%。我們計劃今年繼續這樣做。它實際上比那好一點，它直接在 Verathon、CIVCO 流經，而不是直接通過 NDI。然後，RF 產品業務 Inovonics 和 RF Ideas 充滿了供應鏈挑戰並進入了這一年。我們假設這些情況會持續下去，並且在第一季度會有顯著改善。因此，它全面提升了一點，讓我們有信心在該領域採用指南。

The next question is from the line of Scott Davis with Melius Research.

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

I know it's not -- there isn't any particular business that's game changing for you in any particular quarter. But when you think about freight matching, and I know the truckers have had some tough time this quarter. Some of the guidance has been a little cautious, tough comps, et cetera. How linked is your freight matching business to kind of the miles driven and the B2C kind of truck market? Is there a direct link there? I would assume there is, but I'm just -- it doesn't seem like you had really any major problems in DAT this quarter.

我知道這不是 - 在任何特定季度都沒有任何特定業務為您改變遊戲規則。但是當你考慮貨運匹配時，我知道卡車司機本季度過得很艱難。一些指導有點謹慎、強硬，等等。您的貨運匹配業務與行駛里程和 B2C 卡車市場的聯繫如何？那裡有直接鏈接嗎？我假設有，但我只是 - 本季度 DAT 似乎沒有任何重大問題。

Yes. DAT grew in the quarter. Year-over-year, it grew sequentially. So -- but there is a link. It's an indirect link. We're not paid per mile driven, we're not paid on any utilization metric. It's a fixed subscription on both the broker side and the carrier side. The reason DAT historically tends to be less cyclical than the market in which it operates, a couple of things. One is you have this tension between the cyclical nature and the secular growth driver, where the spot market is just winning more market share of the total freight volumes. So you have more volume generally coming into the spot market over the long arc of time. And the simple version for why that is, is because the spot market is becoming more liquid or easier to transact in as it tech enables itself, of which DAT is a participant and enabler of that.

是的。 DAT 在本季度有所增長。年復一年，它連續增長。所以 - 但有一個鏈接。這是一個間接鏈接。我們不按每英里行駛數付費，也不按任何利用率指標付費。它是經紀人端和運營商端的固定訂閱。從歷史上看，DAT 的周期性低於其運營市場的原因有幾個。一是周期性和長期增長動力之間存在緊張關係，現貨市場剛剛在總貨運量中贏得更多市場份額。因此，在很長一段時間內，通常會有更多的交易量進入現貨市場。原因的簡單版本是因為現貨市場變得更具流動性或更容易交易，因為它的技術使自己成為可能，而 DAT 是其中的參與者和推動者。

The second thing is understanding the dynamic between what the role the spot market plays in a booming versus a waning market, where in the -- and it's about the pricing dynamic between contract pricing and spot pricing. Spot pricing changes daily, contract pricing changes on a rolling year basis. And so when the market is very hot, you obviously have more demand for carriers and there is supply, rates go up in the spot market. It invites capacity addition. And that's what's driven DAT's growth for the last couple of three years as you have more carriers coming into the market. When the freight market slows, you actually have spot pricing below that of contract, and you actually, at that moment, start seeing some of the contract freight come into the spot market so the shippers can save money. So it provides you a floor for the demand of carriers. And so historically, DAT grows very nicely in upmarket and grows slower in the downmarket for those couple of reasons.

第二件事是了解現貨市場在繁榮市場和衰退市場中所扮演的角色之間的動態關係，以及合同定價和現貨定價之間的定價動態。現貨價格每天都在變化，合同價格每年都在變化。因此，當市場非常火爆時，你顯然對承運人有更多的需求並且有供應，現貨市場的價格就會上漲。它邀請容量增加。隨著越來越多的運營商進入市場，這就是過去三年推動 DAT 增長的原因。當貨運市場放緩時，現貨價格實際上低於合同價格，實際上，在那一刻，您開始看到一些合同運費進入現貨市場，這樣托運人就可以省錢。因此，它為您提供了滿足運營商需求的底線。因此，從歷史上看，由於這兩個原因，DAT 在高端市場增長非常好，而在低端市場增長較慢。

That's interesting. Hate to climb in a [Manushya] here, but I'm just going to do it anyways. What's the -- how does this business change over time? Like does AI become a big enabler and a predictor and help kind of drive that liquidity that you talked about, Neil? How does technology, I guess, change the game and help you guys gain share over time, I think is a better question.

那很有意思。討厭在這裡的 [Manushya] 中攀爬，但無論如何我都會去做。什麼是——這項業務如何隨著時間的推移而變化？就像 AI 成為一個重要的推動者和預測者，並幫助推動你談到的那種流動性，Neil？我想技術如何改變遊戲規則並幫助你們隨著時間的推移獲得份額，我認為這是一個更好的問題。

Yes. I mean -- there's a lot of tech currents and cross currents in this space. At the core of it, today, I still think on average, there's between 8 and 10 phone calls that go between a broker and a carrier to actually broker a load. Obviously, what we're all trying to do is take that to 0. DAT is a big part of their product road map is to tech enable that. So there's AI in the match, there's AI in the routing, there's AI in future trucks going from Cincinnati, Chicago, it's going to be there on Tuesday at 3. How does it have a pickup in Chicago back to where it wants to go four hours later or whatever the time frame is. There's a lot of AI that can go into that. But the principle, the true unlock for the industry is to take the -- make the match more efficient, and that's where most of the technology investment is going today.

是的。我的意思是——這個領域有很多技術潮流和交叉潮流。它的核心是，今天，我仍然認為平均而言，經紀人和承運人之間有 8 到 10 個電話來實際代理負載。顯然，我們都想做的就是將其降為 0。DAT 是他們產品路線圖的重要組成部分，目的是通過技術實現這一目標。所以比賽中有 AI，路線中有 AI，未來從芝加哥辛辛那提出發的卡車中有 AI，它將在星期二 3 點到達那裡。它如何在芝加哥有一個皮卡回到它想去的地方四幾個小時後或任何時間範圍。有很多人工智能可以參與其中。但原則上，這個行業真正的解鎖是採取——讓匹配更有效率，這就是今天大部分技術投資的方向。

Okay. That's helpful.

好的。這很有幫助。

The next question comes from the line of Terry Tillman with Truist.

下一個問題來自 Terry Tillman 與 Truist 的對話。

Congrats on the quarter. So the first question, I guess, is on the Frontline because that was the last major platform acquisition. I think you all talked about $370 million of revenue, expected contribution and $170 million EBITDA. And I think also you said it was a stub period, it was in the 80s and 4Q. What I'm curious about is how is it tracking to those targets. And I did notice they just announced a new HCM suite, there's a new CRO there. So it seems like there's some dynamic things going on. Just maybe double-clicking on Frontline, and then I had a follow-up for Jason.

祝賀這個季度。所以我想第一個問題是關於 Frontline 的，因為那是最後一次主要的平台收購。我想你們都談到了 3.7 億美元的收入、預期貢獻和 1.7 億美元的 EBITDA。我想你也說過這是一個存根時期，那是在 80 年代和第四季度。我很好奇的是它是如何追踪到這些目標的。我確實注意到他們剛剛宣布了一個新的 HCM 套件，那裡有一個新的 CRO。所以似乎有一些動態的事情正在發生。只需雙擊 Frontline，然後我就會跟進 Jason。

You do the -- you take the first one.

你做 - 你拿第一個。

Yes. So they're tracking on their forecast. As you know, they're a business that has large renewals in the third and fourth quarter. And so we'll expect the business to tick up sequentially in the second half, but they are definitely on track for their revenue and EBITDA numbers of $370 million, $175 million.

是的。所以他們正在跟踪他們的預測。如您所知，他們是一家在第三和第四季度有大量續約的企業。因此，我們預計該業務將在下半年連續增長，但他們的收入和 EBITDA 數字肯定有望達到 3.7 億美元、1.75 億美元。

Yes. And as it relates to the new products and a couple of new leaders, we're certainly excited to have Bill a new CFO, Scott, our new COO; and Curtis, the new Chief Client Operations Officer joined. It's often case not times the case. There's a few leadership changes that happen in the first year or so of ownership. And so that was expected, we're excited to have this team. It's an incredible group that's joined us.

是的。關於新產品和幾位新領導，我們當然很高興 Bill 成為新的 CFO，Scott 成為我們的新 COO；和 Curtis，新的首席客戶運營官加入了。通常情況並非如此。在所有權的第一年左右發生了一些領導層變動。所以這是意料之中的，我們很高興擁有這個團隊。這是一個令人難以置信的團隊加入了我們。

The thing that we -- that I'm particularly excited about and proud of in the first couple of quarters of ownership of Frontline is the strategic choice they've made. As a pattern we see from a lot of companies that come out of private equity is very limited choice that's made, so they try to do too many things and not do them well. And so very quickly, Frontline doubled down on client experience and R&D productivity and actually made a choice to take a little bit of resource out of go-to-market, which makes complete sense when you have 85% or 90% coverage of the customers.

在擁有 Frontline 的前幾個季度，我特別感到興奮和自豪的是他們做出的戰略選擇。我們從許多私募股權公司中看到的一種模式是做出的選擇非常有限，因此他們試圖做太多事情而不是做好。所以很快，Frontline 在客戶體驗和研發生產力方面加倍努力，實際上選擇了從進入市場中抽取一點資源，當你有 85% 或 90% 的客戶覆蓋率時，這是完全有意義的.

And the entire strategy or the principle part of strategy is to focus on cross-selling, up-selling. You need to deliver a tremendous experience, hence, to focus on client experience and need to be able to innovate and sell them more products, hence the deployment to R&D. So we love the choice that's been made there and excited for what that yields in the future.

整個戰略或戰略的主要部分是專注於交叉銷售、向上銷售。您需要提供出色的體驗，因此要專注於客戶體驗，並且需要能夠創新並向他們銷售更多產品，從而部署到研發。因此，我們喜歡在那裡做出的選擇，並對未來產生的結果感到興奮。

That's great color. I guess just a follow-up for Jason is you were able to call out the adjustment from the settlement. So is up 14% in terms of the free cash flow at low 30s on a free cash flow margin. Should we think about that for the remainder of the year in terms of kind of that mid-teens growth and maintaining a low 30s free cash flow margin?

那是很棒的顏色。我想 Jason 的後續行動是您能夠從和解中提出調整。就自由現金流利潤率的 30 多歲低點而言，自由現金流增長了 14%。我們是否應該考慮在今年剩餘時間裡保持十幾歲中期的增長和保持 30 多歲的低自由現金流利潤率？

Yes, that's right. We're on track to deliver north of 30% free cash flow. As I mentioned, the second half is going to be better than the first half with the renewals at Frontline. But yes, we're still on track there.

恩，那就對了。我們有望實現超過 30% 的自由現金流。正如我所提到的，隨著前線的續約，下半場將比上半場更好。但是，是的，我們仍在軌道上。

The next question comes from the line of Steve Tusa with JPMorgan.

下一個問題來自摩根大通的 Steve Tusa。

A couple of the businesses that you guys didn't mention, but I think to Deane's question around what's going on out there. ConstructConnect, what are you seeing there? And then perhaps CliniSys, another one of your kind of big ones.

你們沒有提到的一些業務，但我想 Deane 關於那裡發生的事情的問題。 ConstructConnect，你在那裡看到了什麼？然後也許是 CliniSys，您的另一個大公司。

Sure. So ConstructConnect, as we talked about in the past, tends to be a countercyclical business. For those that are less familiar, ConstructConnect for simplicity has a near perfect database of every commercial construction project that's in the planning phase. And so if you're a general contractor, a trade contractor, a building product manufacturer, you're generally quite interested in understanding for planning purposes, for bidding a project purposes what's in the stage of development planning.

當然。因此，正如我們過去談到的那樣，ConstructConnect 往往是一種逆週期業務。對於那些不太熟悉的人，為簡單起見，ConstructConnect 有一個近乎完美的數據庫，其中包含每個處於規劃階段的商業建築項目。因此，如果您是總承包商、貿易承包商、建築產品製造商，您通常非常有興趣了解出於規劃目的，出於投標項目的目的，什麼處於開發規劃階段。

When the construction market is white hot, general contractors and subs have more work that they can do. There's less utility and value in paying a subscription fee for future projects that are in the queue. When the amount of work starts to slow down, there is increased utility in that. So when I look back and back test ConstructConnect over a couple of cycles, it has a clear countercyclical demand behavior attached to it. So the market, we think, will be coming to it.

當建築市場白熱化時，總承包商和分包商有更多的工作要做。為隊列中的未來項目支付訂閱費的效用和價值較低。當工作量開始放緩時，其中的效用就會增加。因此，當我回顧並回顧幾個週期的 ConstructConnect 測試時，它具有明顯的反週期需求行為。因此，我們認為市場將會接受它。

As a general matter, ConstructConnect has maybe modestly underperformed our hopes. It's been more of a low single-digit growth business. Our expectation is that it should be mid. And we're quite confident with the current strategy that will climb to there and get to there. We have a great leader that came out from Deltek a couple of years ago, Matt Strazza, the operational discipline, the strategy, the go-to-market sort of prowess is just at the next level. And so we're quite confident that we're going to be able to reach our expectations of mid there.

一般來說，ConstructConnect 的表現可能略低於我們的希望。它更像是一個低個位數增長的業務。我們的期望是它應該是中間的。我們對當前的戰略非常有信心，該戰略將攀升到那裡並到達那裡。我們有一位偉大的領導者，幾年前從 Deltek 出來，Matt Strazza，運營紀律，戰略，進入市場的能力正處於一個新的水平。因此，我們非常有信心能夠達到我們對中等水平的期望。

CliniSys is been nothing short of great. Simpson, who's been -- who has integrated the U.S. Sunquest business with the European business, has just done that almost without error. It's been terrific. The business grew. The combined business grew in the quarter. We haven't been able to say that for quite some time given the drag of the U.S. business. We continue to be just tremendously strong in the U.K. As you know, we're one of three or four strategic IT vendors to the NHS as we run something like 80% or 85% of the laboratory network in the U.K.

CliniSys 非常棒。 Simpson 一直將美國 Sunquest 業務與歐洲業務整合在一起，他幾乎毫無差錯地做到了這一點。太棒了。業務增長了。合併後的業務在本季度有所增長。鑑於美國業務的拖累，我們已經有一段時間不能這麼說了。我們在英國仍然非常強大。如您所知，我們是 NHS 的三到四家戰略 IT 供應商之一，因為我們在英國運行著大約 80% 或 85% 的實驗室網絡。

The pan-European strength continues. For instance, we run the largest health system in France, in APHP, the Paris system. And in the U.S., some of the strength comes from the fact that we now have a product offering that is for laboratories outside of that of health care. So think environmental, toxicology, water, et cetera, which is showing some early signs of promise. And so a lot of congratulations to Simpson and Andy, the CFO, and we're excited to see what happens at Clinisys.

泛歐強勢仍在繼續。例如，我們在巴黎系統 APHP 中運行著法國最大的衛生系統。在美國，一些優勢來自於我們現在提供的產品適用於醫療保健以外的實驗室。所以想想環境、毒理學、水等等，這些都顯示出一些早期的希望跡象。非常祝賀辛普森和首席財務官安迪，我們很高興看到 Clinisys 發生的事情。

Great. And then just one last one on free cash flow. It's a very pretty strong quarter, upside surprise, at least versus what we were expecting. A little bit bigger of a drag from deferred, but maybe a bit lower cash taxes or something. Just talk about the moving parts there and how you expect that to trend sequentially over the next couple of quarters on free cash.

偉大的。然後是關於自由現金流的最後一個。這是一個非常強勁的季度，上行驚喜，至少與我們的預期相比。遞延的拖累更大一點，但現金稅可能會降低一點。只需談談那裡的活動部分，以及您預計在接下來的幾個季度中，自由現金將如何連續呈現趨勢。

Sure. Yes, I can take that, Steve. So yes, the deferred revenue is down or, I guess, the consumption of cash in the first quarter because of Frontline, right? So they -- you'll see that spike back up in the third quarter with those renewals. It was, overall, deferred revenue outside of that was in line with expectations. It was fairly flat to the fourth quarter. And then on taxes, we typically make two tax payments: federal tax payments in the second quarter and then one in the third and one in the fourth. So we will expect Q2 to be down sequentially but up year-over-year. And then just for overall, for the full year, as I mentioned earlier, just north of 30% free cash flow margin, so on track there.

當然。是的，我可以接受，史蒂夫。所以是的，遞延收入下降了，或者，我猜，第一季度的現金消耗是因為前線，對吧？所以他們 - 你會看到第三季度隨著這些續約而回升。總體而言，除此之外的遞延收入符合預期。到第四季度相當平穩。然後在稅收方面，我們通常會繳納兩次稅款：第二季度繳納聯邦稅，第三季度繳納一次，第四季度繳納一次。因此，我們預計第二季度將環比下降，但同比上升。然後就整體而言，就全年而言，正如我之前提到的，自由現金流利潤率僅在 30% 以上，因此處於正軌。

Yes. Great. And then sorry, just one last quick one. The high single-digit bookings number, was that an organic number for software?

是的。偉大的。然後抱歉，只是最後一個快速的。高個位數的預訂數，是軟件的有機數字嗎？

Yes.

是的。

The next question comes from the line of Julian Mitchell with Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

Just a question on tech-enabled products first. So you're seeing a lot of sort of hardware manufacturers in our group with a big kind of flush of revenue right now as component shortages ease, and then there's obviously a lot less visibility on the forward look once that flows through. So just wanted to tap -- very strong revenue performance in Q1. You're very confident in the sort of the next three quarters' outlook. Maybe just drill down a little bit more into sort of orders and backlog trends there, just kind of the confidence that the strength right now is sustainable through year-end and not just to kind of a flush as supply chain eases.

先問一個關於技術產品的問題。因此，隨著組件短缺的緩解，你會看到我們集團中的許多硬件製造商現在都有大量的收入，而一旦流過，前瞻性的可見度顯然要低得多。所以只想挖掘 - 第一季度非常強勁的收入表現。您對未來三個季度的前景非常有信心。也許只是進一步深入了解那裡的訂單和積壓趨勢，只是相信目前的實力可以持續到年底，而不僅僅是隨著供應鏈的放鬆而出現大量湧入。

Yes. So it's something that we -- a couple of things we've been really quizzing and with our companies is two things, this very thing, and then also the stability of the backlog has there been any order fall out of the backlog, right? So there's been none, by the way -- virtually none on backlog order fallout. The orders are quite strong.

是的。所以這是我們——我們一直在測試的幾件事，我們的公司是兩件事，這件事，還有積壓的穩定性，是否有任何訂單從積壓中掉下來，對吧？順便說一下，沒有任何積壓訂單影響。訂單量相當大。

Book-to-bill was greater than 1 in the quarter. So it gives us, I think, a good indication that it's not just a flush backlog. In terms of the balance of the year though, I mean, we're waiting for the time when -- a lot of what's happened across the whole complex, not just us, is order duration is extended, right, as customers that want to be in the queue to make sure they have supply. At some point, and at that point, I don't know -- I don't think any of us know what is going to happen, we're going to get back into a more normal order sort of duration timing.

本季度的訂單出貨比大於 1。因此，我認為，它給了我們一個很好的跡象，表明這不僅僅是大量積壓。不過，就今年的剩餘時間而言，我的意思是，我們正在等待時間——整個綜合體中發生的很多事情，而不僅僅是我們，是訂單持續時間延長，對，因為客戶想要在隊列中以確保他們有供應。在某個時候，在那個時候，我不知道——我認為我們中沒有人知道會發生什麼，我們將回到更正常的持續時間順序。

So there'll be a period of time when orders, because of timing, compress. It's -- we don't know when that's going to happen, but we're fully expecting it. And candidly, aren't going to be that worried about it because it's sort of a natural reaction to where we are. We also -- so that's commentary for Neptune in the whole segment.

因此，由於時間的原因，訂單會在一段時間內壓縮。這是 - 我們不知道什麼時候會發生，但我們完全期待它。坦率地說，我們不會為此擔心，因為這是對我們所處位置的一種自然反應。我們也 - 所以這是整個部分對海王星的評論。

For medical products, quite the opposite. There isn't really -- we don't work out of a huge backlog out of that -- those businesses. And so that dynamic that you're addressing or questioning doesn't exist. And then for -- we really solved the supply chain challenges at the RF product businesses. They were bespoke and unique to the two businesses there. And so now we will be able to start clearing some backlog, but that's more of a second half thing than what it was in the quarter.

對於醫療產品，情況恰恰相反。真的沒有 - 我們沒有解決大量積壓的問題 - 那些業務。因此，您正在解決或質疑的動態不存在。然後 - 我們真正解決了 RF 產品業務的供應鏈挑戰。它們是為那裡的兩家企業定制和獨特的。因此，現在我們將能夠開始清理一些積壓的工作，但這更多是下半年的事情，而不是本季度的事情。

That's very helpful. And then just circling back on one of the more potentially cyclical pieces within software, and it's already been touched on once or twice. But to try and put a finer point on the sort of DAT and Loadlinked businesses at Network Software. Within that sort of mid-single-digit growth outlook for the segment for the balance of the year, how -- what are you dialing in for sort of DAT or Loadlink? Not -- you don't have to give me the percentage number. Just curious sort of versus the segment growth of mid-single digit, for example.

這很有幫助。然後再回到軟件中一個更具潛在周期性的部分，它已經被觸及過一兩次。但是要嘗試在 Network Software 的 DAT 和 Loadlinked 業務上提出一個更好的觀點。在今年剩餘時間該細分市場的那種中等個位數增長前景中，你如何撥入 DAT 或 Loadlink？不——你不必給我百分比數字。例如，只是好奇與中個位數的細分市場增長相比。

Yes. So it's the same -- I'll give you a color to it. I think we'll stop short of giving you like specifics at a company level. But as we mentioned last quarter, there is a difference of opinion between the DAT leadership and Sarasota about what the outlook of this business is for the year. DAT is much more bullish on what the year -- the balance of the year is going to look like than what we are here in Sarasota.

是的。所以它是一樣的——我會給你一種顏色。我認為我們不會在公司層面向您提供具體細節。但正如我們上個季度提到的那樣，DAT 領導層和 Sarasota 之間對該業務今年的前景存在分歧。 DAT 對今年的情況更加樂觀 - 與我們在薩拉索塔這里相比，今年的餘額將會是什麼樣子。

We continue to have a very conservative posture relative to what DAT looks like, especially uniquely on the carrier count for the balance of the year. We want to see -- while we had a nice proof point in Q1 that the carrier decline started to basically flatten, we have not assumed they continue from that level and improve. We continue -- we assume they actually get a little bit worse.

相對於 DAT 的樣子，我們繼續保持非常保守的態度，尤其是在今年餘下時間的運營商數量上。我們希望看到——雖然我們在第一季度有一個很好的證據表明運營商的下滑開始基本趨於平緩，但我們並沒有假設它們會繼續從那個水平開始並有所改善。我們繼續——我們假設它們實際上變得更糟了。

The next question comes from the line of Joe Giordano with Cowen.

下一個問題來自 Joe Giordano 與 Cowen 的對話。

So just kind of talk about this on the medical product side, but we had another company talking about like big inventory levels of component parts in medical, like -- kind of like unexpectedly so. So like their customers just have some of their -- more of their products than anticipated. I'm guessing that's not really relevant to you guys, but I just wanted to ask the question.

所以只是在醫療產品方面談論這個，但我們有另一家公司在談論醫療零部件的高庫存水平，就像 - 有點像出乎意料的那樣。所以就像他們的客戶只是擁有他們的一些 - 他們的產品比預期的要多。我猜這與你們無關，但我只是想問這個問題。

It's not particularly relevant. There's one business, Northern Digital, correct me on this I think it's just -- principally one that sells through, as I mentioned in the prepared remarks, the medical product OEMs were a critical component, a necessary component to scores of these medical product OEMs. They cannot ship their product without our product, obviously. So there was -- we're worried there might have been a fair amount of inventory in the channel as buffer. The commentary from the Northern Digital team this quarter is they feel most if not all of that is through the system. It's hard to know exactly for sure, but that's where -- that's really the only place where it happens. Otherwise, it's us directly to a customer -- and in consumer customer.

這不是特別相關。有一家公司，Northern Digital，請糾正我這一點，我認為它只是 - 主要是通過銷售，正如我在準備好的評論中提到的那樣，醫療產品 OEM 是一個關鍵組成部分，是許多這些醫療產品 OEM 的必要組成部分.顯然，如果沒有我們的產品，他們就無法運送他們的產品。所以有 - 我們擔心渠道中可能有大量庫存作為緩衝。 Northern Digital 團隊本季度的評論是，他們認為大部分（如果不是全部）都是通過系統進行的。很難確切地知道，但這就是它發生的地方——那真的是唯一發生的地方。否則，就是我們直接面向客戶——以及消費者客戶。

Yes. That's what I figured. Okay. And then just a question on like the landscape for M&A. Like I'm just curious, from -- for your competitors on the PE side who are looking at stuff, is like the -- I know rates are kind of all over. Is the volatility of rates and like the uncertainty around rates directionally like a problem for them? And like the ability to lock in debt or the desire to lock in rates, like is that having an impact on the market at all?

是的。這就是我的想法。好的。然後只是一個關於併購前景的問題。就像我只是好奇，從——對於你在 PE 方面正在研究東西的競爭對手來說，就像——我知道利率有點高。利率的波動性以及利率的方向性不確定性對他們來說是個問題嗎？就像鎖定債務的能力或鎖定利率的願望一樣，這對市場有影響嗎？

Yes. I mean, it's been slow. The number of deals printed in the last couple of quarters has been very low for this reason that you mentioned for the reason that there's just a bid-ask spread between buyers and sellers. -- that continues to exist. And then also just uncertainty on what the exit values are going to be. If you're doing a IRR analysis, the most sensitive variable and the whole thing is your exit value, your exit multiple. And so all in uncertainty, there just hasn't been a lot of deals or recaps. Private equity -- in private equity, there's been a handful of strategic deals that have happened.

是的。我的意思是，它一直很慢。由於您提到的這個原因，過去幾個季度打印的交易數量非常低，因為買賣雙方之間只有買賣價差。 ——繼續存在。然後也只是不確定退出值將是多少。如果你在做 IRR 分析，最敏感的變量和整個事情就是你的退出價值，你的退出倍數。因此，在不確定性中，並沒有太多的交易或回顧。私募股權——在私募股權領域，已經發生了一些戰略交易。

I'll tell you though, in this our pattern recognition history would say, in times of volatility, it creates opportunity. We saw that coming out of COVID. And very quickly, I mean, it was what, August-ish and 2020 when we did Vertafore, it was an opportunity for us. And so it's our commitment to investment-grade debt, our leverage levels that we could be nimble and flexible and quite opportunistic because this -- moments like this is where opportunities exist for a variety of reasons. So we're cautiously optimistic over the course of this year that those will present themselves.

不過我告訴你，在我們的模式識別歷史中會說，在動盪時期，它會創造機會。我們從 COVID 中看到了這一點。很快，我的意思是，就在 8 月左右和 2020 年，當我們做 Vertafore 時，這對我們來說是一個機會。因此，我們對投資級債務的承諾，我們的槓桿水平，我們可以變得靈活、靈活和相當機會主義，因為這——像這樣的時刻，機會因各種原因而存在。因此，我們對今年的情況持謹慎樂觀態度，認為這些會出現。

The next question comes from the line of Allison Poliniak with Wells Fargo.

下一個問題來自富國銀行的 Allison Poliniak。

Just along the lines of that M&A, I know you mentioned you have certainly have a pipeline platform versus bolt-ons. I guess just even what you're seeing today and sort of the comments that you just made, is there any confidence sort of you'd probably lean towards more bolt-ons in the next few months? Or are there some opportunities that you're seeing on the platform side that could execute?

沿著那次併購的路線，我知道你提到你肯定有一個管道平台而不是螺栓連接。我想即使是你今天看到的和你剛剛發表的評論，你是否有信心在接下來的幾個月裡傾向於更多的補強？或者您在平台方面看到了一些可以執行的機會？

Yes. I think it's -- we characterize the current near-term level of activity in the M&A pipeline as having a bit more on the add-on or bolt-on side than what we might have seen historically. I wouldn't read too much into that. It sometimes -- it's just the way it falls sometimes. There's certainly a handful of platforms that we are currently evaluating.

是的。我認為這是——我們將當前併購管道中的近期活動水平描述為在附加或附加方面比我們過去可能看到的要多一些。我不會對此讀太多。有時——它有時就是這樣掉下來的。當然，我們目前正在評估一些平台。

There always is a handful that were in pretty late stages or detailed work evaluating. But on balance, there's a bit more on the bolt-on side. Those tend to be our very best deals because they are additive to strategically to one of our existing companies. There's normally some synergies that come with those -- and as we talked about in the Investor Day, strategically, we'd like to see more of our capital deployed against the bolt-on strategy. But we're not going to force it, but it would be nice to be able to see it.

總是有少數處於相當晚的階段或詳細的工作評估中。但總的來說，螺栓固定方面還有更多。這些往往是我們最好的交易，因為它們在戰略上是對我們現有公司之一的補充。這些通常會產生一些協同效應——正如我們在投資者日談到的那樣，從戰略上講，我們希望看到更多的資本部署在補強策略上。但我們不會強迫它，但能夠看到它會很好。

Got it. That's helpful. And then Application Software, the capacity ramp in acute care. I know you mentioned, obviously, it's impacting Q2. How should we think about that, the balance of the year? When does that fully get running, that ramp?

知道了。這很有幫助。然後是應用軟件，即急症護理的能力提升。我知道你提到過，很明顯，它正在影響第二季度。我們應該如何考慮這一年的餘額？什麼時候完全開始運行，那個坡道？

Yes, that's right. I mean, we thought EBITDA margins were in line with expectations in the first quarter, and we did have those implementations. Also, CBORD had some large integrated security pull-ins, they finally got some parts for some of those projects. But for the second quarter, we're expecting it to be about the same, and then it will pick back up in the second half. So you can expect EBITDA margins to be about flat year-over-year.

恩，那就對了。我的意思是，我們認為 EBITDA 利潤率符合第一季度的預期，我們確實有這些實施。此外，CBORD 有一些大型集成安全插件，他們最終為其中一些項目獲得了一些部件。但對於第二季度，我們預計它會大致相同，然後會在下半年回升。因此，您可以預期 EBITDA 利潤率同比持平。

The next question comes from the line of Joe Vruwink with Baird.

下一個問題來自 Joe Vruwink 與 Baird 的對話。

Hope you're well. One observation I just kind of what we're hearing in the broader environment. It does seem like the system of record companies for the industries you serve, they're holding up pretty well. And then I think there's some particular industry examples like K-12 education would be one where the spend is actually consolidating a bit around these companies, so share of wallet is going up right now. Do you think you're generally seeing this so far? And any examples that come to mind where you kind of look at your growth relative to underlying IT spend and this wallet share dynamic is maybe playing out?

希望你一切都好。我的一項觀察只是我們在更廣泛的環境中聽到的。對於您所服務的行業來說，唱片公司係統似乎確實運行良好。然後我認為有一些特定的行業示例，例如 K-12 教育，其中這些公司的支出實際上有所鞏固，因此錢包份額現在正在上升。你認為到目前為止你通常會看到這個嗎？以及您想到的任何示例，您可以在其中查看您相對於基礎 IT 支出的增長，並且這種錢包份額動態可能正在發揮作用？

Yes. I mean, I would say -- I mean, I have to -- we can take this off-line and sort of go company by company in some level of detail to the extent it would be interesting. But at the highest level, we would say yes, right? So we're -- we say in the Investor Day, we say in all of our communication that we're mission-critical software system of record sort of software. On the application side, if you think about like Deltek or Vertafore I mean, Frontline -- Aderant is a great example where we've gone from #2 to #1.

是的。我的意思是，我會說——我的意思是，我必須——我們可以把這個離線，然後在一定程度上詳細地逐個公司去，直到它會很有趣。但在最高級別，我們會說是，對吧？所以我們——我們在投資者日說，我們在所有的交流中都說我們是關鍵任務軟件系統記錄類軟件。在應用程序方面，如果你考慮像 Deltek 或 Vertafore，我的意思是，Frontline——Aderant 是一個很好的例子，我們從 #2 到 #1。

We've doubled the size of the company over ownership period. The net retention has gone from like low 1-0 --, whatever, 102,103 so low 110s, 110, 112, I think, which just gives you a sense that all these software companies work for a long time to create a customer base that then they can spend the rest of their life cross-selling into. And so most of our -- all of our companies, 50% to 75% or more of their new bookings come from cross-selling, upselling. And the best example of that is the one you called out, which is Frontline, which I think it's like 80% plus, where it's -- they've done all the work over their history of basically capturing the customers and now it's about how do you get more share of wallet.

我們在所有權期間將公司規模擴大了一倍。淨留存率已經從 1-0 的低值——不管怎樣，102,103 到 110、110、112，我認為，這只是讓你感覺到所有這些軟件公司長期致力於創建一個客戶群然後他們可以將餘生花在交叉銷售上。因此，我們大多數——我們所有的公司，50% 到 75% 或更多的新預訂來自交叉銷售、追加銷售。最好的例子就是你提到的 Frontline，我認為它有 80% 以上——他們已經完成了他們歷史上的所有工作，基本上是吸引客戶，現在是關於如何你得到更多的錢包份額嗎？

And in Frontline's case, in particular, it's a more fragmented state-by-state based on the regulatory environment, competitive environment. And you're right, today, 50% of K-12 health systems -- or excuse me, education systems want to buy from a consolidated vendor, where five years ago, that number was 25% or 30%. So the market is coming towards -- in the education space towards companies like Frontline.

特別是在 Frontline 的案例中，基於監管環境和競爭環境，它是一個更加分散的州。你是對的，今天，50% 的 K-12 衛生系統——或者對不起，教育系統想從一家聯合供應商那裡購買，而五年前，這個數字是 25% 或 30%。因此，市場正在走向——在教育領域，走向像 Frontline 這樣的公司。

Okay. That's great. And then, I guess, a quick one on Frontline. In terms of the sequencing of free cash flow, so 50% cash flow margin business, do they typically kind of burn cash 1Q, 2Q, 4Q? And so 3Q, we can think of more than 50% of that business's full year generation is probably hitting in that time frame.

好的。那太棒了。然後，我想，在 Frontline 上快速瀏覽一下。就自由現金流的排序而言，50% 的現金流保證金業務，他們通常會在第一季度、第二季度、第四季度燒錢嗎？因此，第三季度，我們可以認為該業務全年發電量的 50% 以上可能會在那個時間段內發生。

Yes, I think that's the right way to think about it, Joe. A little bit more of a burn in Q2 -- Q1, a little less in Q2 and then a big cash inflow in Q3 and a little bit of cash in Q4.

是的，我認為這是正確的思考方式，喬。第二季度燒錢多一點——第一季度，第二季度燒錢少一點，然後第三季度有大量現金流入，第四季度有一點現金流入。

The next question comes from the line of Alex Blanton with Clear Harbor Asset Management.

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

Most of my questions on your operations have been answered, but I wanted to ask about how the -- how you benefit from the sale of compressor controls. Like Clayton, Dubilier & Rice, they sold it to Honeywell, they just announced this week for $670 million. Are they selling your piece? And do you get any cash from that?

我關於你們運營的大部分問題都得到了回答，但我想問的是——你們如何從壓縮機控制的銷售中獲益。像 Clayton、Dubilier & Rice 一樣，他們將其賣給了霍尼韋爾，他們本周剛剛宣布以 6.7 億美元的價格出售。他們在賣你的作品嗎？你從中得到任何現金嗎？

Alex, I appreciate the opportunity to talk about this. So we are certainly involved with it. We're 49% owners of Indicor. We have quarterly Board meetings. From the very first conversation we had with Clayton, Dubilier & Rice about what the value creation plan is for Indicor, part of it was to do some portfolio work with this being the principal piece to make Indicor less oily and more industrial. And so this was a strategic -- this was an asset that was highly strategic to a number of folks in the industry. It was a very competitive process, and we're delighted to be able to sell the business for 19x this year's EBITDA.

亞歷克斯，我很高興有機會談論這個。所以我們當然參與其中。我們擁有 Indicor 49% 的股份。我們每季度召開一次董事會會議。從我們與 Clayton、Dubilier & Rice 就 Indicor 的價值創造計劃進行的第一次談話開始，其中一部分就是做一些投資組合工作，這是使 Indicor 不那麼油膩、更工業化的主要部分。所以這是一項戰略——這是一項對業內許多人來說具有高度戰略意義的資產。這是一個競爭非常激烈的過程，我們很高興能夠以今年 EBITDA 的 19 倍的價格出售該業務。

I think Honeywell is a great home for this business. That mattered a lot to us. The benefit of Indicor is we now get to take this capital as a company and a 49% owner of the company and then redeploy it to industrial and industrial tech type businesses build the M&A flywheel and hopefully create the next great industrial compounder that will become a public company in three to five years. And that's when we'll monetize through the whole value creation plan.

我認為霍尼韋爾是這項業務的理想歸宿。這對我們很重要。 Indicor 的好處是我們現在可以將這筆資金作為一家公司和公司 49% 的所有者，然後將其重新部署到工業和工業技術類型的企業中，建立併購飛輪，並希望創造出下一個偉大的工業複合商，它將成為上市公司在三到五年內。那時我們將通過整個價值創造計劃獲利。

Okay. Do you get any cash from this deal?

好的。你從這筆交易中得到任何現金嗎？

The only cash we get, Alex, is we'll have a distribution to us for the tax liability of the sale. But most of the cash is going to stay in the business. So we'll get that cash whenever it closes, sometime in the second half.

亞歷克斯，我們得到的唯一現金是我們將獲得分配給我們的銷售稅款。但大部分現金將留在業務中。因此，我們將在下半年的某個時候關閉時獲得現金。

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

我們的問答環節到此結束。我們現在將返回 Zack Moxcey 聽取任何結束語。

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。

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

該會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。