Roper Technologies Inc (ROP) 2024 Q2 法說會逐字稿

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

早安. Roper Technologies 電話會議現在開始。今天的通話正在錄音。 （操作員說明）

I would now like to turn the call over to Zack Moxcey, Vice President of Investor Relations. Please go ahead.

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. We discussed the second quarter 2024 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 Callahan, Vice President of Finance.

早安，感謝大家加入我們。我們討論了羅博科技 2024 年第二季的財務表現。今天早上與我一起參加電話會議的還有總裁兼執行長 Neil Hunn； Jason Conley，執行副總裁兼財務長； Brandon Cross，副總裁兼首席會計長；香農‧卡拉漢 (Shannon Callahan)，財務副總裁。

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.

今天早些時候，我們發布了一份新聞稿，宣布了我們的財務表現。新聞稿還包括今天電話會議的重播資訊。我們準備了伴隨今天電話會議的幻燈片，這些幻燈片可以透過網路廣播獲取，也可以在我們的網站上取得。

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。在今天的電話會議期間，我們將做出前瞻性聲明，這些聲明受到本頁、我們的新聞稿和 SEC 文件中所述的風險和不確定性的影響。您應該在該資訊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 second quarter, the difference between our GAAP results and adjusted results consists of the following items: amortization of acquisition-related intangible assets and financial impacts associated with minority investments. 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。第二季度，我們的公認會計準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以及與少數股權投資相關的財務影響。調節表可以在我們的新聞稿和我們網站上的本簡報的附錄中找到。

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，我會將電話轉交給尼爾。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？

Thank you, Zack, and thanks to everyone for joining our call. We're looking forward to sharing our second quarter results with you this morning.

謝謝你，扎克，也謝謝大家加入我們的電話會議。我們期待今天早上與您分享我們的第二季業績。

As we turn to page 4, you can see the topics we'll cover today. I'll start by highlighting our second quarter performance, Jason will then go through our financial results in greater detail, review our balance sheet, including our M&A capacity and discuss our strong cash flow performance. Then I'll walk through our segment highlights and discuss our guidance for the full year. After our closing remarks, we'll open up the call for your questions. So let's go ahead and get started.

當我們翻到第 4 頁時，您可以看到我們今天將要討論的主題。我將首先強調我們第二季的業績，然後傑森將更詳細地介紹我們的財務業績，審查我們的資產負債表，包括我們的併購能力，並討論我們強勁的現金流表現。然後我將介紹我們的細分市場亮點並討論我們全年的指導。結束語結束後，我們將開始電話詢問您的問題。那麼就讓我們開始吧。

Next slide, please. As we turn to page 5, three key takeaways for today's call are: first, we delivered another solid quarter results. Second, we're increasing the bottom end of our full year outlook. And third, we continue to be very well positioned relative to executing on our capital deployment strategy.

請下一張投影片。當我們翻到第 5 頁時，今天電話會議的三個關鍵要點是：首先，我們再次交付了穩健的季度表現。其次，我們上調了全年展望的下限。第三，我們在執行資本部署策略方面仍然處於非常有利的位置。

To double-click a bit, we grew total revenue by 12%, organic revenue by 4% and EBITDA by 13% with EBITDA margins expanding by 20 basis points to 40.5%. Importantly, we saw good bookings momentum with organic enterprise software bookings increasing in the high single digits area during the quarter. Finally, we grew free cash flow of 24% in the quarter and 35% on a TTM basis. Also, TTM free cash flow margins came in at 32%.

雙擊一下，我們的總收入增長了 12%，有機收入增長了 4%，EBITDA 增長了 13%，EBITDA 利潤率增長了 20 個基點，達到 40.5%。重要的是，我們看到了良好的預訂勢頭，本季有機企業軟體預訂量在高個位數區域增長。最後，本季我們的自由現金流成長了 24%，以 TTM 計算成長了 35%。此外，TTM 自由現金流利潤率為 32%。

We are also increasing our full year 2024 guidance on the low end and maintaining our outlook for total revenue and organic revenue reflecting our continued confidence in our outlook, notwithstanding some production efficiency challenges at Neptune, which we'll discuss in a bit. And we continue to be very active in the M&A market, an environment that continues to improve and one where we have a large pipeline of highly attractive opportunities. Net-net, we continue to be quite bullish about our ability to be active on the M&A front this year.

我們也提高了 2024 年全年低端指引，並維持了對總收入和有機收入的展望，這反映了我們對前景的持續信心，儘管海王星面臨一些生產效率挑戰，我們將在稍後討論。我們在併購市場中持續非常活躍，這個環境不斷改善，我們擁有大量極具吸引力的機會。 Net-net，我們仍然非常看好我們今年在併購領域的活躍能力。

So with that, let me turn the call over to Jason to walk through our P&L and key balance sheet metrics. Jason?

因此，讓我將電話轉給 Jason，讓他詳細介紹我們的損益表和關鍵資產負債表指標。傑森？

Thanks, Neil, and good morning to those joining the call. As always, thank you for your interest in Roper.

謝謝尼爾，參加電話會議的人早安。一如既往，感謝您對羅珀的興趣。

If we look at slide 6, I will provide an update on Q2, both against prior year and against a longer historical time frame. Revenue was $1.72 billion, which is 12% higher than prior year. Underpinning this was organic growth of 4% and an acquisition contribution of 8%, driven mostly by Procare and Syntellis. Organic recurring software revenue grew 6% and as we cycle through the tougher comps at Freight Match and Foundry, which we've outlined in prior calls. We see signs of stabilization in both the Freight and Media and Entertainment markets, which Neil will discuss further.

如果我們看投影片 6，我將提供第二季的最新情況，包括對比去年和更長的歷史時間範圍。營收為 17.2 億美元，比上年增長 12%。支撐這一成長的是 4% 的有機成長和 8% 的收購貢獻，主要由 Procare 和 Syntellis 推動。隨著我們在 Freight Match 和 Foundry 的更嚴格的競爭（我們在之前的電話會議中概述過）的循環，有機經常性軟體收入增長了 6%。我們看到貨運以及媒體和娛樂市場穩定的跡象，尼爾將進一步討論這一點。

Given our leadership positions and continued innovation investments at DAT, Loadlink and Foundry, we are confident that these businesses will capture growth upon market recovery. Also of note, organic growth in our tech segment was 5% with some production delays at Neptune.

鑑於我們在 DAT、Loadlink 和 Foundry 的領導地位和持續的創新投資，我們相信這些業務將在市場復甦後實現成長。另外值得注意的是，我們科技部門的有機成長為 5%，但 Neptune 的生產出現了一些延遲。

EBITDA was $695 million, which is 13% over prior year and yielded EBITDA margin of 40.5%, representing 20 basis points of expansion. Debt of $4.48 was above our guidance range of $4.42 to $4.46. Free cash flow was quite good at $367 million, up 24% over prior year and bringing year-to-date growth to 19%. Broadly over three years, our Q2 revenue has compounded 13% through a combination of organic growth and our consistent repeatable and disciplined M&A process. Q2 EBITDA CAGR over the same period has outpaced revenue at 14%.

EBITDA 為 6.95 億美元，較上年成長 13%，EBITDA 利潤率為 40.5%，成長 20 個基點。 4.48 美元的債務高於我們 4.42 美元至 4.46 美元的指導範圍。自由現金流相當不錯，達到 3.67 億美元，比上年增長 24%，使年初至今的成長率達到 19%。三年來，透過有機成長和我們一貫的可重複且嚴格的併購流程相結合，我們第二季的收入複合了 13%。第二季 EBITDA 同期複合年增長率為 14%，超過營收。

On a trailing 12-month basis, free cash flow compounded at 10%. Adjusting for cash tax payments related to Section 174, which went into effect in 2022, the normalized CAGR is 12% over this 3-year period. Just looking at our current trailing 12-month performance against the prior TTM period, free cash flow of $2.1 billion grew 35% with free cash flow margins of 32%. We expect this to normalize in the second half and for 2024, we continue to expect free cash flow margins of 30% or more.

在過去 12 個月的基礎上，自由現金流複合成長率為 10%。在調整與 2022 年生效的第 174 條相關的現金稅款後，這 3 年期間的標準化複合年增長率為 12%。只要看看我們目前過去 12 個月的業績與上一 TTM 期間相比，自由現金流成長了 35%，達到 21 億美元，自由現金流利潤率為 32%。我們預計這種情況將在下半年正常化，到 2024 年，我們繼續預期自由現金流利潤率將達到 30% 或更高。

With that, we can turn to slide 7 to go through our financial position. With our strong Q2 cash flow, we paid down the revolver by $300 million, which brings our drawn balance down to $1.45 billion on a $3.5 billion capacity facility. Our net debt-to-EBITDA ratio now sits at 2.7 times, which when coupled with future cash generation provides us with capacity to deploy $4 billion or more towards market-leading BMS businesses. On the capital deployment front, we have been quite busy over the second quarter and expect that to continue into the second half.

這樣，我們就可以轉到投影片 7 來了解我們的財務狀況。憑藉第二季強勁的現金流，我們償還了 3 億美元的左輪手槍債務，這使得我們在 35 億美元的產能設施上的提款餘額降至 14.5 億美元。我們的淨債務與 EBITDA 比率目前為 2.7 倍，再加上未來的現金生成，我們有能力向市場領先的 BMS 業務部署 40 億美元或更多美元。在資本部署方面，我們第二季非常忙碌，預計這種情況將持續到下半年。

Now I'll turn it back over to Neil to talk through our segment detail and updated guidance.

現在我將把它轉回給尼爾來討論我們的細分細節和更新的指導。

Thanks, Jason. As we turn to page 9, let's review our Application Software segment results. Revenue here grew by 21% in total and organic revenue grew by 5%. EBITDA margins were 43.6%. We experienced strong performance across this portfolio of businesses with organic recurring and reoccurring revenue growing in the high single-digit area.

謝謝，傑森。當我們翻到第 9 頁時，讓我們回顧一下我們的應用軟體部門的結果。這裡的總收入成長了 21%，有機收入成長了 5%。 EBITDA 利潤率為 43.6%。我們的業務組合表現強勁，有機經常性收入和經常性收入均實現高個位數成長。

So let's start with Deltek. Our software business serving the government contracting, architecture, engineering and construction contractor markets. Deltek was solid in the quarter. We saw continued momentum across our private sector solutions and improved bookings activity and revenue within their GovCon business.

那麼就讓我們從 Deltek 開始。我們的軟體業務服務於政府承包、建築、工程和施工承包商市場。 Deltek 在本季表現穩健。我們看到私營部門解決方案的持續成長勢頭，以及 GovCon 業務中預訂活動和收入的改善。

Importantly, and as we started to highlight last quarter, Deltek's new GenAI-powered digital assistant Dela is in the process of integrated across Deltek's core suite of software applications. We're keen to see the customer workflow efficiency benefits take route as Dela is deployed throughout the Deltek tech stack, exciting for sure.

重要的是，正如我們在上個季度開始強調的那樣，Deltek 由 GenAI 驅動的新型數位助理 Dela 正在整合到 Deltek 的核心軟體應用程式套件中。隨著 Deltek 技術堆疊的部署，我們熱衷於看到客戶工作流程效率的提升，這確實令人興奮。

Turning to Aderant. Our software business focused on the needs of large law firms continues to perform incredibly well in the market and had another great quarter with continued SaaS momentum and GenAI-focused innovation. The Aderant team is consistently delivering new GenAI-powered capabilities across our platform, enabling meaningful efficiencies in creating significant value for their customers in areas like billing, receivables management and time entry.

轉向阿德蘭特。我們專注於滿足大型律師事務所需求的軟體業務繼續在市場上表現出色，並且憑藉持續的 SaaS 勢頭和以 GenAI 為中心的創新，又一個出色的季度。 Aderant 團隊始終如一地在我們的平台上提供由 GenAI 驅動的新功能，在計費、應收帳款管理和時間輸入等領域為客戶創造顯著價值，從而實現有意義的效率。

Also, Vertafore and Frontline performed well in the quarter with strong net dollar retention and bookings growth. Also during the quarter, we completed our periodic strategic reviews with each of these businesses and left the reviews encouraged by the long-term opportunities in front of each. PowerPlan, our financial planning and tax software business serving heavy fixed industries was impressive yet again in the quarter and grew its ARR with strong net dollar retention and adoption of its new SaaS solution. Excited to see the progress the PowerPlan team is making. Our health care IT businesses led by Strata and data innovations were also strong in the quarter.

此外，Vertafore 和 Frontline 在本季表現良好，淨美元保留率和預訂量成長強勁。同樣在本季度，我們完成了對每項業務的定期策略審查，並對每項業務面臨的長期機會感到鼓舞。 PowerPlan 是我們為重型固定行業提供服務的財務規劃和稅務軟體業務，在本季度再次表現出色，憑藉強勁的淨美元保留率和採用新的 SaaS 解決方案，其 ARR 有所增長。很高興看到 PowerPlan 團隊所取得的進展。我們以 Strata 為首的醫療保健 IT 業務和數據創新在本季也表現強勁。

As it relates to Strata, the combination with Syntellis continues to go very well with the vast majority of the cost synergies now in the rearview mirror. Great job by the team implementing this portion of the value creation plan. Since the completion of the transaction with Syntellis, the sales pipeline has continued to fill with substantial growth opportunities with several of these opportunities converting to bookings during the quarter. Further to this end, with the cost synergy faced behind the team, their full attention is now focused on long-term growth-related initiatives about which we are quite bullish and look forward to discussing in the quarters to come.

就 Strata 而言，與 Syntellis 的結合繼續進展順利，絕大多數成本協同效應現在已成為過去。執行這部分價值創造計畫的團隊做得很好。自與 Syntellis 的交易完成以來，銷售管道繼續充滿大量成長機會，其中一些機會在本季度轉化為預訂。為此，由於團隊背後面臨成本協同效應，他們現在將全部注意力集中在與長期成長相關的舉措上，我們對此非常看好，並期待在未來幾季進行討論。

As for data innovations, we saw accelerated growth in the quarter with customer decision-making returning to normal, encouraging for sure. Finally, Procare, the most recent addition to the Roper family companies is off to a strong start. For the second half of the year, we expect to see mid-single-digit organic revenue growth trending to the upper end of this range for this segment.

至於數據創新，我們看到本季加速成長，客戶決策恢復正常，無疑令人鼓舞。最後，Roper 家族公司的最新成員 Procare 已經有了一個好的開始。今年下半年，我們預計該細分市場的有機收入成長將達到中個位數，達到該區間的上限。

Please turn us to page 10. Organic revenue in our Network Software segment grew 2% in the quarter and was impacted by the fact we continue to experience pressure with our Freight Matching businesses and work through the impact on Foundry in the recent actors and rider strikes. Excluding our Freight Matching businesses and Foundry, the segment grew in the mid-singles area, which demonstrates the underlying quality of this group of market-leading businesses.

請翻到第 10 頁。不包括我們的貨運匹配業務和代工業務，該細分市場在中單領域增長，這表明了這群市場領先業務的潛在品質。

EBITDA margins continue to be strong at 54.8%. Let's dig into the details and start with our freight matching businesses, DAT and Loadlink, which declined slightly as expected due to the continuing challenging freight market conditions that adversely impact both businesses. That said, the market appears stable, both on the carrier and broker side, bouncing along the bottom, if you will. Notwithstanding this and is typical for Roper, we invest for long-term sustainable and improving levels of organic growth. In DAT's case, we're absolutely doing this, leading the industry with GenAI-enabled fraud detection and prevention tools.

EBITDA 利潤率持續保持強勁，達到 54.8%。讓我們深入了解細節，首先從我們的貨運匹配業務 DAT 和 Loadlink 開始，由於貨運市場環境持續充滿挑戰，對這兩項業務產生了不利影響，該業務的業績如預期略有下降。也就是說，市場看起來很穩定，無論是在承運商還是經紀商方面，如果你願意的話，都會沿著底部反彈。儘管如此，對羅博來說，我們的投資是為了長期可持續和提高有機成長水平，這也是羅博的典型做法。就 DAT 而言，我們絕對在這樣做，透過支援 GenAI 的詐欺偵測和預防工具引領業界。

Also, and importantly, in the quarter, we welcomed a new DAT CEO to the team, Jeff Clemens. Jeff has a long and successful career in network and software businesses, and we look forward to working with him to deliver the next chapter of DAT's growth. Now let's turn to Foundry, our postproduction media and entertainment software business. Foundry continued to roll out innovative product updates and ML-powered functionality this quarter, enhancing the creative process for high-quality visual effects. Given the continued impact related to the recent industry strikes Foundry declined in the quarter as expected. That said, the current content production pipeline is filling, and Foundry's customers are beginning to re-ramp their capacity, which gives us confidence Foundry return to more normalized growth next year.

此外，重要的是，在本季度，我們迎來了新任 DAT 執行長 Jeff Clemens 加入團隊。 Jeff 在網路和軟體業務領域有著長期且成功的職業生涯，我們期待與他合作，開啟 DAT 發展的新篇章。現在讓我們轉向 Foundry，我們的後製媒體和娛樂軟體業務。 Foundry 本季持續推出創新產品更新和 ML 驅動的功能，增強高品質視覺效果的創意流程。鑑於近期行業罷工的持續影響，代工廠在本季出現了預期的下滑。也就是說，目前的內容製作管道正在填滿，而 Foundry 的客戶開始重新提高產能，這讓我們有信心 Foundry 明年將恢復更正常的成長。

As mentioned, the balance of this segment grew mid-singles organically in the quarter with solid execution across this portfolio of businesses. By pipeline, our life insurance and annuities network software business has strong renewals, customer expansions and market activity, especially in the annuities market. ConstructConnect continued its solid march of improved financial results and bookings momentum. In addition, ConstructConnect continues to lead the market with their GenAI power and take off and estimating solutions. Great job by Matt Buck and the entire ConstructConnect team.

如前所述，該細分市場的餘額在本季度實現了中單有機成長，整個業務組合執行力紮實。從通路來看，我們的人壽保險和年金網路軟體業務具有強勁的更新、客戶擴展和市場活動，特別是在年金市場。 ConstructConnect 繼續穩步前進，改善財務業績和預訂勢頭。此外，ConstructConnect 憑藉其 GenAI 功率、起飛和估算解決方案繼續引領市場。 Matt Buck 和整個 ConstructConnect 團隊做得很好。

Finally, our alternate site healthcare businesses performed well with MHA benefiting from increased operational focus and rigor and improvement in senior care occupancy rates.

最後，我們的備用站點醫療保健業務表現良好，MHA 受益於營運重點和嚴格性的提高以及高級護理入住率的提高。

SoftWriters, our LTC pharmacy software business continued their cadence of solid execution, well done. For the second half of the year, we expect the difficult freight market conditions to persist which resulted in our continued low single-digit organic revenue growth outlook for this segment.

我們的 LTC 藥局軟體業務 SoftWriters 繼續保持紮實執行的節奏，做得很好。今年下半年，我們預計貨運市場將持續困難，這導致我們對該細分市場的有機收入成長前景持續保持低個位數。

Now please turn to page 11, and let's review our TEP segment's results. Revenue here grew 5% on an organic basis and EBITDA margins remain strong at 36.2%. We'll start with Verathon. Verathon had very strong growth across all through its product families and once again executed at an exceptional level in the quarter. The long-term success of Verathon is directly attributable to its leadership team building the business and all the underlying processes to enable sustainable long-term and improved organic growth.

現在請翻到第 11 頁，讓我們回顧一下 TEP 部分的結果。這裡的營收有機成長了 5%，EBITDA 利潤率維持在 36.2% 的強勁水準。我們將從 Verathon 開始。 Verathon 的所有產品系列都實現了非常強勁的成長，並在本季再次達到了卓越的水平。 Verathon 的長期成功直接歸功於其領導團隊建立業務和所有基礎流程，以實現可持續的長期和改進的有機成長。

This long-term disciplined focus is truly a competitive advantage for Verathon. Neptune continues to be solid and delivered another record quarter financial results. Demand remains strong and consistent with our expectations. Also, the Neptune team did a great job commissioning substantial ultrasonic meter capacity during the first half of this year, both of which are great relative to Neptune's long-term success. However, Neptune struggled in the quarter to achieve the manufacturing efficiency needed to deliver on the mechanical meter demand. We anticipate this to progressively be resolved through the balance of this year.

這種長期嚴格的專注對於 Verathon 來說確實是一個競爭優勢。海王星繼續保持穩健，並再次創造了創紀錄的季度財務表現。需求依然強勁，符合我們的預期。此外，Neptune 團隊在今年上半年調試了大量超音波流量計容量方面做得非常出色，這對於 Neptune 的長期成功來說都非常重要。然而，海王星在本季難以達到滿足機械儀表需求所需的製造效率。我們預計這一問題將在今年剩餘時間內逐步解決。

Northern Digital, or NDI, declined as expected in the quarter. As a reminder, NDI is our market-leading precision measurement business. NDI partners with the world's leading medical device manufacturers to deliver innovative health care applications that require super precise navigation such as robotic surgery and cardiac procedures to name a couple. Their long-term historical growth rate has been in the double-digit area. However, NDI is declining this quarter and this year based on customer program timing. Notwithstanding the first half performance, NDI continues to see strong OEM order activity, and we fully expect NDI to return to their normalized organic growth rate next year.

北部數位（NDI）本季的業績下滑符合預期。需要提醒的是，NDI 是我們市場領先的精密測量業務。 NDI 與世界領先的醫療設備製造商合作，提供需要超精確導航的創新醫療保健應用，例如機器人手術和心臟手術等。他們的長期歷史成長率一直維持在兩位數區域。然而，根據客戶規劃時間安排，本季和今年的 NDI 正在下降。儘管上半年表現良好，但 NDI 的 OEM 訂單活動仍然強勁，我們完全預計 NDI 明年將恢復正常的自然成長率。

Finally, IPA Inovonics and rf IDEAS declined against a difficult prior year comp. As a reminder, these businesses started recovering from supply chain challenges this quarter a year ago. For the balance of the year, we expect the TEP segment to grow in the mid-single to high singles range, which is slightly below our prior expectation of high singles growth due to the mechanical meter production efficiency timing at Neptune. We do expect to return to high singles growth in the fourth quarter as Neptune's efficiency improvements take hold.

最後，IPA Inovonics 和 rf IDEAS 相對於上一年的艱難表現有所下降。提醒一下，這些企業在一年前的本季開始從供應鏈挑戰中恢復過來。對於今年餘下的時間，我們預計 TEP 細分市場將在中單機到高單機範圍內增長，這略低於我們之前由於海王星的機械儀表生產效率計時而實現的高單機增長預期。隨著海王星效率的提高，我們確實預計第四季將恢復高單成長。

Please turn with us to page 13. Now let's review our full year 2024 guidance and discuss the third quarter outlook. Based on our first half performance, enterprise momentum and our confidence in our outlook, we're maintaining our 12% total revenue growth and 6% organic revenue growth outlook for the full year. In addition, we're raising at the bottom end of our full year guidance of touch to be in the range of $18.10 and $18.25. Our guidance continues to assumes full year effective tax rate in the 21% to 22% range. For the third quarter, we expect adjusted debt to be between $4.50 and $4.54.

請與我們一起翻到第 13 頁。基於我們上半年的業績、企業發展動能以及我們對前景的信心，我們維持全年 12% 的總收入成長和 6% 的有機收入成長前景。此外，我們將全年觸控指導的下限上調至 18.10 美元至 18.25 美元。我們的指引繼續假設全年有效稅率在 21% 至 22% 範圍內。我們預計第三季調整後債務將在 4.50 美元至 4.54 美元之間。

Now please turn us to page 14, and then we'll open it up for your questions. We'll conclude with the same key takeaways with which we started. First, we delivered a solid quarter of financial results, Second, we're increasing the low end of our outlook for the full year. And third, we are very well positioned relative to our capital deployment strategy. For the quarter, we delivered 12% total revenue and 4% organic revenue growth while increasing our EBITDA 13%. Importantly, free cash flow was strong, growing 24% in the quarter and 35% on a trailing 12-month basis. Free cash flow margins were 32% on a TTM basis as well.

現在請翻到第 14 頁，然後我們將打開它回答您的問題。我們將以與開始時相同的關鍵要點作為結束語。首先，我們交付了穩健的季度財務表現；其次，我們提高了全年展望的下限。第三，我們的資本部署策略處於非常有利的位置。本季度，我們的總營收成長了 12%，有機收入成長了 4%，同時 EBITDA 成長了 13%。重要的是，自由現金流強勁，本季成長 24%，過去 12 個月成長 35%。以 TTM 計算，自由現金流利潤率也為 32%。

Next, we're maintaining our full year outlook for 12% total revenue and 6% organic revenue growth and increasing the bottom end of our full year guidance. We're confident in our outlook given the mission criticality of our solutions, the ongoing expansion of our recurring revenue base and seeing HSD growth in our enterprise software bookings.

接下來，我們維持全年總收入 12% 和有機收入成長 6% 的預期，並提高全年指導的下限。鑑於我們解決方案的任務關鍵性、我們經常性收入基礎的持續擴大以及我們企業軟體預訂中 HSD 的成長，我們對我們的前景充滿信心。

Finally, we continue to maintain a strong financial position with over [$4 billion] capacity for capital deployment. The M&A markets are very active. We have a robust pipeline of attractive acquisition opportunities that we're excited to pursue with our unbiased and disciplined approach. We remain quite bullish about our ability to execute this partner strategy over the balance of this year and into the future.

最後，我們持續保持強勁的財務狀況，擁有超過 [40 億美元] 的資本部署能力。併購市場非常活躍。我們擁有大量有吸引力的收購機會，我們很高興能夠透過公正和嚴格的方法來追求這些機會。我們仍然非常看好我們在今年和未來執行這項合作夥伴策略的能力。

Now as we turn to your questions and if you could flip to the final slide, our strategic flywheel, we'd like to remind everyone that what we do at Roper (inaudible) we compound cash flow over a long arc of time by operating a portfolio of market-leading application-specific and vertically oriented businesses.

現在，當我們轉向您的問題時，如果您可以翻到最後一張幻燈片，即我們的戰略飛輪，我們想提醒大家，我們在Roper 所做的（聽不清楚），我們通過運營一個長期的現金流來複合現金流。

Once a company is part of Roper, we operate a decentralized environment, so our businesses can compete and win based on customer intimacy. We coach our businesses on how to structurally improve their long-term and sustained organic growth rates and underlying business quality.

一旦一家公司成為儒博的一部分，我們就會經營一個去中心化的環境，這樣我們的企業就可以根據客戶的親密度來競爭並獲勝。我們指導我們的企業如何從結構上提高其長期、持續的有機成長率和基本業務品質。

Finally, we run a centralized process-driven capital deployment strategy that focuses in a deliberate and disciplined manner on finding the next great business to add to our cash flow compounding flywheel. Taken together, we compound our cash flow over a long arc of time in the mid-teens area.

最後，我們運行一個集中的流程驅動的資本部署策略，該策略以深思熟慮和有紀律的方式專注於尋找下一個偉大的業務，以添加到我們的現金流複合飛輪中。總的來說，我們的現金流在很長一段時間內都在十幾歲左右。

So with that, we'd like to thank you for your continued interest and support and open the floor for your questions. Operator, please go ahead.

因此，我們要感謝您一直以來的關注與支持，並歡迎您提出問題。接線員，請繼續。

(Operator Instructions) Deane Dray, RBC Capital Markets.

（操作員指令）Deane Dray，RBC 資本市場。

Maybe we can start with the production efficiency issues at Neptune. And if I understand this correctly, so mechanical meters, it's an established platform. So I would not expect it to be like a start-up issue on this, but maybe just share with us what the problem is, what the remedy is and so forth?

也許我們可以從海王星的生產效率問題開始。如果我理解正確的話，那麼機械儀表就是一個已建立的平台。所以我不希望它像一個啟動問題，但也許只是與我們分享問題是什麼，補救措施是什麼等等？

Sure, delighted to do that. I appreciate the question. So just to highlight what we talked about on the call. So first, the demand at Neptune is consistent with our expectations. So there's no demand issue here on either the static or the mechanical side.

當然，很高興這樣做。我很欣賞這個問題。只是為了強調我們在電話中討論的內容。首先，海王星的需求與我們的預期一致。因此，無論是靜態方面或機械方面都不存在需求問題。

Second, the team did just a remarkable job standing out of the static ultrasonic capacity in the first half. That business is growing north of 20% a quarter year-on-year. So there's capacity had to happen there. And we get to the mechanical, and I think the root cause here is just a simple, the fact that the team's attention was standing up the static and the ultrasound capacity, and we lost a little bit of production efficiency on the mechanical side.

其次，上半場球隊在靜態超音波能力方面表現出色。該業務每季年增超過 20%。所以那裡必須有能力。我們談到機械方面，我認為這裡的根本原因很簡單，事實是團隊的注意力集中在靜電和超音波能力上，而我們在機械方面損失了一點生產效率。

The countermeasures are in place. We just have to get back to prior levels of efficiency. We don't have to have a breakthrough level of efficiency here. And so like I said, the countermeasures are in process. it's got the full attention of the team, and this should be resolved this year.

對策已經到位。我們只需要恢復到以前的效率水準。我們不必在這裡實現突破性的效率水準。正如我所說，對策正在製定中。它得到了團隊的充分關注，這個問題應該在今年得到解決。

All right. That's good to hear. And then a second question, how about any issues with the CrowdStrike fiasco earlier this week? Any impact, any new vulnerabilities across your businesses? And anything you could share there would be helpful.

好的。聽起來還不錯。然後是第二個問題，本週早些時候的 CrowdStrike 慘敗有什麼問題嗎？您的企業有任何影響或新的漏洞嗎？您可以在那裡分享的任何內容都會有幫助。

Yes. Generally, a nonevent for us. And based on the information we have at this stage, at this time, we don't anticipate the event will have any general impact on us.

是的。一般來說，這對我們來說沒什麼大不了的。根據我們現階段掌握的信息，我們預計該事件不會對我們產生任​​何整體影響。

And the next question comes from the line of Joe Vruwink.

下一個問題來自 Joe Vruwink。

Great. There was a fair amount of discussion over the past quarter from others in enterprise software, just around maybe deal delays customers contemplate AI and investments related to it certainly doesn't seem like that's happening at broker application software. So I was hoping you could comment just on what the portfolio companies at Roper are hearing from customers on AI and are there either postponements or I might ask inversely, is Roper actually being brought in new ways by customers to assist with their AI strategies?

偉大的。過去一個季度，企業軟體領域的其他人進行了大量討論，圍繞可能交易延遲的客戶考慮人工智慧和與之相關的投資，這似乎不會發生在經紀商應用軟體中。因此，我希望您能評論一下Roper 的投資組合公司從客戶那裡聽到的關於人工智能的信息，是否有推遲，或者我可能會反問，客戶是否真的以新的方式引入Roper 來協助他們的人工智能戰略？

Yes. I'll take a first pass of this and then Jason has anything to add. So first, it's been this -- certainly, we're aware of the situation from the other companies. And so we're listening intently for this when we do our call downs of their businesses. And not once in any of our call downs or none of the first quarter, second quarter written summaries of business unit performance is this then the other as an issue in terms of our customers' IT spending diverting away from what we did is the first point.

是的。我會先做一遍，然後傑森有什麼要補充的。首先，我們當然知道其他公司的狀況。因此，當我們對他們的業務進行下調時，我們會專心傾聽這一點。在我們的任何一次電話會議中，或者在第一季度、第二季度業務部門業績的書面總結中，都沒有一次是這樣的，然後另一個問題是我們客戶的IT 支出偏離了我們所做的事情，這是第一點。

We've started to think about why that is. I think part of the reason is we're a tiny portion of the IT spend of our customers, and we're mission critical in what we do. So I think it's a combination of the two.

我們已經開始思考為什麼。我認為部分原因是我們只佔客戶 IT 支出的一小部分，而我們的工作至關重要。所以我認為這是兩者的結合。

And our customers are very much looking to us to GenAI and (inaudible) our product offerings. And we're very much doing that. We've talked about it in the prepared remarks for the last several quarters. I think there's three or four references in it in today's call. And so we're super bullish about the opportunity. We noted enterprise software bookings up high single digits in the quarter, so some momentum there.

我們的客戶非常期待我們的 GenAI 和（聽不清楚）我們的產品。我們正在這樣做。我們在過去幾季準備的發言中已經討論過這個問題。我認為今天的電話會議中有三、四個參考文獻。所以我們非常看好這個機會。我們注意到本季企業軟體預訂量成長了高個位數，因此存在一些勢頭。

Yes, that's right. Joe, we talked about this a month or two ago. It's pretty consistent there. And I think, like Neil said, our enterprise bookings were strong across a number of businesses. Even Deltek was still down a little bit, so it was pretty widespread. So no. Like Neil said nothing on our calls indicated that this is an issue whatsoever, at least at this point.

恩，那就對了。喬，我們一兩個月前討論過這個問題。那裡非常一致。我認為，就像尼爾所說，我們的許多企業的企業預訂都很強勁。就連 Deltek 的業績也略有下降，所以這種情況相當普遍。所以不行。就像尼爾在我們的電話中所說的那樣，沒有任何跡象表明這是一個問題，至少在這一點上是如此。

Okay. That's great to hear. Yes. And I wanted to follow-up on the high single-digit growth in enterprise bookings because that does seem like a positive change in trend. So Deltek contributed, it sounds like any other big needle movers to call out just in terms of the bookings developments?

好的。聽到這個消息我很高興。是的。我想跟進企業預訂的高個位數成長，因為這看起來確實是趨勢的正面變化。 Deltek 做出了貢獻，這聽起來像任何其他大推動者只是在預訂發展方面提出的要求嗎？

And actually, Joe, Deltek was still down a little bit. So that's what Deltek. But Neil highlighted some strength at Strata. So we saw, like I said, pipeline has been building and saw some good bookings at the latter part of Q2, Aderant has continued to be strong. Vertafore, Frontline, also really good quarters as well.

事實上，喬·德爾泰克的情緒仍然有些低落。這就是德爾泰克。但 Neil 強調了 Strata 的一些優勢。因此，正如我所說，我們看到管道一直在建設，並在第二季度後期看到了一些不錯的預訂，Aderant 繼續保持強勁。 Vertafore、Frontline 也都是很好的宿舍。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Yes. I just wondered if you could give us some color around the Q3 EPS guide. Normally, you have a stronger sequential uplift maybe (inaudible) plus in the last couple of years into the -- of into the third quarter, is there much sort of happening there this year that's kind of weighing on that? any kind of one-timers maybe on that point on Neptune that's weighing on the sequential growth.

是的。我只是想知道您能否給我們一些有關第三季 EPS 指南的資訊。通常情況下，你可能會有更強勁的連續提升（聽不清楚），再加上過去幾年進入第三季度，今年是否發生了很多事情，對這一點產生了壓力？任何類型的一次性者都可能在海王星的這一點上對連續增長造成壓力。

Yes. Thanks, Julian. I think a little bit is Neptune. So just getting that -- those operational efficiencies will push some of that revenue that we normally have in the third quarter into the fourth.

是的。謝謝，朱利安。我覺得有一點是海王星。因此，只要實現這一點，這些營運效率就會將我們通常在第三季獲得的部分收入推至第四季。

And then if you just look prior year. I think we think AS margins are going to be down year-over-year in Q3. If you recall last year, it was kind of the high watermark, Q3 was, of 2023. So we actually expect it to be stronger AS margins in Q4. So we'll have a strong Q4 there. So it's just a little bit of a shift on margin, I think in the AS segment, which is obviously more than half of our revenue.

然後如果你看看前一年。我認為第三季 AS 利潤率將年減。如果您還記得去年，這是 2023 年第三季的高水位。所以我們將有一個強勁的第四季。因此，我認為在 AS 領域，這只是利潤率的一點變化，這顯然占我們收入的一半以上。

That's helpful. And then just my follow-up question would really be around the network software piece and going back to the freight market. It sounds like it's trending kind of as you thought. Maybe update us where we sit in terms of the timing of that cycle trough and what sort of slope of recovery you think we should expect there in the next kind of 12, 18 months, please?

這很有幫助。然後我的後續問題實際上是圍繞網路軟體部分並回到貨運市場。聽起來它的趨勢就像你想像的那樣。也許請告訴我們關於週期低谷時間的最新情況，以及您認為我們應該在接下來的 12、18 個月內期待什麼樣的復甦斜率？

I'll give you our best crack at what's going on there. So as we all know, in recent past periods, CAT just really experienced abnormal growth that was consistent with the freight cycle. And sort of the freight recession is what's been impacting the business over the last several quarters. This quarter was flattish in terms of the volumes that we're seeing.

我會盡力告訴你那裡發生了什麼事。眾所周知，在最近一段時間裡，CAT確實經歷了與貨運週期一致的異常增長。過去幾個季度，貨運衰退對業務產生了影響。就我們看到的數量而言，本季持平。

And then maybe there's a little bit of green shoots happening. The spot market volumes are stable to slightly improving Carrier attrition and the network has slowed a little bit more than originally expected or anticipated.

然後也許會出現一些新芽。現貨市場交易量穩定，承運人損耗略有改善，且網路速度比最初預期或預期的速度稍慢一些。

And finally, maybe most importantly, freight rejection rates in the market are improving. And so we're sort of balancing, as I mentioned, we're bouncing along the bottom. That's our call for the balance of the year, and we're not going to bake in an improvement in our outlook until we actually see it, but maybe there's some great shoots happening here.

最後，也許最重要的是，市場上的貨運拒收率正在改善。因此，正如我所提到的，我們正在保持平衡，我們正在底部反彈。這是我們對今年餘下時間的呼籲，在我們真正看到它之前，我們不會改善我們的前景，但也許這裡會發生一些很棒的拍攝。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

The first question, it's kind of a multi-parter. It's related to the Deltek business. And then I did have a follow-up. It's going to be on Aderant. But in terms of Deltek on that large GovCon side, I assume that's for some of that volatility and some of the bookings weakness is still going on. Is there some seasonality dynamics and just kind of strengthening of the pipeline and visibility into the second half where you think that can turn positive in terms of bookings?

第一個問題，這是一個多方參與的問題。這與Deltek業務有關。然後我確實進行了後續行動。它將在阿德蘭特上進行。但就 Deltek 在大型 GovCon 方面而言，我認為這是因為一些波動性和一些預訂疲軟仍在繼續。是否存在一些季節性動態以及下半年的管道和可見性的加強，您認為這可以在預訂方面帶來正面的影響？

And the second part of this first question is on FedRAMP. If I wasn't mistaken, FedRAMP could potentially unlock some large deals? And then I had a follow-up.

第一個問題的第二部分是關於 FedRAMP 的。如果我沒記錯的話，FedRAMP 可能會解鎖一些大型交易？然後我進行了跟進。

Yes. So we'll try to take both of those. So Deltek is not really a seasonal business. Just so we're clear. Deltek got two parts of the business, about 60% GovCon, about 40% is the professional services end markets, architects, engineers, construction contractors. The professional services side, it's been solid, robust, consistent. The slowness has been on the GovCon side, particularly the enterprise, the very largest customers as just the last 12 months or maybe a little bit longer if government spending uncertainty is what's driven sort of the slowdown or sluggishness in the market.

是的。所以我們會嘗試兩者兼顧。所以Deltek不是真正的季節性企業。這樣我們就清楚了。 Deltek得到了兩個部分業務，大約60%是GovCon，大約40%是專業服務終端市場，建築師、工程師、建築承包商。在專業服務方面，它是堅實、穩健、一致的。 GovCon 方面尤其是企業、最大的客戶在過去 12 個月內表現緩慢，如果政府支出的不確定性是導致市場放緩或低迷的原因，那麼可能會持續更長的時間。

In the second quarter, Deltek on the GovCon side, there was a little bit of enterprise activity, bookings activity, which was super encouraging to see it's been two quarters since we've seen that. And there also isn't really an election impact that's tied to this part of the business. At least historically, there's not been. So it's just having some stability in the government spending outlook. It also doesn't really matter what the government spending is on. It just is the government operation of spending has been uncertain.

第二季度，Deltek 在 GovCon 方面出現了一些企業活動、預訂活動，這是非常令人鼓舞的，因為我們已經有兩個季度看到這種情況了。而且這部分業務也並沒有真正對選舉產生影響。至少歷史上是沒有的。因此，政府支出前景只是具有一定的穩定性。政府支出的用途也不重要。只是政府支出的運作一直存在不確定性。

I mean you're right on FedRAMP, the company is, I think, FedRAMP have moderate complied today, and it's a definitive unlock for the SaaS migration on the GovCon side of the business, which is just in the very, very beginning, like the bottom of the first inning.

我的意思是，您對 FedRAMP 的看法是正確的，我認為 FedRAMP 今天已經適度遵守了規定，這是 GovCon 業務方面 SaaS 遷移的明確解鎖，這只是在非常非常開始的階段，就像第一局下半。

And I guess just a follow-up question. I've been struck by just from our own primary research, just the Aderant customer base and optimism about moving to cloud. Where are we in that upgrade cycle and moving to cloud. And is it unlocking kind of expansion sales opportunities?

我想這只是一個後續問題。我們自己的初步研究、Aderant 的客戶群以及對遷移到雲端的樂觀態度都讓我感到震驚。我們處於升級週期和遷移到雲端的哪個階段？它是否釋放了某種擴張銷售機會？

Yes. Aderant, it's just so good at the moment for multiple factors, the one you list around the SaaS migration is just one. I mean the company has just done a -- we got a lot of market momentum. They're leading the market on the use of generative AI tools and software applications. Their net market share winners that continue to gain net market share and just to give everybody listening context, the last five to seven years has been a market share gain, right? So we've gone from to north of 50% market share over that period of time for large law firms, and most of that share gain was on-premise. And with the advent of COVID, the large law firms decided they wanted to start the migration to the cloud.

是的。 Aderant，目前就多種因素而言，它非常好，您列出的 SaaS 遷移只是其中之一。我的意思是，該公司剛剛做了一個——我們獲得了巨大的市場動力。他們在生成式人工智慧工具和軟體應用程式的使用方面處於市場領先地位。他們的淨市場份額贏家繼續獲得淨市場份額，只是為了給大家提供聆聽背景，過去五到七年市場份額一直在增長，對吧？因此，在那段時間裡，大型律師事務所的市佔率已經從 50% 上升到了 50% 以上，而且大部分市佔率成長都是在內部取得的。隨著新冠疫情的出現，大型律師事務所決定開始遷移到雲端。

So we've got a multiyear journey of the lift and shift from our on-premise customers to the cloud. The product is enabled and we're just beginning that migration now. Maybe this is in the second or third inning and barrier.

因此，我們經歷了從本地客戶到雲端的多年提升和轉變之旅。該產品已啟用，我們現在剛開始遷移。也許這是在第二或第三局和障礙。

There's a few dozen conversions that's happened over the last three or four years. So we're still really early. It's obviously picked up in the last, call it six quarters. But yes, still plenty of running there.

在過去的三、四年裡，發生了幾十起轉變。所以我們還很早。顯然是在過去的六個季度有所回升。但是，是的，仍然有很多人在那裡跑步。

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Is there to say it's getting a little harder to get price year-over-year? I'm kind of thinking specifically network software, but I guess, application software as well. But I know you had some pretty big price increases the last couple of years. Has it gotten a little harder to get price in those markets?

是否可以說，要獲得價格逐年變得有點困難？我特別想的是網路軟體，但我想，應用軟體也是如此。但我知道過去幾年價格上漲幅度相當大。在這些市場上獲得價格是否變得有點困難？

Scott, we would actually say we've not gotten outsized price in our software businesses over the last couple of years. It's price is part of the growth algorithm that we talked about. As a general matter, right, is going to offset the attrit on the ARR base, and then we're going to cross-sell and upsell and add new to sort of get to the total growth of the business. There's been just maybe a little bit look a teeny tiny amount of rigs that's above normal on both the network and application software side. So it wasn't a big benefit historically. We don't have to lap that going forward to the extent pricing were to normalize because in our case, we've been normal through the period.

史考特，實際上我們可以說，過去幾年我們的軟體業務並沒有獲得過高的價格。它的價格是我們討論的成長演算法的一部分。一般來說，我們將抵消 ARR 基礎上的消耗，然後我們將進行交叉銷售和追加銷售，並添加新產品以實現業務的整體成長。在網路和應用軟體方面，可能有少量的設備超出了正常水平。所以從歷史上看，這並不是一個很大的好處。我們不必在定價正常化的情況下繼續前進，因為就我們而言，我們在這段時期內一直處於正常狀態。

Okay. All right. That's good color. And then last quarter, my takeaway was your enthusiasm on kind of M&A markets unlocking was pretty high. Is it fair to say you're still in the same level of enthusiasm about being able to get high-quality deals done this year?

好的。好的。這顏色真好啊上個季度，我的收穫是您對解鎖併購市場的熱情非常高。可以公平地說，您今年仍然對能夠完成高品質交易抱有同樣的熱情嗎？

Very much so. The market is -- the commentary we talked about a quarter ago was the exact same commentary today. There's just an amazing amount of pent-up demand for opportunities. I think I said last time, it's going to be 3 to 3.5 years deals compressed in a couple of years. We still believe that's the case. Interesting thing happened in the first half is that the first half deals in the market were super binary based on asset quality. (inaudible) assets trade in anything in the or below did not which is leading sponsors to really face the reality about value and valuations. And so the combination of that, the pent-up demand, interest rates being higher should yield more reasonable valuations. We'll see but we're super encouraged by both that dynamic around valuation and then just the volume of opportunities that we see.

非常如此。市場是——我們一個季度前談論的評論與今天的評論完全相同。對機會的需求被壓抑得驚人。我想我上次說過，這將是 3 到 3.5 年的交易被壓縮在幾年內。我們仍然相信情況確​​實如此。上半年發生的有趣的事情是，上半年市場上的交易是基於資產品質的超級二元交易。 （聽不清楚）資產交易的任何內容都沒有在以下範圍內進行，這導致贊助商真正面對價值和估值的現實。因此，被壓抑的需求和較高的利率相結合應該會產生更合理的估值。我們拭目以待，但我們對估值的動態以及我們看到的機會數量感到非常鼓舞。

Final thing I'd say is that Janet and her team are much more proactive and proprietary in our pursuits. And that's being well received by the sponsors we're engaging with.

我要說的最後一件事是，珍妮特和她的團隊在我們的追求中更加積極和專有。這受到了我們合作的贊助商的好評。

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Can you remind me of at Neptune, the mix between ultrasonic and mechanical? And like where that is today, where you see that going? And like is there any material margin difference between the two products today.

你能讓我想起在海王星，超音波和機械的混合嗎？就像今天的情況一樣，您認為未來會怎麼樣？如今這兩種產品之間是否存在實質的利潤差異。

Yes. So on the mix, we've been advised by Neptune for competitive reasons to sort of stay away from the specifics of the mix today, the market is declaratively going to static. There's a lot of benefit to static, and we believe we have a most product advantage with our static leader around being able to be accurately both high and low flow rates. Relative to the margin profile today, they're similar-ish in terms of margin profile.

是的。因此，在混合方面，出於競爭原因，海王星建議我們遠離今天的混合細節，市場顯然將走向靜態。靜態有很多好處，我們相信我們的靜態領導者能夠準確地實現高流量和低流量，因此我們擁有最大的產品優勢。相對於今天的利潤狀況，它們的利潤狀況相似。

Okay. And then if I just think about maybe more ConstructConnect, but maybe a little bit on Deltek too, but it seems like construction starts and like activity is still at a good level, but like the starts are getting worse and like we're kind of -- it seems like even on the institutional side, things getting a little bit weaker, but from good levels. Like what are the implications there? And are you seeing any of that of those businesses?

好的。然後，如果我只是考慮更多的ConstructConnect，但也許也有一點關於Deltek，但似乎施工開始了，活動仍然處於良好水平，但開始變得越來越糟，就像我們有點- 似乎即使在機構方面，情況也變得有點疲軟，但處於良好的水平。那裡有什麼影響？您看過這些企業嗎？

Yes. So on the Deltek side, the construction vertical, Deltek remains strong. The pipeline activity is strong. Their bookings activity is strong. Now mind you, our customer base is very much on the S&M side. They're not the enterprise. They're not the largest customers, the Deltek services. So maybe -- I mean there's a gigantic unbended market. So even in the headwinds of maybe a little bit of slowdown when these smaller contracts are looking for efficiency, they would look to using our software to do that, which might help with some of the pressure.

是的。因此，在 Deltek 方面，垂直建設方面，Deltek 仍然很強大。管道活動強勁。他們的預訂活動很活躍。現在請注意，我們的客戶群主要來自 S&M 方面。他們不是企業。他們不是最大的客戶，Deltek 服務。所以也許——我的意思是有一個巨大的、不可彎曲的市場。因此，即使在這些較小的合約尋求效率時可能會出現一點放緩的逆風中，他們也會尋求使用我們的軟體來做到這一點，這可能有助於緩解一些壓力。

At ConstructConnect, this business has just been -- it's just good old-fashioned execution that has led to better outcomes there. They're going to really get choice on their strategy and making choices to focus on the trade contractors and building product manufacturers. They've done a great job enabling that strategy around the product and R&D and go-to-market sort of changes, the lead generation changes, the way they hear their demos I think we've been four quarters of double-digit bookings at ConstructConnect. And so it's just been good old-fashioned execution there that's led to quite improved outcome here.

在 ConstructConnect，這項業務剛剛完成——正是良好的老式執行力帶來了更好的結果。他們將真正選擇自己的策略，並選擇專注於貿易承包商和建築產品製造商。他們做得很好，圍繞著產品、研發和進入市場的變化、潛在客戶一代的變化、他們聽到演示的方式實現了這一戰略，我認為我們已經有四個季度的兩位數預訂量構造連接。因此，正是那裡良好的老式執行力才導致這裡的結果得到了相當大的改善。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

On the Neptune side, what's the kind of backlog status there? And what's your book-to-bill on that front? Just some color on the orders because accelerating into 4Q when your growth was 15% seems to imply quite a catch-up even beyond maybe just fulfilling some of these other orders? And then secondarily, you mentioned high single-digit growth in software, I believe it was bookings. Is that organic or reported? And if that's total software, shouldn't that translate to revenues more near term in the second half. It doesn't look like you're accelerating there in the second half.

在海王星方面，那裡的積壓情況如何？您在這方面的訂單出貨量是多少？只是訂單上有一些顏色，因為當您的成長率為 15% 時，加速進入第四季度似乎意味著相當大的追趕，甚至可能超出了僅履行其他一些訂單的範圍？其次，您提到軟體的高單位數增長，我相信是預訂。這是有機的還是報告的？如果這是全部軟體，那麼這不應該轉化為下半年的近期收入嗎？看起來你在下半場並沒有加速。

So on Neptune bookings, I mean we talked about the backlog coming into the year was still extremely strong, right? And so we had three or four quarters, almost four quarters of backlog going into the year. And so that's what we've been working through this year. And then orders continue to be strong, continue to be enough to -- I guess to answer your question around the fourth quarter for sure in our guide and then setting up for next year.

因此，關於海王星預訂，我的意思是我們談到今年的積壓仍然非常強勁，對吧？因此，今年我們有三、四個季度、幾乎四個季度的積壓。這就是我們今年一直在努力的事情。然後訂單繼續強勁，繼續足夠——我想在我們的指南中肯定會在第四季度左右回答您的問題，然後為明年做好準備。

And then on enterprise bookings, the way we define that is it's all of the software business outside of DAT, Loadlink and ConstructConnect because those are more SMB-type businesses and those are annual contract value revenue. So it's the time of booking and then you've got a -- depending on the company, the delay between when the booking happens and when it converts to revenue, that can vary. Depending on the nature of the award. And so it doesn't always translate into revenue in the current year, but it certainly does help support where we think AS is going to be in the second half and then into '25.

然後在企業預訂方面，我們定義的方式是 DAT、Loadlink 和 ConstructConnect 以外的所有軟體業務，因為這些業務更多是中小企業類型的業務，並且是年度合約價值收入。所以這是預訂的時間，然後你會得到一個 - 根據公司的不同，預訂發生和轉化為收入之間的延遲可能會有所不同。取決於獎勵的性質。因此，它並不總是轉化為當年的收入，但它確實有助於支持我們認為 AS 在下半年和 25 年的目標。

That's right. And just the only thing I'd add to Jason, Scott, on the software bookings is the majority, if not the vast majority of bookings are subscription or SaaS related. So you've got the number of months left in the year, it's just hard to impact bookings in the second half or even second quarter, six months left to go. So it really is about the launch of point in AR for '25.

這是正確的。我唯一要向 Jason、Scott 補充的一點是，關於軟體預訂，即使不是絕大多數，也是與訂閱或 SaaS 相關的預訂。因此，今年還剩下幾個月的時間，很難影響下半年甚至第二季的預訂，還剩六個月。所以這確實是關於 25 年 AR 中 Point 的推出。

And yes, just to clarify, it is organic.

是的，只是澄清一下，它是有機的。

That's right.

這是正確的。

And the next question comes from Alexander Blanton, individual investor.

下一個問題來自個人投資者亞歷山大布蘭頓。

It's clearly Clear Harbor Asset Management, not an individual investor. I want to go back to the Neptune production issue. I really wasn't clear on the answer that you gave before. So perhaps you can make some clarifying comments. What's the nature of the production holdup or problem? And I think you said that you expected it to be resolved by the end of the third quarter so that you would do some catch-up in the fourth quarter. Could you elaborate on that?

顯然是清港資產管理公司，而不是個人投資者。我想回到海王星的製作問題。你之前給的答案我確實不太清楚。所以也許你可以提出一些澄清意見。生產停滯或問題的本質是什麼？我想你說過你預計這個問題會在第三季末得到解決，這樣你就可以在第四季迎頭趕上。能詳細說明一下嗎？

I'll do my best. So as you know, Neptune makes the sense that the highest level makes two forms of meters, a static meter and mechanical meter. The static meter, we've had to add production capacity, which was successfully commissioned in the first half. So that's great news to the existing factory that we have in Alabama.

我將盡我所能。如你所知，海王星認為最高層製造了兩種形式的計量器，靜態計量器和機械計量器。靜態儀表，我們已經增加了產能，上半年已經順利投產。這對我們在阿拉巴馬州現有的工廠來說是個好消息。

The mechanical meter side, we have the capacity that's needed, but there was essentially a daily efficiency production rate that was below where it needed to be to meet the demand and deliver on the customer commitments. That's what's in the process of being countermeasured.

在機械儀表方面，我們擁有所需的產能，但基本上日效率生產力低於滿足需求和兌現客戶承諾所需的水平。這就是正在採取對策的過程中的情況。

Again, I mentioned before, this is just returning to levels of previous efficiency, not a breakthrough level of efficiency that would not get ever achieved. And so the teams are fully contrasting this at the moment, and we expect it's beginning to resolve itself in the third quarter, and we hope and expect to resolve itself for the balance of the year.

再次強調，我之前提到過，這只是回到以前的效率水平，而不是永遠無法實現的突破性效率水平。因此，各團隊目前正在充分比較這個問題，我們預計該問題將在第三季開始解決，並且我們希望並期望在今年剩餘時間內解決這個問題。

My question really was what caused it to deviate from prior levels?

我的問題實際上是什麼導致它偏離之前的水平？

We think the root cause of that is you've got a factory management team that was super focused on adding the static capacity in the first half and just got distracted or lost focus on the daily efficiency or production efficiency on the mechanical side.

我們認為其根本原因是工廠管理團隊在上半年非常專注於增加靜態產能，而分散了注意力或失去了對機械方面的日常效率或生產效率的關注。

Well, right. But what is the nature of the production efficiency problem. That's what I'm getting at.

嗯，對。但生產效率問題的本質是什麼？這就是我的意思。

Alex. We're delighted to take this off-line if you want to talk about more detail.

亞歷克斯.如果您想討論更多細節，我們很高興將其下線。

Thank you. This concludes our Q&A session. I will now hand the call over back to Zack Moxcey. Please go ahead, sir.

謝謝。我們的問答環節到此結束。我現在將把電話轉回 Zack Moxcey。請繼續，先生。

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。我們期待在下次財報電話會議上與您交談。

Thank you. This concludes our conference call for today. Thank you for attending today's presentation. You may now disconnect.

謝謝。我們今天的電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。