使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Unidentified_1
Unidentified_1
No, thanks.
不，謝謝。
No, no, no, no, no.
不，不，不，不，不。
No, Nandan, nothing back in none.
不，南丹，沒有任何回報。
Thanks.
謝謝。
Number three.
第三。
Good morning.
早安.
The Roper Technologies conference call will now begin.
Roper Technologies 電話會議現在開始。
Today's call is being recorded.
今天的通話正在錄音。
All participants will be in listen only mode.
所有參與者將處於僅聽模式。
Should you need assistance, please signal a conference specialist by pressing star zero.
如果您需要協助，請按星號零向會議專家發出訊號。
I would now like turn the call over to Zach Luxiq, Vice President and Investor Relations.
我現在想將電話轉給兼投資者關係副總裁 Zach Luxiq。
Please go ahead.
請繼續。
But as you all for joining us because that's the third quarter 2024 financial results for Roper Technologies.
但請大家加入我們，因為這是 Roper Technologies 2024 年第三季的財務表現。
For any view.
對於任何視圖。
On the call this morning are Neil Koehler, President and Chief Executive Officer, Jason Conley, Executive Vice President and Chief Financial Officer, Brent Cross, Vice President and Principal Accounting Officer, and Shannon O'Callaghan, Senior Vice President of Finance.
今天早上參加電話會議的有總裁兼執行長 Neil Koehler、執行副總裁兼財務長 Jason Conley、副總裁兼首席會計長 Brent Cross 以及財務高級副總裁 Shannon O'Callaghan。
Earlier this morning, we issued a press release announcing our financial results.
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。
Press release also includes replay information for today's call.
新聞稿還包括今天電話會議的重播資訊。
We have prepared slides to accompany today's call which are available through the webcast and are also available on our website.
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。
And now if you please turn to page 2 to begin with our Safe Harbor statement during the course of today's call 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.
現在，如果您請翻到第2 頁，在今天的電話會議期間，我們的安全港聲明將做出前瞻性聲明，這些聲明將受到我們新聞稿和SEC 文件中本頁所述的風險和不確定性的影響。
You should listen to today's And now please turn to Page 3.
你應該聽今天的 現在請翻到第 3 頁。
Say we will discuss our results primarily on an adjusted non-GAAP continuing operations basis for the third quarter.
假設我們將主要在調整後的第三季非公認會計準則持續經營業務的基礎上討論我們的業績。
The difference between our GAAP results and adjusted results consists of the following items, amortization of acquisition related intangible assets, the financial impacts associated with minority investments, and lastly, transaction and restructuring related expenses associated with the completed acquisition transact campus.
我們公認的會計準則結果與調整後結果之間的差異包括以下項目：收購相關無形資產的攤銷、與少數股權投資相關的財務影響，以及最後與已完成的收購交易園區相關的交易和重組相關費用。
Reconciliations can be done in our press release and the appendix of this presentation on our website and ask, please turn to Page 4.
可以在我們網站上的新聞稿和本簡報的附錄中進行調節，並詢問，請前往第 4 頁。
I'll hand the call over to Neil.
我會把電話轉給尼爾。
After our prepared remarks, we will take questions from our telephone participants.
在我們準備好的發言之後，我們將回答電話參與者的問題。
Neil?
尼爾？
Thank you, Zach, and thanks to everyone for joining our call.
謝謝你，扎克，也謝謝大家加入我們的電話會議。
We're looking forward to sharing our third-quarter results with you this morning.
我們期待今天早上與您分享我們的第三季業績。
As we turn to page 4, you'll see the topics we'll cover today.
當我們翻到第 4 頁時，您將看到我們今天將要討論的主題。
I'll start by highlighting our third quarter financial performance.
我首先強調我們第三季的財務表現。
Jason will then go through our financial results in greater detail, review our balance sheet, including M&A capacity, and discuss our very strong cash flow performance.
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，包括併購能力，並討論我們非常強勁的現金流表現。
Then I'll walk everyone through a summary of our most recent acquisition transaction campus, then discuss our segment highlights, review our increased guidance for the full year.
然後，我將向大家介紹我們最近的收購交易園區的摘要，然後討論我們的細分市場亮點，回顧我們增加的全年指導。
After the closing remarks, we'll open the call for your questions.
結束語結束後，我們將開始電話詢問您的問題。
Please go ahead and get started.
請繼續並開始。
Next slide, please.
請下一張投影片。
As we turn to page 5, the four key takeaways for today's call.
當我們翻到第 5 頁時，我們看到了今天電話會議的四個關鍵要點。
Our first begin delivered another solid quarter results and expect an acceleration in sequential organic revenue growth.
我們的第一個開始交付了另一個堅實的季度業績，並預計有機收入的連續成長將加速。
Heading into Q4, we completed the transaction campus acquisition, a very attractive business at a very attractive net purchase price for raising our full-year guidance to the high end of our range before we continue to be very well-positioned relative executing on our capital deployment strategy.
進入第四季度，我們完成了交易園區收購，這是一項非常有吸引力的業務，淨購買價格非常有吸引力，可以將我們的全年指導提高到範圍的高端，然後我們繼續相對執行我們的資本處於非常有利的位置部署策略。
Now digging a bit deeper into these four key takeaways.
現在更深入地研究這四個關鍵要點。
We grew total revenue by 13%, organic revenue by 4% and EBITDA by 10%.
我們的總收入成長了 13%，有機收入成長了 4%，EBITDA 成長了 10%。
Importantly, we grew free cash flow by 15% in the quarter and by 20% on a TTM basis operationally and in order to perform slightly better than our expectations.
重要的是，我們本季的自由現金流成長了 15%，營運上的自由現金流成長了 20%，以便表現略好於我們的預期。
As a result, last quarter's mechanical leader production challenges, and also importantly, we're encouraged to see strong organic enterprise software bookings momentum continued this quarter, growing in the double digits area, up from last quarter's high single digits.
因此，上季度的機械領先生產面臨挑戰，重要的是，我們很高興看到本季度繼續保持強勁的有機企業軟體預訂勢頭，以兩位數的速度增長，高於上季度的高個位數。
Bookings growth.
預訂量增長。
Also in the quarter, we completed the acquisition of transact campus.
同樣在本季度，我們完成了 transact Campus 的收購。
Our software businesses, being combined with transaction and integration activities are well underway.
我們的軟體業務與交易和整合活動相結合正在順利進行中。
This is yet another very compelling value-creation opportunities for our shareholders, which we'll discuss in a bit.
這對我們的股東來說是另一個非常引人注目的價值創造機會，我們稍後會討論。
Based on strong enterprise margin performance.
基於強勁的企業利潤表現。
We're increasing our full year 2024 deaths guidance to the high end of our range.
我們正在將 2024 年全年死亡人數指引值提高到範圍的上限。
In addition, we're increasing our outlook for total revenue growth to be 13% plus the addition of our most recent acquisition transact campus.
此外，加上最近收購的交易園區，我們將總收入成長預期提高至 13%。
Finally, we're maintaining our approximate 6% organic revenue outlook for the year.
最後，我們維持今年約 6% 的有機收入預期。
If we step back a bit, we recognize we just posted back-to-back 4% organic growth quarters, although not unexpected without question unsatisfied.
如果我們退一步，我們會認識到我們剛剛連續兩個季度實現了 4% 的有機增長，儘管這並不令人意外，但毫無疑問是不滿意的。
That said, we do see quarterly organic growth momentum improving can expect our Q4 organic growth to sequentially improve, given back-to-back quarters of strong enterprise bookings growth, stabilizing freight market conditions, albeit at the bottom by resource net to an operational issue in Indiana returning to growth in Q4.
也就是說，我們確實看到季度有機成長勢頭有所改善，鑑於企業預訂連續幾個季度強勁增長，貨運市場狀況穩定，預計我們第四季度的有機增長將連續改善，儘管由於運營問題，資源淨值處於底部印第安納州第四季度恢復成長。
So with this mostly behind us, we're confident we're seeing a reacceleration of our growth.
因此，隨著這一切基本上過去，我們有信心看到我們的成長重新加速。
And finally, we continue to be very active on the M&A market environment that continues to improve and one where we have a very large pipeline of highly attractive opportunities.
最後，我們持續積極參與持續改善的併購市場環境，我們擁有大量極具吸引力的機會。
We continue to be quite bullish about our ability to be active on the M&A front.
我們仍然非常看好我們在併購領域的活躍能力。
So with that, Jason, let me turn the call over to you so you can walk through our quarterly and full-year financial results as older very strong financial position.
因此，傑森，讓我將電話轉給您，以便您可以了解我們的季度和全年財務業績，因為我們的財務狀況非常強勁。
Jason?
傑森？
Thanks, Neal, and good morning, everyone.
謝謝尼爾，大家早安。
Let's take a look at Slide 6.
讓我們看一下投影片 6。
Revenue was 1.76 billion and up 13% over prior year.
營收為17.6億元，較上年成長13%。
Acquisitions contributed 9%, led by ProCare and transact campus.
收購貢獻了 9%，其中以 ProCare 和 transact Campus 為首。
Inorganic growth was 4%, just unpacking organic growth a bit in education.
無機成長為 4%，只是教育領域的有機成長。
Soft quarter, revenue grew over 5% with recurring and reoccurring growth in high single digit area.
疲軟的季度，營收成長超過 5%，且經常性和重複性成長處於高個位數區域。
Nonrecurring revenue was down low single digits, led by declines in new license sales.
由於新許可證銷售下降，非經常性收入下降了低個位數。
New business activity for enterprise software continues to lean towards SaaS, which ultimately creates higher customer lifetime value while yielding a slight drag on near term nonrecurring revenue.
企業軟體的新業務活動繼續傾向於 SaaS，最終將創造更高的客戶終身價值，同時對近期非經常性收入產生輕微拖累。
The network software recurring revenue growth of 1% includes temporary headwinds at DT. link and foundry, the balance of the segments, our growth in the mid-single-digit area, as Neal will discuss later, we see stabilization of freight markets and expect some improvement in Q4 10 organic growth of 4% was underpinned by strength that very fine and prior year comp challenges at NDI. Inovonics in our ideas.
網路軟體經常性收入成長 1%，其中包括 DT 的暫時不利因素。連結和代工、各細分市場的平衡、我們在中個位數區域的成長（尼爾稍後將討論），我們看到貨運市場趨於穩定，並預計10 年第四季4% 的有機成長有所改善，這是由以下因素支撐的： NDI 的非常好的和前一年的比較挑戰。我們的想法中的創新。
As we discussed last quarter, Andy, I had a very, very significant customer program in 2023 that created year-to-date comparison challenges.
正如我們上季度討論的那樣，Andy，我在 2023 年有一個非常非常重要的客戶計劃，這給年初至今的比較帶來了挑戰。
However, we expect to return to growth in Q4 and separately and importantly, net to rapidly resolve disputes.
然而，我們預計第四季度將恢復成長，並且單獨且重要的是，淨成長將迅速解決爭端。
Mechanical neater production challenges in the quarter.
本季機械清潔生產面臨挑戰。
Ebitda up 717 million was 10% over prior year, and EBITDA margin came in at 40.7%.
Ebitda 成長 7.17 億美元，較上年成長 10%，EBITDA 利潤率為 40.7%。
On depth, we posted $4.62, which was above our guidance range of 40 50 to 54.
在深度方面，我們發布了 4.62 美元，高於我們 40 50 至 54 的指導範圍。
But note that transact acquisition contributed $0.03 in the stub period as the third quarter is seasonally the highest driven by fees from annual tuition payments and annual renewals of term licenses.
但請注意，交易收購在存根期間貢獻了 0.03 美元，因為第三季是季節性最高的，受到年度學費支付和定期許可證年度續約費用的推動。
Excluding transact, our guidance be came from strong margin performance in our Application Software segment.
不包括交易，我們的指導來自於我們的應用軟體部門強勁的利潤表現。
Turning to free cash flow.
轉向自由現金流。
We had our highest ever quarter with free cash flow of 719 million, up 15% over prior year, transact with cash accretive in the stub period of ownership and off to a fast start with Q3 being once again, seasonally strong for this business.
我們迎來了有史以來最高的季度，自由現金流為7.19 億美元，比上年增長15%，在所有權存續期間以現金增值進行交易，並在第三季度再次實現該業務的季節性強勁，從而快速啟動。
We also have extensively Great execution across our software and tech product businesses have no net working capital as a percent of revenue, excluding acquisitions, was negative 19% in Q3.
我們的軟體和技術產品業務也有廣泛的執行力，沒有淨營運資本，第三季淨營運資本佔收入（不包括收購）的百分比為負 19%。
Record special thanks to our world-class finance teams across the Roper family are laser focused on cash returns and cash flow growth.
特別感謝 Roper 家族世界一流的財務團隊專注於現金回報和現金流成長。
Tremendous job.
艱鉅的工作。
The bottom right chart provides a trailing 12 month view of free cash flow of our four year period.
右下圖提供了我們四年期間自由現金流的過去 12 個月視圖。
The Keg from the corresponding 2021 period, it's 12%.
2021 年相應時期的 Keg 為 12%。
We adjust for the second one 74 that went into effect in 2022.
我們對 2022 年生效的第二個 74 進行調整。
We've compounded cash flow in the mid 10s area.
我們的現金流複合在 10 多歲左右。
The strong Q3 results places our year-to-date cash flow at 31% as a percentage of revenue and with renewal season that many of our software businesses in Q4, we expect free cash flow margin to be north of 30% for the year.
第三季的強勁業績使我們今年迄今的現金流佔收入的比例達到31%，隨著我們許多軟體業務在第四季度的續訂季節，我們預計今年的自由現金流利潤率將超過30% 。
Turning to Slide 7.
轉向幻燈片 7。
On that, I'll discuss our balance sheet.
就此，我將討論我們的資產負債表。
So net debt of $8.1 billion on trailing EBITDA of $2.75 billion, deals leverage of three times at the end of the quarter.
因此，81 億美元的淨債務加上 27.5 億美元的往績 EBITDA，在本季末的槓桿率達到了三倍。
And a bit lower if we pro forma for the recent acquisitions in the quarter, we ended the bond market and issued 2 billion of across five four 8%.
如果我們對本季最近的收購進行準備的話，價格會低一些，我們結束了債券市場，發行了 20 億美元，佔 54% 的 8%。
This was used to fund transact deal and partially pay down the revolver, which has a quarter-end balance of $925 million.
這筆資金用於為交易提供資金並部分支付左輪手槍的費用，季末餘額為 9.25 億美元。
As we move forward.
當我們前進時。
Our strong cash flow and use some investment-grade leverage provides us with 4 billion or more of capacity to deploy towards high-quality acquisitions for that, and I'll turn it over to Neil to talk about for TransAct deal, and it's compelling combination for our C4 business field.
我們強大的現金流和使用一些投資級槓桿為我們提供了 40 億或更多的能力來部署高品質的收購，我將把它交給 Neil 來討論 TransAct 交易，這是令人信服的組合對於我們的C4業務領域。
Thanks, Jayson slipped.
謝謝，傑森滑倒了。
Turning to our most recent acquisitions over that campus is another fantastic addition to the Rover portfolio.
談到我們最近在園區的收購，這是 Rover 產品組合的另一個精彩補充。
Let's start with the investment highlights.
讓我們從投資亮點開始。
We paid $1.5 billion net of a $100 million tax benefit to the business.
我們向該企業支付了 1 億美元的稅收優惠，淨額為 15 億美元。
We expect that to deliver about 325 million of revenue and 105 million of EBITDA next year, which means we paid about 14 times EBITDA.
我們預計明年將帶來約 3.25 億美元的收入和 1.05 億美元的 EBITDA，這意味著我們支付的 EBITDA 約為 14 倍。
We expect this business you've introduced next year that is adjusted debt to breakeven this year.
我們預計您明年推出的這項業務將在今年調整債務以達到損益兩平。
Accretive to our adjusted debt next year as immediately cash accretive, and we will report transact at combined with Seaboard and our Application Software segment.
明年調整後的債務將隨著現金立即增值而增加，我們將與 Seaboard 和我們的應用軟體部門合併報告交易。
On a stand-alone basis, transaction meets all our long-standing acquisition criteria leader in a niche markets delivers mission critical verticalized software solutions compete based on customer intimacy operates an asset-light business model has led by a skill, passionate leadership team, so talk about what the company does.
就獨立而言，交易符合我們所有長期收購標準 利基市場的領導者提供任務關鍵型垂直化軟體解決方案 基於客戶親密度進行競爭 營運輕資產業務模式 由技能精湛、充滿熱情的領導團隊領導，因此談談公司是做什麼的。
Transact is a leading provider of mission critical and purpose-built software and integrated payments to higher education institutions and two focus areas first and canvas identity management, and second, related to two-ish advancements.
Transact 是一家領先的供應商，為高等教育機構提供任務關鍵型和專用軟體以及整合支付服務，有兩個重點領域，第一是畫布身分管理，第二是與兩項進步相關的領域。
The market itself is quite attractive.
市場本身就相當有吸引力。
And in the midst of the long-term secular tailwind of universities working to improve the on-campus experience required to attract and retain the next-generation of students, we estimate the combined market size to the 1.5 billion range and growing 6% to 8% per annum.
在大學致力於改善吸引和留住下一代學生所需的校園體驗的長期推動下，我們估計綜合市場規模將達到 15 億，並將增長 6% 至 8%。
As previously mentioned, we're integrating our Seaboard business would transact.
如前所述，我們正在整合我們的 Seaboard 業務交易。
Seaboard will combine its university campus IT business was at a transaction to create a leading provider of these solutions.
Seaboard 將在一次交易中合併其大學校園 IT 業務，以創建這些解決方案的領先提供者。
We expect the long-term organic growth rate of combined business to be in the high single digits area.
我們預計合併業務的長期有機成長率將處於高個位數區域。
The go forward leadership team has been announced Vittorio 25, $20 million cost synergy plan is well underway and the initial set of customer feedback has been quite positive.
Go Forward 領導團隊已於 Vittorio 25 宣布，2,000 萬美元的成本協同計畫正在順利進行，最初的客戶回饋非常正面。
As you can see, transact is a highly compelling value-creation opportunity for roofers and our shareholders.
正如您所看到的，交易對於屋頂工人和我們的股東來說是一個非常有吸引力的價值創造機會。
As we turn to page 10, let's review our application software segment results.
當我們翻到第 10 頁時，讓我們回顧一下我們的應用軟體細分市場的結果。
Revenues here grew by 23% in total and organic revenue grew by 5.5%.
這裡的總收入成長了 23%，有機收入成長了 5.5%。
Ebitda margins were 43.6% and core margins improved 20 basis points in the quarter.
本季 Ebitda 利潤率為 43.6%，核心利潤率提高了 20 個基點。
Before getting into the business specific details, I would like to share a few macro trends we're seeing across this segment.
在討論具體業務細節之前，我想先分享一下我們在該領域看到的一些宏觀趨勢。
First, we continue to see improving organic enterprise bookings performance, growing in the double digits in the quarter following engages the growth in Q2.
首先，我們繼續看到有機企業預訂業績不斷改善，繼第二季成長之後，本季實現了兩位數成長。
Importantly, the enterprise class customers sluggishness we saw during 2023 in the first quarter of this year appears to be waning.
重要的是，我們在 2023 年第一季看到的企業級客戶低迷似乎正在減弱。
Finally, we continue to see strong growth in recurring and reoccurring revenue in this segment, growing at a high single-digit area in the quarter.
最後，我們繼續看到該領域的經常性和經常性收入強勁成長，本季以高個位數成長。
Turning to our business unit specific commentary, we'll start with patterns.
談到我們業務部門的具體評論，我們將從模式開始。
Our software business focused on the needs of large law firms.
我們的軟體業務專注於大型律師事務所的需求。
Advair continues to perform incredibly well in the market and had another great quarter.
Advair 繼續在市場上表現出色，並迎來了另一個出色的季度。
Over the past few quarters, we've highlighted Hatteras improved product development velocity, in particular with G&A.
在過去的幾個季度中，我們強調 Hatteras 提高了產品開發速度，特別是在 G&A 方面。
I powered features now this innovation activity is adding to their already strong bookings momentum, including very nice new customer additions and continued progress in adding new and expanded products within their existing customer base.
我現在支持的功能，這項創新活動正在增加他們本已強勁的預訂勢頭，包括非常好的新客戶添加以及在現有客戶群中添加新的和擴展的產品方面的持續進展。
Celltech.
細胞技術。
Our software business serving government contracting architecture, engineering and construction markets was strong in the quarter as well, in particular cell death.
我們服務於政府承包建築、工程和建築市場的軟體業務在本季也表現強勁，尤其是細胞死亡。
Enterprise-class government contracting customer activity improved in the quarter, which is encouraging to see also.
本季企業級政府簽約客戶活動有所改善，也令人鼓舞。
And as a reminder, Delta continued their ongoing cloud-based software and momentum and expanded their Gen-i embedded functionality.
提醒一下，達美航空繼續其持續的基於雲端的軟體和勢頭，並擴展了其 Gen-i 嵌入式功能。
Powerplan.
電源計劃。
Our financial planning and tax software business serving heavy fixed assets industries continues to impress with our operating and financial results.
我們服務於重型固定資產行業的財務規劃和稅務軟體業務繼續給我們的營運和財務表現留下深刻印象。
Our plan has done a tremendous job over the last three or four years on improving their customer experience, celebrating their software innovation velocity and improving upsell cross-sell activity.
在過去的三、四年裡，我們的計畫在改善客戶體驗、慶祝他們的軟體創新速度和改善追加銷售交叉銷售活動方面做出了巨大的努力。
Great job by Joe and his team in Atlanta.
喬和他的亞特蘭大團隊做得很好。
Frontline continues to perform nicely and then strong renewal activity and delivered excellent seasonally high cash flow.
Frontline 繼續表現良好，更新活動強勁，並提供了出色的季節性高現金流。
Of note, we're excited to announce met strategy as Frontline's new CTO.
值得注意的是，我們很高興宣布 Met Strategy 作為 Frontline 的新 CTO。
Of some of you may recall that joined growth results exclude a market leader.
你們中的一些人可能還記得，聯合成長結果排除了市場領導者。
I was promoted to be in the steel construction at that longer-haul Johnna ConstructConnect, and we're excited about having this growth oriented leader at the helm at Frontline.
我被提升到長途 Johnna ConstructConnect 的鋼結構部門，我們很高興能有這位以成長為導向的領導者來掌舵 Frontline。
Also of note, we promoted, but Brodie ConstructConnect CFO, to assume the CE. overall book has been in the Roper ecosystem, mostly as a CFO over the past 13 years.
另外值得注意的是，我們提拔了 Brodie ConstructConnect 財務長來擔任 CE。總體而言，在過去 13 年裡，他一直在 Roper 生態系統中擔任財務長。
This is one of the first.
這是第一個。
Those certainly not the last time we will promote leaders across.
這當然不是我們最後一次提拔領導人。
And within Rover, we continue to remain quite bullish about the future for frontline, our healthcare IT business, and this led by Stratus and David innovations were also strong in the quarter and delivered excellent growth.
在 Rover 內部，我們繼續對第一線醫療保健 IT 業務的未來保持相當樂觀，由 Stratus 和 David 領導的創新在本季度也表現強勁，並實現了出色的成長。
Finally, ProCare continues to execute well.
最後，ProCare 繼續表現良好。
And fortunately, as part of revolving governance processes tied to faster growth for maturing later in the future of our portfolio, brokers working to improve its go-to-market capabilities from lead generation to the execution, as well as go-to-market leadership through really like what we're seeing here, although it's early days.
幸運的是，作為與更快成長相關的循環治理流程的一部分，以便我們的投資組合在未來日後成熟，經紀商正在努力提高其進入市場的能力，從潛在客戶開發到執行，以及進入市場的領導力儘管現在還處於早期階段，但確實就像我們在這裡看到的那樣。
As it relates to the guidance for the final quarter of the year, we expect to see mid single digit organic revenue growth.
由於它與今年最後一個季度的指導相關，我們預計有機收入將實現中個位數成長。
Please turn to Page 11.
請翻到第11頁。
Organic revenue at our network software segment grew 1% of the quarter and was impacted by the fact we continue to experience pressure with their freight matching businesses and work through the impact on foundry from the recent actors and writers strikes, excluding our freight matching businesses and foundry segment move in mid-singles area, which demonstrates the underlying quality of this group of businesses.
我們的網路軟體部門的有機收入本季增長了 1%，這是由於我們的貨運匹配業務繼續面臨壓力，並努力克服最近演員和作家罷工對鑄造廠的影響，不包括我們的貨運匹配業務和代工業務進入中單領域，這顯示了該業務組的潛在品質。
Ebitda margins continued to be strong at 56.2%.
Ebitda 利潤率持續保持強勁，達到 56.2%。
Let's dig into the details and start with their freight.
讓我們深入了解細節並從他們的運費開始。
Matching business is DT. and move like which declined slightly as expected due to the continuing challenging freight market conditions that adversely impact of businesses.
配套業務為DT。由於貨運市場條件持續充滿挑戰，對企業產生了不利影響，貨運量如預期略有下降。
That said, we continue to see further signs of market stabilization for both carriers and brokers during this softer period, CABG continues to invest to accelerate new product development velocity.
也就是說，在這個疲軟時期，我們繼續看到營運商和經紀商市場穩定的進一步跡象，CABG 繼續投資以加快新產品開發速度。
Now let's turn to the boundary are post-production media and entertainment software business.
現在讓我們轉向後製媒體和娛樂軟體業務的邊界。
Foundry contained ballpark functionality in this quarter, meaningfully enhancing the creative process for high-quality production.
Foundry 在本季包含了大致的功能，有意義地增強了高品質生產的創意流程。
Visual effects here with the continued impacts related to the recent industry strikes have declined in the quarter.
由於近期行業罷工的持續影響，視覺效果在本季有所下降。
As expected, we now expect the hangover from the strikes the carry into next year as foundries customers continue to navigate through tight economic conditions until the creative pipelines matriculate through the post-production phase.
正如預期的那樣，我們現在預計罷工的後遺症將延續到明年，因為代工廠客戶將繼續應對緊張的經濟狀況，直到創意管道進入後期製作階段。
Would you expect to be sometime during 2025?
您預計會在 2025 年的某個時候嗎？
As mentioned, the balance of this segment grew mid singles organically in the quarter, with solid execution across this portfolio, in particular, constructing that continued its solid margin improvement in results and bookings momentum.
如前所述，該細分市場的餘額在本季有機成長，整個投資組合執行力強勁，特別是在業績和預訂動能方面繼續實現利潤率的穩健改善。
In addition, constructing that continues to lead the market with their Gen-i Powertech off and estimating solutions.
此外，憑藉 Gen-i Powertech 關閉和評估解決方案，建築繼續引領市場。
Finally, our alternate site healthcare businesses performed well, led by our software solutions and MHA soft writers and as HP. and further benefited from improved senior care occupancy.
最後，我們的備用站點醫療保健業務表現良好，由我們的軟體解決方案和 MHA 軟體作者以及 HP 領導。並進一步受益於老年人照護入住率的提高。
Turning to the final quarter of the year, we expect organic revenue to improve a bit but remain in the low single digits area as we continue to experience stable but needed freight market conditions.
談到今年最後一個季度，我們預計有機收入將略有改善，但仍處於較低的個位數區域，因為我們繼續經歷穩定但所需的貨運市場狀況。
Now please turn to Page 12.
現在請翻到第12頁。
Unless reviewer test segment's results.
除非審稿人測試部分的結果。
Revenue here grew 4% in total and organic basis and EBITDA margin came in at 35.4% for software.
軟體業務的總收入和有機收入成長了 4%，EBITDA 利潤率為 35.4%。
Netsuite to rapidly resolved or mechanical meter production issue within the quarter performing slightly better than we anticipated.
Netsuite 迅速解決了機械儀表生產問題，本季表現略優於我們的預期。
Importantly, during the short term, bespoke manufacturing challenge Neptune was able to deliver on all their customer commitments.
重要的是，在短期內，客製化製造挑戰海王星能夠兌現所有客戶承諾。
In addition, net churn continues to see solid demand for both mechanical and static meters, positioning Neptune very well for the foreseeable future.
此外，淨流失率繼續看到對機械和靜態儀表的強勁需求，這使得海王星在可預見的未來處於非常有利的地位。
Next, we'll turn it back to Tom.
接下來，我們將把它轉回給湯姆。
Credit continues to perform exceptionally well with solid growth across our glide coke and BeamFlex product offerings.
信貸持續表現出色，我們的滑行焦和 BeamFlex 產品供應穩定成長。
Of particular note, we're pleased to report that Marathon is the market share leader in the US for single use profit scopes.
特別值得注意的是，我們很高興地報告，馬拉松是美國一次性利潤範圍市場份額的領導者。
five years ago, we entered this market was a strong belief that we had a hot area right to win, given our income with the Glasgow position.
五年前，我們進入這個市場時堅信，鑑於我們在格拉斯哥的收入，我們有一個獲勝的熱門領域。
And now we have claimed no market share leadership position and Marathon has not done a great job.
現在我們已經失去了市場份額的領導地位，馬拉松也沒有做得很好。
My team, Marathon, Northern additional or in the eye declined as expected in the quarter based on customer program timing that led to a very difficult comp.
我的團隊，馬拉松，北方額外或在眼中在本季度根據客戶計劃時間出現了預期的下降，這導致了非常困難的競爭。
That said, oh eight quarter activity remains strong in the quarter.
也就是說，八季的活動仍然強勁。
Finally, Inovonics and RFID as each declined against difficult prior year comps.
最後，Inovonics 和 RFID 與去年困難的比較相比都出現下滑。
As a reminder, these businesses started recovering from supply chain challenges last year.
提醒一下，這些企業去年開始從供應鏈挑戰中恢復過來。
For the fourth quarter, we expect to improve to high single digit growth.
對於第四季度，我們預計將實現高個位數成長。
Given that turn it back on track operationally and in the eyes customer program timing begins to normalize.
有鑑於此，使其在營運上重回正軌，並且在客戶看來，專案時間開始正常化。
For that.
為此。
Please turn to Page 14.
請翻到第14頁。
Now let's review our full year 2020 for guidance and discuss our fourth-quarter outlook.
現在讓我們回顧一下 2020 年全年的指導並討論我們的第四季度展望。
Based on strong Applications segment margin performance and the addition of transact campus, we're increasing our total your growth outlook to be north of 13%, and we expect full year organic growth remain consistent and the 6% area.
基於強勁的應用程式細分市場利潤率表現和交易園區的增加，我們將整體成長前景提高到 13% 以上，並且我們預計全年有機成長將保持一致，即 6% 的區域。
In addition, we're raising our full-year guidance to be in the range of 1821 and 1825, the high end of our previous range, an increase of $0.06 at the midpoint.
此外，我們將全年指引上調至 1821 至 1825 區間，這是我們之前區間的高端，中點增加了 0.06 美元。
Please note, we expect transact to be deficit neutral for the full year.
請注意，我們預計全年交易將保持赤字中立。
Our guidance continues to assume a full-year effective tax rate in the 21% to 22% range.
我們的指引繼續假設全年有效稅率在 21% 至 22% 範圍內。
For Q4, we expect adjusted debt to be between four 70 and four seven four.
對於第四季度，我們預計調整後的債務將在四、七十到四七四之間。
Please note our newest acquisition transact will be about $0.03 dilutive in the quarter.
請注意，我們最新的收購交易將在本季稀釋約 0.03 美元。
Also, as a reminder, the impact of our $20 million synergy plan meaningfully skews to 2025.
另外，提醒一下，我們 2000 萬美元的協同計劃的影響有意義地偏向 2025 年。
Now please turn to page 15, and then we'll open it up for your questions.
現在請翻到第15頁，然後我們將打開它來回答您的問題。
We'll conclude with the same key takeaways with which we started.
我們將以與開始時相同的關鍵要點作為結束語。
First.
第一的。
We delivered a solid quarter financial results and expect an acceleration and sequential organic revenue growth heading into Q4.
我們交付了穩健的季度財務業績，並預計進入第四季度將加速並實現連續的有機收入成長。
Second, we completed the acquisition of transact campus and commenced the integration with Seaboard.
其次，我們完成了對transact Campus的收購，並開始與Seaboard的整合。
Third, we're increasing our outlook for the full year.
第三，我們提高了全年的展望。
And finally, we are very well-positioned relative to our capital deployment strategy.
最後，我們的資本部署策略處於非常有利的位置。
For the quarter, we delivered 13% total revenue and 4% organic revenue growth while increasing our EBITDA 10%.
本季度，我們的總營收成長了 13%，有機收入成長了 4%，同時 EBITDA 成長了 10%。
Of note, we do or enterprise software bookings at a double digit area and continue to see high single digit ARR growth.
值得注意的是，我們的企業軟體預訂量達到了兩位數，而 ARR 繼續保持個位數的高成長。
Importantly, free cash flow was impressive 15% in the quarter and 20% on a TTM basis.
重要的是，本季自由現金流高達 15%，以 TTM 計算則高達 20%。
Fifth, we completed the compelling acquisition of Transat campus, the combination with Seaboard through a leading software in integrated payments business that helps universities solve the pressing issue of making distributed campus experience.
第五，我們完成了對 Transat Campus 的引人注目的收購，透過領先的綜合支付業務軟體與 Seaboard 進行合併，幫助大學解決打造分散式校園體驗的緊迫問題。
More compelling cost synergy execution risk here is quite low, most of which we are even action, leading to a very attractive shareholder return.
更引人注目的成本協同執行風險在這裡相當低，其中大部分我們甚至都採取行動，從而帶來非常有吸引力的股東回報。
Next, we're increasing our full-year outlook for total revenue to be more than 30% and maintaining our approximate 6% organic revenue growth outlooks.
接下來，我們將全年總收入預期提高到 30% 以上，並維持約 6% 的有機收入成長預期。
In addition, we're increasing our full year debt's not look to the high end of our prior guidance.
此外，我們增加的全年債務並不是我們之前指導的上限。
Finally, we continue to maintain a strong financial position with over 4 billion of capacity for capital deployment.
最後，我們持續保持強勁的財務狀況，擁有超過40億的資本配置能力。
The M&A markets continued to be very active.
併購市場持續非常活躍。
We have a robust pipeline of attractive acquisition opportunities that we're excited to pursue with our unbiased and disciplined approach remain quite bullish about our ability to execute this part of our strategy.
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，並且對我們執行這部分策略的能力仍然非常樂觀。
Now have returned to your questions.
現在回到你的問題。
And if you can flip to the final slide, our strategic compounding flywheel, we'd like to remind everyone that what we do at Roper is simple.
如果您可以翻到最後一張投影片，也就是我們的策略複合飛輪，我們想提醒大家，我們在羅珀所做的事情很簡單。
We compound cash flow over a long arc of time by operating a portfolio of market-leading, application-specific and vertically oriented businesses.
我們透過經營市場領先、特定應用和垂直導向的業務組合，在很長一段時間內複合現金流。
Once again, as part of Roper, we operate a decentralized environment.
作為羅珀的一部分，我們再次經營一個去中心化的環境。
Our businesses can compete and win based on customer intimacy pickups.
我們的企業可以根據客戶親密度的提升來競爭並獲勝。
Our businesses have structurally improved our long-term and sustained organic growth rates and underlying business called.
我們的業務在結構上提高了我們長期、持續的有機成長率和基礎業務。
And 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 manage our cash flow compounding flywheel segments.
最後，我們運行一個集中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來管理我們的現金流複合飛輪部門。
Together, we compound for cash flow over a long arc of time in the mid 10s area.
我們一起在 10 年代中期的很長一段時間內對現金流進行複利。
With that, we'd like to thank you for your continued interest and support and open the floor for your questions.
在此，我們要感謝您一直以來的關注與支持，並歡迎您提出問題。
Please go ahead.
請繼續。
Operator.
操作員。
We will now begin to we will not go to our question and answer portion of the call.
我們現在開始，我們不會進入電話會議的問答部分。
We request that callers limit their questions to one main question and one follow up.
我們要求來電者將他們的問題限制為一個主要問題和一個後續問題。
If you would like to ask a question, you may do so by pressing star followed by the digit one on your touch tone telephone.
如果您想提問，可以在按鍵式電話上按星號，然後再按數字一。
If you're using speakerphone, please pickup your handset before pressing the key.
如果您使用免持電話，請在按鍵前拿起聽筒。
To withdraw your question, please press star then the indigent care.
要撤回您的問題，請按星號，然後按貧困護理。
Again, we request that callers limit their questions to.
再次，我們要求來電者將問題限制為。
My next question comes from Deane Dray with RBC.
我的下一個問題來自加拿大皇家銀行的迪恩德雷 (Deane Dray)。
Your line is now open.
您的線路現已開通。
Thank you.
謝謝。
Good morning, everyone.
大家早安。
Morning, we're targeting, hey, maybe we can start with that the strategy around transact campus.
早上，我們的目標是，嘿，也許我們可以從圍繞校園交易的策略開始。
And I note that it Seaboard being combined with the business right away.
我注意到 Seaboard 立即與該業務合併。
And historically, Roper really never clustered that application software businesses.
從歷史上看，羅珀實際上從未將應用軟體業務聚集在一起。
We are preferring more standalone siloed businesses.
我們更喜歡更多獨立的孤立業務。
You never talked about scale.
你從來沒有談過規模。
And I don't think I've seen a cost synergy estimate coming out of a transaction and a long time from this is this more of an opportunistic time of the acquisition?
我認為我沒有看到交易中產生的成本協同效應估計，而且很長一段時間以來這是否更像是收購的機會主義時期？
You've done it before you'd combined medical purchasing if you've done some insurance business back office question.
如果您已經完成了一些保險業務後台問題，那麼您在合併醫療採購之前就已經完成了此操作。
So we've seen this before, but this is a write off that are out of the blocks.
我們之前已經見過這種情況，但這是超出區塊範圍的註銷。
It's being combined and the synergies look RBS.
它正在被合併，協同效應看起來像是蘇格蘭皇家銀行。
But just maybe is there a subtle difference here, more willingness to look at these?
但也許這裡有一個微妙的差異，更願意看這些？
Yes, attractive growth areas, maybe start there.
是的，有吸引力的成長領域，也許就從這裡開始。
Thanks.
謝謝。
Yes, appreciate the opportunity to talk about that being the short answer is yes.
是的，很高興有機會談論這一點，簡短的回答是肯定的。
So they're even going back to our Investor Day 18 months or so ago, we outlined.
因此，我們概述說，他們甚至會回到 18 個月前左右的投資者日。
I think they're a modest sum evolutions of our capital deployment strategy to focus on the bid work, what we call bolt-on activity.
我認為它們是我們資本部署策略的適度演變，以專注於投標工作，即我們所說的補強活動。
And if at all, also the other businesses that are a bit faster, growing and maturing leaders have been sort of specifics that and if you look at our acquisitions we've done since we've done Stratus and tell us or tell us and combine it with restaurant on, though, is the architect is very similar to transact, has it.
如果有的話，其他速度更快、成長和成熟的領先企業也有一些具體情況，如果你看看我們自從完成 Stratus 以來所做的收購，告訴我們或告訴我們並合併它與餐廳，雖然，是建築師非常相似，以交易，有它。
So we bought ProCare, which was our first maturity.
所以我們買了 ProCare，這是我們的第一個成熟期。
We are slightly faster growing business and transact.
我們的業務和交易成長速度稍快一些。
You go back to 2019.
你回到2019年。
I think we've done 26 ish acquisitions.
我認為我們已經完成了 26 起收購。
There be a handful of platforms of that.
有幾個這樣的平台。
So we have a lead into a fair number of bolt-ons.
因此，我們已經領先於相當多的螺栓固定裝置。
I would say on the bolt-on was the driving the principle driving the reason for that.
我想說的是，螺栓固定式驅動原理是驅動其原因的原因。
It was to buy businesses or if you have a high right to win, the choices are adjacencies that are close to ours that we see increases in labor there for accelerate organic growth looks to bolt-on turns, organic.
是購買企業，或者如果你有很高的獲勝權，那麼選擇是與我們接近的鄰近地區，我們看到那裡的勞動力增加，以加速有機增長，看起來是有機的。
So yes, it's very much part of our strategy in Canada.
所以，是的，這是我們在加拿大策略的重要組成部分。
We've talked about the Czech Republic team agenda as we got folks that are focused on partnering with our businesses, doing a lot for the development work in the marketplace.
我們已經討論了捷克共和國團隊的議程，因為我們的人員專注於與我們的企業合作，為市場的開發工作做了大量工作。
So I guess it's sort of strategic intent and we've started the execution pathway.
所以我想這是一種策略意圖，我們已經開始了執行路徑。
That's great to hear.
很高興聽到這個消息。
And maybe for Jason, and I appreciate you guys putting the spotlight on the free cash flow compounding flywheel because it seems like that's what you've got this quarter with free cash flow of 15% and depth of 7%.
也許對傑森來說，我很感謝你們把焦點放在自由現金流複合飛輪上，因為看起來這就是你們本季的自由現金流為 15%，深度為 7%。
So just talk about that spread.
那麼就談談傳播吧。
And was there any sort of seasonal contribution to free cash flow this quarter?
本季自由現金流是否受到季節性影響？
Frontline typically has.
前線通常都有。
That's Adam.
那是亞當。
A higher contribution in the third quarter?
第三季貢獻更高？
Just any any dynamics there?
那裡有什麼動態嗎？
Thanks.
謝謝。
Yes.
是的。
So I mean, in Q3 is now our strongest cash quarter since we acquired frontline a couple of years ago.
所以我的意思是，自從幾年前收購 Frontline 以來，第三季現在是我們最強勁的現金季度。
And now with the addition of transact, it's definitely our strongest quarter transaction helped a little bit bigger, couple of points of growth in the quarter.
現在，隨著交易的增加，這絕對是我們最強勁的季度交易，幫助該季度實現了更大的幾個百分點的成長。
It's or as I mentioned, seasonally strong for them.
正如我所提到的，這對他們來說季節性很強。
But aside from that, I've just said tremendous execution through the renewal seasons, which is Q3 and Q4 for us.
但除此之外，我剛剛說過在續約季節（對我們來說是第三季和第四季）的巨大執行力。
So Q4 is expected to be strong as well.
因此，預計第四季也將表現強勁。
And I would just say, you know, DSO improved by almost across the board for a number of our businesses.
我只想說，您知道，我們的許多業務的 DSO 幾乎全面改善。
And so just good old-fashioned execution, I think is what drove that drove the outsized growth relative to depths.
因此，我認為正是良好的老式執行力推動了相對於深度的超額成長。
Great to hear.
很高興聽到。
Thank you.
謝謝。
Your next question comes from Brent Thill with Jefferies.
您的下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。
Your line is now open.
您的線路現已開通。
Thanks.
謝謝。
Good morning.
早安.
And Neil, you mentioned 10 means macro headwinds seemed like there are turning that.
尼爾，你提到 10 意味著宏觀逆風似乎正在扭轉這個局面。
I'm curious and you can just go and what you're seeing in some of the tone and some of the buyers
我很好奇，你可以去看看你在一些語氣和一些買家中看到了什麼
.
。
And then just maybe for Jason, just if you can just speak to Neptune and how confident that you think or through some of the challenges that we saw?
然後，也許對傑森來說，如果你能和海王星談談，你對思考或解決我們看到的一些挑戰有多大信心？
And what are the reasons why you're confident that that recovery?
您對復甦充滿信心的原因是什麼？
First of this, though, I'll take the first one days, we'll certainly take the second one.
首先，我會選擇第一天，我們當然會選擇第二天。
So fertilizer, certainly, everybody, we've worked hard over the last handful of years to really be a lot of the cyclicality, a matter of out of what we do.
因此，肥料，當然，大家，過去幾年我們一直在努力工作，真正做到了周期性，這是我們所做的事情的問題。
You think about end markets we serve.
您想想我們服務的終端市場。
There's education, legal share of our contracting
我們的合約有教育和合法份額
.
。
There's health care insurance.
有醫療保險。
And what we sell we deliver is mission critical software.
我們銷售並提供的是關鍵任務軟體。
So we're generally not turned on and off based on the macro events, most of our pricing is subscription oriented versus transactional.
因此，我們通常不會根據宏觀事件來開啟和關閉，我們的大部分定價都是訂閱製而非交易。
So there's sort of three levels of muting in that regard, which there were not immune to the macro, but we needed
因此，在這方面有三個層次的靜音，它們不能免受巨集的影響，但我們需要
that.
那。
I would highlight they have hundreds and we've been talking about release at the beginning of last year first.
我要強調的是，他們有數百個，我們首先在去年年初討論了發布。
So we're talking this time or even call it six or six quarters ago, it was about interest rates and economic
所以我們這次談論的，甚至是六、六個季度前的，是關於利率和經濟的
slowdown.
減速。
And it was that I think the most anticipated economic slowdown in modern history and that psychology that just slow down to some extent the enterprise enterprise Leslye activity across software from we're cautiously optimistic based on the last couple of quarters of enterprise software bookings activity last quarter in the high single digit area of growth this quarter to the double digit area growth pipelines look very robust
我認為這是現代歷史上最令人期待的經濟放緩，這種心理在一定程度上減緩了企業企業 Leslye 跨軟體的活動，我們根據過去幾個季度的企業軟體預訂活動持謹慎樂觀的態度季度處於高個位數成長領域本季到兩位數成長的管道看起來非常強勁
spending into the end of the year.
支出持續到年底。
So we need to execute that our pipe, those pipelines.
所以我們需要執行我們的管道，那些管道。
So we're encouraged by that.
所以我們對此感到鼓舞。
The macro factor certainly take the headline for us is the transportation macro scale with RDAT., it locally businesses out there
對我們來說，宏觀因素當然是 RDAT 的運輸宏觀規模。
.
。
There's their subscription oriented on both sides of the network, both the carrier and the broker.
他們的訂閱面向網路雙方，包括營運商和經紀人。
But the number of care carriers in the market loosely follows the amount of tonnage that flows over the roads.
但市面上護理運輸車的數量大致取決於道路上流動的噸位。
And so as the tonnage has come down.
隨著噸位的下降。
So as a number of carriers that are participants that network, which could put pressure on that, we've just seen this slide and 20 to 25 weeks of negative brokered loans compared to prior year, that actually in the last handful of weeks is more normalized to last year.
因此，作為網路參與者的許多運營商，這可能會對此施加壓力，我們剛剛看到了這種下滑以及與去年相比持續 20 至 25 週的負經紀貸款，實際上在過去幾周里更多正常化至去年。
So we very much seeing a stabilizing Endo entity, a framework closely the macros that has impacted our business.
因此，我們非常看到一個穩定的遠藤實體，一個與影響我們業務的宏觀密切相關的框架。
Yes.
是的。
And just to talk about Neptune, all of that.
只是談論海王星，所有這些。
So if you recall, we stood up.
如果你還記得的話，我們站了起來。
The ultrasonic are static Klein last quarter, the second line.
超音波是靜克萊上季第二線。
And so we had some constraints in our mechanical meter production.
因此，我們的機械儀表生產受到了一些限制。
And so you'll have to be reported at the root causes for identifying attractive actions implemented.
因此，您必須報告根本原因，以確定所實施的有吸引力的行動。
We added some yield issues on plastic molding that got corrected some of the machine for creating some constraints as well.
我們在塑膠成型上添加了一些產量問題，並糾正了一些機器，從而產生了一些限制。
That's been remedied rent collection trends we saw through September, and that was trends.
我們在整個九月看到的租金收取趨勢已經得到了糾正，這就是趨勢。
We have permission form the production output for the fourth quarter and beyond.
我們已獲得第四季度及以後產量的許可。
So feel good about that.
所以對此感覺良好。
Demand is really strong there.
那裡的需求確實很強勁。
So it's really just getting through this mechanical meter production issue.
所以它實際上只是解決了機械儀表的生產問題。
And we feel good up based on what we saw in Q3 in the top decile teams have in Q4.
根據我們在第三季看到的第四季前十分之一球隊的情況，我們感覺很好。
Only thing I'd add, Jason, on Neptune, as I said in the prepared remarks, I'm not sure they will deliver 100% on a customer commitments.
Jason，關於海王星，我唯一要補充的是，正如我在準備好的演講中所說，我不確定他們是否會 100% 兌現對客戶的承諾。
So this was there's no issue there on the size and continue to improve and they get even further ramp-up on the shop floor and get into root cause.
因此，尺寸上不存在問題，並且會繼續改進，他們會在車間得到進一步的提升並找到根本原因。
Great.
偉大的。
Thanks.
謝謝。
Your next question comes from Julian Mitchell with Barclays.
您的下一個問題來自巴克萊銀行的朱利安米切爾。
Your line is now open.
您的線路現已開通。
Hi, good morning.
嗨，早安。
And let me make a similar.
讓我做一個類似的。
Maybe just to follow-up on sort of the macro context as it pertains to networks, where specifically in as we're thinking out sort of beyond this quarter, trying to gauge how you're thinking about the recovery slope network software.
也許只是為了跟進與網路相關的宏觀背景，特別是我們在本季之後的思考，試圖衡量您如何看待恢復斜率網路軟體。
We caution that foundry in aggregate next year may not see much growth because of the ongoing some sort of strikes hangover.
我們警告稱，由於持續的某種罷工後遺症，明年的代工總量可能不會出現太大增長。
I just wondered on sort of DAT. and load link, that portion.
我只是想知道 DAT 的類型。和加載鏈接，那部分。
What's the expectation is that it's plausible?
它的合理性期望是什麼？
We could just keep moving sideways sort of sequentially for some time and maybe just frame it as you see it now, how much of foundry and the freight matching business has come down in 2024?
我們可以在一段時間內繼續橫向移動，也許就像你現在看到的那樣，到 2024 年，有多少代工和貨運匹配業務會下降？
So I'll take the first part and so on the ACA load Lynch on track with intangible that we've changed our word choice this call will be stabilizing.
所以我將採取第一部分，等等 ACA 加載林奇無形的軌道，我們已經改變了我們的用詞選擇，這次電話將穩定。
So it is very much a stabilized market.
所以這是一個非常穩定的市場。
We anticipate for until we see anything either stable or going to be of dispositions from a tonnage or load volumes that are doing over and over the roads and to the network.
我們預計，直到我們看到道路上和網路上的噸位或負載量穩定或即將發生變化為止。
That said, JT. does have a from a pathway to plan a high high competence plan to return to some modest levels of growth next year with no assumed improvement in carrier network participation of their packaging priced.
也就是說，JT.確實有一個途徑來規劃一個高水平的計劃，以在明年恢復到一定程度的增長，而假設運營商網絡參與其包裝價格的情況沒有改善。
And so we'll have, like I said, some modest growth of GATTEX here that we have a further a high degree of confidence heading into our AOP sessions that that would occur.
因此，正如我所說，我們在這裡的 GATTEX 將會有一些適度的成長，我們對進入 AOP 會議時會發生的情況更有信心。
Next wells, they'll bounce rate.
下一口井，他們會跳出率。
It's just the waiting for the post-production that unemployment to return to its historical levels.
只是等待後期生產，失業率才會恢復到歷史水準。
I think about 15% below pre-pandemic pre-strike, I should say employment levels of post the production that will just need the content is being produced is a set of metrics really through the pipelines, and that will be sometime in 2025.
我認為比大流行前罷工前低約 15%，我應該說，只需要製作內容的後期製作的就業水平是一組真正通過管道的指標，這將在 2025 年的某個時候實現。
So it's definitely taken a few quarters longer than we anticipated earlier this year.
因此，這肯定比我們今年早些時候的預期要長幾個季度。
Yes, Ed West sorry, Frank matches down sort of low singles for this year.
是的，艾德韋斯特抱歉，弗蘭克今年的比賽成績較低。
I think we definitely think for us in general that the Q3 is the low point for us.
我認為我們肯定認為第三季是我們的最低點。
And then that will start to trend up, as Neil said, 500, fourth quarter and then into next year.
然後，正如尼爾所說，第四季將達到 500 家，然後進入明年。
And the pacing just dependent on a sort of the market momentum there on foundry has been down double digits this year, and that's been pretty consistent throughout the year.
而僅依賴代工市場動力的步伐今年已經下降了兩位數，而且這一情況全年都非常穩定。
So we expected a little bit more of a recovery in the second half of this year.
因此，我們預計今年下半年會出現更多復甦。
But as Neil said, it's a little bit longer.
但正如尼爾所說，它有點長。
So here because we think about the trends for next year, I think the first quarter, just to remind you, we had called out I may change a sort of sort of one-time item this year.
所以在這裡，因為我們考慮明年的趨勢，我想是第一季度，只是提醒您，我們已經說過我今年可能會改變某種一次性項目。
So beyond that, we expect steady growth Anno into next year for the segment.
因此，除此之外，我們預計該領域明年將穩定成長。
Thanks very much.
非常感謝。
My follow-up switching tech, maybe to the EBITDA margins, AT & TEP. and sales have been sort of down year on year for a few quarters.
我的後續轉換技術，可能是 EBITDA 利潤率，AT & TEP。幾個季度以來，銷售額較去年同期有所下降。
You've mentioned the production issues with supply chain efficiency sort of moving around as we look ahead of that EP., kind of what's the confidence that margins can return to year-on-year expansion in the coming quarters?
您提到，當我們展望該EP時，供應鏈效率的生產問題在某種程度上發生了變化，對未來幾季利潤率恢復年比擴張的信心有多大？
No, you're right.
不，你是對的。
I mean the second and third quarter, we had your call last year, we had some big supply chain liberation farm-in product businesses in our product businesses.
我的意思是第二和第三季度，我們去年接到了你們的電話，我們的產品業務中有一些大型供應鏈解放農場產品業務。
Side of this year were down a little bit in the eyes down on had a little bit of negative mix.
今年的一面有點向下，眼睛向下有一點負面的混合。
And we're obviously investing for growth there just because it's always been a consistent settled digit grower for us.
顯然，我們在那裡投資是為了成長，因為它對我們來說一直是一個穩定的數位成長者。
Orders continue to invest in India.
訂單繼續投資印度。
But I think for the year, just thinking broadly, we're going to be flat EBITDA margin.
但我認為，從廣泛的角度來看，今年我們的 EBITDA 利潤率將持平。
And so so it should inflect back up in the fourth quarter.
因此，它應該會在第四季回升。
Great.
偉大的。
Thank you.
謝謝。
Your next question comes from Terry Tillman with Truist Securities.
您的下一個問題來自 Truist Securities 的 Terry Tillman。
Your line is now open.
您的線路現已開通。
Yes, thanks.
是的，謝謝。
Hi, Neil.
嗨，尼爾。
Jason, exact data at my primary questions is actually on the enterprise software bookings.
傑森，我的主要問題的確切數據實際上是企業軟體預訂的數據。
I think you said double digits up from high single digits.
我認為你說的是從高個位數上升到兩位數。
I don't know what you could share in terms of what kind of budget flush you're looking for for 4Q.
我不知道您在第四季度尋求什麼樣的預算充裕方面可以分享什麼。
I assume there is some of that.
我想有一些這樣的情況。
So if you could make it either a comment on that or just more importantly, it's the bookings are picking up.
因此，如果您可以對此發表評論，或者更重要的是，預訂量正在增加。
Do you think there's potentially an inflection in the first half next year or second half?
您認為明年上半年或下半年可能會出現轉折點嗎？
Just depending on how some of that activates the revenue?
僅僅取決於其中一些如何激活收入？
And then I had a follow-up.
然後我進行了跟進。
Yes.
是的。
Provide some color there, Terry.
在那裡提供一些顏色，特里。
I mean, I think you're right, the federal court system, not necessarily a budget flush is probably more customer behavior is typically our biggest quarter.
我的意思是，我認為你是對的，聯邦法院系統不一定是預算充裕，可能更多的是客戶行為通常是我們最大的季度。
So we'll probably see a team to see how that plays out.
所以我們可能會看到一個團隊來看看效果如何。
The last couple of quarters have been strong.
過去幾季表現強勁。
And I think just a little bit of color that you mentioned that Adaptec, Yell.com enterprise got a little bit better.
我認為您提到的 Adaptec、Yell.com 企業的一點色彩變得更好了。
So we think about what happened from Q2 to Q3.
所以我們想想從第二季到第三季發生了什麼事。
That was a little bit of the delta.
那是三角洲的一小部分。
Also, Vertafore was really strong specifically in the carrier space.
此外，Vertafore 在航空母艦領域確實非常強大。
I'm also had good broker expansions, but carriers is that an area that has been a focus for them.
我也有很好的經紀商擴張，但營運商是他們一直在關注的領域。
So good to see some new logo wins there.
很高興看到一些新標誌在那裡獲勝。
And then as it has been really strong as we'd mentioned, but it's really good to see the balance of both expansion of existing customers in this new logo wins out with their see our cloud product.
正如我們所提到的，它非常強大，但很高興看到這個新徽標中現有客戶的擴展與他們看到的我們的雲端產品的平衡勝出。
So it's good to see that there continue to win in the market with new logos and innovating, we think about the phone.
因此，很高興看到新標誌和創新繼續贏得市場，我們想到了手機。
But it's going to be important, as I mentioned it in terms of how that plays into next year and sort of how that will that translate into revenue.
但這將很重要，正如我在明年如何發揮作用以及如何轉化為收入方面所提到的那樣。
But we're encouraged by what we saw the last couple of quarters.
但我們對過去幾季的情況感到鼓舞。
Yes, we are a stylistic.
是的，我們是風格家。
We continue to have enterprise companies that have it will matriculate into revenue and next year, the timing of waste events of implementation timeframes and customer base.
我們繼續有擁有它的企業公司將計入收入和明年的實施時間框架和客戶群的浪費事件的時間。
But yes, it's definitely that's right and that we're watching carefully.
但是，是的，這絕對是正確的，我們正在仔細觀察。
That's good to hear.
很高興聽到這個消息。
And just my secondary question, Neil, you commented earlier when it when you get into kind of business level commentary and kind of talent management that you make, I think you talked about ProCare and frontline, I guess kind of what drove kind of some changes there are things that go to market is the idea that, hey, they're doing well, but they could be doing even better?
我的第二個問題是，尼爾，您之前評論過，當您進行業務層面的評論和人才管理時，我想您談到了 ProCare 和前線，我想這推動了一些變革有些東西進入市場的想法是，嘿，他們做得很好，但他們可以做得更好嗎？
Or just maybe you could double-click a little bit into the ProCare and frontline and what to expect with some of those leadership changes?
或者，也許您可以雙擊進入 ProCare 和前線，以及對其中一些領導層變化有何期待？
Thank you.
謝謝。
Sure.
當然。
So further two different things.
還有兩個不同的事情。
So I'll start with ProCare.
所以我將從 ProCare 開始。
So broker, we identified in our diligence process that there's an opportunity to welcome to improve modernize, wherever were to issue uptick on the go-to-market functions.
因此，經紀人，我們在盡職調查過程中發現，無論在何處提高上市功能，都有機會改善現代化。
And so within a couple of months of ownership, by the way we share those deals is finding value creation lever with the leadership team approach where they agreed with that, we made a leadership change of like what's happening there.
因此，在所有權的幾個月內，我們分享這些交易的方式是透過領導團隊的方法來尋找價值來創造槓桿，在他們同意的情況下，我們進行了領導層的變更，就像那裡正在發生的那樣。
Obviously, with the leadership change in go-to-market for ProCare, which was an internal promote somebody from within the Company from the UK, started attacking the underlying opportunities, which logistics of lead generation opportunity.
顯然，隨著 ProCare 進入市場的領導層發生變化，這是公司內部來自英國的某人的內部晉升，開始攻擊潛在的機會，即潛在客戶生成機會的物流。
There's a way they actually staff the call that's laid it out, but it obviously and business development closers, there's a compensation, again, goal.
他們實際上有一種方法來為電話會議安排人員，但顯然，隨著業務發展的臨近，還有一個補償目標。
There's there's call scripts around attach rates and enough Sterling's all that is happening and and were both fixed very early days, but just starting to gain some encouragement sort of start to yield some fruit so that they get a job at finding very Thoratec pretty quickly from simply different through our existing a leader retires or is it are indicated he will retire.
有關於附加費率和足夠的斯特林的所有正在發生的呼叫腳本，並且都在很早的時候就得到了修復，但剛剛開始獲得一些鼓勵，開始產生一些成果，以便他們很快就能找到非常Thoratec 的工作只是與我們現有的領導者退休或表明他將退休不同。
So we had an opportunity with master as we have long history with, as I mentioned, the higher that came to the organization to go to market with either Deltec that a wonderful job there than we first see opportunity.
因此，我們有機會與大師合作，因為我們有悠久的歷史，正如我所提到的，進入該組織的高級人員與 Deltec 一起進入市場，那裡的工作比我們第一次看到的機會更好。
It was the construction index, just a terrific job in terms of the way the business is run with very much run it at Roper style, and it's very growth oriented leader.
這是建立指數，就業務運作方式而言，這是一項非常棒的工作，非常以羅珀風格運營，而且它是一個以成長為導向的領導者。
And so given that Frontline is one of our more attractive growth assets, we wanted a growth leader there.
因此，鑑於 Frontline 是我們更具吸引力的成長資產之一，我們希望在那裡有一位成長領導者。
And it's very early days of 82 months into the data or something like that at Frontline bottom end of the type of that is CFO, ConstructConnect, but broadly became the CEO ConstructConnect ended and head of FP&A became the CFO of constructing an extra from enterprise risk perspective, we're able to have sort of promote rotate leaders.
數據還處於 82 個月的早期階段，或者類似的 Frontline 底端類型是 CFO、ConstructConnect，但大致上成為了 CEO，ConstructConnect 結束了，FP&A 負責人成為了從企業風險中構建額外的 CFO。看，我們可以進行某種程度的輪調領導。
And higher Rover is actually outside hires that have been a leader in that business versus the CEO, one of our larger businesses.
更高的羅弗實際上是外部僱員，他們一直是該業務的領導者，而不是我們較大業務之一的執行長。
So that's a win-win for the organization and individuals.
因此，這對組織和個人來說是雙贏的。
That's great.
那太棒了。
That's very helpful.
這非常有幫助。
Thanks.
謝謝。
My pleasure.
我的榮幸。
Your next question comes from Scott Davis with Melius Research.
您的下一個問題來自 Melius Research 的 Scott Davis。
Your line is now open.
您的線路現已開通。
Hey, good morning, guys.
嘿，早上好，夥計們。
We're going to come up when it just it is a little bit of a high-level question, but there was a lot of price in the last couple of years, not just you guys pretty much everybody out there, but have you found any any harder to get price incrementally?
當它只是一個有點高級的問題時，我們會提出這個問題，但在過去的幾年裡，價格上漲了很多，不僅僅是你們，幾乎每個人都在，但是你發現了嗎？更困難？
Are we back to kind of more normal when you walk into 2025, for example, would be back to kind of the more normal price increase cadence, particularly software, obviously.
例如，當你走進 2025 年時，我們是否會回到更正常的價格上漲節奏，尤其是軟體，顯然。
But but just high-level picture, what do you see there?
但這只是高層次的圖片，你在那裡看到了什麼？
So I would say this, I would assume because you asked the price question a few years ago as well.
所以我會這麼說，我假設是因為幾年前你也問過價格問題。
So for us on software, we have always had a pricing mechanism in the air, our civil rights as a general matter, we treat it with 95 or so percent gross retention.
因此，對於我們軟體產業來說，我們一直有一個懸而未決的定價機制，我們的公民權利作為一個普遍問題，我們以 95% 左右的毛保留率來對待它。
It's organic Ctrip, five or so percent.
是攜程有機的，百分之五左右。
We're going to offset the vast majority of that each business unit level with prices just in the algorithms into price expectation with the customers is in what we do from a new product feature point of view.
我們將從新產品功能的角度出發，用演算法中的價格來抵銷每個業務部門層級的絕大多數價格，以達到客戶的價格預期。
But with the with the R&D efforts were support that obviously of cross-sell upsell from their addition net retention, the one oh five, this range across the blended in our pricing, we've got that newer top of that, that I would say as of now muscle that as good as very well understood and built, we obviously get better in that example, we're getting better with that of over last year's and power plants like they didn't have that muscle bill validators, Bill.
但是，隨著研發工作的支持，交叉銷售的追加銷售顯然來自於他們額外的淨保留，一五，這個範圍混合在我們的定價中，我們已經得到了更新的頂部，我想說到目前為止，我們已經很好地理解和建立了肌肉，在這個例子中，我們顯然變得更好了，我們比去年的發電廠變得更好，就像他們沒有肌肉帳單驗證器一樣，比爾。
But I would say we didn't get outsized pricing and software and and so in the past.
但我想說的是，我們過去並沒有獲得過大的定價和軟體等等。
And so it's just revert due to normal on the tech businesses.
因此，由於科技業的正常發展，它只是恢復了。
I would say that's a little difference.
我想說這有一點差別。
Most of the businesses would take price when they launch new products.
大多數企業在推出新產品時都會定價。
Now there's more just a more normalized, the inflationary every year, 18 months or so up to the to pass the regular way inflation across.
現在有更多更正常化的通貨膨脹，每年18個月左右，直到以常規方式通貨膨脹。
Yes, typically metals products, you it's all about new products versus price just because you are sort of bound by some of that customer contracts with hospitals and the like.
是的，通常是金屬產品，一切都與新產品與價格有關，只是因為您受到與醫院等的一些客戶合約的約束。
But I think Bill's point on non-software, as it's been part of the rhythm for a long time, a lot of what we've done a strategic plan reviews is understand key purchasing criteria and really impacting data at a more detailed level for each of our businesses.
但我認為比爾關於非軟體的觀點，因為它長期以來一直是節奏的一部分，我們所做的許多戰略計劃審查都是了解關鍵的採購標準，並在更詳細的層面上真正影響每個數據我們的業務。
And that's helped them progressing to provide some confidence or just some insight into what the customer thinks about the value prop position.
這幫助他們提供了一些信心，或者只是提供了一些關於客戶對價值支撐立場的看法的見解。
And that's been helpful as well.
這也很有幫助。
Okay.
好的。
Yes, that makes a lot of sense.
是的，這很有意義。
Tests consistent with what you said a couple of years ago.
測試結果和你幾年前說的一致。
But hey, guys, it's just that a lot of debate as it relates to software around Part DAID. Gener today, I would.
但是，嘿，夥計們，這只是很多爭論，因為它與 Part DAID 相關的軟體有關。今天，我願意。
But I just wondered kind of your view now that you've had a chance to dig more into this and spend more time on it.
但我只是想知道你現在有什麼看法，因為你有機會深入研究這個問題並花更多的時間。
And certainly in your slide decks and you're and you're launching products, but just degenerative a I essentially you raise the barrier to entry because you have the relationship with the customer already and you can you can shore or your your time to market on product innovation?
當然，在你的幻燈片中，你正在推出產品，但只是退化，本質上你提高了進入壁壘，因為你已經與客戶建立了關係，你可以支持或你的上市時間關於產品創新？
Or or is it the opposite and people can come in with a lower priced product easier because just the development cycle has somewhat shorter.
或者相反，人們可以更容易獲得價格較低的產品，因為只是開發週期稍微縮短了。
How do you guys think about that?
你們對此有何看法？
I think it's very much so for the first.
我認為首先是這樣。
So it is pretty indicative of what were the first of all, the highest level.
所以它很能說明什麼是第一個、最高的層次。
It's a real things are definitely I think the whole market is it sort of the trough of disillusionment, if you will have a high zero, the reality is starting to catch up with a high, I would say the number, the number of new use cases that are gains created, I think just not only for Roper, Butler read externally is slowing, but we're very much advancing the existing use cases, whether it's internal productivity or customer-facing products.
這是一個真實的事情，我認為整個市場是一種幻滅的低谷，如果你有一個高零，現實正在開始趕上一個高，我會說數量，新使用的數量我認為，不僅僅是Roper、 Butler 的外部閱讀正在放緩，我們正在大力推進現有用例，無論是內部生產力還是面向客戶的產品。
Thus far with remind you that everybody that from a why we think this is an accelerator, a sort of raises the of the barriers to entries to do generally they I think you have been at two things.
到目前為止，我提醒大家，從我們為什麼認為這是一個加速器的角度來看，在某種程度上提高了進入門檻，我認為你們已經做了兩件事。
Well, right in our Quest Software businesses are naturally positioned better than others.
嗯，我們的 Quest Software 業務自然比其他業務定位得更好。
In regards to these two questions.
關於這兩個問題。
The first is you need to have already elements savers questions.
首先，您需要已經有元素保存問題。
You need to have that data from that.
您需要從中獲得該數據。
It is very, very specific to what the question is.
這是非常非常具體的問題。
You're answering the north.
你回答的是北方。
So the Inova question to ask again more new, what's the question that was the general tools are out there.
因此，Inova 再次提出了更多新問題，通用工具的問題是什麼。
You have a very simple example.
你有一個非常簡單的例子。
We have ever illegals a software business that is the ERP backbone for large law firms, right?
我們曾經違法過作為大型律師事務所 ERP 骨幹的軟體業務，對嗎？
Professional services, project base building.
專業服務，工程基地建設。
The question is not how you create a professional base, Phil, it's how you create a how does how does law firm a creative compliant bill for Roper Technologies, right.
菲爾，問題不在於你如何建立一個專業基礎，而是你如何為羅珀科技公司製定一份創意合規法案，對吧。
And certain very specific bespoke question.
以及某些非常具體的客製化問題。
The nuance question is where the journey of tools really, really shines.
細微差別的問題是工具之旅真正真正閃耀的地方。
So unless you've had the incumbency really matters in that regard.
因此，除非你已經任職，否則在這方面確實很重要。
So it's not about the DoD making develop software as fast or faster than any startup in Biloxi software from a general point of view.
因此，從一般角度來看，這並不是國防部讓軟體開發速度比 Biloxi 軟體中的任何新創公司都快或更快。
But we have incumbency in the data privacy, verticalized software businesses generally and the accompanying the data and the specific questions or wish to sort of ask you to ask if you will.
但我們在資料隱私、垂直化軟體業務以及隨附的資料和具體問題方面負有責任，或希望您詢問是否願意。
So that's good color and context.
所以這是很好的顏色和背景。
Thanks.
謝謝。
Good luck, guys.
祝你好運，夥計們。
Appreciate it.
欣賞它。
Thanks.
謝謝。
Your next question comes from Steve Tusa with JPMorgan.
您的下一個問題來自摩根大通的史蒂夫·圖薩。
Your line is now open.
您的線路現已開通。
Hi, good morning.
嗨，早安。
And just on the and again, following up on Julien's question on the SaaS business for next year.
就這樣，再次跟進 Julien 關於明年 SaaS 業務的問題。
And so you which businesses are, you know, accelerating?
那麼您知道哪些業務正在加速發展？
And how much of a headwind is that MHAMHA. on benefit in the first quarter?
MHAMHA 是多麼大的逆風。第一季效益如何？
And then will you be able to kind of get into that mid single digit range for that business next year?
那麼明年你的業務能否達到中個位數的水平？
So I think, Steve, I think we want to stop short of even implying any guidance in the next year.
所以我認為，史蒂夫，我認為我們不想在明年暗示任何指導。
What I would say just broadly across the enterprise is we like the Linden and we're seeing enterprise software bookings step in Zacatecas normalized a pretty normalized 2024 year from which to grow.
我想說的是，在整個企業範圍內，我們喜歡 Linden，我們看到薩卡特卡斯的企業軟體預訂在 2024 年開始正常化，並開始成長。
You've seen every accelerations heading into Q4.
您已經看到進入第四季度的每一次加速。
We expect that Q4 trends Acaria the 25, but I think we wanted to sort of stop there and shortage of issuing guidance next quarter.
我們預計第四季度 Acaria 的趨勢是 25，但我認為我們想就此止步，下季發布指導意見不足。
That's right.
這是正確的。
I think I've had a JV can call that as a company may say, in Q1 is a couple of points of drag.
我認為我有一家合資企業可以稱之為公司可能會說的那樣，在第一季有幾個阻力點。
And lastly on cash on obviously really strong result here seasonally stepped-up or how does it now behave seasonally in Q4?
最後，關於現金，顯然非常強勁的業績季節性上升，或者現在第四季的季節性表現如何？
Last year you were down, but not now not by much like basically kind of flat to down.
去年你的表現是下降的，但現在情況並非如此，基本上是持平到下降。
Is that kind of the new seasonality?
這是新的季節性嗎？
Was there something unusual in Q4?
第四季有什麼不尋常的事情嗎？
Maybe just help us with the seasonality because it's definitely a different benefit in the past given the frontline?
也許只是幫助我們解決季節性問題，因為考慮到前線，這在過去絕對是不同的好處？
Yeah, cable used to be our strongest and now it looks at Q. three is our strongest.
是的，cable曾經是我們最強的，現在看看Q.3是我們最強的。
I think it will be we will see quite the same increase in the foreign cars.
我認為我們將會看到外國汽車同樣的成長。
We did the third up, assuming that transact came in as so that was helpful, but that they have that option, obviously, their strongest collections quarter as well.
我們做了第三個，假設交易進來了，所以這是有幫助的，但他們有這個選擇，顯然，他們也是最強的收藏季度。
So they'll be up but not as much as Q3 and Q4.
所以它們會上漲，但不會像第三季和第四季那麼高。
Got it.
知道了。
Sir, one more just on Vertafore.
先生，Vertafore 上還有一篇。
I didn't I didn't see it in the slides on any updates there.
我沒有在幻燈片中看到任何更新。
Silver forehead.
銀額頭。
I think Jason mentioned in his prepared remarks, they had a couple very, very nice wins in the quarter.
我認為傑森在他準備好的演講中提到，他們在本季度取得了幾場非常非常好的勝利。
You can't really talk about quite yet, but we will be able to also they had have a very impactful products are these and they have a product called benefit point, which is the leading product for sort of managing the medical and health insurance book and the automation feature that saves like 45 minutes per customer per acre safe and permit important benefit plans.
你還不能真正談論，但我們也可以他們有一個非常有影響力的產品，他們有一個叫做福利點的產品，這是管理醫療和健康保險賬簿的領先產品自動化功能可為每個客戶每英畝安全節省45 分鐘，並允許制定重要的福利計劃。
So this is this is tens of thousands of hours of productivity that were that were sort of given to our customers is a huge relief.
所以這就是數萬小時的生產力，對我們的客戶來說是一種巨大的緩解。
They work on this for quite a bit.
他們在這方面做了相當多的工作。
So live, what's happening with new product development point of view, a couple of exciting wins and steady as she goes.
那麼，從新產品開發的角度來看，正在發生什麼，一些令人興奮的勝利，並且她的進展穩定。
Congrats on the cash.
恭喜拿現金了
Thanks to do that.
謝謝你這麼做。
Your next question comes from Joe Giordano with Cowen.
你的下一個問題來自喬·佐丹奴和考恩。
Your line is now open.
您的線路現已開通。
Hey, guys, good morning.
嘿，夥計們，早安。
Cratering state.
彈坑狀態。
So on Neptune is good to hear the production issues have been fixed.
因此，在海王星上，很高興聽到生產問題已解決。
Just curious like we've been hearing some kind of mix, I guess about order patterns in that business.
只是好奇，就像我們聽到某種混合一樣，我猜想是關於該行業的訂單模式。
I know almost everyone in that sector had like huge order for a multi-year period and backlogs are really high.
我知道該行業的幾乎每個人都在多年的時間內收到了巨額訂單，而且積壓訂單非常高。
Are you getting any sense of like changing like an incoming flow from like a new new booking standpoint for Neptune?
您是否感覺到像海王星的新預訂角度一樣，流入流量發生了變化？
I would say it's was very much what we expect and what are you just described.
我想說，這正是我們所期望的，也是您剛才所描述的。
And so during the pandemic, I mean, pre pandemic, this was a 48 week lead time business.
因此，在大流行期間，我的意思是，在大流行之前，這是一項 48 週的交貨期業務。
Very much of may have very much a book-and-ship type business.
其中許多可能擁有圖書和運輸類型的業務。
During a during COVID.
在新冠肺炎期間。
We got our lead times gapped out maybe 12 or 14 weeks, but we've got a deal 12, 18 months of backlog order the order activity.
我們的交貨時間可能有 12 或 14 週的差距，但我們的訂單活動有 12、18 個月的積壓訂單。
And now that order of duration is compressing.
現在，持續時間正在壓縮。
But the number the order volume, if you order repeat orders, are not.
但訂單量的數字，如果重複下單，則不然。
So we're not it's just a instead of looking at your out there looking and whatever six new customer bookings six to nine months after that border of duration is coming in as expected.
所以我們不只是看看你在外面的情況，無論六到九個月後的六到九個月的新客戶預訂是否按預期進入。
But yet, but nothing again, for competitive purposes, nothing from a from a number of meters that are being shipped to an account by account basis as all healthy.
但是，出於競爭目的，從按帳戶運送到帳戶的多個儀表中沒有任何東西是健康的。
Yes, that makes sense.
是的，這是有道理的。
Just curious of any of your businesses like if you when you talk to the leaders or any of them like super excited or super nervous one way or another about the election outcome, Mike, I don't think and maybe it Deltec and excited about the potential like an inflationary kind of sending three from the government like this.
只是對您的任何企業感到好奇，就像您在與領導人或他們中的任何人交談時是否對選舉結果感到超級興奮或超級緊張，邁克，我不認為，也許德爾特克對選舉結果感到興奮像這樣從政府派遣三人的通貨膨脹的可能性。
And I guess, across the portfolio at anything that you call out one way or any other as a general matter?
我想，在整個投資組合中，你以某種方式或任何其他方式提出的任何事情？
I'd say we're a political and no.
我想說我們是政治家，但不是。
I mean, we're not we're not really impacted the positive and negative by by either the administration relative to Delta.
我的意思是，我們並沒有真正受到與達美航空相關的政府的正面和負面影響。
I want to remind you and others is that the government always spins the administration determines the nature of the spend 30 go way back in the bush aerospace, defense and Obama was education, healthcare.
我想提醒你們和其他人的是，政府總是在旋轉，政府決定了支出的性質。
And so the stent flow changes by the government contracts and dispositions or capabilities, order flow of the federal spending is going.
因此，支架流量會因政府合約和配置或能力而變化，聯邦支出的訂單流量也會改變。
And so that's a relatively that's just what their businesses, I would say for two 25 to 25 appropriations are actually pretty well understood at this stage and aren't going to change based on the election.
因此，這就是他們的業務，我想說的是，對於兩項 25 至 25 的撥款，現階段實際上已經很好理解，並且不會根據選舉而改變。
And that's why I think we're starting to see some of the enterprise direct contracting activity starting to talk a little bit, at least for the IB, your target of, if you will, as Pro relatively well understood.
這就是為什麼我認為我們開始看到一些企業直接簽約活動開始談論一點，至少對於IB來說，如果你願意的話，你的目標是，正如專業人士相對較好理解的那樣。
Great.
偉大的。
Thanks, guys.
謝謝，夥計們。
Yes, thanks.
是的，謝謝。
Your next question comes from Joe Ritchie with Goldman Sachs.
您的下一個問題來自高盛的喬·里奇。
Your line is now open.
您的線路現已開通。
Hey, good morning, guys.
嘿，早上好，夥計們。
So my first my first question, just a little bit longer term, Neil, is you had these ambitions to grow the portfolio at a faster clip over the longer term period?
所以我的第一個問題是，從長遠來看，尼爾，您是否有這些雄心壯志，希望在較長時期內以更快的速度成長投資組合？
Do you think you have the right portfolio in place?
您認為您擁有合適的投資組合嗎？
Or is there maybe some addition by subtraction to help you kind of the key the investment that may be more of like a high single digit type organic growth number going?
或者是否有一些加減法可以幫助您確定投資的關鍵，這可能更像是高個位數類型的自然成長數字？
Howard, I think we the portfolio like we think that there is some we have high confidence.
霍華德，我認為我們對某些投資組合充滿信心。
There's opportunity for every Business Insider Rover to do better.
每個 Business Insider Rover 都有機會做得更好。
No company has reached its full potential for a regulatory or its organic growth.
沒有一家公司能夠充分發揮監管或有機成長的潛力。
What we like about our approach over organic growth is it tends to be quite sticky and sustainable.
我們喜歡有機成長的方法是它往往具有相當的黏性和可持續性。
The downside is it takes time, right?
缺點是需要時間，對嗎？
There's no that doesn't happen in a year.
一年之內沒有什麼不會發生的。
And you know, we cited the on our investor day, all sites here in the for example, for us in SAP as our maritime business of eight or nine years ago was a low-single digit growth business now at the low 10s, maybe higher growth business, we think sustainably for quite some time, it takes it just unfortunately, it takes time to get the strategy right to enable the strategy to build the talent office to the CD and DVD, if you have a culture of continuous improvement were four or five years at across the portfolio for that.
你知道，我們在投資者日引用了這裡的所有網站，例如，對於 SAP 來說，八九年前我們的海事業務是一個低個位數增長的業務，現在處於 10 多歲左右，甚至更高成長業務，我們認為永續發展相當長一段時間，這需要時間，只是不幸的是，需要時間來製定正確的策略，以使策略能夠建立CD 和DVD 的人才辦公室，如果你有持續改進的文化的話，四或整個投資組合五年。
And so we're definitely gaining some traction, but to what we like our odds in terms of able improved organic growth.
因此，我們肯定會獲得一些吸引力，但就我們所希望的而言，我們有可能改善有機成長。
In addition, as I mentioned, I think you will, and that was definitely one of the early in the first question today is, as we deploy our capital were definitely tilting towards slightly higher growth businesses, Black Widow, transaction, bio Seaboard, high singles growth here to 10s.
此外，正如我所提到的，我認為你會的，這絕對是今天第一個問題中的早期問題之一，當我們部署我們的資本時，肯定會傾向於增長稍高的業務，黑寡婦，交易，生物海岸，高成長業務單打成長到10秒。
So there's going to be a little bit of mix up over time in terms of the portfolio.
因此，隨著時間的推移，投資組合將會出現一些混亂。
Got it.
知道了。
That makes a lot of sense.
這很有意義。
And maybe just following up on that last point, with your leverage now around three times net leverage and fees, recognize that the pipeline that for Friday, you expect to see any pause in M&A activity as you delever and then start to get a little bit more opportunistic?
也許只是跟進最後一點，你的槓桿現在約為淨槓桿和費用的三倍，認識到週五的管道，你預計會看到併購活動暫停，因為你去槓桿化，然後開始得到一點更加機會主義？
Or or or could you see yourself doing transactions in the next?
或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者或者您可以看到自己在接下來進行交易嗎？
You know, in the near term, call it the next three to six months.
你知道，在短期內，稱之為未來三到六個月。
I mean the those Jason alluded, we've got the oh four billion-plus of M&A capacity as we sit today.
我的意思是 Jason 提到的，我們今天擁有超過 40 億美元的併購能力。
Over the course of the next 12 months or so.
在接下來的 12 個月左右的時間內。
We're very active in M&A markets if it's a very attractive market.
如果併購市場非常有吸引力，我們就會非常活躍。
And there's lots of sellers, one of the largest Planters in the world, European sponsors on CNBC earlier this week and asked about what's the mantra that sell sell sell.
本週早些時候，有很多賣家、世界上最大的種植者之一、歐洲贊助商在 CNBC 上詢問銷售銷售的口號是什麼。
So there's a lot of a whole lot of LTE pressure for the FTI. matters a lot.
因此，FTI 面臨很大的 LTE 壓力。很重要。
And so there's essentially a still three or four years worth of deals that are compressing here next year, the next year or two.
因此，明年、後一兩年，基本上還有三、四年的交易會被壓縮。
And so it's a very attractive market and we plan to be active in that front.
因此，這是一個非常有吸引力的市場，我們計劃在這方面積極參與。
Great.
偉大的。
Okay.
好的。
Thank you.
謝謝。
From Christopher Glynn with Oppenheimer.
來自克里斯托弗·格林和奧本海默。
Your line is now open.
您的線路現已開通。
Yes, thanks.
是的，謝謝。
Was going to ask also about the deal dynamics out there.
我還想詢問那裡的交易動態。
You answered the supply side on the demand side.
你從需求方面回答了供給方面。
Is that still very favorable to where you see and, you know, diluted buyer activity per deal in terms of the competitive intensity on a per diem basis?
這對您所看到的情況是否仍然非常有利，並且您知道，就每日競爭強度而言，每筆交易的買家活動被稀釋了？
That's the question.
這就是問題所在。
It's hard to ultimately nobody knows what was called out that we did transact deal on a proprietary basis.
最終很難沒有人知道我們在專有基礎上進行交易的原因。
I would say that our M&A teams are engaged in BCA board proprietary or qualified proprietary opportunities.
我想說的是，我們的併購團隊正在從事 BCA 董事會專有或合格的專有機會。
And I can recall quite some time.
我還記得很長一段時間。
But yes, I think it is until we got those are facts.
但是，是的，我認為直到我們得到這些事實為止。
I think we're out speculate a little bit with so many opportunities that are going to come into the pipeline.
我認為我們對即將出現的眾多機會進行了一些猜測。
I think all I am going to be a little more discerning earlier processes which might lead to a little bit lower competitive intensity, but partner though that the absolute case.
我認為我將在早期流程中更加挑剔，這可能會導致競爭強度降低一點，但合作夥伴儘管這是絕對的情況。
Okay.
好的。
And then in terms of Deltec in the general gov con exposure at one of the stimulus in mega projects, a lot of that compliance hurdles are gaining that prostate tests.
然後就 Deltec 在大型專案刺激措施之一中的一般政府騙局曝光而言，許多合規障礙正在獲得前列腺測試。
Are you seeing any at increase least leading or some momentum in that?
您至少看到領先地位增加或有一些勢頭嗎？
And what's the implication for those platforms from 25.
25. 對這些平台有何影響？
But I would say the I would just refer back to we're talking about forward Goldcar.
但我想說的是，我只想回顧一下我們正在談論的前鋒 Goldcar。
It has been for six quarters.
已經連續六個季度了。
Slow is based on the uncertainty about how four to six quarters slow based on the uncertainty of the government spending, the operation of the government side.
緩慢是基於四到六個季度如何緩慢的不確定性，基於政府支出、政府方面運作的不確定性。
We saw some real issues here in the last quarter or two relative especially the enterprise class of some of the larger customers are starting to be acquisitive.
我們在過去一兩個季度看到了一些真正的問題，尤其是一些較大客戶的企業級客戶開始積極收購。
Again, Phil check the exact underpinnings of the drivers there.
菲爾再次檢查了驅動程式的確切基礎。
So that might be infrastructure, but some of it might be other things.
所以這可能是基礎設施，但其中一些可能是其他東西。
That's not at our specific for you.
這不是我們專門為您準備的。
Okay.
好的。
Thank you.
謝謝。
Thank you.
謝謝。
This concludes our question and answer session.
我們的問答環節到此結束。
We will now return back to Zach Moxy for any closing remarks.
現在我們將回到 Zach Moxy 發表結束語。
Thank you, everyone, for joining us today.
謝謝大家今天加入我們。
We look forward to speaking with you.
我們期待與您交談。
Is there any earning call?
有沒有賺錢的電話？
This concludes.
至此結束。
The conference has now concluded.
會議現已結束。
Thank you for attending today's presentation.
感謝您參加今天的演講。
You may now disconnect.
您現在可以斷開連線。