Roper Technologies Inc (ROP) 2024 Q4 法說會逐字稿

Good morning.

早安.

The Roper Technologies conference call will now begin.

羅珀技術公司電話會議現在開始。

(Operator instructions) I would now like to turn the call over to Zack Moxcey, Vice President of Investor Relations.

（操作員指示）現在，我想將電話轉給投資者關係副總裁 Zack Moxcey。

Please go ahead.

請繼續。

Good morning, and thank you all for joining us as we discuss the fourth-quarter and full-year 2024 financial results for Roper Technologies.

早安，感謝大家加入我們，討論Roper Technologies 2024 年第四季和全年財務表現。

Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer; Jason Conley, Executive Vice President and Chief Financial Officer; Brandon Cross, Vice President and Principal Accounting Officer; and Shannon O'Callaghan, Senior Vice President of Finance.

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；康利 (Jason Conley)，執行副總裁兼財務長；布蘭登‧克羅斯 (Brandon Cross)，副總裁兼首席會計長；以及財務資深副總裁 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。

The 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.

我們已準備好幻燈片來配合今天的電話會議，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.

現在請翻到第 2 頁。

We begin with our Safe Harbor statement.

我們先來看看安全港聲明。

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 filing.

在今天的電話會議中，我們將做出前瞻性陳述，這些陳述可能受到本頁、我們的新聞稿和美國證券交易委員會文件中所述的風險和不確定性的影響。

You should listen to today's call in the context of that information.

您應該根據這些資訊來聆聽今天的電話。

And now, please turn to page 3.

現在，請翻到第 3 頁。

Today, we will discuss our results primarily on an adjusted non-GAAP and continuing operations basis.

今天，我們將主要根據調整後的非公認會計準則和持續經營基礎討論我們的業績。

For the fourth quarter, the difference between our GAAP results and adjusted results consists of the following items: amortization of acquisition-related and tangible assets, transaction-related expenses associated with completed acquisitions, a charge related to the settlement of the power plan 2020 litigation matter, and lastly, financial impacts associated with our minority investments.

在第四季度，我們的 GAAP 結果與調整後結果之間的差異包括以下項目：收購相關和有形資產的攤銷、與已完成收購相關的交易相關費用、與 2020 年電力計劃訴訟事宜和解相關的費用，以及最後，與我們的少數股權投資相關的財務影響。

Reconciliations can be found in our press release and in the appendix of this presentation our website.

您可以在我們新聞稿中以及我們網站本簡報的附錄中找到對帳表。

Now, if you please turn to page 4, I'll hand the call over to Neil.

現在，請翻到第 4 頁，我將把電話交給尼爾。

After our prepared remarks.

在我們發表準備好的發言之後。

We'll take questions from our telephone participants.

我們將回答電話參與者的問題。

Neil?

尼爾？

Thank you, Zack, and thanks to everyone for joining our call.

謝謝你，扎克，也謝謝大家參加我們的電話會議。

We're looking forward to sharing our fourth-quarter and full-year results with you this morning.

我們期待今天上午與您分享我們的第四季度和全年業績。

As we turn to page 4, you'll see the topics we plan to cover today.

當我們翻到第 4 頁時，您將看到我們計劃今天討論的主題。

We'll start by highlighting our strong fourth-quarter and full-year 2024 financial and operating performance.

首先，我們重點介紹我們強勁的第四季度和 2024 年全年財務和營運業績。

We'll then go through results in greater detail, review our balance sheet, including our M&A capacity, and discuss our very impressive cash flow growth and performance.

然後，我們將更詳細地討論結果，審查我們的資產負債表，包括我們的併購能力，並討論我們令人印象深刻的現金流成長和績效。

Then we'll discuss our segment highlights and introduce our 2025 and Q1 guidance.

然後，我們將討論我們的分部亮點並介紹我們的 2025 年和第一季指導。

After closing remarks, we'll open up the call for your questions.

結束語後，我們將開始回答大家的提問。

So let's go ahead and get started.

那麼就讓我們開始吧。

Next slide, please.

請看下一張投影片。

As we turn to page 5, we want to highlight the three key takeaways for today's call.

當我們翻到第 5 頁時，我們想要強調今天電話會議的三個關鍵要點。

First, our cash flow growth was strong, once again, demonstrating our consistent and durable compounding capability.

首先，我們的現金流成長強勁，這再次證明了我們持續、持久的複利能力。

Second, we entered 2025 with improving momentum.

第二，我們以更好的勢頭進入2025年。

And third, we now have over $5 billion of acquisition firepower at a time when the M&A markets are becoming increasingly more attractive.

第三，在併購市場越來越具吸引力的背景下，我們現在擁有超過 50 億美元的收購實力。

Now, as it relates to our cash flow compounding capability, 2024 was another example of how our model works.

現在，就我們的現金流量複合能力而言，2024 年是我們的模型如何運作的另一個例子。

We grew revenue 14% in the year, which was nicely balanced between organic and inorganic contributions and deployed $3.6 billion towards market-leading vertical software businesses headlined by our acquisitions of Procare and Transact Campus.

我們全年的營收成長了 14%，在有機貢獻和無機貢獻之間取得了很好的平衡，並向以收購 Procare 和 Transact Campus 為首的市場領先的垂直軟體業務部署了 36 億美元。

Of note, our 2024 cohort of acquisitions not only meet all our historical criteria but also meets our higher growth and higher returns ambitions.

值得注意的是，我們 2024 年的收購不僅滿足我們所有的歷史標準，而且還滿足我們更高的成長和更高的回報目標。

As a result, we grew free cash flow 16% for the year, topping $2 billion for the first time in our history with free cash flow margins of 32%, another great year in our long history of cash flow compounding.

結果，我們全年的自由現金流成長了 16%，歷史上首次超過 20 億美元，自由現金流利潤率達到 32%，這是我們長期現金流複合史上又一個偉大的一年。

As we look at 2025, we're excited to talk through the positive momentum we're experiencing.

展望 2025 年，我們很高興談論我們正在經歷的積極勢頭。

First, we're seeing accelerating demand for mission critical solutions broadly across our businesses.

首先，我們發現整個企業對關鍵任務解決方案的需求正在成長。

Specifically, throughout 2024 our enterprise bookings accelerated, ending in the high-teens growth area in Q4.

具體來說，整個 2024 年，我們的企業預訂量加速成長，並在第四季度達到了高十幾歲的成長區域。

This bookings momentum, combined with consistently high gross and net retention, supports the continued growth and expansion and high singles area for a $4.6 billion base of software, recurring and reoccurring revenues.

這項預訂勢頭，加上持續的高毛利和淨留存，支持了軟體、經常性收入和經常性收入基礎持續增長和擴張以及高單打領域 46 億美元的增長。

Given this, we're initiating our 2025 total revenue guide to be north of 10%, with organic revenue growth in the 6% to 7% range, with adjusted depths between $19.75 and $20.

有鑑於此，我們預計 2025 年總收入將成長 10% 以上，有機收入成長在 6% 至 7% 之間，調整後深度在 19.75 美元至 20 美元之間。

On the capital employment front, our disciplined approach will greatly benefit our company and our shareholders this year.

在資本使用方面，我們嚴謹的做法將使我們的公司和股東在今年受益匪淺。

Specifically, we now have over $5 billion of available M&A firepower.

具體來說，我們現在擁有超過 50 億美元的可用併購資金。

This is particularly important given the backdrop of the current M&A market, one that is poised for high levels of deal activity over the next couple of years and more on this later.

鑑於目前併購市場的大背景，這一點尤其重要，未來幾年，併購市場的交易活動將十分活躍，下文將對此進行更多探討。

Great year, team, and look forward to seeing you at our leadership meeting next week.

團隊，今年過得非常愉快，期待下週的領導會議見到你們。

I'd like to ask everyone to turn to page 6 where we'll discuss our long-term growth algorithm.

我想請大家翻到第 6 頁，我們將在那裡討論我們的長期成長演算法。

In March of '23, we concluded our first ever Investor Day with the components of our long-term mid-teens cash flow growth algorithm as you see here on the left.

23 年 3 月，我們結束了有史以來的第一個投資者日，其中包含了長期中十幾歲現金流增長演算法的組成部分，如您在左側所見。

As you compare our ;24 performance on the right hand side of this, you'll note we're right in line with our strategy, namely posting 14% revenue growth, 41% core margin leverage, and adding 800 basis points of growth to our capital deployment capability.

當您將我們右側的 24 表現進行比較時，您會注意到我們完全符合我們的策略，即收入增長 14%、核心利潤率槓桿率增長 41%，並且資本配置能力增加了 800 個基點的增長。

This all yields 16% cash flow growth.

這一切帶來了16%的現金流成長。

Importantly, 2023's performance was quite similar with 15% revenue growth, solid operating leverage, and consistently good cash flow growth.

重要的是，2023 年的表現非常相似，營收成長 15%，經營槓桿穩健，現金流成長持續良好。

We execute our algorithm by running a dual threat offense, namely, first, driving consistent and improving levels of leveraged organic growth; and second, deploying the enterprise's capital towards the best ideas that we consistently cultivate and execute upon.

我們透過雙重威脅進攻來執行我們的演算法，即，首先，推動持續且不斷提高的槓桿有機成長水平；其次，將企業的資本投入在我們不斷培養和執行的最佳創意上。

Importantly, as we do this, we not only grow, but we improve the underlying quality of our enterprise and our portfolio across several dimensions, including growth, the level of recurring revenue, and asset intensity.

重要的是，當我們這樣做時，我們不僅會成長，而且還會從多個維度提高我們企業和投資組合的根本質量，包括成長、經常性收入水平和資產密集度。

In short, this is how our model works. 2024 is no exception, a year where our say-do ratio was quite high, and importantly, we have strong momentum heading into '25.

簡而言之，這就是我們的模型的工作方式。 2024 年也不例外，這一年我們的言出必行比例相當高，而且重要的是，我們進入 2025 年的勢頭強勁。

So with that, Jason, let me turn the call over to you so you can walk through our quarterly and full-year results.

因此，傑森，讓我把電話轉給你，以便你了解我們的季度和全年業績。

Jason?

傑森？

Thanks, Neil.

謝謝，尼爾。

Let's turn to page 7.

我們翻到第 7 頁。

We had an excellent finish to 2024 with Q4 being our highest revenue quarter of the year at 16%, bringing us to just under $1.9 billion.

我們在 2024 年取得了出色的成績，第四季度是我們今年收入最高的季度，增幅為 16%，收入達到近 19 億美元。

Acquisitions contributed a solid 9% as a full quarter of transactive going through along with sequential gains realized at Procare.

收購對整個季度的交易貢獻率為 9%，同時 Procare 實現了連續成長。

Organic revenue grew 7%, with our software segments coming in line with expectations.

有機收入成長了 7%，其中軟體部門的表現符合預期。

And our test segment, slightly outperforming as I'll discuss shortly.

我們的測試部分錶現略好，我稍後會討論。

EBITDA of $744 million was 13% over prior year and represented 39.6% of revenue.

EBITDA 為 7.44 億美元，比上年成長 13%，佔營收的 39.6%。

Core EBITDA margin, which excludes the impact from our 2024 acquisitions, was down 30 basis points compared to prior year.

核心 EBITDA 利潤率（不包括 2024 年收購的影響）較前一年下降 30 個基點。

Of note, some of our software businesses, mainly within our AS segment took $9 million of targeted and opportunistic restructuring actions, which they absorbed in the fourth quarter and which will better position these businesses going forward.

值得注意的是，我們的一些軟體業務（主要是 AS 部門內的業務）採取了 900 萬美元的有針對性和機會性重組行動，這些行動已在第四季度吸收了這些資金，並將使這些業務在未來處於更有利的地位。

DEPS of $4.81 was above our guidance range of $4.70 to $4.74 despite the costs associated with the restructuring.

儘管重組涉及成本，但每股盈餘 (DEPS) 為 4.81 美元，高於我們 4.70 美元至 4.74 美元的指導範圍。

So all in, a very good quarter.

整體來說，這是一個非常好的季度。

Now, we'll flip to page 8 where I'll briefly cover our Q4 segment performance.

現在，我們翻到第 8 頁，我將簡要介紹我們第四季的分部表現。

Application Software posted 24% revenue growth with an 18% contribution from acquisitions and 6% from organic growth.

應用軟體營收成長 24%，其中收購貢獻 18%，有機成長貢獻 6%。

Importantly, organic recurring and reoccurring revenue grew 8% in the quarter and the year led by double digit SaaS grow as customers move from on premise to the cloud.

重要的是，隨著客戶從本地轉移到雲端，本季的有機經常性收入和經常性收入成長了 8%，而今年 SaaS 的成長則以兩位數成長為主導。

EBITDA margin of 41.5% includes our 2024 acquisitions that come into Roper at lower margin but provide greater opportunity for margin expansion over time.

41.5% 的 EBITDA 利潤率包括我們 2024 年的收購，這些收購對 Roper 來說利潤率較低，但隨著時間的推移為利潤率擴大提供了更大的機會。

Core margin is 30 basis points over prior year on a comparative basis.

以比較基礎計算，核心利潤率比前一年高出 30 個基點。

Turning to Network Software.

轉向網路軟體。

Revenue growth of 3% was in line with expectations and an improvement over the last couple of quarters as our freight match business returned to growth.

3% 的收入成長符合預期，並且由於我們的貨運匹配業務恢復成長，過去幾季有所改善。

Neil will unpack the dynamics of 2025, but we expect the segment to post mid-single digit growth in the year with exit velocity above that range.

尼爾 (Neil) 將解析 2025 年的動態，但我們預計該領域今年將實現中等個位數成長，且退出速度將高於該範圍。

EBITDA margin here was a spectacular, 57.4% in the quarter.

本季的 EBITDA 利潤率非常高，達到 57.4%。

TEP finished strong with 12% revenue growth in the quarter.

TEP 本季營收成長 12%，表現強勁。

Verathon capped up a terrific year with record revenue EBITDA and cash flow.

Verathon 以創紀錄的收入、EBITDA 和現金流結束了輝煌的一年。

Also, Neptune had outstanding operational execution across both mechanical and ultrasonic product lines.

此外，Neptune 在機械和超音波產品線上都擁有出色的營運執行力。

And EBITDA margin here was 20 -- 120 basis points over prior year at 34.8%.

EBITDA 利潤率比去年同期高出 20-120 個基點，達到 34.8%。

All right.

好的。

Now, we'll turn to page 9.

現在我們翻到第 9 頁。

We'll look at the full-year results.

讓我們來看看全年業績。

All in all, this was a great year for Roper.

總而言之，對羅珀來說，這是偉大的一年。

We delivered on our long-term growth algorithm with mid-teens revenue and free cash flow growth.

我們實現了長期成長演算法，收入和自由現金流實現了中等程度的成長。

This is underpinned by a balanced contribution of acquisition and organic revenue growth, which combined, came in at 14% to print at just over $7 billion of revenue, a new milestone for Roper.

這是由收購和有機收入成長的平衡貢獻所支撐的，兩者合計成長了 14%，實現了略高於 70 億美元的收入，這是 Roper 的一個新里程碑。

Our disciplined capital deployment strategy generates consistent and repeatable performance, which has been demonstrated over time and is what our investors can expect going forward.

我們嚴謹的資本配置策略可產生一致且可重複的業績，這已得到時間的證明，也是我們的投資者未來可以期待的。

Organic growth is also repeatable and fortified, and we're well positioned for further improvement.

有機增長也是可重複和強化的，我們為進一步改善做好了準備。

As Neil mentioned, we ended the year with $4.6 billion of software recurring and reoccurring revenue that we expect to organically grow in the high-single digit range in 2025.

正如 Neil 所提到的，我們今年的軟體經常性收入和經常性收入為 46 億美元，我們預計到 2025 年這一數字將實現高個位數的有機成長。

Further, it's a good time to remind everyone that over 85% of our revenue is in the US, which limits currency and potential tariff risk while capturing domestic opportunities that lie ahead.

此外，現在是時候提醒大家，我們 85% 以上的收入來自美國，這限制了貨幣和潛在的關稅風險，同時抓住了未來的國內機會。

EBITDA of over $2.8 billion was 13% versus prior year, with EBITDA core margin consistent with the prior year.

EBITDA 超過 28 億美元，較上年成長 13%，EBITDA 核心利潤率與上年持平。

So clicking into margins and operating leverage a bit, core segment operating leverage was strong at 49% and including corporate G&A was 41%.

因此，稍微看一下利潤率和營業槓桿，核心部門營業槓桿率強勁達到 49%，包括企業 G&A 在內的營業槓桿率達到 41%。

We made significant progress in 2024 to build out expanded capital deployment and growth capabilities.

2024 年，我們在擴大資本部署和成長能力方面取得了重大進展。

So we see that continuing in 2025 but then moderating in 2026 and beyond with a return to leverage on corporate G&A.

因此，我們預計這種情況將在 2025 年持續下去，但在 2026 年及以後將會有所緩和，企業一般及行政管理方面的槓桿率將重新上升。

Most importantly, free cash flow was outstanding in 2024, as Neil had mentioned, coming in at nearly $2.3 billion and up 16% or $320 million over prior year with 32% free cash flow margins.

最重要的是，正如 Neil 所提到的，2024 年的自由現金流非常出色，達到近 23 億美元，比上年增長 16% 或 3.2 億美元，自由現金流利潤率為 32%。

We finished the year above expectations which positions us quite well going into 2025.

我們超越預期地完成了今年的業績，這為我們邁入 2025 年做好了良好的準備。

And just looking back since 2021, our free cash flow has compounded 14% if adjusted for one -- section 174 that went into effect in 2022.

回顧自 2021 年以來，如果根據 2022 年生效的第 174 條進行調整，我們的自由現金流複合增長了 14%。

We are really pleased with the steady and consistent growth in cash flow.

我們對現金流穩定、持續的成長感到非常高興。

And as we move forward, we expect free cash flow margins of 30% or more.

隨著我們的進步，我們預計自由現金流利潤率將達到 30% 或更高。

So beyond the numbers you see here, we see great things happening within Roper.

因此，除了您在這裡看到的數字之外，我們還看到 Roper 內部發生了偉大的事情。

We have significantly enhanced and expanded our capital employment team and processes.

我們顯著加強和擴大了我們的資本使用團隊和流程。

Additionally, our multi-year focus on talent is really taking shape as we're feeling the best business leaders in our history.

此外，我們多年來對人才的關注正在真正成形，因為我們正在感受到史上最優秀的商業領袖。

And now, we're starting to see those leaders hire great leaders.

現在，我們開始看到這些領導者聘請優秀的領導者。

This is resulting in more data-driven strategies and more deeply connected operating plans that give us confidence and long-term acceleration of organic growth.

這將產生更多數據驅動的策略和更深入的營運計劃，為我們帶來信心並加速長期的有機成長。

Reflecting on my 18 years with Roper, I can say this is a banner year for both strategic and operating progress.

回顧我在羅博公司的 18 年，我可以說這是策略和營運方面都取得進展的輝煌的一年。

Now, let's turn to slide 10 to discuss our balance sheet.

現在，讓我們翻到第 10 張投影片來討論我們的資產負債表。

As I mentioned earlier, Q4 free cash flow was better than expected with 15% growth over prior year.

正如我之前提到的，第四季的自由現金流好於預期，比去年同期成長了 15%。

Additionally, we exited our minority position in Certinia this quarter.

此外，本季我們退出了 Certinia 的少數股權投資。

As a reminder, Certinia is a professional services automation software company.

需要提醒的是，Certinia 是一家專業服務自動化軟體公司。

We partnered with PE firm, Haveli, to execute on a successful first chapter of a value creation plan.

我們與私募股權公司 Haveli 合作，成功執行了價值創造計畫的第一章。

And in exiting our position, we received $246 million of proceeds, which is a 2x multiple of our investment capital over a 14-month period.

在退出部位時，我們獲得了 2.46 億美元的收益，相當於 14 個月內投資資本的 2 倍。

So a terrific financial outcome and a great learning opportunity to apply as we look at businesses that have higher growth profiles and profitability improvement potential.

因此，當我們專注於具有更高成長前景和獲利能力提升潛力的企業時，這是一個極好的財務結果和一個很好的學習機會。

Thank you to the team at Haveli for the opportunity to partner and learn.

感謝 Haveli 團隊給予我們合作和學習的機會。

At quarter end, our net leverage was 2.6 times.

截至季末，我們的淨槓桿率為 2.6 倍。

And as of today, we have near full access to our $3.5 billion revolver.

截至今天，我們幾乎可以完全使用我們的 35 億美元左輪手槍。

So this, plus our strong projected cash flow, provides us with over $5 billion that we can deploy to high quality acquisition opportunities this year.

因此，加上我們強勁的預期現金流，我們將獲得超過 50 億美元的資金，可用於今年的高品質收購機會。

And just to note, 2024 market activity was a little quieter than we originally expected.

值得注意的是，2024 年的市場活動比我們最初預期的要平靜一些。

Despite this, we were able to deploy $3.6 billion for some great vertical market software businesses highlighted by Procare and Transact.

儘管如此，我們還是能夠向 Procare 和 Transact 等一些優秀的垂直市場軟體企業部署 36 億美元。

In 2025, we believe the log jam should break free from our direct conversations with PE sponsors, and from what many are stating publicly, there is a pressing need to provide liquidity to limited partners.

我們相信，到 2025 年，我們與 PE 發起人的直接對話將不再陷入僵局，而且從許多人公開表示的情況來看，迫切需要為有限合夥人提供流動性。

Therefore, we anticipate being very busy this year on the deal front.

因此，我們預計今年在交易方面會非常忙碌。

So with that, I'll turn it back over to Neil.

因此，我將把話題轉回給尼爾。

Thanks, Jason.

謝謝，傑森。

As we turn to page 12, let's review our Application Software segment.

當我們翻到第 12 頁時，讓我們回顧一下應用軟體部分。

Revenue for the year grew by 21% in total, and organic revenue grew by 6%.

全年總收入成長21%，有機收入成長6%。

EBITDA margins were 43%, and core margins improved 40 basis points in the year.

EBITDA 利潤率為 43%，核心利潤率全年提高了 40 個基點。

We like what we're seeing across the businesses and the segment.

我們對整個業務和細分市場的表現感到滿意。

From a market perspective, we exit '24 in a much improved state and enter 25 with momentum, which is highlighted by our second half organic bookings growing solidly in the double digits area.

從市場角度來看，我們在24年結束時狀態大有改善，並在25年進入強勁發展勢頭，其中突出的是下半年我們的有機預訂量穩步增長至兩位數。

In addition, the recurring revenue base and retention levels remain quite healthy here.

此外，這裡的經常性收入基礎和保留水準仍然相當健康。

Another thing we like across this segment is the amount of business and talent building that occurred throughout the year.

我們對這領域的另一點滿意之處是全年的業務和人才建設數量。

For example, Deltek made meaningful investments in their cloud tech stack, specifically with GenAI investments, and saw meaningful improvement in enterprise bookings during the second half of the year.

例如，Deltek 對其雲端技術堆疊進行了有意義的投資，特別是對 GenAI 的投資，並在下半年看到了企業預訂量的顯著改善。

Importantly, this all occurred during our planned and scheduled CEO succession from Mike Corkery to Bob Hughes.

重要的是，這一切都發生在我們計劃和安排的首席執行官從邁克·科克里（Mike Corkery）到鮑勃·休斯（Bob Hughes）的繼任期間。

Similarly, Aderant was super good throughout 2024 while furthering their product lead with meaningful GenAI deployments and cloud migration activity.

同樣，Aderant 在 2024 年表現非常出色，同時透過有意義的 GenAI 部署和雲端遷移活動進一步鞏固了其產品領先地位。

In 2024, Aderant was our leading net retention business, reflecting their strong market position, innovation capabilities, and strong customer intimacy.

2024 年，Aderant 是我們領先的淨保留業務，反映了其強大的市場地位、創新能力和強大的客戶親密度。

Vertafore was superb in delivering their enterprise capabilities to the largest customers in the market while seeing compelling and steady bookings throughout the year, leading to consistently strong ARR growth.

Vertafore 出色地向市場上最大的客戶提供了企業功能，同時全年實現了引人注目的穩定訂單，從而實現了持續強勁的 ARR 成長。

As the release of Powerplan, Joe and the team there did an excellent job deploying their first cloud data product and migrating several critical industry leading customers to this product.

隨著 Powerplan 的發布，Joe 和他的團隊出色地部署了他們的第一個雲端資料產品，並將幾個關鍵的行業領先客戶遷移到該產品。

As a result, Powerplan's ARR growth was the best in its history as the market continues to respond to Powerplan's innovation.

因此，隨著市場繼續對 Powerplan 的創新做出反應，Powerplan 的 ARR 成長達到了歷史上最好的水平。

As discussed at the onset of the call, we successfully deployed $3.6 billion towards vertical market software acquisitions with the largest two being Procare and Transact Campus, both rolling up into this segment.

正如在電話會議開始時所討論的那樣，我們成功地部署了 36 億美元用於垂直市場軟體收購，其中最大的兩家公司是 Procare 和 Transact Campus，它們都屬於這一領域。

Both are off the solid starts, and we look forward to their meaningful contributions to the segment and the enterprise in the many years to come.

兩家公司都有了良好的開端，我們期待他們在未來的許多年為該領域和企業做出有意義的貢獻。

The remaining businesses in this segment posted solid organic gains.

該部門的其餘業務均實現了穩健的有機收益。

Great job by our leaders and teams in this group throughout '24.

在整個 24 年裡，我們集團的領導和團隊表現出色。

We're proud of you and your accomplishments.

我們為您和您的成就感到驕傲。

Now, turning to the outlook for '25.

現在，我們來談談25年的展望。

We expect to see consistent levels of organic growth towards the higher end of the mid singles range.

我們預計，有機成長水準將持續穩定，並朝著中單範圍的高端邁進。

For the first quarter, we expect margins for the segment to be down year over year on a reported basis, similar to Q4 as Transact Campus acquisition revenues come in at a seasonally lower rate.

第一季度，我們預計該部門的利潤率將同比下降，與第四季度類似，因為 Transact Campus 收購收入的季節性下降。

Please turn to page 13.

請翻到第 13 頁。

Organic revenue in our Network Software segment grew 3% for 2024.

2024 年，我們網路軟體部門的有機收入成長了 3%。

As we've discussed all year, our network growth rate was impacted by the market in our freight matching businesses and the writers and actors strikes related to Foundry.

正如我們全年所討論的那樣，我們的網路成長率受到貨運匹配業務市場以及與 Foundry 相關的作家和演員罷工的影響。

Excluding these businesses, the segment grew in the mid-single area, which demonstrates the underlying quality of this group.

除這些業務外，該部門在中單區域有所成長，這表明了該集團的潛在品質。

EBITDA margins continue to be strong at 56.1%.

EBITDA 利潤率持續保持強勁，達到 56.1%。

Similar to that, our Application Software segment were excited by the progress made across this group of businesses.

與此類似，我們的應用軟體部門對業務集團的進展感到非常興奮。

For example, while DAT navigated difficult freight market conditions, Jeff Clementz, our new DAT leader, did a tremendous job advancing the tech stack and market position of DAT.

例如，當 DAT 應對艱難的貨運市場環境時，我們的新 DAT 領導人 Jeff Clementz 在提升 DAT 的技術堆疊和市場地位方面做出了巨大貢獻。

Of note, our network has never been more resilient, and the threat from fraudulent actors has been meaningfully mitigated.

值得注意的是，我們的網路從未如此有彈性，來自詐騙者的威脅也得到了顯著緩解。

During the fourth quarter, we completed the DAT bolt-on acquisition, Trucker Tools.

在第四季度，我們完成了 DAT 附加收購 Trucker Tools。

Trucker Tools is a perfect complement to DAT's offering, providing real-time visibility to the DAT network participants.

Trucker Tools 是 DAT 產品的完美補充，為 DAT 網路參與者提供即時可見性。

As a reminder, DAT's strategy is to capitalize on its market leadership, providing continually increasing value to both sides of the freight network, helping to drive higher retention and enhanced network monetization.

提醒一下，DAT 的策略是利用其市場領導地位，為貨運網路的雙方不斷提供越來越高的價值，幫助提高保留率和增強網路貨幣化。

Very similar story of Foundry.

與 Foundry 的故事非常相似。

While a difficult financial year due to the market conditions related to the strikes, Foundry continued to innovate at an accelerated pace with particular focus on GenAI and computational AI-based features.

儘管由於罷工相關的市場狀況而度過了艱難的財政年度，但 Foundry 繼續加速創新，特別注重 GenAI 和基於計算 AI 的功能。

This is one of the significant benefits of the Roper operating model.

這是Roper營運模式的顯著優勢之一。

When one of our businesses hits a market issue, we continue to invest if not accelerate investment so we could be the primary market share benefactors when the market recovers.

當我們的某個業務遇到市場問題時，我們會繼續投資，甚至加快投資，以便在市場復甦時成為主要的市場份額受益者。

And this was certainly the case with DAT and Foundry in 2024.

2024 年的 DAT 和 Foundry 肯定就是這種情況。

We like what we saw across the balance of the companies here. iPipeline aggressively upgraded their talent, better align their organizational structure with their customers' needs, and had very solid a growth in 2024.

我們對這裡各公司整體的平衡表現感到滿意。 iPipeline 積極提升人才，更能使其組織結構與客戶需求保持一致，並在 2024 年實現了非常穩健的成長。

ConstructConnect, where we executed another planned succession to Buck Brody as Matt Straza took the reins at frontline, was super in the year.

ConstructConnect 是我們執行巴克·布羅迪 (Buck Brody) 的另一次繼任計劃，由 Matt Straza 接任前線職位，這一年表現非常出色。

This organization continues to be a learning organization, improving lead generation quality and conversions, which led to solid revenue and ARR growth.

該組織繼續成為一個學習型組織，提高潛在客戶產生的品質和轉換率，從而帶來穩定的收入和 ARR 成長。

Importantly, ConstructConnect is building a set of potentially transformative products, leveraging AI technologies.

重要的是，ConstructConnect 正在利用人工智慧技術建立一系列具有潛在變革性的產品。

Finally, the alternate site healthcare software businesses were once again solid in the year.

最後，替代站點醫療保健軟體業務在今年再次表現穩健。

As we turn to the outlook, we expect to see revenue growth improve to be in the mid-singles range for the full year benefited by DAT's network value capture and consistent performance across the remainder of this group.

展望未來，我們預計，得益於 DAT 的網路價值獲取和集團其他部分的穩定表現，全年收入成長將改善至中等個位數。

Given improvement throughout the year, we expect our 2025 organic exit run rate to be north of the mid-singles area.

鑑於全年的改善，我們預計 2025 年的有機退出運行率將位於中等單打區域以北。

Organic revenue growth in the first quarter will be a bit lower than the full year in the low single range given the Q1 comp created by MHA a year ago.

考慮到 MHA 一年前創建的第一季業績，第一季的有機收入成長將略低於全年的低單範圍。

Prior to turning to our TEP segment, we'd like to spend a moment talking about the significant strides we made with our GenAI development and deployment over the last year.

在轉向 TEP 部分之前，我們想花點時間談談過去一年我們在 GenAI 開發和部署方面取得的重大進展。

As you know, each of our businesses primarily competes on the notion of customer intimacy.

如您所知，我們每個業務部門主要在客戶親密度方面競爭。

This intimacy or super deep knowledge of our customers' businesses, needs, and workflows is the unique and competitively differentiated advantage of Roper and our businesses

這種對客戶業務、需求和工作流程的深入了解是儒博和我們業務的獨特和競爭優勢

Now that GenAl [LLMs] are improving infidelity and becoming increasingly more commoditized and cost effective, we are laser focused on combining our intimacy, deep reservoir of data, and these GenAI technologies to innovate and deliver compelling solutions.

現在，GenAl [LLM] 正在改善不忠誠度，並且變得越來越商品化和具有成本效益，我們專注於結合我們的親密關係、深厚的數據儲備和這些 GenAI 技術來創新並提供引人注目的解決方案。

And we made meaningful steps in this direction in 2024.

2024年，我們朝著這個方向邁出了有意義的步伐。

To name some, GenAI product assistance at Deltek and Aderant, the beginning of automated and specific client compliant time series time entries at Aderant, real-time fraud detection at DAT, post-production content creation automation at Foundry, automated construction take off at ConstructConnect, insurance forms automation at Vertafore, and many more exciting GenAI technology deployments throughout 2025.

舉例來說，Deltek 和 Aderant 提供 GenAI 產品協助，Aderant 開始實現自動化和特定客戶兼容的時間序列時間條目，DAT 提供實時欺詐檢測，Foundry 提供後期製作內容創作自動化，ConstructConnect 提供自動化施工起飛，Vertafore 提供保險表格自動化，以及 2025 年期間更多令人興奮的 GenAI 技術部署。

The future is exciting in this regard for sure.

從這方面來看，未來肯定是令人興奮的。

Now, please turn to page 14, and let's review our TEP segments full-year results.

現在，請翻到第 14 頁，讓我們回顧一下 TEP 部門的全年業績。

Revenues here grew 9% on a total and organic basis, and EBITDA margins came in at 35.2%.

該業務的總收入和有機收入成長了 9%，EBITDA 利潤率達到 35.2%。

Just great results here.

這裡的結果非常棒。

We'll start with Verathon, which was simply awesome in '24.

我們首先從 Verathon 開始，它在 24 年表現非常出色。

Verathon strength is driven by the team's exceptional level of discipline, discernment, and tenacity.

Verathon 的實力源自於團隊卓越的紀律、洞察力和毅力。

Throughout 2024, Verathon just won in the marketplace, becoming the market share leader in the US for single-use bronchoscopes and extending their global market share lead and video laryngoscopy.

在整個 2024 年，Verathon 在市場上取得了勝利，成為美國一次性支氣管鏡市場份額的領導者，並擴大了其在全球市場份額和視訊喉鏡領域的領先地位。

Obviously, we continue to be bullish about Verathon and their future.

顯然，我們繼續看好 Verathon 及其未來。

For the full year, Neptune was very, very good.

就全年而言，海王星的表現非常非常好。

They continue to see strong ultrasonic static meter demand and increasing adoption of their meter data management software offerings.

他們繼續看到超音波靜態儀表的強勁需求和儀表數據管理軟體產品的日益普及。

And from an operational and market momentum view, they're exiting the year stronger than ever.

從營運和市場動能來看，他們今年的表現比以往任何時候都更加強勁。

Great job by the Neptune team.

海王星團隊做得很好。

NDI or Northern Digital returned to growth in Q4, following a very challenging year to the difficult comparable that resulted from a large customer product launch in 2023.

NDI 或 Northern Digital 在經歷了非常具有挑戰性的一年後，在第四季度恢復了成長，而 2023 年大規模客戶產品的發布導致業績難以比較。

Good things in the future for NDI.

NDI 的未來一片光明。

Finally, CIVCO and IPA ended the year with very good if not great financial results.

最後，CIVCO 和 IPA 以非常不錯（即使不是非常好）的財務業績結束了這一年度。

Congrats.

恭喜。

As we look to 2025, we expect to see high-single digit revenue growth for this segment.

展望 2025 年，我們預計該部門的收入將實現高個位數成長。

So with that, please turn with us to page 16.

因此，請和我們一起翻到第 16 頁。

Let's turn to our Q1 and full-year 2025 guidance.

讓我們來看看 2025 年第一季和全年的指引。

Based on what we previously discussed in the segment overviews, we're initiating our 2025 financial guidance to grow total revenue north of 10%, which excludes any future capital employment benefits.

根據我們先前在分部概述中討論的內容，我們正在製定 2025 年財務指導，以使總收入增長 10% 以上，其中不包括任何未來的資本就業福利。

Embedded in this guide is organic revenue growth in the 6% to 7% range.

本指南中包含 6% 至 7% 範圍內的有機收入成長。

Finally, we expect full year adjusted DEPS to be in the range of $19.75 and $20.

最後，我們預計全年調整後的DEPS將在19.75美元至20美元之間。

Our guide continues to assume a full-year effective tax rate in 21% to 22% area.

我們的指導繼續假設全年有效稅率在 21% 至 22% 之間。

For the first quarter, we expect adjusted DEPS to be between $4.70 and $4.74 as we absorb lower acquired margins and application software and a tougher comp in our network segment.

對於第一季度，我們預計調整後的 DEPS 將在 4.70 美元至 4.74 美元之間，因為我們吸收了較低的收購利潤率和應用軟體，以及網路部門更強勁的競爭。

Now, please turn to page 17, and then we will open up for your questions.

現在，請翻到第 17 頁，然後我們將開始回答大家的提問。

We'll conclude with the same three key takeaways with which we started.

我們將以一開始的三個關鍵要點作為結束語。

First, our cash flow growth was strong, once again demonstrating our consistent and durable compounding capability.

首先，我們的現金流成長強勁，再次證明了我們持續、持久的複利能力。

Second, we entered 2025 with improving momentum.

第二，我們以更好的勢頭進入2025年。

And third, we now have over $5 billion of acquisition firepower at a time when the M&A markets are becoming increasingly retroactive.

第三，在併購市場日益具有追溯力的時代，我們目前擁有超過 50 億美元的收購實力。

As it leads to our cash flow compounding model, we grew free cash flow of 16% on the back of 14% total revenue and 6% organic revenue growth.

正如我們的現金流量複合模型所示，在總收入成長 14% 和有機收入成長 6% 的背景下，我們的自由現金流成長了 16%。

Our M&A capability deployed $3.6 billion towards vertical market leaders, which helped drive our compounding flywheel but also improved the quality of our portfolio.

我們的併購能力向垂直市場領導者部署了 36 億美元，這有助於推動我們的複合飛輪，同時也提高了我們的投資組合品質。

Importantly, our fundamentals are strong, and we exit the year with quite positive momentum.

重要的是，我們的基本面強勁，我們以相當積極的勢頭結束今年。

We saw a reacceleration of our fourth-quarter organic revenue growth to 7%.

我們看到第四季有機收入成長再次加速至 7%。

Also on a full year basis, we grew our enterprise software bookings in the double-digit area better in the second half and continue to see high single-digit growth in our $4.6 billion recurring and reoccurring revenue base.

此外，從全年來看，我們下半年的企業軟體訂單量實現了兩位數的成長，並且 46 億美元的經常性收入和經常性收入基礎繼續保持高個位數成長。

Importantly, our enterprise continues to get better as we grow.

重要的是，隨著我們的成長，我們的企業也不斷變得更好。

In 2024, we upgraded key leadership talent, a few of which we highlighted earlier.

2024 年，我們提升了關鍵領導人才，其中一些我們之前重點提到過。

We expanded our capital employment capabilities and capacity, advance our operating model, and made meaningful strides developing and deploying GenAI-based solutions.

我們擴大了資本使用能力和產能，改善了營運模式，並在開發和部署基於 GenAI 的解決方案方面取得了有意義的進展。

Finally, we are very well positioned with more than $5 billion of available M&A firepower to deploy capital towards leading vertical market software businesses.

最後，我們擁有超過 50 億美元的可用併購資金，可以向領先的垂直市場軟體業務部署資本，因此處於非常有利的地位。

The M&A markets are very active and appear to be accelerating pace.

併購市場非常活躍，步伐正在加快。

Given the increasing pressure, limited partners are placing on their private equity GPs for liquidity.

鑑於壓力越來越大，有限合夥人正在向其私募股權 GP 尋求流動性。

Our M&A team is very busy cultivating and building a robust pipeline of attractive acquisition opportunities.

我們的併購團隊正忙於培養和建立一系列有吸引力的收購機會。

As usual, we're excited to pursue these opportunities with our unbiased and disciplined approach.

像往常一樣，我們很高興以公正和嚴謹的方式追求這些機會。

Now, as we turn to your questions and if you could flip to the final slide, our strategic compounding flywheel, we'd like to remind everyone that what we do at Roper is simple.

現在，當我們轉向您的問題時，如果您可以翻到最後一張投影片，我們的策略複合飛輪，我們想提醒大家，我們在 Roper 所做的事情很簡單。

We compound cash flow over a long arc of time by executing a low-risk strategy and running our dual threat offense.

我們透過執行低風險策略和發動雙重威脅進攻，在很長一段時間內增加現金流。

First, we have a proven powerful business model that begins with operating a portfolio of market-leading, application-specific, and vertically-oriented businesses.

首先，我們擁有經過驗證的強大商業模式，始於經營一系列市場領先、應用特定和垂直導向的業務。

Once the company is part of Roper, we operate a decentralized environment so our businesses can compete and win based on customer intimacy.

一旦公司成為 Roper 的一部分，我們將經營一個分散的環境，以便我們的業務能夠基於客戶親密度進行競爭並獲勝。

We coach our businesses on how to structurally improve their long-term and sustainable organic growth rates and underlying business quality.

我們指導我們的企業如何從結構上提高其長期可持續的有機成長率和潛在的業務品質。

Second, we run a centralized process-driven capital employment strategy that focuses in a deliberate and disciplined manner on cultivating, curating, and acquiring the next great vertical market leading businesses to add to our cash flow compounding flywheel.

其次，我們實行集中流程驅動的資本使用策略，以深思熟慮和有紀律的方式專注於培育、策劃和收購下一個偉大的垂直市場領先企業，以增加我們的現金流複合飛輪。

Taken together, we compound our cash flow over the long arc of time in the mid-teens area, meaning, we double our cash flow every five years or so.

總的來說，我們的現金流會在很長一段時間內以十幾歲的年紀增長，這意味著我們大約每五年就會將現金流翻一番。

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

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。

Operator, please go ahead.

接線員，請繼續。

We will now go to our question-and-answer portion of the call.

我們現在進入電話會議的問答部分。

(Operator instructions)

（操作員指令）

Ken Wong, Oppenheimer.

奧本海默的 Ken Wong。

Fantastic.

極好的。

Thank you for taking my question.

感謝您回答我的問題。

I just wanted to ask about that 6% to 7% organic growth outlook.

我只是想問一下 6% 到 7% 的有機成長前景。

How clean is that number?

這個數字有多乾淨？

Are there any notable one off headwinds, tailwinds that we should be thinking about that's impacting that from getting to the steady state?

是否存在值得我們考慮的顯著的逆風或順風，會影響到達到穩定狀態？

Hey, Ken.

嘿，肯。

This is Jason.

這是傑森。

Thanks for the question.

謝謝你的提問。

No, nothing one-time in nature.

不，本質上沒有什麼是一次性的。

We did talk about just in the first quarter in our NS segment, we talked about this last quarter.

我們確實在第一季的 NS 部門討論過這個問題，上個季度我們也討論過這個問題。

Our MHA business had a one-time thing that sort of popped through.

我們的 MHA 業務曾經出現過一次這樣的情況。

So a little bit of lower organic growth in the first quarter at AS and NS, but then that'll start to pick up as -- we talked about high-single digit recurring revenue.

因此，AS 和 NS 在第一季的有機成長率略有下降，但隨後將開始回升，因為我們談到了高個位數的經常性收入。

That'll be more in Q2 through Q4.

第二季至第四季的情況會更多。

So as you think about Procare coming in organic in the second quarter, and then just some of the bookings we talked about in the second half converting into revenue sort of more in the late first quarter, early second, that you'll start to see that inflect up.

因此，當您想到 Procare 在第二季度實現有機增長，並且我們談到的下半年的部分預訂將在第一季末和第二季度初轉化為收入時，您就會開始看到這種上升。

Nothing really unusual in our test segment.

在我們的測試部分中沒有什麼不尋常的。

We still expect strong growth across the enterprise, and I think we've said this before, this 2024 is kind of our cleanest baseline year since 2019 with just all of the COVID and supply chain noise that we experience.

我們仍然預計整個企業將實現強勁成長，我想我們之前就說過，2024 年是我們自 2019 年以來最乾淨的基準年，儘管我們經歷了 COVID 和供應鏈噪音。

So we feel good about the setup for this year.

因此我們對今年的安排感到很滿意。

Okay.

好的。

Fantastic, Jason.

太棒了，傑森。

And then just a quick follow-up, as far as unclogging the M&A log jam in '25, as you look at the pipeline of potential deals, any preference for growth bolt-ons or looking more standalone category leader types?

然後只是一個快速的跟進，至於在 25 年疏通 M&A 僵局，當您查看潛在交易管道時，是否傾向於增長附加產品或尋找更多獨立的類別領導者類型？

Hey, Ken.

嘿，肯。

It's Neil.

是尼爾。

I'll take that one.

我要那個。

So our team -- and we talked on the prepared marks, we added a fair amount of capacity and capability in our M&A group this past year.

所以我們的團隊 - 我們在準備好的基礎上進行了討論，去年我們在我們的併購團隊中增加了相當多的能力和能力。

And they've done a lot of spade work, the building, a lot of relationships with sponsors and with companies directly, both on the platform side and on the bolt-on side.

他們做了大量基礎工作，與贊助商以及公司直接建立了許多關係，包括平台方面和附加方面。

Now, you got [5 billion] to deploy.

現在，您可以部署[50億]。

We'll be able to do everything that makes sense from a bolt-on point of view and then hopefully find one or two platforms.

我們將能夠從附加的角度做一切有意義的事情，然後希望找到一兩個平台。

Sort of it's very situation-dependent.

這在很大程度上取決於具體情況。

But yeah, it'll be a balance between the two.

但是是的，這將是兩者之間的平衡。

Perfect.

完美的。

Thanks a lot.

多謝。

Joe Giordano, TD Cowen.

喬·吉奧達諾（Joe Giordano），TD Cowen。

Hey, guys.

嘿，大家好。

Good morning.

早安.

So like, coincidentally, the water company at my house, literally right now, putting in a new Neptune meter.

巧合的是，我家的自來水公司現在就安裝了一台新的海王星水錶。

So I hope that that's factored into the next quarter guidance there.

所以我希望這能夠被考慮到下一季的指導。

Static or mechanical?

靜態的還是機械的？

(laughter)

（笑聲）

I'll see what it looks like when she's gone.

我會看看她走後是什麼樣子的。

Great.

偉大的。

So it was good to hear some of the AI tools you guys are deploying here.

很高興聽到你們在這裡部署的一些人工智慧工具。

I was wondering if there's a way to quantify either in terms of ability to price differently and charge for new capabilities and what it's done there or what it's done internally for you guys in terms of margins and making your business is more profitable and more efficient?

我想知道是否有辦法量化，無論是從以不同方式定價的能力和對新功能收費方面，還是從利潤率方面，或者從使您的業務更有利可圖和更有效率方面為你們內部所做的工作方面？

Yeah, so I'll say, in '24, it was a great year of learning.

是的，所以我想說，24 年是學習的偉大一年。

Early momentum, we went through seven or eight examples of things were in the market with from a product point of view.

在早期階段，我們從產品的角度研究了市場上的七、八個例子。

But the momentum is just building from here.

但從現在起，勢頭才剛開始增強。

Very encouraging breakthroughs, obviously -- that the world's focused on this last week, which makes the models even cheaper, more commoditized, which means you can deploy them in more specific use cases for lower cost.

顯然，這是一個非常令人鼓舞的突破——上週全世界都關注這一點，這使得模型更加便宜，更加商品化，這意味著你可以以更低的成本將它們部署到更具體的用例中。

So it's got our teams thinking -- we're just on a call with several of our CTOs yesterday on what their early thoughts are there.

所以這讓我們的團隊開始思考——我們昨天剛剛與幾位首席技術官進行了通話，以了解他們對此的初步想法。

So it's super encouraging about the future.

所以我對未來非常樂觀。

I'll tell you, in terms of the specific mathematical can we point to it in '24, it's very hard to point to.

我告訴你，就具體的數學而言，我們能否在 24 年指出這一點，很難指出。

We got this many millions of revenue or we save that many millions of costs.

我們獲得了數百萬的收入，或是節省了數百萬的成本。

But there is definitively a halo effect where we've seen bookings increase, for instance, at Amazon -- that's funny -- at Aderant.

但確實存在光環效應，我們看到預訂量有所增加，例如亞馬遜——這很有趣——以及 Aderant 的預訂量。

And because they're the leader on this, we've seen bookings pick up at Deltek because of the [dell] assistant that they have.

由於他們是該領域的領導者，我們看到 Deltek 的預訂量由於他們擁有的 [戴爾] 助手而有所增加。

And on the on the productivity side, real breakthrough gains on customer support, starting to see gains on the R&D side.

在生產力方面，客戶支援方面取得了真正的突破性進展，並開始在研發方面看到收益。

But we're not looking at it initially from a, how do we take costs out of the enterprise?

但我們最初並不是從這個角度來考慮這個問題：我們要如何降低企業的成本？

We look at about how can we serve our customers more efficiently and how can we chew up more of a roadmap, right?

我們考慮如何才能更有效地為客戶服務，以及如何制定更多的路線圖，對嗎？

How can we have take the productivity to be offensive is how we're thinking about it.

我們怎麼能把生產力視為進攻呢，這就是我們的想法。

Yeah, that all makes sense.

是的，這一切都是有道理的。

And then follow up the -- one business that, I guess, people are a little concerned, there might be some sort of headwinds just from a US policy standpoint, could be like the (inaudible) piece of Deltek, just curious what you've seen there?

然後跟進——我猜人們有點擔心的一項業務，從美國政策的角度來看可能會出現某種阻力，可能像（聽不清楚）Deltek 的部分，只是好奇您在那裡看到了什麼？

And if that's a valid concern or -- and if it is -- like, how does that play out?

如果這是一個合理的擔憂，或者——如果是——那麼，結果會是什麼？

Yeah, so Deltek and their customers which are a federal government contractor, US contractors and DOGE and all the policy, it's super early to know really how it's going to shake out.

是的，因此 Deltek 及其客戶（包括聯邦政府承包商、美國承包商和 DOGE 以及所有政策）現在都無法真正知道結果如何。

And I'll tell you the guiding principles of DOGE, a couple that are important is the accountability for contractors are going to increase.

我會告訴你 DOGE 的指導原則，其中重要的兩個原則是承包商的責任將會增加。

Pricing models may change to be more performance based.

定價模型可能會變得更加基於績效。

They may have to modernize their systems all that plays into the strengths of Deltek because with more accountability is going to be more audit compliance.

他們可能必須對他們的系統進行現代化改造，以發揮 Deltek 的優勢，因為更多的責任將帶來更多的審計合規性。

We just acquired a wonderful company called ProPricer, which is about how do you manage more performance-based pricing.

我們剛剛收購了一家名為 ProPricer 的優秀公司，該公司致力於研究如何管理更多基於績效的定價。

So that feels pretty good.

感覺非常好。

But it's very early to know at the end of the day how this will flow.

但現在還無法知道最終結果會如何。

Importantly, bookings and government contracting in Q3 and Q4 and activity through the first part of Q1, at Deltek, government contracting have been quite robust.

重要的是，Deltek 在第三季和第四季的預訂和政府合約以及第一季前半部分的活動，政府合約都非常強勁。

So the customers, if speaking with their wallets, at least, through this have seemed relatively bullish about the opportunity.

因此，如果用錢包來衡量，客戶至少對此機會持相對樂觀的態度。

Okay, thanks guys.

好的，謝謝大家。

I appreciate the color.

我很欣賞這個顏色。

Joe Bruan, Beard.

喬布魯安，比爾德。

Great.

偉大的。

Hi, everyone.

大家好。

Thanks for taking my questions.

感謝您回答我的問題。

Just following up on your AI comments, so we heard recently from some of the large enterprise vendors -- horizontal vendors that this ends up being quite positive, thinking about what we've seen from small-language models.

只是跟進您的 AI 評論，所以我們最近從一些大型企業供應商 - 橫向供應商那裡聽說，這最終是相當積極的，想想我們從小語言模型中看到的情況。

You commoditize the model.

您將該模型商品化。

You're able to differentiate at the business process layer.

您能夠在業務流程層進行區分。

I would say, in Roper's case, you're typically dealing with, I would say, more unique and regulatory burdensome business processes.

我想說，就羅珀的案例而言，你通常要處理的是更獨特、監管更繁重的業務流程。

Does AI make it easier for others to come in and tackle those?

人工智慧是否能讓其他人更容易解決這些問題？

Or do you think because you're the incumbent, you have the starting product focus, you have the distribution that you would expect, you end up deepening your modes because of the progress that's happening in the model space?

或者您認為因為您是現任者，您有起始產品重點，您有您所期望的分佈，您最終會因為模型空間中正在發生的進展而深化您的模式？

So we're super paranoid on this question and engaged with our companies all through '24 to the AOP process, through the strategy process precisely on this question.

因此，我們對這個問題非常敏感，並在整個 24 小時中與我們的公司一起參與 AOP 流程，透過策略流程來解決這個問題。

Where we land on it is that we're in a very good position to be the winner.

我們的結論是，我們處於非常有利的位置，有可能成為贏家。

And it's really -- I tried to comment in the prepared remarks for a couple of reasons.

確實——我試圖在準備好的評論中發表評論，原因有幾個。

One is we are really intimate with our customers.

一是我們與客戶的關係十分親密。

I mean, this is not, for instance, I'll use the Aderant example.

我的意思是，這不是，例如，我將使用 Aderant 範例。

We're not about how do you create a project-based professional services bill?

我們不討論如何創建基於專案的專業服務法案？

We're about how does a specific law firm create a specific bill for a specific client that's compliant to that client's billing requirements?

我們想知道特定律師事務所如何為特定客戶建立符合該客戶計費要求的特定帳單？

It's a very nuanced specific thing.

這是一件非常微妙的具體的事情。

And as we talk about intimacy, that's what we talk about.

當我們談論親密關係時，這就是我們所談論的。

So at the intersection of the intimacy, the intersection of the data we have and now, with the new enabling tools, we believe that we're uniquely advantaged to be able to solve problems that you haven't been able to solve, be solvable with the technologies available at the time.

因此，在親密度的交匯處，在我們擁有的數據的交匯處，以及現在新的支援工具的幫助下，我們相信我們擁有獨特的優勢，能夠解決您無法解決的問題，並且可以使用當時可用的技術來解決。

The other thing that's important to note, at least in our verticals we participate, we are in every one of our companies, we are the market share leader.

另一件值得注意的是，至少在我們參與的垂直領域，在每一家公司中，我們都是市場佔有率的領導者。

We have relevant market share advantage of, in some cases, 1.2, in other cases, we're twice or 2.5 times the size of the next largest competitor.

我們在相關市場佔有率方面具有優勢，在某些情況下為 1.2 倍，在其他情況下，我們的規模是第二大競爭對手的 2 倍或 2.5 倍。

So we have scale advantage in these small niches to be able to make these investments.

因此，我們在這些小眾市場中擁有規模優勢，能夠進行這些投資。

And so we like the course of travel, but we're going to remain vigilant and paranoid and encourage and press our companies to make the investments at the -- at a pace that makes sense to be able to compete and win.

因此，我們喜歡旅行的進程，但我們將保持警惕和謹慎，並鼓勵和敦促我們的公司以合理的速度進行投資，以便能夠競爭並獲勝。

Okay.

好的。

That great color.

多麼棒的顏色。

On the outlook for next year, I would imagine you aren't run rating high-teens bookings going forward, but the last few quarters now has been pretty impressive.

對於明年的前景，我想您不會對未來的預訂量進行高評級，但最近幾季的表現相當令人印象深刻。

I think if you just run rate double digits, it probably gets to something better than a mid-single digit outcome for AS organic.

我認為，如果您只是運行兩位數的速率，它可能會比 AS 有機的中等個位數結果更好。

I guess, are you starting the year baking in any sort of hedge?

我猜，您在年初會採取某種形式的對沖措施嗎？

I know you just addressed Deltek, but maybe any risk points that are a consideration, and if the risks aren't borne out, you maybe get raises later on?

我知道您剛剛提到了 Deltek，但也許任何風險點都值得考慮，如果風險沒有得到證實，您以後可能會得到加薪？

Yeah, just Jason, I think, we finished 2024 at 5.6% to be exact on AS, and I think, we had strong gross revenue retention in the year.

是的，傑森，我認為，我們在 2024 年的 AS 準確率為 5.6%，而且我認為，我們今年的總收入保留率很高。

We had good bookings in the second half of the year.

我們下半年的預訂量很好。

So that's all part of the growth equation.

這都是成長方程式的一部分。

So we think we're going to be better than that.

因此我們認為我們會做得更好。

And I think it's just -- we're going to want to see how the first half plays out.

我認為只是——我們想看看上半場將會如何展開。

I mean, obviously, I think if you think about the year again, Procare is going to roll organic in the second quarter, so that'll help the growth rate.

我的意思是，顯然，我認為如果你再次考慮今年的情況，Procare 將在第二季度實現有機成長，所以這將有助於提高成長率。

But yeah, I think if we continue to see the momentum we saw in the second half, there could be some chance for upside.

但是的，我認為如果我們繼續看到下半年的勢頭，那麼可能會有一些上行的機會。

But how that converts to revenue is a little slower than just immediate impact unless it's perpetual.

但除非是永久性的，否則將其轉化為收入的速度會比直接影響要慢一些。

The one upside I would say in the year is if GovCon enterprise remains strong and there's a bias to perpetual, which, candidly, we hope there isn't just over a long term.

我想說，今年唯一的好處是，如果政府保守黨企業能夠保持強勁，並且存在永久性傾向，坦白說，我們希望這種情況不會在長期內出現。

But if there is, then we'd have -- we could have some upside there for the year.

但如果有的話，那麼我們今年就可能會獲得一些好處。

Thank you.

謝謝。

Terrell Tillman, Truist Securities.

特雷爾·蒂爾曼（Trell Tillman），Truist Securities。

Yeah.

是的。

Hey, Neil, Jason and Zack.

嘿，尼爾、傑森和札克。

It's good to see the dual threat offense and in action.

很高興看到雙重威脅的攻擊和行動。

I guess, maybe my first question and it's -- appreciate the color on the enterprise software booking strength.

我想，也許我的第一個問題是——欣賞企業軟體預訂實力的顏色。

But what I'm curious is, could you stack rank a little bit from -- as you talk to the leaders of the businesses?

但我很好奇的是，當您與企業領導人交談時，您能否稍微排名一下？

What's kind of -- is there any macro that's actually starting to help?

有什麼樣的——有沒有什麼宏實際上開始有幫助？

(inaudible) is on that front or just some execution because sometimes, you do change out some of the leadership enhanced go to market optimization?

（聽不清楚）是在這方面還是只是一些執行，因為有時候，你確實會改變一些領導力來增強市場優化？

And then thirdly, like conversion to SaaS, could you maybe kind of double click into what you think are some of the most poignant drivers of this enterprise software booking strength?

第三，例如轉換為 SaaS，您能否雙擊一下您認為影響企業軟體預訂實力的一些最重要驅動因素是什麼？

And I'll have a follow-up.

我會進行跟進。

Okay.

好的。

There's -- we'll carry, we'll do -- I'll do my best to hit all the points you just raised there.

我們會堅持，我們會做到——我會盡力滿足您剛才提出的所有觀點。

So first, I would say, from a macro point of view, compared to where we were this time last year versus now, we certainly feel it's a more stable outlook for the macro, which is positive for sure.

因此，首先，我想說，從宏觀角度來看，與去年同期相比，我們當然認為宏觀前景更加穩定，這肯定是正面的。

Jason mentioned and I mentioned on our prepared remarks, we think -- we attribute a lot of the success we're having to having better leaders with more precise choice-based right to win based strategies and an execution model to be able to deliver.

傑森提到，我在我們的準備好的發言中也提到，我們認為——我們將我們取得的許多成功歸功於擁有更好的領導者，他們擁有更精確的基於選擇的製勝策略和能夠實現目標的執行模式。

And so where we've been able to mature this and have these methods and means be in place the longest, we are seeing the benefits.

因此，當我們能夠使其成熟並且使這些方法和手段能夠最長久地實施時，我們就看到了好處。

It's clear and obvious.

這是清楚而明顯的。

It's a great part of Roper.

這是羅珀 (Roper) 很棒的一部分。

It takes a little bit of time for all this to work because there's no fast way to build enduring sustainable, improved organic growth rate, but it happens methodically over time.

所有這些需要一點時間才能實現，因為沒有快速的方法來建立持久、可持續、不斷提高的有機成長率，但它會隨著時間的推移而有條不紊地發生。

And we continue to turn that crank.

我們繼續轉動曲柄。

The examples in that would be, certainly, what we're seeing at Deltek, Aderant, PowerPlan, DAT, ConstructConnect, the same few, I mean, there's other -- Verathon, for sure, NDI.

其中的例子當然是我們在 Deltek、Aderant、PowerPlan、DAT、ConstructConnect 看到的，還有同樣的幾個，我的意思是，還有其他的——當然還有 Verathon、NDI。

There's -- I mean, you can go through the list, and every company is getting better, but those are some of the highlights in terms of where all this is really starting to sort of click.

有——我的意思是，你可以瀏覽一下這份名單，每家公司都在變得越來越好，但這些只是其中的一些亮點，表明這一切真的開始變得明朗起來。

And we're seeing over a long -- a medium mark sort of acceleration organic.

我們看到，在一段較長的時間內，出現了一種中等程度的有機加速。

And then I think there was a question -- I don't know if it's just a general question about SaaS conversions.

然後我認為有一個問題——我不知道這是否只是關於 SaaS 轉換的一個一般問題。

We continue.

我們繼續。

That's a longer-term growth driver for us.

這對我們來說是一個長期的成長動力。

They're still north of $900 million of on-premise maintenance that were in the process of productizing and moving to the cloud at a north of 2 times clip in terms of terms of ARR.

他們仍有超過 9 億美元的內部維護費用，這些費用正處於產品化過程中，並且正在以超過 2 倍的速度向雲端遷移（就 ARR 而言）。

And so that's a nice tailwind.

這是一個很好的順風。

On the amount of perpetual has been going down over time to the extent there's a J curve.

永久性的數量一直在隨著時間的推移而下降，直到出現 J 曲線。

We've sort of just happened -- it's been embedded in our results over the last few years.

這只是偶然發生的事情——它已經融入我們過去幾年的業績中。

And so it's a nice longer term tailwind.

因此，這是一個很好的長期順風。

Yeah, thanks for that.

是的，謝謝。

And then just, Jason, as it relates to DAT, I don't know if this is a -- maybe this is a hard question, but pricing and packaging and value kind of monetization with some of the initiatives, when would that actually start hitting and how impactful?

然後，傑森，就 DAT 而言，我不知道這是否是一個——也許這是一個很難的問題，但是定價、包裝和價值貨幣化以及一些舉措，什麼時候才會真正開始發揮作用，影響有多大？

Thank you.

謝謝。

Yeah, sure.

是的，當然。

Yeah.

是的。

I think, in the fourth quarter, they had an action on half the market or half the side of the network, and then there'll be another one sometime in the first half of this year, probably, and then a little bit more at the end of this year as well.

我認為，在第四季度，他們對一半的市場或一半的網路採取了行動，然後很可能在今年上半年的某個時候還會有另一次行動，然後在今年年底還會有更多行動。

And it all relates to what Neil talked about, which is just increasing the sort of the safety and the reliability of the trading partners on the network, just what we're doing from a fraud perspective and performance perspective on the load board.

這一切都與尼爾談論的內容有關，這只是提高網路上貿易夥伴的安全性和可靠性，這正是我們從詐欺角度和負載板的效能角度所做的事情。

So just continuing to innovate, there's more innovations coming, a lot of releases they're going to have this year.

因此，只要繼續創新，就會有更多的創新，今年他們將會發布許多產品。

So we're really excited about what's happening at the DAT.

因此，我們對 DAT 發生的事情感到非常興奮。

And while we're just on the DAT, I'll put a plug in for this small bolt-on we did in the quarter, Trucker Tools.

當我們剛剛討論 DAT 時，我會插入我們在本季完成的這個小螺栓，即 Trucker Tools。

We think this one has a potential to just be a terrific, add her to the network, real-time visibility to all the network participants.

我們認為這個很有潛力，將她添加到網路中，所有網路參與者都可以即時看到她。

We have -- the concept of having the customer base we have on the carrier and the broker side and then delivering more value to both sides in which of the network with Trucker Tools does and being able to monetize from their really exciting potential with this bolt-on.

我們的理念是，擁有承運人和經紀人方面的客戶群，然後為雙方提供更多價值，而 Trucker Tools 網路正是透過這種附加功能，從他們真正令人興奮的潛力中獲利。

Brent Thill, Jeffries.

布倫特·蒂爾，傑弗里斯。

Good morning, Neil.

早安，尼爾。

When you think about AI, it just seems like there's a distracting light among some of the software buyers and trying to figure out what to do with that.

當你想到人工智慧時，似乎有些軟體購買者中間出現了一股分散注意力的光芒，他們試圖弄清楚如何處理它。

Are you seeing any of that distraction in your engagements in the sales engagements?

您在銷售活動中是否發現任何這樣的干擾？

Or is this your verticals more insulated?

或者這是你的垂直線更絕緣了嗎？

They're more focused on the business [sell] AI piece is more backburner?

他們更注重業務（出售），而人工智慧部分則被擱置？

How -- what are you seeing from the [CIO] behaviors?

您從 [CIO] 的行為中看到了什麼？

Yeah, we've also been asking that question quite a bit, and we've not seen a distracted -- I mean, maybe in the first half of last year when this was all new and everyone's just canvassing like, hold on, what's going on?

是的，我們也經常問這個問題，但我們並沒有看到分心的情況——我的意思是，也許在去年上半年，這一切都是新的，每個人都在調查，比如，等等，發生了什麼事？

That was part of the first half macro that was going on as part of that interest rates, economic inflation, all that.

這是上半年宏觀經濟的一部分，包括利率、經濟通膨等。

But as of late, there's been none of that.

但到目前為止，還沒有發生任何事。

And I would attribute the root cause of that to be -- we are the system of record for the vast majority of what our customers do.

我認為其根本原因是──我們是記錄客戶絕大多數行為的系統。

And they're looking to us to enable to take -- the enabling technology GenAI and then apply it to very specific settings.

他們期待我們能夠利用 GenAI 這項技術，並將其應用到非常具體的環境中。

They don't have a competing, large SAP or large whatever that we sit -- we ride on next to.

他們沒有競爭對手，沒有大型 SAP 或任何我們坐在旁邊——我們坐在旁邊的大型公司。

We are the system of record, or we are the system that they need to operate the network or get their lead generation or whatever it might be.

我們是記錄系統，或者我們是他們經營網路或獲取潛在客戶或其他任何東西所需的系統。

Okay.

好的。

And appreciate kind of your comments on M&A and the magnitude of things that can unlock this year.

感謝您對併購以及今年可能出現的重大事件的評論。

I guess that this kind of area around focus and what you're focused on, I know you can't tell us the lanes you're going.

我猜，這種圍繞焦點的區域以及你所關注的事物，我知道你無法告訴我們你要走哪條路。

But should we expect kind of similar lanes?

但是我們是否應該期待類似的車道呢？

Are you open to doing something different than you've done in the past?

您願意做一些與過去不同的事嗎？

How do you think about kind of the direction given the magnitude of the M&A clean up that that seems to happen in the industry this year?

考慮到今年產業內併購清理的規模之大，您如何看待未來的發展方向？

No, we're -- always have been, and we'll continue to be like wildly focused on what it is that we do, right?

不，我們一直都是這樣，而且我們會繼續全神貫注於我們所做的事情，對嗎？

So for platforms, it is small market, vertical market leaders that have enduring competitive advantage you can understand and observe the competitive forces that is the leader that has growth that is compelling to us where we can -- and potentially add more capital to two bolt-ons.

因此對於平台而言，小型市場、垂直市場領導者俱有持久的競爭優勢，您可以理解和觀察競爭力量，這些領導者俱有對我們來說具有吸引力的成長能力，並且有可能為兩個附加元件增加更多資本。

I mean, that is what we do.

我的意思是，這就是我們所做的。

And we will continue to be business pickers first and foremost and not sort of be thematic vertical investors.

我們將繼續首先成為業務選擇者，而不是主題垂直投資者。

Like we want to put X dollars into this theme.

就像我們想在這個主題上投入X美元。

We're just going to always be business pickers now where that ultimately takes us is to be determined based on how the deals manifest over the course of the next year or two

我們現在將始終是業務選擇者，最終將取決於未來一兩年內交易的表現

Great.

偉大的。

Thanks.

謝謝。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Hey, Deane.

嘿，迪恩。

Good morning.

早安.

Hey, I know it's not a big dollar amount, but you did call out that $9 million of restructuring.

嘿，我知道這不是一個很大的數額，但你確實提到了 900 萬美元的重組。

Could you expand on that?

能進一步詳細說明一下嗎？

Like, how many businesses?

例如，有多少家企業？

What's the payback?

回報是什麼？

And I'm really interested in the genesis of this.

我對這件事的起源非常感興趣。

I'm guessing this had nothing to do with headquarters.

我猜這與總部無關。

This was all bottom up.

這一切都是自下而上的。

But just be interested in how it was initiated.

但只是對它是如何發起的興趣。

Yeah, I can take, that, Deane.

是的，我可以接受，迪恩。

So yeah, it was a couple of businesses.

是的，這是幾項業務。

It was mostly in our AS segment, and the largest was at Deltek.

它主要發生在我們的 AS 部門，最大的發生在 Deltek。

And I think just this coincides with Bob Hughes coming in, taking a look at where they want to make some reinvestments back in the business.

我認為這恰好與鮑勃休斯的到來相吻合，他正在研究如何對業務進行再投資。

So obviously, going to get some flow through in 2025, but we'll have some reinvestment back into things like product, things like growth.

因此顯然，2025 年會獲得一些流量，但我們會將部分資金重新投資到產品、成長等方面。

And so that was it.

事情就是這樣的。

Just an opportunitic opportunity to do that.

這只是一個機會。

And then we had a couple, like I said, a couple of smaller ones, too where it was again, just having a good finish to the year and wanted to just make sure that they could take some actions rolling into '25.

然後，就像我說的，我們也有幾個較小的計劃，同樣，我們只是以一個很好的方式結束了這一年，並希望確保他們可以在25年採取一些行動。

I would just characterize it as good, healthy, belt-tightening.

我只能將其描述為良好、健康、勒緊褲腰帶的行為。

Good to hear.

很高興聽到。

And just separately, could you give us an update with any kind of specifics regarding the Transact integration with CBORD?

另外，您能否向我們提供有關 Transact 與 CBORD 整合的具體資訊？

Just what kind of initiatives, where and how might that play out during the course of this year?

今年將會採取什麼樣的措施、在哪裡採取怎樣的措施？

Sure.

當然。

So far, it's going really well.

到目前為止，一切進展順利。

We've identified the $20 million of cost synergies, and those will mainly start rolling through in the first quarter of this year.

我們已經確定了 2000 萬美元的成本綜效，這些效應將主要在今年第一季開始顯現。

So that's going well.

一切進展順利。

The team has been set, and they've actually added some new capabilities to the executive team.

團隊已經組成完畢，他們實際上為執行團隊增加了一些新能力。

They've got a new head of services that just joined, that's part of the valuation plan is sort of creating a -- as they're moving a lot more customers to the cloud with their Campus ID solution, having a professional services organization that can manage that in an accretive way.

他們剛剛加入了一位新的服務主管，這是估值計劃的一部分，在某種程度上是在創造——因為他們正在利用校園 ID 解決方案將更多的客戶轉移到雲端，並擁有一個可以以增值方式進行管理的專業服務組織。

And then just really, I think, overall, making a lot of progress on the integration.

我認為，總體而言，在整合方面取得了很大進展。

We've underwritten an ERP that's going to cut across the business, and that should create efficiencies over time, not immediately but over time.

我們已經承保了一項涵蓋整個業務的 ERP，它將隨著時間的推移而提高效率，雖然不是立即的，但會隨著時間的推移而提高。

So yeah, we're excited about -- I think the feedback from the market has been really positive around where they're going from a product roadmap perspective showing what the cloud native solution can do from Transact.

是的，我們非常興奮——我認為市場對他們的產品路線圖的反饋非常積極，展示了雲端原生解決方案可以透過 Transact 實現什麼。

And so I think it's not only the Transact customer base that's on premise is excited, but now you're increasingly seeing the CBORD customers saying, hey, this is the right way to go.

因此，我認為不僅 Transact 客戶群對此感到興奮，而且現在你會越來越多地看到 CBORD 客戶說，嘿，這是正確的做法。

And so we think that's just going to create some great cross sell tailwinds in the next couple of years here.

因此我們認為這將在未來幾年創造一些偉大的交叉銷售順風。

Great.

偉大的。

Thank you.

謝謝。

Scott Davis, Milius Research.

戴維斯（Scott Davis），米利厄斯研究公司（Milius Research）。

Hey.

嘿。

Good morning, guys.

大家早安。

Good morning, Scott.

早安，史考特。

The last few quarters kind of sequentially, you've gotten increasingly more positive on M&A and the outlook and such, and you certainly were active over the last year as well.

在過去幾個季度中，您對併購和前景等的看法越來越積極，並且您在過去的一年中也一直很活躍。

But would -- this is kind of a unique situation, it feels like, in '25.

但是 — — 感覺就像在 25 年，這是一種特殊的情況。

Would you consider issuing equity, Neil, if the opportunity set were wide enough where it would make sense?

尼爾，如果機會夠廣泛且合理，你會考慮發行股票嗎？

So, obviously, the first source of capital is going to be the $5 billion in our balance sheet and our debt capacity.

因此，顯然，第一個資本來源將是我們資產負債表中的 50 億美元和債務能力。

If the market then at that point continued to present very compelling deals to us, then certainly, we would consider the use of equity.

如果當時市場繼續向我們提供非常有吸引力的交易，那麼我們肯定會考慮使用股權。

But the bar is higher; the return bar is higher; the asset quality is even higher because the cost of capital is higher.

但門檻更高；回報門檻較高；由於資金成本較高，資產品質也較高。

So that all goes into the into the decision making process.

所以這一切都進入了決策過程。

But let's be clear.

但我們要明確一點。

We'll be delighted to be able to deploy the $5 billion that we have.

我們很高興能夠部署我們擁有的 50 億美元。

That drives the compounding machine for us.

這為我們推動了複合機器。

And even in difficult years, let's just -- let's make this clear for the record.

即使在困難時期，我們也要──讓我們把這一點明確記錄在案。

I mean, in the years where there wasn't a lot going on, in the last couple of years, we got our work done as well.

我的意思是，在過去幾年裡，沒有發生太多事情的時候，我們也完成了工作。

So that's where our relationship sort of always being in the market sort of benefits us, maybe even the most, is when the times are not as good.

所以，我們始終保持與市場的關係對我們有利，甚至可能是最大的有利，就是在經濟不太景氣的時候。

And so we'll just be steady deployers of capital through good times and bad.

因此，無論在順境或逆境，我們都會成為資本的穩定部署者。

That's right.

這是正確的。

And I'd also just say that the metabolism of all these assets in private equity is not going to be immediate.

我還要說的是，私募股權中所有這些資產的新陳代謝不會立即發生。

It's going to take more than a year for that to happen, so I don't think it's going to be all at once.

這需要一年以上的時間才能實現，所以我不認為這會一下子實現。

This will not clear in '25.

這個問題在'25 年仍不會解決。

It'll be a '25 and '26 clearing for sure.

這肯定會是 25 年和 26 年的清理。

Okay, so there's no sense of panic on the other side.

好的，所以另一邊沒有恐慌。

Okay, I got you.

好的，我明白了。

And just kind of a -- you guys have been talking about talent upgrades, I don't know, for maybe more than a year or so.

就像——你們一直在談論人才升級，我不知道，可能已經有一年多了。

But when you think about talent, what do you think about kind of a ratio of internal -- when you're filling jobs, external versus internal, do you feel like you're building enough internal talent?

但是當您考慮人才時，您會想到內部比例是多少——當您填補職位時，無論是外部還是內部，您是否覺得您已經培養了足夠的內部人才？

You kind of mentioned that winners hire winners, and I certainly believe in that.

您曾提到，成功者會僱用成功者，我當然相信這一點。

But do you guys think about that like -- how that fill rate should be internal versus external or if there's some optimal or mostly external just given your business mix?

但是你們是否考慮過這個問題——填充率應該是內部的還是外部的，或者在考慮到你們的業務組合的情況下，是否存在一個最佳的或主要是外部的填充率？

I'm just kind of curious how you think about that.

我只是有點好奇你是如何看待這件事的。

No, we're -- for five or six years, we are really deploying aggressively what we call our talent offense that's focused on selection of talent, development of talent, and the engagement of talent.

不，五、六年來，我們一直在積極部署所謂的人才攻勢，重點是人才的選拔、人才的培養和人才的參與。

And we have -- as we've talked about widely and often, we have the attributes, the behavioral attributes of our field leaders that need to be competitive, curious learners that can think long term and make that long-term action today and then be completely geeked up and excited to build the underlying capabilities of business or behavioral attributes we look for.

正如我們廣泛和經常談論的那樣，我們擁有領域領導者的屬性和行為屬性，這些屬性需要具有競爭力和好奇心，能夠進行長遠思考並在今天採取長期行動，然後完全興奮並興奮地構建我們所尋找的業務或行為屬性的底層能力。

So we started this, we had to go outside, right?

所以我們開始這麼做，我們必須走出去，對吧？

But then the development part of this talent offense has been -- it's early signs are encouraging, right?

但是，這種人才進攻的發展部分已經——它的早期跡象令人鼓舞，對吧？

So we have Straza that moved to front line.

因此，我們讓 Straza 移至前線。

We got Brody that's now leading ConstructConnect.

我們有布羅迪，他現在領導 ConstructConnect。

By the way, Brody started the Roper office with the CFO of Antibiotics and DAT then ConstructConnect and now is the CEO ConstructConnect.

順便說一句，布羅迪最初在羅珀辦公室擔任抗生素和 DAT 的首席財務官，後來擔任 ConstructConnect 的執行長。

So it would not surprise me if there were other leadership moves within the portfolio as the bench, if you will, gets deeper and broader and better, and that's always going to be our first call.

因此，如果投資組合中的其他領導層發生變化，我不會感到驚訝，因為如果你願意的話，團隊會變得更有深度、更廣泛、更好，而這始終是我們的首要任務。

If you think about it just from a risk management point of view, Scott, when we were -- needed to sort of replace the upgraded talent on the front line, we're able to move Straza in the front line, the CFO; Brody to the CEO of ConstructConnect; the head of [FPNA] to the CFO.

史考特，如果你只從風險管理的角度來考慮，當我們需要替換一線的升級人才時，我們可以將斯特拉扎，即首席財務官調到一線；布羅迪 (Brody) 擔任 ConstructConnect 的執行長； [FPNA] 負責人至財務長。

And then we go out to the market to hire an FPNA leader versus a CEO of one of our larger businesses, right?

然後我們去市場聘請一位 FPNA 領導者，而不是我們一家較大企業的首席執行官，對嗎？

So a risk management point of view, it works all around.

因此從風險管理的角度來看，它是全方位且有效的。

Good color.

顏色好。

Congrats on the quarter.

恭喜本季取得佳績。

Good luck this year, guys.

祝大家今年好運。

Thank you.

謝謝。

Thanks so much.

非常感謝。

Steve Tusa, JP Morgan.

摩根大通的史蒂夫·圖薩。

Hey, good morning.

嘿，早安。

Hey.

嘿。

Good morning, Steve.

早安，史蒂夫。

Good to hear from you.

很高興收到你的來信。

Really strong cash in the quarter.

本季的現金確實強勁。

Obviously, 32% is above 30%, but it's meaningfully above 30%.

顯然，32%高於30%，但高於30%是有意義的。

Are you, at some point, going to change that algorithm?

你會在某個時候改變這個演算法嗎？

Or is there something about the 32% that was a bit over driven in the fourth quarter?

或者第四季的 32% 是不是有點過高了？

And then how do we think about that?

那我們該如何看待這個問題呢？

Should we think about that as kind of normal seasonality this year for you guys to move to the first and the second quarter on cash?

我們是否應該將這視為今年正常的季節性現象，以便你們將現金轉移到第一季和第二季？

So yeah, I mean, this was a really strong renewal season for us.

是的，我的意思是，這對我們來說是一個非常強勁的更新賽季。

If I had to call out specific companies.

如果我必須點名具體的公司。

I mean, Deltek and Aderant just drove down record DSO.

我的意思是，Deltek 和 Aderant 剛剛創下了 DSO 記錄。

And even Strata emerging from the integration with Syntellis, they sort of got everything in line by the end of this year and had just a great finish to the year.

甚至剛從與 Syntellis 整合中走出來的 Strata，也在今年年底前完成了所有準備工作，並取得了圓滿的收官。

Verathon and Neptune were also spectacular.

Verathon 和 Neptune 也非常引人注目。

So just great work here, a little bit better than we thought.

所以這裡的工作做得很好，比我們想像的好一點。

So it may come a little -- might come out of Q1 just a little bit.

因此，它可能會在 Q1 中稍微出現一點。

But nothing super unusual.

但沒有什麼特別不尋常的。

I'd just say, on the non-operating front, we did issue a couple of billion of new bonds, and our first coupon payment will be due in like I think February and April of this year.

我只想說，在非經營方面，我們確實發行了幾十億美元的新債券，我們的第一筆息票付款將在今年二月和四月到期。

So that's more of a '25 versus '24 item.

因此，這更像是 25 年與 24 年之間的對比。

But I mean, overall, it's just a really strong year.

但我的意思是，總體而言，這是非常強勁的一年。

Yeah.

是的。

And then just last one for you, Neil, you guys are clearly making some progress on integrating AI.

最後我想問一下，尼爾，你們在整合人工智慧方面顯然取得了一些進展。

Are are there any businesses where -- I'm sure you're -- in your reviews, you've asked a lot of these questions, but is there any businesses where you see, perhaps, threats, where -- at the margin?

在您的評論中，您是否問過很多這樣的問題，但是，您是否認為某些企業有威脅，在邊緣？

You guys are obviously on the watch for any incremental competition coming from this and disruption, and any signs of that whatsoever?

你們顯然在關注由此帶來的任何漸進式競爭和乾擾，以及任何此類跡象嗎？

And obviously, you guys are reacting by investing.

顯然，你們正在透過投資做出反應。

But what are you seeing from that perspective for businesses that have always been very strong and had relatively high market shares?

但是從這個角度來看，對於那些一直很強大並且擁有相對較高市場份額的企業來說，您看到了什麼？

Yeah, so I would say we spent a lot of time, at the portfolio level, worrying if there's a existential threat the portfolio level.

是的，所以我想說我們在投資組合層面花了大量時間擔心投資組合層面是否有生存威脅。

And last year, there was one company that we had on the watchlist did the work and they moved them off the watchlist from a threat point of view.

去年，我們監視名單上的一家公司完成了這項工作，從威脅的角度來看，我們將其從監視名單中剔除。

I actually think it's medium to long term tailwind now that we understand the landscape and the IP ownership landscape better than a year ago in that end market.

事實上，我認為現在這是一個中長期的順風，因為我們比一年前更了解了終端市場的格局和智慧財產權所有權格局。

And then I would say, hey, in certain of our verticals are there teeny tiny startups, they're doing very bespoke small AI things, yes, but all the customers actually want to consolidate vendors, not proliferate vendors.

然後我想說，嘿，在我們的某些垂直領域中，有一些非常小的新創公司，他們正在做非常客製化的小型人工智慧產品，是的，但是所有客戶實際上都希望整合供應商，而不是激增供應商。

And so it just gives us an opportunity to sort of be the benefactor of the winner because of that trend.

所以，這只是給我們一個機會，讓我們因為這種趨勢而成為勝利者的恩人。

Yeah, that makes a lot of sense.

是的，這很有道理。

All right.

好的。

Thanks for the answer.

謝謝你的回答。

Appreciate it.

非常感謝。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi.

你好。

Good morning.

早安.

Maybe just wanted to start with, any color on the EBITDA margin outlook?

也許只是想開始，對 EBITDA 利潤率前景有什麼看法？

There's been a lot of revenue-related questions, but in 2024, I think the core margin firm wide was flat, headline, including acquisition, down a touch.

有許多與收入相關的問題，但到 2024 年，我認為公司的核心利潤率總體持平，包括收購在內的整體利潤率略有下降。

So as we're thinking about 2025, should we think about sort of core margins maybe up slightly and then the headline margin flat and that sort of back half loaded with first half margin down year on year and then up in the back half?

那麼，當我們考慮 2025 年時，我們是否應該考慮核心利潤率可能略有上升，然後整體利潤率持平，而後半年利潤率則同比上半年下降，下半年上升？

Is that the way to kind of think our EBITA margins?

這就是我們思考 EBITA 利潤率的方式嗎？

Yeah, I think you summarized it well.

是的，我認為你總結得很好。

Core margin will be up a little bit.

核心利潤率將會略有上升。

I talked -- especially at the segment level, be up nicely and then acquisitions, especially like you said, especially in the first half, with Transact coming.

我說過——特別是在細分市場層面，表現良好，然後是收購，特別是像你說的，特別是在上半年，隨著 Transact 的到來。

This Transact's largest margin quarters, the third quarter or about 50% of their EBITDA comes in that quarter.

這是 Transact 利潤率最高的季度，即第三季度，其 EBITDA 的 50% 左右來自該季度。

So lower in the first, a little bit lower in the second.

因此，第一個較低，第二個稍微低一點。

So yeah, I think the way you've described it is spot on.

是的，我認為您的描述方式非常準確。

That's great.

那太棒了。

And then my follow-up just on the TEP segment.

然後我的後續問題只針對 TEP 部分。

We haven't had many questions on that yet.

我們目前還沒有收到太多關於此的問題。

So trying to understand, as you're thinking about kind of the revenue outlook here, maybe home in a little bit what you're expecting for Neptune?

因此，當您考慮這裡的收入前景時，試著去理解，也許您對 Neptune 的期望是怎樣的？

I think there's some noise around various kind of meters businesses and sort of customer inventory reductions.

我認為圍繞各類儀表業務和客戶庫存減少存在一些噪音。

So how are you thinking about Neptune for 2025 revenue?

那麼您認為 2025 年 Neptune 的收入如何？

And also maybe any color on how did the TEP backlog perform in Q4?

另外，您能透露一下 TEP 積壓訂單在第四季的表現嗎？

I think it was down about 30%-ish year on year in Q3, but off a very elevated base.

我認為第三季的同比下降約為 30％，但基數很高。

So just kind of how have orders or book to bill move there?

那麼訂單或訂單出貨情況是怎麼樣的呢？

I'll take the first part and ask Jason to take the second part regarding the backlog.

我將負責第一部分，並請 Jason 負責有關積壓工作的第二部分。

So hey, it's their strength in the segment.

所以，嘿，這是他們在該領域的優勢。

And Neptune is, I think, something like 40% of the segment.

我認為海王星佔據了該細分市場的 40% 左右。

And so we certainly expect them to be good in the year when we're guiding to where we're guiding in the HSD area.

因此，我們當然希望他們在我們指導 HSD 地區時能夠有良好的表現。

The other thing that's just -- there was some noise in the comps in the prior year.

另一件事是——去年的同店銷售額出現了一些波動。

We had -- we talked about NDI, we talked about our products, all that sort of in the rearview mirror.

我們談論了 NDI，談論了我們的產品，所有這些都是在後視鏡中發生的。

So we just have a clean base to grow from.

因此，我們有一個乾淨的基礎，可以從中發展。

And it's pretty consistent growth across the group here.

整個集團的成長相當穩定。

Yeah.

是的。

I mean, just on backlog, I think we've talked at [nauseam] about the supply chain lead times and things that happened over the last few years, and that's normalized out to have a little bit higher backlog there than, say, pre-COVID.

我的意思是，僅就積壓訂單而言，我想我們已經在 [nauseam] 中討論過供應鏈交付週期以及過去幾年發生的事情，並且這已正常化，那裡的積壓訂單比 COVID 之前要高一點。

So that's positive.

這是積極的。

And I would just say, early signs in this year that a lot of the distributors are restocking significantly, and the sales kickoff that [Don] and his team had a few weeks ago indicates just continued strength in the market this year.

我想說的是，今年早期跡象表明，許多分銷商正在大量補充庫存，而 [Don] 和他的團隊幾週前啟動的銷售活動也表明今年市場將繼續保持強勁勢頭。

So it'll kind of get us back to where we were pre-COVID, which is fine, right, which is that we work off of one to two-month backlog and just continue to see growth without working off of a backlog.

因此，這將使我們回到 COVID 之前的狀態，這很好，對吧，也就是說，我們根據一到兩個月的積壓訂單開展工作，並且無需處理積壓訂單就能繼續看到增長。

That's great.

那太棒了。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you so much.

太感謝了。

And this includes our question-and-answer session.

這包括我們的問答環節。

We will now return back to Zack Moxcey for any closing remarks.

現在我們請 Zack Moxcey 作結束語。

Thank you, everyone, for joining the call today.

感謝大家今天的電話會議。

We look forward to speaking with you during our next earnings call.

我們期待在下次財報電話會議期間與您交談。

Thank you, presenters, and thank you, ladies and gentlemen.

謝謝各位主持人，也謝謝各位女士們、先生們。

The conference is now concluded.

會議現已結束。

Thank you for attending, and you may now disconnect.

感謝您的參加，您現在可以斷開連接了。

Have a great day.

祝你有美好的一天。