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

Good morning. The Roper Technologies conference call will now begin. (Operator instructions) I would now like to turn the call over to Zack Moxcey, Vice President of Investor Relations. Please go ahead.

早安。Roper Technologies 的電話會議現在開始。(接線員指示) 現在我想把電話交給投資人關係副總裁 Zack Moxcey。請開始。

Good morning, and thank you all for joining us as we discuss the fourth-quarter and full-year 2024 financial results for Roper Technologies. Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer; Jason Conley, Executive Vice President and Chief Financial Officer; Brandon Cross, Vice President and Principal Accounting Officer; and Shannon O'Callaghan, Senior Vice President of Finance.

早安，感謝各位加入我們，一同討論 Roper Technologies 2024 年第四季與全年財務結果。今天早上與我一同參與電話會議的有：總裁兼執行長 Neil Hunn；執行副總裁兼財務長 Jason Conley；副總裁兼首席會計主管 Brandon Cross；以及財務資深副總裁 Shannon O'Callaghan。

Earlier this morning, we issued a press release announcing our financial results. The press release also includes replay information for today's call. We have prepared slides to accompany today's call, which are available through the webcast and are also available on our website.

今天稍早，我們發布新聞稿公布財務結果。新聞稿亦包含今日電話會議的重播資訊。我們已準備投影片搭配今日電話會議，投影片可透過網路直播取得，亦可在我們的網站上取得。

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

現在請翻到第 2 頁。我們先從「安全港」聲明開始。在今日電話會議過程中，我們將作出前瞻性陳述，該等陳述受本頁、我們的新聞稿以及我們向 SEC 提交文件中所述之風險與不確定性影響。您應在上述資訊脈絡下收聽今日電話會議。

And now, please turn to page 3. Today, we will discuss our results primarily on an adjusted non-GAAP and continuing operations basis. For the 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. Reconciliations can be found in our press release and in the appendix of this presentation our website.

接著請翻到第 3 頁。今天我們將主要以調整後的非 GAAP 以及持續營運基礎來討論我們的結果。就第四季而言，我們的 GAAP 結果與調整後結果之差異包含以下項目：與併購相關及有形資產的攤銷、與已完成併購相關的交易費用、與 PowerPlan 2020 訴訟事項和解相關的費用，以及最後，與我們少數股權投資相關的財務影響。對帳表可在我們的新聞稿以及本簡報附錄（於我們網站）中找到。

Now, if you please turn to page 4, I'll hand the call over to Neil. After our prepared remarks. We'll take questions from our telephone participants. Neil?

現在請翻到第 4 頁，我將把電話交給 Neil。在我們的準備發言之後，我們將接受電話與會者的提問。Neil？

Thank you, Zack, and thanks to everyone for joining our call. We're looking forward to sharing our fourth-quarter and full-year results with you this morning. As we turn to page 4, you'll see the topics we plan to cover today. We'll start by highlighting our strong fourth-quarter and full-year 2024 financial and operating performance. 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. Then we'll discuss our segment highlights and introduce our 2025 and Q1 guidance. After closing remarks, we'll open up the call for your questions. So let's go ahead and get started. Next slide, please.

謝謝你，Zack，也感謝各位加入我們的電話會議。我們很期待今天早上與各位分享第四季與 2024 全年結果。翻到第 4 頁，您會看到我們今天計畫涵蓋的主題。我們將先重點說明 2024 年第四季與全年強勁的財務與營運表現。接著我們會更詳細地檢視結果、回顧資產負債表（包括我們的併購能力），並討論我們非常亮眼的現金流成長與表現。然後我們將討論各事業部門重點，並提出 2025 年與第一季的指引。在結語之後，我們將開放各位提問。那我們就開始吧。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. First, our cash flow growth was strong, once again, demonstrating our consistent and durable compounding capability. Second, we entered 2025 with improving momentum. And third, we now have over $5 billion of acquisition firepower at a time when the M&A markets are becoming increasingly more attractive.

翻到第 5 頁，我們想強調今日電話會議的三個關鍵重點。第一，我們的現金流成長依然強勁，再次展現我們一致且具韌性的複利累積能力。第二，我們以更佳的動能進入 2025 年。第三，在併購市場愈來愈具吸引力之際，我們目前擁有超過 50 億美元的併購火力。

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

至於我們的現金流複利累積能力，2024 年再次展現我們的模式如何運作。我們全年營收成長 14%，有機與非有機貢獻分布均衡，並投入 36 億美元於市場領先的垂直軟體業務，其中以收購 Procare 與 Transact Campus 為代表。

Of note, our 2024 cohort of acquisitions not only meet all our historical criteria but also meets our higher growth and higher returns ambitions. 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. As we look at 2025, we're excited to talk through the positive momentum we're experiencing.

值得注意的是，我們 2024 年這批收購案不僅符合我們一貫的所有歷史標準，也符合我們追求更高成長與更高報酬的目標。因此，我們全年自由現金流成長 16%，歷史上首次突破 20 億美元，自由現金流利潤率達 32%，在我們長期現金流複利累積的歷史中又是一個出色的年度。展望 2025 年，我們很期待與各位說明我們正在經歷的正向動能。

First, we're seeing accelerating demand for mission critical solutions broadly across our businesses. Specifically, throughout 2024 our enterprise bookings accelerated, ending in the high-teens growth area in Q4. 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.

首先，我們看到各業務對關鍵任務解決方案的需求正在加速。具體而言，2024 年期間我們的企業訂單（bookings）加速成長，第四季以高十位數的成長率作收。這股訂單動能，加上持續維持高水準的毛留存率與淨留存率，支撐我們在 46 億美元的軟體、經常性與重複性收入基礎上，持續成長與擴張，並維持在高個位數區間的成長。

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. On the capital employment front, our disciplined approach will greatly benefit our company and our shareholders this year. Specifically, we now have over $5 billion of available M&A firepower. 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. Great year, team, and look forward to seeing you at our leadership meeting next week.

基於此，我們啟動 2025 年總營收指引為超過 10%，其中有機營收成長約 6% 至 7%，調整後 EPS 介於 19.75 至 20 美元之間。在資本運用方面，我們一貫的紀律作法將在今年為公司與股東帶來顯著效益。具體而言，我們目前擁有超過 50 億美元可用的併購火力。考量目前的併購市場背景，這點尤其重要；該市場在未來幾年有望出現高水準的交易活動，稍後我們會再談。團隊今年表現很棒，也期待下週在領導會議見到各位。

I'd like to ask everyone to turn to page 6 where we'll discuss our long-term growth algorithm. 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. 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. This all yields 16% cash flow growth.

請各位翻到第 6 頁，我們將討論長期成長演算法。在 2023 年 3 月，我們完成了首次投資人日，並提出如左側所示、我們長期「現金流中十位數成長」演算法的組成要素。將右側的 2024 年表現與之對照，您會注意到我們與策略高度一致：營收成長 14%、核心利潤率槓桿擴張 41%，並為我們的資本部署能力增加 800 個基點的成長。綜合之下帶來 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. 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.

重要的是，2023 年的表現也相當類似：營收成長 15%、穩健的營運槓桿，以及持續良好的現金流成長。我們透過「雙威脅」進攻來執行這套演算法：第一，推動一致且持續改善的槓桿式有機成長；第二，將企業資本部署到我們持續培育並落實執行的最佳構想上。

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. 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.

同樣重要的是，在此過程中，我們不僅成長，也在多個面向提升企業與投資組合的內在品質，包括成長性、經常性收入占比，以及資產密集度。簡言之，這就是我們模式的運作方式。2024 年也不例外；我們的「說到做到」比率相當高，而且重要的是，我們在邁入 2025 年時具備強勁動能。

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

那麼，Jason，我把電話交給你，請你帶大家回顧我們的季度與全年結果。Jason？

Thanks, Neil. Let's turn to page 7. 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. Acquisitions contributed a solid 9% as a full quarter of transactive going through along with sequential gains realized at Procare. Organic revenue grew 7%, with our software segments coming in line with expectations. And our test segment, slightly outperforming as I'll discuss shortly.

謝謝，Neil。我們翻到第 7 頁。我們在 2024 年收官表現非常出色，第四季為全年最高營收季度，年增 16%，使營收來到接近 19 億美元。併購貢獻穩健的 9%，主要來自 Transact 的完整季度併入，以及 Procare 實現的連續性增長。有機營收成長 7%，我們的軟體事業群符合預期。而我們的測試事業群則略優於預期，我稍後會再說明。

EBITDA of $744 million was 13% over prior year and represented 39.6% of revenue. Core EBITDA margin, which excludes the impact from our 2024 acquisitions, was down 30 basis points compared to prior year. 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. DEPS of $4.81 was above our guidance range of $4.70 to $4.74 despite the costs associated with the restructuring.

EBITDA為7.44億美元，較去年同期成長13%，占營收的39.6%。核心EBITDA利潤率（排除我們2024年收購的影響）較去年同期下降30個基點。值得注意的是，我們部分軟體業務（主要在AS事業部）採取了900萬美元的針對性與機會性重整措施，相關成本已於第四季吸收，並將使這些業務在未來更具競爭力。儘管承擔了重整相關成本，DEPS為4.81美元，仍高於我們4.70至4.74美元的指引區間。

So all in, a very good quarter. Now, we'll flip to page 8 where I'll briefly cover our Q4 segment performance. Application Software posted 24% revenue growth with an 18% contribution from acquisitions and 6% from organic growth. 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.

總體而言，這是一個非常好的季度。接著我們翻到第8頁，我將簡要說明第四季各事業部表現。應用軟體（Application Software）營收成長24%，其中18%來自收購貢獻、6%來自有機成長。重要的是，本季有機的經常性與準經常性營收成長8%，全年表現由雙位數的SaaS成長帶動，因客戶正從地端部署轉向雲端。

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

EBITDA利潤率41.5%包含我們2024年的收購案；這些收購標的併入Roper時利潤率較低，但隨時間推進提供更大的利潤率擴張機會。在可比基礎上，核心利潤率較去年同期高30個基點。

Turning to Network Software. 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. 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. EBITDA margin here was a spectacular, 57.4% in the quarter.

接著看網路軟體（Network Software）。營收成長3%，符合預期，且較前幾季有所改善，因我們的貨運撮合業務恢復成長。Neil將進一步說明2025年的動態，但我們預期該事業部全年將達到中個位數成長，且年末退出速度將高於該區間。本季該事業部EBITDA利潤率非常亮眼，達57.4%。

TEP finished strong with 12% revenue growth in the quarter. Verathon capped up a terrific year with record revenue EBITDA and cash flow. Also, Neptune had outstanding operational execution across both mechanical and ultrasonic product lines. And EBITDA margin here was 20 -- 120 basis points over prior year at 34.8%.

TEP本季表現強勁，營收成長12%。Verathon以創紀錄的營收、EBITDA與現金流為精彩的一年畫下句點。此外，Neptune在機械與超音波兩條產品線皆展現卓越的營運執行力。而該事業部EBITDA利潤率為34.8%，較去年同期提高120個基點。

All right. Now, we'll turn to page 9. We'll look at the full-year results. All in all, this was a great year for Roper. We delivered on our long-term growth algorithm with mid-teens revenue and free cash flow growth. 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.

好的。現在我們翻到第9頁。我們來看全年結果。整體而言，這是Roper表現非常出色的一年。我們依循長期成長方程式，實現營收與自由現金流皆為中十位數成長。這得益於收購與有機營收成長的均衡貢獻；兩者合計成長14%，營收略高於70億美元，為Roper創下新的里程碑。

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

我們嚴謹的資本配置策略帶來一致且可複製的表現，長期以來已獲驗證，亦是投資人未來可期待的方向。有機成長同樣具可複製性且更為穩固，我們也已為進一步改善做好準備。

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

如Neil所提，我們年底的軟體經常性與準經常性營收達46億美元，預期2025年有機成長可達高個位數區間。此外，也提醒大家，我們超過85%的營收來自美國，這在把握國內機會的同時，也降低了匯率與潛在關稅風險。EBITDA超過28億美元，較去年同期成長13%，且EBITDA核心利潤率與去年同期一致。

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

再深入看利潤率與營運槓桿，核心事業部的營運槓桿強勁，達49%；若包含公司層級的一般與行政費用（G&A），則為41%。

We made significant progress in 2024 to build out expanded capital deployment and growth capabilities. So we see that continuing in 2025 but then moderating in 2026 and beyond with a return to leverage on corporate G&A. 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.

2024年我們在擴充資本配置與成長能力方面取得重大進展。我們預期這項投入將在2025年延續，但在2026年及之後趨於溫和，並回到公司G&A的槓桿化。最重要的是，2024年的自由現金流表現非常出色，如Neil所提，接近23億美元，較去年同期增加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. 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. We are really pleased with the steady and consistent growth in cash flow. And as we move forward, we expect free cash flow margins of 30% or more.

我們以高於預期的表現結束今年，讓我們在邁入2025年時處於相當有利的位置。回顧自2021年以來，若就2022年生效的第174條（section 174）影響進行調整，我們的自由現金流複合成長率為14%。我們對現金流穩健且一致的成長感到非常滿意。展望未來，我們預期自由現金流利潤率可達30%或以上。

So beyond the numbers you see here, we see great things happening within Roper. We have significantly enhanced and expanded our capital employment team and processes. Additionally, our multi-year focus on talent is really taking shape as we're feeling the best business leaders in our history. And now, we're starting to see those leaders hire great leaders. 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.

除了你在此看到的數字之外，我們也看到Roper內部正在發生許多正向的事情。我們已大幅強化並擴編資本配置團隊與流程。此外，我們多年來對人才的聚焦正逐步開花結果，我們正迎來公司史上最優秀的業務領導者。而現在，我們也開始看到這些領導者再去延攬優秀的領導者。這帶來更以數據驅動的策略，以及更緊密連結的營運計畫，讓我們對有機成長的長期加速更具信心。

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Roper的18年，我可以說，這一年在策略與營運進展上都是一個里程碑式的豐收年。

Now, let's turn to slide 10 to discuss our balance sheet. As I mentioned earlier, Q4 free cash flow was better than expected with 15% growth over prior year. Additionally, we exited our minority position in Certinia this quarter. As a reminder, Certinia is a professional services automation software company. We partnered with PE firm, Haveli, to execute on a successful first chapter of a value creation plan. 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. 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.

現在我們看第10頁，討論資產負債表。如我先前提到，第四季自由現金流優於預期，較去年同期成長15%。此外，我們在本季退出了對Certinia的少數股權持有。提醒一下，Certinia是一家專業服務自動化軟體公司。我們與私募股權公司Haveli合作，成功推動價值創造計畫的第一階段。在退出持股時，我們取得2.46億美元的處分所得，相當於在14個月期間對投入資本取得2倍回報。這是極佳的財務成果，也是一個很好的學習機會，可應用於我們評估具更高成長輪廓與獲利改善潛力的企業。

Thank you to the team at Haveli for the opportunity to partner and learn. At quarter end, our net leverage was 2.6 times. And as of today, we have near full access to our $3.5 billion revolver. 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. And just to note, 2024 market activity was a little quieter than we originally expected. Despite this, we were able to deploy $3.6 billion for some great vertical market software businesses highlighted by Procare and Transact.

感謝Haveli團隊提供合作與學習的機會。截至季末，我們的淨槓桿倍數為2.6倍。截至今日，我們幾乎可全額動用35億美元的循環信貸額度（revolver）。因此，加上我們強勁的預估現金流，我們今年可用於部署至高品質收購機會的資金超過50億美元。另外補充，2024年的市場交易活動比我們原先預期稍微清淡。儘管如此，我們仍部署了36億美元，收購了幾家優質的垂直市場軟體企業，其中以Procare與Transact最具代表性。

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

展望2025年，根據我們與私募股權贊助方的直接對話，以及許多人公開表達的看法，我們認為交易僵局應會鬆動，因為向有限合夥人提供流動性的需求相當迫切。因此，我們預期今年在交易方面會非常忙碌。

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

那麼，我把時間交回給Neil。

Thanks, Jason. As we turn to page 12, let's review our Application Software segment. Revenue for the year grew by 21% in total, and organic revenue grew by 6%. EBITDA margins were 43%, and core margins improved 40 basis points in the year. We like what we're seeing across the businesses and the segment. 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.

謝謝，Jason。接著翻到第12頁，我們來回顧應用軟體（Application Software）事業群。全年營收總計成長21%，有機營收成長6%。EBITDA 利潤率為43%，核心利潤率全年提升40個基點。我們對各項業務與整個事業群所呈現的表現感到滿意。從市場角度來看，我們在2024年末以明顯更佳的狀態收官，並帶著動能進入2025年；這點可由我們下半年有機訂單（bookings）在兩位數區間穩健成長看出。

In addition, the recurring revenue base and retention levels remain quite healthy here. Another thing we like across this segment is the amount of business and talent building that occurred throughout the year. 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.

此外，經常性收入基礎與留存水準在此仍相當健康。我們在此事業群另一個喜歡的地方，是全年在業務建設與人才建置方面所累積的成果。例如，Deltek 對其雲端技術堆疊進行了具實質意義的投資，特別是在 GenAI 方面的投入，並在下半年看到企業級訂單明顯改善。

Importantly, this all occurred during our planned and scheduled CEO succession from Mike Corkery to Bob Hughes. Similarly, Aderant was super good throughout 2024 while furthering their product lead with meaningful GenAI deployments and cloud migration activity. In 2024, Aderant was our leading net retention business, reflecting their strong market position, innovation capabilities, and strong customer intimacy.

重要的是，這一切都發生在我們按計畫與排程進行的 CEO 交接期間，從 Mike Corkery 交棒給 Bob Hughes。同樣地，Aderant 在2024年表現非常出色，並透過具實質意義的 GenAI 部署與雲端遷移活動，進一步強化其產品領先地位。2024年，Aderant 是我們淨留存率表現最佳的業務，反映其強勁的市場地位、創新能力，以及與客戶之間的高度緊密連結。

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. 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.

Vertafore 在向市場中最大型客戶交付其企業級能力方面表現卓越，同時全年訂單表現具吸引力且穩健，帶動 ARR 持續強勁成長。至於 PowerPlan 的發布，Joe 與其團隊在部署首個雲端資料產品、並將多家關鍵且具產業領先地位的客戶遷移至該產品方面，做得非常出色。

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

因此，PowerPlan 的 ARR 成長創下其歷史最佳表現，市場也持續對 PowerPlan 的創新做出正面回應。如同在電話會議一開始所提到的，我們成功投入36億美元用於垂直市場軟體併購，其中最大兩筆為 Procare 與 Transact Campus，兩者皆併入此事業群。兩者開局表現穩健，我們也期待它們在未來多年對該事業群與整體企業做出具實質意義的貢獻。

The remaining businesses in this segment posted solid organic gains. Great job by our leaders and teams in this group throughout '24. We're proud of you and your accomplishments.

本事業群其餘業務也繳出穩健的有機成長。我們要為這個團隊在2024年全年的表現喝采。我們以你們及你們的成就為榮。

Now, turning to the outlook for '25. We expect to see consistent levels of organic growth towards the higher end of the mid singles range. 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.

接著談2025年的展望。我們預期有機成長將維持一致水準，並朝向中個位數區間的較高端。第一季方面，我們預期該事業群利潤率在報表口徑下將年減，與第四季類似，原因是 Transact Campus 併購帶來的營收在季節性上處於較低水準。

Please turn to page 13. Organic revenue in our Network Software segment grew 3% for 2024. 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. Excluding these businesses, the segment grew in the mid-single area, which demonstrates the underlying quality of this group.

請翻到第13頁。我們的網路軟體（Network Software）事業群在2024年的有機營收成長3%。如同我們全年所討論的，網路業務的成長率受到貨運撮合（freight matching）業務市場環境，以及與 Foundry 相關的編劇與演員罷工影響。若排除這些業務，該事業群成長落在中個位數區間，顯示這個組合的基本面品質。

EBITDA margins continue to be strong at 56.1%. Similar to that, our Application Software segment were excited by the progress made across this group of businesses. 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. Of note, our network has never been more resilient, and the threat from fraudulent actors has been meaningfully mitigated.

EBITDA 利潤率仍維持強勁，達56.1%。與應用軟體事業群相似，我們對這一組業務的進展感到振奮。例如，當 DAT 面對艱困的貨運市場環境時，我們新任 DAT 負責人 Jeff Clementz 在推進技術堆疊與提升 DAT 市場地位方面做得非常出色。值得一提的是，我們的網路從未如此具韌性，且來自詐欺行為者的威脅已被大幅降低。

During the fourth quarter, we completed the DAT bolt-on acquisition, Trucker Tools. Trucker Tools is a perfect complement to DAT's offering, providing real-time visibility to the DAT network participants. 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.

在第四季，我們完成了 DAT 的補強型（bolt-on）併購：Trucker Tools。Trucker Tools 與 DAT 的產品組合高度互補，為 DAT 網路參與者提供即時可視性（real-time visibility）。提醒一下，DAT 的策略是善用其市場領導地位，持續為貨運網路兩端提供不斷提升的價值，以推動更高留存並強化網路變現能力。

Very similar story of Foundry. 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. This is one of the significant benefits of the Roper operating model. 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. And this was certainly the case with DAT and Foundry in 2024.

Foundry 的故事也非常類似。儘管因罷工相關的市場環境使得財務年度艱難，Foundry 仍以加速的步伐持續創新，特別聚焦於 GenAI 與以運算式 AI（computational AI）為基礎的功能。這正是 Roper 營運模式的一項重大優勢。當我們某項業務遭遇市場逆風時，我們仍會持續投資，甚至加速投資，讓我們在市場復甦時成為主要的市占受益者。而2024年的 DAT 與 Foundry 確實就是如此。

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. ConstructConnect, where we executed another planned succession to Buck Brody as Matt Straza took the reins at frontline, was super in the year. This organization continues to be a learning organization, improving lead generation quality and conversions, which led to solid revenue and ARR growth.

我們也很喜歡此處其他公司的表現。iPipeline 積極升級人才配置，更好地使組織架構與客戶需求對齊，並在2024年取得非常穩健的成長。ConstructConnect 方面，我們完成了另一項按計畫的交接，由 Buck Brody 接任，而 Matt Straza 則在第一線掌舵；該公司全年表現非常出色。這個組織持續作為學習型組織，提升線索開發品質與轉換率，帶動穩健的營收與 ARR 成長。

Importantly, ConstructConnect is building a set of potentially transformative products, leveraging AI technologies. Finally, the alternate site healthcare software businesses were once again solid in the year.

重要的是，ConstructConnect 正在打造一系列可能具變革性的產品，並運用 AI 技術。最後，替代照護場域（alternate site）醫療保健軟體業務在今年也再次表現穩健。

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

展望未來，我們預期全年營收成長將改善至中個位數區間，受惠於 DAT 的網路價值捕捉，以及本組合其餘業務的穩定表現。鑑於全年逐步改善，我們預期2025年有機成長的期末（exit）年化運行率將高於中個位數區間。第一季的有機營收成長將略低於全年，落在低個位數區間，原因是去年第一季因 MHA 帶來的比較基期。

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

在轉到我們的 TEP 事業群之前，我們想花點時間談談過去一年在 GenAI 開發與部署方面取得的重大進展。如各位所知，我們每一項業務主要都是以「客戶緊密度」（customer intimacy）的概念來競爭。這種緊密度，或對客戶業務、需求與工作流程的超深度理解，是 Roper 及我們各項業務獨特且具競爭差異化的優勢。

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. And we made meaningful steps in this direction in 2024. 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. The future is exciting in this regard for sure.

隨著 GenAI（LLMs）在降低幻覺（hallucination）方面持續改善，並且愈來愈商品化、成本效益更高，我們高度聚焦於把我們的客戶緊密度、深厚的資料庫存，以及這些 GenAI 技術結合起來，以推動創新並交付具吸引力的解決方案。而我們在2024年已朝此方向邁出具實質意義的步伐。舉例來說：Deltek 與 Aderant 的 GenAI 產品助理、Aderant 開始導入自動化且符合特定客戶合規要求的時間序列工時填報、DAT 的即時詐欺偵測、Foundry 的後製內容創作自動化、ConstructConnect 的自動化工程算量（takeoff）、Vertafore 的保險表單自動化，以及2025年更多令人振奮的 GenAI 技術部署。在這方面，未來確實令人期待。

Now, please turn to page 14, and let's review our TEP segments full-year results. Revenues here grew 9% on a total and organic basis, and EBITDA margins came in at 35.2%. Just great results here.

現在請翻到第14頁，我們來回顧 TEP 事業群的全年業績。此處營收在總額與有機口徑下皆成長9%，EBITDA 利潤率為35.2%。這裡的成果非常出色。

We'll start with Verathon, which was simply awesome in '24. Verathon strength is driven by the team's exceptional level of discipline, discernment, and tenacity. 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. Obviously, we continue to be bullish about Verathon and their future.

我們先從 Verathon 談起，該公司在 2024 年表現非常出色。Verathon 的強勁表現來自團隊卓越的紀律、判斷力與韌性。在 2024 年，Verathon 在市場上持續取勝，成為美國一次性支氣管鏡的市占率領導者，並在全球一次性支氣管鏡與影像喉鏡（video laryngoscopy）方面擴大其市占率領先優勢。顯然，我們仍然看好 Verathon 及其未來。

For the full year, Neptune was very, very good. They continue to see strong ultrasonic static meter demand and increasing adoption of their meter data management software offerings. And from an operational and market momentum view, they're exiting the year stronger than ever. Great job by the Neptune team.

就全年而言，Neptune 的表現非常、非常好。他們持續看到超音波靜態水表需求強勁，且其水表資料管理軟體產品的採用率不斷提升。從營運與市場動能的角度來看，他們在年底時的態勢比以往任何時候都更強。Neptune 團隊做得很棒。

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. Good things in the future for NDI.

NDI（Northern Digital）在第四季恢復成長；此前由於 2023 年一位大型客戶的產品上市，造成比較基期艱難，使得 2024 年相當具挑戰性。NDI 未來可期。

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

最後，CIVCO 與 IPA 在年底交出非常好、即便稱不上卓越也相當亮眼的財務成果。恭喜。

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

展望 2025 年，我們預期該事業部門的營收將呈現高個位數成長。

So with that, please turn with us to page 16. Let's turn to our Q1 and full-year 2025 guidance. 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. Embedded in this guide is organic revenue growth in the 6% to 7% range. Finally, we expect full year adjusted DEPS to be in the range of $19.75 and $20.

接下來，請與我們一起翻到第 16 頁。我們來看第一季與 2025 全年的財測指引。基於我們先前在各事業部門概覽中所討論的內容，我們啟動 2025 年財務指引：總營收成長將超過 10%，此數字不包含任何未來資本運用效益。此指引中包含 6% 至 7% 的有機營收成長。最後，我們預期全年調整後 DEPS 將落在 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. 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.

我們的指引仍假設全年有效稅率約為 21% 至 22%。第一季方面，隨著我們吸收併購帶來較低的毛利率、應用軟體相關影響，以及網路事業部門較具挑戰的比較基期，我們預期調整後 DEPS 將介於 4.70 美元至 4.74 美元。

Now, please turn to page 17, and then we will open up for your questions. We'll conclude with the same three key takeaways with which we started. First, our cash flow growth was strong, once again demonstrating our consistent and durable compounding capability. Second, we entered 2025 with improving momentum. And third, we now have over $5 billion of acquisition firepower at a time when the M&A markets are becoming increasingly retroactive.

現在，請翻到第 17 頁，接著我們將開放提問。我們以與開場相同的三個重點結語作結。第一，我們的現金流成長強勁，再次展現我們一致且具韌性的複利能力。第二，我們以改善中的動能進入 2025 年。第三，在併購市場愈發回溯（retroactive）的時點，我們目前擁有超過 50 億美元的併購火力。

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. 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. Importantly, our fundamentals are strong, and we exit the year with quite positive momentum. We saw a reacceleration of our fourth-quarter organic revenue growth to 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.

回到我們的現金流複利模型，在總營收成長 14% 與有機營收成長 6% 的帶動下，我們的自由現金流成長了 16%。我們的併購能力投入 36 億美元於垂直市場領導者，這不僅推動了我們的複利飛輪，也提升了投資組合的品質。重要的是，我們的基本面強勁，並以相當正面的動能結束年度。我們看到第四季有機營收成長再加速至 7%。此外，以全年來看，我們的企業軟體訂單（bookings）在下半年以雙位數成長表現更佳，且我們在 46 億美元的經常性與重複性收入基礎上，仍持續看到高個位數成長。

Importantly, our enterprise continues to get better as we grow. In 2024, we upgraded key leadership talent, a few of which we highlighted earlier. We expanded our capital employment capabilities and capacity, advance our operating model, and made meaningful strides developing and deploying GenAI-based solutions.

重要的是，隨著規模成長，我們的企業體質持續變得更好。在 2024 年，我們升級了關鍵領導人才，其中部分我們先前已提及。我們擴大了資本運用能力與容量，推進我們的營運模式，並在開發與部署以 GenAI 為基礎的解決方案方面取得實質進展。

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. The M&A markets are very active and appear to be accelerating pace. Given the increasing pressure, limited partners are placing on their private equity GPs for liquidity. Our M&A team is very busy cultivating and building a robust pipeline of attractive acquisition opportunities. As usual, we're excited to pursue these opportunities with our unbiased and disciplined approach.

最後，我們具備非常有利的定位，擁有超過 50 億美元可用的併購火力，可用於將資本部署到領先的垂直市場軟體企業。併購市場非常活躍，且看起來正在加速。鑑於有限合夥人（LP）對其私募股權普通合夥人（GP）在流動性方面施加的壓力日益增加。我們的併購團隊非常忙碌，正積極培育並建立一條強健的、具吸引力的收購機會管線。一如既往，我們很期待以客觀且嚴謹自律的方法來追求這些機會。

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

現在進入提問環節；如果各位可以翻到最後一張投影片，也就是我們的策略性複利飛輪，我們想提醒大家：Roper 所做的事情其實很簡單。我們透過執行低風險策略並運行我們的「雙威脅進攻」，在長時間跨度中讓現金流複利成長。

First, we have a proven powerful business model that begins with operating a portfolio of market-leading, application-specific, and vertically-oriented businesses. Once the company is part of Roper, we operate a decentralized environment so our businesses can compete and win based on customer intimacy. We coach our businesses on how to structurally improve their long-term and sustainable organic growth rates and underlying business quality.

第一，我們擁有經驗證、強而有力的商業模式，起點是經營一個由市場領先、應用特定（application-specific）且垂直導向的企業所組成的投資組合。一旦公司成為 Roper 的一部分，我們採取分權式環境運作，讓各事業能以貼近客戶的方式競爭並取勝。我們也指導各事業如何在結構上提升其長期且可持續的有機成長率與底層業務品質。

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. 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.

第二，我們運行一套集中式、流程驅動的資本運用策略，以審慎且自律的方式，專注於培育、篩選並收購下一個卓越的垂直市場領導企業，將其納入我們的現金流複利飛輪。綜合而言，我們在長時間跨度中以約中十位數的幅度讓現金流複利成長；也就是說，我們大約每五年就能讓現金流翻倍。

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

因此，我們要感謝各位持續的關注與支持，並開放現場提問。接線員，請開始。

We will now go to our question-and-answer portion of the call. (Operator instructions)

現在進入本次電話會議的問答環節。（接線員指示）

Ken Wong, Oppenheimer.

Ken Wong，Oppenheimer。

Fantastic. Thank you for taking my question. I just wanted to ask about that 6% to 7% organic growth outlook. How clean is that number? Are there any notable one off headwinds, tailwinds that we should be thinking about that's impacting that from getting to the steady state?

太棒了。謝謝讓我提問。我想問一下 6% 到 7% 的有機成長展望。這個數字有多「乾淨」？是否有任何值得注意的一次性逆風或順風因素，會影響它回到穩態水準？

Hey, Ken. This is Jason. Thanks for the question. No, nothing one-time in nature. We did talk about just in the first quarter in our NS segment, we talked about this last quarter. Our MHA business had a one-time thing that sort of popped through. 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. That'll be more in Q2 through Q4. 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.

嗨，Ken。我是 Jason。謝謝你的問題。沒有，沒有任何一次性因素。我們確實提到過第一季在 NS 事業部門的情況，上季也談過。我們的 MHA 業務有一個一次性的事項短暫反映出來。因此第一季在 AS 與 NS 的有機成長會稍微低一些，但之後會開始回升——我們也談到高個位數的經常性收入。那會更多體現在第二季到第四季。所以當你考量 Procare 在第二季納入有機成長，以及我們提到下半年部分訂單（bookings）轉為營收、時間點大概落在第一季末到第二季初，你會開始看到成長動能向上拐點。

Nothing really unusual in our test segment. 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. So we feel good about the setup for this year.

在我們的測試事業部門並沒有什麼特別不尋常的情況。我們仍預期整體企業將維持強勁成長；而且我想我們之前也說過，2024 年算是自 2019 年以來我們最「乾淨」的基準年，因為先前經歷了 COVID 與供應鏈雜訊的影響。因此，我們對今年的布局感到樂觀。

Okay. Fantastic, Jason. 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?

好的。太棒了，Jason。接著再快速追問一下，關於在 2025 年疏通併購（M&A）的卡關情況，當你們看潛在交易的案源管線時，會更偏好成長型加掛收購（bolt-on），還是更偏好較獨立、屬於品類領導者（category leader）那種平台型標的？

Hey, Ken. It's Neil. I'll take that one. 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. 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. Now, you got [5 billion] to deploy. 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. Sort of it's very situation-dependent. But yeah, it'll be a balance between the two.

嗨，Ken。我是 Neil。我來回答這題。我們的團隊——我們在事先準備的講稿也提到，過去一年我們在併購團隊新增了相當多的產能與能力。他們做了很多前期耕耘：建立、拓展與贊助方以及公司本身的關係，平台型與加掛型兩邊都有。現在，你們有 [50 億] 可以部署。從加掛的角度來看，凡是合理的我們都能做，然後也希望能找到一到兩個平台型標的。某種程度上這非常取決於具體情境。但對，會在兩者之間取得平衡。

Perfect. Thanks a lot.

完美。非常感謝。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey, guys. Good morning. So like, coincidentally, the water company at my house, literally right now, putting in a new Neptune meter. So I hope that that's factored into the next quarter guidance there.

嗨，各位。早安。很巧的是，我家那家自來水公司，就在此刻，正在裝一個新的 Neptune 水表。所以我希望這已經被納入你們下一季的指引裡了。

Static or mechanical? (laughter)

靜態式還是機械式？（笑聲）

I'll see what it looks like when she's gone. Great. So it was good to hear some of the AI tools you guys are deploying here. 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?

等她走了我再看看長什麼樣。很好。所以聽到你們正在部署的一些 AI 工具很不錯。我想問，有沒有辦法量化：不論是你們在定價差異化、對新能力收費方面的影響；或是對內部而言，在毛利率、讓業務更獲利、更有效率方面帶來了什麼？

Yeah, so I'll say, in '24, it was a great year of learning. Early momentum, we went through seven or eight examples of things were in the market with from a product point of view. But the momentum is just building from here. 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.

是的，我會說，2024 年是很棒的一年，學到很多。早期動能方面，我們從產品角度在市場上推了七、八個案例。但動能從這裡開始只會持續累積。有非常令人鼓舞的突破——顯然全世界上週都在關注這件事——這讓模型更便宜、更商品化，代表你可以用更低成本把它們部署到更特定的使用情境。

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. So it's super encouraging about the future. I'll tell you, in terms of the specific mathematical can we point to it in '24, it's very hard to point to. We got this many millions of revenue or we save that many millions of costs. But there is definitively a halo effect where we've seen bookings increase, for instance, at Amazon -- that's funny -- at Aderant. And because they're the leader on this, we've seen bookings pick up at Deltek because of the [dell] assistant that they have.

這也讓我們的團隊開始思考——我們昨天才跟幾位 CTO 開會，討論他們初步的想法。所以對未來來說非常令人振奮。我跟你說，就 2024 年能不能指出具體的數學化成果，其實很難量化。例如我們因此多了幾百萬營收，或省了幾百萬成本。但確實有一種光環效應（halo effect），例如我們看到 Aderant 的訂單（bookings）增加——講 Amazon 是個笑話——而且因為他們在這方面是領導者，我們也看到 Deltek 因為他們的 [dell] 助理而帶動訂單回升。

And on the on the productivity side, real breakthrough gains on customer support, starting to see gains on the R&D side. But we're not looking at it initially from a, how do we take costs out of the enterprise? We look at about how can we serve our customers more efficiently and how can we chew up more of a roadmap, right? How can we have take the productivity to be offensive is how we're thinking about it.

在生產力面，客戶支援有真正突破性的提升，研發端也開始看到增益。但我們一開始並不是從「如何把企業成本砍掉」的角度來看。我們看的是如何更有效率地服務客戶，以及如何更快消化更多產品路線圖，對吧？我們的想法是把生產力提升用在進攻端。

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

對，這些都合理。接著追問——有一個業務我想大家有點擔心，從美國政策角度可能會有一些逆風，可能像是 Deltek 的（聽不清）那一塊，想請教你們那邊看到的情況如何？這是不是一個合理的擔憂？或者——如果是——大概會怎麼發展？

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. And I'll tell you the guiding principles of DOGE, a couple that are important is the accountability for contractors are going to increase. Pricing models may change to be more performance based. 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.

是的，所以 Deltek 以及他們的客戶——也就是聯邦政府承包商、美國承包商——以及 DOGE 和所有政策，目前要知道最後會怎麼發展還非常早。我可以說，DOGE 的一些指導原則中，有幾點很重要：對承包商的問責會提高。定價模式可能會改成更偏績效導向。他們可能必須現代化系統——這些都符合 Deltek 的強項，因為問責提高就會需要更多稽核合規。

We just acquired a wonderful company called ProPricer, which is about how do you manage more performance-based pricing. So that feels pretty good. But it's very early to know at the end of the day how this will flow. 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. So the customers, if speaking with their wallets, at least, through this have seemed relatively bullish about the opportunity.

我們剛收購了一家很棒的公司叫 ProPricer，主要是如何管理更偏績效導向的定價。所以這點讓人感覺相當不錯。但最終這會如何傳導，現在還很早。重要的是，Deltek 在第三季與第四季的訂單與政府承包活動，以及第一季前段的活動，都相當強勁。所以至少從客戶用錢投票的角度來看，他們在這段期間似乎對機會仍相對偏多頭。

Okay, thanks guys. I appreciate the color.

好的，謝謝各位。很感謝這些補充說明。

Joe Bruan, Beard.

Joe Bruan，Beard。

Great. Hi, everyone. Thanks for taking my questions. 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. You commoditize the model. You're able to differentiate at the business process layer. I would say, in Roper's case, you're typically dealing with, I would say, more unique and regulatory burdensome business processes. Does AI make it easier for others to come in and tackle those? 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?

很好。各位好。謝謝回答我的問題。延續你們對 AI 的評論，我們最近也聽到一些大型企業軟體供應商——橫向型供應商——表示這最後會是相當正面的，尤其從小型語言模型的發展來看。模型商品化之後，你就能在業務流程層做出差異化。我想在 Roper 的情況下，你們通常面對的是更獨特、且法規負擔更重的業務流程。AI 會不會讓其他人更容易切入並解決那些流程？還是你認為因為你們是既有供應商（incumbent），有起始的產品聚焦、也有通路，因此隨著模型領域的進展，你們反而會加深你們的護城河？

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. Where we land on it is that we're in a very good position to be the winner. And it's really -- I tried to comment in the prepared remarks for a couple of reasons. One is we are really intimate with our customers. I mean, this is not, for instance, I'll use the Aderant example. We're not about how do you create a project-based professional services bill? 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?

我們對這個問題非常戒慎恐懼，並且在整個 2024 年都與旗下公司密切討論，從 AOP 流程到策略流程，正是圍繞這個問題。我們的結論是：我們處在非常有利的位置，能成為贏家。而且這真的——我在事先準備的講稿裡也試著評論——有幾個原因。第一，我們與客戶的連結非常深入。我舉 Aderant 當例子。我們不是在做「如何建立一張以專案為基礎的專業服務帳單」。我們是在做「某一家特定律所如何為某一位特定客戶開出符合該客戶帳單規範的特定帳單」。

It's a very nuanced specific thing. And as we talk about intimacy, that's what we talk about. 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.

這是一件非常細緻、非常具體的事情。而當我們談到貼近（intimacy），指的就是這種程度。所以在這種貼近程度、我們掌握的資料，以及現在有了新的賦能工具的交會點上，我們相信自己具備獨特優勢，能解決過去受限於當時可用技術而無法解決、如今變得可解的問題。

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

另外一點值得注意的是，至少在我們所參與的垂直領域中，我們在旗下每一家企業都是市佔率領導者。我們具備顯著的市佔優勢：有些情況下是 1.2 倍，有些情況下則是下一家最大競爭對手的兩倍或 2.5 倍。因此，在這些小眾利基市場中，我們擁有規模優勢，得以進行這些投資。所以我們喜歡目前的發展方向，但我們會保持警覺與戒慎，並鼓勵、督促旗下公司以合理的節奏進行投資，以便能夠競爭並勝出。

Okay. That great color. 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. I think if you just run rate double digits, it probably gets to something better than a mid-single digit outcome for AS organic. I guess, are you starting the year baking in any sort of hedge? 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?

好的。這些補充資訊很有幫助。關於明年的展望，我想你們未必會把未來的預訂（bookings）年化增速假設在高十幾%的水準，但過去幾季的表現確實相當亮眼。我認為如果只是按雙位數的年化速度推進，AS 的有機成長結果可能就會優於中個位數。我想問的是，你們在年初的指引/規劃中是否會先納入某種避險（hedge）？我知道你們剛談到 Deltek，但是否還有任何需要考量的風險點？如果這些風險沒有發生，之後是否可能再上調？

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. We had good bookings in the second half of the year. So that's all part of the growth equation. So we think we're going to be better than that. And I think it's just -- we're going to want to see how the first half plays out.

是的，Jason，我想我們 2024 年 AS 的有機成長精確來說是 5.6%，而且我認為我們今年的總收入留存率（gross revenue retention）很強。我們在下半年也有不錯的預訂表現。這些都是成長方程式的一部分。所以我們認為會優於那個水準。我想我們只是——會想先看看上半年進展如何。

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. But yeah, I think if we continue to see the momentum we saw in the second half, there could be some chance for upside. But how that converts to revenue is a little slower than just immediate impact unless it's perpetual. 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. But if there is, then we'd have -- we could have some upside there for the year.

我的意思是，顯然如果再看一次今年，Procare 會在第二季納入有機成長的比較基期，所以會對成長率有幫助。但我認為如果我們持續看到下半年那樣的動能，確實可能有上行空間。不過，預訂轉換成營收的速度會比「立刻反映」慢一些，除非是永久授權（perpetual）。我認為今年的一個上行因素是：如果 GovCon 企業端需求維持強勁，且市場偏好轉向永久授權——坦白說，從長期來看我們希望不要如此。但如果真的發生，那麼今年我們可能會有一些上行空間。

Thank you.

謝謝。

Terrell Tillman, Truist Securities.

Terrell Tillman，Truist Securities。

Yeah. Hey, Neil, Jason and Zack. It's good to see the dual threat offense and in action. I guess, maybe my first question and it's -- appreciate the color on the enterprise software booking strength. But what I'm curious is, could you stack rank a little bit from -- as you talk to the leaders of the businesses? What's kind of -- is there any macro that's actually starting to help? (inaudible) is on that front or just some execution because sometimes, you do change out some of the leadership enhanced go to market optimization? 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? And I'll have a follow-up.

是的。嗨，Neil、Jason 和 Zack。很高興看到「雙威脅」進攻戰術在場上運作。我想先問第一個問題——也謝謝你們對企業軟體預訂強勁的補充說明。但我好奇的是，當你們和各事業的領導團隊交流時，能否稍微做個排序（stack rank）？是否有任何總體環境（macro）因素開始帶來幫助？(聽不清) 在這方面是怎麼看，或只是執行力的提升，因為有時你們也會更換部分領導、強化 go-to-market 的最佳化？第三，像是轉向 SaaS，你們能否更深入說明，你們認為推動企業軟體預訂強勁最關鍵的驅動因素有哪些？我之後還有追問。

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

好的。你提到的幾點——我們會逐一帶到，我會盡力把你剛提出的重點都回答到。首先，從總體環境的角度來看，相較於去年此時到現在，我們確實感覺宏觀前景更穩定，這當然是正面的。

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. 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. It's clear and obvious. It's a great part of Roper. 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. And we continue to turn that crank.

Jason 和我在事先準備的發言中都提到，我們認為——我們把許多成功歸因於：有更好的領導者，採用更精準、以選擇為基礎（choice-based）、以「致勝權」（right to win）為核心的策略，以及能夠交付成果的執行模式。因此，在我們最早把這些方法與機制成熟化、並且運作最久的地方，我們正在看到成效。這非常清楚、也很明顯。這是 Roper 很棒的一部分。這些要奏效需要一些時間，因為沒有快速的方法可以建立可長可久、可持續的有機成長率提升，但它會隨著時間有系統地發生。而我們會持續推動這個飛輪。

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

其中的例子當然包括我們在 Deltek、Aderant、PowerPlan、DAT、ConstructConnect 看到的表現；同樣的幾家——我的意思是，還有其他的，例如 Verathon 當然也有，NDI 也是。我的意思是，你可以把名單一路列下去，每家公司都在變得更好，但上述是一些亮點，顯示這整套做法真的開始逐步到位、開始「卡榫」。而我們也在較長——中期的時間尺度上看到有機成長的加速。

And then I think there was a question -- I don't know if it's just a general question about SaaS conversions. We continue. That's a longer-term growth driver for us. 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. And so that's a nice tailwind. On the amount of perpetual has been going down over time to the extent there's a J curve. We've sort of just happened -- it's been embedded in our results over the last few years. And so it's a nice longer term tailwind.

接著我想你還問到——我不確定是否是關於 SaaS 轉換的一般性問題。我們會持續推進。這是我們長期的成長驅動因素。目前仍有超過 9 億美元的地端（on-premise）維護收入，我們正在把它產品化並遷移到雲端；以 ARR 來看，轉換倍率超過 2 倍。因此這是一股不錯的順風。永久授權（perpetual）的占比隨時間一直在下降；若要說有所謂的 J 曲線，其實它在過去幾年的結果中已經自然反映出來。所以這是一個不錯的長期順風。（同上）

Yeah, thanks for that. 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? Thank you.

好的，謝謝這些說明。接著，Jason，關於 DAT，我不知道這是不是——也許是個比較難的問題，但就你們一些計畫中的定價與方案設計、以及價值變現（monetization）而言，這些大概何時會開始反映出來？影響會有多大？謝謝。

Yeah, sure. Yeah. 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. 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. So just continuing to innovate, there's more innovations coming, a lot of releases they're going to have this year. So we're really excited about what's happening at the DAT.

好的，當然。是的。我想在第四季，他們已經針對半個市場、或網路的一半端點採取了一次動作；接著今年上半年某個時間點大概還會再有一次；今年年底也可能再多一些。而這都與 Neil 談到的內容相關，也就是提升網路上交易夥伴的安全性與可靠性——包括我們在防詐與效能面向、針對貨運看板（load board）所做的工作。所以我們會持續創新，接下來還會有更多創新，今年他們會有很多版本釋出。因此我們對 DAT 正在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. 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. 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.

另外既然談到 DAT，我也想順便提一下我們本季做的一筆小型補強式併購（bolt-on）——Trucker Tools。我們認為這項資產很有潛力，能成為網路的絕佳加值，為所有網路參與者提供即時可視性（real-time visibility）。我們在承運商與經紀商兩端都擁有客戶基礎，而 Trucker Tools 能讓我們對網路兩端提供更多價值，並且能夠就其價值進行變現；這筆補強案的潛力令人非常振奮。

Brent Thill, Jeffries.

Brent Thill，Jefferies。

Good morning, Neil. 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. Are you seeing any of that distraction in your engagements in the sales engagements? Or is this your verticals more insulated? They're more focused on the business [sell] AI piece is more backburner? How -- what are you seeing from the [CIO] behaviors?

早安，Neil。當你想到 AI 時，感覺在一些軟體買方面前有一道令人分心的光，大家都在試著搞清楚該怎麼應對。你在銷售互動、銷售接觸中有看到這種分心嗎？還是你們的垂直領域比較不受影響？他們更專注在業務本身，[sell] AI 的部分則比較被擱在後面？你看到 [CIO] 的行為是怎麼樣的？

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? That was part of the first half macro that was going on as part of that interest rates, economic inflation, all that. But as of late, there's been none of that. 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. And they're looking to us to enable to take -- the enabling technology GenAI and then apply it to very specific settings. They don't have a competing, large SAP or large whatever that we sit -- we ride on next to. 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.

是的，我們也常常在問這個問題，而我們沒有看到分心——我的意思是，也許在去年上半年，當這一切都還很新、大家都在到處打聽：等等，發生什麼事？那是去年上半年宏觀環境的一部分，包含利率、經濟通膨等等。但最近完全沒有那種情況。我會把根本原因歸因於——我們是客戶絕大多數業務的記錄系統（system of record）。他們期待我們把使能技術 GenAI 帶進來，並把它應用在非常特定的場景。他們沒有一個與我們並行、我們只是依附其上的大型 SAP 或其他大型系統。我們就是記錄系統，或是他們用來營運網路、做潛在客戶開發或其他各種用途所必需的系統。

Okay. And appreciate kind of your comments on M&A and the magnitude of things that can unlock this year. 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. But should we expect kind of similar lanes? Are you open to doing something different than you've done in the past? 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?

了解。也謝謝你對併購（M&A）以及今年可能釋放的規模所做的評論。我想在「聚焦」以及你們聚焦什麼這一塊，我知道你不能告訴我們你們要走哪些跑道。但我們是否應該預期大致相同的跑道？你們是否願意做一些不同於過去的事情？在今年產業看起來會有一波併購整理、清理的規模之下，你怎麼看待方向？

No, we're -- always have been, and we'll continue to be like wildly focused on what it is that we do, right? 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. I mean, that is what we do. And we will continue to be business pickers first and foremost and not sort of be thematic vertical investors. Like we want to put X dollars into this theme. 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

不，我們——一直以來都是，而且會持續非常專注在我們所做的事情上，對吧？就平台而言，我們尋找的是小型市場、垂直市場的領導者，具備可理解且可觀察其競爭力量的長期競爭優勢；是領導者、且成長對我們而言具吸引力；我們也可能再投入更多資本做附加併購（bolt-ons）。我的意思是，這就是我們做的事。而且我們會持續以挑選企業為第一優先，而不是做主題式的垂直投資人。例如：我們想把 X 美元投進某個主題。我們會一直是挑選企業的人；至於最後會走到哪裡，將取決於未來一到兩年交易如何逐步呈現。

Great. Thanks.

很好。謝謝。

Deane Dray, RBC Capital Markets.

Deane Dray，RBC Capital Markets。

Thank you. Good morning, everyone.

謝謝。各位早安。

Hey, Deane. Good morning.

嗨，Deane。早安。

Hey, I know it's not a big dollar amount, but you did call out that $9 million of restructuring. Could you expand on that? Like, how many businesses? What's the payback? And I'm really interested in the genesis of this. I'm guessing this had nothing to do with headquarters. This was all bottom up. But just be interested in how it was initiated.

嗨，我知道金額不大，但你們確實提到 900 萬美元的重組費用。可以多說一些嗎？像是涉及多少個業務？回收期（payback）如何？我也很想了解這件事的起因。我猜這跟總部無關。這應該完全是由下而上推動的。但我想知道它是如何被啟動的。

Yeah, I can take, that, Deane. So yeah, it was a couple of businesses. It was mostly in our AS segment, and the largest was at 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. So obviously, going to get some flow through in 2025, but we'll have some reinvestment back into things like product, things like growth. And so that was it. Just an opportunitic opportunity to do that. 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.

好的，Deane，我來回答。是的，涉及幾個業務。主要在我們的 AS 事業群，其中最大的是 Deltek。我想這也剛好配合 Bob Hughes 上任後，檢視他們希望在哪些地方把資金再投入回業務。所以很明顯，2025 年會有一些效益流入（flow through），但我們也會把部分資金再投入到像是產品、成長等項目。大概就是這樣。只是把握一個合適的時機來做。另外我們也有幾個較小的案子，如我所說，同樣是因為年底收官不錯，想確保他們在邁入 2025 年時能採取一些行動。

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

我會把它形容為良好、健康的勒緊褲帶。

Good to hear. And just separately, could you give us an update with any kind of specifics regarding the Transact integration with CBORD? Just what kind of initiatives, where and how might that play out during the course of this year?

很高興聽到。另外，能否就 Transact 與 CBORD 的整合，提供一些更具體的最新進展？有哪些計畫、會在哪裡、又可能在今年的進程中如何展開？

Sure. So far, it's going really well. We've identified the $20 million of cost synergies, and those will mainly start rolling through in the first quarter of this year. So that's going well. The team has been set, and they've actually added some new capabilities to the executive team. 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.

當然。到目前為止進展非常順利。我們已經確認了 2,000 萬美元的成本綜效，而這些主要會從今年第一季開始逐步反映。所以進展很好。團隊已經到位，而且他們也為高階管理團隊新增了一些能力。他們剛加入一位新的服務主管；這也是估值計畫的一部分——因為他們正把更多客戶透過 Campus ID 解決方案移轉到雲端，需要一個專業服務組織，以具增益（accretive）的方式來管理這件事。

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

另外整體來說，我認為整合也取得了很大進展。我們已經承作（underwrite）一套將橫跨整個業務的 ERP，這會隨時間帶來效率提升，不會立刻，但會逐步顯現。所以是的，我們很期待——我想市場回饋非常正面，尤其是從產品路線圖的角度，展示 Transact 的雲原生解決方案能做到什麼。

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

因此我認為不只是 Transact 的本地部署（on premise）客戶感到興奮，現在也越來越看到 CBORD 的客戶在說：嘿，這才是正確的方向。所以我們認為，這將在未來幾年帶來很好的交叉銷售順風（tailwinds）。

Great. Thank you.

很好。謝謝。

Scott Davis, Milius Research.

Scott Davis，Milius Research。

Hey. Good morning, guys.

嗨。各位早安。

Good morning, Scott.

早安，Scott。

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. But would -- this is kind of a unique situation, it feels like, in '25. Would you consider issuing equity, Neil, if the opportunity set were wide enough where it would make sense?

過去幾季按季來看，你們對併購（M&A）以及前景等的態度變得越來越正面，而且你們去年也確實相當活躍。但——這感覺像是 2025 年一個相當獨特的情境。Neil，如果機會集合夠廣、且在合理情況下有意義的話，你會考慮發行股權嗎？

So, obviously, the first source of capital is going to be the $5 billion in our balance sheet and our debt capacity. If the market then at that point continued to present very compelling deals to us, then certainly, we would consider the use of equity. But the bar is higher; the return bar is higher; the asset quality is even higher because the cost of capital is higher. So that all goes into the into the decision making process.

所以，很明顯，第一個資金來源會是我們資產負債表上的50億美元以及我們的舉債能力。如果市場在那個時間點仍持續向我們提供非常具吸引力的交易，那麼我們當然會考慮使用股權資金。但門檻會更高；報酬門檻更高；資產品質要求也更高，因為資金成本更高。因此，這些都會納入決策流程。

But let's be clear. We'll be delighted to be able to deploy the $5 billion that we have. That drives the compounding machine for us. And even in difficult years, let's just -- let's make this clear for the record. 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. 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. And so we'll just be steady deployers of capital through good times and bad.

但我們要講清楚。我們會很樂意能夠部署我們手上的50億美元。這會驅動我們的複利機器運轉。即使在艱難的年份，也讓我們——把這點在紀錄上說清楚。我的意思是，在過去幾年那些沒有太多事情發生的年份，我們也把該做的工作完成了。所以，我們這種某種程度上始終在市場中的關係，對我們的好處可能在景氣不那麼好的時候反而最大。因此，無論景氣好壞，我們都會穩健地部署資本。

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

沒錯。我也想補充，私募股權中這些資產的周轉（代謝）不會是立刻發生的。這會花超過一年的時間，所以我不認為會一次性全部發生。

This will not clear in '25. It'll be a '25 and '26 clearing for sure.

這不會在2025年就清掉。肯定會在2025年和2026年陸續出清。

Okay, so there's no sense of panic on the other side. Okay, I got you. 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. 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? You kind of mentioned that winners hire winners, and I certainly believe in that. 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? I'm just kind of curious how you think about that.

好的，所以對方那邊沒有恐慌的感覺。好，我懂了。另外有點——你們談人才升級，我不知道，可能已經談了一年多了。但當你們談到人才時，在補人時你們怎麼看內部與外部的比例？你們覺得內部人才培養得夠嗎？你提到「贏家會雇用贏家」，我當然也相信這點。但你們會不會去想——職缺填補率應該內部對外部各占多少，或是否有某個最佳比例，或因為你們的業務組合而多半得靠外部？我只是好奇你們怎麼看。

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. 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.

不，我們——過去五、六年，我們一直在非常積極地推進我們所謂的「人才進攻」，重點在於人才的甄選、人才的培育，以及人才的投入度。而且——如同我們廣泛且多次談過的，我們對一線領導者的特質、行為特質有要求：必須具備競爭力、好奇且願意學習，能夠長期思考並把長期行動落實到今天，並且對建立業務的底層能力感到非常興奮；這些都是我們尋找的能力或行為特質。

So we started this, we had to go outside, right? But then the development part of this talent offense has been -- it's early signs are encouraging, right? So we have Straza that moved to front line. We got Brody that's now leading ConstructConnect. By the way, Brody started the Roper office with the CFO of Antibiotics and DAT then ConstructConnect and now is the CEO ConstructConnect. 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.

所以我們一開始做這件事時，必須往外找，對吧？但這套人才進攻中的「培育」部分——目前早期跡象令人鼓舞，對吧？所以我們有Straza調到第一線。我們有Brody現在在領導ConstructConnect。順帶一提，Brody和Antibiotics的CFO一起成立了Roper辦公室，之後到DAT、再到ConstructConnect，現在是ConstructConnect的CEO。所以，隨著我們的後備梯隊（如果你願意這麼說）變得更深、更廣、更強，我不會意外在投資組合內還會有其他領導職務調動，而那永遠會是我們的第一選擇。

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. And then we go out to the market to hire an FPNA leader versus a CEO of one of our larger businesses, right? So a risk management point of view, it works all around.

如果從風險管理的角度來看，Scott，當我們——需要在第一線替換、升級人才時，我們能把Straza推到第一線（CFO）；把Brody推到ConstructConnect的CEO；把[FPNA]主管推到CFO。然後我們再到市場上去聘請一位FPNA主管，而不是去外面找我們某個較大型業務的CEO，對吧？所以從風險管理角度看，這在各方面都行得通。

Good color. Congrats on the quarter. Good luck this year, guys. Thank you.

很有幫助的補充。恭喜這一季表現。祝你們今年順利，各位。謝謝。

Thanks so much.

非常感謝。

Steve Tusa, JP Morgan.

Steve Tusa，摩根大通。

Hey, good morning.

嗨，早安。

Hey. Good morning, Steve. Good to hear from you.

嗨。早安，Steve。很高興聽到你的聲音。

Really strong cash in the quarter. Obviously, 32% is above 30%, but it's meaningfully above 30%. Are you, at some point, going to change that algorithm? Or is there something about the 32% that was a bit over driven in the fourth quarter? And then how do we think about that? 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?

本季現金表現非常強。很明顯，32%高於30%，但也顯著高於30%。你們會在某個時間點調整那個算法（指引/規則）嗎？還是說這個32%在第四季有一些一次性因素推動得比較高？那我們該怎麼看這件事？我們是否應該把它視為你們今年現金在第一季、第二季的正常季節性移動？

So yeah, I mean, this was a really strong renewal season for us. If I had to call out specific companies. I mean, Deltek and Aderant just drove down record DSO. 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. Verathon and Neptune were also spectacular. So just great work here, a little bit better than we thought. So it may come a little -- might come out of Q1 just a little bit. But nothing super unusual. 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. So that's more of a '25 versus '24 item. But I mean, overall, it's just a really strong year.

對，是的，我的意思是，這對我們來說是一個非常強勁的續約季。如果要點名幾家公司。我的意思是，Deltek和Aderant把DSO（應收帳款週轉天數）降到創紀錄的水準。甚至Strata在與Syntellis整合後，他們在今年年底前把各項事情都理順了，年末收官非常出色。Verathon和Neptune也非常亮眼。所以這裡的工作做得很棒，比我們預期還要好一點。所以可能會有一點——可能會從第一季稍微回吐一點。但沒有什麼特別不尋常的。我還想說，在非營運面，我們發行了幾十億的新債券，而第一筆票息付款大概會在今年的2月和4月到期。所以那比較是2025年相對於2024年的項目。但整體而言，這就是非常強的一年。

Yeah. And then just last one for you, Neil, you guys are clearly making some progress on integrating AI. 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? You guys are obviously on the watch for any incremental competition coming from this and disruption, and any signs of that whatsoever? And obviously, you guys are reacting by investing. But what are you seeing from that perspective for businesses that have always been very strong and had relatively high market shares?

好。Neil，最後一個問題，你們顯然在整合AI方面取得一些進展。是否有任何業務——我相信你們在檢討時問了很多這類問題——你們看到在邊際上可能存在威脅的？你們顯然在留意由此帶來的新增競爭與顛覆，有沒有任何這方面的跡象？而且很明顯你們也透過投資來因應。但從這個角度看，對於那些一向很強、且市占率相對高的業務，你們看到了什麼？

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. 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. 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.

是的，所以我會說，我們在投資組合層級花了很多時間擔心是否存在投資組合層級的生存性威脅。去年，有一家公司曾在我們的觀察名單上；他們完成了相關工作，從威脅角度來看，我們已把它移出觀察名單。其實我認為，當我們比一年前更了解該終端市場的格局以及智慧財產權（IP）歸屬格局之後，從中長期來看，這反而是順風。

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

接著我會說，嘿，在我們某些垂直領域裡，確實有一些非常小的新創公司，他們在做非常客製化、規模很小的 AI 應用，是的，但所有客戶其實都希望整合供應商，而不是讓供應商數量增加。因此，這個趨勢反而給了我們一個機會，讓我們在勝出者受惠的情況下成為受益者。

Yeah, that makes a lot of sense. All right. Thanks for the answer. Appreciate it.

是的，這很有道理。好。謝謝你的回答。非常感謝。

Julian Mitchell, Barclays.

Julian Mitchell，巴克萊。

Hi. Good morning. Maybe just wanted to start with, any color on the EBITDA margin outlook? 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. 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? Is that the way to kind of think our EBITA margins?

嗨。早安。也許先想請教一下，對 EBITDA 利潤率展望有沒有更多說明？關於營收的問題很多，但在 2024 年，我認為全公司核心利潤率大致持平；若包含併購在內，整體（headline）則小幅下滑。所以在思考 2025 年時，我們是否可以預期核心利潤率可能小幅上升，而整體利潤率持平，並且呈現下半年較為吃重：上半年利潤率年對年下降、下半年再回升？這樣理解 EBITA 利潤率是否正確？

Yeah, I think you summarized it well. Core margin will be up a little bit. 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. This Transact's largest margin quarters, the third quarter or about 50% of their EBITDA comes in that quarter. So lower in the first, a little bit lower in the second. So yeah, I think the way you've described it is spot on.

是的，我認為你總結得很好。核心利潤率會小幅上升。我也提到——尤其在事業部層級，會有不錯的提升；而併購方面，正如你所說，特別是在上半年，因為 Transact 併入。Transact 的利潤率最高的季度是第三季，約有 50% 的 EBITDA 會在那一季貢獻。所以第一季較低，第二季也會稍微低一些。因此，是的，我認為你描述的方式非常到位。

That's great. And then my follow-up just on the TEP segment. We haven't had many questions on that yet. 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? I think there's some noise around various kind of meters businesses and sort of customer inventory reductions. So how are you thinking about Neptune for 2025 revenue? And also maybe any color on how did the TEP backlog perform in Q4? I think it was down about 30%-ish year on year in Q3, but off a very elevated base. So just kind of how have orders or book to bill move there?

太好了。接著我的追問是關於 TEP 事業部。目前還沒有太多人問到這部分。所以想了解一下，當你們在思考這裡的營收展望時，能否更聚焦談談你們對 Neptune 的預期？我想市場上對各類儀表（meters）業務以及客戶去化庫存有一些雜音。所以你們如何看待 Neptune 在 2025 年的營收？另外，也想請你們分享一下 TEP 的積壓訂單在第四季表現如何？我記得第三季年對年大約下降 30% 左右，但基期非常高。所以想請教一下，那邊的訂單或接單出貨比（book-to-bill）走勢如何？

I'll take the first part and ask Jason to take the second part regarding the backlog. So hey, it's their strength in the segment. And Neptune is, I think, something like 40% of the segment. 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. The other thing that's just -- there was some noise in the comps in the prior year. We had -- we talked about NDI, we talked about our products, all that sort of in the rearview mirror. So we just have a clean base to grow from. And it's pretty consistent growth across the group here.

我先回答第一部分，然後請 Jason 回答第二部分、也就是關於積壓訂單的部分。所以，嘿，這是該事業部的強項。而 Neptune 我想大概占該事業部約 40%。因此，在我們目前給出的指引、也就是高個位數（HSD）成長區間的情況下，我們當然預期他們今年會有良好表現。另外一點是——前一年的比較基期裡有一些雜音。我們談過 NDI，也談過我們的產品等等，這些都已經成為過去式。所以我們有一個乾淨的基礎可以成長。而且整個團隊的成長相當一致。

Yeah. 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. So that's positive. 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. 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.

是的。就積壓訂單而言，我想我們已經「反覆」談過過去幾年供應鏈交期等因素，而現在已經正常化，因此積壓訂單水位會比疫情前略高一些。所以這是正面的。我也想說，今年初期的跡象顯示，許多經銷商正在大幅補庫存；而幾週前 [Don] 與其團隊舉辦的銷售啟動會也顯示，今年市場仍將持續強勁。因此，這會讓我們回到疫情前的狀態，這其實很好，對吧，也就是我們以一到兩個月的積壓訂單運作，並且在不需要消化大量積壓訂單的情況下，持續看到成長。

That's great. Thank you.

太好了。謝謝。

You're welcome.

不客氣。

Thank you so much. And this includes our question-and-answer session. We will now return back to Zack Moxcey for any closing remarks.

非常感謝。以上為我們的問答環節。接下來我們將把時間交還給 Zack Moxcey 作結語。

Thank you, everyone, for joining the call today. We look forward to speaking with you during our next earnings call.

感謝各位今天參與本次電話會議。我們期待在下一次財報電話會議中與各位交流。

Thank you, presenters, and thank you, ladies and gentlemen. The conference is now concluded. Thank you for attending, and you may now disconnect. Have a great day.

感謝各位簡報人員，也感謝各位女士先生。本次電話會議到此結束。感謝各位出席，現在可以中斷連線。祝各位有美好的一天。