Roper Technologies Inc (ROP) 2025 Q1 法說會逐字稿

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

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

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

現在我想將電話轉給投資者關係副總裁 Zack Moxcey。請繼續。

Good morning, and thank you all for joining us as we discuss the first-quarter 2025 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，感謝大家加入我們，討論 Roper Technologies 2025 年第一季的財務表現。今天早上與我一起參加電話會議的還有總裁兼首席執行官 Neil Hunn；傑森·康利 (Jason Conley)，執行副總裁兼首席財務官；布蘭登·克羅斯 (Brandon Cross)，副總裁兼首席會計官；以及財務高級副總裁 Shannon O'Callaghan。

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

今天早些時候，我們發布了一份新聞稿，宣布了我們的財務表現。新聞稿還包括今天電話會議的重播資訊。我們準備了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'll please turn to page 2. We begin with our Safe Harbor statement. During the course of today's call, we will make forward-looking statements which are subject to risks and uncertainties as described on this page, in our press release, and in our SEC filings. You should listen to today's call in the context of that information.

現在，請翻到第 2 頁。我們先從安全港聲明開始。在今天的電話會議中，我們將做出前瞻性陳述，這些陳述受本頁、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。您應該根據這些資訊來聆聽今天的電話。

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

現在，請翻到第 3 頁。今天，我們將主要根據調整後的非公認會計準則和持續經營基礎來討論我們的業績。第一季度，我們的 GAAP 結果和調整後結果之間的差異包括以下項目：與收購相關的無形資產攤銷、與已完成收購相關的交易相關費用，以及最後與我們對 Indicor 的少數股權投資相關的財務影響。您可以在我們新聞稿中以及我們網站上本簡報的附錄中找到對帳資訊。

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

現在，請翻到第 4 頁，我將把電話交給尼爾。在我們準備好發言之後，我們將回答電話參與者的問題。尼爾？

Thank you, Zack, and thanks to everyone for joining our call. As we turn to page 4, you'll see the topics we plan to cover today. We'll start with our Q1 highlights, which included reviewing our most recent acquisition, CentralReach. Then, we'll go through our segment results and our modestly improved outlook for the year, and then get to your questions. So let's go ahead and get started. Next slide, please.

謝謝你，扎克，也謝謝大家參加我們的電話會議。當我們翻到第 4 頁時，您將看到我們今天計劃討論的主題。我們將從第一季的亮點開始，其中包括回顧我們最近的收購 CentralReach。然後，我們將介紹我們的分部業績和今年略有改善的前景，然後回答您的問題。那麼就讓我們開始吧。請看下一張投影片。

As we turn to page 5, let me highlight the four key takeaways for today's call. First, our quarterly financial results were solid, with Q1 total revenue growing 12%, organic revenue growing 5% as expected, and cash flow growing 12% over the last 12 months. Secondly, we successfully completed last week the acquisition of CentralReach, which I'll discuss in a bit. Third, given our solid start to the year and the completion of the CentralReach acquisition, we're raising our full-year total revenue guidance and modestly increasing our full-year debts outlook. And finally, we continue to be very well positioned for capital deployment with more than $5 billion of available firepower over the course of the next 12 months.

當我們翻到第 5 頁時，讓我重點介紹一下今天電話會議的四個關鍵要點。首先，我們的季度財務表現穩健，第一季總營收成長 12%，有機收入按預期成長 5%，過去 12 個月現金流成長 12%。其次，我們上週成功完成了對 CentralReach 的收購，稍後我將討論這一點。第三，鑑於我們今年的良好開局和 CentralReach 收購的完成，我們提高了全年總收入預期，並適度提高了全年債務預期。最後，我們將繼續為資本部署做好充分準備，在未來 12 個月內擁有超過 50 億美元的可用火力。

As we turn to page 6, allow me to remind everyone about the durability of our business model. As a cash flow compounder, it is critical our underlying cash flow generation capability of our enterprise is, in fact, durable. While no business is immune from the current macroeconomic, trade, and policy environment, we feel our enterprise is far better suited than most to withstand the uncertainty. To this end, over 85% of our revenues are generated in the US, and over 85% of our softer revenues recur.

當我們翻到第 6 頁時，請容許我提醒大家我們的商業模式的持久性。作為現金流複合者，我們企業的潛在現金流產生能力實際上是否持久至關重要。雖然沒有任何一家企業能夠免受當前宏觀經濟、貿易和政策環境的影響，但我們認為我們的企業比大多數企業更適合承受不確定性。為此，我們 85% 以上的收入來自美國，而 85% 以上的軟收入都是經常性的。

Our enterprise solutions are mission-critical, and this criticality is best demonstrated by our 95% gross retention. More importantly, we have a very efficient business model that, long term, converts about 30% or a touch better of our revenue to free cash flow. All of this is further enhanced by our capital deployment optionality.

我們的企業解決方案對於任務至關重要，而我們 95% 的總保留率最能證明這一關鍵性。更重要的是，我們擁有非常有效率的商業模式，從長遠來看，可以將約 30% 甚至更高的收入轉化為自由現金流。我們的資本部署選擇性進一步增強了這一切。

So with this reminder, let's now discuss the newest acquisition to our family of companies, CentralReach. As we turn to page 7, I'll start with what CentralReach does. CentralReach is the market-leading cloud-native software solution that enables applied behavior analysis, or ABA, therapy providers to deliver care for individuals with autism spectrum disorder.

因此，有了這個提醒，我們現在來討論一下我們公司家族的最新收購，CentralReach。當我們翻到第 7 頁時，我會先介紹 CentralReach 的功能。CentralReach 是市場領先的雲端原生軟體解決方案，它使應用行為分析 (ABA) 治療提供者能夠為患有自閉症譜系障礙的個人提供護理。

On a daily basis, about 200,000 professionals use CentralReach's platform to perform their daily tasks, such as setting up clients, running their practice, scheduling care, collecting clinical data, and processing reimbursement claims. CentralReach's offerings enable an overworked population of therapists to deliver more and better care to the autism community. This is all done in a cloud-native, modern tech platform that utilizes GenAI on a robust basis.

每天，大約有 20 萬名專業人士使用 CentralReach 平台執行他們的日常任務，例如設定客戶、開展業務、安排護理、收集臨床數據和處理報銷索賠。CentralReach 的服務使勞累過度的治療師群體能夠為自閉症群體提供更多更好的護理。這一切都是在基於雲端的現代技術平台上完成的，該平台在穩健的基礎上利用了 GenAI。

As it relates to the deal, we paid $1.65 billion net of a $200 million tax benefit. We expect CentralReach to deliver about $175 million of revenue and $75 million of EBITDA for the TTM period ending June 2026. Further, we expect CentralReach's revenue and EBITDA to continue to grow in the 20% area or a touch higher once it turns organic for reporting purposes.

就該交易而言，我們支付了 16.5 億美元的淨額，扣除 2 億美元的稅收優惠。我們預計，截至 2026 年 6 月的 TTM 期間，CentralReach 將實現約 1.75 億美元的收入和 7,500 萬美元的 EBITDA。此外，我們預計，一旦 CentralReach 的收入和 EBITDA 實現有機成長，其成長率將繼續保持在 20% 左右，甚至略高。

As you can see, CentralReach meets all of our long-standing acquisition criteria: leader in an edge market, competes on the basis of customer intimacy, has strong gross margins, and converts high levels of cash flow. In addition, CentralReach reflects our new maturing leader criteria of being a higher growth business, in this case in the 20% area. We finance the acquisition with our revolver and report the results in our Application Software segment.

如您所見，CentralReach 滿足我們所有長期以來的收購標準：邊緣市場的領導者、在客戶親密度的基礎上競爭、擁有強大的毛利率以及轉化高水平的現金流。此外，CentralReach 體現了我們新的成熟領導者標準，即成為高成長企業，在這種情況下，成長率在 20% 左右。我們利用循環信貸為收購提供資金，並在應用軟體部門報告結果。

Now, turning to page 8, we'll briefly walk through the long-term drivers of CentralReach's growth. As you can see at the top here, CentralReach is the leader in a market with strong, sustainable tailwinds.

現在，翻到第 8 頁，我們將簡要介紹 CentralReach 成長的長期驅動力。正如您在頂部看到的，CentralReach 是擁有強勁、可持續順風的市場的領導者。

First, there is a long-term persistent shortage of ABA therapists compared to patient demand. To scale this for you, for the US alone, the current annual demand is approximately 900 million hours, where only about 300 million therapist hours are currently being supplied. We estimate the care gap to exist for the next decade, both in the US and throughout the developed world. And finally, CentralReach is winning with the winners, meaning their clients tend to be the industry aggregators. So as CentralReach's customers grow, so does CentralReach.

首先，相對於患者的需求，ABA 治療師長期持續短缺。為了方便您衡量，僅就美國而言，目前每年的需求量約為 9 億小時，而目前僅提供約 3 億小時的治療師時間。我們估計，未來十年，美國和整個已開發國家都將存在醫療照護缺口。最後，CentralReach 與贏家一起獲勝，這意味著他們的客戶往往是行業聚合商。因此，隨著 CentralReach 的客戶不斷成長，CentralReach 也在不斷發展。

As we talked about on the prior page, CentralReach's solutions are mission-critical to delivery of care. Their tools help measure outcomes, ensure compliance, and realize reimbursement. Perhaps more so, CentralReach's solutions unlock operational efficiencies, which allow for more care hours to be delivered to a grossly underserved patient population.

正如我們在上一頁所討論的，CentralReach 的解決方案對於提供醫療服務至關重要。他們的工具有助於衡量結果、確保合規性並實現報銷。或許更重要的是，CentralReach 的解決方案提高了營運效率，從而可以為嚴重缺乏醫療服務的患者群體提供更多的照護時間。

Finally, CentralReach has multiple levers available to both grow revenue and expand margins. Some of these levers include expanding their product portfolio, cross-selling their new AI-powered solutions, continuing to win new logos, opportunistically pursuing adjacent markets, such as speech and occupational therapies, and bringing their solutions to international markets.

最後，CentralReach 擁有多種槓桿來增加收入和擴大利潤。這些手段包括擴大產品組合、交叉銷售新的人工智慧解決方案、持續贏得新標誌、抓住機會開拓鄰近市場（如言語和職業治療），以及將他們的解決方案推向國際市場。

Importantly, while we grow this business, we expect to see continued margin expansion. In short, this is a powerhouse business that is a critical solution to a huge challenge the world is facing. To the CentralReach team, so excited for you to join Roper. Thank you for all you do for the autism community and for trusting Roper to become your permanent partner.

重要的是，隨著我們業務的成長，我們預期利潤率將持續擴大。簡而言之，這是一項強大的業務，是解決世界面臨的巨大挑戰的關鍵解決方案。對於 CentralReach 團隊，我非常高興你們加入 Roper。感謝您為自閉症社區所做的一切，並相信羅珀將成為您的永久合作夥伴。

With that, let me turn the call over to Jason to talk through our P&L and our balance sheet. Jason?

說完這些，讓我把電話轉給傑森，讓他談談我們的損益表和資產負債表。傑森？

Thanks, Neil, and good morning, everyone. As you heard from Neil, we had a good start to the year.

謝謝，尼爾，大家早安。正如尼爾所說，我們今年有一個好的開始。

Revenue of $1.9 billion was up 12%, led by an 8% contribution from acquisitions, mainly via our Transact and Procare portfolio additions, and organic growth of 5%. Coming into 2025, we expected Q1 to be our lowest quarter for organic growth, given some comp challenges in our Network segment. And so 5% was in line with that expectation.

營收成長 12% 至 19 億美元，其中主要透過收購貢獻了 8%（主要透過增加 Transact 和 Procare 投資組合）以及 5% 的有機成長。進入 2025 年，考慮到網路部門面臨的一些競爭挑戰，我們預計第一季將成為有機成長最低的季度。因此 5% 符合預期。

To click into the monthly cadence throughout the quarter, for Software, enterprise bookings were up low-single digits in the quarter. This was expected following very strong Q4 performance across the portfolio. Importantly, pipelines remain healthy, given the essential nature of our solutions. Yet, we are cautiously optimistic and mindful of the current macro environment heading into Q2.

從整個季度的月度節奏來看，對於軟體而言，本季企業預訂量成長了低個位數。這是預期之中的，因為整個投資組合在第四季度表現非常強勁。重要的是，考慮到我們解決方案的本質，管道仍然保持健康。然而，我們對進入第二季的當前宏觀環境持謹慎樂觀的態度。

For Products, demand improved throughout the quarter, particularly at Neptune and Verathon, without any indication of pull-forward activity. EBITDA of $740 million was up over 9% in total and nearly 10% on a segment basis. Reported EBITDA margin of 39.3% was down 90 basis points versus prior year. Core EBITDA margin, which exclude acquisitions, was solid at 40.8%, representing a 50-basis-point margin expansion for 53% incrementals.

對於產品而言，整個季度需求都有所改善，尤其是 Neptune 和 Verathon，且沒有任何提前活動的跡象。EBITDA 為 7.4 億美元，整體成長超過 9%，分部成長近 10%。報告的 EBITDA 利潤率為 39.3%，較前一年下降 90 個基點。核心 EBITDA 利潤率（不包括收購）穩定在 40.8%，這意味著利潤率擴大了 50 個基點，增量為 53%。

Regarding acquisition margins, Q1 is Transact's lowest margin quarter, as about half of Transact's EBITDA comes in the third quarter of each year. This is due to high concentration of term renewals and back-to-school transaction volume. We'll expect margin expansion from Q1 as we progress throughout the year.

就收購利潤率而言，第一季是 Transact 利潤率最低的季度，因為 Transact 約一半的 EBITDA 來自每年第三季。這是由於續約和返校交易量高度集中。隨著全年的進展，我們預計利潤率將從第一季開始擴大。

For diluted EPS, we delivered $4.78, which was above our guidance range of $4.70 to [$4.75], led by strong margin performance.

就稀釋每股收益而言，我們實現了 4.78 美元，高於 4.70 美元至 [4.75 美元] 的指導範圍，這得益於強勁的利潤率表現。

Finally, on free cash flow, Q1 came in at $507 million, which was down 1% versus prior year. Note that this figure includes a legal settlement of $24 million, which was funded in January and we discussed in our last earnings call. Though Q1 free cash flow was a bit low, it was not unexpected, given the exceptionally strong Q4 working capital performance that I discussed in our last call.

最後，就自由現金流而言，第一季為 5.07 億美元，較上年下降 1%。請注意，這個數字包括 2,400 萬美元的法律和解金，這筆資金是在 1 月撥付的，我們在上次收益電話會議上討論過。儘管第一季的自由現金流有點低，但考慮到我在上次電話會議上討論過的第四季度營運資本表現異常強勁，這並不令人意外。

Overall, free cash flow margins, if you look over the last few years, we've been in the 31% to 32% range. Last quarter, I had mentioned that we issued $2 billion of bonds in Q3 2024, yet the first coupon payments are occurring in February and April of this year. This, along with the legal settlement in Q1, has about a $70 million or 80 bps impact on free cash flow margins this year. Operationally, we feel good about working capital conversion and the structural free cash flow margin profile going forward.

總體而言，如果回顧過去幾年，我們的自由現金流利潤率一直處於 31% 至 32% 的範圍內。上個季度，我曾提到我們將在 2024 年第三季發行 20 億美元的債券，但首批息票支付將在今年 2 月和 4 月進行。這項舉措加上第一季的法律和解，對今年的自由現金流利潤率產生了約 7,000 萬美元或 80 個基點的影響。從營運角度來看，我們對未來的營運資本轉換和結構性自由現金流利潤率狀況感到樂觀。

Now, we'll turn to slide 10 to discuss our strong financial position. We finished the quarter with net debt to EBITDA of 2.4 times with a fully undrawn revolver. Last week, we closed on CentralReach and used the revolver to fund the acquisition. This brings our pro forma net leverage to around 3 times.

現在，我們翻到第 10 張投影片來討論我們強大的財務狀況。本季結束時，我們的淨債務與 EBITDA 比率為 2.4 倍，且循環信貸額度尚未全部提取。上週，我們完成了對 CentralReach 的收購，並使用循環信貸為收購提供資金。這使我們的預測淨槓桿率達到 3 倍左右。

As we roll forward our expected cash flow and leverage ratios, we remain in a great position even after funding CentralReach, over $5 billion of capacity to deploy towards high-quality acquisitions. To that end, we continue to work through a very strong pipeline of opportunities today.

隨著我們預期的現金流和槓桿率的推進，即使在為 CentralReach 提供資金後，我們仍然處於有利地位，擁有超過 50 億美元的產能可用於高品質的收購。為此，我們今天將繼續努力，抓住眾多機會。

Given the uncertain macro backdrop, some PE sponsors are understandably taking a breath. However, as we have discussed, many PE sponsors need to return capital to LPs in the near future, and so the current market dislocation creates a favorable environment for Roper. In summary, our unique and resilient business model creates opportunity during times of uncertainty.

鑑於宏觀背景的不確定性，一些私募股權發起人可以理解地喘口氣。然而，正如我們所討論的，許多 PE 發起人需要在不久的將來向 LP 返還資本，因此當前的市場混亂為 Roper 創造了有利的環境。總而言之，我們獨特且有彈性的商業模式在不確定的時期創造了機會。

So with that, I'll turn the call back over to Neil. Neil?

因此，我將把電話轉回給尼爾。尼爾？

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

謝謝，傑森。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 quarter grew 19% in total, and organic revenue grew by 6%. EBITDA margins were 41.4%, and core margins improved 110 basis points in the quarter. This group of companies continues to demonstrate resilience and deliver on our growth expectations.

本季總營收成長19%，有機收入成長6%。本季 EBITDA 利潤率為 41.4%，核心利潤率提高了 110 個基點。這組公司持續展現韌性並實現我們的成長預期。

As we turn to the businesses, we'll start with Deltek. Deltek grew in the mid-singles range in the quarter, both recurring and total revenues. As we highlight on the slide, Deltek continues to have strong migration to their cloud offerings while the business continues to innovate at a rapid pace and is benefited by very strong growth and net retention. Aderant continues to be very strong with record first-quarter bookings and strong cloud migration activity in the quarter. Aderant continues to gain market share and carry its momentum forward.

當我們談到業務時，我們將從 Deltek 開始。本季度，Deltek 的經常性收入和總收入均實現了中等幅度的成長。正如我們在幻燈片中強調的那樣，Deltek 繼續大力遷移到其雲端產品，同時業務繼續快速創新，並受益於非常強勁的成長和淨保留。Aderant 持續保持強勁勢頭，第一季預訂量創下紀錄，本季雲端遷移活動強勁。Aderant 繼續擴大市場份額並保持成長勢頭。

PowerPlan also was outstanding in the quarter. Over the last several years, the team has done a great job at making the revenue stream more recurring in nature. In addition, they continue to get amazing feedback with their cloud offerings, which are driving strong SaaS migration activity. Also during the quarter, we promoted Rafi Shure, Aderant's CLO, to succeed Joe Gomes as the next CEO of PowerPlan. Joe Gomes is now leading Procare for us. We love seeing our high-potential leaders be placed in positions to have even higher levels of impact.

PowerPlan 在本季也表現出色。在過去的幾年裡，該團隊在使收入流更具循環性方面做得非常出色。此外，他們的雲端產品不斷獲得令人驚嘆的回饋，這推動了強勁的 SaaS 遷移活動。此外，在本季度，我們也提拔了 Aderant 的首席法律長 Rafi Shure，接替 Joe Gomes 擔任 PowerPlan 的下一任執行長。喬·戈麥斯 (Joe Gomes) 現在正在領導我們的 Procare。我們很高興看到我們的高潛力領導者被安排在能夠發揮更大影響力的職位上。

Turning to Vertafore, which was once again steady and solid for us, we continue to see consistent ARR growth and strong customer retention here. Procare, our platform acquisition from a year ago, has done a nice job competing and winning in the market, increasing its market share versus the primary competitor. That said, there's a clear opportunity for the business to reach its full potential, both in terms of operational efficiency and growth. Because of this, we asked Joe Gomes, who has been a CEO within the Roper portfolio for eight years, to lead Procare going forward. We look forward to Joe replicating his prior Roper leadership success at Procare.

談到 Vertafore，它對我們來說再次保持穩定和堅實，我們繼續看到持續的 ARR 成長和強大的客戶保留率。Procare 是我們一年前收購的平台，它在市場競爭中表現出色，贏得了勝利，相對於主要競爭對手，其市場份額不斷增加。也就是說，該企業在營運效率和成長方面都明顯有機會充分發揮其潛力。因此，我們邀請了在 Roper 投資組合內擔任了八​​年執行長的 Joe Gomes 來領導 Procare 的未來發展。我們期待喬在 Procare 複製他之前在 Roper 領導下取得的成功。

Finally, the combination between Transact and CBORD is going according to our integration plan, and the combined business is performing well in the market.

最後，Transact 和 CBORD 的合併正在按照我們的整合計劃進行，合併後的業務在市場上表現良好。

Now, turning to the outlook for the balance of the year, we see no change in the trajectory of the outlook and continue to expect to see organic growth in the mid-single plus range. Also, and as we highlighted last quarter, we want to remind you that Transact's revenue, earnings, and margin profile are highest in the third quarter, as Jason mentioned earlier.

現在，展望今年的平衡前景，我們認為前景軌跡沒有變化，並繼續預計有機成長將處於中等單月以上。此外，正如我們在上個季度所強調的那樣，我們想提醒您，正如 Jason 之前提到的，Transact 的營收、收益和利潤率狀況在第三季最高。

Please turn with us to page 13. Organic revenue in our Network Software segment grew 1% in the quarter, as we expected, given a difficult prior year comp at MHA. EBITDA margins remain strong, 55.3%.

請和我們一起翻到第 13 頁。考慮到 MHA 去年同期的困難，我們網路軟體部門的有機收入在本季度增長了 1%，正如我們預期的那樣。EBITDA 利潤率依然強勁，達到 55.3%。

As we dig into the individual businesses, we'll start with DAT. DAT grew in the quarter, as expected, based on increased ARPU driven by carrier and broker price actions, product packaging, and continued customer cross-sell activity. In addition, DAT continues to innovate at a rapid pace and did a great job integrating our recent Trucker Tools bolt-on acquisition.

當我們深入研究個別業務時，我們將從 DAT 開始。如預期，本季 DAT 有所成長，這得益於承運商和經紀人價格行動、產品包裝以及持續的客戶交叉銷售活動推動的 ARPU 增加。此外，DAT 繼續快速創新，並在整合我們最近的 Trucker Tools 附加收購方面做得非常出色。

For the balance of the year, we'll continue to expect to see DAT grow based on the price actions rolling into their current revenue. From a market point of view, spot market volumes and DAT monetized network participation continue to bounce along the bottom, which is what we expect to occur for the balance of the year.

就今年餘下的時間而言，我們將繼續預期 DAT 將根據價格走勢而成長，併計入其當前收入。從市場角度來看，現貨市場交易量和 DAT 貨幣化網路參與度繼續在底部反彈，這正是我們預計今年剩餘時間將出現的情況。

Both MHA and Foundry declined in the quarter, as expected, for MHA due to a prior year difficult comp, and for Foundry due to the final elements of the actors and writers strike hangover. That said, we did see nice green shoot activity at Foundry during the quarter and now feel confident that the worst is behind and Foundry's ARR will, in fact, return to growth this year.

正如預期的那樣，MHA 和 Foundry 在本季度均出現下滑，MHA 的下滑是由於去年業績不佳，而 Foundry 的下滑則是由於演員和編劇罷工的後遺症。話雖如此，我們確實在本季度看到了 Foundry 的良好復甦跡象，現在我們有信心，最糟糕的時期已經過去，而 Foundry 的 ARR 實際上將在今年恢復增長。

ConstructConnect was strong for us in the quarter. The growth was fueled by strong customer bookings activity and improved customer retention. In addition, building on what Matt Straza started, our new leader, Buck Brody, is doing a terrific job leaning into GenAI and developing very interesting, innovative, and potentially groundbreaking products. We look forward to talking more about this in future calls.

ConstructConnect 在本季為我們帶來了強勁表現。強勁的客戶預訂活動和客戶保留率的提高推動了這一成長。此外，在 Matt Straza 開創的基礎上，我們的新領導人 Buck Brody 在 GenAI 方面做得非常出色，開發出了非常有趣、創新且具有突破性的產品。我們期待在未來的電話會議中進一步討論這個問題。

Finally, our alternate site healthcare businesses, SoftWriters and SHP, continue to grow nicely, winning in the marketplace. As we turn to the outlook, we continue to expect to see revenue growth in the mid-singles range for the balance of the year.

最後，我們的替代站點醫療保健業務 SoftWriters 和 SHP 繼續良好成長，在市場上獲勝。展望未來，我們預計今年餘下時間的營收成長仍將維持在中等水準。

Now, please turn to page 14 and let's review our TEP segment's full-year results. Revenue here grew 6% on a total and organic basis, and EBITDA margins came in at 36.2%, solid results.

現在，請翻到第 14 頁，讓我們回顧一下 TEP 部門的全年業績。該公司的總收入和有機收入成長了 6%，EBITDA 利潤率達到 36.2%，業績穩健。

Before we get into the business specifics, the vast majority of our tariff exposure resides within this segment. The good news is that most of our cross-border flows are USMCA compliant, which obviously mitigates most of the tariff impact. Our teams will continue to work this issue and further mitigate as needed.

在我們了解業務細節之前，我們的絕大部分關稅風險都集中在這一領域。好消息是，我們大部分的跨境流動都符合 USMCA 規定，這顯然減輕了大部分關稅影響。我們的團隊將繼續致力於解決此問題並根據需要進一步緩解。

Though none of us are enjoying the continually evolving tariff situation, it is yet another example of the nimble execution capabilities of our organization. In March, when all the tariff noise started kicking up in earnest, our business leaders went to work to countermeasure the risk and start reworking the necessary supply chain activity. Nice job by the teams, and keep up the great work.

儘管我們都不喜歡不斷變化的關稅情勢，但這又是我們組織靈活執行能力的另一個例子。今年三月，當所有關稅噪音開始真正出現時，我們的業務領導者開始著手應對風險並開始重新制定必要的供應鏈活動。團隊做得很好，繼續努力。

Now, turning to Verathon. Verathon continues to be rock-solid for us. Coming off an incredible 2024 in Q4, they did a nice job growing in Q1. The source of their strength remained consistent: their single-use bronchoscope, or BFlex, product leadership; and their video laryngoscopy, or GlideScope, market leadership. Importantly, Verathon has built a true world-class new product development capability with several new product releases slated for this year. We look forward to talking about these new products as soon as they're launched.

現在，我們來談談 Verathon。對我們來說，Verathon 依然堅如磐石。繼 2024 年第四季取得令人難以置信的成績後，他們在第一季也取得了不錯的成長。他們的優勢來源始終如一：一次性支氣管鏡（BFlex）產品的領先地位；以及他們在視訊喉鏡（GlideScope）市場的領導地位。重要的是，Verathon 已經建立了真正的世界級新產品開發能力，並計劃在今年發布多款新產品。我們期待在這些新產品推出後立即談論它們。

Turning to Neptune, which was just solid once again for us. They continue to do a great job with their ultrasonic meter go-to-market execution. Also, and importantly in the quarter, we completed the acquisition of a cloud-based utility building software solution for Neptune. The Neptune team has long crafted their strategy based on the unique unmet needs of their customers. From their market research and ongoing discussions with customers, it became abundantly clear that Neptune could solve a persistent industry problem by closing the loop in the meter-to-cash cycle.

轉向海王星，它對我們來說再次變得堅固。他們在超音波儀表的市場推廣方面繼續表現出色。此外，本季重要的是，我們完成了對 Neptune 基於雲端的公用事業建設軟體解決方案的收購。海王星團隊長期以來一直根據客戶獨特的未滿足需求制定策略。從他們的市場研究和與客戶的持續討論中，很明顯，Neptune 可以透過關閉計量到現金的循環來解決長期存在的行業問題。

This acquisition provides Neptune with the final piece of the strategy. So we look forward to talking about the enhanced customer value by fully connecting the water meter read to data management to billing and collection processes. Special thanks to Don Deemer and the entire Neptune leadership team for completing this incredibly strategic acquisition. Exciting stuff. Of note, both Verathon and Neptune order momentum improved as the quarter progressed.

此次收購為 Neptune 提供了該策略的最後一塊拼圖。因此，我們期待透過將水錶讀數與資料管理以及計費和收款流程完全連接起來，來談論增強的客戶價值。特別感謝 Don Deemer 和整個 Neptune 領導團隊完成這項極具策略性的收購。令人興奮的事。值得注意的是，隨著本季的進展，Verathon 和 Neptune 的訂單動能均有所改善。

Turning to our CIVCO Medical Products business, they unfortunately declined in the quarter based on a very difficult prior year comp.

談到我們的 CIVCO 醫療產品業務，不幸的是，由於去年同期業績非常艱難，該業務在本季度出現了下滑。

Finally, NDI nailed it in the quarter, and we need to brag on this business and the team for a bit. They have proprietary and world-class precision measurement technologies used on healthcare applications worldwide. Over the past few years, the team has done an amazing job of hyper-focusing on their medical markets and their OEM clients.

最後，NDI 在本季取得了成功，我們需要稍微誇耀一下這項業務和團隊。他們擁有專有的、世界級的精密測量技術，廣泛應用於全球的醫療保健領域。在過去的幾年裡，該團隊在高度關注醫療市場和 OEM 客戶方面做得非常出色。

In addition, they have built and are building a world-class go-to-market capability to match their product strengths. Based on this, they're winning in important submarkets within healthcare, namely orthopedic surgery, interventional radiology, and cardiac ablation. Great job, Dave and your entire team. Turning to the outlook for this segment, we continue to expect to see high single-digit revenue growth for the balance of the year.

此外，他們已經建立並正在建立與其產品優勢相匹配的世界級市場進入能力。基於此，他們在醫療保健領域的重要子市場中取得了勝利，即骨科手術、介入放射學和心臟消融。幹得好，戴夫和你的整個團隊。展望該領域的前景，我們仍然預計今年剩餘時間的收入將保持高個位數成長。

So with that, please turn with us to page 16. Let's turn to our Q2 and increased full-year 2025 guidance. Given our solid Q1 start, the closing of our CentralReach acquisition, and our outlook for the balance of the year, we're increasing our total revenue growth outlook from 10% to be in the 12% area. Our organic growth rate of 6% to 7% for the full year remains unchanged.

那麼，請和我們一起翻到第 16 頁。讓我們來看看第二季以及 2025 年全年的預期。鑑於我們第一季的良好開局、對 CentralReach 的收購的完成以及我們對今年剩餘時間的展望，我們將總收入成長預期從 10% 上調至 12% 左右。我們全年6%至7%的有機成長率維持不變。

Finally, we're increasing our full-year DEPS outlook by a nickel on the low and the high end to be $19.80 to $20.05. Included in this outlook is $0.15 of CentralReach dilution. Our guide continues to assume a full-year effective tax rate in the 21% to 22% area.

最後，我們將全年 DEPS 預期上調 5 美分，低端為 19.80 美元，高端為 20.05 美元。此展望中包括 0.15 美元的 CentralReach 稀釋。我們的指南繼續假設全年有效稅率在 21% 至 22% 之間。

For the second quarter, we expect adjusted DEPS to be between $4.80 and $4.84, and we are absorbing $0.05 of CentralReach dilution in the quarter.

對於第二季度，我們預計調整後的 DEPS 將在 4.80 美元至 4.84 美元之間，並且我們將在本季度吸收 0.05 美元的 CentralReach 稀釋。

Now, please turn with us to page 17, and then we'll open it up to your questions. We'll conclude with the same four key takeaways with which we started. First, our first-quarter financial results were solid, and our businesses remain very resilient to the current trade and macroeconomic dynamics. Second, we successfully completed the acquisition of CentralReach. Third, given our solid start to the year and the completion of the CentralReach acquisition, we're modestly raising our full-year guidance. And finally, we remain well positioned for capital deployment, where we continue to have more than $5 billion of available firepower over the course of the next 12 months. Despite the macroeconomic uncertainties in the market, when it comes to acquisitions, Roper remains open for business.

現在，請翻到第 17 頁，然後我們將回答您的問題。我們將以開始時提到的四個關鍵要點作為結束語。首先，我們的第一季財務表現穩健，我們的業務對當前的貿易和宏觀經濟動態仍然具有很強的彈性。第二，我們成功完成對CentralReach的收購。第三，鑑於我們今年的良好開局和 CentralReach 收購的完成，我們適度提高了全年預期。最後，我們仍然處於資本部署的有利位置，在未來 12 個月內我們將繼續擁有超過 50 億美元的可用火力。儘管市場存在宏觀經濟不確定性，但在收購方面，Roper 仍保持開放。

As it relates to our compounding model, we grew total revenue 12% and organic revenue 5% in the quarter, and free cash flow 12% over the last 12 months. We're delighted with our acquisition of CentralReach. As discussed, this vertical market leader is mission-critical to the delivery of autism care and has several embedded structural growth drivers that will support its 20% revenue and EBITDA growth outlook.

就我們的複合模型而言，本季我們的總收入成長了 12%，有機收入成長了 5%，過去 12 個月的自由現金流成長了 12%。我們很高興收購了 CentralReach。如上所述，這個垂直市場領導者對於自閉症護理的提供至關重要，並且擁有多個嵌入式結構性成長動力，將支持其 20% 的收入和 EBITDA 成長前景。

Finally, we continue to be very well positioned with more than $5 billion of available M&A firepower to deploy capital towards leading vertical market software businesses. Our M&A pipeline continues to be very active, and our teams are engaged on several opportunities. It is always difficult to predict timing of deals, but we remain quite bullish on our ability to deploy capital this year.

最後，我們繼續處於非常有利的地位，擁有超過 50 億美元的可用併購火力，可以部署資金到領先的垂直市場軟體業務。我們的併購管道持續活躍，我們的團隊正在積極尋找多種機會。預測交易時機總是很困難，但我們對今年部署資本的能力仍然非常樂觀。

Keep in mind, at least historically, we have found times of uncertainty can be advantageous for deploying capital; think Vertafore in the summer of 2020. As usual, we're excited to pursue these opportunities with our unbiased and disciplined approach.

請記住，至少從歷史上看，我們發現不確定時期可能有利於部署資本；想想 2020 年夏天的 Vertafore。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 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 a dual-threat offense.

現在，當我們回答你們的問題時，如果你們能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。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 business. Once a company is part of Roper, we operate a decentralized environment so our businesses can compete and win based on customer intimacy. We coach our businesses on how to structurally improve their long-term and sustainable organic growth rates and underlying business quality.

首先，我們擁有經過驗證的強大商業模式，始於營運市場領先、應用特定和垂直導向的業務組合。一旦一家公司成為 Roper 的一部分，我們就會經營一個分散的環境，以便我們的企業能夠基於客戶親密度進行競爭並獲勝。我們指導我們的企業如何從結構上提高其長期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 deployment strategy that focuses in a deliberate and disciplined manner on cultivating, curating, and acquiring the next great vertical market-leading business to add to our cash flow compounding flywheel. Taken together, we compound our cash flow over a long arc of time in the mid-teens area, meaning we double our cash flow every five years or so.

其次，我們實行集中式、流程驅動的資本配置策略，以深思熟慮和嚴謹的方式專注於培育、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。總的來說，我們的現金流在很長一段時間內都會在十幾歲左右的範圍內增加，這意味著我們大約每五年就會將現金流翻一番。

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

最後，我們想感謝您一直以來的關注與支持，並願意回答您的提問。

(Operator Instructions) Brent Thill, Jefferies.

（操作員指示）布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Good morning. Neil, curious to get your perspective on what's happening with PE and with the behavior. Jason mentioned some hesitancy. I think that makes sense, but maybe just give us a quick overview on what you're seeing.

早安.尼爾，我很好奇你對運動和行為的看法。傑森提到了一些猶豫。我認為這很有道理，但也許您只是向我們簡單概述一下您所看到的內容。

Good morning, Brent. Thanks for joining this morning. Yeah. What we're seeing in the deal -- what you'd expect to see, by the way, with all the uncertainty generally is a slowdown. But what we're seeing on the ground, with our pipeline, with our conversations with sponsors, investment bankers, companies, is just a consistent drumbeat of activity.

早上好，布倫特。感謝您今天上午的參與。是的。順便說一句，我們在交易中看到的是——由於所有的不確定性，你通常會看到經濟放緩。但我們在實地看到，透過我們的管道，透過我們與贊助商、投資銀行家和公司的對話，我們看到的是持續不斷的活動。

The pipeline is as robust as it's been. We're super pleased, obviously, that we got CentralReach done this year. We still have $5 billion to deploy over the next 12 months or so. But we would sort of have what we're seeing at the high level, just a general macro uncertainty, disconnect to what we're seeing on the ground level. So we'll just have to see how it plays out in terms of the balance of the year, but we're certainly cautiously optimistic. And we said in the prepared remarks, times of uncertainty, oftentimes in our history, present very unique opportunities to deploy capital.

該管道一如既往地堅固。顯然，我們非常高興今年完成了 CentralReach。未來 12 個月左右我們仍有 50 億美元需要部署。但我們會看到高層的情況，只是一般的宏觀不確定性，與我們在基層看到的情況脫節。因此，我們只需要看看它在今年餘下的時間裡將如何發展，但我們當然持謹慎樂觀的態度。我們在準備好的發言中說過，歷史上經常出現的不確定時期，為部署資本提供了非常獨特的機會。

Great. Quick follow-up just on Deltek on the Fed exposure. Can you help us understand what you're seeing there? And if you've given out the percent exposed in that sector, it'd be helpful. Thanks.

偉大的。對 Deltek 關於美聯儲風險敞口的快速跟進。您能幫助我們理解您在那裡看到的東西嗎？如果您能給出該領域暴露的百分比，那將會很有幫助。謝謝。

Yeah. Sure. Happy to do that. So Deltek is -- 60% of their business is focused on helping federal government contractors run their business. 40% are on other professional services-oriented markets. The broader -- it's a broad set of activities that has created amount of uncertainty in the government contracting part of the Deltek customer base. It's obviously DOGE, but it's the budget uncertainty. It's the government shutdown, the debt ceiling, all of that taken together, as you'd expect, creates a fair amount of uncertainty.

是的。當然。很高興這樣做。因此，Deltek 60% 的業務重點是幫助聯邦政府承包商開展業務。 40% 在其他專業服務導向的市場。更廣泛地說——這是一系列廣泛的活動，它們為 Deltek 客戶群的政府承包部分帶來了極大的不確定性。顯然是 DOGE，但存在預算不確定性。正如你所預料的，政府關門、債務上限，所有這些因素加在一起，造成了相當大的不確定性。

So what happens in that uncertainty is the pipeline pushes to the right a touch, as we've seen this since we've owned this business since 2016. And so we've seen this pattern play out before. So things push to the right a touch.

因此，在這種不確定性下，管道會稍微向右推，正如我們自 2016 年擁有這項業務以來所看到的那樣。我們以前就見過這種模式。因此，事情稍微向右推進了一點。

The customer sentiment, when we talked with our leadership team there during our quarterly call-downs, is actually quite good. They feel like this is a short-term speed bump versus any medium or long-term concern. And what happens when the pipeline pushes to the right, Deltek's growth rate just slows a touch. Deltek will grow this year, but we probably will take a point -- or we have taken a point or two of growth off of Deltek's organic growth rate for this year, given the uncertainty.

當我們在季度電話會議中與領導團隊交談時，客戶情緒實際上相當好。他們認為這只是短期的障礙，並不會引起中期或長期的關注。當管道向右推進時，Deltek 的成長率就會稍微減緩。Deltek 今年將會成長，但考慮到不確定性，我們可能會降低 Deltek 今年的有機成長率——或者說，我們已經降低了 1 到 2 個百分點。

Yeah. And it's more acute, too, because the GovCon Enterprise segment is mostly -- if they're doing expansions or add-ons, it's mostly through perpetual licenses, so that'll impact in-year.

是的。而且這個問題也更加嚴重，因為政府承包商企業部門主要是——如果他們進行擴展或附加，主要是透過永久許可，所以這會對年內產生影響。

Great. Thanks.

偉大的。謝謝。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Great. Thanks very much. As it relates to free cash flow and operating cash flow, should we expect a return to growth here in June, or is it more back-end weighted?

偉大的。非常感謝。由於它與自由現金流和經營現金流有關，我們是否應該預期六月會恢復成長，還是會更受到後端加權的影響？

Yeah. Thanks for the call, Brad. It's going to be more back-end weighted. Q2, for us, I mentioned on the prepared remarks we had -- we haven't done bonds in a few years, so we did our first offering Q3 of last year, and some of the coupon payments aren't due until April, and so we just got a little bit of a timing between P&L interest and cash interest, so that'll impact the second quarter.

是的。謝謝你的來電，布拉德。它將更加註重後端。對於我們來說，第二季度，我在準備好的發言中提到過——我們已經有幾年沒有發行債券了，所以我們在去年第三季度首次發行債券，部分息票支付要到四月份才到期，所以我們的損益表利息和現金利息之間存在一點時間差，所以這將影響第二季度。

Also, just noting, the second quarter is usually our lowest quarter of the year because we make two federal tax payments. But then as we roll through to the second half, you're right, it'll be a very strong Q3. Our Transact business will have a full quarter of that. They get most of their EBITDA and cash flow in the third quarter. Our frontline business is particularly strong in the third quarter as well, so expect a better second half than a first half.

另外，要注意的是，第二季度通常是我們一年中收入最低的季度，因為我們要繳兩次聯邦稅。但是，當我們進入下半年時，您說得對，第三季將會非常強勁。我們的 Transact 業務將佔據其中的整整四分之一。他們的大部分 EBITDA 和現金流來自第三季。我們的第一線業務在第三季也特別強勁，因此預計下半年的表現會比上半年更好。

That's great. And then just real quick on CentralReach, given that there are 200,000 providers on the platform, does the gross retention rate look a little different here than maybe other aspects of the Software business?

那太棒了。然後簡單說一下 CentralReach，考慮到平台上有 200,000 個供應商，這裡的總留存率是否與軟體業務的其他方面略有不同？

Yeah, it does a bit. If you think about it just customer-only or logo-only, it's in the mid to high 90s. But when you add, to your point, some of the therapists that come in and out of the market, then it's more of a sort of a low-90s gross retention, but we get that back on the net retention rate. As the market consolidates and those go to the winners, we get that through net retention. So net retention is kind of 115 to 120 range. So that's kind of how we think about it.

是的，有一點。如果您只考慮客戶或徽標，那麼它就在 90 年代中後期。但是，當您將一些進出市場的治療師添加到您的觀點中時，它更像是 90 年代初期的總保留率，但我們在淨保留率上得到了這個數字。隨著市場整合，這些都歸於贏家，我們透過淨保留來實現這一點。因此淨保留率在 115 到 120 之間。這就是我們對此的看法。

Great. Thanks very much.

偉大的。非常感謝。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Hey, guys. Good morning. Thanks for squeezing me in here. Maybe just to start, I guess I just want to take it back and be a little high-level. I guess I heard a lot on the call the word uncertainty, but I also heard a lot on the call the word durability, and you guys do believe that all the businesses are pretty durable even in the current environment.

嘿，大家好。早安.謝謝你把我擠到這裡。也許只是開始，我想我只是想把它帶回來並且有點高級。我想我在電話中聽到了很多“不確定性”這個詞，但我也在電話中聽到了很多“持久性”這個詞，你們確實相信即使在當前環境下，所有企業都相當持久。

I guess, can you just help us high-level understand in the context of your decision to pretty much reiterate the guidance on the top line? Where are there some offsetting puts and takes in the guidance that maybe either give you or don't give you some wiggle room if the macro gets worse from here or maybe even better? Just to start. Thank you.

我想，您能否幫助我們從高層理解您決定重申頂線指導的背景？如果宏觀經濟從現在開始變得更糟或甚至更好，指導中是否存在一些抵消性的利弊，可能會給你或不給你一些迴旋餘地？剛開始。謝謝。

Well, you're right. I mean, I think the durability gave us confidence to reiterate. The puts and takes, I'd say, we just talked about Deltek might be a little bit weaker, but you've got other businesses that had strong bookings that are materializing in terms of recurring revenue throughout the year.

嗯，你說得對。我的意思是，我認為耐用性給了我們重申的信心。我想說，我們剛才談到的 Deltek 的利弊可能有點弱，但其他企業的訂單量很大，這些訂單將在全年的經常性收入中實現。

So in AS, we're sort of hold and serve there. I'd say at NS, pretty much the same, hold and serve. We talked about how DAT is going to improve throughout the year. We still believe that to be the case. Foundry saw some great shoots, as Neil talked about, and so we expect that business to exit in sort of the high single-digit range, somewhere in there.

因此在 AS 中，我們在某種程度上是在那裡堅持並提供服務。我想說，在 NS 中，情況幾乎相同，堅持並服務。我們討論了 DAT 將如何在全年取得進步。我們仍然相信情況確​​實如此。正如 Neil 所說，Foundry 取得了一些出色的成績，因此我們預計該業務的退出幅度將達到較高的個位數。

And then, really, within TEP, there hasn't been a lot at the top level, but I would say our NDI business certainly has some good tailwinds. Some of these new indications that they've been targeting for years in terms of cardiac ablation and orthopedics have taken hold. So I'd say that got us confident in maintaining our guidance for the year.

然後，實際上，在 TEP 內部，高層並沒有發生太多變化，但我想說我們的 NDI 業務肯定有一些很好的順風。他們多年來一直瞄準的心臟消融和骨科領域的一些新適應症已經取得進展。所以我想說，這讓我們有信心維持今年的指導。

Super helpful. And then maybe just a little more nuanced follow-up to that. Can you just talk of the durability of Deltek, maybe specifically for the third quarter, just how you think about it throughout the rest of the year? I know you guys gave some high-level commentary on the moving pieces in that business there, but maybe how we should think about your visibility into that business and then just durability as we move throughout the year.

超有幫助。然後也許會對此進行更細緻的跟進。您能否談談 Deltek 的耐用性，特別是第三季度，您對它在今年剩餘時間的表現有何看法？我知道你們對該業務的動態發表了一些高層評論，但也許我們應該如何考慮你們對該業務的可見性，以及全年業務的持久性。

Yeah. I mean, Deltek is 80% to 85% recurring, which gives you an amazing amount of predictability and durability. As Jason alluded, there's a little bit of perpetual that that business still has that we've trimmed off a little bit. As I mentioned, that's essentially what's driving our slightly lower growth outlook for the total year. And we'll stop short of giving you any quarterly sort of specifics on individual businesses.

是的。我的意思是，Deltek 的重複性達到 80% 到 85%，這為你提供了驚人的可預測性和耐用性。正如傑森所暗示的，該業務中仍然存在一些永久性的部分，我們已經對其進行了一點削減。正如我所提到的，這實際上是導致我們略微下調全年成長預期的原因。我們不會向您提供有關個別企業的任何季度具體資訊。

I tried, but I appreciate it, guys. Thank you so much.

我嘗試過了，但我很感激你們。太感謝了。

Joseph Vruwink, Baird.

約瑟夫·弗魯溫克，貝爾德。

Great. Thanks for taking my questions. I guess when thinking about confidence for the remainder of the year, bookings for Software, order patterns for Products are about as good as it gets when thinking about leading indicators. Maybe beyond what you have in hand, what's been the perspective within businesses that are more reliant on cloud or subscription transitions? That would seem to be maybe something that's a slightly harder proposition relative to the businesses where when renewals are coming due and you can make an assumption for renewal rates. Are there any indications around the transition-oriented revenues where maybe customer preference could slow if the macro remains uneasy out there?

偉大的。感謝您回答我的問題。我想，當考慮今年剩餘時間的信心時，軟體的預訂量、產品的訂單模式與領先指標一樣好。除了您手頭上的情況之外，那些更依賴雲端或訂閱轉換的企業的觀點是什麼？對於續約到期且可以對續約率做出假設的企業來說，這似乎是一個稍微困難的命題。是否有跡象表明，如果宏觀經濟情勢依然不穩定，轉型導向的收入可能會降低客戶偏好？

Yeah. Thanks for the question, Joe. So Aderant is kind of our leader in the pack in terms of cloud transition. And actually, Q1 was very strong for them. And they're starting to actually move into the higher end of the client base in terms of cloud transition. So didn't see any indications. I understand your point, and we didn't see it there. Maybe at Deltek, but that's not as much of a tailwind for them. And so that kind of is in this sort of uncertainty bucket with DOGE. But that'll happen eventually. Otherwise, yeah, we didn't see --

是的。謝謝你的提問，喬。因此，就雲端轉型而言，Aderant 可以說是我們的領導者。事實上，第一季對他們來說非常強勁。從雲端轉型的角度來看，他們實際上開始進入高端客戶群。所以沒有看到任何跡象。我理解你的觀點，但我們並沒有看到這一點。也許在 Deltek 是這樣，但這對他們來說並不是什麼順風。因此，DOGE 就處於這種不確定性之中。但這最終會發生。否則，是的，我們沒有看到--

PowerPlan had a nice quarter.

PowerPlan 本季表現不錯。

Actually. Great point. So PowerPlan just launched their tax-for-fixed-asset product about two quarters, one or two quarters ago. Saw really good uptake there. Their recurring revenue is now growing double digits as a result of that. So yeah, nothing that we could see in terms of transition to the cloud and slowing customer decision-making. We didn't see any of that.

實際上。很好的觀點。因此，PowerPlan 大約在兩個季度前，也就是一兩個季度前推出了他們的固定資產稅產品。在那裡看到了非常好的吸收。因此，他們的經常性收入現在正以兩位數的速度成長。所以，是的，我們沒有看到向雲端過渡並減緩客戶決策的任何跡象。我們什麼都沒看到。

Okay, that's great. And then you kind of touched on this with Deltek, but extending more broadly, how would you frame a stress test around the non-recurring elements of both AS and NS? Could declines be possible there? And I know it's a mix. I'll throw in reoccurring to this question. So you have a mix of perpetual license, I would assume very high margin, but then also services and payments. Is the profit margin implication if the non-recurring pieces are declining? I would imagine it's probably good for your margin mix, just kind of a framing there.

好的，太好了。然後您在 Deltek 上談到了這一點，但更廣泛地說，您將如何圍繞 AS 和 NS 的非重複性元素來建立壓力測試？那裡有可能下降嗎？我知道這是一種混合。我將再次回顧這個問題。因此，您擁有永久許可證，我認為利潤率會非常高，但同時也提供服務和付款。如果非經常性收入下降，利潤率會受到影響嗎？我想這可能對你的利潤組合有好處，只是一種框架而已。

Yeah. I think the perpetual and the service are fairly offsetting relative to recurring, relative to SaaS subscription. So I don't think we'll have any meaningful margin impact there. At Network, our non-recurring is really small, so it's not as significant. I think it is a question in terms of NAS, that's probably the only area that has some question in terms of some question in terms of where it's going to be this year. It's probably going to be up a little bit. That's at least our current thinking, but we'll see how the year plays out.

是的。我認為永久性和服務相對於循環性、相對於 SaaS 訂閱而言是相當抵消的。因此我認為我們不會對利潤產生任何重大影響。在 Network，我們的非經常性支出非常小，因此它並不那麼重要。我認為這是關於 NAS 的問題，這可能是唯一對今年其發展方向有疑問的領域。它可能會稍微上升一點。這至少是我們目前的想法，但我們將看看今年的情況如何。

Great. Thank you.

偉大的。謝謝。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Yeah. Hi, Neil, Jason, and Zack. Thanks for taking my question and follow-up. The first one just relates to the CentralReach. We enjoyed reading the 2025 market report they put out. I think it said 75% of customers are purchasing AI solutions. I'm curious, I know you just brought this into the fold, but is the AI-driven revenue meaningful at all at this point for CentralReach? And are you seeing some of that kind of AI attach rate yet on any of the other app software products? And then I had a follow-up.

是的。嗨，尼爾、傑森和札克。感謝您回答我的問題並進行跟進。第一個僅與 CentralReach 有關。我們很高興閱讀他們發布的 2025 年市場報告。我認為 75% 的客戶正在購買 AI 解決方案。我很好奇，我知道您剛剛將這個納入其中，但對於 CentralReach 來說，人工智慧驅動的收入現在有意義嗎？您是否在其他應用軟體產品上看到了這種 AI 附加率？然後我進行了後續跟進。

Yeah, sure. So the -- CentralReach's AI products are new to the market. I mean, they're new in the last 12 months, and that there's three essentially buckets of products and that they didn't all get released 9 or 12 months ago. It's been a rolling release. So no, we've got it. It's not a material amount of revenue for CentralReach, but it is one of their meaningful growth drivers going forward that the company -- both the company and we are excited about.

是的，當然。因此，CentralReach 的 AI 產品對市場來說是新產品。我的意思是，它們是過去 12 個月內推出的新產品，基本上分為三類產品，而且它們並不是 9 個月或 12 個月前全部發布的。這是一個滾動發布版本。所以不，我們已經得到它了。對 CentralReach 來說，這不是一筆實質的收入，但它是公司未來有意義的成長動力之一，公司和我們都對此感到興奮。

And to your second part of that question, the second part of the question about the rest of Roper, I would say CentralReach is leading relative to the Roper portfolio, but my guess is the balance of the portfolio will catch up quickly. And the first derivative of AI, sort of the GPTs that ride along with our products, or the fraud exposure that was sort of mitigated at DAT, those sorts of applications, we've done a very good job.

對於您問題的第二部分，即有關 Roper 其餘部分的問題，我想說 CentralReach 相對於 Roper 投資組合而言處於領先地位，但我猜測投資組合的餘額將很快趕上來。而人工智慧的第一個衍生品，與我們的產品一起出現的 GPT，或者在 DAT 中得到緩解的欺詐風險，這些類型的應用程序，我們都做得非常好。

Now, as most companies are pivoting to the second derivative, which we think is a huge TAM expander for us, this is where you get the agentic digital employees. So our companies are very, very busy extending our software with the agentic capability into the workflows of our customers. We expect to monetize those on a work-completed basis. So we're very excited by that. But it's still pretty early, but it's moving at a very, very, very quick clip.

現在，由於大多數公司都在轉向第二個衍生產品，我們認為這對我們來說是一個巨大的 TAM 擴展器，這就是您獲得代理數位員工的地方。因此，我們的公司非常忙於將具有代理功能的軟體擴展到客戶的工作流程中。我們希望根據已完成的工作將其貨幣化。因此我們對此感到非常興奮。但現在還為時過早，但進展非常非常快。

Got it. Thanks. I didn't mean to cut you off, Neil. Just a follow-up question relates to core EBITDA margin for you, Jason. I think it was up 50 bps in the first quarter. How do we think about core EBITDA margins for the year, realizing you have another acquisition that's in the mix now? Thanks.

知道了。謝謝。我不是有意打斷你，尼爾。傑森，我的後續問題與核心 EBITDA 利潤率有關。我認為第一季上漲了 50 個基點。考慮到您現在還有另一項收購，我們如何看待今年的核心 EBITDA 利潤率？謝謝。

Yeah. I think core EBITDA margins will be, I think, up a little bit this year at the segment level. And then we've got, probably with the corp G&A, it's more flattish, if you include that, but still strong. I think we had a good -- in terms of AS, I think acquisition margins are going to get better throughout the year and then core will sort of hold. Network will probably get a little bit better in the second half just through scale. And then TEP had a good quarter. We think that's going to continue throughout the year, just with NDI and some of Verathon's products coming to market.

是的。我認為今年核心 EBITDA 利潤率在分部層級將會略有上升。然後，我們可能會得到公司一般及行政開支，如果將其包括在內，它會更加平穩，但仍然強勁。我認為我們做得很好——就 AS 而言，我認為收購利潤率全年都會變得更好，然後核心也會維持下去。下半年，網路可能會透過規模變得更好一些。TEP 本季表現良好。我們認為，隨著 NDI 和 Verathon 的一些產品進入市場，這種趨勢將持續一整年。

Thank you.

謝謝。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

All right. Thanks for taking my question. You guys mentioned Deltek pushed a little to the right. And as you look across your portfolio and you think through kind of customer sales conversations, any other areas where you've seen some modest shift to the right?

好的。感謝您回答我的問題。你們提到 Deltek 稍微往右推了一點。當您審視自己的作品集並思考客戶銷售對話時，您是否也看到其他領域出現了輕微的向右轉變？

Not really. I mean, we studied that intently and intensely as we went through our quarterly reviews and really looked for it. It was clear at Deltek. It was just not clear at other places. Doesn't mean that it might not happen a little bit, but it hasn't happened here yet.

並不真地。我的意思是，我們在進行季度回顧時認真研究了這一點並認真尋找它。在 Deltek 這一點很明顯。只是在其他地方還不清楚。這並不意味著它不會發生，但它還沒有發生。

Yeah. I would say, I mean, Aderant had the highest bookings quarter they've ever had. Strata had a phenomenal quarter in terms of TCVs, so total contract value, which will benefit us over several years. But they had a really good quarter. Vertafore was a little soft, but they had an exceptionally strong Q4, so we weren't surprised to see a little bit of the earlier weakness there.

是的。我想說的是，Aderant 本季的預訂量是有史以來最高的。Strata 本季的 TCV 表現非常出色，因此總合約價值將使我們在未來幾年受益。但他們本季的表現確實不錯。Vertafore 表現有點疲軟，但他們在 Q4 中表現異常強勁，因此我們並不驚訝地看到他們之前表現有些疲軟。

We talked about ConstructConnect. We talked about Foundry. We talked about SoftWriter's SHPI pipeline was fine in the quarter.

我們討論了 ConstructConnect。我們討論了 Foundry。我們談到了 SoftWriter 的 SHPI 管道在本季度表現良好。

Got it. And I guess, should you happen to see some erosion going forward? Help us think through, I guess, what are the counterplay, countermeasures that you guys are thinking about? Would it be more margin defensive, or are there particular actions that you guys would potentially implement to try to maintain growth? What would be your next step should something emerge?

知道了。我想，您是否會看到未來會出現一些侵蝕現象？幫我們想想吧，你們正在考慮什麼對策、什麼應對措施？這是否會對利潤率更具防禦性，或者你們是否會採取一些特別的行動來試圖保持成長？如果發生什麼情況，下一步會怎麼做？

Yeah. So I think for us, we kind of have this natural incentive for the businesses. They usually are very thoughtful about the pacing of investment, and so if they start to see some weakness, it's in their best interest to make sure that they're being prudent. Obviously, making the right investments, and we're very transparent with areas they should not be cutting, but they naturally have that sort of in their P&L. And also, I'd just say the incentives are variable, too, throughout the company, and so it's based on growth, so we get some of that margin preservation there as well.

是的。所以我認為對我們來說，我們對企業有這種自然的動機。他們通常非常重視投資節奏，因此，如果他們開始看到一些疲軟跡象，確保自己保持謹慎符合他們的最佳利益。顯然，進行正確的投資，我們對他們不應該削減的領域非常透明，但他們的損益表中自然會有這種內容。而且，我想說的是，整個公司的激勵措施也是多種多樣的，所以它是基於成長，因此我們也能從中獲得一些利潤保留。

Perfect. Thanks, guys.

完美的。謝謝大家。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Hey. Good morning, guys. I just wanted to clarify because we just kind of glossed over it a little bit, but it sounds like tariffs are a big kind of nothing burger for you guys and it seems somewhat isolated to Verathon. Is that a fair statement?

嘿。大家早安。我只是想澄清一下，因為我們只是稍微掩蓋了這一點，但聽起來關稅對你們來說是一件無關緊要的事情，而且似乎對 Verathon 來說有些孤立。這是一個公平的說法嗎？

I wouldn't say it's isolated to Verathon. Most of the Product business in the TEP segment have to deal with some amount of tariff impact, but the vast majority, Neptune, Verathon, CIVCO, is USMCA compliant. That's why we're able to sort of be a $10 million to $15 million issue.

我不會說它與 Verathon 無關。TEP 領域的大多數產品業務都必須應對一定程度的關稅影響，但絕大多數（Neptune、Verathon、CIVCO）都符合 USMCA 規定。這就是為什麼我們能夠解決 1000 萬到 1500 萬美元的問題。

Okay, fair enough. All right. And moving to something more important, the port activity that we're seeing just seems like it could be hit in an air pocket, maybe in 2Q or later in 2Q. You don't seem to be concerned about the freight activity, if and when that occurs. Are you guys less exposed, I suppose, at the ports as otherwise for DAT?

好吧，夠公平。好的。更重要的是，我們看到的港口活動似乎可能會受到打擊，可能是在第二季或第二季稍後。如果發生貨運活動，您似乎並不關心。我想，你們在港口的曝光率是否與 DAT 一樣低？

So we're watching it, as you'd expect, on a weekly basis when we look at the metrics. Scott, I think that maybe the simplest way to think about it is the paying or the monetized part of the DAT network on the carrier side flexes, but not like day to day to demand. And so if there was, for instance, in March, if there was a pull forward across the economy for pre-tariff shipping, we did not see a surge in carrier demand in the network, just like if there's a little bit of slack in the system, we won't see it immediately turn off.

因此，正如您所期望的那樣，當我們查看指標時，我們每週都會進行觀察。斯科特，我認為也許最簡單的思考方式是，運營商方面的 DAT 網路的付費或貨幣化部分是靈活的，但不像日常需求那樣。因此，例如，如果在三月份，如果整個經濟都提前推動了關稅前的運輸，我們就不會看到網絡中承運人的需求激增，就像如果系統有一點鬆弛，我們也不會看到它立即關閉。

Now, if it's sustained that way for six months to 12 months, then we would expect to see an impact on the carrier side of the network. So we just have assumed going into the beginning of the year, sort of flattish on the carrier volume units, and that's where we are maintaining it. DAT will grow this year because of the price actions, and we'll see how things play out from here.

現在，如果這種情況持續 6 到 12 個月，我們預計會看到對網路營運商的影響。因此，我們只是假設進入年初，承運商的運輸量單位會趨於平穩，而我們將維持這一水準。由於價格走勢，DAT 今年將會成長，我們將拭​​目以待事情將如何發展。

Okay, good color. Thank you. Appreciate it. Good luck, guys. I'll pass it on.

好的，顏色不錯。謝謝。非常感謝。祝大家好運。我會傳達的。

Deane Dray, RBC Capital Markets.

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

Thank you. Good morning, everyone. So I want to circle back on CentralReach, and it's a bit unusual. I mean, it's a good problem to have to explain. You don't typically get a business with this type of growth profile. Often, PE has public company aspirations for someone at a 20% growth plus. So just how was this available, and what percent of the funnel have these kind of growth profile for you?

謝謝。大家早安。所以我想回到 CentralReach，這有點不尋常。我的意思是，這是一個需要解釋的好問題。通常情況下，你不會遇到具有這種成長前景的企業。通常，PE 會希望將公司上市，以實現 20% 以上的成長率。那麼，這究竟是如何實現的呢？對於您來說，有多少比例的管道具有這種成長概況？

Yeah. So on sort of how did this come about, I would say it was a very traditional process for us. This was a business that was owned by Insight. We've known the Insight team for a while. It was Jen and her team about a year ago were talking with Insight. This was about this asset. We had an opportunity to meet the CEO plus or minus a year ago.

是的。那麼關於這是如何發生的，我想說這對我們來說是一個非常傳統的過程。這是 Insight 旗下的企業。我們認識 Insight 團隊已經有一段時間了。大約一年前，Jen 和她的團隊與 Insight 進行了交談。這是關於該資產的。大約一年前，我們有機會見到了這位執行長。

We started doing our proprietary market work nine months ago or so. We liked a lot of the structural elements of the market, the growth drivers. They're solving a real problem in society. We see AI, GenAI, as a strong tailwind with very limited sort of headwind or risk associated with it in this end market. And then the process started in a very traditional way with an investment bank. It was very competitive.

大約九個月前，我們開始進行自營市場工作。我們喜歡市場的許多結構性要素和成長動力。他們正在解決社會上的一個實際問題。我們認為人工智慧、GenAI 是一個強勁的順風，而這個終端市場中與之相關的逆風或風險非常有限。然後，該流程以非常傳統的方式由投資銀行啟動。競爭非常激烈。

But as we've been able to do in the last handful of deals, we've really been able to articulate the Roper value proposition to the management team -- so what is life like inside a Roper, the advantages of having permanent long-term forever capital, the way you can grow your business inside of that. And in this case, there were many LOIs submitted. But because we had one management, we were able to get the call back and have the opportunity to essentially have a week to finish the transaction, which we did. So we're very excited by that, the process, the way that it unfolded.

但正如我們在過去的幾筆交易中所做的那樣，我們確實能夠向管理團隊清楚地表達 Roper 的價值主張——那麼在 Roper 內部的生活是什麼樣的，擁有永久的長期資本的優勢，以及如何在其中發展您的業務。在這種情況下，提交了多份意向書。但因為我們只有一個管理層，所以我們能夠接到回電，並且有機會有一周的時間來完成交易，我們做到了。因此，我們對此過程以及其展開的方式感到非常興奮。

In terms of what's in the pipeline, the vast -- I mean, the vast majority of the funnel are these maturing leader-type businesses. The growth rates are going to range between 10% and 25%. This doesn't mean that every deal has to be in the 20s. But Dean, as you know, what we're solving for here in our revised capital deployment strategy is sort of 30% or 40% better returns in year five, and we can get there. We can solve for that a couple of different ways. But the opportunities in the market that are plentiful are these more higher-growing businesses to help solve for that, where you get both the growth and the benefit of margin expansion over time.

就管道中的內容而言，絕大多數——我的意思是，通路中的絕大多數都是這些成熟的領導型企業。成長率將在10%至25%之間。這並不意味著每筆交易都必須在 20 左右。但是 Dean，正如你所知，我們在修訂後的資本配置策略中要解決的問題就是在第五年實現 30% 或 40% 的更高回報率，而且我們可以實現這個目標。我們可以用幾種不同的方法來解決這個問題。但市場上有大量的機會，這些更高成長的企業可以幫助解決這個問題，隨著時間的推移，您既可以獲得成長，又可以獲得利潤率擴大的好處。

I'd also just say in terms of funnels, we have a very good mix also of bolt-ons. So we've been really active on the bolt-on front, and we'll continue to do that as well.

我還想說，就漏斗而言，我們也有一個非常好的螺栓組合。因此，我們在附加方面一直非常活躍，並且我們將繼續這樣做。

Got it. And just to confirm here, does CentralReach -- is it accretive to CRI on a total company basis? And at what point does that contribution become positive?

知道了。這裡只是為了確認一下，CentralReach 是否會對整個公司的 CRI 產生增值作用？那麼，什麼時候這種貢獻才會變成正面的呢？

It is working capital -- CentralReach is working capital negative. And what's important for us through our CRI lens is that we just remain negative from a working capital point of view. So the incremental transaction doesn't have to be incrementally negative to the fleet. It just has to make sure we stay negative.

它是營運資本－CentralReach 的營運資本為負數。從 CRI 的角度來看，對我們來說重要的是，從營運資本的角度來看，我們仍然保持負面態度。因此增量交易不一定會為船隊帶來增量負面影響。它只是必須確保我們保持消極態度。

Got it. Thank you.

知道了。謝謝。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Hey, guys. Good morning. Can you just walk me through the guide mechanics, like the walk from prior to current? You're a small beat in the quarter versus guide, hold the organic, absorb $0.15 and still raising. So is there kind of a contingency that was being removed? Where's the offset here?

嘿，大家好。早安.您能否向我簡單介紹一下指南機制，例如從之前到目前的流程？與指南相比，您在本季表現略有提升，保持有機成長，吸收 0.15 美元並繼續上漲。那麼是否存在某種被消除的意外情況？這裡的偏移量在哪裡？

Yeah. I think you've characterized it right. We had a little bit of margin and a little bit of interest contingency in our last guide. And so I talked about all the things that are sort of holding within AS. Deltek's a little bit weaker, but others are offsetting that. NS is about on, as we talked about. TEP, probably a little bit better on margin, I would say, versus our last guide. So that's what gets you to the revised, pretty much updated guidance that flows through the Q1 beat.

是的。我認為你的描述是正確的。我們在上一份指南中設定了一點空間和一點利息應急。因此我談論了 AS 中存在的所有問題。Deltek 稍弱一些，但其他公司正在彌補這一差距。正如我們討論過的，NS 即將開啟。我想說，與我們上一份指南相比，TEP 的利潤率可能要好一些。這就是讓您了解貫穿第一季的修訂版、相當更新的指導的原因。

Okay, that makes sense. And obviously, I've been getting a lot of calls on Deltek as far as what the exposure is. I mean, you've talked about it a lot on this call, so we don't have to go crazy here. But is the primary DOGE risk kind of done now? If Musk is going back to Tesla and we haven't seen these big changes to these businesses yet, are we not just -- can we stop worrying that it's happening?

好的，這很有道理。顯然，我接到了很多關於 Deltek 的電話，詢問曝光。我的意思是，你在這次通話中已經談論了很多，所以我們不必在這裡瘋狂討論。但是 DOGE 的主要風險現在已經解決了嗎？如果馬斯克重返特斯拉，而我們還沒有看到這些業務發生重大變化，我們難道不能不再擔心這種事情的發生嗎？

I think, again, I said it earlier. I just -- I don't want to characterize this as just a DOGE thing. I mean, it's DOGE. But what our pattern recognition of owning this business since 2016 is when there is a potential government shutdown and the budget uncertainty, that, too, is, like, just people don't know where the spending is going to be at the period. So it's all of this that's blended together that's created the uncertainty. But this community of government contractors provides essential services to the government.

我想，我之前又說過了。我只是——我不想把這僅僅描述為 DOGE 的事情。我的意思是，它是 DOGE。但是，自 2016 年擁有這項業務以來，我們的模式認知是，當出現政府關門和預算不確定性時，人們也不知道這段時期的支出將會流向何處。所以所有這些因素混合在一起就造成了不確定性。但這個政府承包商社區為政府提供了基本服務。

And so that's why we think this is a short-term thing and not a structural or even a medium-term thing. And I think the most recent, if you just go to DOGE, I think the most recent conversations are we're sort of stuck at $160 billion or $170 billion, and people are going to take that as a win as opposed to try to get to the trillion or whatever the number is going to be. And then, obviously, with Musk spending more of his time going back to his other day jobs and having the limited number of days and his government sort of contractors, government employment status will certainly probably slow down the DOGE impact.

所以我們認為這是一個短期問題，而不是結構性問題，甚至不是中期問題。我認為最近，如果你只看 DOGE，我認為最近的談話是，我們有點停留在 1600 億美元或 1700 億美元，人們會將此視為勝利，而不是試圖達到萬億美元或任何數字。然後，顯然，由於馬斯克將更多的時間花在其他日常工作上，工作時間有限，而且他有政府承包商，政府就業狀況肯定會減緩 DOGE 的影響。

Yeah, that makes sense. Great. Thanks, guys. Appreciate it.

是的，這很有道理。偉大的。謝謝大家。非常感謝。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Hi. Good morning. Just on the organic, maybe some color on the 2Q organic, and then secondarily on education, there's obviously a lot going on there as well with the government and how they're kind of pressuring some of these higher ed organizations. Anything there that you guys are seeing as well?

你好。早安.僅就有機產品而言，可能在第二季度的有機產品上有一些色彩，其次是在教育方面，政府顯然也有很多事情要做，以及他們如何向一些高等教育組織施加壓力。你們也看到了什麼嗎？

Yeah. I'll let Jason take the first. I'll take your education question.

是的。我會讓傑森先走。我來回答你的教育問題。

Yeah. I mean, I think we're going to -- it'll step up from Q1 a bit. I think at AS, we'll have a little bit of an increase just as you see Procare rolling in. Obviously, NS is going to go up to mid-singles as we talked about at the beginning of the year with just DAT and Foundry ramping, and we don't have the MHA comp issue. And then high singles-ish range probably for TEP. Just with all the things we've talked about, it's true for Q2 as well.

是的。我的意思是，我認為我們會——它會從第一季開始略有上升。我認為在 AS，我們會有一點成長，就像你看到 Procare 滾滾而來一樣。顯然，正如我們年初所討論的那樣，NS 將會進入中單打水平，只有 DAT 和 Foundry 在不斷提升，而且我們不存在 MHA 組合問題。然後高單打範圍可能適用於 TEP。正如我們所討論的所有事情一樣，這對於第二季來說也是如此。

And on the Department of Education and education generally, there's noise in the system, but when you read through what the administration is thinking about doing at Department of Education, it's essentially not cutting funding. It's just block granting the funding down to the states.

關於教育部和整個教育系統，系統中存在一些噪音，但是當你了解政府正在考慮對教育部採取的措施時，你會發現它基本上不會削減資金。這只是將資金整筆撥款給各州而已。

If you look at the '25 CR, Department of Education funding equals '24. The Title I sort of funding is like 80%, by the way, and the President and the Secretary on repeat have said that's not going to be touched in terms of the total amount. There's certainly some pressure on DEI and sort of the conflict in Maine on some of the athletes and whatnot about holding back funding, but I think those are bespoke issues.

如果你看 25 年 CR，教育部的資金就等於 24 年。順便說一下，第一類資金佔 80% 左右，總統和部長多次表示，這筆資金總額不會受到影響。肯定存在一些對 DEI 的壓力，以及緬因州對一些運動員的衝突以及諸如阻止資金之類的問題，但我認為這些都是客製化問題。

The big overarching thing is the funding dollars are not going to change, just maybe the administration of the funding dollars might change going forward. So we haven't heard there's been no like slowdown or panic at the customer level about their funding.

最重要的是，資金的總額不會改變，只是資金的管理方式可能會改變。因此，我們還沒有聽到客戶層面出現融資放緩或恐慌的情況。

Okay. And then just lastly, just in April here, the software bookings, have you actually seen acceleration from the low-single digit?

好的。最後，就在四月份，軟體預訂量是否真的從低個位數加速成長？

We don't get that information.

我們沒有得到該資訊。

Okay, great. Thanks for the detail. Yeah, thanks for the detail.

好的，太好了。謝謝你的詳細說明。是的，謝謝你的詳細說明。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi. Good morning. Just wanted to follow up a little bit on the organic sales sort of acceleration you've dialed in. So I guess you grew total company 5% organic Q1. I think it's 5% organic over the last 12 months. And it seems the sort of Enterprise Software bookings a little slow to start the year. I think the backlog at TEP was down 40% or so in December. So just wondered sort of the assumption of an acceleration to maybe 8% plus growth in the back half, the confidence there, and is there anything outside of Foundry that's turning around a lot?

你好。早安.只是想稍微跟進一下您所說的有機銷售加速情況。所以我猜想你們公司第一季的整體有機成長率為 5%。我認為過去 12 個月的有機成長佔 5%。今年年初，企業軟體的預訂似乎有點慢。我認為 12 月 TEP 的積壓訂單減少了 40% 左右。所以我只是想知道下半年加速到 8% 以上的成長的假設，那裡的信心，以及 Foundry 之外有什麼正在發生很大轉變嗎？

Well, I mean, I think we just start with Network. I mean, Foundry, obviously, but then DAT as well. I mean, we're assuming carriers are going to be flat, but even despite that, we're expecting the business to get better throughout the year and have a decent exit velocity. We talked about TEP already, I think, which is really just Neptune continuing to get better throughout the year. They have an easy comp in the third quarter, if you recall. And then we talked about NDI being another component of TEP that's given us confidence and the guidance there.

嗯，我的意思是，我認為我們只是從網路開始。我的意思是，顯然是 Foundry，但還有 DAT。我的意思是，我們假設營運商的業務將保持平穩，但儘管如此，我們預計全年業務將會好轉，並擁有不錯的退出速度。我認為，我們已經討論過 TEP，它實際上只是海王星在全年持續變得更好。如果你還記得的話，他們在第三節的比賽很輕鬆。然後我們談到 NDI 是 TEP 的另一個組成部分，它給我們信心和指導。

Other thing I'd say, Julian, is as it relates to the bookings activity, on a trailing 12 months, bookings activity is up low-double digits. And it takes time for that bookings activity to work its way into revenue. So that's in the machine and converting to revenue as we speak. So we have broad tailwind strength on bookings activity.

朱利安，我想說的另一件事是，就預訂活動而言，在過去 12 個月中，預訂活動增加了低兩位數。預訂活動需要時間才能轉化為收入。這就是機器內部的東西，正如我們所說的，它正在轉化為收入。因此，我們在預訂活動方面擁有廣泛的順風優勢。

Q4 is amazing. Q3 was a little bit slower as we expected. So I would not read too much -- just listening to your question, I would not read too much. I think you're reading too much into Q1's booking number because you really have to look at what the buildup of the bookings is that sort of feeds the machine.

Q4 非常棒。正如我們預期的那樣，第三季稍微慢了一點。所以我不會讀太多——只是聽你的問題，我不會讀太多。我認為您對第一季的預訂數量過度解讀了，因為您真正需要了解的是預訂量的累積是如何為機器提供資訊的。

That's helpful. Thank you. And then just my follow-up would be on the Application Software EBITDA margins. So you had this sort of 300 bps headwind, I guess, to the EBITDA margin year on year in the first quarter. How are you sort of thinking about that play out over the balance of the year as sort of CentralReach come in? And is that core OMX you had of 100 bps or so a good run rate for the rest of the year?

這很有幫助。謝謝。然後我的後續問題是應用軟體 EBITDA 利潤率。因此，我猜第一季的 EBITDA 利潤率將比去年同期面臨 300 個基點的阻力。隨著 CentralReach 的加入，您如何看待今年餘下時間的走勢？那麼，核心 OMX 利率為 100 個基點左右，對於今年剩餘時間來說，這是否是一個好的運行率？

So yeah, I think as -- I'm just trying to parse out what you're saying here. I think on the core basis, we should see margin expansion this year. Maybe not as much as we saw in the first quarter, but certainly up nicely. We talked about Deltek targeted restructuring last year. We've seen some benefits of that this year.

是的，我認為——我只是想分析一下你在這裡所說的話。我認為從核心基礎來看，今年我們應該會看到利潤率擴大。也許沒有第一季那麼多，但肯定是不錯的成長。我們去年談到了 Deltek 的目標重組。今年我們已經看到了它的一些好處。

And then the acquisition margins I talked about, let's just kind of take -- park CentralReach to the side for a second. Those will get better throughout the year because you've got a ramping of activity at Procare, and then you've got Transact having a seasonally strong third quarter and actually better second quarter than first quarter. So that will get better throughout the year. And then CentralReach, to your point, will come in at sort of low-40s EBITDA margins. That will benefit.

然後，關於我談到的收購利潤，讓我們先把 CentralReach 放在一邊。這些情況全年都會變得更好，因為 Procare 的活動不斷增加，而 Transact 的第三季表現強勁，而且第二季的表現實際上比第一季更好。因此全年情況都會變得更好。然後，正如您所說，CentralReach 的 EBITDA 利潤率將達到 40% 左右。這會有好處。

And Deltek's got a benefit this year because they did a belt tightening in Q4, which carries through for the full year.

而 Deltek 今年獲得了好處，因為他們在第四季度實施了緊縮政策，並將持續到全年。

That's great. Thank you.

那太棒了。謝謝。

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

我們的問答環節到此結束。現在我們回到 Zack Moxcey 並請他做最後發言。

Thank you, everyone, for joining us this morning. We look forward to speaking with you during our next earnings call.

感謝大家今天上午加入我們。我們期待在下次收益電話會議期間與您交談。

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

電話會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。