Roper Technologies Inc (ROP) 2025 Q2 法說會逐字稿

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

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

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

現在我想將電話轉給投資者關係副總裁 Zack Moxcey。

Good morning, and thank you all for joining us as we discuss the second quarter 2025 financial results for Roper Technologies.

早安，感謝大家加入我們，討論 Roper Technologies 2025 年第二季的財務表現。

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

今天早上參加電話會議的還有總裁兼執行長 Neil Hunn、執行副總裁兼財務長 Jason Conley、副總裁兼首席會計長 Brandon Cross 和財務高級副總裁 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. And now if you'll please turn to page 2.

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。現在請翻到第 2 頁。

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.

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、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 second 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 minority investments, including cash taxes paid resulting from the sale of our minority interest in Certinia. 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討論我們的業績。對於第二季度，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；最後，與少數股權投資相關的財務影響，包括出售我們在 Certinia 的少數股權所產生的現金稅。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'll take questions from our telephone participants. Neil?

現在請翻到第 4 頁，我會把電話交給 Neil。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 us this morning. As we turn to page 4, you'll see the topics we plan to cover today. We'll start with our second quarter highlights, including reviewing the platform acquisition we announced earlier today, Subsplash. Then we'll go through our segment results and our improved outlook for the full year and then get to your questions. So let's go ahead and get started.

謝謝你，扎克，也謝謝大家今天早上加入我們。當我們翻到第 4 頁時，您將看到我們今天計劃討論的主題。我們將從第二季的亮點開始，包括回顧我們今天早些時候宣布的平台收購 Subsplash。然後，我們將介紹我們的分部業績和全年改善的前景，然後回答您的問題。那麼就讓我們開始吧。

Next slide, please. As we turn to page 5, let me highlight the four key takeaways for today's call. First, we posted another solid quarter of financial results. Total revenue grew 13%, organic revenue grew 7%, and Software bookings grew in the high teens area, and we continue to deliver impressive cash flow with free cash flow margins coming in at 31% for the TTM period.

請看下一張投影片。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，我們又公佈了穩健的季度財務表現。總收入成長了 13%，有機收入成長了 7%，軟體預訂量成長了 15% 左右，我們繼續提供令人印象深刻的現金流，TTM 期間的自由現金流利潤率達到 31%。

Second, we announced earlier today the acquisition of another great vertical market software provider, Subsplash, which I'll get to in a bit. Then given the strong first half performance and the anticipated completion of the sub-plus acquisition, we're raising our full year total revenue guidance and our full year debt outlook.

其次，我們今天稍早宣布收購另一家優秀的垂直市場軟體供應商 Subsplash，稍後我會詳細介紹。鑑於上半年的強勁表現和預計完成的次級收購，我們提高了全年總收入預期和全年債務預期。

And finally, we continue to be very well positioned for capital deployment and continue to have more than $5 billion of available firepower over the course of the next 12 months.

最後，我們繼續為資本部署做好充分準備，並在未來 12 個月內繼續擁有超過 50 億美元的可用火力。

Please turn to page 6, where we'll discuss Subsplash. Subsplash is a cloud-native and AI-enabled software provider serving faith-based organizations. As a leading provider of digital engagement, church management, and integrated giving solutions, their purpose-built platform enables customers to serve congregations while engaging with members more effectively.

請翻到第 6 頁，我們將在那裡討論 Subsplash。Subsplash 是一家為信仰組織提供服務的雲端原生和人工智慧軟體供應商。作為數位參與、教會管理和綜合捐贈解決方案的領先提供商，他們專門建立的平台使客戶能夠為會眾提供服務，同時更有效地與成員互動。

Subsplash partners with 20,000 faith-based organizations to help them become digitally native by deepening member engagement, reducing manual administrative burden through automation, streamlining content distribution, and integrating digital giving solutions, all supporting their customers' core mission.

Subsplash 與 20,000 個宗教組織合作，透過深化會員參與度、透過自動化減少手動管理負擔、簡化內容分發以及整合數位捐贈解決方案，幫助他們成為數位原生代，所有這些都支持其客戶的核心使命。

Simply put, Subsplash enables these organizations to allocate more time and resources to what matters most, ministering to and engaging with their congregation in a digitally native way, whether it be online or on an in-person basis. Importantly, this customer value proposition strengthens further as the company's AI native capabilities are further deployed across their product stack.

簡而言之，Subsplash 使這些組織能夠將更多的時間和資源分配給最重要的事情，以數位原生的方式（無論是在線上還是面對面）為他們的會眾提供服務和互動。重要的是，隨著該公司的 AI 原生功能在其產品堆疊中的進一步部署，這項客戶價值主張也進一步加強。

In terms of investment highlights, the purchase price is $800 million. We expect Subsplash to deliver $115 million of revenue and $36 million of EBITDA for the 12 months ending Q3 of 2026.

投資亮點方面，收購價格為8億美元。我們預計，截至 2026 年第三季的 12 個月內，Subsplash 將實現 1.15 億美元的營收和 3,600 萬美元的 EBITDA。

This business meets all of our long-standing acquisition criteria. Leader in a niche competes on the basis of customer intimacy, has strong gross margins, and converts high levels of cash flow.

該業務符合我們長期以來的所有收購標準。利基市場的領導者以客戶親密度為基礎進行競爭，擁有強大的毛利率，並能轉化高水準的現金流。

Subsplash reflects the maturing leader acquisition profile of being a higher organic growth business, in this case, in the high teens area and competes in a $2.5 billion US TAM with about half being currently served and potential to meaningfully expand internationally.

Subsplash 體現了成熟的領導者收購形象，即作為一家具有更高有機增長能力的企業，在本例中處於青少年高增長領域，並在 25 億美元的美國 TAM 中競爭，其中約有一半目前已提供服務，並有潛力在國際上進行有意義的擴張。

In addition, Subsplash is well positioned to materially improve their gross and EBITDA margins over the next three to five years and we expect to deliver this by executing a handful of the available levers. As a result, we expect to see Subsplash's organic revenue growth convert to high 20% EBITDA growth over the next three to five years. We will finance this transaction with a revolver and report the results in our network software segment.

此外，Subsplash 完全有能力在未來三到五年內大幅提高其毛利率和 EBITDA 利潤率，我們希望透過利用一些可用的手段來實現這一目標。因此，我們預計未來三到五年內 Subsplash 的有機收入成長將轉化為 20% 的高 EBITDA 成長。我們將用循環信貸為這筆交易提供資金，並在我們的網路軟體部門報告結果。

Subsplash represents another powerhouse addition delivering critical solutions to a customer base with deep ongoing needs for these capabilities. To the Subsplash team, we're so excited for you to join Roper. Thank you for all of the super important work you do for your customer community and for trusting Roper to become your permanent partner.

Subsplash 是另一個強大的補充，它為對這些功能有持續強烈需求的客戶群提供關鍵的解決方案。對於 Subsplash 團隊來說，我們非常高興您加入 Roper。感謝您為客戶社群所做的所有極其重要的工作，並信任 Roper 成為您的永久合作夥伴。

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

因此，讓我將電話轉給傑森，讓他介紹我們的損益表和資產負債表。傑森？

Thanks, Neil, and good morning, everyone. I'll now take you through our Q2 financial highlights on slide 7. The second quarter was another solid installment in what we believe will be a good year for Roper. Revenue of $1.94 billion was up 13% over prior year and well balanced with 7% organic growth and a 6% increase from acquisitions, with Central reach results contributing since the April 23 close date.

謝謝，尼爾，大家早安。現在我將在第 7 張投影片上向大家介紹我們第二季的財務亮點。第二季又取得了穩健的業績，我們相信這對羅珀來說將是豐收的一年。營收為 19.4 億美元，比上年成長 13%，其中有機成長 7%，收購成長 6%，自 4 月 23 日結束以來，中央覆蓋結果做出了貢獻。

Organic growth was strong across the portfolio, demonstrating resilient demand for our mission-critical solutions. Importantly, and as expected, network software year-over-year growth notably improved from Q1, given more normal comps at MHA, increased freight match unit economics and recovery of foundry.

整個產品組合的有機成長強勁，顯示對我們的關鍵任務解決方案的需求強勁。重要的是，正如預期的那樣，由於 MHA 的業績更加正常、貨運匹配單位經濟效益提高以及代工廠復甦，網路軟體年成長率較第一季明顯改善。

EBITDA of $775 million was up 12% and generated EBITDA margin of 39.9%. Core enterprise operating margin was flat to the prior year with core segment margin up 40 basis points. This follows a similar pattern to Q1, bringing our year-to-date core segment margin expansion to 70 basis points.

EBITDA 為 7.75 億美元，成長 12%，EBITDA 利潤率為 39.9%。核心企業營業利潤率與前一年持平，核心部門利潤率上升 40 個基點。這與第一季的模式類似，使我們年初至今的核心部門利潤率擴大至 70 個基點。

For the diluted EPS, we delivered $4.87 versus our guidance range of $4.80 to [$4.84] on strong revenue growth and excellent core operating leverage.

就稀釋每股收益而言，我們實現了 4.87 美元，而我們的指導範圍為 4.80 美元至 [4.84 美元]，這得益於強勁的收入增長和出色的核心運營槓桿。

Finally, free cash flow of [$403 million] million was up 10% versus prior year, which drives TTM free cash flow to over $2.3 billion. The recent passage of the Big Beautiful Bill Act provided a permanent repeal of Section 174 capitalization of R&D expenditures. We are, therefore, reducing our cash tax payments for 2025 by around $150 million to reflect the cumulative reversal of capitalization, of which about $60 million benefited our second quarter. We will also see a benefit of $120 million carry into next year due to deduction limitations in 2025.

最後，自由現金流為 4.03 億美元，較上年增加 10%，推動 TTM 自由現金流超過 23 億美元。最近通過的《大美麗法案》永久廢除了第 174 條關於研發支出資本化的規定。因此，我們將減少 2025 年的現金稅款約 1.5 億美元，以反映資本化的累積逆轉，其中約 6000 萬美元使我們的第二季度受益。由於 2025 年的扣除限制，我們也將看到 1.2 億美元的收益結轉到明年。

Adjusting out the Section 174 impact, our three year TTM free cash flow CAGR would be about 14%. So overall, good news in offsetting some near-term deal dilution and feeling our growth equation.

在調整第 174 條的影響後，我們三年的 TTM 自由現金流複合年增長率約為 14%。因此總體而言，好消息是可以抵消一些近期的交易稀釋並感受到我們的成長方程式。

Now let's turn to slide 8 to discuss our strong financial position. We finished the quarter with a healthy balance sheet and substantial capacity for continued capital deployment. We exited at 2.9 times net debt to EBITDA and pro forma for Subsplash, this would be around 3.1 times.

現在讓我們翻到第 8 張投影片來討論我們強大的財務狀況。本季結束時，我們的資產負債表表現穩健，且具備持續部署資本的強大能力。我們以淨債務與 EBITDA 之比 2.9 倍退出，而對於 Subsplash 來說，這大約是 3.1 倍。

Additionally, our cash balance was $242 million, and our revolver had $1.4 billion drawn against our $3.5 billion credit facility. So even with Subsplash closing this month, as Neil outlined, this gives us over $5 billion in M&A firepower. This substantial capacity positions us very well to executing on our disciplined capital employment strategy. To that end, while the sponsor-to-sponsor market is still somewhat muted, we are active on a number of both platform and bolt-on transactions that reflect the characteristics of higher growth and increasing long-term value capture with Subsplash being a case in point.

此外，我們的現金餘額為 2.42 億美元，我們的循環信貸額度已從 35 億美元的信貸額度中提取了 14 億美元。因此，即使 Subsplash 本月關閉，正如 Neil 所概述的，這也為我們提供了超過 50 億美元的併購火力。這種強大的產能使我們能夠很好地執行嚴謹的資本使用策略。為此，儘管贊助商對贊助商市場仍然有些低迷，但我們積極參與一些平台和附加交易，這些交易反映了更高成長和增加長期價值獲取的特徵，Subsplash 就是一個例子。

With that, I'll turn it back over to Neil for our segment highlights and the guidance update. Neil?

說完這些，我將把主題轉回給尼爾，介紹我們的分部亮點和指導更新。尼爾？

Thanks, Jason. As we turn to page 10, let's review our Application Software segment. Revenue for the quarter grew by 17% in total and organic revenue grew by 6%. The EBITDA margins were 42.9%, and core margins improved 70 basis points in the quarter.

謝謝，傑森。當我們翻到第 10 頁時，讓我們回顧一下應用軟體部分。本季總營收成長 17%，有機收入成長 6%。本季 EBITDA 利潤率為 42.9%，核心利潤率提高了 70 個基點。

As returns to the businesses, we'll start with Deltek. Deltek grew in the mid-singles range in the quarter, both recurring and total revenues. As highlighted on the slide, Deltek continues to have strong migration to their cloud offerings, while the business continues to innovate at a rapid pace and has benefited by very strong gross and net retention.

作為業務回報，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。正如幻燈片中所強調的，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毛留存率和淨留存率。

As it relates to the federal government contracting outlook, we believe the Big Beautiful Bill spending priorities and sheer volume will be a catalyst for market growth, which has been tepid for the last 24 months or so. The timing of market reacceleration is still to be determined, but we believe it will occur over the course of the next few quarters.

就聯邦政府合約前景而言，我們認為《大美麗法案》的支出重點和絕對數量將成為市場成長的催化劑，而過去 24 個月來市場一直不溫不火。市場重新加速的時機仍有待確定，但我們相信它將在未來幾季內發生。

Importantly, during the quarter, Deltek made substantial progress in regard to their AI-based product capability and recently announced their new flagship GovCon product cost point, fully embeds their AI assistant Della help deploy intelligent task-oriented agents to streamline repetitive processes and help users make faster, better informed decisions, exciting stuff here and lots more to come for sure.

重要的是，在本季度，Deltek 在其基於人工智慧的產品能力方面取得了實質性進展，並最近宣布了其新的旗艦 GovCon 產品成本點，完全嵌入了他們的人工智慧助理 Della，幫助部署智慧任務導向代理，以簡化重複流程，並幫助用戶做出更快、更明智的決策，這裡有令人興奮的東西，當然還有更多的東西即將推出。

Aderant continues to be incredibly strong and posted their best bookings quarter in the company's history. The booking strength is broad-based, fueled by their AI-enabled solutions and is a combination of market share gains, cloud migration and SaaS growth.

Aderant 繼續保持強勁勢頭，並創下了該公司歷史上最好的季度預訂量。預訂實力基礎廣泛，由其人工智慧解決方案推動，是市場份額成長、雲端遷移和 SaaS 成長的結合。

Congrats and thanks to Chris and the entire team at Aderant, Keep up the amazing work. Vertafore continues once again to be steady and solid for us. We continue to see consistent ARR growth and strong customer retention here with strength across our agency, MGA and carrier solutions. This growth is enabled by their strong go-to-market capabilities and our long-term commitment to product strength. We look forward to talking about this and their AI-enabled solutions in subsequent calls.

恭喜並感謝 Chris 和 Aderant 的整個團隊，繼續保持出色的工作。Vertafore 再次為我們提供了穩定和堅實的支持。我們繼續看到 ARR 持續成長和強勁的客戶保留率，這得益於我們代理商、MGA 和營運商解決方案的強大實力。這一增長得益於其強大的市場進入能力以及我們對產品實力的長期承諾。我們期待在後續的電話會議中討論這個問題以及他們的人工智慧解決方案。

PowerPlan continues to be outstanding. As we mentioned last quarter, 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 our innovative cloud offerings, which are driving strong SaaS migration activity. As a result, PowerPlan just continues to win in the market. with our new SaaS solution and near 100% gross retention.

PowerPlan 繼續表現出色。正如我們上個季度提到的，團隊在使收入流更具經常性方面做得非常出色。此外，他們繼續透過我們的創新雲端產品獲得令人驚嘆的回饋，這推動了強大的 SaaS 遷移活動。結果，PowerPlan 憑藉我們新的 SaaS 解決方案和接近 100% 的總保留率繼續在市場上獲勝。

ProCare and TransAct seaborne continue to perform very well in their respective markets. We also saw very good results from the health care IT portion of this segment, Strata, Data Innovations and CliniSys.

ProCare 和 TransAct seaborne 在各自的市場上繼續表現良好。我們也看到該領域的醫療 IT 部分、Strata、Data Innovations 和 CliniSys 取得了非常好的成績。

Finally, CentralReach is awesome in the early days, has exceptional momentum, record expansion activity and a 70% enterprise new client win rate all in the quarter. As it relates to the outlook for the second half of the year, we continue to expect organic revenue growth to be in the mid-single-digit plus area.

最後，CentralReach 在早期表現出色，擁有非凡的發展勢頭、創紀錄的擴張活動以及本季 70% 的企業新客戶贏得率。就下半年的前景而言，我們仍然預期有機收入成長將達到中等個位數以上。

Please turn with to page 11. Total revenue in our Network segment grew 6% and organic revenue 5% in the quarter. EBITDA margins remained strong at 54.6% and core margins improved 20 basis points. As we dig into the individual businesses, we'll start with DAT. DAT was solid in the quarter and had strong ARPU improvements.

請翻到第 11 頁。本季度，我們網路部門的總收入成長了 6%，有機收入成長了 5%。EBITDA 利潤率保持強勁，達到 54.6%，核心利潤率提高了 20 個基點。當我們深入研究個別業務時，我們將從 DAT 開始。本季 DAT 表現穩健，ARPU 大幅提升。

The market continues to be stable, albeit bouncing along the bottom. Also in the quarter, we integrated Loadlink our Canadian freight match business with DAT. We expect the integration to deliver over time, a more unified and efficiently deployed North American Freight Match network.

儘管市場在底部反彈，但仍保持穩定。此外，在本季度，我們將加拿大貨運匹配業務 Loadlink 與 DAT 整合在一起。我們期望隨著時間的推移，整合將帶來更加統一和高效部署的北美貨運匹配網路。

DAT continues executing exceptionally well on their core strategy of driving enhanced network value for both brokers and carriers. This dual-sided approach positions us to better monetize our entire network ecosystem.

DAT 繼續出色地執行其核心策略，即為經紀人和承運商提升網路價值。這種雙面方法使我們能夠更好地將整個網路生態系統貨幣化。

Supporting this strategy, DAT made significant progress integrating trucker tools, our Q4 bolt-on acquisition and completing the acquisition of Alco an AI-native factoring technology solution. Combined with the DAT Network Foundation, these integrated products and assets now deliver substantially more value to both carriers and brokers.

為支持此策略，DAT 在整合卡車司機工具、我們第四季度的附加收購以及完成對 AI 原生保理技術解決方案 Alco 的收購方面取得了重大進展。與 DAT 網路基金會相結合，這些整合產品和資產現在可以為承運人和經紀人帶來更多價值。

Looking forward, DAT will maintain their aggressive execution of this network value enhancement strategy, positioning the business for continued growth and improved monetization across all.

展望未來，DAT 將繼續積極執行這項網路價值提升策略，為業務的持續成長和全面貨幣化做好準備。

Construction that was solid for us in the quarter. The growth was fueled by strong customer bookings activity and improved customer retention. Of note, this business continues to make good progress with the emerging AI-enabled takeoff and estimating solution. Foundry declined in the quarter as expected, but we continue to see market recovery signs as they grew their sequential ARR for the first time since the actors and writer strikes. Good to see recovery start here.

本季我們的建築業務表現穩健。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。值得注意的是，該業務憑藉新興的人工智慧起飛和估算解決方案繼續取得良好進展。正如預期的那樣，Foundry 本季的業績出現下滑，但我們繼續看到市場復甦的跡象，因為自從演員和編劇罷工以來，他們的 ARR 首次實現了連續成長。很高興看到這裡開始復甦。

Also, in the quarter, Foundry's new product, Nuke Stage, started gaining traction in the market, specifically with a very large studio and several smaller customers. Nuke stage enables the power of postproduction compositing to occur in the production phase of the pipeline and exciting new capability that will help drive cost savings for the industry.

此外，在本季度，Foundry 的新產品 Nuke Stage 開始在市場上獲得關注，尤其是受到一家大型工作室和幾家小型客戶的青睞。Nuke 階段使後製合成的功能能夠在流程的生產階段發生，並且令人興奮的新功能將有助於推動產業成本節約。

Finally, our network health care businesses, MHA, SHP and SoftWriters were very good in the quarter. As we turn to the outlook for the second half of the year, we expect to see revenue growth in the mid-single-digit plus range.

最後，我們的網路醫療保健業務 MHA、SHP 和 SoftWriters 在本季表現非常出色。展望下半年，我們預期營收成長將達到中等個位數以上。

Now please turn to page 12, and let's review our TEP segment's quarterly results. Revenue here grew 10% and organic revenue grew 9%. EBITDA margins came in at 36.7%.

現在請翻到第 12 頁，讓我們回顧一下 TEP 部門的季度業績。這裡的收入成長了 10%，有機收入成長了 9%。EBITDA 利潤率為 36.7%。

So we'll start with Neptune, which was, once again, just solid for us. Neptune continues to do a great job with our ultrasonic meter go-to-market execution and continue to see strength in their data and software offerings.

因此，我們將從海王星開始，對我們來說，它再次顯得十分可靠。Neptune 繼續在超音波儀表的市場推廣方面表現出色，並繼續看到其數據和軟體產品的優勢。

Verathon continues to execute at a high level as well. In particular, in the quarter, Verathon saw continued strength in their single-use reoccurring solutions, both BFlex and GlideScope. NDI was really good in the quarter.

Verathon 也持續保持高水準的執行力。尤其是本季度，Verathon 的一次性重複解決方案 BFlex 和 GlideScope 繼續保持強勁勢頭。NDI 本季表現確實很好。

As discussed in prior quarters, NDI delivers proprietary and world-class precision measurement technologies to a wide variety of health care OEMs and which in turn, enables the OEMs to deliver guidance enabled solutions across many health care markets such as orthopedic surgery, interventional radiology and cardiac ablation.

如前幾季所討論的，NDI 為各種醫療保健 OEM 提供專有和世界一流的精密測量技術，從而使 OEM 能夠為許多醫療保健市場（如骨科手術、介入放射學和心臟消融）提供指導解決方案。

Finally, there was strong execution, which led to growth across SIFCO, FMI, anionic IPA and RF ideas. Turning to the outlook for this segment. We expect to see high single-digit organic growth for the second half of the year with a stronger third quarter and a more difficult fourth quarter comp.

最後，強而有力的執行力推動了 SIFCO、FMI、陰離子 IPA 和 RF 理念的成長。談談這一領域的前景。我們預計下半年有機成長率將達到高個位數，第三季將表現更強勁，而第四季的業績將更加艱難。

Before turning to our guidance outlook, I'd like to reflect on our AI perspective, its transformational potential for customers and our enterprise and the steps we're taking to build lasting advantage.

在談到我們的指導展望之前，我想先回顧一下我們的人工智慧觀點、它對客戶和企業的變革潛力以及我們為建立持久優勢所採取的措施。

Our strategy is focused and practical, applying AI to address high-impact customer-specific challenges. We're confident that AI-based innovation substantially expands our business's TAMs where we have a high right to win, and will be a core catalyst for our next chapter of growth. The true unlock, the magic, if you will, of AI emerges at the intersection of the specialized mission-critical workflows as our customers rely on daily and our deep vertical market expertise.

我們的策略專注且實用，運用人工智慧來解決影響深遠的客戶特定挑戰。我們相信，基於人工智慧的創新將大幅擴展我們業務的 TAM，我們有很大機會獲勝，並將成為我們下一章成長的核心催化劑。如果你願意的話，人工智慧的真正解鎖和魔力出現在專門的關鍵任務工作流程的交匯處，因為我們的客戶依賴我們的日常工作和深厚的垂直市場專業知識。

Our AI initiatives span all our businesses, and we're seeing early traction from compliance solutions to AI-enhanced products to AI assistance and intelligent agents that streamline tasks. We're building solutions that deliver tangible high-value outcomes.

我們的人工智慧計畫涵蓋了我們所有的業務，我們看到了從合規解決方案到人工智慧增強產品，再到簡化任務的人工智慧輔助和智慧代理的早期發展。我們正在建立能夠帶來實際高價值成果的解決方案。

Today, we have approximately 25 AI-enabled products either in market or in development. Importantly, our AI innovations create a positive halo effect across many of our businesses, driving booking activity for our broader product stacks. This is an exceptionally fun moment to be at the forefront of innovation, redefining and automating workflows across our vertical markets while unlocking new growth and building durable competitive advantages. Exciting stuff for sure.

目前，我們有大約 25 種支援人工智慧的產品在市場上銷售或正在開發中。重要的是，我們的人工智慧創新在我們的許多業務中產生了積極的光環效應，推動了我們更廣泛的產品堆疊的預訂活動。這是一個非常有趣的時刻，我們站在創新的前沿，重新定義和自動化我們垂直市場的工作流程，同時釋放新的成長點並建立持久的競爭優勢。確實令人興奮的事。

So with that, please turn to page 14. Let's turn to our Q3 and increased full year 2025 guidance. Given our strong Q2 performance and anticipated closing of the Subsplash acquisition, we're increasing our total revenue growth guide to be in the 13% range. Our organic growth rate of 6% to 7% for the full year remains unchanged.

那麼請翻到第 14 頁。讓我們來看看第三季以及 2025 年全年業績指引的提升。鑑於我們第二季的強勁表現以及 Subsplash 收購的預期完成，我們將總營收成長指南提高到 13% 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 SEPS outlook to be $19.90 to $20.05, which includes about $0.05 of Subsplash dilution. Our guide continues to assume a full year effective tax rate in the 21% to 22% area. For the third quarter, we expect adjusted DEPS to be between $5.08 and $5.12, absorbing $0.03 of Subsplash dilution in the quarter.

最後，我們將全年 SEPS 預期上調至 19.90 美元至 20.05 美元，其中包括約 0.05 美元的 Subsplash 稀釋。我們的指南繼續假設全年有效稅率在 21% 至 22% 之間。對於第三季度，我們預計調整後的 DEPS 將在 5.08 美元至 5.12 美元之間，吸收本季 0.03 美元的 Subsplash 稀釋。

Now please turn over to page 15, and then we'll open it up for your questions. We'll conclude with the same key takeaways with which we started.

現在請翻到第 15 頁，然後我們將回答您的問題。我們將以一開始提到的相同關鍵要點作為結束語。

First, our second quarter financial results were quite good. Second, we announced the acquisition of another market-leading vertical market software business Subsplash. Third, given our solid start to the year, we're raising our full year guidance. And finally, we remain well positioned for further capital deployment.

首先，我們第二季的財務業績相當不錯。第二，我們宣布收購另一家市場領先的垂直市場軟體公司Subsplash。第三，鑑於我們今年開局良好，我們提高了全年業績預期。最後，我們仍處於進一步部署資本的有利位置。

Relative to our financial results, we grew total revenue 13% and organic revenue 7% in the quarter and delivered 31% free cash flow margins in the TTM period. We're delighted with our acquisition of South Flash. As discussed, this vertical market leader is mission critical to the delivery of digital engagement, church management and payments to 20,000 faith-based organizations and has several embedded growth drivers that will support high teens revenue growth and expanding margin profile.

相對於我們的財務業績，本季我們的總收入成長了 13%，有機收入成長了 7%，並在 TTM 期間實現了 31% 的自由現金流利潤率。我們很高興收購了 South Flash。如上所述，這個垂直市場領導者對於向 20,000 個信仰組織提供數位互動、教會管理和支付至關重要，並且擁有多個嵌入式成長動力，將支持高收入成長和擴大利潤率。

Next, we're raising our full year outlook. And 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. As usual, we're excited to pursue these opportunities with our unbiased and disciplined approach.

接下來，我們將上調全年預期。最後，我們繼續保持非常有利的地位，擁有超過 50 億美元的可用併購資金，可以向領先的垂直市場軟體業務部署資金。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。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。

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

在回答您的問題之前，如果您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，我們對 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。首先，我們擁有經過驗證的強大商業模式，始於經營一系列市場領先的特定應用和垂直導向的業務。

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

一旦公司成為 Roper 的一部分，我們就會經營一個分散的環境，因此我們的業務可以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和持續的有機成長率以及潛在的業務品質。

Second, we are on a centralized process-driven capital deployment strategy that focuses on 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，我們採用集中流程驅動的資本配置策略，專注於以深思熟慮和有紀律的方式培養、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) Dylan Becker, William Blair.

（操作員指示）迪倫貝克爾、威廉布萊爾。

I want to appreciate the question here. Maybe, Neil, starting for you, kind of the resiliency and strength across the software segments of the business. Can you just give us a general breakdown of again, the emphasis that your customers are kind of focusing on around productivity kind of in the current context. How that's layering in momentum around AI and maybe this prolonged period of uncertainty, if there's any easing that you're seeing there as they can't necessarily sit on their hands from a decisioning standpoint forever?

我想在這裡回答這個問題。尼爾，也許，從你的角度來說，我們先來看看公司軟體業務各個部分的彈性和實力。您能否再次給我們大致介紹一下，在當前情況下，您的客戶重點關注的生產力方面。這對人工智慧的發展動能有何影響？或許是在這個長期的不確定時期，您是否看到情況有所緩和，因為他們不可能永遠對決策袖手旁觀？

Yes. So I appreciate the question. So first, it was nice to see the high teens bookings in the second quarter gives you a sense that in the nooks and crannies of the market that our businesses serve, things are okay.

是的。我很感謝你提出這個問題。首先，很高興看到第二季的預訂量達到十幾歲的高水平，這讓你感覺到，在我們業務所服務的市場的各個角落，情況都還不錯。

Also, I'd remind you and everybody that the end market exposure we have generally, not exclusively, but generally are less tied to macro think education, legal, insurance, I mean these are areas that health care for sure, that are generally less macro sensitive but they don't -- they don't ignore the macro sensitivity, but that -- the other thing, as you say, and this is not unique to us, there's just an unprecedented generational opportunity in front of us, all of our businesses to really drive so much productivity gains inside of our customers with the use of these FRAI tools.

此外，我想提醒大家，我們的終端市場曝光度通常（並非完全）與宏觀經濟的聯繫較少，比如教育、法律、保險，我的意思是，這些領域肯定是醫療保健，通常對宏觀經濟的敏感性較低，但他們不會——他們不會忽視宏觀敏感性，但是——另一件事，正如你所說，這對我們來說並不是獨一無二的，我們面前有一個所有的世代推動

So we can -- sure others will have questions on this, but lots of momentum in terms of the knowledge that's being built up inside the company and that translating the products into the market and then many more products are in development. So that's very exciting.

因此我們可以——當然其他人會對此有疑問，但就公司內部積累的知識以及將產品轉化為市場而言，我們擁有很大的發展勢頭，而且還有更多產品正在開發中。這非常令人興奮。

For instance, in Aderant, it was one of our faster-growing businesses in the quarter. There -- we're one of the -- probably our first company to get actual AI-based products, automation-based products into the market, and you see that translating into their bookings activity, not just for the AI-specific product, but for the drag along of existing tech stack with it as well.

例如，Aderant 是我們本季成長較快的業務之一。我們可能是第一家將真正的基於人工智慧的產品、基於自動化的產品推向市場的公司，你會看到這轉化為他們的預訂活動，不僅針對特定於人工智慧的產品，還針對現有技術堆疊的拖累。

All right. Very helpful. And then maybe on -- within some of the recent acquisitions as well to more of a kind of a payments orientation ACO, obviously, within DAT as well. I guess can you just give us a broader overview. You have a lot of value across the network and platform.

好的。非常有幫助。然後也許——在最近的一些收購中，也出現了更多以支付為導向的 ACO，顯然，在 DAT 中也是如此。我想您能否為我們提供一個更廣泛的概述。您在網路和平台上具有很大的價值。

You're driving incremental adoption kind of how you're thinking about the positioning of embedded and layering in more payments functionality across the suite and how that can tie into broader team expansion.

您正在推動漸進式採用，您正在考慮如何在整個套件中定位嵌入式和分層更多支付功能，以及如何將其與更廣泛的團隊擴展結合起來。

Yeah. So certainly, with ProCare, certainly with sub slash a little bit with transacted Seaboard there is a payments element. The thing that's essential to all three of those is that the payments -- the right to the payments opportunities earned through the software, and that's very much the case across all three. So we view it as a software-led, heavy R&D led to earn their rights. It's a very natural control point to have the payments.

是的。因此，可以肯定的是，對於 ProCare 來說，對於 sub-slash 以及對於交易的 Seaboard 來說，都存在支付元素。對這三者來說，至關重要的是支付——透過軟體獲得支付機會的權利，這三者都是如此。因此，我們認為這是一個以軟體為主導、以大量研發為主導來贏得權利的過程。這是一個非常自然的支付控制點。

I'd say it's not a thematic, I would not read too much into the last two or three or four, three transactions, four if you count [ALCA] have a payments angle, we have a strategic decision has been made that we want to layer more payments. I think it's more coincidental than anything else. The other thing about payments is it does create payments and software and other network effect as well just creates a ton of stickiness -- these businesses tend to have very high both gross and net retention. ALCA a little bit different.

我想說這不是一個主題，我不會過多解讀過去的兩三四筆交易，三筆交易，如果算上 [ALCA] 的四筆交易，有一個支付角度，我們已經做出了一個戰略決策，我們希望分層進行更多支付。我認為這更多的是巧合。關於支付的另一件事是，它確實創造了支付和軟體以及其他網路效應，同時也創造了大量的黏性——這些業務往往具有非常高的毛留存率和淨留存率。ALCA 有點不同。

ALCA is really the first tech-only tech forward, tech native, I should say, factoring software that's used in the transportation space for the carriers that it's really a slick user interface, a slick back in to enable just an ease of factoring. And so it certainly is enabled commerce and payments, but it's a slightly different payments set up.

ALCA 實際上是第一個純技術前沿、技術原生的軟體，我應該說，它是運輸領域中承運商使用的分解軟體，它有一個非常流暢的使用者介面，一個流暢的後台，可以輕鬆實現分解。因此它確實支援商業和支付，但支付設定略有不同。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Neil, throughout the quarter, I'm just curious, did you see any signs of the tariff headlines your government spending flow on impact anything or perhaps throughout the quarter, maybe things got better as you went through in the back of the quarter. Can you just give us a sense of what you saw in terms of the business trends through the quarter and how that's trending so far in July?

尼爾，在整個季度中，我只是好奇，您是否看到任何跡象表明關稅頭條新聞對您的政府支出流產生了影響，或者也許在整個季度中，情況可能會隨著您在本季度後期經歷而變得更好。您能否向我們介紹本季的業務趨勢以及截至 7 月的趨勢如何？

Yeah. So just the broader macro, the tariffs obviously, on our test business is relatively small. I think we said last quarter, it's in the $10 million to $15 million range. I think it's still in that. The team is working very hard to mitigate -- mitigated some of that.

是的。因此，從更廣泛的宏觀角度來看，我們的測試業務所受的關稅顯然相對較小。我想我們上個季度就說過，這個數字在 1000 萬美元到 1500 萬美元之間。我認為它仍然在那裡。團隊正在努力緩解——緩解其中的一些問題。

in supply chain mitigated some of that in pricing. So I won't -- I think it's too early to call it not effect, but for -- relative to others, it's quite small.

供應鏈中的定價問題有所緩解。所以我不會——我認為現在說它沒有效果還為時過早，但是——相對於其他效果，它相當小。

Relative to the broader other uncertainty, I am in pockets, there's uncertainty in K-12 education. So it just sort of had a muted effect on bookings activity across the industry and frontline had a slower bookings quarter, but that's in the backdrop of high teens across the whole enterprise for enterprise bookings.

相對於更廣泛的其他不確定性，我認為 K-12 教育存在不確定性。因此，它對整個行業的預訂活動產生了較小的影響，並且一線預訂量在本季度有所放緩，但這是在整個企業預訂量達到十幾歲的背景下發生的。

Otherwise, I mean, governor contracting inside of Deltek remains muted as we expected it to occur with the BBB coming through and not knowing what that was going to look like as well as the sort of hangover or lasting effects of Doge. But I said in the comments relative to Deltek, we think the Big Beautiful bill is what the industry has been looking for, for the last 24 months or so to unlock and sort of get things moving in given -- one, there's just a lot of spending in the bill relative to the government contracting. But more importantly or maybe equal as importantly, is the category of spend from civilian to defense.

否則，我的意思是，Deltek 內部的州長簽約仍然保持沉默，因為我們預計它會在 BBB 通過時發生，並且不知道它會是什麼樣子，以及 Doge 的後遺症或持久影響。但我在有關 Deltek 的評論中說過，我們認為 Big Beautiful 法案正是該行業在過去 24 個月左右一直在尋找的，它可以解鎖並推動事情的發展——首先，該法案中與政府承包相關的支出很多。但更重要的是，或者同樣重要的是從民用到國防的支出類別。

DoD, DHS goes from a relatively low spend where it's contractor spend to a higher contractor spend, so definitely civilian spending is a low contract percentage and defense spending is a high contract percentage. So it should be the unlocked.

國防部和國土安全部從承包商支出相對較低的支出轉變為承包商支出較高的支出，因此民事支出中合約比例肯定較低，而國防支出中合約比例較高。所以應該是解鎖的。

The timing is to be determined because there's still got to get contract and spending into the market, but it should be measured in a small number of quarters, hopefully.

由於仍需簽訂合約並將支出投入市場，因此具體時間仍有待確定，但希望能夠在少數幾季內實現衡量。

Yeah. The timing is definitely the question because you've got agencies that don't have employees that we normally interact with. So you've got just a tactical problem at this point. But the demand is there, the pipeline is very strong at Deltek.

是的。時機肯定是個問題，因為有些機構沒有我們通常與之互動的員工。所以現在你遇到的只是戰術問題。但需求是存在的，Deltek 的管道非常強大。

I would say as you -- as we switch questions, I should conclude with, I mean, we're talking about this weren't getting ready for the call. We -- the call down to our businesses on the macro topic was our business units were cautiously optimistic coming out of the calls and we are going into the call is not exactly sure we're going to hear, and we left equally a cautiously optimistic about the go-forward period.

我想說的是，當我們轉換問題時，我應該總結一下，我的意思是，我們正在談論這個，我們還沒有為通話做好準備。我們 - 在宏觀主題方面，我們業務部門在電話會議中持謹慎樂觀的態度，我們在電話會議中並不完全確定我們會聽到什麼，我們對未來同樣持謹慎樂觀的態度。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

I wanted to drill down on the high teens bookings that seems like a very impressive number, just given the year ago period was an inflection higher in its own rate. And it seems like maybe GovCon or frontline were not contributors to this quarter.

我想深入研究一下高十幾歲的預訂量，這似乎是一個非常令人印象深刻的數字，因為去年同期其預訂量本身就出現了較高的增長。看起來也許 GovCon 或前線並不是本季的貢獻者。

So maybe the question is what did contribute to the positive trends and at this point given bookings have been better now for five quarters, I suppose -- do you have the backlog you need to inflect your organic recurring revenue growth closer to the double-digit level.

所以也許問題是什麼促成了積極的趨勢，鑑於目前的預訂量已經連續五個季度好轉，我想——您是否有足夠的積壓訂單來使您的有機經常性收入增長更接近兩位數的水平。

Thanks, Joe. It's Jason. Yes. No, I think it was a very strong quarter. I think you were correct in highlighting the two areas of weakness that Neil alluded to was the Deltek and frontline.

謝謝喬，我是傑森。是的。不，我認為這是一個非常強勁的季度。我認為你正確地強調了 Neil 提到的兩個弱點，即 Deltek 和前線。

Otherwise, very strong. And we mentioned that Aderant had their biggest bookings quarter in history. They landed one of the largest ground to cloud conversions ever. So that was good. And then just strength across some of their AI solutions, cross-selling there.

否則，非常強大。我們提到，Aderant 迎來了史上最大的預訂季度。他們完成了迄今為止最大的地面到雲端轉換之一。這很好。然後，他們就利用一些人工智慧解決方案的優勢，進行交叉銷售。

Health care was solid, I'd say, not spectacular or not above the range, but solid. So I think as we look into -- it really supports our second half guide. I think we -- as you know, a lot of the bookings activity tends to Q4, so that's playing more for '26. But this -- I guess after kind of a more -- a little bit more of a muted first quarter, having the high teens kind of supports where we thought where we'd be year-to-date. And so I think that's positive to get back on plan.

我想說，醫療保健是可靠的，雖然不是特別出色，也沒有超出範圍，但還是可靠的。所以我認為，當我們研究時——它確實支持我們的下半年指南。我認為我們——如你所知，許多預訂活動都集中在第四季度，因此這對 26 年來說更為重要。但是，我想，在第一季表現較為平淡之後，成長率達到十幾歲左右，這在某種程度上支撐了我們此前認為的今年迄今為止的水平。所以我認為這對恢復計劃有積極作用。

And then on AI, it strikes me even relative to last quarter. There's just a lot more happening, a lot more references to what the individual business units are working on -- do you maybe have a better sense of how that starts to impacts the P&L? How is it impacting like R&D spend? Are you getting engineering productivity through your own use of tools -- and then when might the revenue implications start to show up?

然後在人工智慧方面，與上一季相比，它給我的印象更為深刻。正在發生的事情越來越多，各個業務部門正在進行的工作也越來越多——您是否更了解這些事情將如何開始影響損益表？它對研發支出有何影響？您是否透過自己使用工具獲得了工程生產力——那麼收入影響何時會開始顯現？

Yeah. So -- this is the question. So we are definitively getting the internal productivity gains that you'd expect any company to get. 30% in one of our larger software businesses, 30% productivity gains in R&D, for instance, there's productivity gains across customer support, go-to-market, obviously, content generation. There's a long -- there's still way more to go get in that regard.

是的。所以——這就是問題所在。因此，我們確實獲得了任何公司都期望獲得的內部生產力提升。例如，我們較大的軟體業務之一的生產力提升了 30%，研發生產力提升了 30%，客戶支援、上市、內容產生等方面的生產力也提升了。在這方面還有很長的路要走。

And in fact, we have to do for our businesses where they're sort of re-underwriting or reimagining their entire business to be AI native. The first part of that is for the customer value chain sort of first, second, third derivative. The second part that's a fast follow is leaning in very aggressively on the productivity gains.

事實上，我們必須為我們的企業做一些事情，讓他們重新承保或重新構想他們的整個業務，使其成為人工智慧原生業務。第一部分是針對顧客價值鏈的第一、第二、第三衍生性商品。第二部分是快速跟進，大力提高生產力。

In terms of when all this goodness hits the P&L -- there's -- it's small today. It's tens of millions in terms of ARR today, that's direct. AI native products that didn't exist a year or two ago. It's a multiple of that or -- it's hard to track but a multiple or two of that in terms of the pull along on the rest of the other tech stack, but we are fundamental believers that this is a compounding effect.

就所有這些好處何時影響損益而言——目前來說——影響很小。就今天的 ARR 而言，它是數千萬，這是直接的。一兩年前還不存在的AI原生產品。這是它的倍數，或者——很難追踪，但就對其他技術棧的拉動而言，它是它的一兩個倍數，但我們從根本上相信這是一種複合效應。

There's a compounding effect in terms of the knowledge inside the business, the skill, the curiosity -- it's a compounding effect of availing the resources and the dollars, both from freeing up legacy road map work to this work and also just having the dollars gain that we talked about at the beginning of this answer, and then that begets compounding in terms of releases and revenue recognition. So it's going to be small for this year, and it will gain momentum and we get it next year.

就企業內部的知識、技能和好奇心而言，存在著複合效應——這是利用資源和資金的複合效應，既可以將遺留的路線圖工作釋放到這項工作中，也可以獲得我們在回答這個問題的開頭談到的資金收益，然後在發布和收入確認方面產生複合效應。因此，今年的規模會很小，但會逐漸增加，到明年我們就能實現。

Like I said, '25 products, either in market or in development, that number is going to be much larger in three months. It will be much larger in six months, so much so that will stop giving you the number because it's everything is just going to flow together in terms of everything is just going to be a data, but we're super, super bullish and management fund to be innovating in this market right now.

就像我說的，『25 種產品，無論是在市場上還是在開發中，這個數字在三個月內將會大大增加。六個月後它將變得更大，以至於不再給你數字，因為一切都將一起流動，一切都將只是數據，但我們非常非常看好，管理基金現在正在這個市場上進行創新。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Great. Neil, following up on that 30% productivity gain comment. How do you decide what falls to the bottom line and what gets invested back into faster organic growth?

偉大的。尼爾，關於 30% 生產力成長的評論，請繼續關注。您如何決定哪些收入屬於獲利，哪些收入可以重新投資以實現更快的有機成長？

Yeah. So the strong push to the businesses at the moment. We've been very consistent with this answer is we want to do more than for the next period of time to try to get it to the bottom line. There's so much to do, so much opportunity to drive product road map to drive go to market expansion, whatever it is at the individual business level. So that is the mantra for the time being is do more and drive competitive advantage and top line growth.

是的。因此目前對企業的推動力很強。我們對此的答案一直非常一致，那就是我們想在接下來的一段時間內做更多的事情來嘗試將其推向底線。有很多事情要做，有很多機會推動產品路線圖，推動市場擴張，無論在單一業務層面上是什麼。因此，目前的口號是做得更多，推動競爭優勢和營收成長。

That's great. On the AI monetization side of the equation, there's a lot of debate going on inside of software, especially as it relates to seat-based models. Do you have a good sense yet of early successes and the best way to price these products? Or is that still very much a work in progress?

那太棒了。在人工智慧貨幣化方面，軟體內部存在著許多爭論，特別是與基於座位的模型相關的爭論。您是否已經充分了解早期的成功案例以及為這些產品定價的最佳方式？或者說這項工作仍處於進行中階段？

I think it's a work in process, and I definitely don't believe that -- or we don't believe there's going to be a one size fits all. So we have products today that again, in these early days, you have AI products, particularly at Deltek that are part of the subscription that's driving an upgrade to the cloud, which is monetizing that way. That is certainly not going to be the long-term method for all. But that is clear and obvious for the customer base and that customer base right now.

我認為這是一個正在進行的工作，我絕對不相信這一點——或者我們不相信有一個適合所有情況的解決方案。因此，我們今天擁有的產品，在早期，您擁有 AI 產品，特別是在 Deltek，它們是訂閱的一部分，推動著雲端的升級，並透過這種方式實現貨幣化。這肯定不是所有人的長久之計。但對於現在的客戶群和客戶群來說，這一點是清晰而明顯的。

You have others that have sort of a subscription with sort of a consumption overage and then you have some better straight consumption. And so it's going to be bespoke to the business to the customer. But if I had to say we're -- there's one that there's a general, some gravitation too, it's going to be a subscription with a consumption over the top of it, but it's hard -- it we're early days in this, but that's -- those are our initial thoughts.

其他人有某種訂閱，有某種消費超額，然後你有一些更好的直接消費。因此它將根據客戶的具體需求進行業務客製化。但如果我必須說，我們——有一個普遍的、也有一定的吸引力，那就是訂閱，並在其之上進行消費，但這很難——我們才剛剛開始，但那是——這些是我們最初的想法。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Just two quick ones for me. My first one, I just want to follow up on the Deltek subject. And I guess what I'm trying to understand is -- if I look last quarter, it feels that you guys pretty much called out similar growth. So no change in the growth of the business from 2Q to 1Q. But you also talked to embedding some more conservatism in your outlook for Deltek last quarter because of all the uncertainties.

我只想簡單說兩句話。我的第一個問題，我只是想跟進 Deltek 主題。我想了解的是——如果我看一下上個季度，感覺你們幾乎都實現了類似的成長。因此，第二季與第一季相比業務成長沒有變化。但由於存在諸多不確定性，您在上個季度對 Deltek 的展望中也體現出了一些更保守的態度。

So I guess what I'm trying to understand is, is Deltek just performing ahead of what you initially expected when you set our expectations 90 days ago?

所以我想了解的是，Deltek 的表現是否超越了您在 90 天前設定的期望？

No, I wouldn't say that. I think we're just -- the beautiful bill is giving us -- I mean we had strong pipelines coming into that, but now you're seeing just more activity, especially in defense, which plays strongly to Deltek. I think the area that -- so we're more bullish, but I don't think it's a bullish for '25 comment. It's more about when we can actually get those orders secured from the customer. So we may -- there may be some upside in the fourth quarter depending on timing, but we haven't yet contemplated that because it's just been a -- it's just been a very uncertain dynamic in that market.

不，我不會這麼說。我認為我們只是——美麗的法案給了我們——我的意思是我們擁有強大的管道，但現在你看到的只是更多的活動，特別是在國防方面，這對 Deltek 來說發揮著重要作用。我認為這個領域 - 所以我們更加看好，但我不認為這對 25 年的評論來說是看漲的。這更多的是我們何時才能真正從客戶那裡獲得這些訂單。因此，根據時間安排，第四季度可能會出現一些上漲，但我們還沒有考慮到這一點，因為這只是——該市場一直處於非常不確定的動態之中。

Yes. And the upside would come in for Perpetual, which is in Q4. So that's obviously hard to predict at this stage. The other part is Deltek is only 60% GovCon, 40% is in professional services markets, and they have been -- that part of the business has been very strong throughout.

是的。而 Perpetual 將迎來上漲，目前處於第四季。因此，目前顯然很難預測。另一部分是 Deltek 只有 60% 的業務是政府合同，40% 的業務是專業服務市場，而且他們的這部分業務一直都非常強勁。

Makes sense. Maybe just to put a finer point on that, I guess, does the outlook still embed that conservatism that you spoke to last quarter?

有道理。我想，也許只是為了更準確地說明這一點，前景是否仍然體現出您上個季度談到的保守主義？

Yes.

是的。

Okay. And then maybe just a quick follow-up. Congrats on the acquisition. I feel like it is definitely the ultimate network software. The one question I have is you guys spoke to confidence in improving the growth profile of the business.

好的。然後可能只是一個快速的跟進。恭喜收購成功。我覺得它絕對是一款終極網路軟體。我的一個問題是，你們對改善業務成長狀況充滿信心。

We're already at high teens. Can you just talk to what you saw during the diligence that maybe gives you confidence that you can improve that profile going forward?

我們已經十幾歲了。您能否談談在盡職調查過程中看到的情況，這些情況也許會讓您有信心在未來改善這種狀況？

Yes. No. So I think it's -- we feel confident in the ability to sustain the growth rates but improve the margin profile. And so I'm happy to get into that. But if that answers your question, I'll stop there.

是的。不。所以我認為——我們有信心維持成長率，同時提高利潤率。所以我很高興能參與其中。但如果這回答了你的問題，我就到此為止。

I'd love to hear that as well, please.

我也想聽聽這個。

Feared as much. So just to give you a sense on the growth rate of the business. So face-based organizations churches are super early in their modernization or digitization, if you will. I mean, it's -- the TAM is only 50% served from a tech point of view. And really just now the technology is -- and the competitors and vendors in the space can sort of have a modern church management that manages the church manages the engagement with the guests as well as the closed loop donation donor sort of economics and sort of how that ties together in a single platform. So there is just a general wave that we get to ride there.

非常害怕。只是為了讓您了解業務的成長率。因此，如果你願意的話，基於臉部的組織教會正處於現代化或數位化的早期階段。我的意思是，從技術角度來看，TAM 僅服務了 50%。現在，這項技術確實可以讓該領域的競爭對手和供應商擁有一種現代化的教會管理方式，可以管理教會與客人的互動，以及閉環捐贈的經濟模式，以及如何在單一平台上將這些結合在一起。因此，我們只是乘著一股普通的浪潮去那裡。

Second is Subsplash, I would call it, really the second-generation technology platform that's in the market, so very similar to, gosh, decade ago with our strata business, where we bought the new tech stack, it has -- it's demonstrated its ability to gain market share in this growing market, which is why this business will continue to grow above the market at the top line.

第二個是 Subsplash，我稱它為市場上真正的第二代技術平台，與十年前我們的分層業務非常相似，當時我們購買了新的技術堆疊，它已經證明了自己有能力在這個不斷增長的市場中獲得市場份額，這就是為什麼這項業務將繼續在營收上高於市場的原因。

Now on the margin structure, there is -- the prior owner K1 did a great job from growing this business from a small business to a slightly larger business but left lots of opportunity to sort of, if you would just generically call it, professionalize the business.

現在談到利潤結構，前任所有者 K1 在將這項業務從小型企業發展為稍大的企業方面做得非常出色，但也留下了很多機會，如果可以籠統地稱之為專業化業務的話。

Tim has done a great job running the business for sure, but there's opportunities in almost every part of the cost bar you look at cost of sales, go-to-market, R&D, the way you can improve the payments sort of what's underneath the hood relative to the payments infrastructure. So there's a dozen plus more levers available.

蒂姆在經營企業方面確實做得非常出色，但成本欄的幾乎每個部分都有機會，例如銷售成本、上市成本、研發成本，以及改善支付方式的方式，這些都是與支付基礎設施相關的底層內容。因此有十多個槓桿可用。

We've underwrite to about half of those in the margin improvement where over the course of the next three to five years, it will look like not quite as high as the network margin, but meaningfully improve -- substantially improve from where it is.

我們已經承保了其中大約一半的利潤率改善，在未來三到五年內，它看起來不會像網路利潤率那麼高，但會有顯著的改善 - 比現在有大幅改善。

Final thing I'd say on that is, just to remind everybody, our strategy for the last couple of three years is to buy these maturing leader profiles, which this is just that. And so you get a business that is earlier in its life cycle relative to the SAM-TAM conversion and then they get the scale and other cost structure, which unlocks more value for our shareholders over time.

最後我想說的是，只是提醒大家，我們過去幾年的策略是購買這些成熟的領導者資料，這就是那樣。因此，您可以獲得相對於 SAM-TAM 轉換處於生命週期早期的業務，然後他們獲得規模和其他成本結構，這將隨著時間的推移為我們的股東釋放更多價值。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

First question on the Big Beautiful bill, clearly, some impact on Deltek timing unknown. As we think about some of your other segments, are you guys -- have you guys thought through what tailwinds, headwinds might potentially impact some of the other sectors that you guys cater to?

關於 Big Beautiful 法案的第一個問題，顯然，它對 Deltek 時間的影響尚不清楚。當我們考慮你們的其他一些細分市場時，你們是否考慮過哪些順風、逆風可能會對你們所服務的其他一些領域產生影響？

Yeah. So quite a bit, as you'd expect. So I think we've drained the Deltek, so I'll leave that unless you have follow-up questions there. Obviously, we have a lot of exposure to health care, but whether it's all indirect to the payer to Medicaid, it's all -- everything is indirect, obviously, we serve providers of health care either through health care IT or with medical products.

是的。正如你所期望的那樣，數量相當多。所以我認為我們已經耗盡了 Deltek，所以我就不討論這個了，除非你還有後續問題。顯然，我們在醫療保健領域有很多業務，但無論是否都是間接提供給醫療補助的付款人，一切都是間接的，顯然，我們透過醫療保健 IT 或醫療產品為醫療保健提供者提供服務。

As you dig into sort of what the 10-year Medicaid sort of impact is going to be roughly 12 -- the estimate is roughly 12 million people who roll off of Medicaid, but somewhere between $5 million and $7 million of those will go on to some other commercial or ACA coverage. So the net effect of total dollars is going to be -- our estimate is flat to up over this period of time. So we would expect there to be minimal, if any, impact, call it, just neutral for our franchise.

如果你深入研究 10 年期醫療補助計劃的影響，你會發現大約有 1200 萬人將退出醫療補助計劃，但其中大約有 500 萬至 700 萬美元將用於其他商業或 ACA 保險。因此，總金額的淨效應將是——我們的估計是在此期間持平或上升。因此，我們預計，即使有影響，其影響也是微乎其微的，對我們的特許經營權來說，也只是中性的。

Final thing I'd say I've been around health care IT for my entire career, 25 years or so. And the one constant is there's always reimbursement pressure on the providers, whether it's commercial, Medicaid, Medicare or whatever it is, and it's just a way of life.

最後我想說的是，我的整個職業生涯都與醫療保健 IT 領域有關，大約 25 年了。唯一不變的是，無論是商業、醫療補助、醫療保險或其他任何服務，供應商始終面臨報銷壓力，這只是一種生活方式。

And when you serve that community, if you do one or two things, you generally are going to be in a good spot, which is if you deliver a tangible hard dollar ROI, which essentially all of our health care IT assets do or if you deliver a clinical benefit that is unique and compelling to which every one of our medical product businesses do. And so it's a neutral.

當你為該社區服務時，如果你做一兩件事，你通常就會處於有利地位，也就是說，如果你提供了有形的硬美元投資回報率，基本上我們所有的醫療 IT 資產都這樣做，或者如果你提供了獨特而引人注目的臨床益處，我們每一個醫療產品業務都這樣做。所以它是中性的。

And then on K-12 and higher ed, we would call that neutral-ish as well. Certainly, K-12, there's very -- there's small dollars that are tilting towards private, but for the larger K-12 public enterprise, it's largely a non-event. And on higher ed, it puts more pressure on -- on performance, if you will, for the higher ed institutions, which into the theme of our Transact investment, which is better engagement of the students so they can attract the students and retain the students, which is exactly what our software and capability does there.

對於 K-12 和高等教育，我們也稱之為中性。當然，對於 K-12 來說，有非常小的資金傾向於私人，但對於較大的 K-12 公共企業來說，這基本上不是什麼大事。對於高等教育來說，這給高等教育機構的績效帶來了更大的壓力，這也符合我們 Transact 投資的主題，即更好地吸引學生並留住學生，這正是我們的軟體和能力所做的事情。

And I would just add on health care. Our Central reach business, the Medicaid impact is more to adults than children and most of end consumers and children. So fairly muted impact there. And then a lot of our alternate site health care businesses are more indexed Medicare versus Medicaid. So again, not a huge impact.

我還要補充一下醫療保健。在我們的中央業務範圍內，醫療補助對成年人的影響大於兒童，大多數最終消費者和兒童都受到影響。因此那裡的影響相當小。然後，我們的許多替代站點醫療保健業務都更多地與醫療保險而非醫療補助掛鉤。所以，影響不會太大。

Got it. Fantastic. And then just a quick follow-up on the record Aderant quarter. Any unique legal tailwinds that are driving that? Or is this more specific to idiosyncratic dynamics that you're seeing within your business, I think you guys called out maybe starting to see some AI flow through. Would just love to hear what you guys are seeing drive that outsized performance.

知道了。極好的。然後只是對 Aderant 季度的記錄進行快速跟進。有什麼獨特的法律推動因素在推動這項進程嗎？或者這是否更具體地針對您在業務中看到的特殊動態，我想您可能已經開始看到一些人工智慧的流動。我很想聽聽你們是如何看到這種超凡表現的。

Yeah. So just to frame Aderant and so everybody understands it doesn't paint too broad of a brush with legal tech. Aderant is in the business of law, not the practice of law. So think about in their principal go-to-market AI-based products right now are on the concept of how you automate and streamline time entry to cash collection and substantial gains still gains to happen on the technology and product side.

是的。因此，只是為了讓每個人都明白 Aderant 的框架，它不會與法律科技劃出太寬的界線。Aderant 從事的是法律業務，而不是法律實務。因此，想想他們目前主要上市的基於人工智慧的產品是如何自動化和簡化現金收集的時間輸入的概念，以及在技術和產品方面仍將獲得實質性的收益。

So we just Aderant over eight or nine years has been the clear market share winner, I mean, going from 30% to 55% market share, plus or minus, the largest law firms in the world and there's a large move to cloud that is still happening there, which is driving the bookings.

因此，八九年來，Aderant 一直是明顯的市場份額贏家，我的意思是，市場份額從 30% 上升到 55%，左右不等，是世界上最大的律師事務所，而且那裡仍在大規模地向雲端轉移，這推動了預訂量。

But let's make no mistake about it. Aderant has the technology halo in the market right now on the business of law period full stop. Final thing is the largest law firms are winning in the market, right? They're gaining share, and so we're riding along with that as well.

但我們不要誤會這一點。Aderant 目前在市場上擁有法律業務方面的技術光環。最後一點是最大的律師事務所正在市場上獲勝，對嗎？他們的市場佔有率正在擴大，我們也隨之成長。

Terrell Tillman, Truist Securities.

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

Neil, Jason, and Zack. A lot of my questions have been answered, but you have a bunch of platform businesses, so I still have a few. One thing I was going to ask about ProCare is it's starting to move into the organic calculation. I think you all had some leadership changes, go-to-market investments? And also, I think you were working on improving attach rate of payments.

尼爾、傑森和札克。我的很多問題都已經得到解答了，但是你們有很多平台業務，所以我還有一些問題。關於 ProCare 我想問的一件事是它開始進入自然計算。我認為你們都經歷了一些領導層的變動和市場投資？而且，我認為您正在努力提高付款附加率。

Just how is ProCare performing, particularly as it's becoming more of an organic calculation? And then I had a Neptune follow-up.

ProCare 的表現究竟如何，特別是當它變得越來越有機計算的時候？然後我對海王星進行了跟踪。

Yeah, sure. So ProCare, the first year was mixed. In the first year, it underdelivered on our expectation on growth, there's more like a 10%-ish grower with our expectation of [15] -- the root causes of that are known and already countermeasure, and you alluded to some of them. So it's been a complete change of the leadership team to be more growth oriented, to be more process-oriented. So there's a new CEO, CFO, CRO, CTO, right?

是的，當然。因此，ProCare 第一年的表現好壞參半。第一年，它沒有達到我們對成長的預期，成長幅度更像是 10% 左右，而我們的預期是 [15] —— 其根本原因是已知的，並且已經採取了對策，您也提到了其中的一些原因。因此，領導團隊已經徹底改變，更加重視成長，並更加重視流程。那麼，就有新的 CEO、CFO、CRO、CTO 了，對嗎？

So that's -- those are the leadership changes. So what's happened as with all the leadership changes is the go-to-market is massively improved where we are winning in the market and the principal competitor is not. So that's a great outcome. . The product -- the customer support, there's a great lean Kaizen event on to solve customer support tickets more quickly about six or eight weeks ago, already having an impact.

這就是──領導階層的變動。因此，隨著領導層的變動，我們的市場進入能力得到了極大的改善，我們在市場上贏得了勝利，而主要競爭對手卻沒有。這是一個很好的結果。。該產品——客戶支持，大約六到八週前有一個很棒的精益改善活動，可以更快地解決客戶支援問題，並且已經產生了影響。

And so you're seeing a rotation there. We expect that by the way, that for the second half of the year to be back on slope of 15% mid-teens organic growth for the reasons they cited. So I feel very good on a go-forward trajectory. ProCare -- it was just a little worse than we thought early on. In terms of attach of payments, it's been solid.

所以你會看到那裡有旋轉。順便說一句，我們預計，由於他們提到的原因，今年下半年的有機成長率將重回 15% 左右。因此，我對未來的發展軌跡感到非常滿意。ProCare－它比我們早期想像的要糟糕一些。就付款附件而言，它一直很穩定。

Help me -- keep me honest, Jason, and it's 75% plus or minus range, right? So that's been a consistent tax rate and also, I'd say payments, another thing I would say -- the whole payments apparatus has improved from a functional -- operational point of view in a period that we've owned them as well.

幫幫我——讓我說實話，傑森，它的正負範圍是 75%，對嗎？因此，稅率一直保持一致，而且，我想說的是，在我們擁有支付系統的這段時間內，整個支付系統從功能和營運角度來看都有所改善。

I got asked about ProCare. And I guess just a follow-up on Neptune, and it relates to kind of steps more broadly. But with the meter data management solutions, the billing acquisition, and then on top of just ultrasonic meter reading, like do these just create opportunities for solid for longer? Or potentially some reacceleration of growth from some of these newer dynamics.

有人向我詢問有關 ProCare 的問題。我想這只是對海王星的後續關注，它與更廣泛的步驟有關。但是，有了電錶資料管理解決方案、計費擷取，再加上超音波抄表，這些是否就能為更長的穩定運作創造機會呢？或者可能透過一些較新的動力來重新加速成長。

Yeah. So there's a long answer, which we can all spare everybody with. The short answer is we think these are -- the connecting the meter to cash is a unique, compelling and really -- Neptune is only one playing running that strategy.

是的。因此，答案很長，我們不必費心向大家解釋。簡短的回答是，我們認為這些是——將儀表與現金連接起來是一種獨特的、引人注目的策略——海王星是唯一實施這項策略的公司。

We think it's highly, highly compelling, especially in the segment of the market where Neptune competes in wind, which is a long tail of smaller municipalities, where they want to have a single vendor that stitches all this together in that compelling way. And then when you put in -- once you have that, then you can do leak detection and you can help them engage with the municipalities engage with their end customers with more automation and more perhaps AI-based communications, we'll see what that looks like.

我們認為它非常非常引人注目，特別是在 Neptune 參與的風能市場領域，這是一個由較小城市組成的長尾市場，他們希望有一個單一的供應商能夠以引人注目的方式將所有這些整合在一起。然後，當你投入時——一旦你有了這個，你就可以進行洩漏檢測，你可以幫助他們與市政當局進行接觸，與他們的最終客戶進行接觸，採用更多的自動化和更多基於人工智能的通信，我們將看看它是什麼樣子。

It's very early days. And so we're competing and winning today based on the strength of the go-to-market channel and the product that we have, which we would make -- we would claim very aggressively that we have the best static meter from a readability point of view. And in the future, we expect that to pick up, but it's going to -- the growth to pick up, but it's going to take some time for this to fully get into the market.

現在還為時過早。因此，我們今天依靠市場通路的實力和我們擁有的產品來競爭並獲勝，我們會非常積極地宣稱，從可讀性的角度來看，我們擁有最好的靜態儀表。在未來，我們預計這一數字將會回升，但成長將會回升，但要完全進入市場還需要一些時間。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

When -- just based on your comments on ProCare that you just gave, like when you reflect on that, like how do you prevent similar things from happening. I know they're totally different markets. But like when you look at Central REIT Subsplash now that you're going to bring on board, like how do you kind of prevent those things before they start.

當——僅基於您剛才對 ProCare 的評論，例如當您反思這一點時，您如何防止類似的事情發生。我知道它們是完全不同的市場。但是，當您現在查看要引入的 Central REIT Subsplash 時，您如何在這些事情發生之前阻止它們。

Yes. So I'd like to ask Jason to add some comments to this when I'm done. So we learned a lot in the ProCare maturing leader. I think at the end of the day, this is -- we had Jason, we had Janet who leads our capital deployment. We had Shannon, who is here with us on FP&A and our group executive sort of in weekly and every other weekly meetings and we saw some of these challenges occurring and some of which we move very quickly and some of which we weighted.

是的。因此，當我完成時，我想請 Jason 對此添加一些評論。因此，我們在 ProCare 成熟領導者身上學到了很多。我認為最終，這就是——我們有傑森，有珍妮特來領導我們的資本部署。我們邀請了 Shannon，她和我們一起負責 FP&A，也是我們集團高管，每周和每隔一周都會參加會議，我們看到了一些挑戰的出現，我們對其中一些挑戰採取了非常迅速的行動，對另一些挑戰進行了權衡。

And I think the number one learning is you just don't wait. -- right? It's the number one learning is simple. And it's so fundamental the learning is that is. It is true, and we've observed it.

我認為最重要的教訓就是不要等待——對嗎？最重要的是學習很簡單。這是非常基礎的學習。這是真的，我們也觀察到了。

And so and transact or Subsplash or sensor reach to the extent we see something we're just not going to wait in the early ones. . The other -- but I'll let you take it from there. Anything you want to add, Jason.

因此，如果我們看到某些東西，我們就不會等待早期的交易或 Subsplash 或感測器的覆蓋範圍。。另一個——但我會讓你從那裡拿走它。你想加什麼嗎，傑森。

Yeah. No. I think it starts in diligence, and we have now, I think, staffed up appropriately in certain areas where if we don't see the proper telemetry on the business or just some of the infrastructure we can help the business sort of illuminate that so that we can have conversations that will drive actions quicker. And so that was another key learning at ProCare. And so we've got a pretty rigorous schedule and execution plan on every deal.

是的。不。我認為這始於勤奮，現在，我認為我們已經在某些領域配備了適當的人員，如果我們沒有看到有關業務或某些基礎設施的正確遙測數據，我們可以幫助企業闡明這一點，以便我們能夠進行對話，從而更快地採取行動。這是 ProCare 的另一個重要經驗。因此，我們對每筆交易都制定了非常嚴格的時間表和執行計劃。

We have -- we thought we had one with ProCare, but now as you learn, you fine-tune that a little bit more. And since then, via Transact or central reach, we've had a much smoother integration. Both of those are tracking really well on our value creation plan. And so good lesson learning for us.

我們有——我們認為我們與 ProCare 有一個合作，但現在隨著你的學習，你會對其進行更精細的調整。從那時起，透過 Transact 或中央連接，我們實現了更順暢的整合。這兩項都在我們的價值創造計畫中進展順利。這對我們來說是一個很好的教訓。

Final thing I'd say on that is when we did our post-mortem ProCare the Board the last board meeting, we summarized it in that we got the slope right -- so the market, the market growth, the competitive intensity, the competitive positioning, the number of jump balls, the right to win in payments. All of that is the slope of the forward growth rate, we got exactly right, if you will, slope.

最後我想說的是，在上次董事會會議上，我們對 ProCare 董事會進行事後分析時，我們總結道，我們得到了正確的斜率 - 因此市場、市場增長、競爭強度、競爭定位、跳球數量、贏得付款的權利。所有這些都是未來成長率的斜率，如果你願意的話，我們得到的是完全正確的斜率。

The INTERCEPT, we got wrong, right? And so the good news is the INTERCEPT of things that are 99% in our control about the way you operate the business. And so I just want to give you the context, let's stride into what we did, but it would be harder and be a bigger issue if the slope is wrong.

攔截，我們錯了，對嗎？因此，好消息是，我們可以攔截 99% 在我們控制範圍內的業務運作方式。因此，我只是想給你一個背景信息，讓我們大步邁進我們所做的事情，但如果斜率是錯誤的，那將會更加困難並且會成為一個更大的問題。

If we got something wrong about the market growth rate or the competitive intensity, but that is all fully intact.

如果我們對市場成長率或競爭強度的判斷有誤，但這一切都是完整的。

Fair. On subset specifically, can you talk about the market landscape there a little bit in the competitive landscape? I mean, I guess it doesn't feel like a structural growing market in terms of like the total TAM, I guess. But it's interesting to hear like only 50% served. So just curious to hear like what the competitive landscape is.

公平的。具體到子集，能否談談競爭格局中的市場格局？我的意思是，從整體 TAM 來看，它看起來不像是一個結構性成長的市場。但有趣的是，只有 50% 的人得到了服務。所以只是好奇想知道競爭格局是什麼樣的。

Yeah. So just to give you some sense of the market size or the market that's about a $2.5 billion market for software, like I said, about half served. In terms of church attendance, call it flattish over a 20-year period of time. The last two or three years is up low single digits, but all we've sort of assumed just flattish church attendance. And this is all US, I should say.

是的。因此，只是為了讓您了解市場規模或市場規模，該市場約為 25 億美元的軟體市場，就像我說的，大約有一半已經得到服務。就教會出席人數而言，20 年來一直保持穩定。過去兩三年，教會出席人數僅上升了個位數，但我們一直認為教會出席人數基本上持平。我應該說，這都是美國的。

We -- the number of faith-based organizations, the number of buildings is actually up a couple of percent. And then giving is actually up about 4% or 5% over the last 10 or 20 years. And then on top of that, then you have the digitization going from essentially no technology to manage, operate, engage with the congregates to now starting to do that. And so that's why you have a sort of, call it, 9%-ish growth rate in the market and then and then the ability for this company to compete and win on top of that, which they've been -- what they've done for the last five, six, seven years. So there's a lot of penetration to still happen there.

我們──信仰組織的數量、建築物的數量實際上增加了幾個百分點。而過去 10 年或 20 年間，捐贈實際上增加了約 4% 或 5%。除此之外，數位化從基本上沒有科技來管理、操作、與會眾互動，到現在開始做到這一點。這就是為什麼市場上會有 9% 左右的成長率，而且這家公司還具備競爭和獲勝的能力，這就是他們過去五、六、七年來所做的。因此，那裡仍有大量滲透活動有待發生。

The import also relative to the competitive intensity, there is engagement technology, which Subsplash really created, invented is a clear market leader. When you engage, when you use modern day engagement technologies, and this is more than just websites and live streaming, for churches, then you find there's a 15% increase in donations when you engage the congregant that way, which then loops in the ability to drag along the church management software and other elements into the single stack. So lots of good flywheel effects here that the company has demonstrated in their most recent history, and we've underwritten to going forward.

與競爭強度相關的重要性還在於參與技術，Subsplash 真正創造和發明了這項技術，並且是明顯的市場領導者。當你參與時，當你使用現代參與技術時，這不僅僅是網站和直播，對於教會來說，你會發現當你以這種方式與會眾互動時，捐款會增加 15%，然後循環將教會管理軟體和其他元素拖入單一堆棧的能力。公司在最近的歷史中已經展現出許多良好的飛輪效應，我們也保證其將繼續向前發展。

Final thing is something like 50% of donations and churches are still cash and check. So there's still a large dentition of payments as well.

最後的事情是，大約 50% 的捐款和教會捐款仍然是現金和支票。因此，仍有大量的付款。

Deane Dray, RBC Capital Markets.

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

Just want to circle back on the DAT and Loadlink combination. It makes intuitive sense here, but could you flesh out like what the synergies are expected to be both on kind of go-to-market, but might there be any cost synergies.

只是想回顧一下 DAT 和 Loadlink 的組合。從直覺上講，這是有道理的，但是你能否具體說明一下，在進入市場方面預計會產生什麼樣的協同效應，以及是否會有成本協同效應。

Yeah, I think it's the first big opportunity for us is there's a managerial synergy, if you will. We've got an amazing leadership team at DAT and the businesses are essentially the same one in the Canadian market, one in the US market. So we just get a network-oriented leadership team thinking about the network is one.

是的，我認為這對我們來說是第一個重大機遇，即管理協同效應，如果你願意的話。DAT 擁有出色的領導團隊，加拿大市場和美國市場的業務基本上相同。因此，我們只是成立了一個以網路為導向的領導團隊，而思考網路就是其中之一。

Two, is a cross-border US to Canada and maybe in the future US to Mexico subtlety in the freight matching business, which we'll be able to better manage in -- when we sort of have the businesses together. In terms of the actual network, the underlying technology itself, that's -- we're taking a wait-and-see approach on that. I mean the two markets, the two networks fundamentally operate -- they very, very well today.

二是跨境美國到加拿大，也許未來美國到墨西哥的貨運匹配業務的微妙性，當我們將這些業務整合在一起時，我們將能夠更好地管理。就實際網路、底層技術本身而言，我們對此採取觀望態度。我的意思是，這兩個市場、這兩個網路從根本上來說運作得非常好。

DAT in the US is extraordinarily busy and an exciting way integrating the trucker tools transaction, the outgo transaction and executing the monetization strategy. So as you know, essentially every broker and every carrier in the US, North America is on the DAT network, and we monetize both sites to a subscription and now we're going down looking at the value stack of a carrier, in this case, factoring. We have that captive now in the DAT and we have partnerships, for instance, with legal services and fuel cards.

美國的 DAT 非常繁忙，並以令人興奮的方式整合卡車司機工具交易、支出交易並執行貨幣化策略。因此，如您所知，基本上美國、北美的每家經紀人和每家承運商都在 DAT 網路上，我們將兩個網站都透過訂閱的方式貨幣化，現在我們要深入研究承運商的價值堆棧，在本例中就是分解。我們現在在 DAT 中擁有該附屬公司，我們與法律服務和燃油卡等領域建立了合作夥伴關係。

On the broker side, you look at what their -- what we can do to help them, it starts with tracking trucker tools, and there's other things that DAT is working on. And so you have that sort of US-centric oriented that port a market over time as well. So it's really per playing the longer the medium to long game here, Deane, versus some short-term synergy play.

在經紀人方面，你要看看他們——我們可以做些什麼來幫助他們，首先是追蹤卡車司機工具，還有 DAT 正在進行的其他工作。因此，隨著時間的推移，您也會以美國為中心來開拓市場。因此，迪恩，這實際上是一種中長期遊戲，而不是一些短期協同遊戲。

Great. That was really helpful. And just a follow-up, Neil, I'm not sure how much you can comment. But has there been any change in the Board's thinking about potentially exiting some of the non-software businesses, there was a media article suggesting Neptune might be exited. Can you comment on this? Anything about potential timing?

偉大的。這真的很有幫助。尼爾，我只是跟進一下，我不確定你能發表多少評論。但是董事會關於退出一些非軟體業務的想法是否有任何變化，有一篇媒體文章暗示海王星可能會退出。您能對此發表評論嗎？有關於潛在時機的任何資訊嗎？

Yes, Deane, I'll say what we've said publicly for the better part of 2.5 years, which is it was really just November of 2022 when this -- the current portfolio came into existence when -- and as you know, the driving force behind divesting TransCore and Zetec and the industrial businesses to CD&R and Veresen Singapore telecom engineering, et cetera, was to beat the cyclicality out of our business.

是的，迪恩，我會說我們在兩年半的大部分時間裡公開說過的話，也就是直到 2022 年 11 月，當前的投資組合才真正出現——正如你所知，將 TransCore 和 Zetec 以及工業業務剝離給 CD&R 和 Veresen 新加坡電信工程等的驅動力是為了擺脫我們業務的周期性。

And so that was the decision that we made, and we like that decision with the product businesses we have today are great businesses. They meet all of our criteria, leaders in its markets that compete on intimacy that have greater economics and margin profile, they're consistent or slightly better than organic growth aspirations. And so they have -- they are doing particularly well in the portfolio, not proving to be noncyclical. So that's our strategy, and we're going to play this going through.

這就是我們所做的決定，我們也喜歡這個決定，我們今天擁有的產品業務都是很棒的業務。它們符合我們所有的標準，是市場領導者，在親密關係方面具有競爭力，擁有更佳的經濟和利潤率，它們與有機增長願望保持一致或略好於有機增長願望。確實如此——他們的投資組合表現特別好，沒有被證明是非週期性的。這就是我們的策略，我們會堅持執行。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

I just want to follow-on on kind of Deane's question but in a different way. What -- when you think about the structural change that has occurred at Roper, which has been pretty meaningful in the last few years, -- what do you -- what would -- and now you include sub Splash, which seems like it's a pretty interesting deal. But -- what do you think your core growth rate or entitlement growth rate has changed, I don't know, just say, 2022 to 2026.

我只是想以不同的方式繼續回答 Deane 的問題。當您考慮到 Roper 發生的結構性變化時，這在過去幾年中意義重大，您會怎麼做，您會怎麼做，現在您又將 Splash 納入其中，這似乎是一筆非常有趣的交易。但是—您認為核心成長率或權益成長率有什麼變化？我不知道，我只能說，2022 年到 2026 年。

Yeah. So our -- the portfolio that in the Thanksgiving of 2022 time when we snap the top line with the divestitures, we talked about the historical growth rate of that portfolio was somewhere in the 6%, 6.5% range. We believe that we have improved the sort of through cycle, if you will, sort of the minimal cycle that we have, puts or takes in a given year to be in the 7%, 7.5% range. We said that for the last couple of years. This isn't any guidance to this year, next year, this is sort of through year-over-year, so people aren't confused.

是的。因此，我們的投資組合在 2022 年感恩節時透過資產剝離打破了頂線，我們談到該投資組合的歷史成長率在 6% 到 6.5% 之間。我們相信，我們已經改進了整個週期，如果你願意的話，我們可以將某一年的最低週期投入或支出控制在 7% 或 7.5% 的範圍內。過去幾年我們一直這麼說。這不是對今年、明年的任何指導，而是逐年進行的，所以人們不會感到困惑。

And the art the possible is in the mid-eights with this portfolio. Then as we buy businesses that are growth accretive, Subsplash is something like 15 basis points growth accretive organic. I think, century each was 30 or 40 basis points, something like that. Then it either, a, provides a hedge, so I just said or b, provides an opportunity to stack on top of that.

而這個作品集的藝術潛力則在八分之一左右。然後，當我們購買具有成長增值能力的企業時，Subsplash 就像是 15 個基點的有機成長增值。我認為，每百年是 30 或 40 個基點，諸如此類。那麼它要么 a，提供一種對沖，所以我剛才說了，要么 b，提供一種在其上進行堆疊的機會。

So that's -- I hope that answers your question, but happy to clarify anything I just said.

所以這就是——我希望這能回答你的問題，但很高興澄清我剛才所說的一切。

No, that does answer it. And then look, there's been a lot of questions on Subsplash. But just to be clear, with I'm not asked for an exact number, but within your deal model, are you assuming the Subsplash should be somewhere around segment average EBITDA margin year 5-ish, -- does that sound about right?

不，這確實回答了問題。然後看看，Subsplash 上有很多問題。但需要明確的是，我沒有被要求提供一個確切的數字，但是在您的交易模型中，您是否假設 Subsplash 應該在第 5 年左右達到該細分市場平均 EBITDA 利潤率左右——這聽起來對嗎？

It's going to be a little bit below, Scott, because networks in sort of the mid to high 50s EBITDA. And so we'd say it'd be in the low 40s.

史考特，這個數字會稍微低一點，因為網路的 EBITDA 大約在 50% 到 50% 之間。因此我們認為它會在 40 度以下。

And this concludes our question-and-answer session. I would like to turn it back to Zack Moxcey for any closing remarks.

我們的問答環節到此結束。我想把最後發言交還給 Zack Moxcey。

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

感謝大家今天加入我們。我們期待在下次收益電話會議期間與您交談。

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

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。