Roper Technologies Inc (ROP) 2025 Q3 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公司的電話會議現在開始。今天的通話將會被錄音。（操作說明）

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

現在我將把電話交給投資者關係副總裁扎克·莫克西。請繼續。

Good morning and thank you all for joining us as we discuss the third-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，感謝各位參加本次會議，我們將討論 Roper Technologies 2025 年第三季的財務表現。今天早上與我一起參加電話會議的有：總裁兼首席執行官 Neil Hunn；執行副總裁兼首席財務官 Jason Conley；副總裁兼首席會計官 Brandon Cross；以及財務高級副總裁 Shannon O'Callaghan。

Earlier this morning, we issued a press release announcing our financial results. 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，公佈了我們的財務表現。新聞稿中也包含了今天電話會議的重播訊息。我們準備了幻燈片以配合今天的電話會議，這些幻燈片可透過網路直播獲取，也可在我們的網站上取得。

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

現在，請翻到第2頁。我們首先發布安全港聲明。在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明存在風險和不確定性，詳情請參見本頁、我們的新聞稿以及我們向美國證券交易委員會提交的文件。你應該結合這些資訊來聽今天的電話會議。

And now, if you please turn to page 3. Today, we will discuss our results primarily on adjusted non-GAAP and continuing operations basis. For the third quarter, the difference between our GAAP results and adjusted results consist of the following items: amortization of acquisition-related intangible assets; transaction-related expenses associated with completed acquisitions; and lastly, financial impact associated with our minority investment at 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GAAP財務報表和持續經營業績來討論我們的業績。第三季度，我們的 GAAP 結果與調整後結果之間的差異包括以下項目：收購相關無形資產的攤銷；已完成收購相關的交易費用；以及最後，我們對 Indicor 的少數股權投資所產生的財務影響。相關和解協議可在我們的新聞稿和本網站上的本次簡報附錄中找到。

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。在我們發表完準備好的演講後，我們將接受電話聽眾的提問。尼爾。

Thank you, Zack, and thanks to everyone for joining us, and excited to be with you this morning. As we turn to page 4, you'll see the topics we plan to cover today. We'll start with our third-quarter highlights and financial results. Next, we'll review our segment performance, our AI progress and momentum, and our most recent set of bolt-on acquisitions, then I'll get into our guidance details and of course, wrap up with your questions. So with that, let's go ahead and get started.

謝謝扎克，也感謝各位的到來，很高興今天早上能和大家在一起。翻到第 4 頁，您將看到我們今天計劃討論的主題。我們先從第三季的亮點和財務表現開始。接下來，我們將回顧我們的業務板塊表現、人工智慧的進展和發展勢頭，以及我們最近的一系列補充收購，然後我將詳細介紹我們的業績指引，當然，最後還會回答你們的問題。那麼，我們就開始吧。

Next slide, please. Turning to page 5, let me run through the four key takeaways for today's call. First, we had a strong third quarter. Total revenue grew 14%; organic revenue grew 6%; softer bookings grew in the high singles area; and we continue to deliver impressive free cash flow, with free cash flow growing 17%. And of note, free cash flow margins posted at 32% for the TTM period, really impressive financial results.

請看下一張投影片。翻到第 5 頁，讓我來總結今天電話會議的四個關鍵要點。首先，我們第三季表現強勁。總營收成長 14%；有機營收成長 6%；在高端單品市場，預訂量成長；我們持續實現令人矚目的自由現金流，自由現金流成長 17%。值得注意的是，過去12個月的自由現金流利潤率達到了32%，這是非常令人印象深刻的財務表現。

Second, we're super encouraged by the progress and momentum we're seeing across all of our businesses as it relates to our AI enablement and our product stacks and our internal operations, and more on this in a moment. Third, we're announcing today our first share repurchase authorization, $3 billion in total.

其次，我們非常欣慰地看到，我們在人工智慧賦能、產品堆疊和內部營運方面，所有業務都取得了顯著進展和良好勢頭，稍後我們將對此進行更詳細的介紹。第三，我們今天宣布首次授權股票回購，總額為 30 億美元。

And lastly, we continue to execute on our M&A strategy of acquiring faster growth platforms and bolt-on or tuck-in acquisitions at a high fidelity rate. In the quarter, we deployed $1.3 billion, $800 million for Subsplash, which we detailed this time last quarter, and $500 million on a series of tuck-in acquisitions. Also, more on this later, but worth highlighting here, we are very encouraged by this recent capital deployment execution and the future growth potential that's being layered into our enterprise.

最後，我們繼續執行我們的併購策略，以高保真度收購成長更快的平台以及進行補充或整合收購。本季度，我們投入了 13 億美元，其中 8 億美元用於收購 Subsplash（我們在上個季度早些時候詳細介紹過），5 億美元用於一系列補充收購。此外，稍後會詳細介紹，但值得在此強調的是，我們對最近的資本部署執行情況以及正在融入我們企業的未來成長潛力感到非常鼓舞。

Importantly, we remain very well positioned for the continued execution of our M&A strategy, and continue to have north of $5 billion of capital deployment capacity available over the next 12 months or so.

重要的是，我們仍然處於非常有利的位置，可以繼續執行我們的併購策略，在未來 12 個月左右的時間裡，我們仍然擁有超過 50 億美元的資本部署能力。

As I turn the call over to Jason, reflecting on the quarter, I'm quite bullish on most of what we're seeing: a very strong 3Q; real demonstrable AI progress, which is a long-term growth driver for us; excellent execution of our higher growth, higher returning capital deployment strategy; and the announcement of our first ever buyback authorization. This all bodes very well for the future. That said, we'd like to see some of our markets start to cooperate a bit better, namely the government contracting and freight markets, and we have some delays in Neptune, much more on this as we walk through today's call.

當我把電話轉給傑森時，回顧本季度，我對我們所看到的大部分情況都相當樂觀：第三季度業績非常強勁；人工智能方面取得了切實可見的進展，這是我們長期增長的驅動力；我們高增長、高回報的資本部署戰略執行得非常出色；以及我們宣布了有史以來第一次股票回購授權。這一切都預示著美好的未來。話雖如此，我們希望看到我們的一些市場開始更好地合作，特別是政府合約和貨運市場，而且我們在海王星項目上遇到了一些延誤，我們將在今天的電話會議上詳細討論這個問題。

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

那麼，接下來我會把電話交給傑森，讓他來介紹一下我們的損益表和資產負債表。

Thanks, Neil. Good morning, everyone, and thanks for joining us today. I'm pleased to take you through our third quarter results and strong financial position.

謝謝你，尼爾。各位早安，感謝大家今天收看我們的節目。我很高興向大家介紹我們第三季的業績和強勁的財務狀況。

Turning to page 6, Q3 and TTM results reflect the long-term financial profile of Roper, which is to compound cash flow in the mid-teens area. We'll start with revenue, which was 14% over prior year and surpassed the $2 billion mark. Acquisitions contributed 8% led by the final quarter of Transact before it turns organic, and CentralReach, which we acquired in April of this year. Of note, these businesses are tracking very well against our acquisition expectations.

翻到第 6 頁，第三季和 TTM 業績反映了 Roper 的長期財務狀況，即實現兩位數中段的複合現金流。我們先來看營收，比前一年成長了 14%，超過了 20 億美元大關。收購貢獻了 8% 的收益，其中 Transact 在轉型為內生成長前的最後一個季度以及我們在今年 4 月收購的 CentralReach 貢獻了大部分收益。值得注意的是，這些企業的收購進展非常符合我們的預期。

We printed 6% organic growth, both for the consolidated enterprise and across each of our 3 segments. Our Application and Network Software segments were in line with expectations, while TEP was a bit below given near-term timing at Neptune, which Neil will discuss further.

我們實現了 6% 的有機成長，無論是整體企業還是我們旗下的 3 個業務部門都是如此。我們的應用軟體和網路軟體業務符合預期，而 TEP 業務由於 Neptune 的近期時間表而略低於預期，Neil 將對此進行進一步討論。

EBITDA of $810 million was 13% over prior year, with EBITDA margin of 40.2%. Core margins expanded 10 basis points, and segment core [margins] expanded 30 basis points, led by our software segments. DEPS of $5.14 was 11% over prior year and $0.02 above the high end of our guidance range, despite absorbing $0.05 of dilution from Q3 acquisitions that were not reflected in previous guidance.

EBITDA 為 8.1 億美元，較上年成長 13%，EBITDA 利潤率為 40.2%。核心利潤率成長了 10 個基點，分部核心利潤率成長了 30 個基點，其中軟體分部表現突出。儘管吸收了第三季度收購帶來的 0.05 美元稀釋（此前未反映在指導意見中），但每股收益 (DEPS) 為 5.14 美元，比上年增長 11%，比我們指導範圍的上限高出 0.02 美元。

Free cash flow was outstanding at $842 million, up 17% over prior year, and representing 32% of revenue on a TTM basis. Our software businesses captured strong renewals, and we drove great working capital performance across the board.

自由現金流高達 8.42 億美元，比上年增長 17%，佔過去 12 個月收入的 32%。我們的軟體業務續約情況良好，並且我們在各個方面都實現了出色的營運資本表現。

Broadening out a bit. TTM cash flow of over $2.4 billion is a 17% CAGR over a 3-year period. And for those looking at per share metrics, you'll note that our share count has compounded at about 0.5% over that same time period. At Roper, we have been and will continue to be relentlessly focused on cash flow and shareholder value creation.

稍微擴大一下範圍。過去 12 個月的現金流超過 24 億美元，三年複合年增長率達 17%。對於那些關注每股指標的人來說，你會注意到，在同一時期內，我們的股票數量複合成長率約為 0.5%。在 Roper，我們過去一直並將繼續不懈地專注於現金流和股東價值創造。

Now, let's turn to slide 7 and discuss our very strong financial position. Our net debt to EBITDA stands at 3 times, which is up only modestly from Q2 at 2.9 times despite deploying $1.3 billion towards acquisitions. This places us in a great position with over $5 billion in the next 12-month capacity for capital deployment.

現在，讓我們翻到第 7 張投影片，討論一下我們非常強勁的財務狀況。我們的淨債務與 EBITDA 比率為 3 倍，儘管投入了 13 億美元用於收購，但與第二季度的 2.9 倍相比僅略有上升。這使我們處於非常有利的地位，未來 12 個月內將有超過 50 億美元的資金用於部署。

Regarding M&A, you can see that we've been quite active this year in acquiring high-quality growth businesses and several strategic bolt-ons. This is against the backdrop of a muted PE deal environment. The pipeline of high-quality acquisitions continues to build as access mature in PE portfolios and a return of capital to LPs becomes paramount.

在併購方面，可以看到我們今年在收購高品質成長型企業和進行一些策略性補充方面非常活躍。這是在私募股權交易環境低迷的背景下發生的。隨著私募股權投資組合的准入日趨成熟，向有限合夥人返還資本變得至關重要，高品質收購項目的儲備也不斷增加。

Additionally, as Neil mentioned, we're pleased to announce another capital deployment lever that was previously unavailable. Our Board has authorized a $3 billion share repurchase program with an open-ended time period to execute. While M&A will continue to be the majority of our capital deployment allocation, our share repurchase program will allow us to opportunistically complement our M&A program.

此外，正如尼爾所提到的，我們很高興地宣布推出另一個以前無法使用的資本部署工具。我們的董事會已批准一項30億美元的股票回購計劃，執行期限不限。雖然併購仍將是我們資本部署分配的大部分，但我們的股票回購計畫將使我們能夠抓住機會，對我們的併購計畫進行補充。

Over the last year or two, we have talked about the great business building taking place across the Roper portfolio, from strategy, to talent, to execution, all now greatly turbocharged by AI. Our repurchase program reflects both confidence in our strategy and our commitment to delivering long-term shareholder value.

在過去一兩年裡，我們一直在討論 Roper 旗下各業務組合正在發生的重大業務建設，從策略到人才再到執行，而現在人工智慧極大地推動了這一切。我們的股票回購計畫既體現了我們對自身策略的信心，也體現了我們致力於為股東創造長期價值的承諾。

So with that, I'll turn it back over to Neil to talk about our segment performance. Neil.

那麼，接下來我將把麥克風交還給尼爾，讓他來談談我們這個板塊的表現。尼爾。

Thanks, Jason. Turning to page 8, and before I get into our segment details, we want to discuss why AI is a powerful and durable growth driver for Roper.

謝謝你，傑森。翻到第 8 頁，在我詳細介紹我們的部分之前，我們想先討論為什麼人工智慧是 Roper 強大而持久的成長驅動力。

To start, AI represents a meaningful expansion of our TAM across the portfolio. We can now deliver transformational software solutions that automate labor-intensive work adjacent to our existing platforms. This creates substantial new value streams for our customers and correspondingly facilitates long-term growth for Roper and our businesses.

首先，人工智慧代表著我們整個產品組合的潛在市場規模的顯著擴大。現在，我們可以提供變革性的軟體解決方案，實現與現有平台相輔相成的勞力密集工作的自動化。這為我們的客戶創造了大量新的價值流，並相應地促進了 Roper 和我們業務的長期成長。

Importantly, our businesses are uniquely positioned to win in AI. In fact, having a very high right to win in the AI world. Our software solutions are deeply embedded system of record applications with workflow-oriented domain-specific architectures. The decade of cumulative workflow knowledge built into our platforms combined with the proprietary vertical market data provides the precise context needed to develop agentic AI solutions. Because of this, our businesses have been exceptionally high right to win as we deploy these capabilities across our VMS end markets.

重要的是，我們的企業在人工智慧領域擁有獨特的優勢，能夠取得成功。事實上，它在人工智慧領域擁有極高的獲勝幾率。我們的軟體解決方案是深度嵌入的記錄系統應用程序，具有面向工作流程的特定領域架構。我們平台中累積了十年的工作流程知識，再加上專有的垂直市場數據，為開發智慧AI解決方案提供了精確的背景資訊。正因如此，我們在VMS終端市場部署這些功能時，我們的業務取得了異常高的勝算。

Internally, we're becoming AI native across all functions to drive productivity gains. We're excited to reinvest these gains to further accelerate our product development and go-to-market initiatives. It's important to note, we've always had more great ideas than resources needed to execute, and AI has the potential to attack this challenge.

在公司內部，我們正在所有職能部門推行人工智慧原生應用，以提高生產力。我們很高興能夠將這些收益再投資，以進一步加速我們的產品開發和市場推廣計劃。值得注意的是，我們一直以來都擁有比執行所需資源更多的好想法，而人工智慧有潛力解決這個難題。

Finally, we have tangible proof points, though it's still early. (inaudible) has claimed the technology leadership position in Legal Tech, accelerating their bookings growth. CentralReach now has roughly 75% of their bookings attributed to AI-enabled products, which have automated 100 million reimbursement rule evaluations, over 3.5 million learner appointments and over 1 million clinical summaries being generated. Great real-world examples of the power of AI. Deltek has released over 40 AI features into their cloud offerings, driving increased cloud conversion activity.

最後，我們終於有了實際的證據，儘管現在下結論還為時過早。 （聽不清楚）已在法律科技領域佔據技術領先地位，加速了其預訂量的成長。CentralReach 目前約 75% 的預約都歸功於人工智慧產品，這些產品已自動完成 1 億次報銷規則評估、超過 350 萬次學員預約和超過 100 萬份臨床摘要的生成。人工智慧強大功能的絕佳現實世界案例。Deltek 已在其雲端產品中發布了 40 多項 AI 功能，推動了雲端轉換活動的增加。

And DAT has industry-leading AI/ML-enabled freight matching capabilities, which I'll detail shortly. These are but a few examples from across the portfolio. Very exciting times for sure.

DAT 擁有業界領先的 AI/ML 貨運匹配功能，我稍後會詳細介紹。以上僅是整個投資組合中的幾個例子。的確，這是一個令人興奮的時刻。

With that, let's now turn to our segment review, starting with page 10 and our Application Software segment. Revenue for the quarter grew by 18% in total and organic revenue grew by 6%. EBITDA margins were 43.4%, and core margins improved 40 basis points in the quarter.

接下來，讓我們進入章節回顧環節，從第 10 頁的應用軟體章節開始。本季總收入成長了 18%，有機收入成長了 6%。本季 EBITDA 利潤率為 43.4%，核心利潤率提高了 40 個基點。

Starting with Deltek, Deltek delivered solid performance in the quarter, with particularly strong results in their private sector end markets: construction, architecture and engineering remain robust throughout. The GovCon business experienced softness in September as agencies pause activity ahead of the pending government shutdown. This timing is unfortunate. Pipeline activity and commercial momentum has been building nicely, following the passage of the One Big Beautiful Bill in July, and we are seeing increased engagement across our customer base heading into the new fiscal year.

以 Deltek 為例，該公司本季業績表現穩健，尤其在私部門終端市場表現強勁：建築、建築設計和工程業務始終保持強勁勢頭。由於政府停擺前各機構暫停活動，政府承包業務在9月出現疲軟。時機真不巧。自 7 月《一項偉大的法案》通過以來，管道活動和商業勢頭一直在穩步增長，我們看到，在新財年到來之際，我們的客戶群的參與度也在不斷提高。

The fundamentals remain strong. The OB3 authorized significant increases in defense and infrastructure spending that will flow through to our customers once appropriations are finalized. This is simply a timing issue, not a demand issue. Finally, retention levels across the entire Deltek franchise remained very high.

基本面依然強勁。OB3 授權大幅增加國防和基礎設施支出，一旦撥款最終確定，這些支出將惠及我們的客戶。這只是時機問題，而不是需求問題。最後，整個 Deltek 特許經營體系的客戶留存率仍然非常高。

Aderant continues to be incredibly strong and continues to post impressive bookings and recurring revenue growth. The booking strength is broad-based, fueled by their AI-enabled solutions, especially as it relates to AI-enabled compliant time capture and billing, and is a combination of market share gains, cloud migration and SaaS growth.

Aderant 持續保持強勁勢頭，預訂量和經常性收入持續成長，成績斐然。預訂實力基礎廣泛，這得益於其人工智慧解決方案，尤其是在人工智慧合規的時間收集和計費方面，同時也是市場份額成長、雲端遷移和 SaaS 成長的綜合體現。

Vertafore continues once again to be steady and solid for us. We continue to see consistent ARR growth and strong customer retention and strength across our agency, MGA and carrier solutions. This growth is enabled by their strong go-to-market capabilities and their long-term commitment to product strength.

Vertafore 一如既往地為我們提供了穩定可靠的服務。我們持續看到 ARR 穩定成長，客戶留存率和實力在代理商、MGA 和承運商解決方案方面都保持強勁成長。這一增長得益於他們強大的市場拓展能力和對產品實力的長期投入。

PowerPlan's performance has been terrific. Their success is a result of several years of business building and the product stack, the go-to-market capabilities, their service delivery really across all functions. In addition, to remind everyone, they serve power generation customers, which are adding capacity as quickly as possible to handle the AI workloads. The setup here should be quite good for a long time.

PowerPlan 的表現非常出色。他們的成功源自於多年的業務建設、產品線、市場推廣能力以及真正涵蓋所有職能部門的服務交付。此外，提醒大家，他們服務於發電客戶，這些客戶正在盡快增加產能以應對人工智慧工作負載。這裡的配置應該可以用很久。

Also in the quarter, we completed the acquisition of Orchard, a tuck-in acquisition for our CliniSys business. Orchard brings additional clinical laboratory capability to CliniSys with particular strength in reference, physician offerings and public health labs.

本季度，我們也完成了對 Orchard 的收購，這是對我們 CliniSys 業務的補充收購。Orchard 為 CliniSys 帶來了額外的臨床實驗室能力，尤其在參考實驗室、醫生服務和公共衛生實驗室方面實力雄厚。

Finally, the balance of our application software portfolio continues to execute very well. CentralReach was awesome again in the quarter, driving accelerating adoption of their AI tools and capturing ABA therapy capacity additions.

最後，我們應用軟體產品組合的其他部分也繼續表現出色。CentralReach 在本季再次表現出色，推動了其 AI 工具的加速普及，並增加了 ABA 治療能力。

Procare made a great installment of progress with new bookings continuing to be strong, posting low double-digit growth in payments with improved gross margins, though still work to do, in particular, with faster implementation time frames and share wallet expansion, but meaningful progress for sure.

Procare 取得了巨大的進步，新訂單持續強勁增長，支付額實現了兩位數的低增長，毛利率也有所提高，儘管仍有許多工作要做，特別是加快實施速度和擴大共享錢包，但毫無疑問取得了有意義的進步。

Finally, Strata and Transact were steady and solid in the quarter. As we look to the final quarter of the year, we expect to deliver mid-single-digit organic revenue growth. This outlook reflects high single-digit growth in our recurring revenue base, offset by declines in nonrecurring revenue, primarily due to anticipated softness in our Deltek business stemming from the ongoing government shutdown.

最後，Strata 和 Transact 在本季表現穩定穩健。展望今年最後一個季度，我們預期有機收入將實現中等個位數成長。這項展望反映了我們經常性收入基礎的高個位數成長，但被非經常性收入的下降所抵消，這主要是由於持續的政府停擺導致我們的 Deltek 業務預期疲軟。

Given the uncertainty surrounding the duration impact of the shutdown, we see potential outcomes across the full range of our MSD outlook, from the lower to the higher end. That said, our businesses in this segment continue to compete and execute exceptionally well. The primary variable remains a higher level of market uncertainty than we typically experience for our Deltek business.

鑑於停工持續時間的影響尚不明朗，我們認為 MSD 的預期結果可能涵蓋從較低到較高的所有範圍。儘管如此，我們在該領域的業務仍然保持著很強的競爭力，並且執行力非常出色。主要變數仍然是市場不確定性比我們 Deltek 業務通常遇到的情況要高。

Please turn to page 11. Total revenue in our Network segment grew 13%; and organic revenue, 6% in the quarter. EBITDA margins remained strong at 53.7%, with core margin improving 60 basis points.

請翻到第11頁。本季度，我們網路業務部門的總收入成長了 13%；有機收入成長了 6%。EBITDA 利潤率保持強勁，達到 53.7%，核心利潤率提高了 60 個基點。

As we dig into the individual businesses, we'll start with DAT. DAT was solid in the quarter and had strong ARPU improvements. DAT continues to execute exceptionally well on their core strategy of driving enhanced network value for both brokers and carriers. This dual-sided approach positions DAT to better monetize their entire network ecosystem, and more on this when we turn to the next page.

在深入了解各個企業時，我們將從 DAT 開始。DAT本季表現穩健，ARPU值大幅提升。DAT 在提升網路價值方面繼續出色地執行其核心策略，為經紀商和營運商創造更大價值。這種雙邊模式使 DAT 能夠更好地實現其整個網路生態系統的盈利，我們將在下一頁對此進行更詳細的介紹。

ConstructConnect was solid again for us in the quarter. The growth was fueled by strong customer bookings activity and improved customer net retention. Of note, this business continues to make good progress with our emerging AI-enabled takeoff and estimating solution.

本季 ConstructConnect 的表現依然穩健。強勁的客戶預訂活動和不斷提高的客戶淨留存率推動了成長。值得一提的是，我們新興的人工智慧賦能起飛和估算解決方案在該業務領域持續取得良好進展。

Foundry is turning the corner on growth, posting continued sequential improvements in ARR, and we expect our Q4 exit ARR to grow year-over-year in the HSD area. Really happy for the team there as they've had to work through some tough market conditions.

Foundry 的成長勢頭正在好轉，ARR 持續穩步提升，我們預計第四季度末 HSD 領域的 ARR 將同比增長。真為那裡的團隊感到高興，因為他們克服了一些艱難的市場環境。

Next, our network health care businesses, MHA, SHP and SoftWriters were very good in the quarter. Of particular note, SoftWriters is executing at an exceptional level, winning a few very large pharmacy customers and making substantial progress on a high-impact AI solution, which is being beta tested in the market currently. Congrats to Scott and his entire team for their success.

其次，我們的網路醫療保健業務，MHA、SHP 和 SoftWriters，在本季表現非常出色。尤其值得一提的是，SoftWriters 的執行力非常出色，贏得了幾家大型藥局客戶，並在高影響力 AI 解決方案方面取得了實質進展，該解決方案目前正在市場上進行 beta 測試。祝賀斯科特和他的整個團隊取得成功。

Finally, Subsplash. Our most recent acquisition that closed on July 25 is off to a great start, delivering financial results in line with our deal model expectations. Of note, they saw very good market traction with their AI-driven [sermon] content offering, Pulpit AI, as they deepened its integration with their core engagement platform, driving strong product-led growth. Exciting stuff.

最後，還有 Subsplash。我們最近在 7 月 25 日完成的收購取得了良好的開端，財務表現符合我們的交易模型預期。值得注意的是，他們的 AI 驅動型 [講道] 內容產品 Pulpit AI 獲得了非常好的市場反響，因為他們加深了該產品與其核心互動平台的整合，從而推動了強勁的產品驅動型成長。真令人興奮。

As we turn to the outlook for the final quarter of the year, we expect to see organic revenue growth at the higher end of the mid-singles area.

展望今年最後一個季度，我們預期有機收入成長將達到中等偏上水準。

As we turn to page 12, we'd like to spend a few minutes describing the strategic evolution of our DAT business and while we're so excited about its future growth prospects. To start, our legacy DAT platform is the largest freight-matching network across the US and Canada. The scale is remarkable. Over 1.2 million loads posted and 15 million rate views every single day. DAT is the clear market leader, delivering tremendous value to both rate brokers and carriers, both of whom pay to participate in this powerful network.

翻到第 12 頁，我們想花幾分鐘時間描述一下我們 DAT 業務的策略演變，以及我們對它未來成長前景的興奮之情。首先，我們原有的 DAT 平台是美國和加拿大最大的貨運匹配網路。規模令人震驚。每天發布超過 120 萬條貨運訊息，查看價格超過 1500 萬次。DAT 是明顯的市場領導者，為費率經紀人和營運商都帶來了巨大的價值，他們都需要付費才能參與這個強大的網路。

As strong as the legacy business is, we're even more bullish about where DAT is headed. To bring this vision to life, DAT is building capabilities across the entire freight automation workflow, from carrier vetting, to broker carrier matching, to AI-driven rate negotiation, load management tracking and finally, payment and settlement. Through deep customer partnering with the brokerage community, DAT is working to fully automate the freight matching process. As this happens, DAT will generate $100 to $200 per load in savings for brokers, while giving carriers greater predictability and faster payments on their invoices.

儘管傳統業務實力雄厚，但我們對 DAT 的發展方向更加樂觀。為了實現這一願景，DAT 正在建立涵蓋整個貨運自動化工作流程的能力，從承運商審核、經紀人承運商匹配、人工智慧驅動的費率談判、裝載管理跟踪，到最終的支付和結算。透過與貨運代理行業的深度客戶合作，DAT 正在努力實現貨運匹配流程的完全自動化。這樣一來，DAT 將為經紀人每趟運輸節省 100 至 200 美元，同時為承運商提供更高的可預測性和更快的發票付款。

What sets DAT apart is this end-to-end product capability and its role as a neutral trusted partner, a switcher and light player that equally serves the entire freight brokerage market. This is a truly unique position in the market. This evolution also highlights the Roper DAT partnership at its best. We work closely with the DAT team to craft this strategy, then we execute a focused M&A program to strengthen it through 3 strategic tuck-ins: Trucker Tools, Alco and Convoy. With the deals complete, DAT is now fully focused on delivering against this strategic opportunity.

DAT 的獨特之處在於其端到端的產品能力，以及作為中立可信賴合作夥伴、轉換者和輕型參與者，平等地服務於整個貨運經紀市場的角色。這是市場上一個真正獨一無二的地位。這項發展也充分展現了 Roper DAT 合作夥伴關係的優勢。我們與 DAT 團隊緊密合作制定該策略，然後執行一項重點併購計劃，透過 3 項策略性收購來加強該策略：Trucker Tools、Alco 和 Convoy。交易完成後，DAT 將全力以赴抓住這項策略機會。

Important to note, Convoy is an unusual transaction for us as it currently is not profitable. We expect the financial returns over the next several years to be extremely attractive.

值得注意的是，Convoy 對我們來說是一筆不尋常的交易，因為它目前並不盈利。我們預計未來幾年的財務回報將非常可觀。

The key to success is scaling efficiently, leveraging DAT's advantaged customer unit economics for both brokers and carriers to drive sustained growth and profitability. We are confident in this strategy, market position and DAT's ability to execute. I know this was a bit of a deep dive, but I wanted to share with you why we're so excited about the growth opportunity that sits in front of DAT through AI-based freight automation.

成功的關鍵在於有效率地擴大規模，利用 DAT 為經紀人和承運商提供的優勢客戶單位經濟效益，推動持續成長和獲利能力。我們對該策略、市場地位以及DAT的執行能力充滿信心。我知道這有點深入探討了，但我想和大家分享一下，為什麼我們對 DAT 透過人工智慧貨運自動化所面臨的成長機會感到如此興奮。

Now, let's turn to page 13 and review our TEP segment's quarterly results. Total revenue here grew 7% and organic revenue grew 6%. EBITDA margins came in at 35.2%.

現在，讓我們翻到第 13 頁，回顧一下我們 TEP 部門的季度業績。總收入成長了 7%，有機收入成長了 6%。EBITDA利潤率為35.2%。

Let's start with Neptune. As we said before, Neptune continues to execute really well, particularly around its ultrasonic meter strategy, and we're seeing strong traction in its data and software billing solutions. The new copper tariff that took effect on August 1 caused some short-term disruption. Neptune responded by implementing surcharges to offset the tariff impact, which temporarily slowed order timing. These actions reflect the benefit of being part of Roper, doing the right long-term thing for customers and the business even when it creates near-term headwinds.

我們先從海王星開始。正如我們之前所說，Neptune 繼續表現出色，尤其是在其超音波計量策略方面，我們看到其數據和軟體計費解決方案取得了強勁的成長勢頭。8月1日生效的新銅價造成了一些短期混亂。Neptune公司採取的因應措施是徵收附加費以抵消關稅的影響，這暫時減緩了訂單處理速度。這些舉措體現了成為 Roper 一員的好處，即使會帶來短期不利影響，也要為客戶和企業做出正確的長期決策。

Verathon continues to perform well. In particular, during the quarter, Verathon saw continued strength in single-use recurring product lines, both BFlex and GlideScope, which remain key growth drivers.

Verathon 的表現持續良好。尤其值得一提的是，在本季度，Verathon 的一次性循環產品線（包括 BFlex 和 GlideScope）持續保持強勁成長勢頭，這兩款產品線仍然是關鍵的成長驅動力。

NDI also delivered an excellent quarter. As we discussed previously, NDI provides proprietary world-class precision measurement technologies to a range of health care OEMs. These technologies, in turn, enable guidance enabled solutions across multiple clinical markets, including orthopedic surgery, interventional radiology and cardiac completion.

NDI本季業績也十分出色。正如我們之前討論過的，NDI 為一系列醫療保健 OEM 廠商提供專有的世界級精密測量技術。這些技術反過來又為多個臨床市場（包括骨科手術、介入放射學和心臟手術）提供了指導解決方案。

Finally, we saw strong execution and growth across CIVCO, SMI, Inovonics, IPA and rf IDEAS, rounding out a solid overall performance for this group of companies. Looking ahead to the fourth quarter, we expect organic growth in the low single-digit area, given the very difficult prior year comp and the timing we discussed at Neptune.

最後，我們看到 CIVCO、SMI、Inovonics、IPA 和 rf IDEAS 都取得了強勁的執行力和成長，使這組公司整體業績表現穩健。展望第四季度，鑑於去年同期業績比較艱難以及我們在海王星會議上討論的時間安排，我們預計有機增長將在個位數低段。

Now, let's turn to page 15 and review our Q4 and updated full-year 2025 guidance. Starting with the full year outlook, we continue to expect total revenue to remain in the 13% area. Also given the delays at Neptune and the temporary impact of the government shutdown, which is slowing year-end commercial activity at Deltek, we now expect organic revenue to land in the 6% area versus our previous 6% to 7% range.

現在，讓我們翻到第 15 頁，回顧一下我們第四季和更新後的 2025 年全年業績指引。從全年展望來看，我們仍然預期總收入將保持在 13% 的成長率範圍內。此外，鑑於 Neptune 專案的延誤以及政府停擺的暫時影響，導致 Deltek 的年末商業活動放緩，我們現在預計有機收入將達到 6% 左右，而我們先前的預期範圍為 6% 至 7%。

Relative to our full-year DEPS outlook, we're tightening guidance to the high end of our prior range after adjusting for $0.10 of dilution for the $500 million of tuck-in acquisitions completed during the quarter. Specifically, we now expect adjusted DEPS to be in the range of $19.90 and $19.95. We expect to see our tax rate at the lower end of our 21% to 22% area for the full year. For the fourth quarter, we're establishing adjusted DEPS guidance between $5.11 and $5.16, which includes $0.05 of dilution for last quarter's tuck-in deals.

相對於我們全年的每股收益預期，在調整了本季完成的 5 億美元補充收購帶來的 0.10 美元稀釋後，我們將預期收緊至之前範圍的高端。具體而言，我們現在預計調整後的每股盈餘（DEPS）將在19.90美元至19.95美元之間。我們預計全年稅率將處於21%至22%區間的下限。對於第四季度，我們設定了調整後的每股收益預期在 5.11 美元至 5.16 美元之間，其中包括上季度收購交易導致的 0.05 美元稀釋。

Now, please turn with us to page 16, and we'll open it up to your questions. We'll conclude with the same key takeaways with which we started. First, we made a very good third quarter with exceptional free cash flow. Second, we're super excited about the pace of AI innovation and the growth potential in front of enterprise. Third, we're announcing a $3 billion authorization for a share repurchase.

現在，請翻到第16頁，我們將回答大家的問題。我們將以與開頭相同的關鍵要點作為結尾。首先，我們第三季業績非常出色，自由現金流表現優異。其次，我們對人工智慧創新的速度以及其在企業領域的成長潛力感到非常興奮。第三，我們宣布授權進行 30 億美元的股票回購。

And finally, we remain super well positioned for further M&A activity. Relative to our financial results, we grew total revenue 14% and organic revenue 6%, grew EBITDA 13% and delivered 17% free cash flow growth in the quarter.

最後，我們仍然處於非常有利的地位，可以進一步進行併購活動。與我們的財務表現相比，本季總營收成長了 14%，有機收入成長了 6%，EBITDA 成長了 13%，自由現金流成長了 17%。

AI is a significant growth driver for Roper, expanding our TAMs by automating tasks and work across our vertical market offerings. With deep workflow integration, proprietary data and vertical market-specific architectures, our businesses are well positioned to succeed in AI, in fact, have a very high right to win and are already seeing measurable yet early product and commercial results.

人工智慧是 Roper 的重要成長驅動力，它透過自動化我們垂直市場產品中的任務和工作，擴大了我們的目標市場規模。憑藉深度工作流程整合、專有資料和垂直市場特定架構，我們的業務在人工智慧領域佔據了有利地位，事實上，我們非常有希望取得成功，並且已經看到了可衡量的早期產品和商業成果。

DAT exemplifies this strategy in action, evolving from a traditional freight matching network, to a fully automated freight marketplace powered by AI. Through this transformation, DAT is unlocking significant efficiency and economic value for brokers and carriers alike, positioning itself for improved high-quality growth.

DAT 就是這項策略的典型例子，它從傳統的貨運匹配網路發展成為由人工智慧驅動的全自動貨運市場。透過這項轉型，DAT 為經紀人和承運商釋放了巨大的效率和經濟價值，為實現更高品質的成長奠定了基礎。

As Jason mentioned earlier, we're excited to announce a $3 billion share purchase authorization, which we'll deploy opportunistically, enabling us to take advantage of dislocations in the market. We're super confident with our talent advantage, our strategy and our execution capabilities, and this first ever buyback is evidence of such.

正如傑森之前提到的，我們很高興地宣布一項 30 億美元的股票購買授權，我們將擇機運用這筆資金，以便利用市場錯位獲利。我們對自身的人才優勢、策略和執行能力充滿信心，而這次史無前例的股票回購就是最好的證明。

Importantly, we remain exceptionally well positioned to execute our M&A strategy. We have north of $5 billion of available firepower over the next 12 months and a very active, large and attractive pipeline of opportunities. Importantly, Roper continues to strengthen its position as an acquirer of choice for both target CEOs and their private equity owners. As always, we'll pursue these opportunities whether consistent, unbiased, patient and disciplined approach.

重要的是，我們仍然處於非常有利的地位，可以執行我們的併購策略。未來 12 個月，我們擁有超過 50 億美元的可用資金，並且有大量活躍且極具吸引力的投資機會。重要的是，Roper 繼續鞏固其作為目標公司 CEO 及其私募股權所有者首選收購方的地位。我們將一如既往地以一致、公正、耐心和自律的態度去把握這些機會。

Prior to turning to your questions, and if you can flip to the final slide, our strategic compounding flywheel, we'd like to remind everyone that what we do at Roper is simple. 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. Once the company is part of Roper, we operate a decentralized environment, so our businesses can compete and win based on customer intimacy. We coach our businesses on how to structurally improve their long-term and sustainable organic growth rates and underlying business quality.

在回答大家的問題之前，如果您可以翻到最後一頁幻燈片，即我們的戰略複利飛輪，我們想提醒大家，我們在 Roper 所做的一切都很簡單。我們透過執行低風險策略和進行雙重威脅進攻，在較長的時間範圍內實現現金流的累積。首先，我們擁有一個經過驗證的強大商業模式，始於經營一系列市場領先、特定應用和垂直領域的業務。公司一旦成為 Roper 的一部分，我們就會經營一個去中心化的環境，讓我們的業務可以基於與客戶的親密關係而競爭並取得成功。我們指導企業如何從結構上提高其長期可持續的有機成長率和潛在的業務品質。

Second, we run a centralized process-driven capital employment strategy that focuses in a deliberate and disciplined manner on cultivating, curating and acquiring the next great vertical market-leading business or a tuck-in acquisition 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運用策略，以審慎和嚴謹的方式專注於培育、甄選和收購下一個偉大的垂直市場領先企業，或者進行補充收購，以增強我們的現金流複利飛輪。綜合來看，我們的現金流在較長的時間跨度內可以達到十幾個百分點，這意味著我們大約每五年現金流就能翻倍。

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

在此，我們感謝各位一直以來的關注與支持，並歡迎大家提出問題。

(Operator Instructions) George Kurosawa, Citi.

（操作說明）喬治·黑澤，花旗銀行。

Great to be on the call here. I wanted to first touch on kind of the high-level organic growth picture. I think you can -- took a step back this quarter, but I think you can certainly argue there's some onetime or short-term dynamics at play here. Maybe just if you could frame your confidence in a reacceleration from here, particularly as we start to sharpen our pencils for '26.

很高興能參與這次電話會議。我想先談談高層次的有機成長概況。我認為你可以——本季度有所倒退，但我認為你肯定可以認為這裡存在一些一次性或短期因素在起作用。或許，如果你能將你的信心建立在從現在開始重新加速發展的基礎上，尤其是在我們開始為 2026 年做準備的時候。

Yes. I appreciate it. Thanks for being on the call this morning. So the -- yes, I think you're right. I mean the reason that was a little rough this quarter was the 2 reasons we talked about, the commercial activity at Deltek with the government shutdown and then this tariff-related impact at Neptune.

是的。謝謝。感謝您今天上午參加電話會議。所以——是的，我想你是對的。我的意思是，本季業績有點不佳的原因有兩個，我們之前討論過，一是政府停擺對 Deltek 的商業活動造成了影響，二是關稅對 Neptune 的影響。

As we think about '26, I mean, it's a little early for us to get super detailed about '26. But if you sort of roll sort of segment by segment, it's been pretty -- an application has been pretty consistent trends there throughout '25. Deltek and government contracting should improve next year, given the passage of OB3. I think the timing of when that improves is still up in the air a little bit. We'll see that as we get through our planning and roll the next year.

當我們思考 2026 年的時候，我的意思是，現在就詳細討論 2026 年還為時過早。但如果你逐一細分來看，你會發現整個 2025 年，應用程式的趨勢一直相當一致。鑑於 OB3 法案的通過，Deltek 和政府合約明年應該會有所改善。我認為這種情況何時改善目前還不太確定。我們將在完成規劃並推進明年工作後看到結果。

But there's definitely sort of improvement happening in that market given the spending attached to OB3. In the Network segment, it's been pretty consistent over the last 3 quarters. There is a sort of a comp thing in the first quarter. So pretty consistent over the last 3 quarters. Despite the sort of the headwinds in the freight market, we'll have to see how the freight market evolves next year, but really like the business building we're doing at DAT, as I talked about.

但考慮到與 OB3 相關的支出，該市場肯定正在發生某種程度的改善。在網路業務板塊，過去三個季度一直保持著相當穩定的表現。第一季會有一些比較性的事情發生。所以過去三個季度表現相當穩定。儘管貨運市場面臨一些不利因素，我們還需要觀察明年貨運市場的發展情況，但正如我之前提到的，我真的很喜歡我們在 DAT 所做的業務拓展。

As I also mentioned, Foundry is going to be better next year.

正如我之前提到的，Foundry明年會更好。

And then on TEP, the Neptune order patterns likely continue normalizing the pre-COVID sort of lead time levels. Orders there have been pretty good. It's just the lead time -- the lead times are going to continue to shorten. NDI is poised for a couple of strong years, but we really need to get through our planning process to have more clarity on how TEP's going to play out next year. But all in all, the -- feel pretty good about the trends in GovCon, Foundry, CentralReach and Subsplash turning organic in the second half of next year in the general business building.

然後，在TEP上，海王星的訂單模式可能會繼續恢復到新冠疫情前的提前期水準。那裡的訂單情況一直不錯。只是交貨週期－交貨週期還會繼續縮短。NDI預計在未來幾年內取得強勁成長，但我們確實需要完成規劃流程，才能更清楚地了解TEP明年的發展。但總的來說，我對 GovCon、Foundry、CentralReach 和 Subsplash 的發展趨勢在明年下半年向整體商業發展做出積極貢獻感到相當樂觀。

But as usual, we go through a pretty exhaustive Q4 planning process, which we kick off in a couple of weeks.

但和往常一樣，我們會進行相當詳盡的第四季規劃流程，我們將在幾週後啟動流程。

Okay. That's super helpful color. And then maybe just one quick follow-up here on the AI strategy. I think you disclosed 25 products last quarter. I'm curious if you have an updated number just to give us a sense for the pace of innovation.

好的。這個顏色非常實用。然後，或許可以在這裡快速補充一點關於人工智慧策略的內容。我認為你們上個季度公佈了25款產品。我很想知道您是否有最新的數據，以便我們了解創新的速度。

And just more generally, how you feel businesses are coming up the AI curve here?

更廣泛地說，您認為企業在人工智慧領域的發展現況如何？

Yes, we feel very, very good. I won't rehash all the prepared comments about why we feel that way. But -- we're going from having a large number of products and key features. We talked about the [40] AI features in the Deltek core that's driving sort of the cloud migrations and SaaS. But increasing, we're seeing sort of AI SKUs.

是的，我們感覺非常好。我不會老生常談地重複那些關於我們為何有這種感受的預先準備好的評論。但是——我們正從擁有大量產品和關鍵功能轉變為…我們討論了 Deltek 核心中的 [40] AI 功能，這些功能正在推動雲端遷移和 SaaS。但我們看到越來越多的產品出現了與人工智慧相關的 SKU。

So we feel real good about that.

所以我們對這一點感到非常滿意。

Now we've got to get through the commercial activities. We release these SKUs across essentially every one of our software businesses now and in the first half of next year, that we got to go sell them and commercialize them and give them the momentum will sort of pick up from there. But feel very good, very high right to win, a lot of compounding of knowledge about how to do all this stuff internally. This is -- you can hire some talent, you're going to build it. So we feel real good about that.

現在我們必須完成商業活動。我們現在幾乎在所有軟體業務中都發布了這些 SKU，明年上半年，我們將開始銷售它們，實現商業化，並賦予它們發展勢頭，之後就會逐漸加速增長。但感覺非常好，非常有信心獲勝，積累了很多關於如何在內部完成所有這些事情的知識。這就是──你可以招些人才，然後把它建好。所以我們對這一點感到非常滿意。

A lot of internal sharing that's going on, which is great to see a lot of momentum. So we can certainly talk more about that, but feel great about where we are on the AI front.

目前內部有很多資訊交流，很好，也說明發展勢頭強勁。所以，我們當然可以就此展開更多討論，但我們對人工智慧領域的發展現狀感到非常滿意。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Just on the buyback, I guess maybe walk through the strategy, why not leaning harder into M&A versus -- I believe this is your first buyback ever. What drove that decision?

關於回購，我想或許可以詳細解釋一下策略，為什麼不更傾向併購呢——我相信這是你們的第一次回購。是什麼促使你做出這個決定？

Yes. Appreciate it. The -- so just to be clear on what it is. So it's $3 billion. It's open-ended timing.

是的。謝謝。所以——為了明確起見，我想說明一下它是什麼。所以是30億美元。時間安排沒有固定期限。

It's opportunistic and no way shape or form and change in our strategy. Set this in the context of the amount of capital we have to (inaudible) over the next 3 years is somewhere in the $15 billion to $20 billion range. So it's not a change in any way, shape or form.

這是投機取巧的行為，絕對不會改變我們的策略。考慮到我們未來 3 年需要投入的資金量（聽不清楚）大約在 150 億美元到 200 億美元之間。所以，無論從哪個方面來說，這都算不上改變。

The rationale for this is pretty straightforward. We just have a ton of conviction in what we're doing. And in terms of the talent we have on the team and the leader companies, the strategies, the AI execution, the general continuous improvement in execution, the business building we're doing, and we think this buyback is just clear evidence and support for our conviction there.

這樣做的理由很簡單。我們對自己所做的事情充滿信心。就我們團隊和領導公司的人才、策略、人工智慧執行、執行方面的持續改進、我們正在進行的業務建設而言，我們認為這次回購就是對我們這些信念的明確證明和支持。

But we're going to maintain a strong bias towards M&A. The compounding nature of the numerator is better than the denominator. It's just straight math. We're super active on the M&A front. We cultivate every day.

但我們將保持對併購的強烈偏好。分子的複利性質優於分母。這只是簡單的數學運算。我們在併購方面非常活躍。我們每天都在耕耘。

In fact, our Janet Glazer leads our capital deployment efforts had a fantastic meeting 3 or 4 weeks ago, I think with 18 CEOs of companies that are in the pipeline, so marketing event, and it was -- this was met with great reviews, and we're really becoming sort of a buyer of choice, both for the CEOs of companies and also the private equity sellers. So we feel real good about the execution of our M&A strategy, and this buyback is just a small complement to the overall strategy of Roper.

事實上，我們負責資本部署工作的 Janet Glazer 在三四周前召開了一次非常棒的會議，我想參加的有 18 位正在洽談收購項目的公司的 CEO，這是一次市場推廣活動，而且反響非常好，我們真的正在成為公司 CEO 和私募股權賣方的首選買家。因此，我們對併購策略的執行情況感到非常滿意，而此次股票回購只是 Roper 整體策略的小補充。

Okay. Neil, I know the last couple of years, we've had a couple things that maybe haven't gone away you wanted to. The question is just how do you derisk this out of the guide, and I think investors have looked at the portfolio and said that you get the diversification aspect. But why do we keep having kind of the setbacks if we're that diverse? So that's the question I'm getting.

好的。尼爾，我知道在過去幾年裡，我們遇到了一些你可能不想解決的事情。問題在於如何從指南中消除這種風險，我認為投資者已經看過投資組合，並表示你實現了多元化。如果我們如此多元化，為什麼還會不斷遭遇挫折？這就是我被問到的問題。

Yes. So you're right. I mean we built this portfolio to essentially take as much cyclicality and cycle risk as you can take out of an enterprise. If you look back over our long history, before we sold and divested all the industrial businesses, we cycle up or down 5 to 10 points. Now we're cycling like 1 point here or there.

是的。你說得對。我的意思是，我們建構這個投資組合的目的，就是盡可能消除企業中的週期性和週期性風險。回顧我們漫長的歷史，在我們出售和剝離所有工業業務之前，我們的股價週期性地上下波動 5 到 10 點。現在我們就像在循環中一樣，一會兒一個點。

So we've essentially beaten out extensively all those cycle risk you can in an enterprise. In this case, it's just it's frustratingly bespoke situations. Government contracting, normally, you're in GovTech because of the stability of the end market here has been anything but that the last couple of years. Transportation, who would have predicted like a 3-year freight recession. And so it is frustrating these things are stacking on top of each other, but they're bespoke and we like the construct of the portfolio for sure.

因此，我們基本上已經徹底克服了企業中可能出現的所有周期性風險。在這種情況下，令人沮喪的是，情況總是因具體情況而異。政府合約通常情況下，你會進入政府科技領域，因為在過去幾年裡，終端市場的穩定性完全喪失了。運輸業曾預測會出現長達三年的貨運衰退。因此，這些東西層層疊加確實令人沮喪，但它們都是客製化的，我們當然喜歡這種投資組合的結構。

I think the cash flow generation continues to be strong and consistent with what we thought. Obviously, we've had some new deals come in that have been dilutive, but we've been able to sort of push through that. Our guidance is -- (inaudible) dilution is pretty close to where we were before. So despite some of the softness we've seen, we've been able to sort of maintain the bottom.

我認為現金流生成依然強勁，與我們的預期一致。顯然，我們有一些新的交易稀釋了股權，但我們已經設法克服了這些困難。我們的指導意見是－（聽不清楚）稀釋程度與我們之前的水平非常接近。所以儘管我們看到了一些軟化現象，我們還是能夠保持底部穩定。

Brad Reback, Stifel.

Brad Reback，Stifel。

Software bookings decelerated a little bit sequentially, I think, from the mid-teens to the high singles. Was that predominantly Deltek or are there other drivers there?

我認為，從十幾萬到十幾萬，軟體預訂量逐年略為放緩。主要是 Deltek 驅動程式嗎？還是也有其他驅動程式？

Yes. It was mainly Deltek, a little bit of Frontline. We've talked about some of the funding from the DOE. We don't get a ton of funding down to the states, but at the margin, it does slow down a little bit in [K-12], but yes, it's Deltek, Frontline. Outside of that, it's very strong.

是的。主要是 Deltek，還有一點 Frontline。我們已經討論過一些來自美國能源部的資金。我們沒有獲得大量資金下放到各州，但從邊際上看，[K-12] 的發展速度確實有所放緩，但沒錯，是 Deltek，Frontline。除此之外，它的性能非常出色。

So if you look at our TTM, it's also a very lumpy dynamic, right? Software bookings are -- can be lumpy quarter-to-quarter. TTM is up low single digits -- sorry, low double digits. So feel good about that trend.

所以，如果你看一下我們的TTM（滾動1TM）數據，你會發現它的動態也非常不穩定，對吧？軟體預訂量－季度之間可能出現波動。TTM 目前處於個位數低位——抱歉，是兩位數低位。所以，對這種趨勢感到欣慰吧。

And I would also just call out that health care has been particularly strong this quarter. Our Strata business, we combined Strata and Syntellis a couple of years ago, and that's really starting to take hold in the market. So bookings really strong there. And actually, our CliniSys business is doing quite well to in Europe and even in the US with some of the bolt-ons we've done for them to get outside of the hospital, that's starting to gain traction as well.

我還想特別指出，本季醫療保健產業表現尤為強勁。我們的物業管理業務，幾年前我們將 Strata 和 Syntellis 合併了，現在它真的開始在市場上站穩腳跟了。那裡的預訂情況非常火爆。事實上，我們的 CliniSys 業務在歐洲乃至美國都發展得相當不錯，我們為他們提供的、能夠將業務拓展到醫院以外的一些附加功能也開始獲得市場認可。

So some color behind the bookings this quarter.

所以，讓我們來了解一下本季的預訂情況。

Great. And then, Neil, I think 2 questions ago, you talked about the rollout of the AI SKUs happening now through the first half of '26 and then needing to sell it. That all seems like we should be thinking about this more of a '27 and beyond organic driver as opposed to '26?

偉大的。然後，尼爾，我想在兩個問題之前，你談到了人工智慧 SKU 的推出，從現在到 2026 年上半年，然後需要將其銷售出去。這一切似乎表明，我們應該更多地考慮將其作為 2027 年及以後的自然成長動力，而不是 2026 年的？

I think that's a fair -- we're certainly viewing it that way. I think it's a fair assumption. We'll certainly see progress in bookings throughout next year because again, this is across 20-plus software companies and multiple products across 20 software companies. And so we'll see building momentum. But before it has a meaningful impact, I think, it's '27 because of the commercial activity has to go along with the innovation.

我認為這很合理——我們當然也是這樣看待這個問題的。我認為這是一個合理的假設。我們明年肯定會看到預訂量有所增長，因為這涉及到 20 多家軟體公司和 20 多家軟體公司的多種產品。因此，我們會看到勢頭逐漸增強。但我認為，在它產生有意義的影響之前，要等到 27 年，因為商業活動必須與創新同步進行。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Fantastic. I wanted to maybe drill in a little bit on just the organic growth. Any way for you guys to help kind of splice what you might have seen from maybe the same-store sales versus maybe the net new organic that's coming on to the P&L? Hopefully, that question makes sense.

極好的。我想稍微深入探討一下有機成長的問題。你們能否幫忙把同店銷售額和新增有機產品淨銷售額（計入損益表）進行比較分析？希望這個問題表達清楚了。

We want to make sure we're framing or branching the right questions. Essentially, what's the cross-sell versus sort of net new mix? Is that your question?

我們希望確保我們提出的問題或提出的問題是正確的。本質上，交叉銷售與淨新增產品組合有何不同？這就是你的問題嗎？

No. I guess what was coming from, let's say, the portfolio, let's say, prior to, let's say, like a Procare Transact versus the stuff that is now kind of flowing in as incremental organic. What was once inorganic coming in as organic. Does that make a little more sense?

不。我想，之前的數據，比如說投資組合，比如說在 Procare Transact 之後的數據，與現在以增量有機增長形式流入的數據相比，有什麼不同呢？原本的無機物變成了有機物。這樣是不是更容易理解了呢？

Yes. Like what's the impact of Procare coming into organic. A little bit of accretion from Procare, not as we talked about -- not as much as we I thought when we did the deal, but it's certainly accretive to the segment.

是的。Procare進軍有機產品領域會產生什麼影響？Procare 帶來了一些成長，雖然不像我們之前討論的那樣——不像我們達成交易時我預想的那麼多，但它肯定對該細分市場有所貢獻。

Okay. Got it. And then on the TEP business. I think going into the quarter, I think the expectations were high single digit in the back half. I guess -- only 6% in the quarter, low single in Q4.

好的。知道了。然後是TEP業務。我認為進入本季時，人們對下半年的預期是接近兩位數的成長率。我猜——本季只有 6%，第四季是最低的單季。

Was that isolated to any particular piece? Or was it a little more broad based? Is it just Neptune? Or should we think about any other pieces that contributed to that slight weakness?

這種情況只出現在某一首特定的曲子上嗎？或者它的基礎更廣泛一些？難道只有海王星嗎？或者我們應該考慮一下還有哪些因素導致了這種輕微的不足？

Yes, it was Neptune predominantly. I mean, you had -- it was an acute impact on Q3. We always had a little bit of a tougher setup in Q4. But even aside from that, it was definitely (inaudible) in both quarters. Neptune, sorry, Neptune.

是的，主要是海王星的影響。我的意思是，這對第三季產生了非常嚴重的影響。第四季我們的工作安排總是稍微艱難一些。但即便撇開這一點不談，在兩個季度中也絕對是（聽不清楚）。海王星，抱歉，是海王星。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Guys, can you hear me?

各位，你們聽得到我說話嗎？

Yes.

是的。

I've been bouncing around on a few earnings this morning, so I apologize if it's already been asked. But I guess the number-one question for me is just, is there anything you can give us on the guidance front, specifically for organic revenue growth that could increase our confidence that you -- like you derisked it enough? Maybe you can just like walk us through a little bit further on where the derisking is coming from Deltek versus Neptune and kind of what gives you the confidence that this is a good base to start for the rest of the year?

我今天早上一直在關注幾份收益報告，所以如果這個問題之前已經有人問過了，我先道個歉。但我想對我來說最重要的問題是，您能否在指導方面給我們一些建議，特別是關於有機收入成長的建議，以增強我們對您降低風險的信心？您能否進一步解釋一下，Deltek 與 Neptune 相比，其降低風險的因素為何？是什麼讓您確信這是一個好的開局，可以作為今年剩餘時間的投資起點？

Yes. I mean I think we've given the outline by segment. And so I think Neil had framed, at AS, we've got it at mid-single-digit growth. There could be a range there, and it really depends on Deltek's perpetual license activity and a little bit, to a lesser extent, there's a couple of projects in our Transact business that might hit this quarter or next quarter. So that's sort of the range there. And so I think we've given you that.

是的。我的意思是，我認為我們已經分階段給出了概要。所以我認為尼爾已經定下了基調，在AS，我們實現了個位數中段的成長。可能會有一個範圍，這實際上取決於 Deltek 的永久許可活動，以及在一定程度上，我們 Transact 業務中的幾個項目可能會在本季度或下個季度完成。所以大概就是這個範圍。所以我覺得我們已經滿足了你們的需求。

Network is going to be sort of mid-single digit plus. I think we've -- a lot of that's recurring revenue. And the only thing that can move around is truckers, right? They can come in and out of the DAT on a monthly basis. So we think we've sort of -- we've got that sort of boxed.

網路速度大概會在個位數中段偏高。我認為我們有很多——其中很多都是經常性收入。唯一能四處移動的只有卡車司機，對吧？他們可以按月進出DAT。所以我們認為我們已經——我們已經把這個問題框住了。

And then on low single digits for TEP, I think we've identified where the challenges are for Neptune's tariff activity. NDI works on mostly backlog for the quarter. The others are a little bit less backlog. But just based on the trends and the call downs we had with the business, we feel like that's an appropriate number for the quarter.

至於 TEP 的個位數低位，我認為我們已經確定了海王星關稅活動面臨的挑戰。NDI主要處理本季的積壓工作。其他科目的積壓工作量稍微少一點。但僅根據趨勢和我們與業務部門的溝通情況來看，我們認為這個數字對於本季來說是合適的。

Really appreciate the color. And just maybe for a quick follow-up. I really appreciate all the color you guys gave on the AI positioning that you guys have and some of the examples. I guess what I'm trying to understand is, it feels like every company that we talk to is trying to race to be a winner in this AI world at a pace that we've kind of never seen before.

非常喜歡這個顏色。或許還需要一個簡短的後續問題。我非常感謝你們對人工智慧定位的詳細講解和提供的一些例子。我想弄清楚的是，感覺我們接觸到的每一家公司都在競相成為人工智慧領域的贏家，這種速度是我們以前從未見過的。

Is there a dynamic or do you feel that maybe you guys have this unique AI think tank going on inside of Roper because you have a group or a portfolio of companies that are all marching towards the same AI goal? And then if that's the case, maybe could you share with us how they're sharing knowledge and best practices and what they're seeing across some of the use cases that are already being successful to kind of set up the rest of the portfolio to be just as successful in their AI endeavor.

羅珀集團內部是否存在某種動態，或者您是否覺得你們集團或投資組合中的多家公司都在朝著同一個人工智慧目標前進，因此羅珀集團內部可能存在一個獨特的人工智慧智庫？如果情況確實如此，您能否與我們分享他們是如何分享知識和最佳實踐的，以及他們在一些已經成功的用例中看到了什麼，從而使他們的其他產品組合在人工智慧領域也能取得同樣的成功。

Yes, I appreciate that. So I don't know if I would go as far as say like there's some think tank sitting in [Sarasota] that's like crafting all this. What it is, is we have clarity of purpose, right? So when your vertical market, system of record and you're going to evolve like system of work, it's everybody -- the portfolio construct is so similar that we're running basically the same play across the 20-plus software companies. So there's common purpose and common understanding about that.

是的，我很感激。所以我不知道我是否會說，在薩拉索塔有一個智庫在策劃這一切。也就是說，我們的目標很明確，對吧？所以，當你的垂直市場、記錄系統和工作系統發展演變時，對每個人來說——投資組合結構非常相似，以至於我們在 20 多家軟體公司中基本上都採取了相同的策略。所以在這方面，我們有共同的目標和共識。

Then there is a lot of information sharing. Every 3 weeks, there's an AI sort of showcase inside of Roper. We have a few hundred people sort of talking about 1 company or 2 companies to highlight what they're doing internally or externally architecture, commercial, whatever it may be. We send a weekly e-mail about sort of where the state of the technology is, the state of the evolution of AI to galvanize the leaders. There's telemetry putting into our planning process that we're looking for, for both the product road maps and internal productivity.

然後，資訊共享非常頻繁。每隔三週，Roper 內部就會舉辦一次人工智慧展示活動。我們有幾百人，他們分別討論一兩家公司，重點介紹他們在內部或外部（架構、商業等）所做的工作。我們每週都會發送一封電子郵件，介紹技術現狀和人工智慧的發展狀況，以激勵產業領導者。我們正在將遙測技術引入我們的規劃流程中，這對於產品路線圖和內部生產力都是我們所需要的。

The group executives who, as you know, coach 6 or 7 businesses each, those businesses are together all the time on all things related to business, AI being a big topic of it. And I could see us in the not-too-distant future, sort of adding some resources at the corporate office at the center that are an overlay to all of that, that are really sort of scanning the horizon for the -- enabling technologies are going and how to apply that technology. Because at the end of the day, this stuff is hard. I mean, it's what we're trying to do to identify tasks and work where you have to be deterministic and not probabilistic. It's hard to do.

如您所知，這些集團高管每人指導 6 或 7 家企業，這些企業經常聚在一起討論與業務相關的所有事情，人工智慧是其中一個重要主題。而且我可以看到，在不久的將來，我們會在公司總部增加一些資源，作為所有這些的補充，真正地去掃描未來——使能技術的發展方向以及如何應用這些技術。因為說到底，這些事情很難。我的意思是，我們正在努力尋找那些需要確定性而不是機率性的任務和工作。這很難做到。

Now, it's good that it's hard because when you do something that's hard you create this magical moment for your customer, and that's where you can sort of have this win-win relationship on value. And so we're super excited about all that, again, have this high rate to win because of all the context and data and decades of sort of accumulated knowledge about how these verticals work.

現在，困難反而是好事，因為當你做一件難事時，你會為你的客戶創造一個神奇的時刻，而這正是你們可以建立雙贏價值關係的地方。因此，我們對此感到非常興奮，再次強調，我們有如此高的勝率，是因為所有這些背景資訊、數據以及數十年來積累的關於這些垂直領域如何運作的知識。

And the final thing I would say is the real unlock for really anything inside of Roper is our org structure, right? Where this highly decentralized, high-trust autonomous structure, taking $8 billion P&L, it's put into 29 units. You have super talented leadership teams that are highly motivated, intrinsically and through our financial reward system to compete and win in the marketplace, and this is the new frontier on how to do that.

最後我想說的是，真正能打開 Roper 一切大門的，就是我們的組織結構，對吧？這個高度分散、高度信任的自治結構，擁有 80 億美元的損益，被分配到 29 個單位。你們擁有才華洋溢的領導團隊，他們積極性很高，既有內在動力，也有來自我們財務獎勵制度的動力，從而在市場競爭中取得成功，而這正是實現這一目標的新領域。

Sounds like a good setup for AI success.

聽起來像是人工智慧成功的理想開端。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Two questions. The first question is on software bookings and specifically with Deltek. The second one is going to be DAT. So first, in terms of software bookings, I think you said high singles in 3Q. So what are you assuming in 4Q?

兩個問題。第一個問題是關於軟體預訂，特別是關於 Deltek 的預訂。第二個是DAT。首先，就軟體預訂而言，我想你說過第三季單次預訂量很高。那你對第四季有什麼預期？

And the second part of that first question is -- and maybe this is wildly optimistic, but assuming at some point, the government shutdown thesis, could you actually get those licenses in still in November or December or are you just assuming that doesn't happen? And then I'll have that DAT follow-up.

第一個問題的第二部分是——也許這有點過於樂觀，但假設政府停擺的情況真的發生，你真的能在 11 月或 12 月拿到那些許可證嗎？還是你只是假設這種情況不會發生？然後我還要進行DAT後續檢測。

So yes, so thanks for the question, Terry. So I think for the fourth quarter, we'll see how it plays out. We had a very strong Q4 last year. So the comps are a little tougher. But I think it's the end of the year, and obviously, the pipelines look very strong across our businesses.

是的，謝謝你的提問，特里。所以我覺得第四季的情況，我們拭目以待。我們去年第四季業績非常強勁。所以比賽難度稍微大了一些。但我認為現在已經是年底了，而且很明顯，我們各個業務的管道看起來都非常強勁。

You're right about Deltek. We're not assuming that's going to hit this year. But we've also seen customers make very quick decisions in the last few days, especially if it's sort of -- they've got an internal budget dynamic that they can utilize. So we're not assuming that at this point. But I will say, just for '26, we do feel really good about what (inaudible) is going to mean for Deltek.

你說得對，Deltek的情況確實如此。我們並不認為這種情況會在今年發生。但我們也看到，在過去的幾天裡，客戶們做出了非常迅速的決定，尤其是一些——他們可以利用內部預算動態。所以目前我們並不作此假設。但我必須說，就 2026 年而言，我們對（聽不清楚）對 Deltek 的意義感到非常樂觀。

Additionally, I mean, just Deltek had -- the markets haven't been cooperative with just in general, for the last couple of years. So the demand is definitely there. Deltek's done a lot to their cloud product. They're incorporating a lot of the new AI features that are going to be cloud only. So that should help drive some higher conversion.

此外，我的意思是，就拿 Deltek 來說——過去幾年，市場總體上對它並不配合。所以市場需求是肯定存在的。Deltek 對其雲端產品進行了大量改進。他們正在整合許多僅在雲端提供的全新人工智慧功能。這樣應該有助於提高轉換率。

That's one of our -- I think it's our biggest maintenance base at Roper so excited about the future, just need to get past this quarter of sort of uncertainty.

那是我們——我認為是我們最大的維修基地之一，位於羅珀，我對未來充滿期待，只是需要度過這個季度的不確定性。

Got it. And then, Neil, on the slide 12, I like that slid shows kind of where you've delivered on the platform. I know what DAT, pricing and packaging was an important kind of growth unlock an improvement this year. But now you have this idea of one-click automation and then newer areas that seem like they've expanded the TAM around management and payments. Like, is there any way you can frame like how much you can garner now per successful load or transaction going forward with some of this newer technology versus the past or the present as you laid out on that page?

知道了。然後，尼爾，在第 12 張投影片上，我喜歡你展示的幻燈片，它體現了你在平台上的成就。我知道DAT、定價和包裝是今年實現成長和改進的重要途徑。但現在有了「一鍵自動化」的概念，以及一些似乎擴大了管理和支付領域潛在市場規模的新領域。例如，您能否說明一下，與過去或現在相比，利用這些新技術，您未來每次成功加載或交易可以獲得多少收益，就像您在頁面上描述的那樣？

Yes. I appreciate it. So yes, you're right. So the strategy of DAT, and I've called this out for a few quarters, if not longer, is we have this remarkable business that's a network between brokers and carriers, and we monetize both sides of the network on a subscription basis. And we have -- what we have is the market captured, and we have very favorable go-to-market unit economics especially on the carrier side because of the carrier, you get your authority first, then you probably subscribe the DAT second, so you can understand we're going to grab your load from.

是的。謝謝。是的，你說得對。所以，DAT 的策略（我已經強調過好幾個季度了，甚至更久），就是我們擁有一個非凡的業務，它是一個連接經紀人和運營商的網絡，我們通過訂閱的方式將網絡的兩端都貨幣化。我們已經佔領了市場，並且擁有非常有利的市場進入單位經濟效益，尤其是在運營商方面，因為運營商首先獲得授權，然後可能才會訂閱 DAT，所以你可以理解我們將從你那裡搶走你的流量。

So they -- it's a very efficient go-to-market motion and capture there, very unique go-to-market motion relative to the unit economics. So then the strategy is how do you just scaffold more value on both sides of that network.

所以，就單位經濟效益而言，這是一種非常有效率的市場進入策略和市場取得方式，一種非常獨特的市場進入策略。所以，策略就是如何在網路的兩端建構更多的價值。

And then the ultimate value creation is -- and what you're talking about, which is how you sort of take the labor -- the task labor out of the matching of a broker transaction. As we mentioned today, we broker about -- there's about 1.2 million loads a day on DAT. There's about $100 to $200 in task labor savings for each one of those is automated. So you can apply whatever percentage you think is fair. I'm going to leave that open at the moment.

而最終的價值創造——也就是你所說的——是如何將經紀人交易配對中的勞動——任務勞動——從中剝離。正如我們今天提到的，我們代理的貨物運輸量大約是——DAT 每天大約有 120 萬筆交易。每實現一項任務的自動化，就能節省約 100 到 200 美元的人力成本。所以你可以採用你認為合適的任何比例。我暫時先保留這個答案。

We have a good indication internally, but some small percentage of the total loads and then some small percentage, a fair percentage of the labor task savings and you'll get a very large sort of opportunity. Now that's the opportunity.

我們內部已經有了很好的跡象，但是只要節省一小部分總負荷和一小部分勞動力，你就能獲得相當大的機會。現在機會來了。

Now we have to go equip it. You've got to make -- we've got to integrate this capability into the TMS of every broker, so it's native. They've got to onboard a large portion of the carrier base into this, which we're actively doing. So we're super excited. The early results were like sold out on the broker front, so the early results for integration is great, but there's a business we've got to build here.

現在我們得去給它配備設備。我們必須將此功能整合到每個經紀商的 TMS 中，使其成為原生功能。他們需要讓大部分航母艦艇加入這個體系中來，而我們正在積極地這樣做。我們都非常興奮。早期結果顯示，經紀業務方面幾乎售罄，因此整合方面的早期結果非常棒，但我們還需要在這裡建立起一項業務。

And the reason that we're unique in this is that we're truly [Switzerland]. Like we don't -- we're not competing with the broker or enabling the brokers, and it's a huge value savings for both the brokers and carriers.

我們之所以在這方面獨樹一幟，是因為我們真正[瑞士]。我們不會——我們既不與經紀人競爭，也不為經紀人提供便利，這對經紀人和保險公司來說都是巨大的價值節省。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Just want to get a clarification on the timing delays at Neptune. Our experience has been, especially recently going through COVID is once a utility is ready to place an order, they're unlikely to switch. It's already gone through the rate case. It's all a pilot study and so forth. So have they lost any of these orders?

我想了解一下海王星的計時延遲情況。我們的經驗是，尤其是在最近經歷新冠疫情之後，一旦公用事業公司準備下訂單，他們就不太可能改變主意。費率審查已經完成。這都只是一項試驗研究等等。那麼他們有沒有遺失任何訂單？

Or this is strictly delay at this point?

或者說，目前這只是延誤嗎？

No, no, just be super clear. This is pushed to the right. So what we've done, and I alluded to this in my prepared remarks, is that we have this tariff coming through. We -- Neptune decided we concurred fully that they're going to assess a surcharge, which then you've got to go essentially recontract or renegotiate with all the open orders about how to do that, and it just puts some gum into the system.

不，不，一定要說非常清楚。它被推向右側。所以我們已經採取的措施，我在事先準備好的發言稿中也提到過，就是要推出這項關稅政策。我們——海王星公司決定完全同意他們將徵收附加費，這樣一來，你就必須重新簽訂合約或重新談判所有未完成的訂單，才能解決這個問題，這簡直是在給系統添堵。

The -- it's a little bit easier when you're going through distribution to do that because you have a distribution partner, you can sort of share some of this surcharge with. But when you're doing the direct business, that's a little bit more difficult to do and a little bit slower. So this is 100% pushed to the right. In fact, Neptune reports, I mean, there's a little market share gain in the quarter for Neptune, but these sort of market share quarter-to-quarter are sort of 1 point here, 1 point there, 0.5 point here, 0.5 point there, but the latest report is the share has actually improved a little bit with Neptune in the quarter.

如果你透過分銷管道銷售，這樣做會容易一些，因為你有分銷合作夥伴，你可以和他們分擔一部分附加費。但是，如果是直接做生意，那就有點困難，速度也慢一些。所以它完全向右推了。事實上，Neptune 的報告顯示，Neptune 在本季市佔率略有成長，但這種季度間的市佔率變化通常是 1 個百分點，1 個百分點，0.5 個百分點，0.5 個百分點，但最新的報告顯示，Neptune 的市佔率在本季實際上略有改善。

That's really helpful. And then follow-up and I'll echo the -- how much you appreciate that spotlight on DAT. And just the idea, can you talk about the implications of making the investment in Convoy? You added that, if not profitable, but just the willingness to subsidize, make that investment so you have this end-to-end automation. But just the implications of a bolt-on that's not profitable.

這真的很有幫助。然後，我還要補充一點——我非常感激你們對 DAT 的關注。那麼，您能否談談投資 Convoy 的影響呢？你補充說，即使不獲利，但只要有補貼的意願，就應該進行這項投資，以實現端到端的自動化。但光是附加功能不獲利所帶來的影響就足以說明問題。

Yes. So I'll just -- I'll start, and I'll ask Jason to add a little bit of color. In our case, it was very -- it was a unique situation for us. It was very much a buy versus build. This is very complicated.

是的。那我就先開始吧，然後請傑森來增添一些色彩。就我們而言，情況非常特殊。這完全是買入還是自建的問題。這非常複雜。

It sounds very easy. It is very complicated, complex algorithms to do this. They have to be absolutely deterministic. It's more ML than AI. There's a very large group of talented engineers that came with the acquisition.

聽起來很簡單。這是透過非常複雜的演算法來實現的。它們必須是絕對確定性的。它更像是機器學習，而不是人工智慧。此次收購也帶來了大批才華洋溢的工程師。

They are now part of the DAT sort of franchise. And so it's unique in that it's money losing at the moment, but it's like the final piece to sort of manifest the strategy of DAT. And because of what we've talked about earlier, we have such high conviction of what was going to happen here.

它們現在是DAT這類特許經營體系的一部分。因此，它的獨特之處在於，它目前處於虧損狀態，但它就像是實現 DAT 策略的最後一塊拼圖。正因為我們之前討論過這些，所以我們對這裡將要發生的事情非常有信心。

Yes. I would just add that, I mean, most of our strategies call for tuck-ins that are adjacent and they sort of fold them in, like we just did Orchard for CliniSys, that's sort of the bread and butter that we would do for bolt-ons. This is really a technology acquisition that was -- it's really to create a new market. And so I would say that's very rare for us, but we think it's a great opportunity. And so we're willing to make that technology investment.

是的。我只想補充一點，我的意思是，我們的大多數策略都要求將相鄰的部分進行折疊，就像我們剛剛為 CliniSys 做的 Orchard 一樣，這算是我們進行附加組件開發的基本操作。這實際上是一項技術收購，其目的在於創造一個新市場。所以我覺得這種情況對我們來說非常罕見，但我們認為這是一個絕佳的機會。因此，我們願意進行這項技術投資。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

It's Faith on for Dylan. Maybe expanding on the DAT question. It seems like this end-to-end platform has been in the making for some time. So can you talk about where you see DAT growing as you continue to build out this network and the long-term potential there? And maybe even how this can drive durability despite some of the headwinds we're seeing in freight?

這是迪倫的信仰。或許可以進一步探討DAT考試題。這個端到端平台似乎已經籌備了一段時間。那麼，您能否談談隨著您不斷建立這個網絡，您認為 DAT 的發展方向是什麼，以及它的長期潛力？或許這還能在貨運業面臨一些不利因素的情況下，提升產品的耐用性？

Yes. So we want to -- so the DAT core business is a low double-digit growth business when you get the benefit of some unit growth versus just packaging and price. So that's a long-term sort of organic growth rate of the core business. We talked about this sort of this entire sort of track automated business. We're talking about adding a capability that doesn't exist in the industry that is multiples of the existing TAM.

是的。所以我們希望——DAT 的核心業務是一個低兩位數成長的業務，因為從單位成長而不是僅僅從包裝和價格方面獲益。所以這是核心業務的長期有機成長率。我們討論了整個賽道自動化業務。我們正在討論的是增加一項業內尚不存在的能力，其市場規模是現有市場規模的數倍。

And so we want to see actual momentum in there before we quote sort of what the acceleration magnitude could be to DAT, but it's exciting for sure. So I know that's a little bit of a -- not an answer you're not looking for at the moment, but we want to actually see the growth in the field before we call the -- how much accelerated growth rate is going to be there.

因此，我們希望看到實際的動量，然後再對 DAT 的加速度幅度做出大致的預測，但這確實令人興奮。我知道這可能不是你現在想要的答案，但我們想先看看這個領域的實際成長情況，然後再判斷──成長速度會有多快。

All right. No, that's helpful. And then maybe just double-clicking on Deltek. Can you maybe remind us what you guys saw during past government shutdowns and the impact to the business and any potential insulation there?

好的。不，這很有幫助。然後可能只需雙擊 Deltek 即可。能否請您回顧過去政府停擺期間你們觀察到的情況，以及對企業的影響和可能存在的應對措施？

Yes. Happy to do that. So just to remind everybody, Deltek is 60% GovCon, 40% non-GovCon. We're talking about the 60% of Deltek that's in GovCon. What we've seen is when you have the government shutdown, it's the pending -- the potential of the shutdown and the actual shutdown that just -- it just pauses commercial activity.

是的。我很樂意這樣做。所以再次提醒大家，Deltek 的業務組成是：60% 為政府合同，40% 為非政府合同。我們說的是 Deltek 60% 的政府承包業務。我們看到的情況是，當政府停擺時，無論是停擺的可能性還是實際的停擺，都會導致商業活動暫停。

The activity is still there. The pipelines continue to build. There are still discussions because everybody knows the shutdown will end. The government will be operational again, and we have this OB3 spending where we have to -- all that will be awarded and has to be delivered. It just -- in the height of the uncertainty, there's just not a lot of signing on of the purchase orders or the contracts.

活動依然存在。輸油管仍在持續建造中。雖然大家都知道停擺終會結束，但討論仍在繼續。政府將恢復運作，我們必須進行 OB3 支出——所有項目都將授予合約並交付。在目前這種極度不確定的情況下，採購訂單或合約的簽署量並不多。

If this were -- hypothetically, if this were happening in March, we would probably not be calling down the year because there'll be time left in the balance of the year to sort of for the commercial activity to sort of resolve itself. It's just we're sitting here in the last 2 or 3 months of the year, we're going to run the clock out of the year roll in the next year.

假設這種情況發生在三月份，我們可能不會宣布年底結束，因為今年剩下的時間還有時間讓商業活動自行解決。現在我們坐在這裡，進入今年的最後兩三個月，我們要撐過這一年，迎接新的一年。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

Just looking at App Software, I mean if we strip out the Deltek GovCon stuff for a second and just think about like the acceleration of organic here, what's the catalyst for this? I mean you look back, I mean, it's been small variance, but we're kind of like 3 years around 6%, give or take. So like what in your sense is like really the catalyst to bring this into like a high single to -- more like a high single framework?

僅就 App Software 而言，如果我們暫時拋開 Deltek GovCon 相關的內容，只是思考一下這裡有機成長的加速，那麼推動這一成長的催化劑是什麼？我的意思是，回顧過去，波動幅度雖然不大，但過去三年我們一直保持在 6% 左右。那麼，在你看來，真正促使它發展成高單曲——更像是高單曲框架——的催化劑是什麼？

Yes. So it certainly will help when your largest business -- the largest segment, our largest business can sort of grow at its normalized growth rate. I mean we're a couple of years into sort of a slowdown with the uncertainties across all the government sort of spending. So that helps quite a bit when you look at that.

是的。所以，當你的最大業務——最大的業務板塊，我們最大的業務能夠以正常的成長率成長時，肯定會有所幫助。我的意思是，由於政府各方面支出都存在不確定性，我們已經經歷了幾年經濟放緩期。所以，當你仔細觀察時，這會很有幫助。

We've had -- just going through the businesses, Vertafore is steady for us, a lot of AI opportunity in front of that business. Probably takes -- I mean we'll see some early green shoots of that next year, but as we said earlier, probably more 27. Aderant has been just killing it to PowerPlan doing a great job. (inaudible) will turn organic, which will help. Frontline has been a little sluggish for the last couple of quarters, a couple of years -- couple of quarters, largely because of some uncertainty around the funding coming from what's happening in Department of Education.

我們已經—就我們目前的業務來看，Vertafore 對我們來說很穩定，這家公司在人工智慧方面有很多發展機會。或許需要──我的意思是，明年我們就能看到一些早期的萌芽，但正如我們之前所說，可能還需要27年。Aderant 的表現一直非常出色，PowerPlan 也做得非常出色。 （聽不清楚）將會變得更加自然，這會有所幫助。在過去的幾個季度，或者說幾年裡，Frontline 的發展一直有些緩慢——主要是因為教育部撥款方面存在一些不確定性。

You've got the hangover from all the COVID spending. And it's just now that's getting more normalized. So Frontline reaccelerating, which is in the offing in the next couple of years will be super helpful to that regard.

你還在承受新冠疫情期間大筆支出帶來的後遺症。而現在這種情況才逐漸變得正常化。因此，未來幾年即將出現的一線業務重新加速發展，將對此大有裨益。

And then finally, our CliniSys business for the US part of our laboratory business, the legacy Sunquest has just lagged for all the reasons that everybody knows for 8 years, and now that's turning here, that's mid-single-digit organic growth enterprise for us now. So that starts to help. So we like what's happening here in terms of the growth optionality, growth capability.

最後，我們位於美國的實驗室業務部門 CliniSys，也就是我們原有的 Sunquest 業務，由於眾所周知的原因，已經落後了 8 年，但現在情況正在好轉，它已經成為我們實現中等個位數有機增長的企業。這樣開始有點幫助了。所以，就成長選擇權和成長能力而言，我們很滿意這裡正在發生的事情。

When you think about the buyback now and you think about the multiple of your stock, like what's the thought process when you're weighing like, okay, here's a $1 billion opportunity here or $1 billion of deploying capital? Like you kind of be pretty straightforward with where the multiple of your stock was versus the multiple of what you're acquiring and now it's kind of -- it slipped a little bit. So maybe talk us through how much that's informing your decisions on where to allocate at a given moment in time?

現在當你考慮股票回購，並考慮你的股票倍數時，你的思考過程是如何的？例如，你是在權衡，這是一個價值 10 億美元的機會，還是投入 10 億美元的資金？就像你之前一直很直接地說明你的股票本益比與你收購的股票本益比之間的關係，而現在情況有點——它稍微下滑了一點。那麼，您能否詳細談談，在特定時刻，這種因素在多大程度上影響了您的資源分配決策？

Yes. For us, it's never been about the multiple of our stock. It's been what's in the compounding math for a cash flow acceleration, what's the best deployment of capital to optimize the long-term cash flow compounding of the enterprise. And now we just have another lever and a buyback to put into that consideration set.

是的。對我們來說，股票的本益比從來都不是最重要的。關鍵在於如何運用複利運算來加速現金流，如何最佳部署資本以優化企業的長期現金流複利成長。現在我們又多了一個籌碼，那就是回購，可以納入考量了。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Just wanted to start off with the outlook for TEP and Neptune in particular, on the top line. So you had the backlog declining there for sort of two-plus years. The revenue growth is slowing a little bit. So I just wondered sort of what's the confidence that, that organic growth on revenue doesn't continue slowing into next year just given those backlog dynamic?

首先，我想談談TEP和海王星的前景。所以，那裡的積壓案件數量在兩年多的時間裡一直在下降。營收成長速度略有放緩。所以我想知道，考慮到積壓訂單的動態變化，你們有多大信心認為明年營收的自然成長不會繼續放緩？

Well, I think we got -- so let's just be clear about the backlog dynamic. This is about the buildup from the COVID period. I mean pre-COVID, this was -- you might have a couple of quarters of visibility to an order backlog. It wasn't quite a book-and-ship business but much more book and ship than it was when you ran up through COVID, and then all the customers gave us blanket orders that were a year plus out. Now we're normal.

嗯，我想我們已經明白了——所以我們來明確一下積壓工作的動態。這是關於新冠疫​​情期間的醞釀過程。我的意思是，在新冠疫情之前，你可能可以提前幾季了解訂單積壓情況。雖然還不完全是預訂出貨的業務，但比疫情爆發前的情況要好得多，當時所有的客戶都下了超過一年的大量訂單。現在我們恢復正常了。

When I spoke earlier, we're normalizing the order lead times slowly over time. So we -- the backlog grew, and it's bleeding down based on this order timing dynamic, set that apart from the demand environment, the market share environment. So that's point one.

我之前說過，我們正在逐步使訂單交付週期正常化。因此，積壓訂單越來越多，但根據這種訂單時間動態，積壓訂單正在逐漸減少，這與需求環境和市場份額環境無關。這是第一點。

Point two, on the more normalizing piece at Neptune on the demand environment is -- we're just in a cycle now this year, probably next year where we're just in normalized growth for that business, where the prior two or three years were accelerated growth because of the hangover from the COVID period.

第二點，關於海王星公司需求環境的正常化方面——我們現在正處於一個週期，今年可能也會是明年，我們的業務增長將趨於正常化，而前兩三年由於新冠疫情的影響，業務增長速度加快。

That's very helpful. And then just my second one might be around sort of with all this effort around sort of AI, just wondered what the implication for that might be on your, let's say, core R&D? Is that -- could that be a bigger headwind to core margin expansion in future? Whether there's been any view to sort of looking to acquire more AI intensive businesses within your overall capital deployment framework?

那很有幫助。我的第二個問題可能與目前在人工智慧領域的種種努力有關，我想知道這會對你們的核心研發產生什麼影響？這是否會成為未來核心利潤率擴張的更大阻力？在整體資本部署框架內，是否有考慮收購更多人工智慧密集型企業？

Yes. So actually, this is Jason. I think the it's interesting. We're getting quite a bit of activity using some of the frontier models out there, [quad code codex] cursor. And so we're not really seeing -- obviously, we're going through our planning this year, but it's creating a lot of opportunity to just do more with less.

是的。其實，這位是傑森。我覺得這很有趣。我們使用一些前緣模型，例如[四邊碼庫]遊標，獲得了相當多的活動。因此，我們並沒有真正看到——顯然，我們今年正在進行規劃，但這創造了很多機會，讓我們能夠用更少的資源做更多的事情。

And so that's the -- that's our posture that our R&D envelope will probably stay the same, and we'll just get more out of it.

所以，這就是我們的立場，我們的研發預算可能會保持不變，但我們只會從中獲得更多收益。

And when it comes to acquisitions, yes, we'll look for small tuck-ins that we can do. We just had a really small one for Aderant. And that's not necessarily buying any talent, but it's providing an AI solution that gets us faster to market. So we'll do those occasionally, I think. It's not going to be our primary way to get after AI faster, but certainly will be an option.

至於收購方面，是的，我們會尋找一些小規模的收購機會。我們剛剛為 Aderant 做了一個非常小的專案。這不一定意味著要購買人才，而是要提供一種人工智慧解決方案，使我們能夠更快地將產品推向市場。所以我想我們偶爾會做這些事。這不會是我們更快實現人工智慧的主要途徑，但肯定會是個可行的選擇。

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

我們的問答環節到此結束。現在我們請扎克·莫克西作總結發言。

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

謝謝各位今天蒞臨。我們期待在下次財報電話會議上與您交流。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。