Roper Technologies Inc (ROP) 2025 Q4 法說會逐字稿

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

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。

(Operator Instructions)

（操作說明）

I would now like to turn the call over to Zach 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 fourth quarter and full year 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 年第四季和全年的財務表現。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。

And now if you please turn to page 2. We begin with our safe harbor statement. During the course of today's call, we will make forward-looking statements which are subject to risks and uncertainties as described on this page in our press release and in our SEC 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，詳情請參閱本頁新聞稿和我們提交給美國證券交易委員會的文件。你應該結合這些資訊來聽今天的電話會議。

And now please turn to page 3. Today we will discuss our results primarily on an adjusted, non-GAAP and continuing operations basis. For the fourth quarter, the difference between our GAAP results and adjusted results consists of the following items.

現在請翻到第3頁。今天我們將主要根據調整後的非GAAP持續經營績效來討論我們的業績。第四季度，我們的 GAAP 結果與調整後結果之間的差異包括以下幾項。

Amortization of acquisition related and tangible assets, and financial impacts associated with our minority investment in Indicor. Reconciliations can be found in our press release and in the appendix of this presentation on our website.

收購相關有形資產的攤銷，以及我們對 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 our call.

謝謝扎克，也謝謝各位參加我們的電話會議。

As we turn to page 4, you'll see the topics we plan to cover today. We'll start by highlighting our Q4 and fully performance. Then Jason will walk through our enterprise financials, our Q4 segment performance, our balance sheet, and capital employment to capacity. Next, we'll discuss our segment highlights and introduce our 2026 guidance, and then we'll close with a few summary thoughts before opening the call for questions. So let's go ahead and get started.

翻到第 4 頁，您將看到我們今天計劃討論的主題。我們將首先重點介紹我們第四季的業績和整體表現。然後，Jason 將詳細介紹我們的企業財務狀況、第四季度各業務部門業績、資產負債表以及資本投入與產能比。接下來，我們將討論我們各部分的亮點，並介紹我們 2026 年的指導意見，然後我們將總結一些想法，之後開放提問環節。那麼，我們就開始吧。

Next slide, please. As we turn to page 5, I want to highlight three takeaways for today's call. First, we delivered solid execution in 2025. Revenue was up 12%, EBITDA was up 11%, and free cash flow was up 8%. Importantly, enterprise software bookings grew in the low double-digit range for the year, providing strength as we head into 2026.

請看下一張投影片。翻到第 5 頁，我想重點介紹今天電話會議的三個重點。首先，我們達成了 2025 年的穩健執行目標。營收成長12%，EBITDA成長11%，自由現金流成長8%。值得注意的是，企業軟體預訂量今年實現了兩位數的低成長，這為我們邁向 2026 年提供了強勁動力。

Second, we continue to invest for our long-term and sustainable growth. That said, organic growth this past year was below our expectations in 2025, and we own that. Our organizational focus and resolve are even stronger coming into this year. We've upscaled talent, sharpened strategy, and improved execution across the portfolio, and that work is showing up for the enterprise.

其次，我們將繼續投資，以實現長期永續發展。也就是說，去年的有機成長低於我們對 2025 年的預期，我們對此負有責任。今年，我們的組織凝聚力和決心更加堅定。我們提升了人才水平，完善了策略，並提高了整個業務組合的執行力，這些努力正在為企業帶來回報。

To this end, our application software businesses Save for Deltech improved organic growth in the 70 basis point area, demonstrating broad-based growth improvements occurring within the segment. Importantly, we're not starting the year assuming organic growth will reflect in 2026 despite the traction we believe we're starting to achieve. We're going to execute and we'll reflect any improvement in organic growth in our guidance as it materializes throughout the year. We'll have much more to say on this later in the call.

為此，我們的應用軟體業務（Save for Deltech）的自然成長提高了 70 個基點，顯示該業務板塊正在發生廣泛的成長改善。重要的是，儘管我們相信我們已經開始取得一些進展，但我們並沒有假設有機成長會在 2026 年體現出來。我們將繼續執行計劃，並將全年內有機成長的任何改善情況反映在我們的業績指引中。我們稍後會在電話會議中詳細討論這個問題。

On AI specifically, we continue to be excited about the AI product opportunity because our businesses sit directly inside mission critical, high frequency workflows where we already have deep domain knowledge, proprietary data, and trusted distribution. The AI can move from productivity to on-stack embedded automation that improves outcomes for our customers and is highly monetizable.

具體到人工智慧領域，我們仍然對人工智慧產品的機會感到興奮，因為我們的業務直接位於任務關鍵型、高頻次的工作流程中，我們已經擁有深厚的領域知識、專有數據和值得信賴的分發管道。人工智慧可以從提高生產力轉向技術堆疊內嵌入式自動化，從而改善客戶的成果，並具有很高的獲利能力。

Importantly, our decentralized model let each business deploy AI with the appropriate domain specificity across our various end markets. To further accelerate our pace of AI product development, we hired Shane, Luke, and Eddie Raphael to lead the Roper AI accelerator team. They will coach and partner directly with our businesses, build a small AI development strike team, and leverage reasonable elements and best practices across the portfolio. So we can deploy AI with increasing speed and market-specific precision while scaling what works, exciting stuff for sure.

重要的是，我們的去中心化模式讓每個企業都能在各個終端市場中部署具有適當領域針對性的人工智慧。為了進一步加快我們的人工智慧產品開發速度，我們聘請了 Shane、Luke 和 Eddie Raphael 來領導 Roper AI 加速器團隊。他們將直接指導和與我們的業務合作，組建一支小型人工智慧開發突擊隊，並在整個產品組合中利用合理的要素和最佳實踐。因此，我們可以以越來越快的速度和針對特定市場的精確度部署人工智慧，同時擴大有效技術的規模，這絕對令人興奮。

And our third key takeaway centers on capital allocation. During 2025, we materially advanced our portfolio and foundation to capital deployment, deploying $3.3 billion towards high-quality vertical software acquisitions during the year, highlighted by CentralReach, SubSplash, and several tuck and acquisitions.

我們的第三個重要結論是關於資本配置的。2025 年，我們大幅推進了投資組合和資本部署基礎建設，當年投入 33 億美元用於高品質的垂直軟體收購，其中以 CentralReach、SubSplash 以及幾項重組和收購最為突出。

Also and importantly, we lean into opportunistic repurchases, buying back 1.1 million shares for 500 million in Q4. As we looked at 2026, we have north of 6 billion of capacity for potential M&A and share repurchases. We're very encouraged by the size and quality of our acquisition pipeline, and we expect to remain active while staying highly disciplined on price and business quality. And in parallel, we'll continue to use buybacks opportunistically when they represent the most attractive risk adjusted path to durable cash flow per share compounding.

此外，更重要的是，我們傾向於機會性回購，在第四季以 5 億美元的價格回購了 110 萬股股票。展望 2026 年，我們有超過 60 億美元的潛在併購和股票回購能力。我們對收購專案的規模和品質感到非常鼓舞，我們預計將在維持價格和業務品質高度自律的同時，繼續保持積極的收購態勢。同時，我們將繼續擇機進行股票回購，以期獲得最具吸引力的風險調整後每股現金流持續成長的途徑。

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

那麼，傑森，接下來我就把電話交給你，讓你來介紹一下我們的季度和全年業績吧？

Thanks, Neil, and good morning, everyone. We'll start off here with the fourth quarter results. To summarize, we finished ahead of expectations on depths driven by very strong margin performance. Revenue of $2.06 billion was up 10% over prior year, with acquisitions contributing 5% and organic growth of 4%, which was below our expectations. I'll expand on this shortly.

謝謝你，尼爾，大家早安。我們先從第四季業績開始。總而言之，由於利潤率表現非常強勁，我們的業績深度超出了預期。營收達 20.6 億美元，比上年成長 10%，其中收購貢獻了 5%，內生成長為 4%，低於我們的預期。我稍後會詳細說明。

EBITDA of $818 million was also up 10% over the prior year. Notably, our core EBITDA margin expanded 60 basis points in the quarter, representing 54% incremental margin. DEPS of $5.21 was above our guidance range of [5.11 to 5.16] and up $0.40 over the prior year.

息稅折舊攤提前利潤 (EBITDA) 為 8.18 億美元，比上年增長 10%。值得注意的是，本季我們的核心 EBITDA 利潤率成長了 60 個基點，成長 54%。每股盈餘 (DEPS) 為 5.21 美元，高於我們先前 [5.11 至 5.16] 的指導範圍，比上年增長 0.40 美元。

Shares were reduced by 1.1 million in the quarter for repurchases, which you see partially showing up here in our diluted share count on a year over year basis. However, the repurchase did not impact debts in the quarter versus our guidance, given the partial quarter share cap benefit and higher interest expense.

本季因股票回購減少了 110 萬股，這部分體現在我們同比稀釋後的股票數量。然而，由於部分季度股份上限收益和更高的利息支出，此次回購並未對本季債務產生影響，這與我們的預期不符。

Now if you turn it with me to slide 7, I'll walk through the Q4 segment performance. Application software revenue grew 10% with organic growth of 4%, and margins were solid, expanding 70 basis points to 42.2%. It's important to outline some details on organic revenue. Recurring revenue grew 6% in the quarter, however, non-recurring revenue was down 8% in the quarter and was the primary driver to the lower end of our mid-single-digit outlook.

現在，請和我一起翻到第 7 張投影片，我將帶您了解第四季的業績表現。應用軟體營收成長了 10%，其中有機成長為 4%，利潤率穩健，成長了 70 個基點，達到 42.2%。有必要詳細說明一下有機收入的情況。本季經常性收入成長了 6%，但非經常性收入下降了 8%，這是導致我們預期中個位數成長預期下限的主要原因。

In our last call, we talked about Deltech being the big swing factor in the quarter. With the prolonged government shutdown, large govcon commercial activity and perpetual license revenue was meaningfully impacted, leading to Deltech being up at the lower end of mid-signal digits for the year as compared to the solid mid-single-digit plus grower it's been over the decade that we've owned the business.

在上次電話會議中，我們討論了 Deltech 將成為本季業績的主要波動因素。由於政府長期停擺，大型政府承包商業活動和永久許可證收入受到重大影響，導致 Deltech 今年的增長僅為中等偏低水平，而過去十年我們擁有該業務期間，其增長率一直保持在中等個位數以上。

That said, we are cautiously optimistic about a 2026 improvement for Deltech, given both the 2025 disruptions caused by DOGE and the shutdown, and the forward benefit of the OBBB appropriations coming into the market. As improvements occur, we will reflect this in our outlook.

儘管如此，考慮到 2025 年 DOGE 和政府停擺造成的干擾，以及 OBBB 撥款進入市場帶來的未來收益，我們對 Deltech 在 2026 年的改善持謹慎樂觀態度。隨著情況的改善，我們將在展望中反映出來。

For network software, revenue grew 14% with organic growth of 5%. Margins were lower at 52.8% due to the recent bolt-ons for DET that are currently scaling into profitability. On organic revenue, recurring growth here was also 6%. The recurring performance was consistent with patterns over the last two quarters with mid-single-digit growth at DAT despite a muted market backdrop and steady improvement at Foundry.

網路軟體營收成長 14%，其中自然成長 5%。由於 DET 近期推出的附加產品目前正在逐步實現盈利，因此利潤率下降至 52.8%。在有機收入方面，經常性成長率也達到了 6%。儘管市場環境低迷，但過去兩個季度的業績與以往的模式一致，DAT 實現了中等個位數的成長，而 Foundry 則穩步改善。

However, non-recurring revenue was down 3% on lower services revenue and some customers electing to move from perpetual to SaaS, which negatively impacts the quarter but benefits long-term growth and customer lifetime value.

然而，由於服務收入下降以及一些客戶選擇從永久訂閱轉向 SaaS，非經常性收入下降了 3%，這對本季產生了負面影響，但有利於長期成長和客戶終身價值。

For our tech segment, revenue grew 6% or 5% organically, while margins held flat to prior year at 34.8%. NDI outperformed in the quarter, given strong demand for solutions in the cardiac ablation space, while Neptune was down slightly, as expected, as we comped against a stronger prior fourth quarter and worked through the final surcharge negotiations.

就我們的技術部門而言，營收成長了 6%，其中有機成長為 5%，而利潤率與上年持平，為 34.8%。由於心臟消融領域的解決方案需求強勁，NDI 在本季度表現出色；而 Neptune 則如預期般略有下滑，因為我們與之前第四季度強勁的業績進行了比較，並且完成了最後的附加費談判。

Now let's turn to slide 8, where I'll summarize our 2025 full year results. 2025 was a solid year in terms of cash flow and debt performance despite lower than expected organic revenue. Revenue posted at $7.9 billion or up 12% over the prior year. Acquisitions contributed nearly 7% growth.

現在我們來看第8張投影片，我將在這裡總結我們2025年的全年業績。儘管有機收入低於預期，但2025年在現金流和債務表現方面依然穩健。營收達79億美元，較上年成長12%。收購貢獻了近7%的成長。

Of note, we acquired two great platform businesses in CentralReach and SubSplash that will be accretive to 2026 second half organic growth. We also made three strategic bolt-ons for DAT that significantly automate workflow in the spot freight market and will gain adoption in the years to come, which will ultimately inflect the growth rate for DAT.

值得一提的是，我們收購了 CentralReach 和 SubSplash 這兩家優秀的平台企業，它們將促進 2026 年下半年的自然成長。我們也為 DAT 開發了三個策略性附加元件，大幅提高了現貨貨運市場的自動化工作流程，並將在未來幾年廣泛應用，最終將影響 DAT 的成長率。

Organic growth was nearly 5.5%, which Neil will discuss in the segment detail. EBITDA reached $3.1 billion, or 39.8% margin and was up 11% over the prior year. Of note, core margin improved 30 basis points and represented 47% incremental margin, which is in line with our long-term growth algorithm. DEPS of $20 was up 9% over prior year and reflects the top end of our 2025 guidance range provided in January, despite lower organic revenue and in-year dilution from recent acquisitions.

有機成長率接近 5.5%，尼爾將在本節詳細討論這一點。EBITDA 達 31 億美元，利潤率為 39.8%，比上年增長 11%。值得注意的是，核心利潤率提高了 30 個基點，增幅達 47%，這與我們的長期成長演算法相符。儘管有機收入下降，且近期收購導致年內稀釋，但每股盈餘 (DEPS) 仍達到 20 美元，比上年增長 9%，反映了我們在 1 月份給出的 2025 年業績指引範圍的上限。

Free cash flow of nearly $2.5 billion was up 8% and represented 31% of revenue, which is in line with our initial free cash flow margin framing for the year. This represents an 18% CAGR since 2022, or excluding the impact from Section 174 in both periods, it was at 14%.

自由現金流接近 25 億美元，成長 8%，佔營收的 31%，這與我們年初對自由現金流利潤率的預期相符。自 2022 年以來，這相當於 18% 的複合年增長率；如果排除第 174 條款在這兩個時期的影響，則複合年增長率為 14%。

As we look forward to 2026, we expect higher growth than in 2025 through benefits from working capital and cash tax improvements. This will put us safely over 30% of revenue next year. However, Q1 will be a bit lower given timing of coupon payments for new bonds issued in the third quarter of 2025. This of course does not contemplate future capital deployment towards either M&A or share repurchases, which brings us to our balance sheet discussion on slide 9.

展望 2026 年，我們預期由於營運資本和現金稅收改善帶來的利好，成長速度將高於 2025 年。這將使我們明年的營收穩居30%以上。不過，考慮到 2025 年第三季發行的新債券的票息支付時間，第一季將會略低。當然，這並沒有考慮未來將資金用於併購或股票回購，這就引出了我們在第 9 頁投影片上對資產負債表的討論。

We're entering 2026 in a strong financial position with net leverage ratio of 2.9 times and ample near-term liquidity with about $300 million of cash, nearly $2.7 billion available on a revolver. With this position and strong forward cash generation, we have over 6 billion in capacity for capital employment this year.

我們以強勁的財務狀況進入 2026 年，淨槓桿率為 2.9 倍，近期流動性充足，擁有約 3 億美元的現金，循環信貸額度接近 27 億美元。憑藉這一地位和強勁的預期現金流，我們今年有超過 60 億美元的資本投入能力。

Regarding M&A opportunities, we've been proactive and successful in executing high-quality acquisitions for the last couple of years, despite a weak M&A margin. Most anticipate the market to pick up in 2026, which we view as a net positive given Roper is a home of choice for many acquisition target CEOs. Additionally, we have the attractive optionality of a share repurchase program which was authorized and commenced in the fourth quarter.

在併購機會方面，儘管併購利潤率較低，但在過去幾年裡，我們一直積極主動地執行高品質的收購，並取得了成功。大多數人預計市場將在 2026 年回暖，考慮到 Roper 是許多收購目標 CEO 的首選之地，我們認為這是一個積極的信號。此外，我們還擁有極具吸引力的股票回購計畫選擇權，該計畫已於第四季獲得批准並開始實施。

As Neil mentioned, we deployed $500 million to acquire 1.1 million shares in the quarter at an average price of just under $446. This leaves us $2.5 billion remaining on our current $3 billion authorization. We will remain agile and deploying capital to the best return for shareholders. Given the current valuation dislocation, we are now very pleased to have the buyback option available.

正如尼爾所提到的，我們本季投入了 5 億美元，以平均每股略低於 446 美元的價格收購了 110 萬股股票。這樣一來，我們目前30億美元的授權額度還剩下25億美元。我們將保持靈活，並將資金投入能為股東帶來最佳回報的項目。鑑於目前的估值偏差，我們非常高興能夠提供回購選擇權。

With that, I'll turn it back over to Neil to discuss the segment performance and outlook.

接下來，我將把發言權交還給尼爾，讓他來討論該業務板塊的表現和前景。

Thanks, Jason. As we turn to page 11, let's review our application software segment. Revenue for the year grew by 16% in total, and organic revenue grew by 5%. EBITDA margins were 42.5%, and core margins improved 80 basis points in the year.

謝謝你，傑森。翻到第 11 頁，讓我們回顧一下應用軟體部分。全年總收入成長了 16%，其中有機收入成長了 5%。EBITDA利潤率為42.5%，核心利潤率較前一年提高了80個基點。

For the segment we saw recurring and reoccurring revenue grow on an organic basis 7% for the year and total organic revenue improved about 70 basis points saved for the Deltech-related market weakness, both of which provide evidence of underlying strength for this businesses, for the businesses in this group.

就該業務部門而言，我們看到經常性收入和再經常性收入在有機基礎上增長了 7%，總有機收入提高了約 70 個基點（考慮到 Deltech 相關的市場疲軟），這兩點都證明了該業務以及該集團內各業務的潛在實力。

[Adder] continues to execute from a position of strength. FY25 revenue grew in the mid-teens area with strong bookings throughout the year. Importantly, they're leaning into the right long-term work, accelerating Slash, SaaS and AI within innovation while modernizing their tech platform and data lake.

[Adder] 繼續從優勢地位發動攻擊。2025財年營收成長了兩位數以上，全年預訂量強勁。重要的是，他們正專注於正確的長期工作，在創新領域加速 Slash、SaaS 和 AI 的發展，同時對其技術平台和數據湖進行現代化改造。

Deltech was the primary weaker part of the story for this segment and has been straightforward all year with GovCon remaining a challenging market through throughout most of 2025. That said, we view the passage of the OBBB as a positive development for the market. It should drive upside over time, but we've not included any benefit in our 2026 guidance and we'll monitor customer activity as the year progresses.

Deltech 是該板塊的主要薄弱環節，並且全年表現都很穩定，因為在 2025 年的大部分時間裡，政府承包市場仍然充滿挑戰。也就是說，我們認為 OBBB 的通過對市場來說是一個正面的發展。從長遠來看，這應該會帶來上漲空間，但我們在 2026 年的業績指引中並未包含任何收益，我們將在這一年中持續關注客戶活動。

Q4 had another solid year with growth driven by strong recurring revenue performance and continued execution on product and customer outcomes. Looking ahead, the team is leaning into a focused set of priorities scaling automation, particularly AI enabled workflow improvements, while continuing to deliver steady innovation to the agency and carrier ecosystem.

第四季業績依然穩健，成長主要得益於強勁的經常性收入表現以及在產品和客戶成果方面的持續執行。展望未來，團隊正致力於一系列重點優先事項，擴大自動化規模，特別是人工智慧賦能的工作流程改進，同時持續為代理商和營運商生態系統帶來持續的創新。

Power Plant delivered another strong year with healthy recurring growth and steady progress on product modernization and cloud migration. They continue to invest in product innovation, customer experience, and internal operating capabilities, improving their long-term organic growth profile. Shout out to Rafi for carrying the leadership mantle forward at Power Plan and great job managing the transition from Joe.

Power Plant 又迎來了一個強勁的年份，實現了健康的持續成長，並在產品現代化和雲端遷移方面取得了穩步進展。他們持續投資於產品創新、客戶體驗和內部營運能力，從而改善其長期有機成長狀況。向 Rafi 致敬，感謝他扛起 Power Plan 的領導重任，並出色地完成了從 Joe 到 Rafi 的過渡工作。

Alumia, formerly known as Seaboard and Transact, continues to execute well and is progressing in its integration and platform roadmap while maintaining solid commercial momentum, and we're excited to welcome Greg Brown, our new CEO at Alumia, who brings a long and successful history of leading scaled software businesses. Congrats and thanks to Laura, Rachel, [Terrain], and Rob for executing the VCP, driving the business combination, and achieving the year one target.

Alumia（前身為 Seaboard 和 Transact）繼續保持良好的運營，並在其整合和平台路線圖方面取得進展，同時保持穩健的商業勢頭。我們很高興地歡迎 Greg Brown 加入我們，擔任 Alumia 的新任首席執行官，他擁有領導規模化軟體企業的長期成功經驗。恭喜並感謝 Laura、Rachel、[Terrain] 和 Rob 執行了 VCP，推動了業務合併，並實現了第一年的目標。

We look at the broader portfolio of businesses we've acquired over the last couple of years, Intellis, Transact, Subsplash, Centreach, and ProCare, we feel very good about the quality and long-term growth potential of this group. However, ProCare did not perform to our expectations in 2025, although we do feel good about the business building that occurred last year.

我們審視了過去幾年收購的更廣泛的業務組合，包括 Intellis、Transact、Subsplash、Centreach 和 ProCare，我們對該集團的品質和長期成長潛力感到非常滿意。然而，儘管我們對去年的業務發展感到滿意，但 ProCare 在 2025 年的表現並未達到我們的預期。

Specifically, we improved payments, execution, upgraded the entire leadership team and continue to win competitively in the market where ProCare remains a category leader. The biggest constraint was implementation timing across both software and payments with delayed customer time to value and weighed on payments volumes. Improving implementation speed and delighting the customer base are the top priorities, and ProCare's leader Joe Gomes has executed this playbook before at Power Plant.

具體來說，我們改進了支付和執行流程，升級了整個領導團隊，並在ProCare保持行業領先地位的市場中繼續保持競爭力。最大的限制因素是軟體和支付方面的實施時間，導致客戶獲得價值的時間延遲，並影響了支付量。提高實施速度和讓客戶滿意是首要任務，ProCare 的領導者 Joe Gomes 之前在 Power Plant 就執行過這項策略。

So it reaches off to an outstanding start and ahead of our deal model. The business is scaling well with strong recurring software momentum and expanding profitability, and they're building a broader growth engine through cross-sell and a steady cadence of new product releases, including AI enabled offerings.

因此，它取得了非常出色的開局，領先於我們的交易模式。憑藉強勁的軟體銷售勢頭和不斷擴大的盈利能力，該業務發展良好，他們正透過交叉銷售和持續推出新產品（包括人工智慧產品）來建立更廣泛的成長引擎。

Now turning to our outlook for 2026. We expect organic growth to be in the higher end of the mid-singles range. We also expect a modest back half weighting as central reach turns organic and non-recurrent comparables ease in the second half.

現在讓我們展望一下2026年。我們預計有機成長率將處於中等個位數區間的較高水準。我們也預期下半年權重將適中，因為下半年中心區域的自然成長和非經常性可比性將有所緩解。

As mentioned previously, we're maintaining a conservative posture in GovCon at Deltech until we've seen sustained improvement in commercial activity. So overall, application software remains a durable growth engine supported by recurring revenue momentum and continued product execution across this portfolio.

如前所述，在商業活動持續改善之前，Deltech 在政府承包方面將保持保守立場。總體而言，應用軟體仍然是一個持久的成長引擎，這得益於持續的收入動能和該產品組合的持續產品執行。

Please turn with us to page 12. Total revenue growth in our network segment was 8% and organic revenue grew 4% for 2025. Even the margins came in at 54.1%. DAT continues to execute well on what they can control, broker integrations, value capture, and trust in the network, all leading to ARPU expansion.

請翻到第12頁。2025 年，我們網路業務部門的總收入成長了 8%，有機收入成長了 4%。利潤率也達到了 54.1%。DAT 繼續在其可控範圍內有效執行，包括經紀整合、價值獲取和網路信任，所有這些都將帶來 ARPU 的成長。

Although the freight recession persisted throughout 2025, DAT is continuing its evolution from a traditional load board into a more automated marketplace where brokers and carriers can match loads with greater trust and efficiency and increasingly transact within the platform, and as this happens, DAT's TAM and monetization opportunities grow.

儘管貨運衰退持續到 2025 年，但 DAT 仍在不斷發展，從傳統的貨運平台向更自動化的市場轉型，在這個市場中，經紀人和承運人可以更加信任和高效地匹配貨運，並在平台內進行越來越多的交易。隨著這種情況的發生，DAT 的潛在市場規模和獲利機會也在成長。

To this end, DAT is advancing its AI-first operating model with concrete use cases across carrier onboarding, fraud detection, and freight matching automation. This is a pattern we like. AI then improves customer outcomes, lowers transaction friction, and expands our TAM, where you have a very high right to win.

為此，DAT 正在推動其以人工智慧為先導的營運模式，並在承運商入駐、詐欺偵測和貨運匹配自動化等領域提出具體的應用案例。我們喜歡這種模式。人工智慧可以改善客戶體驗，降低交易摩擦，並擴大我們的潛在市場規模，讓您有很高的成功幾率。

ConstructConnect had another strong year of recurring revenue growth, and the team made material technical advances with their AI-based takeoff solution boost. Foundry is making steady progress with year over year growth in ARR as the market continues to recover.

ConstructConnect 又迎來了強勁的一年經常性收入成長，團隊憑藉其基於人工智慧的起飛解決方案提昇技術取得了實質進展。隨著市場持續復甦，Foundry 的 ARR 逐年穩定成長。

We continue to be excited about the AI product development at Foundry because it fits naturally in the creative workflows where small improvements can materially improve artist throughput. Importantly, these are high frequency, high-value tasks that Foundry already sits inside. So AI is being delivered as embedded features that customers should adopt quickly given the clear and integrated efficiency gains offered.

我們對 Foundry 的 AI 產品開發持續感到興奮，因為它自然而然地融入創意工作流程中，而微小的改進就能顯著提高藝術家的工作效率。重要的是，這些都是高頻、高價值的任務，而 Foundry 已經身處其中。因此，人工智慧正以嵌入式功能的形式提供，鑑於其帶來的清晰且全面的效率提升，客戶應該迅速採用。

MHA Softwriters and SHP continue to execute well, supported by stable in-market demand and strong reoccurring revenue models. Each team is advancing its roadmap with targeted investments in functionality, workflow efficiency and service levels to deepen customer value and retention.

在穩定的市場需求和強勁的經常性收入模式的支持下，MHA Softwriters 和 SHP 繼續保持良好的表現。每個團隊都在推進其發展路線圖，透過有針對性地投資於功能、工作流程效率和服務水平，來加深客戶價值和提高客戶留存率。

SubSplash is off to a great start in a portfolio with strong execution and solid momentum across the business. We're encouraged by the durability of the revenue model and the opportunity to continue expanding value delivered to customers over time.

SubSplash憑藉著強大的執行力和穩健的業務發展勢頭，在投資組合中取得了良好的開局。我們對這種收入模式的持久性以及隨著時間的推移不斷擴大為客戶創造價值的機會感到鼓舞。

As we turn to the outlook for the year, we expect network software organic growth to be in the higher end of the mid-singles range, representing a modest improvement versus 2025. We expect a stronger Q4 driven by SubSplash turning organic in the quarter. Of note, we remain conservative on DAT by assuming no meaningful improvement in the freight market.

展望今年，我們預計網路軟體的有機成長將達到中等個位數區間的較高水平，與 2025 年相比將略有改善。我們預計第四季業績將更加強勁，主要得益於SubSplash在本季實現有機成長。值得注意的是，我們對DAT持保守態度，認為貨運市場不會有實質改善。

Now please turn to page 13 and let's review our test segments full year results. Revenue here grew 7% on a total and 6% on an organic basis. EBITDA margins remain strong at 35.7%. We'll start with NDI whose growth is being driven primarily by sustained momentum and its electromagnetic tracking solutions supported by strong OEM demand and program ramps.

現在請翻到第 13 頁，讓我們回顧一下我們測試部分的全年結果。該業務的總收入增長了 7%，其中有機增長了 6%。EBITDA利潤率維持強勁，達到35.7%。我們將從 NDI 開始，該公司的成長主要得益於持續的成長勢頭，其電磁追蹤解決方案也得到了強勁的 OEM 需求和專案規模擴大的支持。

Importantly, OEM order activity has remained strong and the business is converting that demand into higher revenue scale and operating leverage. Great job by Dave and the entire team at NDI.

重要的是，OEM 訂單活動依然強勁，公司正在將這種需求轉化為更高的收入規模和營運槓桿。Dave 和 NDI 的整個團隊做得非常出色。

Verathon continues to perform very well with solid growth across its GlideScope and BFlex franchises. Importantly, Verathon is the US market share leader in single-use bronchoscopes, which reflects several years of consistent execution and reinforces the durability of a model as the business continues to take share in an attractive procedural workflow area.

Verathon 旗下 GlideScope 和 BFlex 系列產品持續表現優異，實現了穩健成長。重要的是，Verathon 是美國一次性支氣管鏡市場份額的領導者，這反映了其多年來的持續成功，並鞏固了該模式的持久性，因為該公司在極具吸引力的手術工作流程領域不斷擴大市場份額。

Looking to 2026, we're optimistic about several new product launches planned throughout the year. For the full year, Neptune grew modestly, notwithstanding the year-long backlog normalization supported by demand for its static ultrasonic meters and its cloud-based software solutions.

展望2026年，我們對全年計畫推出的多款新產品持樂觀態度。儘管市場對其靜態超音波測量儀和基於雲端的軟體解決方案的需求支撐了長達一年的積壓訂單正常化，但海王星公司全年仍實現了小幅增長。

Although the second half commercial challenges tied to our tariff surcharging program eased late in the year, we remain cautious and are not underwriting your recovery in our 2026 guidance. Finally, the balance of the businesses in this segment, Civco, FMI, Avonics, IPA and RFIDs were really strong throughout 2025 and were meaningful contributors to the segment's results.

儘管與我們的關稅附加費計劃相關的下半年商業挑戰在年底有所緩解，但我們仍然保持謹慎，並且在我們的 2026 年業績指引中不保證您的收益能夠恢復。最後，該細分市場中的各業務板塊（Civco、FMI、Avonics、IPA 和 RFIDs）在 2025 年整體表現非常強勁，為該細分市場的業績做出了重要貢獻。

For the full year, we expect segment organic growth in the mid-single-digit range, with first half being more in the low singles area as Neptune's backlog continues to normalize. Given the more limited visibility of Neptune, we're taking a cautious approach as we monitor underlying demand over the next couple of quarters.

我們預計全年該業務板塊的有機成長將達到個位數中段，上半年隨著海王星的積壓訂單逐漸恢復正常，成長率將更接近個位數低段。鑑於海王星的可見性有限，我們將採取謹慎的態度，在接下來的幾季中密切關注潛在需求。

With that, please turn us to page 15. So now let's turn to our Q1 and full year 2026 guidance. Based on what we previously discussed in our segment overviews, we're initiating our 2026 financial guidance to grow fully revenue in the 8% area, organic revenue growth between 5% and 6%, and adjusted DEPS of $21.30 to $21.55. Our guidance assumes a full year effective tax rate in the 21% area and more in the 22% area for Q1.

那麼，請翻到第15頁。現在讓我們來看看我們對 2026 年第一季和全年的業績預期。根據我們先前在業務概覽中討論的內容，我們發布2026年財務預期，預計全年營收成長8%，有機營收成長5%至6%，調整後每股收益為21.30美元至21.55美元。我們的預期基於全年有效稅率在21%左右，第一季有效稅率可能更高，達到22%。

To reiterate from earlier, our full year guidance does not bake in improvement at Deltech's GovCon business or in DAT's freight market and assumes modest top-line weakness at Neptune versus 2025. As discussed, we expect stronger second half organic growth driven largely by CentralReach and SubSplash turning organic and easing non-recurring comparables.

重申一下先前的說法，我們的全年業績預期並未考慮 Deltech 的政府承包業務或 DAT 的貨運市場的改善，並且假設 Neptune 的營收與 2025 年相比略有下滑。如同先前討論的，我們預計下半年有機成長將更加強勁，這主要得益於 CentralReach 和 SubSplash 實現有機成長，並緩解了非經常性可比性的影響。

Our guidance does not assume a meaningful revenue uplift from our AI development work either. We view AI as incremental upside as we scale commercialization across the portfolio.

我們的預期也並未假設人工智慧開發工作會帶來顯著的收入成長。我們認為，隨著我們在整個產品組合中擴大商業化規模，人工智慧將帶來增量收益。

Finally, we remain positioned to be active and opportunistic on cap deployment. We continue to have a robust M&A funnel, a meaningful remaining share repurchase authorization, and substantial financial flexibility, and we'll remain disciplined and unbiased between acquisitions and buybacks based on what drives the highest and most durable cash flow per share compounding. For the first quarter, we expect adjusted DEPS to be in the range of $4.95 to $5 reflecting the dynamics previously discussed.

最後，我們將繼續保持積極主動、抓住機會的態度，部署碳排放上限。我們仍然擁有強大的併購管道、相當可觀的剩餘股票回購授權和充足的財務靈活性，我們將保持對收購和回購的嚴格和公正，以推動每股現金流複合增長最高和最持久為目標。第一季度，我們預計調整後的每股盈餘 (DEPS) 將在 4.95 美元至 5 美元之間，反映了先前討論過的動態。

Now please turn us to page 16, I'll open up for your questions. We'll conclude with the same three takeaways with which we started. First, in 2025, we delivered both double-digit revenue and EBITDA growth and solid free cash flow. Enterprise software bookings grew in the low double-digit range, which positioned us well entering 2026.

現在請翻到第16頁，我將開始回答大家的問題。最後，我們重申開頭提出的三個要點。首先，在 2025 年，我們實現了兩位數的營收和 EBITDA 成長以及穩健的自由現金流。企業軟體預訂量實現了兩位數的低成長，這為我們進入 2026 年奠定了良好的基礎。

Second, we're investing for long-term sustainable growth improvements while staying disciplined in our expectations. Throughout 2025, we upskilled talent, sharpened strategy, and improved execution across the portfolio, and we are accelerating AI product development. We're not baking in an organic inflection in 2026, and our guidance will reflect improvement as it materializes.

其次，我們進行長期可持續成長改善的投資，同時維持對預期的嚴格控制。2025 年全年，我們提升了人才技能，完善了策略，提高了整個產品組合的執行力，並且我們正在加速人工智慧產品的開發。我們並未預期 2026 年會出現自然成長，我們的預期將隨著實際情況的改善而調整。

Third, we materially advance our portfolio through capital deployment. We deployed $3.3 billion into high-quality vertical software acquisitions, executed opportunistic repurchases, and maintained more than $6 billion of forward capacity.

第三，我們透過資本部署，實質地推進我們的投資組合。我們投入 33 億美元用於高品質的垂直軟體收購，執行了機會性回購，並維持了超過 60 億美元的遠期產能。

As we look ahead, Roper remains an advantage and preferred buyer for both management teams and private equity sellers, and we believe the M&A backdrop remains constructive as private equity firms face increasing pressure to generate liquidity for limited partners. Our pipeline is robust and our team is deeply engaged, and we will remain disciplined and unbiased on valuation and business quality.

展望未來，Roper 仍然是管理團隊和私募股權賣方的優勢和首選買家，我們認為，隨著私募股權公司面臨越來越大的壓力，需要為有限合夥人創造流動性，併購市場環境依然保持積極態勢。我們的專案儲備充足，團隊積極投入，我們將在估值和業務品質方面保持嚴謹和公正。

In parallel, we'll continue to balance acquisitions with opportunistic buybacks, allocating capital to whichever path drives the best risk adjusted and long-term cash flow per share compounding. As we returned to your questions, please flip to the final slide or strategic compounding flywheel.

同時，我們將繼續平衡收購與機會性回購，將資金分配到能夠帶來最佳風險調整後長期每股現金流複合成長的路徑上。回到您的問題，請翻到最後一頁幻燈片或戰略複利飛輪。

What we do at Roper is simple. We compound cash flow over the long arc of time through a discipline strategy anchored on three things.

Roper公司所做的事情很簡單。我們透過以三件事為基礎的嚴謹策略，在較長的時間範圍內實現現金流的複利成長。

First, we're in market-leading vertical focused businesses, application-specific, deeply embedded, and mission critical. These are the durable franchises with highly recurring revenue and organic cash flow growth that can improve over time.

首先，我們專注於市場領先的垂直行業，這些行業專注於特定應用、深度嵌入和任務關鍵型業務。這些是具有持久性、高經常性收入和有機現金流成長的特許經營項目，隨著時間的推移，這些項目還能不斷改進。

Second, we run a decentralized operating model, so our teams stay exceptionally close to customers and their workflows, so we can consistently compete and win. That customer intimacy is a core competitive advantage, and it's also how we win an AI.

其次，我們採用去中心化的營運模式，因此我們的團隊與客戶及其工作流程保持著非常緊密的聯繫，從而能夠持續地參與競爭並取得成功。與客戶的密切關係是我們的核心競爭優勢，也是我們贏得人工智慧的關鍵。

In our markets, AI isn't a generic overlay. It has to be grounded in a real workflow context, tuned to domain-specific edge cases and deployed through trusted embedded relationships, so our AI delivers measurable value and better customers results.

在我們的市場中，人工智慧不是通用的附加功能。它必須立足於真實的工作流程環境，針對特定領域的極端情況進行調整，並透過可信賴的嵌入式關係進行部署，這樣我們的人工智慧才能帶來可衡量的價值和更好的客戶成果。

Third, we pair that with discipline, central led capital deployment, focus on high-quality M&A and opportunistic share repurchases, allocating capital objectively to maximize durable cash flow per share compounding.

第三，我們將其與紀律、中央主導的資本部署、專注於高品質併購和機會性股票回購相結合，客觀地分配資本，以最大限度地提高每股持久現金流的複利增長。

Initiating businesses, decentralized operations close to customers, and disciplined capital employment, that's our long-term compounding flywheel. We're excited to compete and win and continue delivering long-term and improving cash flow compounding per share.

創辦企業、在客戶附近分散營運、以及有紀律地運用資本，這就是我們長期複利成長的飛輪。我們很高興能夠參與競爭並取得勝利，並繼續實現長期且不斷改善的每股現金流複合成長。

So with that, thank you for your continued interest and support. Let's open it up to your questions.

在此，感謝大家一直以來的關注與支持。現在我們來回答大家的問題。

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

接下來我們將進入問答環節。（操作說明）

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Good morning, Neil. Regarding Deltech, I'm curious if you could just give everyone a sense of what you're baking into the '26 guide and how you're protecting against another potential government shutdown.

早安，尼爾。關於 Deltech，我很好奇您能否向大家介紹一下您在 2026 年指南中納入了哪些內容，以及您是如何防止再次發生政府停擺的。

Yeah, go ahead, Jason.

好的，傑森，請便。

Yeah, so good morning, Brent. Yeah, I think we are not assuming, an improvement this year. The fourth quarter was depressed by the perpetual license revenue, as I talked about most of GovCon enterprise. Still buys perpetual licenses, so that's what drove our lower organic in the fourth quarter. So we don't think that's going to repeat next year. So we do have a comp benefit but otherwise we're not really assuming, improvement in that market until we see it.

好的，早安，布倫特。是的，我認為我們不應該指望今年情況會有所好轉。第四季受永久授權收入的影響而表現不佳，正如我之前談到的，這主要涉及政府承包企業。仍然購買永久授權，所以這就是導致我們第四季度有機增長下降的原因。所以我們認為明年不會再發生這種情況了。所以，我們確實有一些補償福利，但除此之外，在我們親眼看到市場好轉之前，我們不會真的假設市場會好轉。

Okay, and on ProCare, Neil, what do you think needs to happen to get that back meeting expectations?

好的，尼爾，關於ProCare，你認為需要做些什麼才能讓它重新達到預期效果？

Yeah, I think it's just to go through a little bit of we talked about in the prepared remarks and then add a little bit more to it. So hey, the business is the leader in the marketplace. It is the clear leader. We've done a lot of good things there, we sort of cleaned up and fixed the payments, cost infrastructure and processing capability. We fixed and improved to go to market, so we're competing and winning in the marketplace we're winning a majority of the jump balls versus the primary competitor and so the problem now is just pushed to the right.

是的，我覺得就是簡單回顧我們準備好的演講稿裡提到的一些內容，然後再補充一些內容。所以，這家公司是市場上的領導者。它是絕對的領導者。我們在那裡做了很多好事，我們清理並修復了付款、成本基礎設施和處理能力。我們進行了修復和改進以進入市場，因此我們在市場上競爭並取得了勝利，我們在與主要競爭對手的較量中贏得了大多數勝利，因此現在的問題只是被推到了右邊。

So now we're winning these opportunities and we're slow to implement the software which means we're slow to implement the payments and that's the next, the next sort of objective in front of the team there. So once we get that done, we feel much better about that. It's a completely fixable problem. It's one of the problems that you don't like to have problems generally, but when you do have new ones that are eminently fixable, which this one is, the larger problem would be if we had a competitive situation or something like that, which we do not have.

所以現在我們贏得了這些機會，但是我們在實施軟體方面進展緩慢，這意味著我們在實施支付方面進展緩慢，而這正是團隊面臨的下一個目標。所以一旦我們完成了這件事，我們就會感覺好多了。這是一個完全可以解決的問題。這是你通常不喜歡遇到的問題之一，但當你遇到一些很容易解決的新問題時（就像這個問題一樣），更大的問題在於如果我們面臨競爭局面或其他類似情況，而我們並沒有這種情況。

Great. Thanks.

偉大的。謝謝。

You bet.

當然。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Hello, thank you for taking the question. I wondered if, specifically on the GovCon business you could maybe give a rank order of the kind of appropriation bills, what would have the most impact or within Deltech exposure, what segments of the government getting those appropriation bills passed would be most significant.

您好，感謝您回答這個問題。我想知道，具體到政府承包業務，您是否可以對各類撥款法案進行排序，哪些法案的影響最大；或者在 Deltech 的業務範圍內，政府的哪些部門獲得這些撥款法案的通過最為重要。

Yeah, so I'll just, I'll draw back to the OBBB. And this is, as we're not Deltech doesn't have direct exposure to the government. It's our customers that are the federal conduct that have the direct exposure to the government. Just to remind everybody. The OBBB is a heavy on Defense Department of War, Department of Defense, and DHS funding and spending that tends those categories tend to have larger percentage of contractor spend.

是的，所以我就，我還是回到OBBB吧。正因為我們不是 Deltech，所以 Deltech 沒有與政府的直接業務往來。我們的客戶是聯邦政府的直接客戶，他們直接受到政府的監管。提醒一下大家。OBBB 非常重視國防部戰爭部、國防部和國土安全部的資金和支出，這些類別往往有較大比例的承包商支出。

It could be north of 50% of the whole category. It could be contractor spend, so that's definitely a tailwind. The civilian programs tend to have lower percentage, so it's not necessarily a bad thing for for Deltech's customers but it's certainly better on the current appropriations the OBBB.

它可能超過該類別總數的 50%。這可能是承包商的支出，所以這絕對是一個好因素。民用項目的百分比往往較低，所以這對 Deltech 的客戶來說不一定是件壞事，但對於 OBBB 目前的撥款來說肯定更好。

Perfect. And then, the last two years hovered around $3 billion deployed towards acquisitions. Wondering if you could talk about the expectations for how much you might deploy in '26, what scenario might push you towards a number closer to $4 billion or a number closer to $2 billion. So what are you factoring into the deployment outlook for '26? Thank you.

完美的。然後，過去兩年，用於收購的資金一直徘徊在 30 億美元左右。想請您談談對 2026 年投資金額的預期，以及什麼情況下投資額會接近 40 億美元或接近 20 億美元。那麼，您在製定 2026 年的部署計畫時考慮了哪些因素？謝謝。

As we mentioned there's about $6 billion sort of is what the forward capacity is over the next 12 months. We have the two levers available to us on the capital, the M&A, and the buyback. On the M&A side, the thing for us, I mean, I've been here 15 years. Jason's been here 20, when you're building a business that has an M&A lever, we never view the amount of capital in the next 12 months of the budget or we got to spend it because we're building a business that's going to own businesses in perpetuity. So you have to buy very high-quality businesses at an appropriate price and so that discipline guides us.

正如我們之前提到的，未來 12 個月的產能約為 60 億美元。我們可以透過兩種資本槓桿來獲取資金：併購和股票回購。就併購方面而言，對我們來說，我的意思是，我在這裡已經15年了。Jason 在這裡工作了 20 年，當你打造一家擁有併購槓桿的企業時，我們從不考慮未來 12 個月的預算資金數額，或者我們必須花掉多少資金，因為我們正在打造一家將永遠擁有其他企業的企業。所以你必須以合適的價格收購高品質的企業，這種原則指導著我們。

So it's hard to set an expectation that says we'd be we're going to get x dollars deployed against the $6 billion, excuse me in in M&A or buyback, but we like having both levers available to us and we're just going to do what's best objectively to compound cash flow per share at the best rate we can.

因此，很難設定一個預期，說我們會將 60 億美元中的 x 美元用於併購或股票回購，但我們喜歡同時擁有這兩種手段，我們將客觀地做最好的事情，以盡可能高的速度實現每股現金流的複合增長。

I will say that we think this coming into this year, I think the market is ripe for more assets to become available. I mean, we've been very proactive the last couple of years with it in a very muted market. So as I mentioned, I think it's a net positive for us, but we'll just stay disciplined and focused.

我想說的是，我們認為進入今年以來，市場已經成熟，會有更多資產可以出售。我的意思是，在過去幾年市場低迷的情況下，我們一直非常積極地推動這項業務。正如我之前提到的，我認為這對我們來說總體上是件好事，但我們會保持自律和專注。

Yeah. Don't mistake anything I'm saying like I was just saying Jason said, the opportunity, the number of deals, the number, the amount of LP pressure on, on the GPs and private equity just continues to mount. There's going to be, there's an aging portfolio, very high-quality assets. A number of those assets that we're have relationship with and are meeting with management teams and becoming the preferred owner, all that is very ripe for opportunity, but we're going to remain as we always do disciplined.

是的。不要誤解我的意思，就像我剛才說的傑森所說的那樣，機會、交易數量、有限合夥人對普通合夥人和私募股權基金的壓力都在增加。將會有一個老化的投資組合，其中包含非常高品質的資產。我們正在與一些資產建立聯繫，並與管理團隊會面，爭取成為這些資產的首選所有者，所有這些都蘊藏著巨大的機遇，但我們將一如既往地保持自律。

Finally, on that, over the last really 3 years, 2.5 or 3 years, we've really leaned in and built capacity for tuck-ins and bolt-ons. That's a more predictable pace, I think we did seven or eight maybe eight small ducking acquisitions last year that'll be more sort of predictable because it's lower dollar per per transaction but but more of them.

最後，關於這一點，在過去的 3 年、2.5 年或 3 年裡，我們真正投入並建立了改裝和加裝的能力。我認為這是一個更可預測的節奏，去年我們進行了七到八筆小型收購，這筆收購更容易預測，因為每筆交易的金額較低，但數量更多。

Perfect. Thank you very much.

完美的。非常感謝。

Joseph Vruwink, Baird.

約瑟夫·弗魯溫克，貝爾德。

Great, thank you for taking my questions. On AI, when would you expect to get to the point of quantifying what AI means for Roper at maybe a more precise level? I think it's evident in certain areas already the aderrant callouts, they're mid-teens growth, they're 10 points above the segment. I would imagine customers want the cloud as part of their AI initiatives and so there's an inherent uplift and positive correlation between Roper and AI for the legal space. Can you do that more holistically and attribute some of the organic improvement excel tech you're already seeing and say that's directly or indirectly related to AI investment?

太好了，謝謝你回答我的問題。關於人工智慧，您認為何時才能更精確地量化人工智慧對 Roper 的意義？我認為在某些地區，這種差異已經很明顯了，這些地區的成長速度達到了十幾個百分點，比同行業平均高出 10 個百分點。我認為客戶希望將雲端技術作為其人工智慧計畫的一部分，因此 Roper 與人工智慧在法律領域之間存在著內在的提升和正相關性。您能否更全面地分析一下，將您目前看到的 Excel 技術的一些自然改進歸因於人工智慧投資，並說明這些改進是直接的還是間接的？

Yeah. So I appreciate the question. We spend a fair amount of time talking about that internally. Just a couple guiding principles that we have internally is one, we're not going to AI wash or allocate revenue like other companies have done or doing. We're not going to say X dollars R&D, therefore Y dollars of revenue is AI related, so we're not going to AI wash our revenue stream.

是的。我很感謝你的提問。我們內部花了不少時間討論這個問題。我們內部的幾個指導原則之一是，我們不會像其他公司一樣，透過人工智慧來洗白或分配收入。我們不會說 X 美元的研發投入，因此 Y 美元的收入與人工智慧相關，所以我們不會用人工智慧來粉飾我們的收入來源。

That said, we do aspire to be able to report a number, like AI revenue, SKU related is X or Y. Unfortunately, if we do that, I mean, we're going to monetize AI in more ways than just AI skews. It's going to be cloud uplift. It's going to be in packaging. It's going to be, there's going to be lots of ways that we monetize this. So this is actually, it says simple.

也就是說，我們確實希望能夠報告一些數字，例如 AI 收入，SKU 相關數據是 X 還是 Y。不幸的是，如果我們這樣做，我的意思是，我們將透過多種方式將人工智慧貨幣化，而不僅僅是人工智慧偏差。這將是雲層抬升。它將被包裝起來。將會有很多種方式來實現盈利。所以，實際上，它說很簡單。

It does pretty hard from how we're going to be able to sort of report this where it's credible. At the end of the day, Joe, you highlight the most important thing which is we believe this is a TAM, meaningful TAM expander for us, which means it should be a growth driver for us, and you'll see it show up initially in bookings, and eventually into the recurring or reoccurring base. We see that see that center reach. We'd expect to see it across several of our businesses starting this year.

這對我們如何以可信的方式報道這件事來說，確實是個難題。歸根結底，喬，你強調了最重要的一點，那就是我們相信這對我們來說是一個意義重大的TAM（總市場規模）擴張器，這意味著它應該會成為我們的成長動力，你會看到它最初體現在預訂量上，最終體現在經常性客戶或重複性客戶群上。我們看到中心延伸。我們預計從今年開始，我們的多個業務部門都會採用這種方法。

More broadly as we sort of write the chapters on Roper in 2025, the chapter on AI will be how we learned to develop the initial set of products across our software businesses. Essentially every one of our software businesses either has or is right on the precipice of having AI related product to deliver to our customers.

更廣泛地說，當我們為 2025 年的 Roper 撰寫章節時，關於人工智慧的章節將講述我們如何學習開發軟體業務的首批產品。基本上，我們所有的軟體業務要么已經擁有，要么即將擁有與人工智慧相關的產品，可以交付給我們的客戶。

'26, I think that the chapter is going to be how we commercialize, how do you sell, deploy, drive implementation and ultimately sort of monetize all of the product, and so that's going to be the journey of learning for us across the portfolio organization. We look forward to providing updates on that as we get through the year.

我認為第 26 章將探討我們如何實現商業化，如何銷售、部署、推動實施，並最終實現所有產品的貨幣化，這將是我們整個投資組合組織的學習之旅。我們將在今年稍後陸續向大家提供相關進展資訊。

Great, that's helpful. On your approach to guidance this year, I think it's very clear that you're going to let the upside come to you and future changes are going to happen as you see it. Can you maybe put some guardrails in magnitude of what that could ultimately mean? And I'm thinking in the past you've talked about how your current portfolio could be capable of seven and in a best case scenario eight to nine. That's more of a long-term framework within FY26 if things go right and you get some redirection and where the pressures within the portfolio have been, what sort of upside possibility could there be?

太好了，這很有幫助。關於你今年的業績指引，我認為很明顯，你會順其自然，讓機會自然到來，未來的變化將由你來決定。您能否對這件事最終可能造成的後果設定一些限制？我記得你以前說過，你目前的投資組合可以容納七隻股票，在最好的情況下甚至可以容納八到九隻。這更像是 2026 財年的長期框架，如果一切順利，方向有所調整，投資組合面臨的壓力在哪裡，可能會有什麼樣的上漲空間？

Yeah. So I would say, the long-term, the first point, the destination for the longer-term, certainly not a '26 comment. The longer-term entitled growth in the portfolio, we still have conviction is north of 8%. We go company by company, about what they're entitled realistically achievable growth can be and so that number sort of the target destination has not changed.

是的。所以我想說，從長遠來看，第一點，長期目標，當然不是「26 年的評論」。我們仍然堅信，該投資組合的長期應有成長率將超過 8%。我們逐一分析，看看它們實際上能夠實現的成長目標是多少，因此這個數字，也就是目標值，並沒有改變。

We are definitely, as you've heard from our commentary, taking a much more appropriate and balanced view for the initial guide here, no improvement at Deltech on the government contracting side, no DAT market recovery, actually underwriting a slight decline at Neptune. And so, if you sort of thumb each one of those, I don't want to get into order magnitude of what it could look like, but I would say that it definitely tilts more conservative than in this past year, for instance.

正如您從我們的評論中聽到的那樣，我們絕對對這裡的初始指南採取了更加恰當和平衡的觀點，Deltech 在政府合約方面沒有改善，DAT 市場沒有復蘇，實際上 Neptune 略有下降。所以，如果你仔細看看這些數字，我不想深入探討它可能呈現的數量級，但我想說的是，它肯定比去年更保守。

Thank you.

謝謝。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Hey gentlemen, appreciate it. Maybe, kind of following up on one of Joe's questions too. I think the Deltech Perpetual piece makes sense, but he also called out some softness on non-recurring due to some of those cloud migrations, and maybe that's just kind of rev wreck of upfront for (inaudible) radible. I guess, as you think about kind of AI's opportunity to accelerate this modernization and cloud journey given kind of the heavy maintenance space you still have there, how do you think about kind of that trade off in those long-term economics? It seems favorable. I think it's kind of evident in the subscription bookings in that low double-digit framework, but maybe kind of walk through some of the nuance between those as well too if you can. Thank you.

各位先生，謝謝。或許，這也算是對喬提出的某個問題的回應吧。我認為 Deltech Perpetual 的部分說得通，但他也指出，由於一些雲端遷移，非經常性收益有所下降，也許這只是（聽不清楚）radible 的預付款收入損失。我想，考慮到人工智慧有機會加速現代化和雲端轉型，而目前仍存在大量的維護工作，您如何看待這種長期經濟效益的權衡？看起來不錯。我認為從訂閱預訂量持續低迷的兩位數增長來看，這一點已經很明顯了，但如果可以的話，也請您詳細解釋一下其中的一些細微差別。謝謝。

Yeah, I certainly appreciate the question. I think, we've seen some of this just in our AS segment over the last years, non-recurring revenue has been sort of flat-ish up a little bit here and there because, some of our businesses have moved more to the cloud, be it (inaudible) or or in (inaudible) recent years power plan. And we see that at Deltech is going to be a significant opportunity, so that's a part of our thinking in '26 Deltech's really put a lot of AI functionality into their cloud product and so some of these large government contract customers are contemplating going to the cloud and they have a big push for that.

是的，我很感謝你的提問。我認為，過去幾年我們在AS部門已經看到了一些這種情況，非經常性收入一直保持平穩，偶爾略有增長，因為我們的一些業務已經更多地遷移到雲端，無論是（聽不清）還是（聽不清楚）近年來的電力計劃。我們看到，Deltech 將迎來一個重要的機遇，這也是我們在 2026 年思考的一部分。 Deltech 確實在其雲端產品中融入了大量的 AI 功能，因此一些大型政府合約客戶正在考慮遷移到雲端，並且他們正在大力推動這一進程。

So, you're right that will obviously increase customer lifetime value, but it'll have more muted impact in year. So we thought through a little bit of those dynamics this year. And I think that's probably the biggest area where we will see that because a lot of the rest of our businesses are sort of on their cloud journey but they will continue to your point to include only AI features in the cloud and so that'll just increase adoption as we go forward.

所以，你說得對，這顯然會提高客戶終身價值，但對一年的影響會比較有限。所以今年我們對這些動態進行了一些思考。我認為這可能是我們將看到這種情況發生的最大領域，因為我們其他很多業務都在進行雲端轉型，但他們仍然會像你所說的那樣，只在雲端包含人工智慧功能，因此隨著時間的推移，這將增加採用率。

Yeah. And just to add to what Jason said, we don't expect a pronounced J curve. Because we have a very large install base that's on-premise, that's going to lift that is lifting and shifting at 2x to 3x recurring. So it's the J curve is less pronounced than if because you're converting an existing recurring base at a higher level and as you sort of, if you will tread or convert net new perpetual to a recurring. So they offset one another and we think we have that harnessed in our guidance.

是的。補充傑森的說法，我們預計不會出現明顯的 J 形曲線。因為我們擁有非常龐大的本地部署用戶群，這將推動用戶數量以 2 倍到 3 倍的速度成長和轉移。所以，J 曲線不如以下情況明顯：如果你將一個現有的循環基礎轉換為更高水平，並且你某種程度上會將新的永久基金轉換為循環基金。所以它們相互抵消，我們認為我們已經在我們的指導方針中利用了這一點。

Okay, great, thank you. And then maybe, Neil, for you to, on the topic between platform and bolt-on M&A, I guess could you kind of give us a sense if you see any opportunity, maybe as a part of AI, maybe not, but, giving kind of the current backdrop to accelerate some of the initiatives in one effort. I know we built out kind of the bolt-on team. There's a little bit more visibility into those platform evaluations, maybe have come down to a particular level as well, but just kind of think about kind of the mix between capital deployments, between bolt-on and platform if you can. Thank you.

好的，太好了，謝謝。那麼，尼爾，關於平台併購和附加併購，我想請你談談你的看法，你認為在人工智慧領域是否有任何機會，也許不是，但能否結合當前的背景，一次性加速推進一些舉措？我知道我們組了一個類似外援團隊的東西。現在對這些平台評估的可見性有所提高，也可能已經降到了某個特定水平，但請考慮資本部署、附加元件和平台之間的組合（如果可以的話）。謝謝。

Always hard to predict mix. I can tell you that. If there is a, generally speaking, if there's a rank order bolt-ons or tuck-ins are going to be first order because they are advancing sort of the organic growth and strategic direction of one of our platform businesses. At the same time you always have a little bit of back office G&A synergy which is able to sort of buy down the initial purchase price pretty quickly and then you get to the growth orientation. So that continues and will always be a focus of ours.

混音總是難以預測。我可以告訴你這一點。一般來說，如果存在排名順序，那麼附加元件或補充元件將排在第一位，因為它們正在推動我們平台業務的有機成長和策略方向。同時，後台管理部門的綜效總是能很快降低初始收購價格，然後你就可以專注於成長了。所以，這將繼續並將始終是我們關注的重點。

What we see, by the way, on that front is it takes a little bit of time as we've added the resources, they get to know the company, they build a relationship with other companies, they build a relationship with sponsors and targets and founders. I think something like 60% of our pipeline for bolt-ons either proprietary or founder driven, that's a completely new motion for us. That would have, that would not have been the case three years ago. I think that bodes well, but these things do take time to matriculate through the system and mature to where they can become actionable.

順便說一句，我們看到，在這方面，隨著我們投入資源，他們需要一些時間來了解公司，與其他公司建立聯繫，與贊助商、目標客戶和創辦人建立聯繫。我認為我們大約 60% 的附加元件開發計劃，無論是專有的還是創始人主導的，這對我們來說都是一個全新的趨勢。三年前，情況並非如此。我認為這是個好兆頭，但這些事情確實需要時間才能在系統中順利進行並成熟到可以付諸行動的程度。

On the platform side it's a, the number of opportunities and the quality of assets is very interesting. The question on the table is going to be what happens relative to evaluation. We've never been a short-term, next 12 month multiple arbitrager, so we're not going to do that, but we definitely have to sort of, we have to look at buybacks versus bolt-ons versus platforms on what is the best long-term compounding in terms of value creation opportunities for us.

平台方面，機會的數量和資產品質都非常有趣。現在擺在桌面上的問題是，評估方面會發生什麼。我們從來不是短期、未來 12 個月的倍數套利者，所以我們不會這樣做，但我們肯定需要，我們必須考慮回購、補充收購和平台建設，以找到對我們來說最有利於長期價值創造的複利增長方式。

Great, thank you guys.

太好了，謝謝大家。

You bet.

當然。

Brad Reback, Stifel.

Brad Reback，Stifel。

Oh great, thanks very much. I know you guys gave the software bookings for the entire year. Can you give us what it was in 4Q?

哦，太好了，非常感謝。我知道你們已經完成了全年的軟體預訂。能告訴我們第四季的數據嗎？

Yeah, it was up high single-digits, and that is with Deltech being down in the low double-digit area, actually Deltech's SaaS was strong, but like I mentioned, perpetual was down meaningfully, but yeah, the rest of the portfolio, performed pretty well. Vertafore had a strong quarter off of a really tough comp last year. So they're continuing to just have success in 2025 and that should be good for them for '26. And then as I mentioned last quarter healthcare has been really strong for us and that was the same in the fourth quarter.

是的，漲幅接近兩位數，而 Deltech 的跌幅則在兩位數左右。實際上，Deltech 的 SaaS 業務表現強勁，但正如我所提到的，Perpetual 業務大幅下滑，不過，投資組合的其他部分錶現都相當不錯。去年同期競爭非常激烈，但Vertafore今年的表現依然強勁。所以他們在 2025 年繼續取得成功，這對他們 2026 年的發展應該會有好處。正如我上個季度提到的，醫療保健業務對我們來說一直非常強勁，第四季也是如此。

Great, thanks. Neil, this is the second quarter in a row you've missed expectations, and you're guiding to a back half acceleration in '26. So maybe take a moment and help us understand where the incremental conservatism is in the '26 guide versus the last couple of quarters. Thanks.

太好了，謝謝。尼爾，這是你連續第二個季度未能達到預期，你預計 2026 年下半年會加速成長。所以，請花點時間幫助我們理解一下，與過去幾季相比，2026 年的指導方針中，漸進式保守主義體現在哪裡。謝謝。

Sure. So we did say, and we're certainly disappointed with the last couple of quarters, but we did say this time last quarter we had a wider range of outcome, fan of outcome, especially because of the uncertainty at Deltech. And so, while disappointing we try to be sort of very straightforward in that regard. I think for this year I said it before, I'll say it again, when you look at where we're exiting this year, look at '25 compared to '26. And you just go and let me back even back up.

當然。所以，我們確實說過，而且我們對過去幾季的業績當然感到失望，但我們上個季度也說過，我們對結果的預期範圍更廣，尤其考慮到 Deltech 的不確定性。所以，雖然這令人失望，但我們在這方面盡量做到非常坦誠。我認為今年我之前說過，現在再說一遍，看看我們今年的成績，看看 2025 年和 2026 年的成績對比。然後你就讓我退後一步。

When you look at '25, the initial guide versus oriented up, it really reconciles to three things we talked about. It's Deltech because of GovCon. It's Neptune because of the Dynamics we talked about, and it's ProCare. That almost fully reconciles the difference between the initial guide and where we ended up.

當你查看 '25'，初始指南與向上定位，它實際上與我們討論過的三件事相吻合。因為政府承包協議，所以才有了 Deltech。之所以叫海王星，是因為我們剛才談到了它的動力學特性，而且它還是 ProCare。這幾乎完全解釋了最初指南與我們最終到達的地方之間的差異。

You then have that in mind. You take it, you carry it forward. We're assuming in 2026, there's no improvement in Deltech. There is no acceleration at DAT. There's actually, we're underwriting a modest decline at Neptune versus '25, and the only thing that sort of then you get the accretion to organic growth from SubSplash and Centuries that turn organic this year.

然後你就會把這一點記在心裡。你接受它，並把它傳承下去。我們假設到 2026 年 Deltech 的情況不會有任何改善。DAT沒有加速。實際上，我們預計 Neptune 相對於 2025 年將出現小幅下滑，而唯一能彌補這一下滑的因素是 SubSplash 和 Centuries 今年實現的有機增長。

And then we have this easing second half, not sort of non-recurring. So optically it looks like an acceleration through the year, but when you look at the pieces, it's actually pretty steady save for the things that we just said.

然後，我們迎來了這種逐漸緩和的下半年，但這種緩和並非一次性的。所以從表面上看，它似乎在一年中加速發展，但當你仔細觀察各個部分時，除了我們剛才提到的情況之外，它實際上相當穩定。

Yeah, and just to remind you, the all the CentralReach and SubSplash becomes organic second half. So it's got to create some of that ramp. And I would just call it, to just again, just a small comp, a couple comp issues. A Foundry gets a little bit better this year, and I know it's small dollars, but in network it matters.

是的，提醒一下，CentralReach 和 SubSplash 的所有內容在下半部都會變成有機成長。所以它必須創造一些斜坡。我只想說，這只是一個小的比較，幾個比較問題。今年 Foundry 的情況略有好轉，我知道這只是小錢，但在網路行銷中卻很重要。

And then, we had the first quarter of '25, pretty depressed network number because we were comping against a bigger number in '24, so that comp goes away. So there's some math too, just going from '25 to '26.

然後，2025 年第一季度，我們的網路數據相當低迷，因為我們要與 2024 年更高的數據進行比較，所以這種比較的影響消失了。所以這裡也牽涉到一些數學計算，就是從 '25' 到 '26'。

Great thank you.

非常感謝。

You bet.

當然。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Yeah, hey, Neil, Jason, and Zach, thanks for taking my questions. The first one's going to be on Deltech. The second one, the follow-up is going to be on the DAT. But on Deltech, and I know these months or these part of the quarters are probably less seasonally strong, but did you actually see any improvement in order volumes for Perpetual in December or January? And also with Deltech, are the effects of DOGE, kind of lessening, or is that still impactful and then that follow-up?

嗨，尼爾、傑森和札克，謝謝你們回答我的問題。第一期將在 Deltech 上播出。第二項後續工作將圍繞 DAT 展開。但關於 Deltech，我知道這些月份或季度中的這些部分可能季節性不太強勁，但是您在 12 月或 1 月是否真的看到 Perpetual 的訂單量有任何改善？另外，對於 Deltech 而言，DOGE 的影響是否有所減弱，還是仍有影響，以及後續情況如何？

Yeah, so Terry, I'll, this is Jason. I think the December is always stronger than the other months, and that's just the natural kind of inertia of how orders flow in Deltech, I will say we had two large contractor, a government contractor deals that slipped. So it was like right at the end, and so we think they'll both land in the first half of next year, but we've also sort of hedged that, just in case. But so usually we get some big deals and they were right at the finish line and they didn't close, but they're still in the queue and we still think we're going to close the rest of this year.

是的，特里，我，這位是傑森。我認為 12 月的業績總是比其他月份好，這只是 Deltech 訂單流動的自然慣性。不過，我們有兩個大型承包商和政府承包商的訂單延期了。所以，就在最後關頭，我們認為它們都會在明年上半年落地，但我們也做了一些準備，以防萬一。但通常情況下，我們會達成一些大交易，這些交易眼看就要完成了，卻最終沒有成交，但它們仍在待定名單上，我們仍然認為我們會在今年剩下的時間裡完成這些交易。

Yeah, exactly. This year. And just to pick up on that, Terry as well, just to add the, while the signatures on paper are slower because of the shutdown, the commercial activity, the pipeline build has actually been encouraging, it's been encouraging throughout, it's because, all the this is an environment unfortunately that our customers live in and they sort of, they're subject to the vulgarities of what's happening in the government, but they have a business to run.

對，沒錯。今年。特里，我也想補充一點，雖然由於政府停擺，紙質簽名速度有所放緩，但商業活動和管道建設實際上令人鼓舞，一直如此。這是因為，不幸的是，我們的客戶就生活在這樣的環境中，他們必須忍受政府正在發生的種種醜惡行徑，但他們仍然要經營自己的生意。

And they have contracts they're likely going to get awarded and they have to sort of manage sort of our software in that regard and so there's no competitive issue here at all. Let's take, I mean it hasn't been asked, but zero competitive issue here. It's just deals that are building that are pushed to the right a little bit given the uncertainty.

他們有可能會獲得的合同，而且他們必須在這方面管理我們的軟體，所以這裡根本不存在競爭問題。假設，雖然沒人問過，但這裡不存在任何競爭問題。只是由於不確定性，一些正在醞釀中的交易被稍微推遲了一些。

DOGE, I would say is, to your question is lingering impact, but it's not the topic that anybody's talking about the way it was in the first third, the first half of the year of last year.

對於你的問題，我認為 DOGE 的影響是持續存在的，但它不像去年上半年那樣是人們談論的話題了。

Got it. I appreciate that. And just to follow-up is on DAT. Do you see ARPU lift continuing to play out through the year? And are you on track for that autonomous kind of load matching technology innovation to play out in 207? Thanks.

知道了。我很感激。最後補充一點，關於DAT。您認為ARPU（每位用戶平均收入）的成長動能會持續到年底嗎？你們是否計劃在 207 年實現這種自主式負荷匹配技術創新？謝謝。

Yeah, so we do expect ARPU to continue improving and growing in 2026. There's a couple of reasons for that. One is, you just have like for like pricing opportunity that'll sort of get cascaded in during the years it normally does. But for the second reason is we have more value to sort of sell to both sides of the network. And so you're going to get in the past it was just load board, so it's load board and pricing. Now it's load board and automation. It's load board and data, it's load board and a number of things on both the carrier and the broker side.

是的，所以我們預計 2026 年 ARPU 將繼續提高和成長。這有兩個原因。一是，你將擁有同等條件下的定價機會，這種機會會在平常的幾年內逐步顯現。但第二個原因是，我們有更多的價值可以向網路的兩端出售。所以你會發現，過去它只是貨運資訊平台，現在只有貨運資訊平台和定價資訊。現在是貨運平台和自動化。它包含貨運資訊平台和數據，以及承運人和經紀人雙方的許多資訊。

In terms of the automated matching, we're, it's early days but we're encouraged by the progress, the tech, unambiguously the technology does the job, let's just be clear that it is the ability for a broker to tender to the DAT one platform and automatically match a load and have a carrier pick it up and complete the commerce with payment sort of overlay across all that it works and it's working every day in the marketplace.

就自動配對而言，雖然還處於早期階段，但我們對目前的進展感到鼓舞。這項技術無疑能夠勝任這項工作。需要明確的是，經紀人可以透過 DAT 平台進行投標，自動匹配貨運，然後由承運人取貨並完成交易，包括支付等一系列環節。這項技術行之有效，並且每天都在市場上發揮作用。

The number one focus of that business is to build both sides and network that starts on the broker side by getting native integrations with their TMS systems and you have seen and will continue to see during 2026 a cascade of of announcements about the various TMSs that we're integrating with that allows the brokering or the tendering to our platform to be native and to work for the brokers.

該業務的首要重點是建立雙方網絡，首先從經紀商方面入手，透過與他們的 TMS 系統進行原生整合。您已經看到，並且在 2026 年還將繼續看到一系列關於我們正在整合的各種 TMS 的公告，這些整合使得經紀商能夠原生地在我們的平台上進行經紀或投標，並為經紀商所用。

And then we continue to build the carrier side of the network. It's got to be a high trust, no fraud environment. That's part of the core technology that we have and we're integrating. So early days, but we like the tendering percentage. We like the completion percentages. We like the factoring percentages and we'll want to see that business scale as Jason and Shannon and and [Satisha] team at DAT look at this on a monthly basis.

然後我們繼續建造網路的運營商端。必須營造一個高度信任、杜絕詐欺的環境。這是我們核心技術的一部分，我們正在將其整合到我們的技術體系中。現在下結論還為時過早，但我們對投標百分比感到滿意。我們喜歡這個完成率。我們喜歡這些保理百分比，我們希望看到這項業務的規模，Jason、Shannon 和 DAT 的 [Satisha] 團隊將按月對此進行評估。

Thank you.

謝謝。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Fantastic, thanks for taking my question. You guys are guiding the 5% to 6% organic for '26, as we think about, 1Q first half, with a lot of faster growth businesses coming in second half 4Q and no Deltech tailwinds, like, is there the possibility that you could be below that 5% low end, any context there so we could properly level set our numbers.

太好了，謝謝你回答我的問題。你們預計 2026 年的有機成長率為 5% 至 6%，考慮到第一季上半年，以及下半年和第四季會有很多成長更快的企業湧入，而且沒有 Deltech 的利好因素，那麼你們的預測是否有可能低於 5% 的下限？能否提供一些背景信息，以便我們能夠正確地設定我們的目標？

Yeah, no, I don't think so. We're kind of thinking for AS we'll be, sort of in the mid-single-digit range with non-recurring being flash and the recurring, reoccurring being like mid-single-digit plus, which is consistent with Q4 levels. I mean, you're not, we're not going to have the same non-recurring, decline, like we did in the fourth quarter.

不，我不這麼認為。我們認為 AS 的金額大概會在個位數的中等水平，非循環性支出會是閃回，而循環性支出會是個位數以上，這與第四季度的水平一致。我的意思是，我們不會像第四季那樣出現一次性下滑。

And then as you mentioned, the second half gets better on the center reach, turning organic and we've got this, the non-recurring, as I just mentioned, we get a better comp in the fourth quarter, so, not a lot of, I would just say not a lot of go get in that second half number.

正如你所提到的，下半場中路進攻有所改善，變得更加自然，而且正如我剛才提到的，非重複性因素在第四節得到了更好的比較，所以，我只想說，下半場的數據並沒有太多亮點。

And then, on NS, I think sort of the recurring [rev] will be just sort of continue to be mid some digit plus out of the gate. And then as we go throughout the year SubSlash actually comes in in the fourth quarter, so that'll be helpful. And so, I think that's sort of how it sets up nothing too, nothing outside of that to call out.

然後，在 NS 上，我認為循環 [rev] 將會繼續保持在某個數字的中間位置，一開始就會如此。然後，隨著時間推移，SubSlash 實際上是在第四季度推出的，所以這將很有幫助。所以，我覺得這就是它沒有起到任何作用的原因，除此之外，沒有其他值得指出的地方。

Got it. Really appreciate the color there. And then perhaps just any additional context you could provide in terms of what the the new business activity pipeline conversion look like versus maybe the renewal business, term expansion contraction and any details would be helpful.

知道了。非常喜歡那裡的色彩。此外，您能否提供一些關於新業務活動管道轉換情況與續約業務、期限延長和縮減情況的額外背景信息，以及任何細節，都將很有幫助。

Ken, is that a broad portfolio question or specific to a business broad question?

Ken，這是一個關於投資組合的廣泛問題，還是個針對特定業務領域的具體問題？

Yeah, just like a, yeah, correct, it's more of a broad, kind of software selling, kind of trends that you guys are noticing across across the group.

是的，就像，沒錯，這更像是一種更廣泛的軟體銷售趨勢，你們在整個集團中都注意到了這種趨勢。

I understand the question. Yeah, I would say we're broadly encouraged by what we saw in the finishing the year, it was the bookings and retention statistics were quite good. As our enterprise, our gross retentions in the mid 90s for enterprise businesses, that's steady to ticked up a little bit during 2025. And then in terms of the bookings activity, hey, while there's a little bit, we expect there to be volatility quarter to quarter low double-digit bookings growth in the year and being pretty broad based with with sort of weakness at Deltech I think is all you need to see you know we and so it's been pretty good.

我明白這個問題。是的，總的來說，我們對年底的業績感到鼓舞，預訂量和客戶留存率都相當不錯。就我們企業而言，我們在 90 年代中期的企業客戶總留存率，在 2025 年將保持穩定並略有上升。至於預訂活動方面，雖然存在一些波動，但我們預計全年季度間會有兩位數的低預訂增長，而且基礎相當廣泛，Deltech 的疲軟程度我認為就足以說明問題了，所以情況還不錯。

Okay, fantastic. Thanks a lot guys.

好的，太棒了。非常感謝各位。

George Kurosawa, Citi.

喬治·黑澤，花旗銀行。

Great. Thanks for taking the questions. You guys brought in some new AI leadership, Shane and Edward would love to hear a little bit about the team they're building out what you have them focused on, and if there's any kind of low hanging fruit that learnings they can apply across the portfolio.

偉大的。謝謝您回答問題。你們引進了一些新的人工智慧領導層，Shane 和 Edward 很想了解他們正在組建的團隊，以及你們讓他們專注於哪些方面，還有是否有任何唾手可得的經驗可以應用到整個產品組合中。

Yeah, so, we're excited to have Shane and Eddie join, and the team they're starting to build out. So three things they're generally focused on. First is, it's all in pursuit of accelerating the top-line goals, accelerating sort of our pace of AI, product development, and ultimately, shipping, selling, monetization. That's where the focus is.

是的，我們很高興Shane和Eddie加入，以及他們正在組建的團隊。所以他們通常會專注在三件事上。首先，這一切都是為了加快實現營收目標，加快人工智慧、產品開發以及最終的交付、銷售和獲利速度。這就是重點所在。

So three subcomponents of that, it's coaching and teaching, right? Our businesses did a, on a meaningfully above average, above expectation job in 2025, late '24 or '25, learning, making mistakes, learning, making mistakes, learning, and brown AI development, what works, what doesn't, and getting products into the hands of customers. That's, that was great to see.

所以它包含三個子組成部分，即指導和教學，對吧？我們的企業在 2024 年底或 2025 年取得了遠超平均水準、超出預期的成績，不斷學習、犯錯、學習、犯錯、學習，並不斷改進人工智慧開發，總結哪些方法有效，哪些無效，並將產品交付給客戶。那真是太好了。

But some of these, a lot of these, AI tasks are quite complicated, complex from a technical point of view, and also, unlike regular way software development, there's some art in this AI development and so Shane and Eddie and the team, they're bringing really bring just a history. These are people that studied machine learning and AI in the university, quite a while ago and spent their entire careers. So they've seen a lot of pattern recognition. They're going to coach and teach our leadership teams, our technical leaders, our product teams on all things AI related. That's one.

但其中一些，或者說很多這樣的 AI 任務，從技術角度來看都相當複雜，而且，與常規的軟體開發方式不同，AI 開發中也包含一些藝術，所以 Shane、Eddie 和他們的團隊，他們正在真正地創造歷史。這些人很久以前就在大學裡學習機器學習和人工智慧，並且畢生致力於這個領域。所以他們已經接觸了很多模式辨識。他們將指導和培訓我們的領導團隊、技術領導和產品團隊，內容涵蓋所有與人工智慧相關的知識。這是其中之一。

Number two, they are going to build an AI sort of development strike team or accelerator team to where when there are, a company might have more than it can do from its internal resources, and we'll supplement those teams to accelerate in some pockets.

第二，他們將組建一支人工智慧開發突擊隊或加速器團隊，以便在公司內部資源無法滿足需求時，能夠補充這些團隊，從而在某些領域加速發展。

And then third, there is in their first quarter with the business and they met with most of our software businesses. There is clear opportunity for some reuse inside the portfolio, certain AI based sort of capabilities we can sort of produce and sort of have a, if you will, a roper open source model where we can reuse some com components and componentry, and so they're going to focus there and early days it's been just really great. They understand our culture our teams have really engaged them and they're just looking forward to scaling the team and getting to the work.

第三，在他們與公司合作的第一個季度，他們與我們大部分的軟體業務部門進行了會面。顯然，產品組合中存在一些可重複利用的機會，我們可以開發某些基於人工智慧的功能，並建立一個開源模型，以便重複利用一些組件和組件，因此他們將專注於此，而且早期進展非常順利。他們了解我們的文化，我們的團隊也真正投入工作中，他們期待擴大團隊規模並開始工作。

Okay, great. I did also want to touch on the margin side, core gross margins were up over 1 point in the quarter. Maybe talk through the tail ends there. How do you, how should we think about any sustainability to improvements?

好的，太好了。我還想談談利潤率方面，本季核心毛利率上升了 1 個百分點以上。或許可以就此結束討論一下。我們應該如何看待任何旨在提升永續性的改進措施？

Yeah, I mean, I think we've always said in our long-term incremental margins at the EBITDA lines around 45% did a little bit better this year. I think as we go into next year, I think AS might be up a little bit, network's going to be down just because we've got the full year of convoy and our outgo rolling through and so that'll a creed up over time, but a little bit of a drag in '26.

是的，我的意思是，我認為我們一直都說，在長期成長中，EBITDA 利潤率約為 45%，今年的表現略好一些。我認為進入明年，AS可能會略有上升，網路將會下降，因為我們有一整年的運輸任務和出口業務，所以隨著時間的推移，Cread會上升，但在2026年會略有拖累。

And then, I think our, in our test segment will be for the full year, sort of flat-ish. We've got more consumables rolling through next year than normal, which has a little bit lower margin, and that's really more pronounced in the first half. So maybe down a little bit in tap in the first half, and then it'll improve throughout the year.

然後，我認為我們的測試階段全年都會比較平穩。明年我們將有比往年更多的消耗品流入市場，利潤率會略低一些，這種情況在上半年尤其明顯。所以上半年啤酒銷售可能會略有下降，但之後會逐年好轉。

Josh Tilton, Wolfe Research.

Josh Tilton，Wolfe Research。

Hey guys, thanks for sneaking me in here. Maybe just first kind of a simple high level one on the guide for next year. I appreciate all the color that you gave on Deltech and DAT and Neptune, but if you were to take those three businesses aside and treat the rest of the organic business as one, like what would be the one line color on the rest of the organic business? Does the guidance assume that everything XDAT, Neptune, and Deltech gets better, stays the same, gets worse? Like how would you characterize what the rest of the business has to do that's baked into the guidance? Does that make sense?

嘿，夥計們，謝謝你們偷偷帶我進來。或許可以先出一個比較簡單的、高層次的指南，作為明年的參考。我很欣賞你對 Deltech、DAT 和 Neptune 這三家公司的精彩描述，但是如果你把這三家公司單獨拿出來，把剩下的有機食品業務作為一個整體來看待，你會用什麼顏色來概括剩下的有機食品業務呢？該指南是否假設 XDAT、Neptune 和 Deltech 的所有情況都會好轉、維持不變還是惡化？你會如何描述公司其他部門需要完成的、已納入指導方針中的工作？這樣說得通嗎？

It does, yeah. So I mean I would say broadly, it gets a little bit better but not a lot, not meaningful enough to draw inflection, so that's baked in. I mean when you think about we finished around 5.4%, the deals are a tailwind, this non-recurring in AS is going to be somewhat of a tailwind. Foundry does get a little bit better, and so maybe 10 basis points or so to the enterprise.

是的，確實如此。所以我的意思是，總的來說，情況稍微好轉了一些，但好轉的幅度不大，不足以引起顯著的變化，所以這是無法改變的。我的意思是，想想我們最終的成長率約為 5.4%，這些交易是一個利好因素，AS 的這項非經常性支出也將在某種程度上成為一個利好因素。Foundry 的表現確實有所提升，因此企業可能會獲得約 10 個基點的提升。

And then really the swing factors, I talked about the confidents and Q1 of '25 that then repeat, then you just talk about like the swing factors, it's all within Neptune, and that's what our low single-digit to mid single-digit guidance has for tap, and that's what kind of bridges you to the from the low to the high end.

然後，真正的波動因素，我談到了信心和 2025 年第一季度，然後重複，然後你談到波動因素，這一切都在海王星的掌控之中，這就是我們對個位數低到個位數中段的指導，這就是從低端到高端的橋樑。

And then maybe just a quick follow-up. I understand that some businesses go organic in the second half. Is there any, I don't know if conservatism is the right word, but is there any conservatism? Is there any learnings that you saw following, like kind of the, what the little hiccups that you saw in ProCare that you're kind of applying or embedding or assuming will happen as some of these inorganic businesses convert to organic in the second half of next year?

然後或許只需要一個簡單的後續問題。我知道有些企業會在下半年轉向自然成長。是否存在保守主義？我不知道用「保守主義」這個詞是否恰當，但是否存在保守主義？在 ProCare 的發展過程中，您有沒有看到一些小問題，並從中吸取一些經驗教訓，例如您正在應用、融入或假設明年下半年一些非有機增長業務向有機增長業務轉型時會出現哪些問題？

Yeah Josh, it's Neil. I'll take that one. So short answer is heck yes. There's a lot of learning from our ProCare governance, what worked, what didn't work, worked, and how we're governing both SubSplash and CentralReach, and we can spend more time talking about offline, but in essence, when we see a small variance in a monthly reporting package, relative to one of the key levers in value creation plan.

是的，喬什，我是尼爾。我選那個。簡而言之，答案是肯定的。從我們的 ProCare 管理中，我們可以學到很多東西，哪些有效，哪些無效，以及我們如何管理 SubSplash 和 CentralReach，我們可以花更多時間討論線下情況，但本質上，當我們看到月度報告包中相對於價值創造計劃的關鍵槓桿之一出現微小差異時，就會意識到這一點。

In ProCare, we observed that variance for a longer time before we decided to take action to correct it. Now we immediately jump to a corrective action and countermeasure, and we don't let small variances turn into large variances. And as a result you have CentralReach that's ahead of the underwrite model and SubSplash is on the underwrite model, for the outlooks for those businesses, just we can get in much more detail when we have more time offline, but that's the essence of it.

在 ProCare 中，我們觀察這種差異的時間較長，然後才決定採取措施糾正它。現在我們立即採取糾正措施和應對措施，不讓小偏差變成大偏差。因此，CentralReach 的營運模式領先於核保模式，而 SubSplash 則採用核保模式。對於這些企業的前景，我們可以在有更多時間離線討論時提供更詳細的信息，但這就是其本質。

And I would just say that for CentralReach and SubSplash feel good about the contribution in the second half, the path that we're on bookings momentum, the recurring, the gross retention, just the path to get to that accretion in the second half, we feel very good about that.

我只想說，對於 CentralReach 和 SubSplash 而言，我們對下半年的貢獻感到滿意，我們對預訂勢頭、經常性收入、毛留存率以及下半年實現增長的道路都感到非常樂觀。

Super helpful. Thanks guys.

非常有用。謝謝各位。

You bet.

當然。

Deane Dray, RBC Capital Markets.

迪恩德雷，加拿大皇家銀行資本市場。

Thank you. Good morning, everyone.

謝謝。各位早安。

Morning, Deane.

早上好，迪恩。

Hey, this has come up several times today about the M&A bias and looking for durable cash flow compounding. I'd be interested in hearing your thoughts about how do you rank looking at absolute dislocations in some asset prices today versus what you perceive as where there might be a wider moat against AI in these assets. So how are you weighing those?

嘿，今天已經好幾次有人提到併購偏好以及尋找可持續現金流複利的問題了。我很想聽聽您對以下問題的看法：您如何看待當前某些資產價格的絕對錯位，以及您認為這些資產中哪些方面可能存在更大的抗人工智慧護城河。那你是如何權衡這些因素的呢？

I'm going to reframe Deane the question to make sure that we answer the right question. If not, I can correct us. And so the question is, looking at both private and public companies that have evaluation dislocation, are we looking at that? And then how does the AI mote influence our thinking? Can you just reframe that? I want to make sure we answer the right question.

我要重新組織迪恩的問題，以確保我們回答的是正確的問題。如果不是，我可以糾正我們。因此，問題是，對於估值錯置的私人和上市公司，我們是否正在關注這個問題？那麼，人工智慧微粒​​是如何影響我們的思維的呢？你能換個說法嗎？我想確保我們回答的是正確的問題。

Yes, so yeah, I wasn't specifically talking about public valuations, but that would be great to hear that as well because you've done those in the past versus thinking more strategically about where there might be wider moats.

是的，所以，我並不是特指公開估值，但如果也能聽到這方面的內容就太好了，因為你過去做過這方面的工作，而不是從更具戰略性的角度思考哪裡可能存在更寬的護城河。

Yeah. So I would say, so at the, and feel free, we won't ding you on one of your questions if I again I answer it in the wrong question. We're always for the long history of Roper, we're always investing in these vertical market application specific businesses with deep moats, right? And so that does not change. We believe in the AI world, these, the moats where you're intimate with the customer, you have a unique and proprietary data, you're embedded in high frequency workflows, where on stack AI is easier to implement, easier to monetize, and ultimately translates to the automation of tasks which is this TAM expansion. We really like and are leaning in it. We're seeing it playing across our 21 software business days, so we'll continue to lean in that thesis from a capital deployment point of view.

是的。所以我想說，請放心，如果我再次回答錯了問題，我們不會因此而扣分。我們始終支持 Roper 的悠久歷史，我們始終投資於這些擁有深厚護城河的垂直市場應用特定業務，對吧？所以這一點不會改變。我們相信，在人工智慧領域，這些護城河指的是你與客戶關係密切、擁有獨特專有數據、嵌入高頻工作流程的區域，在這些區域，堆疊式人工智慧更容易實施、更容易變現，並最終轉化為任務自動化，從而擴大TAM。我們非常喜歡它，並且正在積極投入其中。我們看到它在我們 21 個軟體業務日中發揮作用，因此我們將繼續從資本部署的角度支持這一論點。

That's really helpful. That's what I was looking for there. And just a quick one on Neptune, we've talked about the order delays. Is there, how much of an impact is the spike in copper played? Is there a sticker shock? Is that, does that need to be, kind of rippled through the market to reprice? It's just, what's the impact there?

這真的很有幫助。那就是我要找的東西。關於海王星，我們之前討論過訂單延遲的問題，這裡簡單提一下。銅價飆升究竟產生了多大的影響？價格是否讓你感到意外？是否需要透過某種方式在市場中引發連鎖反應來重新定價？問題是，這會造成什麼影響？

I would say that, what we talked about last quarter largely in the bucket of tariffs but it's tariffs, it's copper pricing, that's the generally the shock to the cost structure of a water meter when we started in really July of last year pushing a surcharge to accommodate for that increase in cost of goods. It was definitely a shock in the system in Q3 and it really abated during Q4.

我想說，我們上個季度主要討論的是關稅問題，但實際上，關稅、銅價，這才是水錶成本結構受到的衝擊。去年7月，我們開始推動徵收附加費，以彌補商品成本的上漲。第三季這確實給了系統衝擊，但到了第四季情況就明顯好轉了。

So I think our base case assumption is that is really, in the rearview mirror and step to the side and moving forward it's just about the normalization of volumes and in the market sort of on the very tail end of the COVID spike in volumes and now we're on the backside of that spike into a more normalizing range of volumes in the market.

所以我認為我們的基本假設是，現在我們已經回顧過去，將目光轉向一邊，展望未來，關鍵在於交易量的正常化。目前市場正處於新冠疫情引發的交易量激增的尾聲，而現在我們已經度過了這一激增期，市場交易量正處於更加正常的範圍內。

Thank you.

謝謝。

You bet.

當然。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

Hey guys, good morning. How are you doing? Hey, I'm just curious how you're now weighing, like in terms of capital deployment, like different like timing horizons here, right, like you have stock today is, I don't know, 15% below the average price of the buyback in the fourth quarter.

嘿，各位，早安。你好嗎？嘿，我只是好奇你現在是如何權衡的，例如在資本部署方面，以及不同的時間期限，對吧，例如你現在的股票價格比第四季度回購的平均價格低了15%。

You're trading at like almost a high single-digit free cash flow yield now and it's a portfolio that you're intimately like close to relative to something that you might buy that drives top-line that is something that inherently has more risk because you don't know it as well like, how are you weighing something that like the certainty of what you know versus like the risk reward of something you don't know at the price that you're paying.

你現在的自由現金流收益率幾乎達到了個位數高位，而且你對這個投資組合的了解非常深入，這與你可能會購買的、能推動營收成長但風險更高的投資項目非常接近，因為你對它並不了解。那麼，你如何權衡已知事物的確定性與未知事物的風險回報，以及你為此支付的價格呢？

So I'll take up a first pass of that. I'm sure Jason will have some color he may want to add. So again, just to, we've said it, it's on repeat, we'll say it again. The objective of M&A versus buybacks sort of levers available to us is what's the best risk adjusted path to long-term cash flow for sure compounding period. Full stop. We're totally objective and just passionate about the allocation of the two. There's $6 billion available, so a big sort of a large amount of capacity.

所以我會先做第一遍。我相信傑森會想添加一些色彩。所以，再說一遍，我們已經說過一遍了，我們會再說一次。併購與股票回購這類槓桿的目標是找到在確保長期現金流複利成長的前提下，風險調整後的最佳路徑。句號。我們完全客觀，只是對這兩者之間的分配充滿熱情。有 60 億美元可用，所以產能相當可觀。

On the buyback, we just, the evaluation dislocation is just is silly and so we leaned into it in Q4 and we find it obviously, more attractive today, and it's a great opportunity to drive long-term cash flow compound that way. On top of that, we're very excited and confident about our future, right? And we got the growth, the eye, the leadership, the strategy, the execution, prowess.

關於股票回購，我們認為估值錯位很荒謬，所以我們在第四季度加大了投入，現在看來，股票回購顯然更有吸引力，這是一個推動長期現金流複合成長的絕佳機會。除此之外，我們對未來也感到非常興奮和充滿信心，對吧？我們獲得了成長、眼光、領導力、策略、執行力和實力。

I mean, all of it feels very good to us and what we see internally. At the same time, M&A is a real lever. I mean, there's, not, to somewhat to my surprise, we introduced the buyback last quarter. There's commentary about, oh my gosh, is the M&A thesis not intact. That is one of the most absurd things I've heard in my 15 years at Roper.

我的意思是，這一切對我們來說都感覺非常好，我們從內部也看到了這一點。同時，併購確實是一個有效的槓桿。我的意思是，令我有些意外的是，我們在上個季度推出了股票回購計畫。有人評論說，天哪，併購理論是否不再成立了。這是我在羅珀公司工作15年來聽過的最荒謬的事情之一。

We're a preferred buyer of vertical market software leaders. We're absolutely preferred from a management point of view or preferred from a seller point of view, the pipeline's enormous. The LP pressure is legit. The number of assets in private equity portfolio have to get liquidity or at levels we've not seen. So that thesis just needs to be eliminated from the talk track because it's not real. And so for us it's balancing those two. Buybacks are great in the short run. M&A generally is going to beat in the long run, and we like having the balance between the two options in front of us.

我們是垂直市場領先軟體公司的首選買家。從管理階層的角度來看，我們絕對是首選；從賣家的角度來看，我們也絕對是首選，因為潛在客戶數量龐大。LP壓力是合理的。私募股權投資組合中的資產數量必須獲得流動性，否則將達到我們從未見過的水平。所以這個論點應該從討論範圍中剔除，因為它不切實際。所以對我們來說，關鍵在於平衡這兩者。短期內回購是很好的選擇。從長遠來看，併購通常會帶來更好的結果，我們喜歡在兩個選項之間保持平衡。

Yeah, I would just add that around the confidence and we've had just these unusual things happen with three of our businesses, but like the underlying quality is getting better, so there's that and I would just say the AI or we have 21 different businesses working through AI right now that our annual operating plan reviews and came out with an increased level of conviction that we're going to win relative to AI.

是的，我還要補充一點，關於信心方面，我們三家公司都遇到了一些不尋常的情況，但基本品質正在提高，所以情況就是這樣。另外，我想說的是，目前我們有 21 家不同的公司正在利用人工智慧，我們的年度營運計畫審查結果顯示，我們更有信心在人工智慧領域取得成功。

We're just, we're so, our customer intimacy is really proving to be a competitive advantage, and we've got the tools and resources to get after the AI just as fast as anyone else. So we feel really good about that, and so buying ourselves in that scenario where there's this dislocation makes all the sense in the world, but it's also going to be an incredibly active year on M&A. So we're just really, we just got an abundance of opportunity in front of us this year.

我們只是，我們非常注重與客戶的親密關係，這確實證明了我們的競爭優勢，而且我們擁有工具和資源，可以像其他人一樣快速地掌握人工智慧技術。所以我們對此感覺非常好，因此在這種市場動盪的情況下進行收購是完全合理的，但今年的併購活動也將異常活躍。所以今年我們真的有很多機會擺在我們面前。

Now that you brought in this AI talent on the accelerator team, were there any instances where, like, negative instances where these guys coming in as experts or, kind of identified that maybe parts of your business where you thought you had more of an opportunity is going to be harder to drive, or, I mean, I'm sure they're identifying places that you have opportunities, but was there any on like the negative side where something was like, well, maybe this isn't as attractive as I thought in a particular part of the company.

既然你們把這些人工智慧人才引入了加速器團隊，有沒有出現過一些負面情況，例如這些專家加入後，發現你們公司某些原本認為更有發展機會的領域可能更難推進？我的意思是，我確信他們肯定發現了你們公司存在的機會，但有沒有出現過一些負面情況，比如，公司某個特定領域的發展可能不像我想像的那麼有吸引力？

Yeah. So I would say, on balance their, reviews and early takes are quite positive about the opportunity market wise, technical wise, the prowess of the teams that we have in place but we also and we had them sort of do a short, got to our board last week and then there was a a few bullet points of things that were on the the the constructive ledger.

是的。所以總的來說，他們的評論和早期看法對市場機會、技術方面以及我們現有團隊的實力都相當積極，但我們也讓他們做了一個簡短的分析，上週提交給了我們的董事會，然後列出了一些建設性事項。

None of it was market opportunity, lack of market opportunity or lack of opportunity to win. Again these are more technical resources, so they might not have like the best acumen and like these vertical market spaces to judge that anyway, but it was like, hey, as you'd expect, maybe there's, we definitely need to improve the quantity of AI talent in the businesses.

這都不是市場機會、缺乏市場機會或缺乏獲勝機會的問題。再說，這些都是技術資源，所以他們可能沒有最好的敏銳度和對垂直市場領域的了解來判斷，但就像，嘿，正如你所預料的那樣，我們肯定需要提高企業中人工智慧人才的數量。

I mean that's a little bit of why we're adding the central team to sort of spark some acceleration, and it's just going to take some time because we've got to build these people. It's not something that we're going to be able to hire in mass. We got to build these people and we did a good job last year. We'll continue to scale that, and compound the learning on that this year.

我的意思是，這在某種程度上也是我們增設中央團隊以加速發展的原因，但這需要一些時間，因為我們必須培養這些人。我們不可能大規模招募到這種人才。我們培養了這些人，去年我們做得很好。今年我們將繼續擴大規模，並在此基礎上累積經驗。

Yeah, I think the ideas have been well received by Shane and Eddie. I mean they understand the specificity of what we're trying to solve at the individual sort of vertical level, and that's, they view that is very unique right coming from a horizontal player. So, I think they see the opportunity just like our businesses do.

是的，我覺得Shane和Eddie都很喜歡這些想法。我的意思是，他們理解我們試圖在個體垂直層面解決的具體問題，而且，他們的觀點對於一個橫向參與者來說非常獨特。所以，我認為他們和我們企業一樣，看到了其中的機會。

Thanks, guys.

謝謝各位。

This concludes our question-and-answer session. We will now return back to Zach Moxcey for any closing remarks.

我們的問答環節到此結束。現在我們再請扎克·莫克西發表總結發言。

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

感謝各位今天收看。我們期待在下次財報電話會議上與您交流。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。