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Text: We begin with our Safe Harbor statement.
You should listen to today's call in the context of that information.
Today, we will discuss our results for the quarter primarily on an adjusted non-GAAP basis.
During and subsequent to the third quarter Roper signed definitive agreements to divest it's TransCore, Zetec, and CIVCO radiotherapy businesses, results for these businesses are reported as discontinued operations for all periods presented.
For the third quarter the difference between our GAAP results and adjusted results consists of the following items: Amortization of acquisition-related intangible assets; purchase accounting adjustments to commission expense; and lastly, income tax restructuring associated with our pending divestitures.
We're looking forward to sharing with you the details of our solid quarter performance, as well as summarizing the acceleration of our portfolio transformation.
I'll then walk everyone through our segment by segment performance and our outlook for the balance of the year.
As we turn to Page five, this is another quarter of solid operational and excellent financial performance.
On a continuing ops basis we grew revenue, EBITDA and DEPS north of 20% in the quarter.
It is important to highlight and characterize the underlying strength of these results.
Revenue on an organic basis grew 12% in the quarter, end market and customer demand was very strong across our portfolio within both our software and product businesses.
Importantly, our software segments were strong operationally with 10% growth in one segment and 17% in the other.
Our software businesses recurring revenue grew low double-digits in the quarter, highlighting the underlying strength, stability and increasing quality of our revenue base.
To remind everyone about 80% our software revenues are recurring in nature.
It's also worth noting that our 2020 acquisition cohort, led by Vertafore, continues to perform very well.
As it relates to our product businesses like most other companies we are experiencing supply chain and logistical challenges, but the businesses nevertheless, performed very well during the third quarter.
As mentioned customer demand was very strong throughout the quarter and backlogs are up over 50% versus last year.
Given the strong operational performance we continue our disciplined deleveraging of our balance sheet with net debt at 3.5 times trailing EBITDA.
Also, we are improving the outlook for the year, which we will detail later in the call.
The addition of Irene and Tom to our Board is part of our long-term Board refreshment process both are tremendous additions to our Board.
Finally, we've been active over the last few months working to accelerate the transformation of our portfolio through the announced divestiture of three businesses.
Let's turn to the next slide, Page six, to walk through those details and highlights.
We agreed to divest TransCore to ST Engineering for $2.68 billion.
In our view, this is the right time and the right buyer for TransCore given their forward strategy and growth outlook.
Taken together we are divesting these three businesses for $3.15 billion or about 20 times this year's EBITDA.
Following the completion of these deals Roper will be improved.
We will have a higher quality portfolio characterized by having higher proportions of recurring revenue, a higher organic growth profile and be significantly more asset light.
Finally, we are and will be very active in deploying these after-tax proceeds.
Together with our internally generated cash flow we will have about $5 billion of available M&A firepower to deploy between now and the end of 2022.
None of which is included in our current financial outlook.
Our enterprise will be even further enhanced once we complete this activity.
As part of these transactions, we are retaining our DAT and Loadlink network software businesses, which are purchased together with TransCore in 2004 and we are retaining our CIVCO Medical Solutions business.
Given we do not usually get clean book-ins to transaction activity, this provides a unique opportunity to talk about the business buildings that occurs within Roper.
Specifically just after the acquisition of TransCore we established DAT and Loadlink as stand-alone businesses with independent strategies and management teams, who operate within Roper's governance and incentive system.
Over the course of the last 15 years, these businesses have consolidated freight networks, continuously innovate their product solutions, built go-to-market capability and grown revenues high single-digits on a compounded organic basis.
Similarly, the retained CIVCO Medical Solutions business has grown high single-digits on an organic basis over the last 15 years as well.
During this period of time CIVCO Medical Solutions has continually innovated their product solutions, including the recent gel free ultrasound products and fundamentally restructured their go-to-market strategy.
Net [Phonetic] Roper we buy great businesses and provide an environment and incentive system where they get even better over a long arc of time.
Turning to Page seven, on this page we will review some Q3 financial metrics on a basis that includes the discontinued operations in order to compare our Q3 results to our previous guidance on an apples-to-apples basis.
Including, the business is now classified as discontinued operations, we generated $1.621 billion of revenue and $602 million of EBITDA.
Total DEPS was $3.91, which exceeded our Q3 DEPS guidance of $3.80 to $3.84.
Free cash flow for the quarter was $431 million, down 2% versus prior year.
Year-to-date free cash flow is now up 29% through three quarters.
Now turning to Page right.
Here we will review some of the key income statement metrics on a continuing operations basis, revenue increased 22% to $1.463 billion.
Q2 organic revenue increased 12% with strong growth across all four reporting segments, led by 17% organic growth in our Network Software segment.
EBITDA increased 21% to $558 million.
Net earnings grew 24% to $384 million and DEPS also grew 24% to $3.60.
Turning to Page nine, this slide will update you on the latest instalment in our successful deleveraging story.
Year-to-date, we have reduced our net debt by nearly $1.3 billion and our total debt reduction is now $1.8 billion, since completing the last of the 2020 acquisitions approximately one year ago.
We continue to benefit from our excellent cash conversion as the nearly $2.3 billion of total EBITDA we generated over the last four quarters has converted to $1.94 billion of free cash flow, representing EBITDA to free cash flow conversion of 85%.
At the end of September, our net debt to EBITDA has decreased to 3.5 times.
We are on track to be near 3 times by the end of 2021 and therefore well positioned to return to capital deployment even before accounting for the divestitures.
The proceeds from the divestitures further amplify our capacity with $5 billion plus available for deployment through 2022 as Neil highlighted earlier.
Moving now to Page 10, a quick look here and how the divestitures meaningfully improve our working capital position moving forward.
This page repeat the working capital numbers we showed last October and as the Q3 '21 column, which shows the enterprise, including the removal of the three businesses being divested.
We are now at negative 12% net working capital to revenue, compared to negative 6% in the same quarter last year and negative 3% back in Q3 2019.
Divesting TransCore reduces our net working capital by approximately $200 million with the majority coming out of our unbilled receivables balance.
This structurally lower net working capital positions us very well for continued high cash conversion moving forward.
Let's turn to Page 12, and walk through our Application Software segment.
Revenues in this segment were $603 million, up 10% on an organic basis.
EBITDA margins were 44.4% in the quarter.
Across the segment, we saw organic recurring revenue, which is a touch north of 75% of the revenue for this segment increased approximately 10%.
This recurring revenue strength is based on strong customer retention, continued migration to our SaaS delivery models, cross-selling activity and new customer adds.
Across this group of companies, the financial strength was broad.
To highlight a few businesses Deltek our enterprise software business that serves the US federal contractor, architect, engineering, and other services end markets had another good quarter.
During the quarter demand was particularly strong and enterprise GovCon and construction end markets.
Importantly during the quarter Deltek also had success at the top in the market with their cloud or SaaS solutions.
Vertafore our agency management cloud software business focused on P&C insurance agencies also had a nice quarter with very strong new bookings and nice expansion activity in some of their largest customers.
Aderant our legal software business continued its momentum and market share gains.
As we talked about last quarter Aderant is gaining momentum for their SaaS solutions this quarter setting a record for SaaS bookings activity.
Consistent with the theme of this segment PowerPlan was strong as well, both in terms of new bookings and ads to the recurring revenue base, it's nice to see PowerPlan's refocused strategy start to pay dividends.
As it relates to our healthcare IT businesses, Strata, Data Innovations and CliniSys were rock solid in the quarter.
For Strata their recurring subscription-based software solutions continue to perform well and grew nicely.
Strata's integration of EPSi is on track and nearly complete.
The customer base continues to demonstrate excitement for this combination.
Finally CliniSys continues to gain market share in the UK lab market and has been established as one of the four strategic IT partners for the NHS.
As we turn to the outlook for the fourth quarter, we expect organic recurring -- excuse me, we expect organic revenue growth to be similar to that of the third quarter as recurring revenue growth rates are expected to remain strong.
A solid quarter here for sure.
And with that let's turn to the next slide.
Turning to Page 13, the financial performance for this segment, as well the next to MAS and PT are shown on a continuing ops basis.
Revenues in our network segment were $343 million, up 17% on organic basis, and EBITDA margins remained very strong at 51.6% in the quarter.
The software businesses and this segment are now greater than 90% of the segment's revenue.
Our NSS software growth was broad-based and driven by organic recurring revenue growth of approximately 17%.
At the business level, our Freight Match businesses, both in the US and Canada continue to be solid growers.
As a reminder, our Freight Match networks are critical and necessary helmets to help organize and transact the trucking, shipping, spot markets.
Strength in our businesses have been on both sides of the network brokers and carriers with continued strength in the quarter on the carrier side of the network.
In addition, these businesses had improving revenue per customer ARPU as a value of the network continues to increase with higher levels of network activity.
Foundry our Media and Entertainment Software business, which enables the combination of live-action and computer generated graphics to be combined into a single frame demonstrated continued recovery and growth in the quarter.
Worth pointing out as Foundry's continued commitment the product innovation and the recent release of their AI-enabled Nuke features that allow for more automated workflow steps within the video compositing process.
Our businesses that focus in and around the US long-term care markets MHA, SHP and SoftWriters did particularly well in the quarter.
iTradeNetwork our perishable food supply chain network business had a nice quarter as bookings growth was very strong and demonstrate this followed recovery in their end markets.
Finally, we saw growth across the two product businesses within this segment, RF IDeas and Inovonics with particular strength and our Health Care end markets.
As we look to the fourth quarter outlook, we expect to see low double-digit growth in this segment, again on a continuing ops basis.
Please turn to the next slide.
As we turn to Page 14 revenue in our MAS segment were $392 million, up 9% on organic basis.
Organic growth in this segment excluding Verathon was again north of 20%.
Notably, this is the last quarter for the very difficult Verathon COVID comp and we expect Verathon's return to growth in Q4.
EBITDA margins for this segment were 32.4% in the quarter.
The EBITDA margins in this segment were consistent with our expectations, but lower than prior year, due to Verathon's extraordinary prior-year quarter and the cost impacts of certain businesses is navigating their supply chain challenges.
Again, these results are on a continuing ops basis.
Before getting into business specific details across this segment demand can be characterized as being very strong.
The demand was across all businesses and across both capital and consumable products.
Product backlogs are up over 50%, as compared to a year ago.
Our businesses, each of which were impacted by supply chain challenges navigated through the quarter.
As it relates to individual business performance Verathon coming off unprecedented demand for their intubation family of products a year ago is roughly 40% larger today versus 2019.
The momentum within this business continues given the larger installed base of intubation capital equipment, which enables recurring consumable pull through volumes.
In addition Verathon is experiencing impressive growth when their Bronchoscope product family and sustained growth across their bladder scan ultrasound franchise.
Our other medical product businesses accelerated nicely in the quarter, with particular strength that NDI and CIVCO medical solutions.
Strong demand at Neptune continued in the quarter.
Neptune's end markets continue to open up and improved, but have not fully recovered, especially in the Northeast US and Canada.
Demand across our industrial business was robust as well and performance was strong, but somewhat impacted by supply chain challenges.
For the fourth quarter we expect low double-digit organic growth for this segment.
This is based on continued encouraging market conditions both in medical and industrial markets and easing prior year comps for Verathon.
Now let's turn to our final segment Process Tech.
As we turn to Page 15, revenues in our Process Tech segment were $124 million, up 16% on organic basis.
EBITDA margins were 31.6% in the quarter.
These results are also reported on a continuing ops basis.
The short story here is we're seeing improving end market conditions across virtually every one of our businesses in this segment and strong demand both orders and backlog were up approximately 50% in the quarter versus a year ago.
Recovery in our upstream oil and gas businesses accelerated in the quarter.
Cornell continues to perform well for us.
This is particularly pass excuse me this is partially based on market conditions, but also based on Cornell's product innovation as they're seeing very nice demand pickup for their IoT connected pumping solutions.
Similar to that of our MAS industrial businesses, the businesses in this segment are being impacted by supply chain challenges, but continue to navigate through these issues.
As we turn to the outlook for the fourth quarter, we expect high-teens organic growth based on improving market conditions.
Now please turn to Page 17, where I'll highlight our increased outlook for 2021.
Based on strong year-to-date performance and expected continued momentum we're establishing full-year 2021 guidance on a continuing ops basis, a $14.08 to $14.12.
As you read on this table you will note that the full-year DEPS impact for the businesses being divested is $1.18.
If you combine this with our newly established continuing ops guidance you will note, we are raising our full-year outlook on an apples-to-apples basis by $0.26 in the low-end and $0.10 on the high end.
As it relates to the fourth quarter, we're establishing again on a continuing ops basis guidance in the range of $3.62 and $3.66.
As we turn to Page 18 and our closing summary, our third quarter was a solid quarter from both an operational and financial perspective.
Simultaneously, we undertook significant work to further the transformation of our business portfolio.
Revenue, EBITDA and DEPS grew 20% plus, organic revenue was up 12%.
Across our enterprise end market and customer demand was strong in terms of software, product capital items and consumables.
Throughout the quarter, our product businesses navigated through the market based supply chain challenges.
Given all of this, we're able to increase on an apples-to-apples basis, our outlook for the full-year.
We also continue to deleverage our balance sheet by $1.8 billion since the 2020 acquisitions with net leverage now coming in at 3.5 times trailing EBITDA.
As it relates to the strategic governance of our enterprise we're excited to be announcing the addition of Irene and Tom as new members of our Board of Directors.
As part of our long-term Board refreshment strategy these two new Directors will complement our existing Directors and help enable Roper to continue our track record of long-term cash flow compounding.
Over the last decade, we have worked to enhance the quality of our portfolio.
To this end, recently we took actions to meaningfully improve the quality of our portfolio by agreeing to divest TransCore, Zetec and CIVCO Radiotherapy.
Once complete Roper will be a better version of Roper.
We'll have higher proportion of recurring revenue, higher organic growth prospects and be significantly more asset light.
In addition, we expect to have roughly $5 billion of capital available to deploy between now and the end of 2022.
And as it relates to our M&A pipeline it is and always has been characterized as having many high-quality opportunities.
So we're clear, we are 100% back on offense when it comes to our capital deployment portion of our strategy and have fully resumed our usual process oriented and disciplined M&A activities.

user
sees fy adjusted earnings per share $14.08 to $14.12 from continuing operations.
sees q4 adjusted earnings per share $3.62 to $3.66 from continuing operations.
compname says for q4 of 2021, company expects adjusted earnings per share from continuing operations of $3.62 - $3.66.
qtrly adjusted earnings per share $3.91.

assistant