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Text: We hope everyone is doing well.
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 and year primarily on an adjusted non-GAAP basis.
For the fourth quarter, the difference between our GAAP results and adjusted results consist of the following item: amortization of acquisition-related intangible assets; purchase accounting adjustments to acquired deferred revenue and related commission expense; and lastly, transaction-related expenses for completed acquisition.
For today's agenda, we'll walk through our 2020 financials and operational highlights.
As we look back on 2020, it was quite a year.
Our businesses performed at a very high level during this period.
Revenues grew 3%, with organic revenue declining a single percent.
EBITDA also grew 3%, and free cash flow grew 16%.
This cash flow performance, $1.7 billion is just astounding.
This is a testament to many things.
Notably, our asset light business model, the intimacy we have with our customers and the high level of skill and execution of our field teams.
This cash flow is just simply a great result.
Perhaps more important, 2020 was a year of forward progress for our company.
We exit 2020 as a better company, a company with higher quality revenue streams, a company with improved future innovation prospects and a company with whose portfolio that was enhanced with $6 billion of capital deployment.
To this end, we saw our software recurring revenues increased mid single-digits in 2020, and were benefited by high levels of retention and an acceleration to the cloud.
We continue to be benefited by having close intimate relationships with our customers.
Most often, our software is mission critical to our customers' operations.
In addition, we continue to strategically invest throughout our portfolio during the year.
Based on our historical experience, we find times of market disruption, the best time to double down on innovation and market investments, which in turn will drive market share gains in the years to come.
Finally, we are able to deploy $6 billion to further enhance Roper's Group of companies' headlines by our Vertafore acquisition.
So when we look back on 2020, we highlight two key themes: First, we grew, cash flow increased 16% in the middle of a pandemic.
And second, the quality of our enterprise continue to improve during the year.
Net-net, we got bigger and better during 2020.
Let's turn to the next slide.
Over the past five years, we highlight that our revenue grew at a 9% compounded rate, EBITDA at 10% and cash flow at 13%.
We continue to grow and compound through macro economic cycles.
Also, during the time period, the quality of our enterprise meaningfully improved.
We are more software-focused with nearly two-thirds of our EBITDA coming from software, with higher levels of recurring revenue.
Conversely, we are much less tied to cyclical end markets today, a little over 15% of our portfolio.
Given our long-term strategy and these factors, we are a low risk enterprise.
We compound cash flow through cycle and do so with multiple growth drivers across both organic and inorganic fronts.
As we look to '21, we will continue our long-term stream of revenue and EBITDA and cash flow compounding.
So with that, let's turn to the next page and discuss the macro backdrop for '21.
As we look to 2021, we are set up for a strong year.
We expect revenue and EBITDA will grow well into the double digits likely in the mid-teens range with organic revenue growth in the mid-single digit plus range.
This is on top of growth in 2020, the compounding continues.
Breaking it down, our software businesses, both in our Application Software and Network segments are well positioned heading into '21.
These businesses enter the year with momentum from strong retention and recurring revenue gains.
They'll be further aided by growth in perpetual license as pipeline and customer activity are anticipated to recover to some extent.
Our non-Verathon medical product businesses are expected to return to a more normalized pattern of customer activity as healthcare facilities loosen restrictions.
But since 2020 was well below trend, we expect above trend growth here.
Of note, Verathon has a challenging comp.
However, the reoccurring revenue base will remain strong, given the large volume of capital placements in 2020 and continued growth of their new single-use Bronchoscope business.
We expect Neptune to recover and growing nicely as our customers especially in the Northeast US and Canada gain access to residential locations.
We expect our industrial and process tech businesses to continue their quarterly improvements and return to growth after two years of macro headwinds.
Finally, 2021 will be meaningfully aided by the contribution from our 2020 cohort of acquisitions.
To this end, we continue to work with a very full and high-quality M&A pipeline.
We are committed to deleveraging, but we also remain active in building and maturing our pipe.
So as I think back over the nearly 10 years I've been with Roper, I cannot think of a better set of tailwinds heading into a year.
Clearly, lots to do and lots of execution in front of us, but we have a strong momentum heading into '21.
Turning to page eight, while looking at our Q4 income statement performance.
Total revenue increased 8%, as we eclipsed $1.5 billion of quarterly revenue for the first half.
Organic revenue for the enterprise declined 2% versus prior year.
EBITDA grew 7% in the quarter to a record $552 million.
EBITDA margin was down 40 basis points versus prior year at 36.6%.
Tax rate came in at 19.9%, a little lower than last year's 21.6%.
So all-in, this resulted in adjusted diluted earnings per share of $3.56, which was above our guidance range.
Turning to page nine, reviewing the Q4 results by segment.
Neil will discuss the full-year 2020 segment performance in more detail later, so just touching on some of the Q4 highlights here by segment.
Application Software grew 35% with the addition of Vertafore.
Organic for the segment was minus 2% with mid single-digit recurring revenue growth continuing.
Sharp declines in our CBORD & Horizon businesses, serving K-12 and higher education impacted the segment as many schools unfortunately remain closed.
For Network Software & Systems, plus 2% organic growth with our software businesses, putting up a very solid plus 4% organic.
The TransCore was flat versus prior year.
For Measurement & Analytical Solutions, plus 1% organic growth, as we start to see some sequential recovery at Neptune in our Industrial businesses.
Segment margins were impacted a bit by the acceleration of some product and channel investments at Verathon as we discussed coming into the quarter, and it's really been exceptional year for Verathon overall.
Lastly, for Process Technologies, a 21% organic decline, with margins holding up well at 31.3%.
And once again here, we started to see some early signs of improvement after a couple of years of declines.
So turning to page 10, looking at net working capital.
Honestly, the slide mostly speaks for itself, ending the quarter with negative 8% net working capital as a percentage of Q4 annualized revenue.
While there are certainly some seasonal trends, primarily around timing of the software renewals.
They do typically benefit our Q4 performance.
You can see here a meaningful improvement versus 2018, improving from negative 3.4% to negative 8% in 2020.
Our asset light negative net working capital model drives our sustainable high cash conversion and fuels our cash flow compounding.
Our people focus on what we all believe matters and our culture is built around growing the right way.
Top line growth converts to cash flow and we are always mindful of the impact to our balance sheet.
So turning to cash flow.
Cash flow performance, as Neil mentioned, it was really pretty spectacular no matter how you look at it.
Q4 free cash flow of $558 million, was 23% higher than last year and represented 37% of revenue.
This excellent result was driven by the great working capital performance I just discussed, which is really across the enterprise along with meaningful cash contributions from Vertafore and the other recent acquisition.
So for the full-year 2020, we generated $1.72 billion of operating cash flow and $1.67 billion of free cash flow.
So to repeat, that's $1.7 billion of free cash flow in 2020.
Truly a great year.
Full-year free cash flow growth was 16% and our free cash flow conversion from EBITDA was a robust 84%.
So really tremendous cash flow performance, and it was broad based and very durable.
So turning to page 12, updating on our balance sheet.
As Neil mentioned earlier, we ended the year with total capital deployment of approximately $6 billion, which included the EPSi acquisition that closed during the fourth quarter on October 15th.
We were able to take advantage of attractive market conditions to complete and opportunistically fund this acquisition with a combination of internally generated cash flow proceeds from March 2019, Gatan divestiture and investment grade leverage.
Overall, cost of financing was approximately 1%.
Looking ahead, we plan to rapidly reduce leverage throughout 2021, taking advantage of our pre-payable revolver, which has a current balance of approximately $1.6 billion.
Our solid investment grade balance sheet supports long-term cash flow compounding, which we are well positioned to continue.
Let's turn to our recap for 2020.
To help orient you to this page, we're comparing our full-year outlook from last April to that of what actually happened.
It's worth reminding everyone that we felt our businesses and our business model had the level of recurring revenue, customer intimacy and the business leadership required to guide in the face of the COVID uncertainty, both in terms of supply and demand.
In aggregate, we thought our full-year organic revenues would be plus or minus flat, and we came in at down minus 1%.
The TransCore New York project is the primary reconciling item between being down a touch and being flat or slightly up.
And more on this in a minute.
We guided DEPS to be between $11.60 and $12.60 and came in at $12.74.
Looking back on this, we are very proud of our team's ability to look forward and operate through the uncertainty of last year.
Also, there is no better example of the durability of our model than this past year.
With that, let's walk through the macro drivers across each of our four segments.
Relative to Application Software, this segment played out as anticipated and was up 1% on an organic basis for the year.
Specifically, we saw recurring revenue up mid single-digits, aided by very strong retention rates as well as an acceleration to the cloud.
As a reminder, recurring revenue in this segment is about 70% of our revenue stream.
Perpetual revenues, about 10% of this segment's revenue were under pressure as expected.
We saw this revenue stream down mid-teens as new logo opportunities and wins were pushed and delayed.
That said, cross-selling activity remain active for much of 2020.
Relative to services revenue, we anticipated some pressure tied to shifting to remote installs and having fewer new implementations, which are tied to new perpetual transactions.
For 2020, we saw mid single-digit declines here principally tied to fewer new deals.
Our teams did a wonderful job shifting to remote installs, a trend we anticipate will continue in large part on the back side of the pandemic.
As it relates to our Network segment, we expect the organic revenue for the year to be up mid singles to double-digits when, in fact, we grew 3% for the full year.
Our Network Software businesses performed as anticipated, with recurring revenues growing low single-digits, again, benefited by high retention rates and high levels of recurring revenue.
This segment underperformed our expectations primarily due to TransCore's New York congestion infrastructure project timing.
In April, we expected approximately $75 million more in revenue from this project than actually occurred in 2020.
More on this when we turn to the segment overview.
But we expect this $75 million of pushed revenue to be recognized in '21.
It's also worth noting that the number of toll tag shipped last year were at historic lows, given the lower traffic volumes, but this was anticipated.
For our MAS segment, we've talked all year about this being the tale of four situations, Verathon, other medical products, Neptune and Industrial.
For the year, again back in April, we felt this group would be flat to up mid single-digits on an organic basis.
We posted 1% growth.
We feel very good about the execution across this group of companies.
The primary reconciliation factor is a slower recovery ramp tied to our non-Verathon medical product businesses and Neptune.
Specifically, we anticipated unprecedented demand for Verathon innovation product family.
For the year, Verathon grew substantially as COVID accelerated the further adoption of video intubation as the preferred technology.
Our other medical product businesses, which grow mid single-digits like clockwork were down mid single-digits for the year tied directly to lower elective procedure volumes and limited hospital capital spending.
Interestingly for Neptune, we highlighted municipal budget uncertainty in April.
This proved generally to be a non-factor, as municipalities budgets were approved and available.
However, the impact of the lockdowns, especially in the Northeast US and Canada had a prolonged impact on our customers' ability to do routine meter replacements.
As a result, Neptune was down low double-digits for the year, slightly worse than our initial expectations.
Finally, for this segment, we expected sharp industrial declines and that is what happened with these businesses being down low-double digits for the year.
That said, we are seeing sequential quarterly improvements across both Neptune and our Industrial businesses.
Finally, and as it relates to our Process Tech segment, we expected to be down 20% to 25%, and we were logging in it down 21%.
This played out as we anticipated with much lower energy-related spending, project timing pushes and the inability to get field service resources into customer locations.
So this is the play-by-play rewind for 2020.
Now let's turn to the segment pages for a bit more detail.
For Application Software, where revenues here were $1.81 billion, up 1% organically, with EBITDA of $772 million.
The broad macro activity for this segment has remained quite consistent for much of 2020.
Specifically, we continue to see accelerating demand for our cloud solutions.
This bodes well for our long-term recurring revenue growth and customer intimacy.
At a business unit level, Deltek's GovCon business continues to be super solid and grow very nicely.
But we did see some headwinds relative to their offerings that target the consulting, marketing services and AEC space.
That said, recent customer activity and top of funnel activity suggest some market following is occurring.
Aderant and PowerPlan delivered flat EBITDA in a year with nice recurring revenue gains.
We experienced very nice growth across our lab software group, again doing our part to help fight the COVID war.
Strata delivered double-digit organic growth and completed a strategic acquisition in EPSi.
Notably, the combined business will analyze roughly half of the US hospital spend.
Finally, our two businesses that serve the education space, CBORD and Horizon declined double digits in the year, simply due to having a customer base that was shut down.
A decent amount of revenues in these businesses are tied to student volumes.
Importantly, we acquired Vertafore last year, they're are off to a great start with strong earnings and very strong cash flow in the fourth quarter.
Looking to Q1, we see flat to low single-digit organic growth based on continued mid single-digit recurring revenue growth offset slightly by lower perpetual and services revenues given last year's non-COVID comp.
Now let's turn to our Network segment.
Here, revenues were $1.74 billion, up 3% on an organic basis, with EBITDA of $732 million.
Our Network Software businesses performed well during last year, growing low single-digits.
Specifically, DAT was strong growing double-digits.
DAT's network scale and innovation focus continues to enable very solid organic gains.
ConstructConnect grew based on network utilization tied to a tighter construction labor market.
iTrade, MHA and Foundry had some headwinds tied to their end markets being disrupted due to COVID.
That said, each of these businesses had high retention rates and the networks remained very strong.
iPipeline also performed well during their first year being with Roper, and completed two bolt-on acquisitions.
Our non-software businesses struggled a bit during the year, specifically, RF IDeas -- our RF IDeas, our multi-protocol credential reader business did well in our healthcare applications, but was hampered by meaningful declines in their Secure Print market.
For the full year, TransCore pushed about $100 million of revenue out of 2020 and to '21 associated with their New York project.
In addition, EBITDA margins were pressured due to lower tag shipments and a few non-New York project push outs.
As we look to the first quarter of 2021, we see organic revenue, as you can see in the lower right hand box to be down 3% to 5% for the quarter.
An important distinction to highlight, our software businesses will continue to grow in the low single-digit range.
But our non-software businesses driven by TransCore will decline in the high teens range in the first quarter due to much lower anticipated tag shipments and timing of revenue associated with the New York projects.
As a reminder, the first quarter of this year is coming off a mid-teens growth comp from a year ago.
Now let's turn to our MAS segment, revenues for the year were $1.47 billion, up 1% on an organic basis, with EBITDA $508 million.
Verathon was awesome in 2020.
The business grew substantially based on unprecedented demand for their video intubation product line.
Given Verathon's ability to fulfill this demand, we expect our meaningfully expanded installed base of GlideScope is to generate increased levels of reoccurring consumables pull through in the years to come.
In addition, the first year of their single-use Bronchoscope release was successful.
We believe we gained a substantial foothold in the market during the inaugural year of this product category.
Our other med product businesses declined, but they started to see more normalized patient volumes toward the end of the year.
Further, customer interactions are starting to resemble more normal levels of engagement.
Neptune declined low double-digits tied exclusively to our customers in the Northeastern US and Canada, not having access to indoor meters.
Other regions were flat during 2020.
Neptune's market share remained strong throughout the year.
Finally, our industrial businesses were down, but have shown sequential improvements throughout the year.
For Q1, we expect low single-digit organic growth for this segment with similar patterns to that of the fourth quarter.
Now let's turn to our final segment, Process Tech.
Revenues for the year were $519 million, down 21% on an organic basis, with EBITDA of $156 million or 30% of revenue.
Compared versus two years ago, these businesses are down about $90 million in EBITDA and yet maintained 30% EBITDA margins.
As a side note, Roper continue to compound despite these cyclical headwinds.
That said, this segment is pretty straightforward and has been the same story all year.
COVID has negatively impacted our oil and gas and short cycle businesses.
Certainly, low oil prices did not help either.
That said, we have seen some green shoots across this group as capital spending started to improve as we exited 2020.
As we look to the first quarter, we expect declines to moderate in the first quarter to be in the 10% range.
Importantly, we are easing comps as we enter the second quarter.
Also, over the last couple of years, these businesses continue to make product and channel investments to be best positioned to fully capture the cyclical upswing.
The next few years here should be pretty good.
Now let's turn to our guidance and the associated framework.
While this slide is somewhat busy, we wanted to line up for you the key macro differences between our 2021 full-year outlook on a segment basis versus our actual 2020 results.
In aggregate, we expect total revenue to increase in the mid-teens range with organic growth being in the mid single-digit plus area.
As we look across the revenue streams for our Application Software segment, we expect mid singles growth.
Specifically, we expect a slightly improved recurring revenue growth rate aided by last year's recurring momentum and an increased mix toward SaaS.
We expect flat services revenues and mid single-digit plus growth in perpetual as we expect a modest market recovery and easing second half comps.
Similarly, we expect mid single-digit organic growth in our Network segment, with our Network Software businesses growing mid-single digit plus.
We expect TransCore to complete the New York project and see recovering tag sales, when combined, TransCore should grow mid singles for the year.
We expect MAS to grow mid single-digits as well.
Our medical product businesses were exceptional last year, up 20%.
Importantly, the quality of our medical products revenue stream will continue to improve as Verathon's reoccurring revenue streams tied to GlideScope and BFlex continue to gain moment.
As we look to 2021, our medical product businesses are expected to grow low single-digits as elective procedures and hospital capital spending return to more normalized levels throughout 2021.
This return being partially offset by our difficult 2020 COVID comp.
Neptune should be at high single-digits plus with easing restrictions and more access to indoor meter replacements.
And finally, our industrial businesses should recover and grow in the high single-digit plus range after two years of declines.
Our PT businesses are expected to be up high single-digit three-year based on the resumption of deferred projects and field maintenance as well as modest improvements in these end markets.
So all in all, we expect organic revenues to increase mid single-digit plus and total revenue grow in the mid-teens range.
Let's turn to our guidance slide.
Based on what we just outlined, when you roll everything together, we are establishing our 2021 full-year adjusted DEPS guidance to be in the range of $14.35 and $14.75.
Our tax rate should be in the 21% to 22% range.
For the first quarter, we are establishing adjusted DEPS guidance to be between $3.26 and $3.32.
Of note, our guided Q1 adjusted DEPS is roughly 22% to 23% of our full year guidance range and is consistent with our long-term historical DEPS seasonality.
What a year, none of us will ever forget 2020.
Our business performed so very well last year.
We grew revenue 3% in aggregate and only declined a single percent on an organic basis.
EBITDA margins were steady at 35.8%, and cash flow grew 16% to $1.7 billion.
This means we had cash flow margins of 30%.
Given this performance, our business models ability to foresee these best performance, we stayed focused on executing our capital deployment strategy, which resulted in $6 billion of deployment on high quality, niche leading vertical software companies.
There is no doubt the quality of our enterprise improved during 2020.
Something we are incredibly proud to be able to say.
Our recurring revenue grew mid-single digits.
We increased innovation investments and increased the quality of our portfolio with our capital deployment spends.
So as we look to 2021, we feel we are incredibly well positioned.
We expect strong organic growth, that'll be further augmented by contributions from our recent acquisitions.
In 2021, we expect about two-thirds of our EBITDA to come from our software businesses, which provides us all the virtues of an increased mix toward recurring revenues.
We will continue to focus on deleveraging our balance sheet, but we remain committed and focused on our long-term capital deployment strategy.
To this end, our pipeline of M&A candidates is active, robust and has many high-quality opportunities.
So as we look back over 2020, we are proud of our business models, durability and our leaders ability to successfully navigate last year's uncertainties.
We are proud that we continue to be forward-leaning and strategic.
We are proud that we improved our business last year with an increasing mix of growing recurring revenue and continued innovation focus.
In short, we got bigger and better during 2020.
This was certainly the case in 2020.
So with that, let's turn to our first question.

user
sees q1 adjusted earnings per share $3.26 to $3.32.
sees fy 2021 adjusted earnings per share $14.35 to $14.75.
q4 gaap and adjusted revenue increased 8% to $1.51 billion.
qtrly adjusted deps was $3.56.

assistant