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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.
For the first quarter, the difference between our GAAP results and our adjusted results consists of the following items; amortization of acquisition-related intangible assets, purchase accounting adjustments to acquired deferred revenue and related commission expense, and lastly, a gain on sale related to a minority investment in Sedaru.
I'll hand the call over to Neil.
Rob will then highlight our P&L performance and balance sheet metrics.
I'll then walk through our segment details, our increased outlook for the year and our concluding comments.
As we turn to Page 5, we got off to a better start than we expected.
Business execution was strong across the portfolio and it was also broad based.
We are encouraged by seeing nice improvements across the vast majority of our software and product-based end markets.
In addition, we continue to see accelerating software recurring revenue growth, growing approximately 6% on an organic basis.
Importantly, our 2020 cohort of acquisitions, led by Vertafore, continue to perform very well versus our expectations.
When we put this all together, we experienced double-digit growth across virtually all financial metrics; revenue, EBITDA, DEPS and cash flow.
The growth in cash flow performance in the quarter allowed us to continue our rapid deleveraging with about $500 million in debt pay-down during the quarter.
Based on this encouraging start, we're increasing our outlook and guidance for the full year.
Turning to Page 6 and covering the Q1 financial highlights.
Total revenue increased 13% to $1.53 billion, which was an all-time record for any Roper quarter.
Organic revenue for the enterprise declined 1% versus last year's plus 4% pre-pandemic comp.
EBITDA grew 20% to $561 million.
EBITDA margin increased 220 basis points to 36.7%, on really great incrementals across the portfolio.
Adjusted DEPS was $3.60, 18% above prior year.
Free cash flow was $543 million, up 54%.
We continue to benefit from our business transformation to a more software-weighted model, where working capital boosts cash flow as our growth accelerates.
Our results were enhanced a bit by approximately $40 million of accelerated payments that were the result of wins at our UK-based CliniSys laboratory software business.
Aided by our outstanding cash flow performance, we reduced our debt by approximately $500 million in the quarter.
More on that to follow.
So in summary, a great start to 2021.
Turning to Page 7, an update on our deleveraging.
The charts on this page are a good preview for how we expect 2021 to look as we follow through on our commitment to reduce debt after our 2020 opportunistic capital deployment.
As each quarter passes by, we will benefit from meaningfully improved trailing EBITDA as the performance of last year's acquisitions rolls into Roper's financials.
EBITDA is then further enhanced by our accelerating organic growth.
Concurrently, our strong cash conversion allows us to apply our high levels of excess free cash flow toward consistent reduction of our debt.
In the first quarter, we reduced our debt by approximately $500 million.
Over the first three months of the year, our EBITDA growth, combined with debt reduction, enabled us to lower our net debt to EBITDA ratio from 4.7 to 4.2.
We expect this downward trend in leverage ratios to continue, moving forward.
As we turn to Page 9, revenues in our Application Software segment were $578 million, up 2% on organic basis.
EBITDA margins were an impressive 44.9% in the quarter.
Across this segment, we saw organic recurring revenue, which is about 75% of the revenue for this segment, increase approximately 6%.
This recurring revenue strength is based on strong customer retention and continued migration to our SaaS delivery models.
Of note, this quarter should be the last quarter of non-recurring revenue declines as we come across the COVID comp from last year.
From a business unit perspective, Deltek continued its long string of great performance.
As we expected, Deltek's recurring revenue grew nicely.
Of particular importance, Deltek saw an increase to the perpetual revenue during the quarter, coming off a decently strong quarter a year ago.
Also encouraging was the nature of the bookings activity, which was broad based across our architecture, engineering, creative and government contracting end markets.
For reference, the professional services end markets tied to AEC and creative have been slow since the onset of COVID.
Also, CliniSys, our European lab software business, just crushed it during the quarter.
As Rob mentioned, CliniSys had exceptionally strong cash flow as they gained tremendous market share within the clinical lab consolidation occurring within the United Kingdom.
CliniSys has approximately 85% market share in the UK and is now recognized as one of four critical IT vendors for the entire National Health Service.
Just outstanding execution by the CliniSys team, and congrats.
We also saw sign in the higher education markets that CBORD serves; certainly encouraging.
Finally, our 2020 cohort of acquisitions continues to perform very well.
Specific to Vertafore, we continue to be encouraged by their customers' comfort in having Roper as a long-term owner for the business.
Also, Amy and her team have done a great job transitioning to Roper and our governance model.
As we turn to the outlook for the balance of the year, we expect high single-digit organic growth for the segment.
This is based on the expectation for sustained levels of recurring revenue growth and resumption of non-recurring revenue growth.
As it relates specifically to the second quarter, we expect our growth to be a touch below high single digits due to our global lab software group coming off across a challenging comp from a year ago as they are instrumental standing up COVID testing on a global basis.
Solid and encouraging quarter for sure.
And with that, let's turn to our next slide, please.
Turning to Page 10.
Revenue in our network segment were $440 million, flat versus last year and down 3% on an organic basis.
EBITDA margins were 40.9% in the quarter.
Our software businesses in this segment, about 65% of the revenues were up 4% on an organic basis.
This revenue was broad based among our software businesses and driven by organic recurring revenue growth of approximately 6%.
Recurring revenue growth is underpinned by strong customer retention.
Recurring revenues are also benefited by increasing network participation.
At the business level, our Freight Match businesses, both in the US and Canada, continue to be solid growers for us.
As a reminder, our freight match networks are critical and necessary elements to help organize and transact the trucking, shipping spot markets.
Strength in our businesses has been on both sides of the network; brokers and carriers.
We also continue to see nice organic gains at ConstructConnect as their network enables commercial construction planning and bidding to occur in a more efficient and transparent manner.
Lastly, as it relates to our Network Software businesses, we saw improved end market activity, especially in the middle market for Foundry, our media and entertainment compositing software business.
Our non-software businesses in this segment were down 13% for the quarter; a touch better than we anticipated.
TransCore's New York project work continues and is tracking well.
TransCore's tag volumes declined versus a year ago based on lower traffic volumes across the US.
Turning to the outlook for the balance of the year.
We expect to see high single-digit organic revenue growth for the segment with consistent high single-digit growth through out -- through the balance of the year for our Network Software businesses.
As it relates specifically to the second quarter, we anticipate our segment organic growth to be a touch below HSD, given TransCore's should be stronger in the second half versus next quarter based on timing of project for execution and tag shipments.
All in all, a solid outlook for the balance of the year.
Please turn to the next slide.
As we turn to Page 11, revenues in our MAS segment were $381 million, up 2% on an organic basis.
EBITDA margins were 34.8% in the quarter.
As usual, in this segment, we will profile the three macro parts; medical products, Neptune and our industrial businesses.
To start, our medical product businesses performed very well this quarter.
Verathon continued its strength based on consistent factors; GlideScope unit placements and recurring consumables pull through and continued momentum and share gains with our single-use Bronchoscope product offering.
What is also encouraging to see is the growth in our Bladder Scan product line.
We believe this was based on a broader base trend of hospitals resuming some normal level of clinical capital spending.
We saw similar strength in our other medical product businesses as well.
For instance, Northern Digital had their best Q1 bookings quarter in history.
This trend bodes well for the balance of the year.
Neptune, as expected, declined in the quarter for the same reasons discussed in each of the last three quarters, having limited access to indoor meters in the Northeast United States and Canada.
However, we did see some easing of these restrictions in March, and Neptune's customers are beginning to increase their maintenance schedules throughout Q2 and into the second half of the year.
Finally, our industrial businesses benefited from improvements in their end market conditions.
For the balance of the year, we expect high single-digit growth for the segment.
This is based on broadly improving conditions both in medical and industrial end markets and increases to access in indoor meter replacements at Neptune.
This strength will be somewhat offset by the extraordinary prior-year COVID demand at Verathon.
We're encouraged by our expected high single-digit growth for the balance of the year.
Now, let's turn to our final segment, Process Tech.
As we turn to Page 12, revenues in our Process Technology segment were $131 million, down 10% on an organic basis, EBITDA margins hung in at 31% in the quarter.
The short story here is we're seeing improving end market conditions across virtually every one of our businesses in this segment after nearly two years of declines.
For instance, at CCC, we're seeing the resumption of previously deferred projects and demand for field services to come back online.
Also, greenfield bidding activity is back in full swing, especially on an international basis.
Cornell continues to perform well for us.
This is particularly partially based on market conditions, but also based on Cornell's product innovation as they're seeing very nice demand pick-up for their IoT-connected pumping solutions.
As we look to the outlook for the balance of the year, we see double-digit organic growth based on improving end market conditions and continued even comps.
Now, please turn to Page 14, where I'll highlight our increased guidance for 2021.
Based on strong Q1 performance and our increased confidence for the balance of the year, we're raising our full-year adjusted DEPS to be in the range of $14.75 and $15 per share and organic growth to be in the 6% to 7% range.
The 6% to 7% organic growth is against a 1% organic decline in 2020.
This demonstrates that we have meaningfully improved on an organic basis since 2019.
Our tax rate should continue to be in the 21% to 22% range.
For the second quarter, we're establishing adjusted DEPS guidance to be between $3.61 and $3.65 and expect second quarter organic revenue growth to be in line with the full-year organic growth rate.
Turning to Page 15 and our closing summary.
This was an encouraging start, and we're raising our outlook for the year.
We performed well across virtually every financial metric with double-digit increases in revenue, EBITDA, DEPS and cash flow.
EBITDA margins expanded nicely and free cash flow grew 54% to $543 million, which enabled us to continue our rapid deleveraging in the quarter.
Importantly, we are well positioned for continued double-digit compounding.
We are seeing improving conditions across virtually all of our end markets.
When combined with our leading market positions, we expect high single-digit organic growth for the remainder of the year.
As owners or prospective owners of Roper Tech, you should be encouraged by our increasing levels of recurring revenue and the stability of our recurring revenue growth.
Also, our 2020 cohort of acquisitions are performing very well and Vertafore has proven to be an excellent addition to our growing portfolio of software businesses.
We continue to focus on deleveraging our balance sheet and 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.
As our balance sheet becomes more offensive toward the end of this year, our active pipeline of M&A targets will enable us to resume capital deployment in our usual process-oriented and disciplined manner.
Amy has been a tremendous Board Member since 2015 and will be a fantastic Board Chair.
I certainly look forward to working with Amy and the full Board for many years to come.
Bill has been a Roper Director since 1997 and has reached our mandatory Board retirement age.
He served as our Lead Independent Chair Director and became Board Chair during the CEO transition from Brian Jellison to myself.
Bill has been a wonderful Board Chair, enabling a smooth CEO transition and the continued evolution of our strategy and business model.
On a personal note, Bill has been a tremendous mentor to me, which I hope will continue on an informal basis for years to come.

user
sees fy adjusted earnings per share $14.75 to $15.00.
sees q2 adjusted earnings per share $3.61 to $3.65.
q1 adjusted earnings per share $3.60.
q1 revenue $1.53 billion.

assistant