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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 second quarter, the difference between our GAAP results and adjusted results consist of the following item: amortization of acquisition-related intangible assets; and purchase accounting adjustments to commission expense.
As usual we'll leave plenty of time to talk to all your question toward the end.
As we turn to Page five, we deliver an excellent second quarter with strength across all four of our segments.
Specific to the financial metrics, which Rob will detail shortly, revenue, EBITDA, DEPS and cash flow, all grew north of 20% in the quarter.
Also during the quarter, we are encouraged to see the post-pandemic recovery gain momentum and broaden at the same time.
Specifically, not only that we experienced continued improvement across virtually all of our businesses, the strength within each business was broad.
Our software businesses, which now make up over 55% of our revenue base performed very well in the quarter.
Specifically, on an organic basis, we grew our Application Software segment 9% and grew our software businesses within our NSS segment 10%.
Across our software businesses, we saw the acceleration of our recurring revenue growth, approximately 80% of our soft revenues from mid-singles to high-singles and a solid recovery of perpetual license activity.
Relative to our product businesses, a very similar pattern acceleration and recovery of our consumables revenue sources and very nice ordering patterns for our capital equipment type products.
In addition, our 2020 acquisition cohort led by Vertafore is performing very well.
Importantly, and consistent with our guidance over the last three quarters, we continue to delever our balance sheet at a rapid pace now under 4 times debt to EBITDA.
And finally before handing things over to Rob, just a great first half to the year.
Our teams have performed magnificently.
Given the great start in the positive momentum across our enterprise, we are once again increasing our full-year guidance.
Rob, let me hand it over to you.
And congrats again on the lightening winning [Indecipherable] go.
Turning to Page six, looking at some of the key financial highlights for Q2.
Total revenue increased 22% to $1.59 billion another record for any Roper quarter.
Q2 organic revenue growth was 7% versus last year's comp of minus 3.
All four segments performed well, with strong organic growth across our portfolio of software and product businesses.
Q2 EBITDA grew 26% to $579 million and EBITDA margin increased to 110 basis points to 36.4%.
Adjusted DEPS was $3.76, 28% above prior year and also above our Q2 guidance range of $3.61 to $3.65.
Free cash flow was $409 million, up a very strong 30% versus last year.
As a reminder, last year we adjusted our Q2 cash flow to account for the income tax payments that were deferred from Q2 to Q3, due to 2020 delayed tax deadlines.
Net working capital was negative 8%, we continue to benefit from Roper's transformation to a high recurring revenue, majority software business model that is structurally designed to consistently drive high cash conversion.
Lastly, we have been laser-focused on debt reduction this year after last year's record capital deployment and we continue to make great progress on that front with an additional $375 million paid down in Q2.
So in summary, an excellent second quarter wrapping up a very strong first half for Roper.
Turning to Page seven, an update to the charge we introduced last quarter, showing our rapid deleveraging.
Through the first half of 2021, we have now reduced our net debt by nearly $900 million, raising the total debt reduction to approximately $1.4 billion, since completing the 2020 acquisitions late last year.
Our debt reduction along with the meaningful contributions from our 2020 acquisitions has enabled us to rapidly lower our net debt to EBITDA ratio from 4.7 times to 3.8 times in only six months.
We expect this downward trend in leverage ratios to continue moving forward, which positions us well for a return to meaningful capital deployment in the coming quarters.
Let's turn to Page nine and walk through our Application Software segment.
Revenues in this segment were $592 million, up 9% on an organic basis.
As a reminder, this segment grew 1% organically last year aided by strong results from our lab software franchises that were critical to the COVID response.
EBITDA margins were 43.7% in the quarter.
Across the segment, we saw organic recurring revenue, which is a touch north of 75% of the revenue for the segment increased approximately 9%.
This recurring revenue strength is based on strong customer retention, continued migration to our SaaS delivery models, new products cross-selling activity and new customer adds.
To that end, the non-recurring organic revenue in this segment grew 9% as well.
Specific to business unit performance Deltek, our enterprise software business that serves the US federal contractor, architect, engineering and other services end-market had an excellent quarter.
Their strength was rooted in large scale GovCon customer wins and expansion activity.
Deltek was further benefited by the recovery in the professional services end markets, terrific job by Mike and the entire team at Deltek.
Aderant our legal software business continues its momentum and market share gains.
In addition and encouragingly, their customers are beginning the journey of migrating to Aderant's cloud solutions.
This will take many years for the entire customer base to migrate, but will result in increased customer intimacy and higher levels of recurring revenue.
CliniSys and data Innovations continue their long string of market share gains in the quarter and CBORD grew based on strength in healthcare and in particular their higher education product offerings.
Finally, our 2020 cohort of acquisitions continue to perform very well both at Vertafore and EPSi.
As we turn to the outlook for the balance of the year, we expect high single-digit organic growth for this segment based on strength in both our recurring and non-recurring revenue streams, a solid quarter here for sure.
And with that let's turn to our next slide.
Turning to Page 10.
Revenues in our network segment were $459 million, up 5% on an organic basis, and EBITDA margins were 42.5% in the quarter.
Our software businesses in this segment about 65% of the revenues were, up 10% on an organic basis.
This growth was broad-based among our software businesses and driven by organic recurring revenue growth of approximately 11%.
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 elements to help organize interact and transact the trucking, shipping spot markets.
Strength in our businesses has been on both sides of the network; brokers and carriers, but with particular strength in this quarter on the carrier side of the network.
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.
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, recovered nicely in the quarter with particular strength in the mid-market.
Importantly, we continue to see very strong customer retention levels across each and every one of our network software businesses.
The strong growth in our software businesses was partially offset by project delays and our Transcore New York congestion pricing project.
These delays are based on pending federal environmental approvals, while we all believe the federal approval will be granted, the approval process to complete our work is taking longer than originally anticipated.
Conversely TransCore tag demand appears to be normalizing for the balance of the year.
As we look to our second half outlook, we expect to see high single-digit growth in this segment.
The growth will be underpinned by strength in our network software businesses, which we expect to grow in the low double-digit range in the second half of the year.
Based on the New York TransCore project pushing to the right, we now expect about $40 million of this projects revenue to push-out of the second half of the year and into 2022.
All in all, high single-digit organic increases in this segment for the balance of the year.
Please turn to the next slide.
As we turn to Page 11, revenues and our MAS segment were $397 million, up 7% on organic basis.
Organic growth in this segment excluding Verathon was north of 20%.
EBITDA margins for the segment were 33.4% in the quarter.
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 continues to experience impressive growth within their Bronchoscope product family and the recovery in their bladder scan ultrasound product group.
EBITDA margins in the segment were lower due to Verathon's extraordinary prior-year quarter and the associated margin benefit.
Our other medical product businesses accelerated nicely in the quarter based on hospitals and hospital equipment OEMs resuming normal levels of activity.
Demand at Neptune was very strong as well.
The Northeast opened up and the balance of the country experienced normalizing levels of activity.
Our industrial businesses were strong.
As I mentioned in the opening the strength was buoyed by improving consumables activity and solid returns to capital equipment spending.
Our businesses within this segment have done a nice job navigating the difficult supply environment.
And supply environment like the one we are in right now are decentralized, highly nimble organization tends to perform quite well.
This quarter was no exception.
For the balance of the year, we expect double-digit growth for this segment.
This is based on broadly improving 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 12, revenues in our Process Tech segment were $140 million, up 13% on an organic basis.
EBITDA margins improved by over 500 basis points to 32.8% 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 over nearly two years of declines.
Our upstream oil and gas business is starting to recover nicely.
Cornell continues to perform well for us.
This is partially based on market conditions, but also based on Cornell's product innovation as they are seeing very nice demand pickup for their IoT connected pumping solutions.
And finally at CCC, we're seeing the resumption of previously deferred projects and the demand for field services to come back online.
Also greenfield bidding activity is back in full swing, especially on an international basis.
As we turn to the outlook for the balance of the year, we expect 20%-plus organic growth based on improving market conditions and continued easing comps.
Now please turn to Page 14 and I'll highlight our increased guidance for 2021.
Based on strong first half performance improvement to our recurring revenue growth rates and improving market conditions, we are raising our full-year adjusted DEPS to be in the range of $15 and $15.20 per share.
Of note, our prior high-end DEPS guidance was 15% now the bottom end of our range.
Also, we are increasing our guidance notwithstanding pushing roughly $40 million of the TransCore New York City project into next year, providing everyone a good sense of how strong the balance of our portfolio is performing.
Our full-year organic growth is expected to be 7% or a touch higher.
This full-year growth outlook implies low double-digit organic growth in the second half.
Our tax rate should continue to be in the 21% to 22% range.
For the third quarter, we're establishing adjusted DEPS guidance to be between $3.80 and $3.84.
Turning to Page 15, and our closing summary.
This is a very strong quarter for enterprise with softer revenues growing on an organic basis 9% in our Application Software segment and 10% for our software businesses and our NSF segment.
In addition, the recovery pattern is characterized as gaining momentum and being broad, strength in product and software, strength in recurring and non-recurring.
We performed very well virtually in every financial metric, growing 20% plus in revenue, EBITDA, DEPS and cash flow.
EBITDA margins expanded by 110 basis points and free cash flow increased 30%, to $409 million in the quarter.
As promised, we continue to delever our balance sheet, reducing debt by $375 million in the quarter and by $1.4 billion, since completing our 2020 acquisitions in Q4 of last year.
As we look forward, positive momentum continues to build.
Over the last decade, we have worked to improve the quality of our portfolio to be more software base resulting in enterprise having higher levels of recurring revenue and be increasingly asset light.
In addition to having this improved quality within our business portfolio, we're seeing our recurring revenue growth rates improve from mid-singles to high-singles.
Finally, our businesses will benefit from improving end market conditions.
Given each of these improved portfolio quality, improving recurring revenue growth rates and improving market conditions we expect to see double-digit organic growth in the second half of the year.
Also, our 2020 cohort of acquisitions continue to perform very well and solidly contribute to and improve the quality of our enterprise.
Given all of these factors, we are increasing our outlook for the full-year.
Finally while we continue to focus on deleveraging our balance sheet, we also remain committed to 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 the year, our active pipeline of M&A targets will enable us to resume capital deployment and our usual process oriented and disciplined manner.

user
sees fy adjusted earnings per share $15.00 to $15.20.
sees q3 adjusted earnings per share $3.80 to $3.84.
q2 adjusted earnings per share $3.76.
q2 revenue $1.59 billion versus refinitiv ibes estimate of $1.58 billion.

assistant