Roper Technologies, Inc.

Good morning. The Roper Technologies first quarter 2021 financial results conference call will now begin. Today's call is being recorded. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. I would now like to turn the call over to Zach Moxie, Vice President, Investor Relations. Please go ahead.

Good morning, and thank you all for joining us as we discuss the first quarter financial results for Roper Technologies. Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer, Rob Cresci, Executive Vice President and Chief Financial Officer, Jason Conley, Vice President and Chief Accounting Officer, and Shannon O'Callaghan, Vice President of Finance. 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. Now, if you'll please turn to slide two. 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. And now please turn to slide three. Today, we will discuss our results for the quarter primarily on an adjusted, non-GAAP basis. Reconciliations between GAAP and adjusted measures can be found in our press release and in the appendix of this presentation on our website. 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 acquire deferred revenue and related commission expense, and lastly, a gain on sale related to a minority investment in CETERU. And now, if you'll please turn to slide four, I'll hand the call over to Neil. After our prepared remarks, we will take questions from our telephone participants. Neil?

Good morning, and thanks for joining us. For this morning's call, I'll start with a brief summary of this quarter's results and activities. 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 usual, we'll leave plenty of time to talk to your questions towards the end. Next slide, please. As we turn to page five, we got off to a better start than we expected. Business execution was strong across the portfolio and 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 Vertifor, 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, debts, and cash flow. The growth in cash flow performance in a quarter allowed us to continue our rapid deleveraging with about $500 million in debt paydown during the quarter. Based on this encouraging start, we're increasing our outlook and guidance for the full year. And with that, let me turn it over to Rob to review the financial details.