Roper Technologies, Inc.

Good morning. The Roper Technologies conference call will now begin. Today's call is being recorded, and all participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star, then 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 fourth quarter and full year financial results for Roper Technologies. Joining me on the call this morning are Neil Hunn, President and Chief Executive Officer, Jason Conley, Incoming Executive Vice President and Chief Financial Officer, Rob Cresci, Executive Vice President and Chief Financial Officer, Brandon Cross, Incoming Vice President and Principal 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've 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 page 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 page three. Unless otherwise noted, we will discuss our results and guidance on an adjusted, non-gap, and continuing operations basis. For the fourth 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, a legal charge related to the settlement of the Baral v. Verathon patent litigation matter, the case related to the sale of certain Verathon products from 2004 through 2016. There are no future financial obligations for Verathon related to this matter. Next, transaction-related expenses for completed acquisitions, And lastly, we have adjusted our cash flow statement to exclude the cash taxes paid related to our divestiture activity. GAAP requires these payments to be classified as operating cash flow items, even though they are related to divestitures. Reconciliations can be found in our press release and in the appendix of this presentation on our website. And now, if you please turn to page four, I'll hand the call over to Neil. After our prepared remarks, we will take questions from our telephone participants. Neil?

Thanks, Zach, and good morning, everyone. As we turn to page four... We'll walk through our usual year-end agenda, highlights for the most recent quarter and full year, followed by color commentary for each of our segments, and then the initiation of our 2023 guidance. Let's go ahead and get started. Next slide, please. As we turn to page five, the main takeaways for today's call are, first, we delivered another great year of strategic, operational, and financial progress. To this end, we concluded our multi-year divestiture program, which was centered on improving the quality of remaining portfolio, namely emphasizing less cyclical, more asset-light, and higher growth businesses. In addition, we successfully deployed $4.3 billion towards market-leading and application-specific software businesses. More on this later, but we also continue to have substantial M&A firepower well north of $4 billion. Organically, we grew just shy of 10% for the year, while simultaneously improving the underlying quality of the enterprise. During the course of the year, our businesses did a terrific job of innovating and capturing share. Which leads us to our second main takeaway for today's call. that we're well positioned for another solid year of performance in 2023. Our higher quality, less typical, and more highly recurring nature of our portfolio will serve us well during 2023. Now, as I hand the call over to our incoming CFO, Jason Connolly, let me take a moment and thank Rob Cresci for all he's done for Roper and for me. Rob has been a significant contributor to our success and an important member of our executive team with meaningful insights and contributions across a variety of topics, including our most recent portfolio repositioning. We're excited to welcome Jason to his new role. Many of you know Jason, but those of you who do not, Jason has been with Roper for 16 years. He started in corporate IR and FP&A, then the operating CFO at MHA, one of our businesses, and most recently serving as Roper's chief accounting officer. Since his return to corporate, he has been a member of our capital allocation team and has attended every board meeting. The team and I are excited to partner with Jason for the next leg of our evolution. So with that, looking forward to the partnership, Jason, and thank you, Rob, for all you've done to make Roper better than when you joined. Jason, let me turn the call over to you so you can walk through the fourth quarter in the full year financial summary. Jason.