Roper Technologies, Inc.

technology's 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 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 third quarter financial results for Roper Technologies. Joining me on the call this morning are Neil Hahn, President and Chief Executive Officer, Jason Conley, Executive Vice President and Chief Financial Officer, Brandon Cross, 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 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 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 filing. You should listen to today's call and the context of that information. And now please turn to page three. Today, we will discuss our results primarily on an adjusted, non-GAAP, and continuing operations basis. For the third quarter, the difference between our GAAP results and adjusted results consists of the following items. amortization of acquisition-related intangible assets, the financial impact associated with our minority investment in Indicor, transaction and restructuring-related expenses associated with our completed acquisition, and lastly, a gain from the sale of non-operating assets. Reconciliations can be found in our press release and in the appendix of this presentation on our website. And now, if you'll please turn to page four, I will hand the call over to Neil. After our prepared remarks, we will take questions from our telephone participants. Neil?

Thank you, Zach, and thanks to everyone for joining our call. We're looking forward to sharing our third quarter results with you this morning, which, like each of the first two quarters this year, were quite good. As we turn to page four, let's look at today's agenda. As usual, we'll start with the most recent quarter's financial highlights, then Jason will discuss our results. After that, we'll turn to our segment-specific discussion and wrap up outlining our increased 2023 enterprise guidance. Let's go ahead and get started. Next slide, please. As we turn to page five, the four main takeaways for today's call are, first, we continue to perform at a high level operationally, delivering another quarter of very strong financial results, definitively demonstrating the quality of our portfolio businesses, our leaders, and our governance system. Second, we continue to be very active on the M&A front, deploying about two billion over the last quarter. Third, we're increasing our FOIA guidance. And fourth, we remain very well positioned for further disciplined capital deployment. As it relates to the first takeaway, our continued strong performance, we saw total revenue growth 16% and organic revenue growth 6%. Consistent with our long-standing strategy, we continue to not only scale our enterprise, but also simultaneously improve its underlying quality and recurring revenue base with organic software recurring revenue growing high single digits in the quarter. Importantly, the cash. As we've been highlighting throughout the year, we had very strong cash flow performance with free cash flow growing 19% over the most recent TTM period and 77% in the quarter. Turning to our second main takeaway, the deployment of $2 billion over the last quarter was led by our acquisitions of Centellis and Replicon, both of which are bolt-ons for Strata and Dell Tech, respectively. These are each strategically interesting bolt-ons and are highly compelling from a value creation perspective, as we're able to buy these businesses for about 14 times next year's EBITDA. More on these in a bit. In addition, in the quarter, we made $125 million minority investment in Certinia, a professional services automation software business. We're excited to partner with Haveli and General Atlantic Ventures to deploy the value creation thesis associated with this unique opportunity. Third, we're increasing our full-year total revenue growth to be 14% plus, increasing our organic revenue growth to be 7% plus, and increasing our full year depth guidance to be in the range of $16.62 to $16.66, or up 21 cents at the midpoint versus our previous guidance of $16.36 to $16.50. And fourth, we continue to be very well positioned for further capital deployment by having over $4 billion of M&A firepower. We remain very active in the market as we evaluate and diligence many attractive opportunities. So with that, Jason, let me turn the call over to you so you can walk through our third quarter results and our very strong financial position. Jason?