Roper Technologies, Inc.

Good morning. The Roper Technologies 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 zero. I would now like to turn the call over to Zach Moxie, Vice President of Investor Relations. Please go ahead.

Good morning, and thank you all for joining us as we discuss the fourth quarter and full year 2025 financial results for Roper Technologies. Joining me on the call this morning are Neil Hunt, 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, Senior 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. And 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. Today we will discuss our results primarily on an adjusted, non-GAAP, 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. and financial impacts associated with our minority investment in Indicor. 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'll 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. As we turn to page four, you'll see the topics we plan to cover today. We'll start by highlighting our Q4 and full-year performance, then Jason will walk through our enterprise financials, our Q4 segment performance, our balance sheet, and capital limit capacity. Next, we'll discuss our segment highlights and introduce our 2026 guidance, and then we'll close with a few summary thoughts before opening the call for questions. So let's go ahead and get started. Next slide, please. As we turn to page five, I want to highlight three takeaways for today's call. First, we delivered solid execution in 2025. Revenue was up 12%. EBITDA was up 11% and free cash flow was up 8%. Importantly, enterprise software bookings grew in the low double-digit range for the year, providing strength as we head into 2026. Second, we continue to invest for our long-term and sustainable growth. That said, organic growth this past year was below our expectations in 2025 and we own that. Our organizational focus and resolve are even stronger coming into this year. We've upscaled talent. sharpened strategy, and improved execution across the portfolio, and that work is showing up for the enterprise. To this end, our application software businesses, save for Dell Tech, improved organic growth in the 70 basis point area, demonstrating broad base growth improvements occurring within the segment. Importantly, we're not starting the year assuming organic growth will inflect in 2026, despite the traction we believe we're starting to achieve. We're going to execute, and will reflect any improvement or organic growth in our guidance as it materializes throughout the year. We'll have much more to say on this later in the call. On AI specifically, we continue to be excited about the AI product opportunity because our businesses sit directly inside mission-critical, high-frequency workflows where we already have deep domain knowledge, proprietary data, and trusted distribution. So AI can move from productivity to on-stack embedded automation that improves outcomes for our customers and is highly monetizable. Importantly, our decentralized model lets each business deploy AI with the appropriate domain specificity across their various end markets. To further accelerate our pace of AI product development, we hired Shane Luke and Eddie Raphael to lead the Roper AI Accelerator team. They will coach and partner directly with our businesses, build a small AI development strike team, and leverage reasonable elements and best practices across the portfolio so we can deploy AI with increasing speed and market-specific precision while scaling what works. Exciting stuff for sure. And our third key takeaway centers on capital allocation. During 2025, we materially advanced our portfolio and foundation through capital deployment, deploying $3.3 billion towards high-quality vertical software acquisitions during the year, highlighted by Central Reach, Subsplash, and several tuck-in acquisitions. Also, and importantly, we leaned into opportunistic repurchases, buying back 1.1 million shares for $500 million in Q4. As we looked at 2026, we have north of $6 billion of capacity for potential M&A and share repurchases. We were very encouraged by the size and quality of our acquisition pipeline, and we expect to remain active while staying highly disciplined on price and business quality And in parallel, we'll continue to use buybacks opportunistically when they represent the most attractive risk-adjusted path to durable cash flow per share compounding. So with that, Jason, let me turn the call over to you so you can walk through our quarterly and FOIA results. Jason?