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. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star then one on your telephone keypad. To withdraw your question, please press Star then two. I would now like to turn the conference over to Zack Moxcey, Vice President, Investor Relations. Please go ahead, sir. Good morning, and thank you all for joining us as we discuss the fourth quarter and full year 2023 financial results for Roper Technologies. Joining me on the call this morning are Neil Hunn, 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 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. 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, the financial impacts associated with our minority investments in Indicor and Certinia, and lastly, transaction-related expenses associated with our completed acquisitions. Reconciliations can be found in our press release and in the appendix of this presentation on our website. Now, if you 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, Zack, and thanks to everyone for joining our call. We're looking forward to sharing our quite good 2023 fourth quarter and full year results with you this morning. As we turn to page four, let's look at today's agenda. This morning, I'll start by walking through our full year highlights, and then we'll turn to commenting on our most recent acquisition, Procare Solutions. Jason will then go through our quarterly results, both in aggregate and at the segment level, share our annual results, and review our strong balance sheet position. Then I'll pick up and discuss our segment-level annual results, our 2024 outlook, wrap up, and turn to your questions. So let's go ahead and get started. Next slide, please. As we turn to page five, the two key takeaways for today's call are, first, we delivered a very strong 2023, and second, we remain well-positioned and are carrying positive momentum into 2024. As we look back on the full year, we're proud of what the organization accomplished. From a financial perspective, we delivered 15% revenue growth, 16% EBITDA growth, and 32% free cash flow growth, with free cash flow margins at 32%. Our total revenue growth of 15% was underpinned with 8% organic revenue growth. Jason will cover this in a few minutes, but Q4 was strong as well, with 13% total revenue growth and 8% organic revenue growth. Also, during the year, we deployed $2.1 billion into high-quality vertical software acquisitions, highlighted by our bolt-on acquisitions of Syntellis and Replicon. As we all know, last year was a challenged year relative to available acquisition opportunities. Given that, I'm super proud of our team's ability to grind through the market conditions and successfully convert two outstanding value creation M&A opportunities. Given all this, we enter this year with positive momentum. We continue to see strong demand for our mission-critical solutions. As a reminder, each of our businesses is a leader in their respective market and delivers system or record, network critical, or vital and/or life-saving technologies. As a result, we continue to see strong demand for our solutions. Also, as we head into 2024, we have meaningful contributions from our recent acquisitions, Syntellis, Replicon, and Procare. It's important to highlight these additions to our portfolio of businesses also improve the underlying quality of our enterprise in terms of recurring revenue mix and organic growth profile. Finally, we continue to be very active in the M&A market, an environment that we expect to be notably improved in 2024, with a strong balance sheet and a large pipeline of attractive opportunities. So a strong 2023 and solid momentum, both organic and inorganic, behind us as we enter 2024. Now, please turn to the next page, page six, where we'll discuss our most recent acquisition, Procare Solutions. Procare Solutions is a fantastic addition to the Roper portfolio. Let's start with the fundamentals. We're paying $1.75 billion, net of a $110 million tax benefit for the business. We expect Procare to contribute about $260 million of revenue and $95 million of EBITDA for a 12-month ended Q1 2025. Procare will be accretive to our free cash flow in 2024 and to our adjusted EPS in 2025. We'll fund the acquisition with a portion of our $3.5 billion revolver, and we'll report Procare in our application software segment and expect the deal to close this quarter. Procare meets all our long-standing acquisition criteria. Leader in a smaller market, delivers mission-critical, verticalized software solutions, competes based on customer intimacy, operates an asset-light business model, and is led by a skilled, passionate leadership team. What is incrementally different for us is the maturing leader nature of this company. As we outlined during our Investor Day last year, our corporate strategy leans on implementing two modest improvements. First, continue to improve our long-term, sustainable organic growth rate, and second, capture more value from our capital deployment capacity. Relative to additional capital deployment value capture, we are focusing on doing a higher proportion of bolt-on activity, as evidenced by last year's capital deployment record, and adding higher growth or maturing leader business profiles to our enterprise. Procare is a prototypical maturing leader archetype, meeting all our long-standing criteria that I mentioned above, but a structurally faster growth business that possesses the opportunity to improve margins as the top line scales. For Procare, we expect mid-teens top line growth with improving margins from an already strong position for the years to come. Let's talk about what the company does. Procare is the leading provider of mission-critical and purpose-built software to 37,000 owners and operators of early childhood education centers, which they use to run their business. The software provides all the needed functionality to run a childcare center, ranging from parent and family engagement, staff and teacher scheduling, classroom management, tuition billing, and payment processing. The market itself is quite attractive, and in the midst of a long-term secular tailwind of young dual-income families seeking higher levels of early childhood education versus daycare. In addition, like most industries, this one is undergoing long-term tech enablement. Given these factors, this market is growing annually in the low double-digit area. As mentioned, Procare is the leading player with a one and a half times relative market share advantage in this space, given their super compelling value proposition that combines both software and the integrated payments capabilities. Given this, Procare has very high gross retention and compelling net retention as well. Finally, from our extensive due diligence of the business, we're encouraged by the fact that Procare has multiple strategic and operating pathways available to deliver mid-teens growth and long-term margin expansion. Net-net, this is a highly compelling value creation opportunity for Roper and our shareholders. And to JoAnn, your leadership team, and all the Procare family, welcome to Roper. So with that, Jason, let me turn the call over to you so you can walk through our fourth quarter and full year results, as well as our very strong financial position. Jason? Great. Thanks, Neil. I'll walk through the enterprise and segment results for Q4 and enterprise results for the full year, along with a review of our balance sheet. Starting with Q4 on slide seven, we had an excellent finish to a strong year. Revenue of over $1.6 billion was 13% over prior year, led by 8% organic growth, with acquisitions adding 4 points and less than a point of currency benefit. Organic outperformance was led by our tech segment, highlighted by Neptune and Verathon. Gross margin of 69.7% was down 30 basis points versus prior year, given a higher mix coming from our tech segment. EBITDA grew 11% to $659 million, with EBITDA margin coming in at a solid 40.8%. With the offsetting impact of interest and taxes, this translated into DEPS growth of 11% to $4.37, above our guidance range of $4.28-$4.32. Also, from a cash perspective, free cash flow finished strong at $596 million, up 30% over prior year. This was in line with our expectations, with a good renewal season across our software businesses. We turn to slide 8. I'll briefly click into the segment performance in Q4. Application Software delivered revenue growth of 15% over prior year to $852 million, with organic growth contributing 7 points and the balance coming primarily from our bolt-on acquisitions of Syntellis and Replicon. EBITDA margin of 43.2% in the quarter was below prior year's high watermark of 45.6%, which, as we discussed last year, was driven by lower incentive-based compensation. Network software was up 3% to $363 million, with EBITDA up 10% to $208 million. As we have discussed before, our freight matching businesses are navigating a drawdown of carriers following exceptional marketplace growth over 2021 and 2022, which is mixing down the growth rate for the segment. However, our business leaders at DAT and Loadlink have aligned the cost base with reduced carrier subscribers to still drive solid EBITDA growth in the quarter. Our tech segment grew by 17% in the quarter to $399 million, with EBITDA up 13% to $134 million. Growth was led by exceptional performance at Neptune, with continued increasing demand for ultrasonic technologies and overall favorable market conditions. Also, Verathon continued its remarkable growth, with strength in single-use products across laryngoscopy and bronchoscopy. EBITDA margin of 33.6% was down from prior year, given some one-time investments and incentive compensation in the quarter. Turning to slide nine, I'll walk through our full year 2023 performance. As Neil's mentioned, revenue was just under $6.2 billion, up 15% over prior year, with organic growth of 8% and acquisitions contributing 7 points, mainly Frontline and Syntellis. Looking at a three-year revenue CAGR on this slide, similar to 2023, it's also at 15%. Further, the organic, average organic growth rate over this three-year period has been about 8%. Though, as Neil will mention, we benefited from some market conditions over that time period. EBITDA, just over $2.5 billion, was up 16% over prior year, yielding EBITDA margin of 40.6%. Our three-year EBITDA CAGR over this period was also up 16%. So the story remains the same at Roper. We own and continually grow a portfolio of high gross margin businesses and generally convert EBITDA growth to EBITDA in the 45% range, which allows for ample investment back into the business for future sustainable growth. Free cash flow for the year was just shy of $2 billion, which represents a 32% margin and is coincidentally up 32% over 2022. Full-year contribution from our Frontline acquisition and excellent performance across the enterprise drove this result, underpinned by strong renewals, favorable DSO, and improving inventory turns. Of note, our net working capital as a percent of annualized revenue was -19% in Q4, which is a new record for Roper. Importantly, over a three-year period, we have compounded cash flow at 16%. Our consistent focus on growing cash flow and the strength of our new portfolio following our divestitures demonstrates a solid base from which to continue our long-term growth algorithm. To that end, we expect free cash flow margin to be 30% or more in 2024. With that, we can flip to slide 10 to discuss our strong financial position. From a liquidity standpoint, we finished the year with $3.14 billion available on our revolver, with over $200 million of cash. Regarding leverage, we brought down net debt to EBITDA from 2.7x at the beginning of 2023 to a year-end figure of 2.4x, despite deploying $2.1 billion toward acquisitions. We expect to close on Procare later in Q1, and we'll utilize our revolver to fund the transaction. So this will be our pro forma leverage to about 3x. Our solid balance sheet, coupled with strong cash generation, gives us capacity to deploy $4 billion or more of capital while remaining committed to our solid investment-grade rating. Since our October call, deal activity has demonstrably increased, with a corresponding lift in asset quality. That said, our market optimism remains balanced by our disciplined process and patient posture. With that, I'll turn the call back over to Neil to talk about our full-year segment performance and indications for 2024. Neil? Thanks, Jason. As we turn to page 12, let's look back on the year for our application software segment. Total revenues grew 21%, and organic revenues grew 6% to $3.19 billion, while EBITDA margins remained strong at 43.7%. Within the segment, results were consistent, with strength at Deltek, Aderant, Vertafore, Strata, and Frontline. Deltek continued to see strong gains in their SaaS solutions, especially in their private sector markets. As discussed throughout the year, the GovCon market was tempered given all the uncertainty regarding government spending. Notwithstanding, Deltek delivered mid-single-digit organic growth for the year. In addition, they continued to innovate and add capabilities during times of uncertainty, which is a hallmark of Roper's strategy, highlighted by the bolt-ons of Replicon and ProPricer. ProPricer, a smaller transaction, about $80 million purchase price, that closed late last year and delivers the leading contract pricing solutions and software for government contractors and federal agencies, an ideal strategic fit for Deltek's Costpoint product family. Aderant was just amazing last year. They had record bookings and significant adoption of their anchor SaaS solutions and add-on products. Also, Aderant is one of the leaders within Roper and the legal software market as it relates to productizing generative AI solutions within their product stack. Great job by Chris, Rafi, and the entire team at Aderant. Continuing on. Vertafore was solid, with strong ARR gains throughout the year. Additionally, Vertafore made great strides with their product strategy and deployment, and the MGA Systems bolt-on is trending well ahead of our investment case. Strata also was quite good last year, both in terms of organic ARR gains and their acquisition and integration work associated with Syntellis. Finally, Frontline executed well, delivering strong retention and cash flow during the year. As I mentioned earlier, we will report Procare Solutions in this segment and expect the deal to close this quarter. As it relates to our 2024 outlook for this segment, we expect to see mid-single-digit organic revenue growth. Please turn with us to page 13. Full-year organic revenue for our network segment grew 5% to $1.44 billion, and margins were strong at 55.2%. We'll start with our freight matching businesses, DAT and Loadlink, which both grew in the year despite the year-long muted freight market conditions. Similar to that of Deltek, both businesses continued to innovate during the sluggish market, with particularly interesting gen AI innovations at DAT to help combat industry fraud. iPipeline delivered record bookings and had very strong customer retention and expansion activity, leading to strong ARR growth. Foundry, our post-production media and entertainment software business, muscled through the year, given the writers' and actors' strikes, and made meaningful progress in the transition to a full subscription revenue model. Finally, our alternate site healthcare businesses, MHA, Soft Writers, and SHP, were strong throughout the year as census levels in senior care facilities improved. As it relates to our full-year 2024 guide for the segment, we expect to see low single-digit organic revenue growth based on the expectation of continued muted freight market conditions, but with continued strong EBITDA margin performance. Now, please turn to page 14, and let's review our TEP segments results. Organic revenues for the year grew 15% to $1.55 billion, and EBITDA margins remained consistent at 35.3%. As we look back over the year, we entered the year with a high degree of supply chain uncertainty. During the year, the vast majority of these uncertainties were resolved, and our businesses did a tremendous job of capturing the opportunity. As we exit 2023 and look to 2024, we do not see meaningful supply chain constraints. As usual, we'll start with Neptune, our water meter and technology business. Neptune was just great and continues to see strong demand and momentum for their residential and commercial ultrasonic or static meters, and increasing adoption of their meter data management software. We remain bullish about Neptune and the market in which they compete. Verathon was awesome as well for the year. Verathon was strong across all three of their product families: ultrasonic, bladder volume measurement, video-assisted intubation, and single-use bronchoscopy. As a reminder, Verathon's recurring single-use offerings now make up about 55% of the business's annual revenue stream. Just an amazing product and business execution journey to both scale and improve the underlying quality of the business. Finally, our RF product businesses, Inovonics and rf IDEAS, did a terrific job managing through their supply chain challenges and delivered very strong 2023 financial performance. Looking to our 2024 guidance for this segment, we expect to see high single-digit organic revenue growth for the full year and the expectation that Q1 will grow in the mid-teens area. Now, please turn with us to page 16. This morning, we're establishing our 2024 full year and first quarter guidance. For the full year, which includes the impact of Procare Solutions, we expect to see total revenue growth between 11%-12%. On an organic basis, we expect to see full year 2024 revenue grow between 5%-6%. And finally, we expect to see full year adjusted EPS to be in the range of $17.85-$18.15, which includes about 10-15 cents of EPS dilution associated with the Procare deal. Assumed in this guidance, the tax rate in the 21%-22% range. We want to take a moment to set our guide in context of our long-term strategy and execution model. To remind everyone, historically, we operate a 5%-6% organic growth portfolio. Our strategy and ambition are to structurally improve our organic growth rate to be in the 8%-9% area. Over the last three years, we grew 8%, 9%, and 8% on an organic basis, though these years were benefited to some extent from certain market conditions. As such, our view is our current course and speed organic growth rate is in the 7%-7.5% area. We are very pleased with our progress to date and continue to work to achieve our organic growth aspirations. As it relates to organic revenue outlook for 2024, we enter the year mindful of two factors: continued subdued large customer activity in our application software segment and our freight matching businesses within our network segment being below trend based on our expectations for continued muted freight market conditions. As it relates to the first quarter, we expect to see adjusted EPS in the range of $4.30-$4.34. Now, please turn with us to page 17, and then we'll look forward to your questions. As per our custom, we'll conclude with the same key takeaways with which we started. One, we delivered another great year of performance, and two, we have continued positive momentum heading into 2024. Relative to 2023's performance, we delivered 15% revenue growth, 16% EBITDA growth, and 32% free cash flow growth, with free cash flow margins also at 32%. Our total revenue growth of 15% was underpinned by 8% organic revenue growth. Importantly, free cash flow has grown 16% on a three-year compounded basis, and we delivered our first-ever quarter of $250 million of software recurring and reoccurring revenues, quite an important milestone for our enterprise. In addition, we deployed $2.1 billion towards high-quality vertical software acquisitions, highlighted by our bolt-ons of Syntellis and Replicon. In a year where deploying capital was structurally challenged, and we did so at very compelling values, leading to strong value creation for our shareholders. As we enter 2024, we do so with strong momentum. We continue to see a robust demand for our mission-critical solutions and a strong outlook for organic growth. Also, you can count on Roper to improve the underlying business quality as we scale our enterprise. Adding to the momentum for the year are the contributions from our 2023 acquisition cohort and last week's announcement of Procare Solutions. Finally, we are well-positioned to continue our capital deployment execution. We remain very active in the M&A market, an environment that we expect to be notably improved in 2024. We do this with a strong balance sheet, a large pipeline of attractive opportunities, and unwavering levels of patience and discipline. Now, as we turn to your questions, and if you could flip to the final slide, our strategic flywheel, we'd like to remind everyone that what we do at Roper is simple. We compound cash flow over the long arc of time by operating a portfolio of market-leading, application-specific, and vertically oriented businesses. Once a company is part of Roper, we operate a decentralized environment so our businesses can compete and win based on customer intimacy. We coach our businesses on how to structurally improve their organic growth rates and underlying business quality. Finally, we run a centralized, process-driven capital deployment strategy that focuses on finding the next great business to add to our cash flow compounding flywheel. Taken together, we compound our cash flow in the mid-teens area over the long arc of time. So with that, thank you for your continued interest in Roper, and let's open it up to your questions. Thank you. We will now go to our question-and-answer portion of the call. We request that our callers limit their questions to one main question and one follow-up. If you would like to ask a question, you may do so by pressing the star key, followed by the digit one on your touch-tone telephone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then the digit two. Once again, we request the callers limit their questions to one main question and one follow-up. Today's first question comes from Deane Dray with RBC Capital Markets. Please go ahead. Thank you. Good morning, everyone. Good morning, Dean. Hey, can we start with Procare? And it's interesting, this is the first time I recall where you made a deal announcement, and I had not one but two people at RBC Research contact me and say, "Hey," that they were active customers. And they showed me the apps on their phone, and it was really interesting to see that dynamic. And my question here is, I'm really glad that you highlighted how they're a maturing leader, and within that category. And what surprises me is how much growth there is. I mean, low single digit, maybe a low double digit to mid-teens. As you start to see that type of growth, might the private equity sellers have a bias where maybe that's a public company exit? That's always been the kind of adage, if you go for these more orphaned businesses, there is no public company exit. They're more apt to sell to you at a reasonable price. If you start looking at some of these growthier businesses like Procare, even at a maturing leader category, might that stretch the multiples because the private equity players might have a public company exit in mind? So maybe we can start there. Yeah. So I think, first, appreciate the comments on Procare. I think there's, like, 80,000 five-star ratings in the App Store, so your colleagues are a couple of many about the liking the application and the engagement with their kids in their early childhood education centers. The relative to the question about the IPO as a competitor, I mean, maybe on some transactions, but most of what we're going to look at are going to be subscale for the IPO market. You know, the TAM here is sub $1 billion. That's not a very IPO-able type market. So this is, again, small market leader. The market's growing low double digits that we talked about, which underpins the mid-teens growth rate we're underwriting to here. In terms of valuation and multiples, I think we're just in a world where sellers, especially private equity sellers, understand the cost of capital, where the world is. They have constraints from their LPs. They need to get liquidity back to them. They can't raise new funds without it. And so, I mean, it's hard to guess what this asset would have traded for 12-18 months ago, but substantially, substantially higher on a multiple basis. So we think for the moment, the valuations are coming to us because of the, the market forces we just talked about. I think in this current environment, liquidity is really key. So if you do an IPO, you don't get your liquidity right away. So I think that's, that's pretty important. This might be more of a nuance, but at your Analyst Day, you talked about a willingness to look at businesses that might be at an earlier stage of development. You know, on that spectrum, does Procare, as a maturing leader, is that something you could have acted sooner on? When Jason talked about the level of activity, how, within the funnel, are there businesses that are at that earlier stage that might look attractive? I think Procare is, like, a perfect example what you mean by earlier stage, right? So these are not early-stage company. They're earlier than what we've typically acquired in the past. So they meet all of our criteria. I have to emphasize that every time we talk about a maturing leader. So it's a leader in a small market. The base of competition is understood and observable in the marketplace. The relative market share advantage this company has is particularly interesting. So those are common traits of everything we've always acquired. This case, the market's growing a little bit faster, and the underlying business model margins are going to scale as the business grows. So that's the earlier part of what we're talking about. Historically, we would have maybe waited to buy Procare until the next trade, the one after the one that just occurred. So when we look at the model of this over a long, long arc, it's just much more value for our shareholders to do this type of transaction. In terms of the pipeline, you know, it's it is, as Jason said in his comments, as I said in my comments, just a noticeable change in activity since our last call in the marketplace for some of the reasons that we talked about... The, and it's a variety of opportunities. I mean, we know we're leaning into doing more bolt-ons, so there's a fair amount of bolt-on activity in there. That's a lot of what Janet and her team are working to build. And then there's a fair number of these emerging, maturing leaders, excuse me, maturing leader type profiles, and we'll just have to be patient and disciplined to figure out the right ones for us. That's all great to hear. Thanks. Congratulations. Thank you. Our next question today comes from Julian Mitchell with Barclays. Please go ahead. Hi, good morning. Maybe just following up on ProCare. If you could clarify a little bit just the financial impact. I think you said maybe $0.10-$0.15 hit for the year in that guide. So maybe just sort of clarify around that. You know, is it kind of a smaller hit in Q1 because of the timing of the deal close, and then we just spread the rest out over the balance? You know, any thoughts on kind of the seasonality of the ProCare business, and then how quickly you'll get that sort of related debt down? Yeah, sure, Julian. So we expect to close in March. That's sort of our own assumption right now. So the way that plays out is, of the $0.15, maybe $0.02 in the first quarter. So we expect for the calendar year, around $75 million of EBITDA, and then, you know, we'll obviously, from an interest perspective, we'll reload on the revolver, which is gonna be at around 6%. And so and obviously, and so that'll cast out through the rest of the year. So that's how you get to your $0.10-$0.15 for the year. In terms of seasonality, not a ton of seasonality for the business. And of course, it's growing nicely, so that sort of works through any, any aberrations you'd have between quarters. That's helpful. Thank you. And then, just homing in on network software for a second. So you have that sort of softness in the freight markets that's been sort of well understood for some time. Foundry was also weak for some of last year. So are we thinking that you know in the context of that low single-digit organic growth guide for the year in network software, just trying to understand, are you assuming kind of a slower start than a pickup in the back half, or it's a steady sort of 3% growth rate dialed in, just like how you exited 2023? I'll take a first cut at and then ask Jason if he wants to add any color. So you're right. I mean, the principal driver of the growth rate in this range for Q for 2024 is DAT and Loadlink and freight matching businesses. Foundry had, as we talked about, a tough 2023 with their actors and writers strike. On top of that, they started the migration to a full subscription model, and so 2024 will be a bit muted for Foundry as well, but that's small relative to the impact of DAT and the Canadian freight match businesses. We've assumed sort of muted conditions throughout the whole year. There certainly are market prognosticators that are suggesting a second-half pickup. We've not assumed that in our model. We want to see it before we load it in, and that's our core assumption relative to the freight match businesses. Anything to add, Jason? That's right. Yeah. Great. Thank you. Our next question today comes from Brent Thill with Jefferies. Please go ahead. Thanks. Curious just to get the thoughts on organic growth in 2024, obviously taking a pretty meaningful step down from what you did last year. Maybe if you can explain that and the initial guide and what you're baking in for the overall guide for 2024. Sure. Hey, I mean, it's. I'll just comment and share a few of the thoughts we said in the prepared remarks, right? So our long-term aspirations are to grow organically in the 8%-9% range, and we believe we have the possibility to do that. It's gonna take a few more years to get into that run rate. That's the aspiration of what we're all working towards, both in the group executives and all the operating teams across the company. As you know, the last, you know, three years, it was an 8%, 9%, 8%. Throughout that whole period of time, we said we were. Those were benefited by some market tailwinds, some comeback from the pandemic, you know, a raging freight market, things like that. Supply chain sort of, you know, bottlenecks and releases, and that was sort of in the last three years. So as we look at this year compared to history and then also, you know, we think our current course of speed is in a 7%-7.5% range, organic growth through all that noise. So as we compare what we're doing in 2024 against all that, it really is two simple reconciling factors. One is, we just talked about the last question, the freight markets being slow. This year, our expectation for them to be slow throughout the whole year. And then, as we talked about for a few quarters last year, in our application software segment, there was notably less large customer activity, like enterprise-class customer activity. Deltek, a little bit, we talked about at Frontline, a little bit of smaller business called Data Innovations, which all makes sense. The large companies anticipating a slowdown, they just got cautious in their buying behavior. The good news is Deltek ended Q4 with a fair amount of momentum. I think they're up low double digits, either high single or low double digits in the quarter. So it exited with a fair amount of momentum. It's one data point. We wanna see a few of those strung together. And so we're- those are the two reconciling items, the freight slowdown, expectation of slowdown and large activity and application. That's embedded in our model, and those are the reconciling factors between last year and where we are this year, and also pretty much a reconciling factor between where we are this year and where we think we are from a run rate. Great. Thank you. Yep. Our next question comes from Joe Vruwink with Baird. Please go ahead. Great. Thanks for taking my questions. I guess I wanted to pick off on the last answer and maybe contextualize a bit more the outlook, specifically for application software. You know, appreciate the comments on subdued activity with large accounts. Do you happen to maybe have the trend in enterprise bookings? And then any other forecasting considerations to call out? 'Cause I guess I'm trying to reconcile the good step up at year-end against the mid-single outlook, but that might just be related to the planning kind of assumptions you just mentioned, Neil. Yeah, I think the step up at the end, I mean, Deltek was strong in Q4, and it's one data point. The pipeline looks attractive. The pipeline for Frontline looks attractive at both the enterprise and the SMB portion of their business. But we've been through the better part of, you know, three, four quarters where the enterprise activity was slow, and we're just not gonna underwrite to that in our guidance at the moment. In terms of enterprise bookings, they were up low single digits, which is consistent for the full year this year and sort of consistent with what we've said all year long around just lower activity at the enterprise level. Okay, great. And then I wanted to ask, you know, there's some exogenous events, like you mentioned, Foundry. I think they communicated that they're now exclusively subscriptions here in 2024. You also have a lot of other businesses that have big on-prem maintenance streams that can get a multiplier over time. So there's things that are hurting and helping, I suppose. Do you have a sense on a blended and net basis, what this might be contributing to the model in 2024? And, you know, when you think about growth improving from the 7-7.5 range, what these types of items might ultimately mean over the next couple of years? So I can take the first part of that, Joe, and then maybe Neil can take the second. So in terms of application software, you know, we still expect it to be strong in the mid-singles. I think, non-recurring revenue will still kind of be flattish. You know, we still expect that sort of shift to SaaS to continue, and that's kind of been a small headwind for us throughout, you know, the last couple of years. But it's been overcome by the things we talked about, which was enterprise bookings, which we didn't get in 2023. So again, recurring is gonna be strong, nonrecurring will be flattish. You know, if Deltek picks up in 2024, especially in the large GovCon enterprise, there could be upside in the year because a lot of those customers are still buying on-premise licenses, so that could be an opportunity, but we didn't bake any of that into our guidance. And then when we look at network, recurring will, you know, clearly be down low single digits just based on DAT and Loadlink, at least based on our current assumptions. And to your point, I think non-recurring will be fairly muted as well because we'll still be. We'll be at the last point of that conversion of Foundry off license to subscription. So, they didn't mandate that in 2023. They will mandate it in 2024, so we'll be digesting that last piece there. And then onto the 7%, you know- Yeah, I think just more longer term, on the SaaS migration, you know, we have a little bit over $900 million in on-premise maintenance. That, as that converts, it converts. Our recent history, the last two or three or four years, is it's north of two times on an ARR basis as it converts from on-premise maintenance to SaaS and cloud. So when we do that, it's actually gonna, we believe historically, it's been a bit of a net growth driver. While we might. We'll convert perpetual licenses, which are end-period, one-time revenue, to SaaS, and that's a classic J-curve. The companies that are, they're undergoing this transition, we're gonna convert this $900+ million of maintenance at a clip that will overwhelm that J-curve effect. So we believe it's a net growth driver. Foundry is a bit unique in that they're making a, just a, almost like a day one pivot in their business model shift, and the other companies are doing more of a migratory approach. Okay. That's all helpful. Thank you. Our next question today comes from Allison Poliniak with Wells Fargo. Please go ahead. Hey, good morning. Just want to turn to tech-enabled products. Obviously a strong year. You know, as we think about that guide, I know Neptune and Verathon are certainly big components of that growth. Does that kind of diverge to some extent? Does one start to outpace the other? Seems like there's a lot of development at Verathon that could drive some of that. Just any thoughts there? I mean, both, as we talked about, both, Neptune and Verathon were just great in last year. Both, you know, grew faster than the segment. Obviously, they are a predominant element of the segment. We believe that the long-term growth rate at Neptune is probably in the high single digits area, and we believe that the long-term organic growth rate of Verathon is probably a bit higher than that. We want to believe that it's gonna be a low double digits. We want to see a couple more years of that, some more R&D productivity. We're super encouraged by the pipeline of R&D and the momentum they have in the market across the three product categories. So that's where we expect the long-term growth rates to be there. Got it. And then just following up on the M&A side of things, you know, leverage at 3x, obviously, strong cash flow generator, but it sounds like the pipeline is incredibly active with quality transactions. What's the comfort level in terms of going above that range? Is there a way to think through that? Just any thoughts. Thanks. I mean, we're always, you know, our long-term policy is between 3x to 3.5x. If you look back to 2015, 2016, you can never be right at that level. Sometimes, you go above it, you come below it. It's just always this process and where you draw a line through those swings. We're gonna just, for what's, we're business model pickers, as you know. We're gonna continue to look for the very best businesses at the most attractive valuations that meet all of our criteria, and then we'll look for the best way to finance those from that point. We certainly understand, I think, acutely, risk, both risk in the businesses, risk in the capital structure, and that's a big part of how we think about deploying capital and how we value assets. Got it. Thank you. Our next question today comes from Christopher Glynn with Oppenheimer. Please go ahead. Thanks. Good morning, guys. Had a question about the TEP segment. So you commented on the supply chain issues from the last couple of years, all resolved. So curious if you're seeing some nice, you know, benefits emerge from production planning and, you know, if that drives some natural margin and productivity tailwinds that we should see in the margins in 2024. Well, I think scaling certainly helps. We've added a fair amount of capacity at Neptune. We've added supplier capacity at Verathon. We've added supplier capacity at the RFID, the RF products businesses. And certainly, we're not dissimilar from most companies. The supply chain operations teams are going from a model that was focused for the last three or four years on resiliency to maybe a more balance between resiliency and sort of just in time, which certainly will help with inventory turns and asset velocity. So we do think there's a little bit of money trapped in inventory for us. It'll be more of a working capital advantage if we can execute on that plan. In terms of margins, I'll look to Jason. I think it's probably more just scaling infrastructure. I mean, what our cost of goods is so low relative to industrial-type companies that, you know, the input cost or, you know, fraction of the cost structure of our enterprise. But your thoughts about that? Yeah. No, I think we'll have leverage that'll be a little bit above what the EBITDA margin is for the business. I mean, we do have some, you know, some of the growth that we're seeing is in single-use products, which are great because they have a lot of recurring revenue, or they're reoccurring revenue, but they come at a little bit of a lower margin. And then when Neptune grows, it has a little bit of impact on the segment, too. So I would expect, you know, leverage to be consistent with what we've seen in the last couple of years, just based on those factors. Great, thanks. Then, you know, you about the aspiration to 8%-9% organic growth and driving things higher, you know, certainly understand you have a lot of coordination of experts and best practices across the enterprise. What would you characterize as top-of-the-list businesses with particular action plan opportunities in that respect? So we appreciate the question, right? So we started this portfolio of 5%-6% growth. We're in a way point of, we think, 7%-7.5%, on the way to 8%-9%. So we've made a fair amount of progress over the last four or five years. It's less about which company, it's more about the process and discipline across the all 27, now going to 28 companies. And you've heard us talk about this on repeat in the past, but it's just where if anything, we're consistent. So it's about how do each of our businesses design a strategy in terms of where to play and how to win, and where they have the right to win for durable long-term growth. The second thing is then, how do you process enable the execution of that strategy so that you're on repeat? We can use our long-term forever ownership period as a long-term competitive advantage. So as we stack capabilities that become enduring, then we can outpace our competitors. And then third is, how do we run a talent offense where we use talent as a long-term competitive advantage? We've talked a lot about the upgrade at the field leadership level over the last three or four years. The expectation for performance is much higher, much, much higher. The alignment of our compensation is tighter to that expectation. And so it's all three acting in unison, that you get the Verathons that a decade ago were low single digit growers, and now hopefully, you know, low double digit growers. You take businesses like Deltek, they have the mid, and they come solidly mid plus, or maybe they can inch in the high singles over time. So it's about every business doing a little bit better on a sustainable basis. Thanks, Neil. Yep, you bet. Our next question comes from. Please go ahead. Hey, guys. Good morning. Morning. Morning. Hey, like, on DAT, obviously, the freight market is weak. Can you just. I know we've talked about that relationship kind of being somewhat inverse in weak markets where they actually tend to do better. Is that. Like, just to put a finer point on that, is that more like on negative inflections in the market where it kind of spikes, and then if it's like prolonged weakness, you know, that ultimately is forced to, like, trickle into DAT? Is that how we should really think about that? So DAT dynamics are a little bit different than what you described. DAT is when the freight markets are very strong, DAT grows in, you know, in line or maybe ahead of that strength. When the freight markets are weaker, they tend to slow down, and then they sort of so therefore, if you looked at their growth, it's more like stairstep-type growth. In this particular case, because we're coming off such a surge for a couple, three years, it's a little bit more exaggerated. The dynamic that you're describing perfectly describes our ConstructConnect business, which is the construction analytics business, where, when you think about building product manufacturers and contractors and subcontractors subscribe to our content about what commercial real estate buildings are in the process of being planned and built, they want to look for where their next jobs are gonna come from. So when the construction markets or real estate markets are white-hot and contractors are fully subscribed years out, you know, the value of our information is less. When the market slows and their backlog is thinning, then the value of what we offer is much higher. So we tend to have a little bit of a countercyclical, sort of demand driver inside of ConstructConnect, which, oh, by the way, Matt and his team, at ConstructConnect, are working to balance out and have done a good job. So hopefully, to go forward, it'll be up in up markets and up in down markets, but that's what their product strategy is trying to execute. That's good color. Just like in a broader question, you know, obviously, we're getting like more and more layoff announcements that like I guess like companies across the spectrum, from tech to UPS, you know. So how are you guys like in your discussions with your customers, you know, what's the most recent kind of read they're having on where headcount stands and what the implications are for you know for your businesses there that somewhat depend on that? Yeah, I think, you know, unfortunately, our read across the macro market isn't a great one, right? Because we operate in these relatively insulated end markets, you know, government contractors, property and casualty insurance, where brokerages, employment is higher, life insurance, where employment is higher, healthcare, where employment is higher, education, where employment is, you know, stable, if not higher, right? We're in these sort of relatively isolated, protected end markets where the macro swings aren't, don't impact that much. It doesn't have that much impact on the way we drive compliance bookings across our portfolio. I will say for the labor market, generally, loosening up has been advantageous for us. We're all have been able to not just fully staff at our business level, but use this opportunity to last probably 12 months plus to significantly upgrade talent, across the organization. Fair enough. Thanks, guys. Thank you. Thank you. And our next question comes from Terry Tillman with Truist. Please go ahead. Yeah. Can you all hear me okay? We hear you great, Terry. Good morning. Hey, good morning, everyone, and thanks for fitting me in as well. Maybe the one question for you, I guess it's for you, Neil, is: You know what we've seen with our vertical SaaS companies and even horizontal SaaS companies in the past, when they get those customers on the new modern architecture, it really can start to reduce the friction to buy those other add-on modules. And so what I'm curious about is, you called out some of your businesses in the past, like Deltek, that have seen improving growth. Anything you can share around kind of net revenue retention from those customers that moved to cloud? And I know it's still early days, but is there a propensity to buy those add-on modules? Does it speed up? Does it quicken? And that's just one of these things that could be a cumulative benefit over time and also help on that organic growth. And then I had a follow-up. Super appreciate that question. The short answer is categorically yes. And we see that, you know, first, when you do the lift and shift from a legacy product to the current cloud delivery product, there's migratory benefits, as we talked about. Strata is a good example. Same-store sales, 2x-2.5 x uplift, but then while they're doing that, the checkbook's open, they buy more modules at that moment where total ARR goes up over 3 x, and they lift and shift their customer base. Same can be said, slightly different metrics at Aderant, Vertafore, et cetera. What you're talking about is one of the principal benefits, both to the customer and to us, our companies, for delivering cloud-delivered, SaaS-delivered software, which is being able to be on the most recent release. So being able to take advantage of all the R&D innovation and more easily be able to take additional products because of the delivery mechanism is faster and the implementations are smoother. So you're exactly right. We're seeing it across the portfolio and expect to see a lot more of that in the years to come. That's great. Appreciate that. And I guess just a follow-up question, and I know you want to be careful on not, not revealing too much, but, you know, if the M&A environment does start opening up more, and there's more shops on go and just more things that are interesting, albeit taking into account your discipline, I, I'm curious, just bigger picture, usually it's vertical SaaS, but what about interesting niche horizontal SaaS solutions, whether it's back office or kind of middle office or front office and/or second- secondarily, the idea of maybe software companies with a meaningful payments business? Thank you. So, as we always said and always be, we're gonna be business model pickers. The reason, historically, we've been attracted to vertical, small market, verticalized software businesses is because the basis of competition needs to be able to be understood and observed. We want to be able to compete based on both the value proposition of the, of the, of the product, but also the intimacy with the customer and the customer relationship. The vast majority of our companies, their customers want us to win, right? That we are so integral to what they do, they want us to win. They're always giving us input and feedback about how to be better, how to deliver more value to them. And so it's those dynamics that we look for. There are certainly some niche-y, horizontal type things that meet those criteria, but not a lot, right? A lot of the horizontal have gigantic TAMs. You compete on the base of an algorithm. There's very little loyalty to the company, so those types of things we'll never invest in. Relative to your comment about payments, business models are. We have a variety of business models. There's software, there's on-prem, there's SaaS. You know, we just bought a business that is the integration of SaaS software and payments, where you have deep embedded integration with what the company does and the products do with the payment stream. And so it's a business model. You know, we're open-minded to the business model construct as long as there's immense amount of durability embedded in the business model. Thank you. You bet. Our next question comes from Alexander Blanton with Clear Harbor Asset Management. Please go ahead. Hi, good morning. Thanks for fitting me in. I have some questions on Procare. Okay. The first one is, you've indicated that it's not accretive to adjusted EPS for this year. And if not, then there's some dilution. How much is that? You might have mentioned that earlier, I might not have caught it. Yeah. Hi, Alex, it's Jason. So yeah, we assume around $75 million of EBITDA, and then the interest is gonna be, you know, you know, $1.86 billion at, at, call it 6%, which is our revolver, current revolver rate. And so that's how you get to your, calendar dilution, number. But what is that number in EPS? $0.10-$0.15. Okay, so that accounts for the shortfall in the guidance versus the consensus. $.10 or, did you say $.10 or $.15? Correct. Dilution. Okay. Now, going forward, if you're growing at double digits, mid-teens, that implies that you're gonna get some pretty good accretion in 2025, correct? Absolutely. Yeah. We're looking forward to the accretion after 2024, and you know, it'll come... Like I said, it's grown mid-teens, very good cash conversion dynamics. We'll have a little bit of a tax benefit this year, the next year, and a couple of years out after that. So yeah, feeling good about Procare's contribution to our growth going forward. Now, can you give us an idea of what the total available market is in their business? I assume it's all domestic at this point. How do they look compared with that? In other words, what's their market share or approximate? Yeah, so the- I understand they're the leading provider, but it looks like it might be a fragmented market. So the TAM today is about $750 million. It's growing about 10% a year. So you can do the math on, on, you know, we're-- we said next, in the next twelve months, March 2025, it's $260. So you've got to grow the market at 10%, do the math on their current market share and their relative market share position. So their size relative to their next largest competitor is about one and a half times. The market we would characterize as having a number of legacy technology players, and Procare and the principal competitor are generally replatforming the market from a technology perspective. Okay. Finally, in that market, there are different sizes to the groups that you might be serving. There are nursery schools, for example, that have several hundred students, and there are small ones that are much smaller. Where do you fit in that? Do you? Are you aiming at the, or serving the smaller schools or the larger ones or both? Really appreciate the opportunity to address this question because one of the aspects of the business that we like quite a bit. So the way that we segment the market are basically enterprise, mid, and single operators. So 10-plus centers, 1-10 centers, and a single operator center. Procare is the demonstrable leader, relative market share advantage, substantially higher than the 1.5 times in both the enterprise and the mid. And the growth rate in the enterprise and the mid is actually growing faster than the overall market. So the markets, the segments where Procare also is highly, competes very well in the single operator. I don't want to not comment on that. They compete very effectively there as well, but they're the strongest and have the largest market share in the enterprise and mid, which means that as the market consolidates ever so slowly over time, that accretes to our advantage. Okay. Finally, is there any foreign business there available, or you looking to get into that or not? Yeah, international is not a meaningful part of the business today. It is certainly something that we will consider in the long-term strategic outlook for the business, but not something in probably the near term, because there's so much opportunity domestically to go to get after. Okay. All right, thank you very much. Appreciate the question, and have a great one. This concludes our question and answer session. We will now return back to Zack Moxcey for any closing remarks. Thank you, everyone, for joining us this morning. We look forward to speaking with you during our next earnings call. Thank you. The conference is now concluded, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.