Roper Technologies (NYSE:ROP) reported its Q4 results, with EPS coming in at $3.92, better than the Street estimate of $3.77. Revenue was $1.43 billion, in line with expectations. Despite strong results, shares fell more than 4% since the earnings announcement on Friday.

According to the analysts at RBC Capital, the company reported a clean Q4/22 to close out the year, with the upside in Application Software driving a 5c/2% operating beat. Free cash flow conversion was a strong 161% but below its Q4 historical average of 197%, with some of the drag from the Frontline Education deal, where school system renewals and cash collections are primarily in Q3.

The company provided its fiscal 2023 outlook, expecting EPS in the range of $15.90-$16.20, compared to the Street estimate of $15.95.