Revenues grew 3%, with organic revenue declining a single percent.
EBITDA also grew 3%, and free cash flow grew 16%.
This cash flow performance, $1.7 billion is just astounding.
We exit 2020 as a better company, a company with higher quality revenue streams, a company with improved future innovation prospects and a company with whose portfolio that was enhanced with $6 billion of capital deployment.
Finally, we are able to deploy $6 billion to further enhance Roper's Group of companies' headlines by our Vertafore acquisition.
So when we look back on 2020, we highlight two key themes: First, we grew, cash flow increased 16% in the middle of a pandemic.
Over the past five years, we highlight that our revenue grew at a 9% compounded rate, EBITDA at 10% and cash flow at 13%.
Conversely, we are much less tied to cyclical end markets today, a little over 15% of our portfolio.
So as I think back over the nearly 10 years I've been with Roper, I cannot think of a better set of tailwinds heading into a year.
Total revenue increased 8%, as we eclipsed $1.5 billion of quarterly revenue for the first half.
Organic revenue for the enterprise declined 2% versus prior year.
EBITDA grew 7% in the quarter to a record $552 million.
EBITDA margin was down 40 basis points versus prior year at 36.6%.
Tax rate came in at 19.9%, a little lower than last year's 21.6%.
So all-in, this resulted in adjusted diluted earnings per share of $3.56, which was above our guidance range.
Application Software grew 35% with the addition of Vertafore.
Organic for the segment was minus 2% with mid single-digit recurring revenue growth continuing.
Sharp declines in our CBORD & Horizon businesses, serving K-12 and higher education impacted the segment as many schools unfortunately remain closed.
For Network Software & Systems, plus 2% organic growth with our software businesses, putting up a very solid plus 4% organic.
For Measurement & Analytical Solutions, plus 1% organic growth, as we start to see some sequential recovery at Neptune in our Industrial businesses.
Lastly, for Process Technologies, a 21% organic decline, with margins holding up well at 31.3%.
So turning to page 10, looking at net working capital.
Honestly, the slide mostly speaks for itself, ending the quarter with negative 8% net working capital as a percentage of Q4 annualized revenue.
You can see here a meaningful improvement versus 2018, improving from negative 3.4% to negative 8% in 2020.
Q4 free cash flow of $558 million, was 23% higher than last year and represented 37% of revenue.
So for the full-year 2020, we generated $1.72 billion of operating cash flow and $1.67 billion of free cash flow.
So to repeat, that's $1.7 billion of free cash flow in 2020.
Full-year free cash flow growth was 16% and our free cash flow conversion from EBITDA was a robust 84%.
So turning to page 12, updating on our balance sheet.
As Neil mentioned earlier, we ended the year with total capital deployment of approximately $6 billion, which included the EPSi acquisition that closed during the fourth quarter on October 15th.
Overall, cost of financing was approximately 1%.
Looking ahead, we plan to rapidly reduce leverage throughout 2021, taking advantage of our pre-payable revolver, which has a current balance of approximately $1.6 billion.
In aggregate, we thought our full-year organic revenues would be plus or minus flat, and we came in at down minus 1%.
We guided DEPS to be between $11.60 and $12.60 and came in at $12.74.
Relative to Application Software, this segment played out as anticipated and was up 1% on an organic basis for the year.
As a reminder, recurring revenue in this segment is about 70% of our revenue stream.
Perpetual revenues, about 10% of this segment's revenue were under pressure as expected.
As it relates to our Network segment, we expect the organic revenue for the year to be up mid singles to double-digits when, in fact, we grew 3% for the full year.
In April, we expected approximately $75 million more in revenue from this project than actually occurred in 2020.
But we expect this $75 million of pushed revenue to be recognized in '21.
We posted 1% growth.
Finally, and as it relates to our Process Tech segment, we expected to be down 20% to 25%, and we were logging in it down 21%.
For Application Software, where revenues here were $1.81 billion, up 1% organically, with EBITDA of $772 million.
Here, revenues were $1.74 billion, up 3% on an organic basis, with EBITDA of $732 million.
For the full year, TransCore pushed about $100 million of revenue out of 2020 and to '21 associated with their New York project.
As we look to the first quarter of 2021, we see organic revenue, as you can see in the lower right hand box to be down 3% to 5% for the quarter.
Now let's turn to our MAS segment, revenues for the year were $1.47 billion, up 1% on an organic basis, with EBITDA $508 million.
Revenues for the year were $519 million, down 21% on an organic basis, with EBITDA of $156 million or 30% of revenue.
Compared versus two years ago, these businesses are down about $90 million in EBITDA and yet maintained 30% EBITDA margins.
As we look to the first quarter, we expect declines to moderate in the first quarter to be in the 10% range.
Our medical product businesses were exceptional last year, up 20%.
Based on what we just outlined, when you roll everything together, we are establishing our 2021 full-year adjusted DEPS guidance to be in the range of $14.35 and $14.75.
Our tax rate should be in the 21% to 22% range.
For the first quarter, we are establishing adjusted DEPS guidance to be between $3.26 and $3.32.
Of note, our guided Q1 adjusted DEPS is roughly 22% to 23% of our full year guidance range and is consistent with our long-term historical DEPS seasonality.
We grew revenue 3% in aggregate and only declined a single percent on an organic basis.
EBITDA margins were steady at 35.8%, and cash flow grew 16% to $1.7 billion.
This means we had cash flow margins of 30%.
Given this performance, our business models ability to foresee these best performance, we stayed focused on executing our capital deployment strategy, which resulted in $6 billion of deployment on high quality, niche leading vertical software companies.

Summary:
Total revenue increased 8%, as we eclipsed $1.5 billion of quarterly revenue for the first half.
So all-in, this resulted in adjusted diluted earnings per share of $3.56, which was above our guidance range.
Based on what we just outlined, when you roll everything together, we are establishing our 2021 full-year adjusted DEPS guidance to be in the range of $14.35 and $14.75.
For the first quarter, we are establishing adjusted DEPS guidance to be between $3.26 and $3.32.