Roper Technologies, Inc. (Nasdaq: ROP) reported
financial results for the second quarter ended June 30, 2023. The
results in this press release are presented on a continuing
operations basis.
Second quarter 2023
highlights
- Revenue increased 17% to $1.53 billion; organic revenue
+9%
- GAAP DEPS increased 59% to $3.36; adjusted DEPS +20% to
$4.12
- GAAP net earnings were $361 million
- Adjusted EBITDA increased 20% to $617 million
- Operating cash flow was $320 million; adjusted operating cash
flow +20%
"Our businesses continued to deliver excellent
results in the second quarter, highlighted by 17% total revenue
growth, 9% organic revenue growth, and 17% free cash flow growth,”
said Neil Hunn, Roper Technologies’ President and CEO. "Roper's
strong second quarter and first half performance were fueled by
broad-based contributions across our diversified portfolio of
market leading software and technology enabled product businesses
that provide mission critical solutions for our customers."
"The enhanced quality of our enterprise, ongoing
expansion of our recurring revenue base, and continued positive
momentum across our businesses provide the foundation for our
increased full year outlook,” said Mr. Hunn. “With substantial
M&A firepower, we continue to evaluate many high-quality
acquisition opportunities and remain well positioned to deploy
capital utilizing our disciplined and process-driven
methodology.”
Increasing 2023 guidance
Roper now expects full year 2023 adjusted DEPS
of $16.36 - $16.50, compared to previous guidance of $16.10 -
$16.30.
For the third quarter of 2023, the Company
expects adjusted DEPS of $4.16 - $4.20.
The Company’s guidance excludes the impact of
unannounced future acquisitions or divestitures.
Minority interest
Following the sale of a majority stake in its
industrial businesses to CD&R, Roper now holds a minority
interest in Indicor. The fair value of Roper’s equity investment in
Indicor is updated on a quarterly basis and reported as "equity
investment activity, net". Roper makes a non-GAAP adjustment for
the impacts associated with this investment.
Discontinued operations
Roper has completed the divestitures of
TransCore, Zetec, and the majority stake in its industrial
businesses (Indicor). The financial results for these businesses
are reported as discontinued operations for all periods prior to
the completion of their respective divestiture.
Conference Call to be Held at 8:00 AM
(ET) Today
A conference call to discuss these results has
been scheduled for 8:00 AM ET on Friday, July 21, 2023. The call
can be accessed via webcast or by dialing +1 844-750-4898
(US/Canada) or +1 412-317-5294, using conference code 10180010.
Webcast information and conference call materials will be made
available in the Investors section of Roper’s website
(www.ropertech.com) prior to the start of the call. The webcast can
also be accessed directly by using the following URL
https://event.webcast. Telephonic replays will be available for up
to two weeks and can be accessed by dialing +1 412-317-0088 with
access code 3655490.
Use of non-GAAP financial information
The Company supplements its consolidated
financial statements presented on a GAAP basis with certain
non-GAAP financial information to provide investors with greater
insight, increase transparency and allow for a more comprehensive
understanding of the information used by management in its
financial and operational decision-making. Reconciliation of
non-GAAP measures to their most directly comparable GAAP measures
are included in the accompanying financial schedules or tables. The
non-GAAP financial measures disclosed by the Company should not be
considered a substitute for, or superior to, financial measures
prepared in accordance with GAAP, and the financial results
prepared in accordance with GAAP and reconciliations from these
results should be carefully evaluated.
Table 1:
Revenue and adjusted EBITDA reconciliation
($M)(from continuing operations) |
|
|
|
|
|
|
|
|
|
|
|
Q2 2022 |
|
Q2 2023 |
|
V % |
GAAP revenue |
$ |
1,311 |
|
|
$ |
1,531 |
|
|
17 |
% |
|
|
|
|
|
|
Components of revenue
growth |
|
|
|
|
|
Organic |
|
|
|
|
9 |
% |
Acquisitions/divestitures |
|
|
|
|
8 |
% |
Foreign exchange |
|
|
|
|
— |
% |
Revenue growth |
|
|
|
|
17 |
% |
|
|
|
|
|
|
Adjusted EBITDA
reconciliation |
|
|
|
|
|
GAAP net earnings |
$ |
225 |
|
|
$ |
361 |
|
|
|
Taxes |
|
92 |
|
|
|
103 |
|
|
|
Interest expense |
|
45 |
|
|
|
35 |
|
|
|
Depreciation |
|
9 |
|
|
|
9 |
|
|
|
Amortization |
|
146 |
|
|
|
176 |
|
|
|
EBITDA |
$ |
516 |
|
|
$ |
683 |
|
|
32 |
% |
|
|
|
|
|
|
Purchase accounting adjustment to acquired commission expense |
|
(1 |
) |
|
|
— |
|
|
|
Financial impacts associated with the minority investment in
Indicor |
|
— |
|
|
|
(66 |
) |
A |
|
Adjusted EBITDA |
$ |
515 |
|
|
$ |
617 |
|
|
20 |
% |
% of revenue |
|
39.3 |
% |
|
|
40.3 |
% |
|
+100 bps |
Table 2: Adjusted DEPS
reconciliation (from continuing
operations) |
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2022 |
|
Q2 2023 |
|
V % |
GAAP DEPS |
$ |
2.11 |
|
|
$ |
3.36 |
|
|
59 |
% |
Purchase accounting adjustment to acquired commission expense |
|
(0.01 |
) |
|
|
— |
|
|
|
Financial impacts associated with the minority investment in
Indicor |
|
— |
|
|
|
(0.50 |
) |
A |
|
Amortization of acquisition-related intangible assets |
|
1.05 |
|
|
|
1.25 |
|
B |
|
Income tax restructuring expense associated with discontinued
operations |
|
0.27 |
|
|
|
— |
|
|
|
Adjusted DEPS |
$ |
3.43 |
|
|
$ |
4.12 |
|
|
20 |
% |
Table 3: Adjusted cash
flow reconciliation ($M)(from continuing
operations) |
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2022 |
|
Q2 2023 |
|
V % |
Operating cash flow |
$ |
(110 |
) |
|
$ |
320 |
|
|
|
Taxes paid in period related to divestitures |
|
378 |
|
|
|
— |
|
|
|
Adjusted operating cash flow |
$ |
268 |
|
|
$ |
320 |
|
|
20 |
% |
Capital expenditures |
|
(8 |
) |
|
|
(15 |
) |
|
|
Capitalized software expenditures |
|
(8 |
) |
|
|
(9 |
) |
|
|
Free cash flow |
$ |
252 |
|
|
$ |
295 |
|
|
17 |
% |
Table 4:
Forecasted adjusted DEPS reconciliation(from
continuing operations) |
|
|
|
|
|
|
|
|
|
Q3 2023 |
|
FY 2023 |
|
Low end |
|
High end |
|
Low end |
|
High end |
GAAP DEPS C |
$ |
2.91 |
|
$ |
2.95 |
|
$ |
11.36 |
|
$ |
11.50 |
Financial impacts associated with the minority investment in
Indicor A |
TBD |
|
TBD |
|
TBD |
|
TBD |
Amortization of acquisition-related intangible assets B |
|
1.25 |
|
|
1.25 |
|
|
5.00 |
|
|
5.00 |
Adjusted DEPS |
$ |
4.16 |
|
$ |
4.20 |
|
$ |
16.36 |
|
$ |
16.50 |
A. |
Financial impacts associated with the minority investment in
Indicor as shown below ($M, except per share data). |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2022A |
|
|
Q2 2023A |
|
|
Q3 2023E |
|
FY 2023E |
|
Pretax |
$ |
— |
|
|
$ |
(66 |
) |
|
|
TBD |
|
TBD |
|
After-tax |
$ |
— |
|
|
$ |
(53 |
) |
|
|
TBD |
|
TBD |
|
Per share |
$ |
— |
|
|
$ |
(0.50 |
) |
|
|
TBD |
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
B. |
Actual results and forecast of estimated amortization of
acquisition-related intangible assets as shown below ($M, except
per share data). These adjustments are taxed at 21%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2022A |
|
|
Q2 2023A |
|
|
Q3 2023E |
|
FY 2023E |
|
Pretax |
$ |
143 |
|
|
$ |
170 |
|
|
|
$ |
170 |
|
$ |
680 |
|
After-tax |
$ |
113 |
|
|
$ |
135 |
|
|
|
$ |
134 |
|
$ |
537 |
|
Per share |
$ |
1.05 |
|
|
$ |
1.25 |
|
|
|
$ |
1.25 |
|
$ |
5.00 |
|
|
|
|
|
|
|
|
|
|
|
C. |
Forecasted results do not include any potential impact associated
with our Indicor investment, and will be adjusted out of all GAAP
results in future periods. |
|
|
|
|
|
|
|
|
|
|
|
Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the
S&P 500 and Fortune 1000. Roper has a proven, long-term track
record of compounding cash flow and shareholder value. The Company
operates market leading businesses that design and develop vertical
software and technology enabled products for a variety of
defensible niche markets. Roper utilizes a disciplined, analytical,
and process-driven approach to redeploy its excess capital toward
high-quality acquisitions. Additional information about Roper is
available on the Company’s website at www.ropertech.com.
Contact information: Investor
Relations941-556-2601 investor-relations@ropertech.com
The information provided in this press release
contains forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements may
include, among others, statements regarding operating results, the
success of our internal operating plans, and the prospects for
newly acquired businesses to be integrated and contribute to future
growth, profit and cash flow expectations. Forward-looking
statements may be indicated by words or phrases such as
"anticipate," "estimate," "plans," "expects," "projects," "should,"
"will," "believes," "intends" and similar words and phrases. These
statements reflect management's current beliefs and are not
guarantees of future performance. They involve risks and
uncertainties that could cause actual results to differ materially
from those contained in any forward-looking statement. Such risks
and uncertainties include any ongoing impacts of the COVID-19
pandemic on our business, operations, financial results and
liquidity, which will depend on numerous evolving factors which we
cannot accurately predict or assess, including: the duration and
scope of the pandemic, new variants of the virus and the
distribution and efficacy of vaccines; any negative impact on
global and regional markets, economies and economic activity;
actions governments, businesses and individuals take in response to
the pandemic; the effects of the pandemic, including all of the
foregoing, on our customers, suppliers, and business partners, and
how quickly economies and demand for our products and services
recover after the pandemic subsides. Such risks and uncertainties
also include our ability to identify and complete acquisitions
consistent with our business strategies, integrate acquisitions
that have been completed, realize expected benefits and synergies
from, and manage other risks associated with, acquired businesses,
including obtaining any required regulatory approvals with respect
thereto. We also face other general risks, including our ability to
realize cost savings from our operating initiatives, general
economic conditions and the conditions of the specific markets in
which we operate, including risks related to labor shortages and
rising interest rates, changes in foreign exchange rates,
difficulties associated with exports, risks associated with our
international operations, cybersecurity and data privacy risks,
including litigation resulting therefrom, risks related to
political instability, armed hostilities, incidents of terrorism,
public health crises (such as the COVID-19 pandemic) or natural
disasters, increased product liability and insurance costs,
increased warranty exposure, future competition, changes in the
supply of, or price for, parts and components, including as a
result of the current inflationary environment and ongoing supply
chain constraints, environmental compliance costs and liabilities,
risks and cost associated with litigation, potential write-offs of
our substantial intangible assets, and risks associated with
obtaining governmental approvals and maintaining regulatory
compliance for new and existing products. Important risks may be
discussed in current and subsequent filings with the SEC. You
should not place undue reliance on any forward-looking statements.
These statements speak only as of the date they are made, and we
undertake no obligation to update publicly any of them in light of
new information or future events.
Roper Technologies,
Inc. and Subsidiaries |
|
|
|
Condensed
Consolidated Balance Sheets (unaudited) |
|
|
(Amounts in
millions) |
|
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,462.8 |
|
|
$ |
792.8 |
|
Accounts receivable, net |
|
684.4 |
|
|
|
724.5 |
|
Inventories, net |
|
118.0 |
|
|
|
111.3 |
|
Income taxes receivable |
|
53.4 |
|
|
|
61.0 |
|
Unbilled receivables |
|
108.1 |
|
|
|
91.5 |
|
Other current assets |
|
179.4 |
|
|
|
151.3 |
|
Total current assets |
|
2,606.1 |
|
|
|
1,932.4 |
|
|
|
|
|
Property, plant and equipment, net |
|
93.7 |
|
|
|
85.3 |
|
Goodwill |
|
16,002.5 |
|
|
|
15,946.1 |
|
Other intangible assets, net |
|
7,718.8 |
|
|
|
8,030.7 |
|
Deferred taxes |
|
48.2 |
|
|
|
55.9 |
|
Equity investment |
|
591.3 |
|
|
|
535.0 |
|
Other assets |
|
399.8 |
|
|
|
395.4 |
|
Total assets |
$ |
27,460.4 |
|
|
$ |
26,980.8 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
Accounts payable |
$ |
141.1 |
|
|
$ |
122.6 |
|
Accrued compensation |
|
183.8 |
|
|
|
228.8 |
|
Deferred revenue |
|
1,279.8 |
|
|
|
1,370.7 |
|
Other accrued liabilities |
|
397.1 |
|
|
|
454.6 |
|
Income taxes payable |
|
62.3 |
|
|
|
16.6 |
|
Current portion of long-term debt, net |
|
699.8 |
|
|
|
699.2 |
|
Total current liabilities |
|
2,763.9 |
|
|
|
2,892.5 |
|
|
|
|
|
Long-term debt, net of current portion |
|
5,966.3 |
|
|
|
5,962.5 |
|
Deferred taxes |
|
1,589.4 |
|
|
|
1,676.8 |
|
Other liabilities |
|
394.9 |
|
|
|
411.2 |
|
Total liabilities |
|
10,714.5 |
|
|
|
10,943.0 |
|
|
|
|
|
Common stock |
|
1.1 |
|
|
|
1.1 |
|
Additional paid-in capital |
|
2,655.3 |
|
|
|
2,510.2 |
|
Retained earnings |
|
14,233.2 |
|
|
|
13,730.7 |
|
Accumulated other comprehensive loss |
|
(126.7 |
) |
|
|
(187.0 |
) |
Treasury stock |
|
(17.0 |
) |
|
|
(17.2 |
) |
Total stockholders’ equity |
|
16,745.9 |
|
|
|
16,037.8 |
|
Total liabilities and stockholders’ equity |
$ |
27,460.4 |
|
|
$ |
26,980.8 |
|
Roper
Technologies, Inc. and Subsidiaries |
|
|
|
|
|
Condensed
Consolidated Statements of Earnings (unaudited) |
|
|
|
|
(Amounts
in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net revenues |
$ |
1,531.2 |
|
|
$ |
1,310.8 |
|
|
$ |
3,000.9 |
|
|
$ |
2,590.6 |
|
Cost of sales |
|
464.1 |
|
|
|
399.3 |
|
|
|
915.2 |
|
|
|
781.9 |
|
Gross profit |
|
1,067.1 |
|
|
|
911.5 |
|
|
|
2,085.7 |
|
|
|
1,808.7 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
631.8 |
|
|
|
548.6 |
|
|
|
1,249.4 |
|
|
|
1,089.9 |
|
Income from operations |
|
435.3 |
|
|
|
362.9 |
|
|
|
836.3 |
|
|
|
718.8 |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
34.8 |
|
|
|
44.7 |
|
|
|
72.2 |
|
|
|
97.3 |
|
Equity investment activity,
net |
|
66.0 |
|
|
|
— |
|
|
|
64.8 |
|
|
|
— |
|
Other expense, net |
|
(2.8 |
) |
|
|
(1.3 |
) |
|
|
(5.1 |
) |
|
|
(3.4 |
) |
|
|
|
|
|
|
|
|
Earnings before income
taxes |
|
463.7 |
|
|
|
316.9 |
|
|
|
823.8 |
|
|
|
618.1 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
102.7 |
|
|
|
91.9 |
|
|
|
178.5 |
|
|
|
156.7 |
|
|
|
|
|
|
|
|
|
Net earnings from continuing
operations |
|
361.0 |
|
|
|
225.0 |
|
|
|
645.3 |
|
|
|
461.4 |
|
|
|
|
|
|
|
|
|
Earnings (loss) from discontinued operations, net of tax |
|
— |
|
|
|
54.5 |
|
|
|
(1.2 |
) |
|
|
121.3 |
|
Gain (loss) on disposition of discontinued operations, net of
tax |
|
3.9 |
|
|
|
(10.7 |
) |
|
|
3.9 |
|
|
|
1,706.6 |
|
Net earnings from discontinued
operations |
|
3.9 |
|
|
|
43.8 |
|
|
|
2.7 |
|
|
|
1,827.9 |
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
364.9 |
|
|
$ |
268.8 |
|
|
$ |
648.0 |
|
|
$ |
2,289.3 |
|
|
|
|
|
|
|
|
|
Net earnings per share from
continuing operations: |
|
|
|
|
|
|
|
Basic |
$ |
3.38 |
|
|
$ |
2.13 |
|
|
$ |
6.06 |
|
|
$ |
4.36 |
|
Diluted |
$ |
3.36 |
|
|
$ |
2.11 |
|
|
$ |
6.02 |
|
|
$ |
4.32 |
|
|
|
|
|
|
|
|
|
Net earnings per share from
discontinuedoperations: |
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
|
$ |
0.41 |
|
|
$ |
0.03 |
|
|
$ |
17.28 |
|
Diluted |
$ |
0.04 |
|
|
$ |
0.41 |
|
|
$ |
0.02 |
|
|
$ |
17.12 |
|
|
|
|
|
|
|
|
|
Net earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
3.42 |
|
|
$ |
2.54 |
|
|
$ |
6.09 |
|
|
$ |
21.64 |
|
Diluted |
$ |
3.40 |
|
|
$ |
2.52 |
|
|
$ |
6.04 |
|
|
$ |
21.44 |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
106.6 |
|
|
|
105.9 |
|
|
|
106.4 |
|
|
|
105.8 |
|
Diluted |
|
107.4 |
|
|
|
106.8 |
|
|
|
107.2 |
|
|
|
106.8 |
|
Roper
Technologies, Inc. and Subsidiaries |
|
|
|
|
|
|
|
|
Selected
Segment Financial Data (unaudited) |
|
|
|
|
|
|
|
|
(Amounts
in millions; percentages of net revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
770.3 |
|
|
|
$ |
627.5 |
|
|
|
$ |
1,531.7 |
|
|
|
$ |
1,255.7 |
|
|
Network Software |
|
358.1 |
|
|
|
|
342.9 |
|
|
|
|
712.6 |
|
|
|
|
681.4 |
|
|
Technology Enabled Products |
|
402.8 |
|
|
|
|
340.4 |
|
|
|
|
756.6 |
|
|
|
|
653.5 |
|
|
Total |
$ |
1,531.2 |
|
|
|
$ |
1,310.8 |
|
|
|
$ |
3,000.9 |
|
|
|
$ |
2,590.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
531.0 |
|
68.9 |
% |
|
$ |
430.9 |
|
68.7 |
% |
|
$ |
1,051.5 |
|
68.6 |
% |
|
$ |
866.3 |
|
69.0 |
% |
Network Software |
|
303.9 |
|
84.9 |
% |
|
|
289.1 |
|
84.3 |
% |
|
|
603.3 |
|
84.7 |
% |
|
|
574.0 |
|
84.2 |
% |
Technology Enabled Products |
|
232.2 |
|
57.6 |
% |
|
|
191.5 |
|
56.3 |
% |
|
|
430.9 |
|
57.0 |
% |
|
|
368.4 |
|
56.4 |
% |
Total |
$ |
1,067.1 |
|
69.7 |
% |
|
$ |
911.5 |
|
69.5 |
% |
|
$ |
2,085.7 |
|
69.5 |
% |
|
$ |
1,808.7 |
|
69.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
201.2 |
|
26.1 |
% |
|
$ |
165.3 |
|
26.3 |
% |
|
$ |
394.4 |
|
25.7 |
% |
|
$ |
337.6 |
|
26.9 |
% |
Network Software |
|
153.1 |
|
42.8 |
% |
|
|
137.1 |
|
40.0 |
% |
|
|
300.6 |
|
42.2 |
% |
|
|
273.9 |
|
40.2 |
% |
Technology Enabled Products |
|
139.1 |
|
34.5 |
% |
|
|
111.4 |
|
32.7 |
% |
|
|
254.6 |
|
33.7 |
% |
|
|
211.1 |
|
32.3 |
% |
Total |
$ |
493.4 |
|
32.2 |
% |
|
$ |
413.8 |
|
31.6 |
% |
|
$ |
949.6 |
|
31.6 |
% |
|
$ |
822.6 |
|
31.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Segment operating profit is before unallocated corporate general
and administrative expenses and enterprise-wide stock-based
compensation. These expenses were $58.1 and $50.9 for the three
months ended June 30, 2023 and 2022, respectively, and $113.3 and
$103.8 for the six months ended June 30, 2023 and 2022,
respectively. |
Roper
Technologies, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows (unaudited) |
(Amounts
in millions) |
|
|
Six months endedJune 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net earnings from continuing operations |
$ |
645.3 |
|
|
$ |
461.4 |
|
Adjustments to reconcile net earnings from continuing operations to
cash flows from operating activities: |
|
|
|
Depreciation and amortization of property, plant and equipment |
|
17.3 |
|
|
|
18.7 |
|
Amortization of intangible assets |
|
350.6 |
|
|
|
291.3 |
|
Amortization of deferred financing costs |
|
5.1 |
|
|
|
6.3 |
|
Non-cash stock compensation |
|
63.5 |
|
|
|
61.2 |
|
Equity investment activity, net |
|
(64.8 |
) |
|
|
— |
|
Income tax provision |
|
178.5 |
|
|
|
156.7 |
|
Changes in operating assets and liabilities, net of acquired
businesses: |
|
|
|
|
Accounts receivable |
|
46.7 |
|
|
|
55.2 |
|
|
Unbilled receivables |
|
(14.9 |
) |
|
|
(24.7 |
) |
|
Inventories |
|
(5.9 |
) |
|
|
(23.7 |
) |
|
Accounts payable |
|
17.9 |
|
|
|
30.9 |
|
|
Other accrued liabilities |
|
(91.0 |
) |
|
|
(64.7 |
) |
|
Deferred revenue |
|
(98.3 |
) |
|
|
38.6 |
|
Cash tax paid for gain on disposal of businesses |
|
— |
|
|
|
(377.9 |
) |
Cash income taxes paid, excluding tax associated with gain on
disposal of businesses |
|
(231.5 |
) |
|
|
(279.4 |
) |
Other, net |
|
(33.5 |
) |
|
|
(18.9 |
) |
|
Cash provided by operating
activities from continuing operations |
|
785.0 |
|
|
|
331.0 |
|
|
Cash provided by (used in)
operating activities from discontinued operations |
|
(1.7 |
) |
|
|
80.1 |
|
|
Cash provided by operating
activities |
|
783.3 |
|
|
|
411.1 |
|
|
|
|
|
|
Cash flows from
(used in) investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(17.3 |
) |
|
|
(258.9 |
) |
Capital expenditures |
|
(24.9 |
) |
|
|
(13.7 |
) |
Capitalized software expenditures |
|
(19.3 |
) |
|
|
(15.0 |
) |
Distributions from equity investment |
|
12.1 |
|
|
|
— |
|
Other, net |
|
(2.9 |
) |
|
|
— |
|
|
Cash used in investing
activities from continuing operations |
|
(52.3 |
) |
|
|
(287.6 |
) |
|
Proceeds from disposition of
discontinued operations |
|
2.0 |
|
|
|
2,995.9 |
|
|
Cash used in investing
activities from discontinued operations |
|
— |
|
|
|
(3.3 |
) |
|
Cash provided by (used in)
investing activities |
|
(50.3 |
) |
|
|
2,705.0 |
|
|
|
|
|
|
Cash flows used in
financing activities: |
|
|
|
Payments under revolving line of credit, net |
|
— |
|
|
|
(470.0 |
) |
Cash dividends to stockholders |
|
(144.8 |
) |
|
|
(130.7 |
) |
Proceeds from stock-based compensation, net |
|
60.8 |
|
|
|
40.9 |
|
Treasury stock sales |
|
8.4 |
|
|
|
8.5 |
|
Other |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
Cash flows used in financing
activities from continuing operations |
|
(75.8 |
) |
|
|
(551.5 |
) |
|
Cash flows used in financing
activities from discontinued operations |
|
— |
|
|
|
(11.4 |
) |
|
Cash flows used in financing
activities |
|
(75.8 |
) |
|
|
(562.9 |
) |
(Continued) |
|
|
|
|
|
Roper
Technologies, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows (unaudited) -
Continued |
(Amounts
in millions) |
|
|
Six months endedJune 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
Effect of foreign
currency exchange rate changes on cash |
|
12.8 |
|
|
|
(25.6 |
) |
|
|
|
|
|
Net increase in
cash and cash equivalents |
|
670.0 |
|
|
|
2,527.6 |
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
792.8 |
|
|
|
351.5 |
|
|
|
|
|
|
Cash and cash
equivalents, end of period |
$ |
1,462.8 |
|
|
$ |
2,879.1 |
|
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