Roper Technologies, Inc. (Nasdaq: ROP) reported
financial results for the third quarter ended September 30, 2023.
The results in this press release are presented on a continuing
operations basis.
Third quarter 2023
highlights
- Revenue increased 16% to $1.56 billion; organic revenue
increased 6%
- GAAP DEPS increased 24% to $3.21; adjusted DEPS increased 18%
to $4.32
- GAAP net earnings were $346 million
- Adjusted EBITDA increased 18% to $652 million
- GAAP operating cash flow was $631 million; adjusted operating
cash flow increased 72% to $647 million
"Our market-leading technology businesses
continue to operate at a high level and delivered another great
quarter, with 16% revenue growth and strong margin performance.
Importantly, our third quarter adjusted free cash flow of $625
million brings our trailing-twelve-month free cash flow to $1.8
billion," said Neil Hunn, Roper Technologies’ President and CEO.
"We are once again increasing our full year outlook, fueled by our
strong third quarter results, the continued expansion of our
recurring revenue base, and the ongoing demand for our mission
critical software and product solutions."
"We deployed $2.0 billion toward vertical
software acquisitions during the third quarter, highlighted by
Syntellis Performance Solutions, which has been combined with our
Strata Decision Technology business. We are well positioned to
execute our disciplined and process-driven capital deployment
methodology, with significant M&A firepower and a large
pipeline of attractive acquisition opportunities," concluded Mr.
Hunn.
Increasing 2023 guidance
Roper now expects full year 2023 adjusted DEPS
of $16.62 - $16.66, compared to previous guidance of $16.36 -
$16.50.
For the fourth quarter of 2023, the Company
expects adjusted DEPS of $4.28 - $4.32.
The Company’s guidance excludes the impact of
unannounced future acquisitions or divestitures.
Minority interests
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.
During the quarter, Roper acquired a minority
interest in Certinia, a leading provider of professional services
automation software, for $125 million. The Company’s investment is
accounted for under the equity method. Roper will report our
proportionate share of income/(loss) associated with this
investment as "equity investment activity, net." Roper will make a
non-GAAP adjustment for the impacts associated with this investment
beginning in the fourth quarter of 2023.
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 Wednesday, October 25, 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 10182514.
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 6256403.
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) |
|
|
|
|
|
Q3 2022 |
|
Q3 2023 |
|
V % |
GAAP revenue |
$ |
1,350 |
|
|
$ |
1,563 |
|
|
16 |
% |
|
|
|
|
|
|
Components of revenue growth |
|
|
|
|
|
Organic |
|
|
|
|
6 |
% |
Acquisitions/divestitures |
|
|
|
|
9 |
% |
Foreign exchange |
|
|
|
|
— |
% |
Revenue growth |
|
|
|
|
16 |
% |
|
|
|
|
|
|
Adjusted EBITDA reconciliation |
|
|
|
|
|
GAAP net earnings |
$ |
277 |
|
|
$ |
346 |
|
|
|
Taxes |
|
78 |
|
|
|
97 |
|
|
|
Interest expense |
|
41 |
|
|
|
42 |
|
|
|
Depreciation |
|
9 |
|
|
|
9 |
|
|
|
Amortization |
|
147 |
|
|
|
182 |
|
|
|
EBITDA |
$ |
553 |
|
|
$ |
676 |
|
|
22 |
% |
|
|
|
|
|
|
Purchase accounting adjustment to acquired commission expense |
|
(1 |
) |
|
|
— |
|
|
|
Restructuring-related expenses associated with the Syntellis
acquisition |
|
— |
|
|
|
9 |
|
|
|
Transaction-related expenses for completed acquisitions |
|
3 |
|
|
|
5 |
|
|
|
Financial impacts associated with the minority investment in
Indicor |
|
— |
|
|
|
(34 |
) |
A |
|
Gain on sale of non-operating assets |
|
— |
|
|
|
(3 |
) |
|
|
Adjusted EBITDA |
$ |
555 |
|
|
$ |
652 |
|
|
18 |
% |
%
of revenue |
|
41.1 |
% |
|
|
41.7 |
% |
|
+60 bps |
Table 2: Adjusted DEPS reconciliation
(from continuing operations) |
|
|
|
|
|
|
Q3 2022 |
|
Q3 2023 |
|
V % |
GAAP DEPS |
$ |
2.59 |
|
|
$ |
3.21 |
|
|
24 |
% |
Purchase accounting adjustment to acquired commission expense |
|
(0.01 |
) |
|
|
— |
|
|
|
Restructuring-related expenses associated with the Syntellis
acquisition |
|
— |
|
|
|
0.06 |
|
|
|
Transaction-related expenses for completed acquisitions |
|
0.02 |
|
|
|
0.03 |
|
|
|
Financial impacts associated with the minority investment in
Indicor |
|
— |
|
|
|
(0.26 |
) |
A |
|
Gain on sale of non-operating assets |
|
— |
|
|
|
(0.02 |
) |
|
|
Amortization of acquisition-related intangible assets |
|
1.06 |
|
|
|
1.30 |
|
B |
|
Adjusted DEPS |
$ |
3.67 |
|
|
$ |
4.32 |
|
|
18 |
% |
Table 3: Adjusted cash flow reconciliation
($M)(from continuing operations) |
|
|
|
|
|
|
|
|
|
|
Q3 2022 |
|
Q3 2023 |
|
V % |
|
|
TTM 2023 |
Operating cash flow |
$ |
219 |
|
|
$ |
631 |
|
|
188 |
% |
|
|
$ |
1,472 |
|
Taxes paid in period related todivestitures |
|
157 |
|
|
|
16 |
|
C |
|
|
|
|
435 |
|
Adjusted operating cash flow |
$ |
376 |
|
|
$ |
647 |
|
|
72 |
% |
|
|
$ |
1,908 |
|
Capital expenditures |
|
(16 |
) |
|
|
(13 |
) |
|
|
|
|
|
(48 |
) |
Capitalized software expenditures |
|
(7 |
) |
|
|
(9 |
) |
|
|
|
|
|
(37 |
) |
Adjusted free cash flow |
$ |
353 |
|
|
$ |
625 |
|
|
77 |
% |
|
|
$ |
1,823 |
|
|
|
|
|
|
|
|
|
|
Table 4: Forecasted adjusted DEPS
reconciliation(from continuing
operations) |
|
|
|
|
|
|
|
|
|
Q4 2023 |
|
FY 2023 |
|
Low end |
|
High end |
|
Low end |
|
High end |
GAAP DEPS |
$ |
2.95 |
|
$ |
2.99 |
|
$ |
12.20 |
|
|
$ |
12.24 |
|
Restructuring-related expensesassociated with the Syntellis
acquisition |
|
— |
|
|
— |
|
|
0.06 |
|
|
|
0.06 |
|
Transaction-related expenses forcompleted acquisitions |
|
— |
|
|
— |
|
|
0.03 |
|
|
|
0.03 |
|
Financial impacts associated with theminority investment in Indicor
A |
TBD |
|
TBD |
|
|
(0.78 |
) |
|
|
(0.78 |
) |
Gain on sale of non-operating assets |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Amortization of acquisition-relatedintangible assets B |
|
1.33 |
|
|
1.33 |
|
|
5.13 |
|
|
|
5.13 |
|
Adjusted DEPS |
$ |
4.28 |
|
$ |
4.32 |
|
$ |
16.62 |
|
|
$ |
16.66 |
|
A. |
Adjustments related to the financial impacts associated with the
minority investment in Indicor as shown below ($M, except per share
data). Forecasted results do not include any potential impacts
associated with our minority investments in Indicor nor Certinia as
these potential impacts cannot be reasonably predicted, and will be
adjusted out of all GAAP results in future periods. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2022A |
|
Q3 2023A |
|
|
Q4 2023E |
|
FY 2023E |
|
|
YTD 2023A |
|
Pretax |
$ |
— |
|
$ |
(34 |
) |
|
|
TBD |
|
TBD |
|
|
$ |
(99 |
) |
|
After-tax |
$ |
— |
|
$ |
(28 |
) |
|
|
TBD |
|
TBD |
|
|
$ |
(83 |
) |
|
Per
share |
$ |
— |
|
$ |
(0.26 |
) |
|
|
TBD |
|
TBD |
|
|
$ |
(0.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2022A |
|
Q3 2023A |
|
|
Q4 2023E |
|
FY 2023E |
|
|
|
|
Pretax |
$ |
144 |
|
$ |
177 |
|
|
|
$ |
181 |
|
$ |
698 |
|
|
|
|
After-tax |
$ |
114 |
|
$ |
140 |
|
|
|
$ |
143 |
|
$ |
552 |
|
|
|
|
Per
share |
$ |
1.06 |
|
$ |
1.30 |
|
|
|
$ |
1.33 |
|
$ |
5.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. |
Cash taxes paid in the quarter were associated with Roper's portion
of Indicor's gain on the sale of its Compressor Controls business
("CCC") to Honeywell. Roper expects to make the final cash tax
payment associated with this transaction in the fourth
quarter. |
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. 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. |
|
|
|
Condensed Consolidated Balance Sheets
(unaudited) |
|
|
(Amounts in millions) |
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
299.5 |
|
|
$ |
792.8 |
|
Accounts receivable, net |
|
746.4 |
|
|
|
724.5 |
|
Inventories, net |
|
122.5 |
|
|
|
111.3 |
|
Income taxes receivable |
|
55.2 |
|
|
|
61.0 |
|
Unbilled receivables |
|
112.1 |
|
|
|
91.5 |
|
Other current assets |
|
168.8 |
|
|
|
151.3 |
|
Total current assets |
|
1,504.5 |
|
|
|
1,932.4 |
|
|
|
|
|
Property, plant and equipment, net |
|
98.3 |
|
|
|
85.3 |
|
Goodwill |
|
17,047.6 |
|
|
|
15,946.1 |
|
Other intangible assets, net |
|
8,343.6 |
|
|
|
8,030.7 |
|
Deferred taxes |
|
52.1 |
|
|
|
55.9 |
|
Equity investments |
|
736.4 |
|
|
|
535.0 |
|
Other assets |
|
405.5 |
|
|
|
395.4 |
|
Total assets |
$ |
28,188.0 |
|
|
$ |
26,980.8 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
Accounts payable |
$ |
135.8 |
|
|
$ |
122.6 |
|
Accrued compensation |
|
225.3 |
|
|
|
228.8 |
|
Deferred revenue |
|
1,496.7 |
|
|
|
1,370.7 |
|
Other accrued liabilities |
|
389.5 |
|
|
|
454.6 |
|
Income taxes payable |
|
66.1 |
|
|
|
16.6 |
|
Current portion of long-term debt, net |
|
499.3 |
|
|
|
699.2 |
|
Total current liabilities |
|
2,812.7 |
|
|
|
2,892.5 |
|
|
|
|
|
Long-term debt, net of current portion |
|
6,379.0 |
|
|
|
5,962.5 |
|
Deferred taxes |
|
1,546.0 |
|
|
|
1,676.8 |
|
Other liabilities |
|
411.6 |
|
|
|
411.2 |
|
Total liabilities |
|
11,149.3 |
|
|
|
10,943.0 |
|
|
|
|
|
Common stock |
|
1.1 |
|
|
|
1.1 |
|
Additional paid-in capital |
|
2,723.8 |
|
|
|
2,510.2 |
|
Retained earnings |
|
14,507.5 |
|
|
|
13,730.7 |
|
Accumulated other comprehensive loss |
|
(176.8 |
) |
|
|
(187.0 |
) |
Treasury stock |
|
(16.9 |
) |
|
|
(17.2 |
) |
Total stockholders’ equity |
|
17,038.7 |
|
|
|
16,037.8 |
|
Total liabilities and stockholders’ equity |
$ |
28,188.0 |
|
|
$ |
26,980.8 |
|
Roper Technologies, Inc. |
|
|
|
|
|
Condensed Consolidated Statements of Earnings
(unaudited) |
|
|
|
|
(Amounts in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months endedSeptember
30, |
|
Nine months endedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
Net
revenues |
$ |
1,563.4 |
|
|
$ |
1,350.3 |
|
$ |
4,564.3 |
|
|
$ |
3,940.9 |
Cost of sales |
|
467.1 |
|
|
|
408.5 |
|
|
1,382.3 |
|
|
|
1,190.4 |
Gross profit |
|
1,096.3 |
|
|
|
941.8 |
|
|
3,182.0 |
|
|
|
2,750.5 |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
650.2 |
|
|
|
548.6 |
|
|
1,899.6 |
|
|
|
1,638.5 |
Income from operations |
|
446.1 |
|
|
|
393.2 |
|
|
1,282.4 |
|
|
|
1,112.0 |
|
|
|
|
|
|
|
|
Interest expense, net |
|
42.4 |
|
|
|
41.3 |
|
|
114.6 |
|
|
|
138.6 |
Equity investment activity, net |
|
33.9 |
|
|
|
— |
|
|
98.7 |
|
|
|
— |
Other income (expense), net |
|
5.0 |
|
|
|
3.6 |
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
|
|
|
|
|
Earnings before income taxes |
|
442.6 |
|
|
|
355.5 |
|
|
1,266.4 |
|
|
|
973.6 |
|
|
|
|
|
|
|
|
Income taxes |
|
97.0 |
|
|
|
78.6 |
|
|
275.5 |
|
|
|
235.3 |
|
|
|
|
|
|
|
|
Net
earnings from continuing operations |
|
345.6 |
|
|
|
276.9 |
|
|
990.9 |
|
|
|
738.3 |
|
|
|
|
|
|
|
|
Earnings (loss) from discontinued operations, net of tax |
|
(2.9 |
) |
|
|
49.0 |
|
|
(4.1 |
) |
|
|
170.3 |
Gain on disposition of discontinued operations, net of tax |
|
4.5 |
|
|
|
1.1 |
|
|
8.4 |
|
|
|
1,707.7 |
Net
earnings from discontinued operations |
|
1.6 |
|
|
|
50.1 |
|
|
4.3 |
|
|
|
1,878.0 |
|
|
|
|
|
|
|
|
Net
earnings |
$ |
347.2 |
|
|
$ |
327.0 |
|
$ |
995.2 |
|
|
$ |
2,616.3 |
|
|
|
|
|
|
|
|
Net
earnings per share from continuing operations: |
|
|
|
|
|
|
|
Basic |
$ |
3.23 |
|
|
$ |
2.61 |
|
$ |
9.30 |
|
|
$ |
6.97 |
Diluted |
$ |
3.21 |
|
|
$ |
2.59 |
|
$ |
9.23 |
|
|
$ |
6.91 |
|
|
|
|
|
|
|
|
Net
earnings per share from discontinued operations: |
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
0.47 |
|
$ |
0.04 |
|
|
$ |
17.74 |
Diluted |
$ |
0.02 |
|
|
$ |
0.47 |
|
$ |
0.04 |
|
|
$ |
17.59 |
|
|
|
|
|
|
|
|
Net
earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
3.25 |
|
|
$ |
3.08 |
|
$ |
9.34 |
|
|
$ |
24.71 |
Diluted |
$ |
3.23 |
|
|
$ |
3.06 |
|
$ |
9.27 |
|
|
$ |
24.50 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
106.7 |
|
|
|
106.0 |
|
|
106.5 |
|
|
|
105.9 |
Diluted |
|
107.6 |
|
|
|
106.8 |
|
|
107.3 |
|
|
|
106.8 |
Roper Technologies, Inc. |
|
|
|
|
|
|
|
|
Selected Segment Financial Data (unaudited) |
|
|
|
|
|
|
|
|
(Amounts in millions; percentages of net
revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
803.4 |
|
|
|
$ |
644.0 |
|
|
|
$ |
2,335.1 |
|
|
|
$ |
1,899.7 |
|
|
Network Software |
|
364.1 |
|
|
|
|
346.6 |
|
|
|
|
1,076.7 |
|
|
|
|
1,028.0 |
|
|
Technology Enabled Products |
|
395.9 |
|
|
|
|
359.7 |
|
|
|
|
1,152.5 |
|
|
|
|
1,013.2 |
|
|
Total |
$ |
1,563.4 |
|
|
|
$ |
1,350.3 |
|
|
|
$ |
4,564.3 |
|
|
|
$ |
3,940.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
557.7 |
|
69.4 |
% |
|
$ |
440.2 |
|
68.4 |
% |
|
$ |
1,609.2 |
|
68.9 |
% |
|
$ |
1,306.5 |
|
68.8 |
% |
Network Software |
|
310.7 |
|
85.3 |
% |
|
|
293.9 |
|
84.8 |
% |
|
|
914.0 |
|
84.9 |
% |
|
|
867.9 |
|
84.4 |
% |
Technology Enabled Products |
|
227.9 |
|
57.6 |
% |
|
|
207.7 |
|
57.7 |
% |
|
|
658.8 |
|
57.2 |
% |
|
|
576.1 |
|
56.9 |
% |
Total |
$ |
1,096.3 |
|
70.1 |
% |
|
$ |
941.8 |
|
69.7 |
% |
|
$ |
3,182.0 |
|
69.7 |
% |
|
$ |
2,750.5 |
|
69.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
206.9 |
|
25.8 |
% |
|
$ |
173.8 |
|
27.0 |
% |
|
$ |
601.3 |
|
25.8 |
% |
|
$ |
511.4 |
|
26.9 |
% |
Network Software |
|
164.4 |
|
45.2 |
% |
|
|
148.1 |
|
42.7 |
% |
|
|
465.0 |
|
43.2 |
% |
|
|
422.0 |
|
41.1 |
% |
Technology Enabled Products |
|
137.1 |
|
34.6 |
% |
|
|
126.5 |
|
35.2 |
% |
|
|
391.7 |
|
34.0 |
% |
|
|
337.6 |
|
33.3 |
% |
Total |
$ |
508.4 |
|
32.5 |
% |
|
$ |
448.4 |
|
33.2 |
% |
|
$ |
1,458.0 |
|
31.9 |
% |
|
$ |
1,271.0 |
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Segment operating profit is before unallocated corporate general
and administrative expenses and enterprise-wide stock-based
compensation. These expenses were $62.3 and $55.2 for the three
months ended September 30, 2023 and 2022, respectively, and $175.6
and $159.0 for the nine months ended September 30, 2023 and 2022,
respectively. |
Roper Technologies, Inc. |
|
Condensed Consolidated Statements of Cash Flows
(unaudited) |
(Amounts in millions) |
|
Nine months endedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
Net earnings from continuing operations |
$ |
990.9 |
|
|
$ |
738.3 |
|
Adjustments to reconcile net earnings from continuing operations to
cash flows from operating activities: |
|
|
|
Depreciation and amortization of property, plant and equipment |
|
26.3 |
|
|
|
28.0 |
|
Amortization of intangible assets |
|
532.8 |
|
|
|
438.4 |
|
Amortization of deferred financing costs |
|
7.7 |
|
|
|
9.2 |
|
Non-cash stock compensation |
|
99.2 |
|
|
|
90.8 |
|
Equity investment activity, net |
|
(98.7 |
) |
|
|
— |
|
Income tax provision |
|
275.5 |
|
|
|
235.3 |
|
Changes in operating assets and liabilities, net of acquired
businesses: |
|
|
|
Accounts receivable |
|
25.8 |
|
|
|
48.3 |
|
Unbilled receivables |
|
(15.3 |
) |
|
|
(21.7 |
) |
Inventories |
|
(11.2 |
) |
|
|
(33.6 |
) |
Accounts payable |
|
12.1 |
|
|
|
24.7 |
|
Other accrued liabilities |
|
(72.0 |
) |
|
|
(59.0 |
) |
Deferred revenue |
|
18.6 |
|
|
|
(15.2 |
) |
Cash taxes paid for gain on disposal of businesses |
|
(16.4 |
) |
|
|
(534.6 |
) |
Cash income taxes paid, excluding tax associated with gain on
disposal of businesses |
|
(335.6 |
) |
|
|
(397.5 |
) |
Other, net |
|
(24.0 |
) |
|
|
(1.2 |
) |
Cash provided by operating activities from continuing
operations |
|
1,415.7 |
|
|
|
550.2 |
|
Cash provided by (used in) operating activities from discontinued
operations |
|
(2.4 |
) |
|
|
112.7 |
|
Cash provided by operating activities |
|
1,413.3 |
|
|
|
662.9 |
|
|
|
|
|
Cash flows from (used in) investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(1,970.1 |
) |
|
|
(580.9 |
) |
Capital expenditures |
|
(37.8 |
) |
|
|
(30.0 |
) |
Capitalized software expenditures |
|
(28.7 |
) |
|
|
(21.9 |
) |
Distributions from equity investment |
|
25.3 |
|
|
|
— |
|
Other, net |
|
0.6 |
|
|
|
(1.8 |
) |
Cash used in investing activities from continuing operations |
|
(2,010.7 |
) |
|
|
(634.6 |
) |
Proceeds from disposition of discontinued operations |
|
2.0 |
|
|
|
2,997.1 |
|
Cash used in investing activities from discontinued operations |
|
— |
|
|
|
(4.9 |
) |
Cash provided by (used in) investing activities |
|
(2,008.7 |
) |
|
|
2,357.6 |
|
|
|
|
|
Cash flows from (used in) financing activities: |
|
|
|
Payments of senior notes |
|
(700.0 |
) |
|
|
(800.0 |
) |
Borrowings (payments) under revolving line of credit, net |
|
910.0 |
|
|
|
(470.0 |
) |
Debt issuance costs |
|
— |
|
|
|
(3.9 |
) |
Cash dividends to stockholders |
|
(217.5 |
) |
|
|
(196.2 |
) |
Proceeds from stock-based compensation, net |
|
99.3 |
|
|
|
57.0 |
|
Treasury stock sales |
|
11.6 |
|
|
|
11.6 |
|
Other |
|
(0.1 |
) |
|
|
(0.3 |
) |
Cash provided by (used in) financing activities from continuing
operations |
|
103.3 |
|
|
|
(1,401.8 |
) |
Cash used in financing activities from discontinued operations |
|
— |
|
|
|
(11.3 |
) |
Cash provided by (used in) financing activities |
|
103.3 |
|
|
|
(1,413.1 |
) |
(Continued) |
|
Roper Technologies, Inc. |
|
Condensed Consolidated Statements of Cash Flows (unaudited)
- Continued |
(Amounts in millions) |
|
Nine months endedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Effect of exchange rate changes on cash |
|
(1.2 |
) |
|
|
(64.4 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
(493.3 |
) |
|
|
1,543.0 |
|
Cash and cash equivalents, beginning of period |
|
792.8 |
|
|
|
351.5 |
|
Cash and cash equivalents, end of period |
$ |
299.5 |
|
|
$ |
1,894.5 |
|
Roper Technologies (NASDAQ:ROP)
過去 株価チャート
から 4 2024 まで 5 2024
Roper Technologies (NASDAQ:ROP)
過去 株価チャート
から 5 2023 まで 5 2024