Roper Technologies, Inc. (Nasdaq: ROP) reported
financial results for the fourth quarter and full year ended
December 31, 2023. The results in this press release are presented
on a continuing operations basis.
Fourth quarter 2023
highlights
- Revenue increased 13% to $1.61 billion; organic revenue
increased 8%
- GAAP DEPS increased 51% to $3.50; adjusted DEPS increased 11%
to $4.37
- GAAP net earnings were $378 million
- Adjusted EBITDA increased 11% to $659 million
- GAAP operating cash flow was $622 million; adjusted operating
cash flow increased 34% to $638 million
Full year 2023 highlights
- Revenue increased 15% to $6.18 billion; organic revenue
increased 8%
- GAAP DEPS increased 38% to $12.74; adjusted DEPS increased 17%
to $16.71
- GAAP net earnings were $1.37 billion
- Adjusted EBITDA increased 16% to $2.51 billion
- GAAP operating cash flow was $2.04 billion; adjusted operating
cash flow increased 33% to $2.07 billion
“Roper had a terrific 2023, both in terms of our
operational execution and our capital deployment strategy.
Financially, 2023 is highlighted by having 15% total revenue
growth, 8% organic revenue growth, 16% EBITDA growth, and a 32%
free cash flow margin,” said Neil Hunn, Roper Technologies’
President and CEO. “Our businesses continued their strong execution
and innovation while strategically investing to drive higher levels
of durable, long-term organic growth.”
“Relative to our capital deployment strategy, we
allocated $2.1 billion toward vertical software acquisitions,
highlighted by Syntellis Performance Solutions, which was
successfully combined with our Strata Decision Technology business
during the year.”
2024 outlook and guidance
“We’re entering 2024 with continued positive
momentum, fueled by the ongoing expansion of our recurring revenue
base and demand for our businesses’ mission critical solutions. In
addition, as previously announced last week, we reached an
agreement to acquire Procare Solutions, a leading software provider
for the childcare market. Procare is a terrific, high-growth
addition to the Roper portfolio.”
“With a solid organic outlook, contributions
from our recent acquisitions, a strong balance sheet, and a large
pipeline of attractive M&A opportunities, we remain well
positioned to continue our compelling cash flow compounding,”
concluded Mr. Hunn.
Roper expects full year 2024 adjusted DEPS of
$17.85 - $18.15 with first quarter adjusted DEPS of $4.30 - $4.34.
The Company expects full year total revenue growth of +11 – 12% and
organic revenue growth of +5 – 6%.
Roper’s guidance includes the impact of the
previously announced acquisition of Procare Solutions, expected to
close in the first quarter of 2024. 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 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 investments
activity, net.” Roper makes a non-GAAP adjustment for the impacts
associated with this investment.
Roper holds a minority interest in Certinia, a
leading provider of professional services automation software. The
Company’s investment is accounted for under the equity method and
its proportionate share of income/(loss) associated with this
investment is reported as “equity investments 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 Wednesday, January 31, 2024. The
call can be accessed via webcast or by dialing +1 844-750-4898
(US/Canada) or +1 412-317-5294, using conference code 10185260.
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 1862300.
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) |
|
Q4 2022 |
|
Q4 2023 |
|
V % |
|
FY 2022 |
|
FY 2023 |
|
V % |
GAAP revenue |
$ |
1,431 |
|
|
$ |
1,613 |
|
|
13 |
% |
|
$ |
5,372 |
|
|
$ |
6,178 |
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Components of revenue
growth |
|
|
|
|
|
|
|
|
|
|
|
Organic |
|
|
|
|
8 |
% |
|
|
|
|
|
8 |
% |
Acquisitions/divestitures |
|
|
|
|
4 |
% |
|
|
|
|
|
7 |
% |
Foreign exchange |
|
|
|
|
— |
% |
|
|
|
|
|
— |
% |
Revenue growth |
|
|
|
|
13 |
% |
|
|
|
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
reconciliation |
|
|
|
|
|
|
|
|
|
|
|
GAAP net earnings |
$ |
247 |
|
|
$ |
378 |
|
|
|
|
$ |
986 |
|
|
$ |
1,368 |
|
|
|
Taxes |
|
61 |
|
|
|
99 |
|
|
|
|
|
296 |
|
|
|
375 |
|
|
|
Interest expense |
|
54 |
|
|
|
50 |
|
|
|
|
|
192 |
|
|
|
165 |
|
|
|
Depreciation |
|
9 |
|
|
|
9 |
|
|
|
|
|
37 |
|
|
|
35 |
|
|
|
Amortization |
|
174 |
|
|
|
187 |
|
|
|
|
|
613 |
|
|
|
720 |
|
|
|
EBITDA |
$ |
546 |
|
|
$ |
723 |
|
|
32 |
% |
|
$ |
2,124 |
|
|
$ |
2,663 |
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting adjustment to acquired commission expense |
|
(1 |
) |
|
|
— |
|
|
|
|
|
(5 |
) |
|
|
— |
|
|
|
Restructuring-related expenses associated with the Syntellis
acquisition |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
9 |
|
|
|
Transaction-related expenses for completed acquisitions |
|
3 |
|
|
|
3 |
|
|
|
|
|
5 |
|
|
|
8 |
|
|
|
Financial impacts associated with the minority investments in
Indicor & Certinia A |
|
— |
|
|
|
(67 |
) |
|
|
|
|
— |
|
|
|
(165 |
) |
|
|
Gain on sale of non-operating assets |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
(3 |
) |
|
|
Legal settlement charge |
|
45 |
|
|
|
— |
|
|
|
|
|
45 |
|
|
|
— |
|
|
|
Adjusted EBITDA |
$ |
592 |
|
|
$ |
659 |
|
|
11 |
% |
|
$ |
2,170 |
|
|
$ |
2,511 |
|
|
16 |
% |
% of revenue |
|
41.4 |
% |
|
|
40.8 |
% |
|
(60 bps) |
|
|
40.4 |
% |
|
|
40.6 |
% |
|
+20 bps |
Table 2:
Adjusted DEPS reconciliation (from continuing
operations) |
|
Q4 2022 |
|
Q4 2023 |
|
V % |
|
FY 2022 |
|
FY 2023 |
|
V % |
GAAP DEPS |
$ |
2.32 |
|
|
$ |
3.50 |
|
|
51 |
% |
|
$ |
9.23 |
|
|
$ |
12.74 |
|
|
38 |
% |
Purchase accounting adjustment to acquired commission expense |
|
(0.01 |
) |
|
|
— |
|
|
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
Restructuring-related expenses associated with the Syntellis
acquisition |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
0.06 |
|
|
|
Transaction-related expenses for completed acquisitions |
|
0.02 |
|
|
|
0.02 |
|
|
|
|
|
0.04 |
|
|
|
0.06 |
|
|
|
Financial impacts associated with the minority investments in
Indicor & Certinia A |
|
— |
|
|
|
(0.48 |
) |
|
|
|
|
— |
|
|
|
(1.25 |
) |
|
|
Gain on sale of non-operating assets |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
Legal settlement charge |
|
0.33 |
|
|
|
— |
|
|
|
|
|
0.33 |
|
|
|
— |
|
|
|
Amortization of acquisition-related intangible assets B |
|
1.26 |
|
|
|
1.33 |
|
|
|
|
|
4.44 |
|
|
|
5.13 |
|
|
|
Income tax restructuring expense associated with discontinued
operations |
|
— |
|
|
|
— |
|
|
|
|
|
0.27 |
|
|
|
— |
|
|
|
Adjusted DEPS |
$ |
3.92 |
|
|
$ |
4.37 |
|
|
11 |
% |
|
$ |
14.28 |
|
|
$ |
16.71 |
|
|
17 |
% |
Table 3:
Adjusted cash flow reconciliation ($M)(from
continuing operations) |
|
Q4 2022 |
|
Q4 2023 |
|
V % |
|
FY 2022 |
|
FY 2023 |
|
V % |
Operating cash flow |
$ |
56 |
|
|
$ |
622 |
|
|
|
|
$ |
607 |
|
|
$ |
2,037 |
|
|
|
Taxes paid in period related to divestitures |
|
419 |
|
|
|
16 |
|
C |
|
|
|
954 |
|
|
|
32 |
|
C |
|
Adjusted operating cash flow |
$ |
476 |
|
|
$ |
638 |
|
|
34 |
% |
|
$ |
1,560 |
|
|
$ |
2,070 |
|
|
33 |
% |
Capital expenditures |
|
(10 |
) |
|
|
(30 |
) |
|
|
|
|
(40 |
) |
|
|
(68 |
) |
|
|
Capitalized software expenditures |
|
(8 |
) |
|
|
(11 |
) |
|
|
|
|
(30 |
) |
|
|
(40 |
) |
|
|
Adjusted free cash flow |
$ |
457 |
|
|
$ |
596 |
|
|
30 |
% |
|
$ |
1,490 |
|
|
$ |
1,962 |
|
|
32 |
% |
Table 4:
Forecasted adjusted DEPS reconciliation (from
continuing operations) |
|
Q1 2024 |
|
FY 2024 |
|
Low End |
|
High End |
|
Low End |
|
High End |
GAAP DEPS D |
$ |
3.01 |
|
$ |
3.05 |
|
$ |
12.77 |
|
$ |
13.07 |
Financial impacts associated with the minority investments in
Indicor & Certinia A |
TBD |
|
TBD |
|
TBD |
|
TBD |
Amortization of acquisition-related intangible assets B |
|
1.29 |
|
|
1.29 |
|
|
5.08 |
|
|
5.08 |
Adjusted DEPS |
$ |
4.30 |
|
$ |
4.34 |
|
$ |
17.85 |
|
$ |
18.15 |
A. |
Adjustments related to the financial impacts associated with the
minority investments in Indicor & Certinia as shown below ($M,
except per share data). Forecasted results do not include any
potential impacts associated with our minority investments in
Indicor or Certinia, as these potential impacts cannot be
reasonably predicted. These impacts will be excluded from all
non-GAAP results in future periods. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2022A |
|
Q4 2023A |
|
|
FY 2022A |
|
FY 2023A |
|
|
Q1 2024E |
|
FY 2024E |
|
Pretax |
$ |
— |
|
$ |
(67 |
) |
|
|
$ |
— |
|
$ |
(165 |
) |
|
|
TBD |
|
TBD |
|
After-tax |
$ |
— |
|
$ |
(52 |
) |
|
|
$ |
— |
|
$ |
(135 |
) |
|
|
TBD |
|
TBD |
|
Per share |
$ |
— |
|
$ |
(0.48 |
) |
|
|
$ |
— |
|
$ |
(1.25 |
) |
|
|
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%. Forecasted
results do not include amortization of intangible assets associated
with the announced acquisition of Procare Solutions, as the
valuation of acquisition-related intangible assets is incomplete.
This item will be excluded from all non-GAAP results in future
periods. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2022A |
|
Q4 2023A |
|
|
FY 2022A |
|
FY 2023A |
|
|
Q1 2024E |
|
FY 2024E |
|
Pretax |
$ |
171 |
|
$ |
181 |
|
|
|
$ |
600 |
|
$ |
698 |
|
|
|
$ |
176 |
|
$ |
696 |
|
After-tax |
$ |
135 |
|
$ |
143 |
|
|
|
$ |
474 |
|
$ |
552 |
|
|
|
$ |
139 |
|
$ |
550 |
|
Per share |
$ |
1.26 |
|
$ |
1.33 |
|
|
|
$ |
4.44 |
|
$ |
5.13 |
|
|
|
$ |
1.29 |
|
$ |
5.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. |
Cash taxes paid during 2023 were associated with Roper's portion of
Indicor's gain on the sale of its Compressor Controls business
("CCC") to Honeywell. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D. |
Forecasted GAAP DEPS do not include amortization of intangible
assets associated with the announced acquisition of Procare
Solutions or any potential impacts associated with our minority
investments in Indicor or Certinia. These items will be excluded
from all non-GAAP results in future periods. |
|
|
Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the
Nasdaq 100, 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 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) |
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
214.3 |
|
|
$ |
792.8 |
|
Accounts receivable, net |
|
829.9 |
|
|
|
724.5 |
|
Inventories, net |
|
118.6 |
|
|
|
111.3 |
|
Income taxes receivable |
|
47.7 |
|
|
|
61.0 |
|
Unbilled receivables |
|
106.4 |
|
|
|
91.5 |
|
Other current assets |
|
164.5 |
|
|
|
151.3 |
|
Total current assets |
|
1,481.4 |
|
|
|
1,932.4 |
|
|
|
|
|
Property, plant and equipment, net |
|
119.6 |
|
|
|
85.3 |
|
Goodwill |
|
17,118.8 |
|
|
|
15,946.1 |
|
Other intangible assets, net |
|
8,212.1 |
|
|
|
8,030.7 |
|
Deferred taxes |
|
32.2 |
|
|
|
55.9 |
|
Equity investments |
|
795.7 |
|
|
|
535.0 |
|
Other assets |
|
407.7 |
|
|
|
395.4 |
|
Total assets |
$ |
28,167.5 |
|
|
$ |
26,980.8 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
|
|
Accounts payable |
$ |
143.0 |
|
|
$ |
122.6 |
|
Accrued compensation |
|
250.0 |
|
|
|
228.8 |
|
Deferred revenue |
|
1,583.8 |
|
|
|
1,370.7 |
|
Other accrued liabilities |
|
446.5 |
|
|
|
454.6 |
|
Income taxes payable |
|
40.4 |
|
|
|
16.6 |
|
Current portion of long-term debt, net |
|
499.5 |
|
|
|
699.2 |
|
Total current liabilities |
|
2,963.2 |
|
|
|
2,892.5 |
|
|
|
|
|
Long-term debt, net of current portion |
|
5,830.6 |
|
|
|
5,962.5 |
|
Deferred taxes |
|
1,513.1 |
|
|
|
1,676.8 |
|
Other liabilities |
|
415.8 |
|
|
|
411.2 |
|
Total liabilities |
|
10,722.7 |
|
|
|
10,943.0 |
|
|
|
|
|
Common stock |
|
1.1 |
|
|
|
1.1 |
|
Additional paid-in capital |
|
2,767.0 |
|
|
|
2,510.2 |
|
Retained earnings |
|
14,816.3 |
|
|
|
13,730.7 |
|
Accumulated other comprehensive loss |
|
(122.8 |
) |
|
|
(187.0 |
) |
Treasury stock |
|
(16.8 |
) |
|
|
(17.2 |
) |
Total stockholders’ equity |
|
17,444.8 |
|
|
|
16,037.8 |
|
Total liabilities and stockholders’ equity |
$ |
28,167.5 |
|
|
$ |
26,980.8 |
|
Roper
Technologies, Inc. |
|
|
|
|
|
Condensed
Consolidated Statements of Earnings (unaudited) |
(Amounts
in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net revenues |
|
$ |
1,613.5 |
|
|
$ |
1,430.9 |
|
|
$ |
6,177.8 |
|
|
$ |
5,371.8 |
|
Cost of sales |
|
|
488.3 |
|
|
|
428.6 |
|
|
|
1,870.6 |
|
|
|
1,619.0 |
|
Gross profit |
|
|
1,125.2 |
|
|
|
1,002.3 |
|
|
|
4,307.2 |
|
|
|
3,752.8 |
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
|
662.4 |
|
|
|
589.8 |
|
|
|
2,562.0 |
|
|
|
2,228.3 |
|
Income from operations |
|
|
462.8 |
|
|
|
412.5 |
|
|
|
1,745.2 |
|
|
|
1,524.5 |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
50.1 |
|
|
|
53.8 |
|
|
|
164.7 |
|
|
|
192.4 |
|
Equity investments activity,
net |
|
|
66.7 |
|
|
|
— |
|
|
|
165.4 |
|
|
|
— |
|
Other expense, net |
|
|
(2.7 |
) |
|
|
(50.3 |
) |
|
|
(2.8 |
) |
|
|
(50.1 |
) |
|
|
|
|
|
|
|
|
|
Earnings before income
taxes |
|
|
476.7 |
|
|
|
308.4 |
|
|
|
1,743.1 |
|
|
|
1,282.0 |
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
99.2 |
|
|
|
61.1 |
|
|
|
374.7 |
|
|
|
296.4 |
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing
operations |
|
|
377.5 |
|
|
|
247.3 |
|
|
|
1,368.4 |
|
|
|
985.6 |
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from discontinued operations, net of tax |
|
|
— |
|
|
|
32.5 |
|
|
|
(4.1 |
) |
|
|
202.8 |
|
Gain on disposition of discontinued operations, net of tax |
|
|
11.5 |
|
|
|
1,648.6 |
|
|
|
19.9 |
|
|
|
3,356.3 |
|
Net earnings from discontinued
operations |
|
|
11.5 |
|
|
|
1,681.1 |
|
|
|
15.8 |
|
|
|
3,559.1 |
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
389.0 |
|
|
$ |
1,928.4 |
|
|
$ |
1,384.2 |
|
|
$ |
4,544.7 |
|
|
|
|
|
|
|
|
|
|
Net earnings per share from
continuing operations: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.53 |
|
|
$ |
2.33 |
|
|
$ |
12.83 |
|
|
$ |
9.31 |
|
Diluted |
|
$ |
3.50 |
|
|
$ |
2.32 |
|
|
$ |
12.74 |
|
|
$ |
9.23 |
|
|
|
|
|
|
|
|
|
|
Net earnings per share from
discontinued operations: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
15.85 |
|
|
$ |
0.15 |
|
|
$ |
33.61 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
15.74 |
|
|
$ |
0.15 |
|
|
$ |
33.32 |
|
|
|
|
|
|
|
|
|
|
Net earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.64 |
|
|
$ |
18.18 |
|
|
$ |
12.98 |
|
|
$ |
42.92 |
|
Diluted |
|
$ |
3.61 |
|
|
$ |
18.06 |
|
|
$ |
12.89 |
|
|
$ |
42.55 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
106.9 |
|
|
|
106.1 |
|
|
|
106.6 |
|
|
|
105.9 |
|
Diluted |
|
|
107.7 |
|
|
|
106.8 |
|
|
|
107.4 |
|
|
|
106.8 |
|
Roper
Technologies, Inc. |
|
|
|
|
|
|
Selected
Segment Financial Data (unaudited) |
|
|
|
|
|
|
(Amounts
in millions; percentages of net revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
851.8 |
|
|
|
$ |
739.8 |
|
|
|
$ |
3,186.9 |
|
|
|
$ |
2,639.5 |
|
|
Network Software |
|
362.7 |
|
|
|
|
350.5 |
|
|
|
|
1,439.4 |
|
|
|
|
1,378.5 |
|
|
Technology Enabled Products |
|
399.0 |
|
|
|
|
340.6 |
|
|
|
|
1,551.5 |
|
|
|
|
1,353.8 |
|
|
Total |
$ |
1,613.5 |
|
|
|
$ |
1,430.9 |
|
|
|
$ |
6,177.8 |
|
|
|
$ |
5,371.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
586.6 |
|
68.9 |
% |
|
$ |
509.8 |
|
68.9 |
% |
|
$ |
2,195.8 |
|
68.9 |
% |
|
$ |
1,816.3 |
|
68.8 |
% |
Network Software |
|
311.6 |
|
85.9 |
% |
|
|
297.7 |
|
84.9 |
% |
|
|
1,225.6 |
|
85.1 |
% |
|
|
1,165.6 |
|
84.6 |
% |
Technology Enabled Products |
|
227.0 |
|
56.9 |
% |
|
|
194.8 |
|
57.2 |
% |
|
|
885.8 |
|
57.1 |
% |
|
|
770.9 |
|
56.9 |
% |
Total |
$ |
1,125.2 |
|
69.7 |
% |
|
$ |
1,002.3 |
|
70.0 |
% |
|
$ |
4,307.2 |
|
69.7 |
% |
|
$ |
3,752.8 |
|
69.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
219.5 |
|
25.8 |
% |
|
$ |
202.6 |
|
27.4 |
% |
|
$ |
820.8 |
|
25.8 |
% |
|
$ |
714.0 |
|
27.1 |
% |
Network Software |
|
167.4 |
|
46.2 |
% |
|
|
148.6 |
|
42.4 |
% |
|
|
632.4 |
|
43.9 |
% |
|
|
570.6 |
|
41.4 |
% |
Technology Enabled Products |
|
127.0 |
|
31.8 |
% |
|
|
111.5 |
|
32.7 |
% |
|
|
518.7 |
|
33.4 |
% |
|
|
449.1 |
|
33.2 |
% |
Total |
$ |
513.9 |
|
31.9 |
% |
|
$ |
462.7 |
|
32.3 |
% |
|
$ |
1,971.9 |
|
31.9 |
% |
|
$ |
1,733.7 |
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Segment operating profit is before unallocated corporate general
and administrative expenses and enterprise-wide stock-based
compensation. These expenses were $51.1 and $50.2 for the three
months ended December 31, 2023 and 2022, respectively, and $226.7
and $209.2 for the twelve months ended December 31, 2023 and 2022,
respectively. |
Roper
Technologies, Inc. |
|
Condensed
Consolidated Statements of Cash Flows (unaudited) |
(Amounts in
millions) |
|
|
|
|
Year ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
Net earnings from continuing operations |
$ |
1,368.4 |
|
|
$ |
985.6 |
|
Adjustments to reconcile net earnings from continuing operations to
cash flows from operating activities: |
|
|
|
Depreciation and amortization of property, plant and equipment |
|
35.4 |
|
|
|
37.3 |
|
Amortization of intangible assets |
|
719.8 |
|
|
|
612.8 |
|
Amortization of deferred financing costs |
|
9.9 |
|
|
|
11.8 |
|
Non-cash stock compensation |
|
123.5 |
|
|
|
118.5 |
|
Equity investments activity, net |
|
(165.4 |
) |
|
|
— |
|
Income tax provision |
|
374.7 |
|
|
|
296.4 |
|
Changes in operating assets and liabilities, net of acquired
businesses: |
|
|
|
Accounts receivable |
|
(50.2 |
) |
|
|
2.5 |
|
Unbilled receivables |
|
(7.5 |
) |
|
|
(11.1 |
) |
Inventories |
|
(6.6 |
) |
|
|
(43.1 |
) |
Accounts payable |
|
18.2 |
|
|
|
21.3 |
|
Other accrued liabilities |
|
(1.0 |
) |
|
|
(7.6 |
) |
Deferred revenue |
|
93.9 |
|
|
|
52.9 |
|
Cash taxes paid for gain on disposal of businesses |
|
(32.5 |
) |
|
|
(953.8 |
) |
Cash income taxes paid, excluding tax associated with gain on
disposal of businesses |
|
(423.4 |
) |
|
|
(498.9 |
) |
Other, net |
|
(19.8 |
) |
|
|
(18.0 |
) |
Cash provided by operating activities from continuing
operations |
|
2,037.4 |
|
|
|
606.6 |
|
Cash provided by (used in) operating activities from discontinued
operations |
|
(2.3 |
) |
|
|
128.0 |
|
Cash provided by operating activities |
|
2,035.1 |
|
|
|
734.6 |
|
|
|
|
|
Cash flows from (used in)
investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(2,052.7 |
) |
|
|
(4,280.1 |
) |
Capital expenditures |
|
(68.0 |
) |
|
|
(40.1 |
) |
Capitalized software expenditures |
|
(40.0 |
) |
|
|
(30.2 |
) |
Distributions from equity investment |
|
32.5 |
|
|
|
— |
|
Other, net |
|
(0.1 |
) |
|
|
(1.4 |
) |
Cash used in investing activities from continuing operations |
|
(2,128.3 |
) |
|
|
(4,351.8 |
) |
Proceeds from disposition of discontinued operations |
|
2.0 |
|
|
|
5,561.8 |
|
Cash used in investing activities from discontinued operations |
|
— |
|
|
|
(0.5 |
) |
Cash provided by (used in) investing activities |
|
(2,126.3 |
) |
|
|
1,209.5 |
|
|
|
|
|
Cash flows from (used in)
financing activities: |
|
|
|
Payments of senior notes |
|
(700.0 |
) |
|
|
(800.0 |
) |
Borrowings (payments) under revolving line of credit, net |
|
360.0 |
|
|
|
(470.0 |
) |
Debt issuance costs |
|
— |
|
|
|
(3.9 |
) |
Cash dividends to stockholders |
|
(290.2 |
) |
|
|
(262.3 |
) |
Treasury stock sales |
|
15.5 |
|
|
|
14.3 |
|
Proceeds from stock-based compensation, net |
|
115.2 |
|
|
|
68.2 |
|
Other, net |
|
— |
|
|
|
(0.2 |
) |
Cash used in financing activities from continuing operations |
|
(499.5 |
) |
|
|
(1,453.9 |
) |
Cash used in financing activities from discontinued operations |
|
— |
|
|
|
(11.4 |
) |
Cash used in financing activities |
|
(499.5 |
) |
|
|
(1,465.3 |
) |
|
|
|
|
(Continued) |
Roper
Technologies, Inc. |
|
Condensed
Consolidated Statements of Cash Flows (unaudited) -
Continued |
(Amounts in
millions) |
|
|
|
|
Year ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Effect of exchange rate
changes on cash |
|
12.2 |
|
|
|
(37.5 |
) |
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
(578.5 |
) |
|
|
441.3 |
|
|
|
|
|
Cash and cash equivalents,
beginning of year |
|
792.8 |
|
|
|
351.5 |
|
|
|
|
|
Cash and cash equivalents, end
of year |
$ |
214.3 |
|
|
$ |
792.8 |
|
Grafico Azioni Roper Technologies (NASDAQ:ROP)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Roper Technologies (NASDAQ:ROP)
Storico
Da Mag 2023 a Mag 2024