Roper Technologies, Inc. (NYSE: ROP), a leading
diversified technology company, reported financial results for the
second quarter ended June 30, 2020.
Second quarter GAAP and adjusted revenue each
decreased 2% to $1.30 billion and $1.31 billion, respectively.
Organic revenue decreased 3%. GAAP and adjusted gross margin were
64.7%, expanding 80 basis points and 70 basis points, respectively.
GAAP diluted earnings per share (“DEPS”) was $2.08 and adjusted
DEPS was $2.94.
“I am extremely proud of our business leaders
for prioritizing the health and safety of our employees while
executing at a high level during these challenging times,” said
Neil Hunn, Roper’s President and CEO. “Despite the complexities
associated with operating in the COVID-19 environment, we continued
to invest for durable organic growth while generating outstanding
cash flow. All-in-all, this was a very strong quarter for
Roper.”
EBITDA decreased 2% to $461 million and EBITDA
margin was 35.3%, flat versus the prior year. GAAP operating cash
flow increased 49% to $449 million. Excluding $124 million of
income tax payments deferred due to COVID-19, adjusted operating
cash flow increased 8% to $325 million and adjusted free cash flow
increased 10% to $315 million.
“Given our consistent cash flow generation,
exceptionally strong balance sheet, and active pipeline of
high-quality acquisition opportunities, we remain confident in our
ability to continue executing our proven cash compounding
strategy,” concluded Mr. Hunn.
Updating 2020 Guidance
The Company now expects full year adjusted DEPS
of $11.90 - $12.40, compared to previous guidance of $11.60 -
$12.60.
For the third quarter of 2020, the Company
expects adjusted DEPS of $2.90 - $3.00.
The Company’s guidance excludes the impact of
unannounced future acquisitions or divestitures.
Conference Call to be Held at 8:00 AM
(ET) Today
A conference call to discuss these results has
been scheduled for 8:00 AM ET on Tuesday, July 28, 2020. The call
can be accessed via webcast or by dialing +1 877-870-4263
(US/Canada) or +1 412-317-0790 and referencing Roper Technologies.
Webcast information and conference call materials will be made
available in the Investors section of Roper’s website
(www.ropertech.com) prior to the start of the call. The webcast can
also be accessed directly by using the following URL
https://event.webcast. Telephonic replays will be available for up
to two weeks and can be accessed by dialing +1 412-317-0088 with
access code 10145430.
Use of Non-GAAP Financial Information
The Company supplements its consolidated
financial statements presented on a GAAP basis with certain
non-GAAP financial information to provide investors with greater
insight, increase transparency and allow for a more comprehensive
understanding of the information used by management in its
financial and operational decision-making. Reconciliation of
non-GAAP measures to their most directly comparable GAAP measures
are included in the accompanying financial schedules or tables. The
non-GAAP financial measures disclosed by the Company should not be
considered a substitute for, or superior to, financial measures
prepared in accordance with GAAP, and the financial results
prepared in accordance with GAAP and reconciliations from these
results should be carefully evaluated.
Table 1:
Adjusted Revenue, Gross Profit and EBITDA Reconciliation
($M) |
|
|
|
|
|
|
|
Q2 2019 |
|
Q2 2020 |
|
V % |
Adjusted Revenue
Reconciliation |
|
|
|
|
|
GAAP Revenue |
$ |
1,330 |
|
|
$ |
1,305 |
|
|
(2 |
) |
% |
Purchase accounting adjustment to acquired deferred revenue |
2 |
|
|
1 |
|
A |
|
Adjusted Revenue |
$ |
1,332 |
|
|
$ |
1,306 |
|
|
(2 |
) |
% |
|
|
|
|
|
|
Components of Adjusted Revenue
Growth |
|
|
|
|
|
Organic |
|
|
|
|
(3 |
) |
% |
Acquisitions/Divestitures |
|
|
|
|
1 |
|
% |
Foreign Exchange |
|
|
|
|
(1 |
) |
% |
Rounding |
|
|
|
|
1 |
|
% |
Total Adjusted Revenue
Growth |
|
|
|
|
(2 |
) |
% |
|
|
|
|
|
|
Adjusted Gross Profit
Reconciliation |
|
|
|
|
|
GAAP Gross Profit |
$ |
850 |
|
|
$ |
844 |
|
|
|
Purchase accounting adjustment to acquired deferred revenue |
2 |
|
|
1 |
|
A |
|
Adjusted Gross Profit |
$ |
852 |
|
|
$ |
845 |
|
|
(1 |
) |
% |
|
|
|
|
|
|
GAAP Gross Margin |
63.9 |
% |
|
64.7 |
% |
|
+80 bps |
Adjusted Gross Margin |
64.0 |
% |
|
64.7 |
% |
|
+70 bps |
|
|
|
|
|
|
Adjusted EBITDA
Reconciliation |
|
|
|
|
|
GAAP Net Earnings |
$ |
250 |
|
|
$ |
219 |
|
|
|
Taxes |
73 |
|
|
65 |
|
|
|
Interest Expense |
45 |
|
|
47 |
|
|
|
Depreciation |
12 |
|
|
12 |
|
|
|
Amortization |
87 |
|
|
101 |
|
|
|
EBITDA |
$ |
466 |
|
|
$ |
445 |
|
|
(4 |
) |
% |
|
|
|
|
|
|
Purchase accounting adjustment to acquired deferred revenue |
2 |
|
|
1 |
|
A |
|
Restructuring charge associated with certain Process Technologies
businesses |
— |
|
|
14 |
|
|
|
Transaction-related expenses for completed acquisitions |
3 |
|
|
1 |
|
B |
|
Adjusted EBITDA |
$ |
471 |
|
|
$ |
461 |
|
|
(2 |
) |
% |
% of Adjusted Revenue |
35.3 |
% |
|
35.3 |
% |
|
0 bps |
Table 2:
Adjusted DEPS Reconciliation C |
|
|
|
|
|
|
|
Q2 2019 |
|
Q2 2020 |
|
V % |
GAAP DEPS |
$ |
2.38 |
|
|
|
$ |
2.08 |
|
|
|
(13 |
) |
% |
Purchase accounting adjustment to acquired deferred revenue |
0.01 |
|
|
|
0.01 |
|
|
A |
|
Restructuring charge associated with certain Process Technologies
businesses |
— |
|
|
|
0.10 |
|
|
|
|
Transaction-related expenses for completed acquisitions |
0.03 |
|
|
|
0.01 |
|
|
B |
|
Amortization of acquisition-related intangible assets D |
0.65 |
|
|
|
0.75 |
|
|
|
|
Adjustment to income tax expense related to the gain on sale of
Scientific Imaging businesses |
0.01 |
|
|
|
— |
|
|
|
|
Rounding |
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
Adjusted DEPS |
$ |
3.07 |
|
|
|
$ |
2.94 |
|
|
|
(4 |
) |
% |
Table 3:
Adjusted Cash Flow Reconciliation ($M) |
|
|
|
|
|
|
|
Q2 2019 |
|
Q2 2020 |
|
V % |
Operating Cash Flow |
$ |
301 |
|
|
|
$ |
449 |
|
|
|
49 |
% |
Deferred tax payments E |
— |
|
|
|
(124 |
) |
|
|
|
Adjusted Operating Cash
Flow |
301 |
|
|
|
325 |
|
|
|
8 |
% |
Capital Expenditures |
(12 |
) |
|
|
(8 |
) |
|
|
|
Capitalized Software Expenditures |
(3 |
) |
|
|
(3 |
) |
|
|
|
Adjusted Free Cash Flow |
$ |
286 |
|
|
|
$ |
315 |
|
|
|
10 |
% |
Table 4:
Forecasted Adjusted DEPS Reconciliation C |
|
|
|
|
|
|
|
|
|
Q3 2020 |
|
FY 2020 |
|
Low End |
|
High End |
|
Low End |
|
High End |
GAAP DEPS |
$ |
2.15 |
|
|
$ |
2.25 |
|
|
$ |
8.76 |
|
|
$ |
9.26 |
|
Purchase accounting adjustment to acquired deferred revenue A |
— |
|
|
— |
|
|
0.03 |
|
|
0.03 |
|
Restructuring charge associated with certain Process Technologies
businesses |
— |
|
|
— |
|
|
0.10 |
|
|
0.10 |
|
Transaction-related expenses for completed acquisitions B |
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
Amortization of acquisition-related intangible assets D |
0.75 |
|
|
0.75 |
|
|
3.00 |
|
|
3.00 |
|
Adjusted DEPS |
$ |
2.90 |
|
|
$ |
3.00 |
|
|
$ |
11.90 |
|
|
$ |
12.40 |
|
A. |
2020 actual results and forecast of estimated acquisition-related
fair value adjustments to deferred revenue related to the
acquisitions of Foundry and iPipeline as shown below ($M, except
per share data). |
|
|
Q2 2019A |
|
Q2 2020A |
|
|
Q3 2020E |
|
FY 2020E |
|
Pretax |
$ |
2 |
|
|
$ |
1 |
|
|
|
$ |
— |
|
|
$ |
4 |
|
|
After-tax |
$ |
1 |
|
|
$ |
1 |
|
|
|
$ |
— |
|
|
$ |
3 |
|
|
Per Share |
$ |
0.01 |
|
|
$ |
0.01 |
|
|
|
$ |
— |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
B. |
Transaction-related expenses for the FMIC and Team TSI acquisitions
($1M pretax, $1M after-tax). |
|
|
|
|
|
|
|
|
|
|
C. |
All Q2'19 and 2020 adjustments taxed at 21%. |
|
|
|
|
|
|
|
|
|
|
D. |
Actual results and forecast of estimated amortization of
acquisition-related intangible assets ($M, except per share data);
for comparison purposes, prior period amounts are also shown below.
Tax rate of 21% applied to amortization. |
|
|
Q2 2019A |
|
Q2 2020A |
|
|
Q3 2020E |
|
FY 2020E |
|
Pretax |
$ |
86 |
|
|
$ |
100 |
|
|
|
$ |
101 |
|
|
$ |
401 |
|
|
After-tax |
$ |
68 |
|
|
$ |
79 |
|
|
|
$ |
80 |
|
|
$ |
317 |
|
|
Per share |
$ |
0.65 |
|
|
$ |
0.75 |
|
|
|
$ |
0.75 |
|
|
$ |
3.00 |
|
|
|
|
|
|
|
|
|
|
|
E. |
$124M of income tax
payments that were deferred into the third quarter of 2020. |
Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the
S&P 500, Fortune 1000, and the Russell 1000 indices. Roper
operates businesses that design and develop software (both license
and software-as-a-service) and engineered products and solutions
for a variety of niche end markets. Additional information about
Roper is available on the Company’s website at
www.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, the prospects for newly
acquired businesses to be integrated and contribute to future
growth, and 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 the effects of the COVID-19 pandemic on
our business, operations, financial results and liquidity,
including the duration and magnitude of such effects, which will
depend on numerous evolving factors which we cannot accurately
predict or assess, including: the duration and scope of the
pandemic; the 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, the newly acquired businesses. 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,
changes in foreign exchange rates, difficulties associated with
exports, risks associated with our international operations,
cybersecurity and data privacy risks, risks related to political
instability, armed hostilities, incidents of terrorism, public
health crisis (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, environmental compliance costs and
liabilities, risks and cost associated with asbestos related
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, 2020 |
|
December 31, 2019 |
ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,870.8 |
|
|
|
$ |
709.7 |
|
Accounts receivable, net |
738.8 |
|
|
|
791.6 |
|
Inventories, net |
216.6 |
|
|
|
198.6 |
|
Income taxes receivable |
23.7 |
|
|
|
18.5 |
|
Unbilled receivables |
225.1 |
|
|
|
183.5 |
|
Other current assets |
104.2 |
|
|
|
97.6 |
|
Total current assets |
3,179.2 |
|
|
|
1,999.5 |
|
|
|
|
|
Property, plant and equipment, net |
129.6 |
|
|
|
139.9 |
|
Goodwill |
10,846.6 |
|
|
|
10,815.4 |
|
Other intangible assets, net |
4,511.8 |
|
|
|
4,667.7 |
|
Deferred taxes |
92.6 |
|
|
|
95.6 |
|
Other assets |
382.5 |
|
|
|
390.8 |
|
Total assets |
$ |
19,142.3 |
|
|
|
$ |
18,108.9 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
|
|
Accounts payable |
$ |
185.4 |
|
|
|
$ |
162.0 |
|
Accrued compensation |
207.4 |
|
|
|
240.1 |
|
Deferred revenue |
828.3 |
|
|
|
831.8 |
|
Other accrued liabilities |
354.8 |
|
|
|
346.2 |
|
Income taxes payable |
320.1 |
|
|
|
215.1 |
|
Current portion of long-term debt, net |
602.6 |
|
|
|
602.2 |
|
Total current liabilities |
2,498.6 |
|
|
|
2,397.4 |
|
|
|
|
|
Long-term debt, net of current portion |
5,263.8 |
|
|
|
4,673.1 |
|
Deferred taxes |
1,070.3 |
|
|
|
1,108.1 |
|
Other liabilities |
429.9 |
|
|
|
438.4 |
|
Total liabilities |
9,262.6 |
|
|
|
8,617.0 |
|
|
|
|
|
Common stock |
1.1 |
|
|
|
1.1 |
|
Additional paid-in capital |
2,012.9 |
|
|
|
1,903.9 |
|
Retained earnings |
8,168.7 |
|
|
|
7,818.0 |
|
Accumulated other comprehensive loss |
(284.8 |
) |
|
|
(212.8 |
) |
Treasury stock |
(18.2 |
) |
|
|
(18.3 |
) |
Total stockholders' equity |
9,879.7 |
|
|
|
9,491.9 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
19,142.3 |
|
|
|
$ |
18,108.9 |
|
Roper
Technologies, Inc. and Subsidiaries |
|
|
|
|
|
Condensed
Consolidated Statements of Earnings (unaudited) |
|
|
|
(Amounts
in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net revenues |
$ |
1,305.0 |
|
|
|
$ |
1,330.3 |
|
|
|
$ |
2,655.7 |
|
|
|
$ |
2,617.5 |
|
Cost of sales |
461.3 |
|
|
|
480.3 |
|
|
|
955.2 |
|
|
|
956.9 |
|
Gross profit |
843.7 |
|
|
|
850.0 |
|
|
|
1,700.5 |
|
|
|
1,660.6 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
510.1 |
|
|
|
481.6 |
|
|
|
1,017.7 |
|
|
|
945.8 |
|
Income from operations |
333.6 |
|
|
|
368.4 |
|
|
|
682.8 |
|
|
|
714.8 |
|
|
|
|
|
|
|
|
|
Interest expense, net |
47.5 |
|
|
|
45.1 |
|
|
|
92.9 |
|
|
|
88.8 |
|
Other income (expense),
net |
(2.0 |
) |
|
|
(1.0 |
) |
|
|
(1.2 |
) |
|
|
(4.1 |
) |
Gain on disposal of
business |
— |
|
|
|
— |
|
|
|
— |
|
|
|
119.6 |
|
|
|
|
|
|
|
|
|
Earnings before income
taxes |
284.1 |
|
|
|
322.3 |
|
|
|
588.7 |
|
|
|
741.5 |
|
|
|
|
|
|
|
|
|
Income taxes |
64.9 |
|
|
|
72.6 |
|
|
|
129.2 |
|
|
|
122.2 |
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
219.2 |
|
|
|
$ |
249.7 |
|
|
|
$ |
459.5 |
|
|
|
$ |
619.3 |
|
|
|
|
|
|
|
|
|
Net earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
2.10 |
|
|
|
$ |
2.40 |
|
|
|
$ |
4.40 |
|
|
|
$ |
5.97 |
|
Diluted |
$ |
2.08 |
|
|
|
$ |
2.38 |
|
|
|
$ |
4.36 |
|
|
|
$ |
5.90 |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
Basic |
104.5 |
|
|
|
103.9 |
|
|
|
104.4 |
|
|
|
103.7 |
|
Diluted |
105.5 |
|
|
|
105.1 |
|
|
|
105.4 |
|
|
|
104.9 |
|
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
398.4 |
|
|
|
|
$ |
390.6 |
|
|
|
|
$ |
803.5 |
|
|
|
|
$ |
771.8 |
|
|
|
Network Software & Systems |
422.0 |
|
|
|
|
366.8 |
|
|
|
|
860.2 |
|
|
|
|
712.5 |
|
|
|
Measurement & Analytical Solutions |
363.9 |
|
|
|
|
408.4 |
|
|
|
|
729.1 |
|
|
|
|
810.2 |
|
|
|
Process Technologies |
120.7 |
|
|
|
|
164.5 |
|
|
|
|
262.9 |
|
|
|
|
323.0 |
|
|
|
Total |
$ |
1,305.0 |
|
|
|
|
$ |
1,330.3 |
|
|
|
|
$ |
2,655.7 |
|
|
|
|
$ |
2,617.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
273.8 |
|
|
68.7 |
% |
|
$ |
262.7 |
|
|
67.3 |
% |
|
$ |
544.2 |
|
|
67.7 |
% |
|
$ |
516.1 |
|
|
66.9 |
% |
Network Software & Systems |
284.8 |
|
|
67.5 |
% |
|
252.7 |
|
|
68.9 |
% |
|
578.0 |
|
|
67.2 |
% |
|
491.7 |
|
|
69.0 |
% |
Measurement & Analytical Solutions |
221.5 |
|
|
60.9 |
% |
|
240.2 |
|
|
58.8 |
% |
|
436.1 |
|
|
59.8 |
% |
|
471.4 |
|
|
58.2 |
% |
Process Technologies |
63.6 |
|
|
52.7 |
% |
|
94.4 |
|
|
57.4 |
% |
|
142.2 |
|
|
54.1 |
% |
|
181.4 |
|
|
56.2 |
% |
Total |
$ |
843.7 |
|
|
64.7 |
% |
|
$ |
850.0 |
|
|
63.9 |
% |
|
$ |
1,700.5 |
|
|
64.0 |
% |
|
$ |
1,660.6 |
|
|
63.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Software |
$ |
113.4 |
|
|
28.5 |
% |
|
$ |
98.4 |
|
|
25.2 |
% |
|
$ |
211.0 |
|
|
26.3 |
% |
|
$ |
189.8 |
|
|
24.6 |
% |
Network Software & Systems |
130.6 |
|
|
30.9 |
% |
|
129.2 |
|
|
35.2 |
% |
|
269.3 |
|
|
31.3 |
% |
|
254.5 |
|
|
35.7 |
% |
Measurement & Analytical Solutions |
123.0 |
|
|
33.8 |
% |
|
130.3 |
|
|
31.9 |
% |
|
237.0 |
|
|
32.5 |
% |
|
248.4 |
|
|
30.7 |
% |
Process Technologies |
16.9 |
|
|
14.0 |
% |
|
57.2 |
|
|
34.8 |
% |
|
60.2 |
|
|
22.9 |
% |
|
107.3 |
|
|
33.2 |
% |
Total |
$ |
383.9 |
|
|
29.4 |
% |
|
$ |
415.1 |
|
|
31.2 |
% |
|
$ |
777.5 |
|
|
29.3 |
% |
|
$ |
800.0 |
|
|
30.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Segment
operating profit is before unallocated corporate general and
administrative expenses; these expenses were $50.3 and $46.7 for
the three months ended June 30, 2020 and 2019, respectively,
and $94.7 and $85.2 for the six months ended June 30, 2020 and
2019, respectively. |
Roper
Technologies, Inc. and Subsidiaries |
|
Condensed
Consolidated Statements of Cash Flows (unaudited) |
(Amounts
in millions) |
|
|
|
|
|
Six months ended June 30, |
|
2020 |
|
2019 |
Cash flows from operating
activities: |
|
|
|
Net earnings |
$ |
459.5 |
|
|
|
$ |
619.3 |
|
Adjustments to reconcile net earnings to cash flows from operating
activities: |
|
|
|
Depreciation and amortization of property, plant and equipment |
25.1 |
|
|
|
23.4 |
|
Amortization of intangible assets |
203.0 |
|
|
|
169.4 |
|
Amortization of deferred financing costs |
4.3 |
|
|
|
3.3 |
|
Non-cash stock compensation |
58.2 |
|
|
|
54.3 |
|
Gain on disposal of business, net of associated income tax |
— |
|
|
|
(88.5 |
) |
Changes in operating assets and liabilities, net of acquired
businesses: |
|
|
|
Accounts receivable |
49.6 |
|
|
|
38.5 |
|
Unbilled receivables |
(42.3 |
) |
|
|
(37.0 |
) |
Inventories |
(19.1 |
) |
|
|
(18.4 |
) |
Accounts payable and accrued liabilities |
18.8 |
|
|
|
(94.0 |
) |
Deferred revenue |
(4.3 |
) |
|
|
51.2 |
|
Income taxes, excluding tax associated with gain on disposal of
businesses |
76.7 |
|
|
|
(77.6 |
) |
Cash tax paid for gain on disposal of businesses |
(10.0 |
) |
|
|
(39.4 |
) |
Other, net |
(6.5 |
) |
|
|
(13.4 |
) |
Cash provided by operating activities |
813.0 |
|
|
|
591.1 |
|
|
|
|
|
Cash flows from (used in)
investing activities: |
|
|
|
Acquisitions of businesses, net of cash acquired |
(153.0 |
) |
|
|
(539.2 |
) |
Capital expenditures |
(15.5 |
) |
|
|
(27.9 |
) |
Capitalized software expenditures |
(5.2 |
) |
|
|
(4.9 |
) |
Proceeds from (used in) disposal of businesses |
(3.8 |
) |
|
|
220.5 |
|
Other, net |
— |
|
|
|
(2.6 |
) |
Cash used in investing activities |
(177.5 |
) |
|
|
(354.1 |
) |
|
|
|
|
Cash flows from (used in)
financing activities: |
|
|
|
Proceeds from senior notes |
600.0 |
|
|
|
— |
|
Borrowings (payments) under revolving line of credit, net |
— |
|
|
|
(225.0 |
) |
Debt issuance costs |
(12.0 |
) |
|
|
— |
|
Cash dividends to stockholders |
(106.6 |
) |
|
|
(95.6 |
) |
Proceeds from stock-based compensation, net |
47.7 |
|
|
|
33.0 |
|
Treasury stock sales |
4.5 |
|
|
|
3.6 |
|
Other |
(0.7 |
) |
|
|
1.1 |
|
Cash flows from (used in) financing activities |
532.9 |
|
|
|
(282.9 |
) |
|
|
|
|
Effect of foreign currency
exchange rate changes on cash |
(7.3 |
) |
|
|
2.3 |
|
|
|
|
|
Net increase in cash and cash
equivalents |
1,161.1 |
|
|
|
(43.6 |
) |
|
|
|
|
Cash and cash equivalents,
beginning of period |
709.7 |
|
|
|
364.4 |
|
|
|
|
|
Cash and cash equivalents, end of
period |
$ |
1,870.8 |
|
|
|
$ |
320.8 |
|
Contact Information: Investor
Relations941-556-2601 investor-relations@ropertech.com
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