$ROP
ROPER TECHNOLOGIES INC

2021 Q2 Form 10-Q Financial Statement

#000088283521000044 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $1.190B $1.138B $1.183B
YoY Change 4.57% -14.47% -8.13%
Cost Of Revenue $350.6M $461.3M $493.9M
YoY Change -24.0% -3.96% 3.63%
Gross Profit $839.2M $772.5M $787.5M
YoY Change 8.63% -9.12% -2.85%
Gross Profit Margin 70.53% 67.89% 66.59%
Selling, General & Admin $523.0M $510.1M $507.6M
YoY Change 2.53% 5.92% 9.35%
% of Gross Profit 62.32% 66.03% 64.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $161.1M $113.5M $12.80M
YoY Change 41.94% 15.58% 9.4%
% of Gross Profit 19.2% 14.69% 1.63%
Operating Expenses $523.0M $510.1M $507.6M
YoY Change 2.53% 5.92% 9.35%
Operating Profit $316.2M $291.6M $308.4M
YoY Change 8.44% -20.85% -10.97%
Interest Expense $59.50M $47.50M $45.40M
YoY Change 25.26% 5.32% 3.89%
% of Operating Profit 18.82% 16.29% 14.72%
Other Income/Expense, Net -$200.0K -$2.000M $800.0K
YoY Change -90.0% 100.0% -125.81%
Pretax Income $256.5M $284.1M $304.6M
YoY Change -9.71% -11.85% -27.34%
Income Tax $52.10M $64.90M $64.30M
% Of Pretax Income 20.31% 22.84% 21.11%
Net Earnings $286.3M $219.2M $240.3M
YoY Change 30.61% -12.21% -34.98%
Net Earnings / Revenue 24.06% 19.27% 20.32%
Basic Earnings Per Share $2.72 $2.10 $2.30
Diluted Earnings Per Share $2.69 $2.08 $2.28
COMMON SHARES
Basic Shares Outstanding 105.3M shares 104.5M shares 104.3M shares
Diluted Shares Outstanding 106.4M shares 105.5M shares 105.3M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $338.0M $1.871B $1.000B
YoY Change -81.93% 482.87% 154.45%
Cash & Equivalents $337.8M $1.871B $999.8M
Short-Term Investments
Other Short-Term Assets $138.7M $104.2M $110.8M
YoY Change 33.11% 17.21% 21.09%
Inventory $212.7M $216.6M $206.2M
Prepaid Expenses
Receivables $804.2M $738.8M $712.2M
Other Receivables $28.00M $24.00M $19.00M
Total Short-Term Assets $1.797B $3.179B $2.273B
YoY Change -43.49% 98.41% 43.34%
LONG-TERM ASSETS
Property, Plant & Equipment $125.3M $129.6M $133.4M
YoY Change -3.32% -3.43% 0.91%
Goodwill $14.43B $10.85B $10.73B
YoY Change 33.04% 661.22% 14.6%
Intangibles $6.937B $4.512B $4.523B
YoY Change 53.75% 14.42% 20.08%
Long-Term Investments
YoY Change
Other Assets $440.6M $382.5M $380.5M
YoY Change 15.19% 0.21% 1.36%
Total Long-Term Assets $22.04B $15.96B $15.86B
YoY Change 38.05% 11.58% 14.73%
TOTAL ASSETS
Total Short-Term Assets $1.797B $3.179B $2.273B
Total Long-Term Assets $22.04B $15.96B $15.86B
Total Assets $23.83B $19.14B $18.14B
YoY Change 24.51% 20.33% 17.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.0M $185.0M $181.0M
YoY Change 13.51% 14.2% 4.62%
Accrued Expenses $728.0M $562.0M $487.0M
YoY Change 29.54% 18.32% 5.41%
Deferred Revenue $1.011B $828.3M $827.5M
YoY Change 22.01% 13.61% 19.74%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $502.4M $602.6M $602.4M
YoY Change -16.63% 28595.24% 35335.29%
Total Short-Term Liabilities $2.503B $2.499B $2.366B
YoY Change 0.18% 73.13% 63.78%
LONG-TERM LIABILITIES
Long-Term Debt $8.200B $5.264B $4.674B
YoY Change 55.77% 11.55% 4.17%
Other Long-Term Liabilities $491.3M $429.9M $425.1M
YoY Change 14.28% 0.96% 2.04%
Total Long-Term Liabilities $8.691B $5.694B $5.099B
YoY Change 52.64% 10.67% 3.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.503B $2.499B $2.366B
Total Long-Term Liabilities $8.691B $5.694B $5.099B
Total Liabilities $12.74B $9.263B $8.547B
YoY Change 37.59% 22.56% 17.45%
SHAREHOLDERS EQUITY
Retained Earnings $9.003B $8.169B $8.003B
YoY Change 10.21% 20.64% 21.82%
Common Stock $1.100M $1.100M $1.100M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.80M $18.20M $18.20M
YoY Change -2.2% -1.09% -1.09%
Treasury Stock Shares
Shareholders Equity $11.09B $9.880B $9.591B
YoY Change
Total Liabilities & Shareholders Equity $23.83B $19.14B $18.14B
YoY Change 24.51% 20.33% 17.67%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $286.3M $219.2M $240.3M
YoY Change 30.61% -12.21% -34.98%
Depreciation, Depletion And Amortization $161.1M $113.5M $12.80M
YoY Change 41.94% 15.58% 9.4%
Cash From Operating Activities $425.5M $449.1M $363.9M
YoY Change -5.25% 49.3% 25.35%
INVESTING ACTIVITIES
Capital Expenditures -$16.20M -$10.20M -$10.50M
YoY Change 58.82% -32.0% -41.01%
Acquisitions $2.800M
YoY Change -12.5%
Other Investing Activities -$16.70M -$150.3M $0.00
YoY Change -88.89% -71.97% -100.0%
Cash From Investing Activities -$32.90M -$160.5M -$17.00M
YoY Change -79.5% -70.89% -108.62%
FINANCING ACTIVITIES
Cash Dividend Paid $53.10M
YoY Change 11.32%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -389.4M 571.6M -$38.70M
YoY Change -168.12% 215.1% -91.66%
NET CHANGE
Cash From Operating Activities 425.5M 449.1M $363.9M
Cash From Investing Activities -32.90M -160.5M -$17.00M
Cash From Financing Activities -389.4M 571.6M -$38.70M
Net Change In Cash 3.200M 860.2M $290.1M
YoY Change -99.63% -1344.86% 932.38%
FREE CASH FLOW
Cash From Operating Activities $425.5M $449.1M $363.9M
Capital Expenditures -$16.20M -$10.20M -$10.50M
Free Cash Flow $441.7M $459.3M $374.4M
YoY Change -3.83% 45.44% 21.52%

Facts In Submission

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ROPER TECHNOLOGIES, INC.
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Contingencies<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, data privacy and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations or cash flows.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Roper’s subsidiary, Vertafore, Inc., was named in three putative class actions, two in the U.S. District Court for the Southern District of Texas (Allen, et al. v. Vertafore, Inc., Case 4:20-cv-4139, filed December 4, 2020 and Masciotra, et al. v. Vertafore, Inc., originally filed on December 8, 2020 as Case 1:20-cv-03603 in the U.S. District Court for the District of Colorado and subsequently transferred), and one in the U.S. District Court for the Northern District of Texas (Mulvey, et al. v. Vertafore, Inc., Case 3:21-cv-00213-E, filed January 31, 2021). In July 2021, the court granted Vertafore’s motion to dismiss the Allend Case. Plantiff has the right to appeal the dismissal of the case. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. The one remaining case purports to represent approximately 27.7 million individuals who held Texas driver’s licenses prior to February 2019. In November 2020, Vertafore announced that as a result of human error, three data files were inadvertently stored in an unsecured external storage service that appears to have been accessed without authorization. The files, which included driver information for licenses issued before February 2019, contained Texas driver license numbers, as well as names, dates of birth, addresses and vehicle registration histories. The files did not contain any Social Security numbers or financial account information. The case seeks recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. Vertafore is vigorously defending the case. In addition, Roper has been advised that the Texas Attorney General is investigating the data event.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Roper or its subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation claims in certain U.S. states. No significant resources have been required by Roper to respond to these cases and Roper believes it has valid defenses to such claims and, if required, intends to defend them vigorously. Given the state of these claims, it is not possible to determine the potential liability, if any.</span></div>
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