$ROP
ROPER TECHNOLOGIES INC

2022 Q3 Form 10-Q Financial Statement

#000088283522000060 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.350B $1.311B $1.527B
YoY Change -7.69% 10.17% 10.94%
Cost Of Revenue $408.5M $399.3M $496.5M
YoY Change -12.47% 13.89% 12.82%
Gross Profit $941.8M $911.5M $1.030B
YoY Change -5.45% 8.62% 10.05%
Gross Profit Margin 69.75% 69.54% 67.48%
Selling, General & Admin $548.6M $548.6M $609.0M
YoY Change -7.42% 4.89% 8.48%
% of Gross Profit 58.25% 60.19% 59.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $156.4M $150.9M $11.00M
YoY Change 1.16% -6.33% -16.03%
% of Gross Profit 16.61% 16.56% 1.07%
Operating Expenses $548.6M $548.6M $609.0M
YoY Change -7.42% 4.89% 8.48%
Operating Profit $393.2M $362.9M $421.1M
YoY Change -2.55% 14.77% 12.41%
Interest Expense -$41.30M $44.70M $52.60M
YoY Change -170.96% -24.87% -13.2%
% of Operating Profit -10.5% 12.32% 12.49%
Other Income/Expense, Net $3.600M -$1.300M -$1.900M
YoY Change -311.76% 550.0% -107.01%
Pretax Income $355.5M $316.9M $366.6M
YoY Change 3.46% 23.55% 7.48%
Income Tax $78.60M $91.90M $79.00M
% Of Pretax Income 22.11% 29.0% 21.55%
Net Earnings $327.0M $268.8M $2.021B
YoY Change 12.95% -6.11% 599.13%
Net Earnings / Revenue 24.22% 20.51% 132.35%
Basic Earnings Per Share $3.08 $2.54 $19.13
Diluted Earnings Per Share $3.062M $2.52 $18.94
COMMON SHARES
Basic Shares Outstanding 106.0M shares 105.9M shares 105.6M shares
Diluted Shares Outstanding 106.8M shares 106.8M shares 106.7M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.895B $2.879B $3.238B
YoY Change 436.69% 751.8% 878.1%
Cash & Equivalents $1.895B $2.879B $3.238B
Short-Term Investments
Other Short-Term Assets $1.233B $154.0M $160.9M
YoY Change 805.51% 11.03% 24.54%
Inventory $101.0M $92.50M $202.7M
Prepaid Expenses
Receivables $729.1M $628.5M $755.3M
Other Receivables $33.50M $21.20M $19.20M
Total Short-Term Assets $3.991B $4.992B $4.486B
YoY Change 68.04% 177.84% 157.88%
LONG-TERM ASSETS
Property, Plant & Equipment $83.20M $77.30M $98.90M
YoY Change -21.21% -38.31% -26.52%
Goodwill $13.67B $13.57B $14.09B
YoY Change -2.26% -5.98% -2.15%
Intangibles $6.244B $6.301B $6.454B
YoY Change -7.45% -9.17% -8.67%
Long-Term Investments
YoY Change
Other Assets $406.3M $367.4M $400.9M
YoY Change -0.56% -16.61% -5.16%
Total Long-Term Assets $20.41B $20.36B $21.15B
YoY Change -4.44% -7.62% -4.43%
TOTAL ASSETS
Total Short-Term Assets $3.991B $4.992B $4.486B
Total Long-Term Assets $20.41B $20.36B $21.15B
Total Assets $24.40B $25.35B $25.64B
YoY Change 2.82% 6.36% 7.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.2M $128.8M $167.8M
YoY Change -17.55% -38.67% -12.15%
Accrued Expenses $591.2M $388.0M $413.0M
YoY Change -14.94% -46.7% -39.53%
Deferred Revenue $1.049B $1.105B $1.120B
YoY Change 5.35% 9.36% 9.47%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $698.9M $799.9M $799.5M
YoY Change -12.55% 59.22% 59.23%
Total Short-Term Liabilities $2.840B $3.166B $3.502B
YoY Change -0.72% 26.49% 42.18%
LONG-TERM LIABILITIES
Long-Term Debt $5.961B $6.657B $6.655B
YoY Change -20.84% -18.81% -22.36%
Other Long-Term Liabilities $373.4M $392.5M $451.2M
YoY Change -20.35% -20.11% -9.6%
Total Long-Term Liabilities $6.334B $7.050B $7.106B
YoY Change -20.81% -18.88% -21.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.840B $3.166B $3.502B
Total Long-Term Liabilities $6.334B $7.050B $7.106B
Total Liabilities $10.54B $11.62B $12.08B
YoY Change -14.91% -8.79% -7.79%
SHAREHOLDERS EQUITY
Retained Earnings $11.87B $11.61B $11.41B
YoY Change 28.61% 28.99% 30.02%
Common Stock $1.100M $1.100M $1.100M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.30M $17.40M $17.50M
YoY Change -2.26% -2.25% -2.23%
Treasury Stock Shares
Shareholders Equity $13.86B $13.73B $13.55B
YoY Change
Total Liabilities & Shareholders Equity $24.40B $25.35B $25.64B
YoY Change 2.82% 6.36% 7.39%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $327.0M $268.8M $2.021B
YoY Change 12.95% -6.11% 599.13%
Depreciation, Depletion And Amortization $156.4M $150.9M $11.00M
YoY Change 1.16% -6.33% -16.03%
Cash From Operating Activities $251.8M -$64.20M $475.3M
YoY Change -43.71% -115.09% -15.06%
INVESTING ACTIVITIES
Capital Expenditures -$23.20M -$14.10M -$14.60M
YoY Change 88.62% -12.96% -10.43%
Acquisitions $53.20M
YoY Change
Other Investing Activities -$324.2M -$219.1M $0.00
YoY Change 4003.8% 1211.98% -100.0%
Cash From Investing Activities -$347.4M -$233.2M $2.938B
YoY Change 1619.8% 608.81% 27359.81%
FINANCING ACTIVITIES
Cash Dividend Paid $65.30M
YoY Change 11.05%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -850.2M -42.70M -$520.2M
YoY Change 109.25% -89.03% -4.59%
NET CHANGE
Cash From Operating Activities 251.8M -64.20M $475.3M
Cash From Investing Activities -347.4M -233.2M $2.938B
Cash From Financing Activities -850.2M -42.70M -$520.2M
Net Change In Cash -945.8M -340.1M $2.886B
YoY Change -4647.12% -10728.12% 12613.66%
FREE CASH FLOW
Cash From Operating Activities $251.8M -$64.20M $475.3M
Capital Expenditures -$23.20M -$14.10M -$14.60M
Free Cash Flow $275.0M -$50.10M $489.9M
YoY Change -40.17% -111.34% -14.93%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0000882835
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
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false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
ROPER TECHNOLOGIES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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6901 Professional Parkway, Suite 200
dei Entity Address City Or Town
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Sarasota,
dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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556-2601
dei Security12b Title
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Common Stock, $0.01 Par Value
dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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dei Entity Current Reporting Status
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LossContingencyDisclosures
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. However, no assurances can be given in this regard.</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:120%">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, </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%">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 Allen Case. In March 2022, the U.S. Fifth Circuit Court of Appeals affirmed the lower court’s dismissal of the Allen case. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. In June 2022, Vertafore filed a motion to dismiss the Mulvey case on similar grounds as the dismissal of the Allen case. The Allen case and the Mulvey case each purport 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. These cases seek recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. In addition, Roper was advised that the Texas Attorney General is investigating the data event.</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:120%">Roper’s subsidiary, Verathon, Inc. (“Verathon”), is defending a patent infringement action pending in the United States District Court for the Western District of Washington (Berall v. Verathon, Inc., Case No. 2:2021mc00043). Plaintiff claims that video laryngoscopes and certain accessories sold by Verathon from approximately 2006 through 2016 infringe U.S. Patent 5,827,178 (the “‘178 Patent”). The complaint seeks an unspecified amount of damages, enhanced damages, attorneys’ fees, costs, and pre- and post-judgment interest. The allegations in the complaint are not covered by insurance. Verathon contends that the products at issue do not infringe the ‘178 Patent and that the ‘178 Patent is invalid. Verathon is vigorously defending the matter.</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:120%">Roper or our subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation claims in certain U.S. states. To date, no significant resources have been required by Roper to respond to asbestos claims. In the first quarter of 2022, Roper completed a transaction in which it transferred the remainder of our exposure for asbestos claims to a third party. In connection with this transaction, Roper incurred a one-time charge of $4.1, which is recorded as a component of “Other (expense) income, net” within the Condensed Consolidated Statements of Earnings for the six months ended June 30, 2022.</span></div>
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1310800000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1189800000 usd
CY2022Q2 rop Increase Decrease In Net Sales Percentage
IncreaseDecreaseInNetSalesPercentage
0.102
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2590600000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2345100000 usd
rop Increase Decrease In Net Sales Percentage
IncreaseDecreaseInNetSalesPercentage
0.105
CY2022Q2 us-gaap Gross Profit
GrossProfit
911500000 usd
CY2021Q2 us-gaap Gross Profit
GrossProfit
839200000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1189800000 usd
CY2022Q2 rop Increase Decrease In Gross Profit Percentage
IncreaseDecreaseInGrossProfitPercentage
0.086
us-gaap Gross Profit
GrossProfit
1808700000 usd
us-gaap Gross Profit
GrossProfit
1655500000 usd
rop Increase Decrease In Gross Profit Percentage
IncreaseDecreaseInGrossProfitPercentage
0.093
CY2022Q2 rop Segment Operating Profit
SegmentOperatingProfit
413800000 usd
CY2021Q2 rop Segment Operating Profit
SegmentOperatingProfit
367000000.0 usd
CY2022Q2 rop Increase Decrease In Operating Profit Percentage
IncreaseDecreaseInOperatingProfitPercentage
0.128
rop Segment Operating Profit
SegmentOperatingProfit
822600000 usd
rop Segment Operating Profit
SegmentOperatingProfit
731700000 usd
rop Increase Decrease In Operating Profit Percentage
IncreaseDecreaseInOperatingProfitPercentage
0.124
CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
190800000 usd
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
180900000 usd
CY2022Q2 rop Increase Decrease In Long Lived Assets
IncreaseDecreaseInLongLivedAssets
0.055
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1310800000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2590600000 usd
rop Contract With Customer Liability Noncurrent Increase Decrease
ContractWithCustomerLiabilityNoncurrentIncreaseDecrease
26900000 usd
rop Contract With Customer Liability Current Increase Decrease
ContractWithCustomerLiabilityCurrentIncreaseDecrease
1100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2345100000 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3763100000 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2467700000 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.66
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
105400000 usd
CY2021Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
81900000 usd
rop Contract With Customer Asset Net Increase Decrease
ContractWithCustomerAssetNetIncreaseDecrease
23500000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1105200000 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1106300000 usd
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
96800000 usd
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
69900000 usd
CY2022Q2 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
-1096600000 usd
CY2021Q4 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
-1094300000 usd
rop Increase Decrease In Contract With Customer Asset Liability
IncreaseDecreaseInContractWithCustomerAssetLiability
-2300000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
287400000 usd
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
259700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
776700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
704400000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
60200000 usd
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
56700000 usd

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