$ROP
ROPER TECHNOLOGIES INC

2023 Q2 Form 10-Q Financial Statement

#000088283523000025 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.531B $1.470B
YoY Change 16.81% -3.73%
Cost Of Revenue $464.1M $451.1M
YoY Change 16.23% -9.14%
Gross Profit $1.067B $1.019B
YoY Change 17.07% -1.12%
Gross Profit Margin 69.69% 69.31%
Selling, General & Admin $631.8M $617.6M
YoY Change 15.17% 1.41%
% of Gross Profit 59.21% 60.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $184.2M $183.7M
YoY Change 22.07% 1570.0%
% of Gross Profit 17.26% 18.03%
Operating Expenses $631.8M $617.6M
YoY Change 15.17% 1.41%
Operating Profit $435.3M $401.0M
YoY Change 19.95% -4.77%
Interest Expense $31.20M -$38.60M
YoY Change -30.2% -173.38%
% of Operating Profit 7.17% -9.63%
Other Income/Expense, Net -$2.800M -$2.300M
YoY Change 115.38% 21.05%
Pretax Income $463.7M $360.1M
YoY Change 46.32% -1.77%
Income Tax $102.7M $75.80M
% Of Pretax Income 22.15% 21.05%
Net Earnings $364.9M $283.1M
YoY Change 35.75% -85.99%
Net Earnings / Revenue 23.83% 19.26%
Basic Earnings Per Share $3.42 $2.66
Diluted Earnings Per Share $3.39 $2.66
COMMON SHARES
Basic Shares Outstanding 106.6M shares 106.2M shares
Diluted Shares Outstanding 107.4M shares 107.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.463B $1.182B
YoY Change -49.19% -63.5%
Cash & Equivalents $1.463B $1.182B
Short-Term Investments
Other Short-Term Assets $179.4M $180.1M
YoY Change 16.49% 11.93%
Inventory $118.0M $115.0M
Prepaid Expenses
Receivables $792.5M $730.0M
Other Receivables $53.40M $25.50M
Total Short-Term Assets $2.606B $2.232B
YoY Change -47.79% -50.24%
LONG-TERM ASSETS
Property, Plant & Equipment $93.70M $86.30M
YoY Change 21.22% -12.74%
Goodwill $16.00B $15.96B
YoY Change 17.96% 13.25%
Intangibles $7.719B $7.872B
YoY Change 22.51% 21.96%
Long-Term Investments $591.3M $535.0M
YoY Change
Other Assets $448.0M $446.8M
YoY Change 21.94% 11.45%
Total Long-Term Assets $24.85B $24.90B
YoY Change 22.08% 17.74%
TOTAL ASSETS
Total Short-Term Assets $2.606B $2.232B
Total Long-Term Assets $24.85B $24.90B
Total Assets $27.46B $27.13B
YoY Change 8.32% 5.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.1M $134.0M
YoY Change 9.55% -20.14%
Accrued Expenses $580.9M $567.6M
YoY Change 49.72% 37.43%
Deferred Revenue $1.280B $1.304B
YoY Change 15.8% 16.38%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $699.8M $699.5M
YoY Change -12.51% -12.51%
Total Short-Term Liabilities $2.764B $2.775B
YoY Change -12.7% -20.74%
LONG-TERM LIABILITIES
Long-Term Debt $5.966B $5.964B
YoY Change -10.38% -10.37%
Other Long-Term Liabilities $394.9M $409.4M
YoY Change 0.61% -9.26%
Total Long-Term Liabilities $6.361B $6.374B
YoY Change -9.77% -10.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.764B $2.775B
Total Long-Term Liabilities $6.361B $6.374B
Total Liabilities $10.71B $10.80B
YoY Change -7.82% -10.61%
SHAREHOLDERS EQUITY
Retained Earnings $14.23B $13.94B
YoY Change 22.56% 22.18%
Common Stock $1.100M $1.100M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.75B $16.33B
YoY Change
Total Liabilities & Shareholders Equity $27.46B $27.13B
YoY Change 8.32% 5.85%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $364.9M $283.1M
YoY Change 35.75% -85.99%
Depreciation, Depletion And Amortization $184.2M $183.7M
YoY Change 22.07% 1570.0%
Cash From Operating Activities $319.6M $463.7M
YoY Change -597.82% -2.44%
INVESTING ACTIVITIES
Capital Expenditures $24.50M $19.70M
YoY Change -273.76% -234.93%
Acquisitions $1.100M
YoY Change -97.93%
Other Investing Activities $1.000M -$7.100M
YoY Change -100.46%
Cash From Investing Activities -$23.50M -$26.80M
YoY Change -89.92% -100.91%
FINANCING ACTIVITIES
Cash Dividend Paid $72.30M
YoY Change 10.72%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.30M -52.50M
YoY Change -45.43% -89.91%
NET CHANGE
Cash From Operating Activities 319.6M 463.7M
Cash From Investing Activities -23.50M -26.80M
Cash From Financing Activities -23.30M -52.50M
Net Change In Cash 272.8M 384.4M
YoY Change -180.21% -86.68%
FREE CASH FLOW
Cash From Operating Activities $319.6M $463.7M
Capital Expenditures $24.50M $19.70M
Free Cash Flow $295.1M $444.0M
YoY Change -689.02% -9.37%

Facts In Submission

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ROPER TECHNOLOGIES, INC.
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CY2023Q1 us-gaap Loss Contingency Disclosures
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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, antitrust, 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., had been named in three putative class actions, all of which are now dismissed: 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 Allen Case, with the dismissal affirmed by the U.S. Fifth Circuit Court of Appeals, effectively concluding the litigation. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. In February 2023, the court granted Vertafore’s motion to dismiss the Mulvey case, and Plaintiff failed to appeal the dismissal effectively concluding the matter. Both the Allen and Mulvey cases purported 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 </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%">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 sought recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. As set forth above, all of these matters have now been dismissed.</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”), was a defendant in 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). The plaintiff claimed that video laryngoscopes and certain accessories sold by Verathon and other manufacturers from approximately 2004 through 2016 infringed U.S. Patent 5,827,178 (the “178 Patent”). Verathon and the plaintiff agreed to settle the matter for $45.0 which was fully concluded and cash settled in the first quarter of 2023.</span></div>
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
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CY2023Q1 us-gaap Unbilled Contracts Receivable
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CY2023Q1 rop Contract With Customer Asset Net Increase Decrease
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CY2023Q1 us-gaap Contract With Customer Liability Current
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CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2023Q1 rop Contract With Customer Liability Current Increase Decrease
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CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
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CY2023Q1 rop Contract With Customer Liability Noncurrent Increase Decrease
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CY2023Q1 rop Contract With Customer Net Asset Liability
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CY2022Q4 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
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CY2023Q1 rop Increase Decrease In Contract With Customer Asset Liability
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
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