$ROP
ROPER TECHNOLOGIES INC

2023 Q3 Form 10-Q Financial Statement

#000088283523000045 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.563B $1.531B
YoY Change 15.78% 16.81%
Cost Of Revenue $467.1M $464.1M
YoY Change 14.35% 16.23%
Gross Profit $1.096B $1.067B
YoY Change 16.4% 17.07%
Gross Profit Margin 70.12% 69.69%
Selling, General & Admin $650.2M $631.8M
YoY Change 18.52% 15.17%
% of Gross Profit 59.31% 59.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $191.2M $184.2M
YoY Change 22.25% 22.07%
% of Gross Profit 17.44% 17.26%
Operating Expenses $650.2M $631.8M
YoY Change 18.52% 15.17%
Operating Profit $446.1M $435.3M
YoY Change 13.45% 19.95%
Interest Expense $42.40M $31.20M
YoY Change -202.66% -30.2%
% of Operating Profit 9.5% 7.17%
Other Income/Expense, Net $5.000M -$2.800M
YoY Change 38.89% 115.38%
Pretax Income $442.6M $463.7M
YoY Change 24.5% 46.32%
Income Tax $97.00M $102.7M
% Of Pretax Income 21.92% 22.15%
Net Earnings $347.2M $364.9M
YoY Change 6.18% 35.75%
Net Earnings / Revenue 22.21% 23.83%
Basic Earnings Per Share $3.25 $3.42
Diluted Earnings Per Share $3.23 $3.39
COMMON SHARES
Basic Shares Outstanding 106.7M shares 106.6M shares
Diluted Shares Outstanding 107.6M shares 107.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $299.5M $1.463B
YoY Change -84.19% -49.19%
Cash & Equivalents $299.5M $1.463B
Short-Term Investments
Other Short-Term Assets $168.8M $179.4M
YoY Change -86.31% 16.49%
Inventory $122.5M $118.0M
Prepaid Expenses
Receivables $746.4M $792.5M
Other Receivables $55.20M $53.40M
Total Short-Term Assets $1.505B $2.606B
YoY Change -62.31% -47.79%
LONG-TERM ASSETS
Property, Plant & Equipment $98.30M $93.70M
YoY Change 18.15% 21.22%
Goodwill $17.05B $16.00B
YoY Change 24.68% 17.96%
Intangibles $8.344B $7.719B
YoY Change 33.64% 22.51%
Long-Term Investments $736.4M $591.3M
YoY Change
Other Assets $405.5M $448.0M
YoY Change -0.2% 21.94%
Total Long-Term Assets $26.68B $24.85B
YoY Change 30.76% 22.08%
TOTAL ASSETS
Total Short-Term Assets $1.505B $2.606B
Total Long-Term Assets $26.68B $24.85B
Total Assets $28.19B $27.46B
YoY Change 15.54% 8.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $135.8M $141.1M
YoY Change 12.05% 9.55%
Accrued Expenses $389.5M $580.9M
YoY Change -34.12% 49.72%
Deferred Revenue $1.497B $1.280B
YoY Change 42.71% 15.8%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $499.3M $699.8M
YoY Change -28.56% -12.51%
Total Short-Term Liabilities $2.813B $2.764B
YoY Change -0.98% -12.7%
LONG-TERM LIABILITIES
Long-Term Debt $6.379B $5.966B
YoY Change 7.02% -10.38%
Other Long-Term Liabilities $411.6M $394.9M
YoY Change 10.23% 0.61%
Total Long-Term Liabilities $6.791B $6.361B
YoY Change 7.21% -9.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.813B $2.764B
Total Long-Term Liabilities $6.791B $6.361B
Total Liabilities $11.15B $10.71B
YoY Change 5.79% -7.82%
SHAREHOLDERS EQUITY
Retained Earnings $14.51B $14.23B
YoY Change 22.17% 22.56%
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 $17.04B $16.75B
YoY Change
Total Liabilities & Shareholders Equity $28.19B $27.46B
YoY Change 15.54% 8.32%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $347.2M $364.9M
YoY Change 6.18% 35.75%
Depreciation, Depletion And Amortization $191.2M $184.2M
YoY Change 22.25% 22.07%
Cash From Operating Activities $630.0M $319.6M
YoY Change 150.2% -597.82%
INVESTING ACTIVITIES
Capital Expenditures $22.30M $24.50M
YoY Change -196.12% -273.76%
Acquisitions
YoY Change
Other Investing Activities -$1.936B $1.000M
YoY Change 497.19% -100.46%
Cash From Investing Activities -$1.958B -$23.50M
YoY Change 463.73% -89.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 179.1M -23.30M
YoY Change -121.07% -45.43%
NET CHANGE
Cash From Operating Activities 630.0M 319.6M
Cash From Investing Activities -1.958B -23.50M
Cash From Financing Activities 179.1M -23.30M
Net Change In Cash -1.149B 272.8M
YoY Change 21.52% -180.21%
FREE CASH FLOW
Cash From Operating Activities $630.0M $319.6M
Capital Expenditures $22.30M $24.50M
Free Cash Flow $607.7M $295.1M
YoY Change 120.98% -689.02%

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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 the 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 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. 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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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
3000900000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2590600000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4201300000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2746800000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.65
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
108100000 usd
CY2022Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
91500000 usd
rop Contract With Customer Asset Net Increase Decrease
ContractWithCustomerAssetNetIncreaseDecrease
16600000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1279800000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1370700000 usd
rop Contract With Customer Liability Current Increase Decrease
ContractWithCustomerLiabilityCurrentIncreaseDecrease
90900000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
116900000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
111500000 usd
rop Contract With Customer Liability Noncurrent Increase Decrease
ContractWithCustomerLiabilityNoncurrentIncreaseDecrease
5400000 usd
CY2023Q2 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
-1288600000 usd
CY2022Q4 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
-1390700000 usd
rop Increase Decrease In Contract With Customer Asset Liability
IncreaseDecreaseInContractWithCustomerAssetLiability
102100000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
396700000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
287400000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
986600000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
776700000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
65200000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
64800000 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0000882835-23-000045.txt Edgar Link pending
0000882835-23-000045-xbrl.zip Edgar Link pending
a2023q210qexhibit311.htm Edgar Link pending
a2023q210qexhibit312.htm Edgar Link pending
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rop-20230630_def.xml Edgar Link unprocessable