$ROP
ROPER TECHNOLOGIES INC

2023 Q4 Form 10-Q Financial Statement

#000088283523000052 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.614B $1.563B
YoY Change 12.76% 15.78%
Cost Of Revenue $488.3M $467.1M
YoY Change 13.93% 14.35%
Gross Profit $1.125B $1.096B
YoY Change 12.26% 16.4%
Gross Profit Margin 69.74% 70.12%
Selling, General & Admin $662.4M $650.2M
YoY Change 12.31% 18.52%
% of Gross Profit 58.87% 59.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $196.1M $191.2M
YoY Change 6.75% 22.25%
% of Gross Profit 17.43% 17.44%
Operating Expenses $662.4M $650.2M
YoY Change 12.31% 18.52%
Operating Profit $462.8M $446.1M
YoY Change 12.19% 13.45%
Interest Expense $16.60M $42.40M
YoY Change -130.86% -202.66%
% of Operating Profit 3.59% 9.5%
Other Income/Expense, Net -$2.700M $5.000M
YoY Change -94.63% 38.89%
Pretax Income $476.7M $442.6M
YoY Change 54.57% 24.5%
Income Tax $99.20M $97.00M
% Of Pretax Income 20.81% 21.92%
Net Earnings $389.0M $347.2M
YoY Change -79.83% 6.18%
Net Earnings / Revenue 24.11% 22.21%
Basic Earnings Per Share $3.64 $3.25
Diluted Earnings Per Share $3.61 $3.23
COMMON SHARES
Basic Shares Outstanding 106.8M shares 106.7M shares
Diluted Shares Outstanding 107.6M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.3M $299.5M
YoY Change -72.97% -84.19%
Cash & Equivalents $214.3M $299.5M
Short-Term Investments
Other Short-Term Assets $164.5M $168.8M
YoY Change 8.72% -86.31%
Inventory $118.6M $122.5M
Prepaid Expenses
Receivables $936.3M $746.4M
Other Receivables $47.70M $55.20M
Total Short-Term Assets $1.481B $1.505B
YoY Change -23.34% -62.31%
LONG-TERM ASSETS
Property, Plant & Equipment $119.6M $98.30M
YoY Change 40.21% 18.15%
Goodwill $17.12B $17.05B
YoY Change 7.35% 24.68%
Intangibles $8.212B $8.344B
YoY Change 2.26% 33.64%
Long-Term Investments $795.7M $736.4M
YoY Change 48.73%
Other Assets $439.9M $405.5M
YoY Change -2.53% -0.2%
Total Long-Term Assets $26.69B $26.68B
YoY Change 6.54% 30.76%
TOTAL ASSETS
Total Short-Term Assets $1.481B $1.505B
Total Long-Term Assets $26.69B $26.68B
Total Assets $28.17B $28.19B
YoY Change 4.4% 15.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.0M $135.8M
YoY Change 16.64% 12.05%
Accrued Expenses $696.5M $389.5M
YoY Change 1.92% -34.12%
Deferred Revenue $1.584B $1.497B
YoY Change 15.55% 42.71%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $499.5M $499.3M
YoY Change -28.56% -28.56%
Total Short-Term Liabilities $2.963B $2.813B
YoY Change 2.44% -0.98%
LONG-TERM LIABILITIES
Long-Term Debt $5.831B $6.379B
YoY Change -2.21% 7.02%
Other Long-Term Liabilities $415.8M $411.6M
YoY Change 1.12% 10.23%
Total Long-Term Liabilities $6.246B $6.791B
YoY Change -2.0% 7.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.963B $2.813B
Total Long-Term Liabilities $6.246B $6.791B
Total Liabilities $10.72B $11.15B
YoY Change -2.01% 5.79%
SHAREHOLDERS EQUITY
Retained Earnings $14.82B $14.51B
YoY Change 7.91% 22.17%
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 $17.44B $17.04B
YoY Change
Total Liabilities & Shareholders Equity $28.17B $28.19B
YoY Change 4.4% 15.54%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $389.0M $347.2M
YoY Change -79.83% 6.18%
Depreciation, Depletion And Amortization $196.1M $191.2M
YoY Change 6.75% 22.25%
Cash From Operating Activities $621.8M $630.0M
YoY Change 767.22% 150.2%
INVESTING ACTIVITIES
Capital Expenditures $41.50M $22.30M
YoY Change -325.54% -196.12%
Acquisitions
YoY Change
Other Investing Activities -$76.10M -$1.936B
YoY Change -93.26% 497.19%
Cash From Investing Activities -$117.6M -$1.958B
YoY Change -89.76% 463.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -602.8M 179.1M
YoY Change 1054.79% -121.07%
NET CHANGE
Cash From Operating Activities 621.8M 630.0M
Cash From Investing Activities -117.6M -1.958B
Cash From Financing Activities -602.8M 179.1M
Net Change In Cash -98.60M -1.149B
YoY Change -91.26% 21.52%
FREE CASH FLOW
Cash From Operating Activities $621.8M $630.0M
Capital Expenditures $41.50M $22.30M
Free Cash Flow $580.3M $607.7M
YoY Change 544.06% 120.98%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Security12b Title
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dei Trading Symbol
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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, PowerPlan, Inc. (“PowerPlan”), is a defendant in an action pending in the U.S. District Court for the Northern District of Georgia (Lucasys Inc. v. PowerPlan, Inc., Case 1:20-cv-02987-AT) in which the plaintiff, a firm started by former PowerPlan employees, alleges PowerPlan has engaged in anticompetitive practices in violation of federal antitrust law. The plaintiff further alleges that PowerPlan violated Georgia’s deceptive trade practices act and undertook other tortious activities which impacted the plaintiff’s ability to commercialize its software and services offerings.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plaintiff claims damages in excess of $66, and seeks treble damages in addition to punitive damages, attorney fees, and pre-judgment interest. PowerPlan strongly denies the allegations in the dispute, and has asserted several affirmative defenses. PowerPlan and the plaintiff have each moved for summary judgment, and in the event such is not granted, PowerPlan anticipates this matter going to trial in the second half of 2024.</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. (“Vertafore”), 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 U.S. District Court for the Western District of Washington (Berall v. Verathon, Inc., Case 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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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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rop Increase Decrease In Net Sales Percentage
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CY2023Q3 us-gaap Gross Profit
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us-gaap Gross Profit
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CY2023Q3 rop Segment Operating Profit
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CY2023Q3 rop Increase Decrease In Operating Profit Percentage
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rop Segment Operating Profit
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rop Segment Operating Profit
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rop Increase Decrease In Operating Profit Percentage
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CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2022Q3 us-gaap Noncurrent Assets
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199600000 usd
CY2023Q3 rop Increase Decrease In Long Lived Assets
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1563400000 usd
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2023Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.67
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
112100000 usd
CY2022Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
91500000 usd
rop Contract With Customer Asset Net Increase Decrease
ContractWithCustomerAssetNetIncreaseDecrease
20600000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1496700000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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rop Contract With Customer Liability Current Increase Decrease
ContractWithCustomerLiabilityCurrentIncreaseDecrease
-126000000.0 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
127600000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
111500000 usd
rop Contract With Customer Liability Noncurrent Increase Decrease
ContractWithCustomerLiabilityNoncurrentIncreaseDecrease
16100000 usd
CY2023Q3 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
-1512200000 usd
CY2022Q4 rop Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
-1390700000 usd
rop Increase Decrease In Contract With Customer Asset Liability
IncreaseDecreaseInContractWithCustomerAssetLiability
-121500000 usd
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
206100000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
181500000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1192700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
958200000 usd
CY2023Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
66100000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
64800000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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rop-20230930_cal.xml Edgar Link unprocessable
rop-20230930_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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0000882835-23-000052-index.html Edgar Link pending
0000882835-23-000052.txt Edgar Link pending
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a2023q310qexhibit311.htm Edgar Link pending
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rop-20230930_pre.xml Edgar Link unprocessable
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rop-20230930_htm.xml Edgar Link completed