Roper Technologies announces 2024 financial results
Roper Technologies (ROP) reported strong financial results for Q4 and full year 2024. The company achieved 16% revenue growth to $1.88 billion in Q4, with 7% organic growth and 9% from acquisitions. Full-year revenue increased 14% to $7.04 billion.
Key 2024 highlights include operating cash flow of $2.39 billion, GAAP net earnings growth of 13% to $1.55 billion, and adjusted EBITDA increase of 13% to $2.83 billion. The company deployed $3.6 billion toward vertical software acquisitions, including Procare Solutions and Transact Campus.
For 2025, Roper expects adjusted DEPS of $19.75-$20.00, with Q1 adjusted DEPS of $4.70-$4.74. The company projects total revenue growth of 10%+ and organic revenue growth of 6-7%.
Roper Technologies (ROP) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno fiscale 2024. L'azienda ha registrato una crescita dei ricavi del 16% a $1,88 miliardi nel Q4, con una crescita organica del 7% e del 9% derivante da acquisizioni. I ricavi annuali sono aumentati del 14% a $7,04 miliardi.
I punti salienti del 2024 includono un flusso di cassa operativo di $2,39 miliardi, una crescita degli utili netti GAAP del 13% a $1,55 miliardi e un incremento dell'EBITDA rettificato del 13% a $2,83 miliardi. L'azienda ha investito $3,6 miliardi in acquisizioni di software verticale, inclusa Procare Solutions e Transact Campus.
Per il 2025, Roper prevede un DEPS rettificato di $19,75-$20,00, con un DEPS rettificato per il Q1 di $4,70-$4,74. L'azienda proietta una crescita totale dei ricavi superiore al 10% e una crescita dei ricavi organici del 6-7%.
Roper Technologies (ROP) informó sobre resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró un crecimiento de ingresos del 16% a $1.88 mil millones en el Q4, con un crecimiento orgánico del 7% y un 9% proveniente de adquisiciones. Los ingresos anuales aumentaron 14% a $7.04 mil millones.
Los aspectos clave de 2024 incluyen un flujo de efectivo operativo de $2.39 mil millones, un crecimiento de las ganancias netas GAAP del 13% a $1.55 mil millones y un aumento del EBITDA ajustado del 13% a $2.83 mil millones. La compañía destinará $3.6 mil millones a adquisiciones de software vertical, incluidos Procare Solutions y Transact Campus.
Para 2025, Roper espera un DEPS ajustado de $19.75-$20.00, con un DEPS ajustado para el Q1 de $4.70-$4.74. La compañía proyecta un crecimiento total de ingresos superior al 10% y un crecimiento de ingresos orgánicos del 6-7%.
로퍼 테크놀로지스 (ROP)는 2024년 4분기 및 연간 재무 결과가 우수하다고 보고했습니다. 이 회사는 16%의 매출 성장을 달성하여 4분기에 $18억 8천만 달러에 도달했으며, 그 중 7%는 유기적 성장이고 9%는 인수로 인한 것입니다. 전체 연간 매출은 14% 증가하여 $70억 4천만 달러에 이릅니다.
2024년의 주요 강조점으로는 $23억 9천만 달러의 운영 현금 흐름, GAAP 기준 순이익 상승 13%가 $15억 5천만 달러에 달하고, 조정된 EBITDA 증가 13%가 $28억 3천만 달러에 달하는 것이 포함됩니다. 이 회사는 Procare Solutions 및 Transact Campus를 포함한 수직 소프트웨어 인수에 $36억 달러를 투자했습니다.
2025년을 위해 로퍼는 조정된 DEPS를 $19.75-$20.00으로 예상하고 있으며, 1분기 조정 DEPS는 $4.70-$4.74로 예측하고 있습니다. 이 회사는 총 매출 성장이 10% 이상에 이를 것으로 예상하고 있으며 유기적 매출 성장률은 6-7%로 예상하고 있습니다.
Roper Technologies (ROP) a annoncé de bons résultats financiers pour le quatrième trimestre et pour l'année complète 2024. L'entreprise a réalisé une croissance du chiffre d'affaires de 16% atteignant 1,88 milliard de dollars au Q4, avec une croissance organique de 7% et 9% provenant des acquisitions. Le chiffre d'affaires annuel a augmenté de 14% à 7,04 milliards de dollars.
Les points clés de 2024 incluent un flux de trésorerie opérationnel de 2,39 milliards de dollars, une croissance des bénéfices nets selon les normes GAAP de 13% à 1,55 milliard de dollars et une augmentation de l'EBITDA ajusté de 13% à 2,83 milliards de dollars. L'entreprise a investi 3,6 milliards de dollars dans des acquisitions de logiciels verticaux, y compris Procare Solutions et Transact Campus.
Pour 2025, Roper s'attend à un DEPS ajusté de 19,75 à 20,00 dollars, avec un DEPS ajusté pour le Q1 de 4,70 à 4,74 dollars. L'entreprise prévoit une croissance totale du chiffre d'affaires de plus de 10% et une croissance organique du chiffre d'affaires de 6 à 7%.
Roper Technologies (ROP) hat starke Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 gemeldet. Das Unternehmen erzielte ein Umsatzwachstum von 16% auf 1,88 Milliarden Dollar im Q4, wobei 7% organisches Wachstum und 9% aus Übernahmen stammen. Der Jahresumsatz stieg um 14% auf 7,04 Milliarden Dollar.
Wichtige Höhepunkte von 2024 umfassen einen operativen Cashflow von 2,39 Milliarden Dollar, ein Wachstum des GAAP-Nettoeinkommens von 13% auf 1,55 Milliarden Dollar sowie einen Anstieg des bereinigten EBITDA um 13% auf 2,83 Milliarden Dollar. Das Unternehmen hat 3,6 Milliarden Dollar in Übernahmen im Bereich vertikale Software investiert, einschließlich Procare Solutions und Transact Campus.
Für 2025 erwartet Roper ein bereinigtes DEPS von 19,75 bis 20,00 Dollar, mit einem bereinigten DEPS von 4,70 bis 4,74 Dollar für das Q1. Das Unternehmen prognostiziert ein Gesamtumsatzwachstum von über 10% und ein organisches Umsatzwachstum von 6-7%.
- Revenue grew 16% to $1.88B in Q4 2024
- Full year revenue increased 14% to $7.04B
- Free cash flow grew 16% to $2.3B in 2024
- Operating cash flow increased 17% to $2.39B
- GAAP net earnings rose 13% to $1.55B
- Successful deployment of $3.6B in acquisitions
- Adjusted EBITDA margin declined 120 bps to 39.6% in Q4
- Full-year EBITDA margin decreased 40 bps to 40.2%
Insights
Roper Technologies' FY2024 results demonstrate the strength of its capital allocation strategy and operational execution. The company's performance shows several notable trends:
Margin Resilience: Despite significant acquisition activity, adjusted EBITDA margins remained robust at
Cash Flow Excellence: The
Strategic Evolution: The
Forward Momentum: The 2025 guidance implies continued strong execution with projected total revenue growth of
This performance validates Roper's long-term strategy of acquiring and improving niche market leaders in software and technology-enabled services, while maintaining disciplined capital allocation and operational excellence.
Initiates 2025 guidance
SARASOTA, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the fourth quarter and full year ended December 31, 2024. The results in this press release are presented on a continuing operations basis.
Fourth quarter 2024 highlights
- Revenue increased
16% to$1.88 billion ; acquisition contribution was +9% and organic revenue was +7% - Operating cash flow was
$722 million ; adjusted operating cash flow increased13% - GAAP net earnings increased
22% to$462 million ; adjusted net earnings increased10% to$520 million - Adjusted EBITDA increased
13% to$744 million - GAAP DEPS increased
22% to$4.28 ; adjusted DEPS increased10% to$4.81
Full year 2024 highlights
- Revenue increased
14% to$7.04 billion ; acquisition contribution was +8% and organic revenue was +6% - Operating cash flow was
$2.39 billion ; adjusted operating cash flow increased16% - GAAP net earnings increased
13% to$1.55 billion ; adjusted net earnings increased10% to$1.98 billion - Adjusted EBITDA increased
13% to$2.83 billion - GAAP DEPS increased
13% to$14.35 ; adjusted DEPS increased10% to$18.31
"It was an outstanding year for Roper’s long-term cash flow compounding model. We grew free cash flow
2025 outlook and guidance
"Roper not only grew substantially in 2024, but we enter 2025 as a fundamentally better company. This past year, we upgraded key leadership talent, expanded our capital deployment function, and advanced our operating model. As a result, we are entering 2025 with broad-based and positive momentum. Our double-digit 2025 total revenue growth outlook is fueled by improving organic growth and meaningful contributions from our 2024 acquisitions. We believe these growth trends, combined with our significant M&A firepower and large pipeline of attractive acquisition opportunities, position Roper well to continue delivering compelling long-term cash flow compounding for our shareholders," concluded Mr. Hunn.
Roper expects full year 2025 adjusted DEPS of
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.
Conference call to be held at 8:00 AM (ET) today
A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, January 30, 2025. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 30275. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 30275#.
Use of non-GAAP financial information
The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.
Minority interests
Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as "equity investments gain, net." During the quarter, Roper sold its minority interest in Certinia and recognized the associated gain within "equity investments gain, net." Roper makes non-GAAP adjustments for the impacts associated with these investments.
Table 1: Revenue and adjusted EBITDA reconciliation ($M) (from continuing operations) | |||||||||||||||||||||||
Q4 2023 | Q4 2024 | V % | FY 2023 | FY 2024 | V % | ||||||||||||||||||
GAAP revenue | $ | 1,613 | $ | 1,877 | 16 | % | $ | 6,178 | $ | 7,039 | 14 | % | |||||||||||
Components of revenue growth | |||||||||||||||||||||||
Organic | 7 | % | 6 | % | |||||||||||||||||||
Acquisitions | 9 | % | 8 | % | |||||||||||||||||||
Foreign exchange | — | % | — | % | |||||||||||||||||||
Revenue growth | 16 | % | 14 | % | |||||||||||||||||||
Adjusted EBITDA reconciliation | |||||||||||||||||||||||
GAAP net earnings | $ | 378 | $ | 462 | $ | 1,368 | $ | 1,549 | |||||||||||||||
Taxes | 99 | 128 | 375 | 418 | |||||||||||||||||||
Interest expense | 50 | 71 | 165 | 259 | |||||||||||||||||||
Depreciation | 9 | 9 | 35 | 37 | |||||||||||||||||||
Amortization | 187 | 202 | 720 | 776 | |||||||||||||||||||
EBITDA | $ | 723 | $ | 873 | 21 | % | $ | 2,663 | $ | 3,039 | 14 | % | |||||||||||
Restructuring-related expenses associated with the Syntellis ('23) and Transact ('24) acquisitions | — | — | 9 | 9 | |||||||||||||||||||
Transaction-related expenses for completed acquisitions | 3 | 1 | 8 | 8 | |||||||||||||||||||
Financial impacts associated with the minority investments in Indicor & CertiniaA | (67 | ) | (141 | ) | (165 | ) | (235 | ) | |||||||||||||||
Gain on sale of non-operating assets | — | — | (3 | ) | — | ||||||||||||||||||
Legal settlement charge | — | 11 | — | 11 | |||||||||||||||||||
Adjusted EBITDA | $ | 659 | $ | 744 | 13 | % | $ | 2,511 | $ | 2,832 | 13 | % | |||||||||||
% of revenue | 40.8 | % | 39.6 | % | (120 bps | ) | 40.6 | % | 40.2 | % | (40 bps | ) |
Table 2: Adjusted net earnings reconciliation ($M) (from continuing operations) | |||||||||||||||||||||||
Q4 2023 | Q4 2024 | V % | FY 2023 | FY 2024 | V % | ||||||||||||||||||
GAAP net earnings | $ | 378 | $ | 462 | 22 | % | $ | 1,368 | $ | 1,549 | 13 | % | |||||||||||
Restructuring-related expenses associated with the Syntellis ('23) and Transact ('24) acquisitions | — | — | 7 | 7 | |||||||||||||||||||
Transaction-related expenses for completed acquisitions | 2 | 1 | 6 | 6 | |||||||||||||||||||
Financial impacts associated with the minority investments in Indicor & CertiniaA | (52 | ) | (105 | ) | (135 | ) | (182 | ) | |||||||||||||||
Gain on sale of non-operating assets | — | — | (3 | ) | — | ||||||||||||||||||
Legal settlement charge | — | 9 | — | 9 | |||||||||||||||||||
Amortization of acquisition-related intangible assetsB | 143 | 153 | 552 | 588 | |||||||||||||||||||
Adjusted net earningsC | $ | 471 | $ | 520 | 10 | % | $ | 1,795 | $ | 1,978 | 10 | % |
Table 3: Adjusted DEPS reconciliation (from continuing operations) | |||||||||||||||||||||||
Q4 2023 | Q4 2024 | V % | FY 2023 | FY 2024 | V % | ||||||||||||||||||
GAAP DEPS | $ | 3.50 | $ | 4.28 | 22 | % | $ | 12.74 | $ | 14.35 | 13 | % | |||||||||||
Restructuring-related expenses associated with the Syntellis ('23) and Transact ('24) acquisitions | — | — | 0.06 | 0.07 | |||||||||||||||||||
Transaction-related expenses for completed acquisitions | 0.02 | 0.01 | 0.06 | 0.06 | |||||||||||||||||||
Financial impacts associated with the minority investments in Indicor & CertiniaA | (0.48 | ) | (0.97 | ) | (1.25 | ) | (1.68 | ) | |||||||||||||||
Gain on sale of non-operating assets | — | — | (0.02 | ) | — | ||||||||||||||||||
Legal settlement charge | — | 0.08 | — | 0.08 | |||||||||||||||||||
Amortization of acquisition-related intangible assetsB | 1.33 | 1.41 | 5.13 | 5.45 | |||||||||||||||||||
Adjusted DEPSC | $ | 4.37 | $ | 4.81 | 10 | % | $ | 16.71 | $ | 18.31 | 10 | % |
Table 4: Adjusted cash flow reconciliation ($M) (from continuing operations) | |||||||||||||||||||||||
Q4 2023 | Q4 2024 | V % | FY 2023 | FY 2024 | V % | ||||||||||||||||||
Operating cash flow | $ | 622 | $ | 722 | 16 | % | $ | 2,037 | $ | 2,393 | 17 | % | |||||||||||
Taxes paid in period related to divestiture | 16 | — | 32 | — | |||||||||||||||||||
Adjusted operating cash flow | $ | 638 | $ | 722 | 13 | % | $ | 2,070 | $ | 2,393 | 16 | % | |||||||||||
Capital expenditures | (30 | ) | (27 | ) | (68 | ) | (66 | ) | |||||||||||||||
Capitalized software expenditures | (11 | ) | (12 | ) | (40 | ) | (45 | ) | |||||||||||||||
Adjusted free cash flow | $ | 596 | $ | 684 | 15 | % | $ | 1,962 | $ | 2,282 | 16 | % |
Table 5: Forecasted adjusted DEPS reconciliation (from continuing operations) | |||||||||||||||
Q1 2025 | FY 2025 | ||||||||||||||
Low End | High End | Low End | High End | ||||||||||||
GAAP DEPSD | $ | 3.29 | $ | 3.33 | $ | 14.21 | $ | 14.46 | |||||||
Financial impacts associated with the minority investment in IndicorA | TBD | TBD | TBD | TBD | |||||||||||
Amortization of acquisition-related intangible assetsB | 1.41 | 1.41 | 5.54 | 5.54 | |||||||||||
Adjusted DEPSC | $ | 4.70 | $ | 4.74 | $ | 19.75 | $ | 20.00 |
Footnotes:
A. | Adjustments related to the financial impacts associated with the minority investments in Indicor & Certinia as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. | |||||||||||||||||||||||
Q4 2023A | Q4 2024A | FY 2023A | FY 2024A | Q1 2025E | FY 2025E | |||||||||||||||||||
Pretax | $ | (67 | ) | $ | (141 | ) | $ | (165 | ) | $ | (235 | ) | TBD | TBD | ||||||||||
After-tax | $ | (52 | ) | $ | (105 | ) | $ | (135 | ) | $ | (182 | ) | TBD | TBD | ||||||||||
Per share | $ | (0.48 | ) | $ | (0.97 | ) | $ | (1.25 | ) | $ | (1.68 | ) | TBD | TBD | ||||||||||
B. | Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). | |||||||||||||||||||||||
Q4 2023A | Q4 2024A | FY 2023A | FY 2024A | Q1 2025E | FY 2025E | |||||||||||||||||||
Pretax | $ | 181 | $ | 193 | $ | 698 | $ | 745 | $ | 193 | $ | 762 | ||||||||||||
After-tax | $ | 143 | $ | 153 | $ | 552 | $ | 588 | $ | 153 | $ | 602 | ||||||||||||
Per share | $ | 1.33 | $ | 1.41 | $ | 5.13 | $ | 5.45 | $ | 1.41 | $ | 5.54 | ||||||||||||
C. | All actual and forecasted non-GAAP adjustments are taxed at | |||||||||||||||||||||||
D. | Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. | |||||||||||||||||||||||
Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.
Contact information:
Investor Relations
941-556-2601
investor-relations@ropertech.com
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Roper Technologies, Inc. | |||||||
Condensed Consolidated Balance Sheets (unaudited) | |||||||
(Amounts in millions) | |||||||
December 31, 2024 | December 31, 2023 | ||||||
ASSETS: | |||||||
Cash and cash equivalents | $ | 188.2 | $ | 214.3 | |||
Accounts receivable, net | 885.1 | 829.9 | |||||
Inventories, net | 120.8 | 118.6 | |||||
Income taxes receivable | 25.6 | 47.7 | |||||
Unbilled receivables | 127.3 | 106.4 | |||||
Prepaid expenses and other current assets | 195.7 | 164.5 | |||||
Total current assets | 1,542.7 | 1,481.4 | |||||
Property, plant and equipment, net | 149.7 | 119.6 | |||||
Goodwill | 19,312.9 | 17,118.8 | |||||
Other intangible assets, net | 9,059.6 | 8,212.1 | |||||
Deferred taxes | 54.1 | 32.2 | |||||
Equity investments | 772.3 | 795.7 | |||||
Other assets | 443.4 | 407.7 | |||||
Total assets | $ | 31,334.7 | $ | 28,167.5 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||
Accounts payable | $ | 148.1 | $ | 143.0 | |||
Accrued compensation | 289.0 | 250.0 | |||||
Deferred revenue | 1,737.4 | 1,583.8 | |||||
Other accrued liabilities | 546.2 | 446.5 | |||||
Income taxes payable | 68.4 | 40.4 | |||||
Current portion of long-term debt, net | 1,043.1 | 499.5 | |||||
Total current liabilities | 3,832.2 | 2,963.2 | |||||
Long-term debt, net of current portion | 6,579.9 | 5,830.6 | |||||
Deferred taxes | 1,630.6 | 1,513.1 | |||||
Other liabilities | 424.4 | 415.8 | |||||
Total liabilities | 12,467.1 | 10,722.7 | |||||
Common stock | 1.1 | 1.1 | |||||
Additional paid-in capital | 3,014.6 | 2,767.0 | |||||
Retained earnings | 16,034.9 | 14,816.3 | |||||
Accumulated other comprehensive loss | (166.5 | ) | (122.8 | ) | |||
Treasury stock | (16.5 | ) | (16.8 | ) | |||
Total stockholders’ equity | 18,867.6 | 17,444.8 | |||||
Total liabilities and stockholders’ equity | $ | 31,334.7 | $ | 28,167.5 | |||
Roper Technologies, Inc. | |||||||||||||||
Condensed Consolidated Statements of Earnings (unaudited) | |||||||||||||||
(Amounts in millions, except per share data) | |||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net revenues | $ | 1,877.1 | $ | 1,613.5 | $ | 7,039.2 | $ | 6,177.8 | |||||||
Cost of sales | 594.8 | 488.3 | 2,160.9 | 1,870.6 | |||||||||||
Gross profit | 1,282.3 | 1,125.2 | 4,878.3 | 4,307.2 | |||||||||||
Selling, general and administrative expenses | 757.6 | 662.4 | 2,881.5 | 2,562.0 | |||||||||||
Income from operations | 524.7 | 462.8 | 1,996.8 | 1,745.2 | |||||||||||
Interest expense, net | 70.8 | 50.1 | 259.2 | 164.7 | |||||||||||
Equity investments gain, net | (141.0 | ) | (66.7 | ) | (234.6 | ) | (165.4 | ) | |||||||
Other expense, net | 4.1 | 2.7 | 5.0 | 2.8 | |||||||||||
Earnings before income taxes | 590.8 | 476.7 | 1,967.2 | 1,743.1 | |||||||||||
Income taxes | 128.5 | 99.2 | 417.9 | 374.7 | |||||||||||
Net earnings from continuing operations | 462.3 | 377.5 | 1,549.3 | 1,368.4 | |||||||||||
Loss from discontinued operations, net of tax | — | — | — | (4.1 | ) | ||||||||||
Gain on disposition of discontinued operations, net of tax | — | 11.5 | — | 19.9 | |||||||||||
Net earnings from discontinued operations | — | 11.5 | — | 15.8 | |||||||||||
Net earnings | $ | 462.3 | $ | 389.0 | $ | 1,549.3 | $ | 1,384.2 | |||||||
Net earnings per share from continuing operations: | |||||||||||||||
Basic | $ | 4.31 | $ | 3.53 | $ | 14.47 | $ | 12.83 | |||||||
Diluted | $ | 4.28 | $ | 3.50 | $ | 14.35 | $ | 12.74 | |||||||
Net earnings per share from discontinued operations: | |||||||||||||||
Basic | $ | — | $ | 0.11 | $ | — | $ | 0.15 | |||||||
Diluted | $ | — | $ | 0.11 | $ | — | $ | 0.15 | |||||||
Net earnings per share: | |||||||||||||||
Basic | $ | 4.31 | $ | 3.64 | $ | 14.47 | $ | 12.98 | |||||||
Diluted | $ | 4.28 | $ | 3.61 | $ | 14.35 | $ | 12.89 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 107.3 | 106.9 | 107.1 | 106.6 | |||||||||||
Diluted | 108.1 | 107.7 | 108.0 | 107.4 |
Roper Technologies, Inc. | |||||||||||||||||||||||||||||||
Selected Segment Financial Data (unaudited) | |||||||||||||||||||||||||||||||
(Amounts in millions; percentages of net revenues) | |||||||||||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||||
Application Software | $ | 1,056.9 | $ | 851.8 | $ | 3,868.3 | $ | 3,186.9 | |||||||||||||||||||||||
Network Software | 373.5 | 362.7 | 1,475.6 | 1,439.4 | |||||||||||||||||||||||||||
Technology Enabled Products | 446.7 | 399.0 | 1,695.3 | 1,551.5 | |||||||||||||||||||||||||||
Total | $ | 1,877.1 | $ | 1,613.5 | $ | 7,039.2 | $ | 6,177.8 | |||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||
Application Software | $ | 708.0 | 67.0 | % | $ | 586.6 | 68.9 | % | $ | 2,647.6 | 68.4 | % | $ | 2,195.8 | 68.9 | % | |||||||||||||||
Network Software | 318.9 | 85.4 | % | 311.6 | 85.9 | % | 1,254.8 | 85.0 | % | 1,225.6 | 85.1 | % | |||||||||||||||||||
Technology Enabled Products | 255.4 | 57.2 | % | 227.0 | 56.9 | % | 975.9 | 57.6 | % | 885.8 | 57.1 | % | |||||||||||||||||||
Total | $ | 1,282.3 | 68.3 | % | $ | 1,125.2 | 69.7 | % | $ | 4,878.3 | 69.3 | % | $ | 4,307.2 | 69.7 | % | |||||||||||||||
Operating profit*: | |||||||||||||||||||||||||||||||
Application Software | $ | 272.9 | 25.8 | % | $ | 219.5 | 25.8 | % | $ | 1,023.4 | 26.5 | % | $ | 820.8 | 25.8 | % | |||||||||||||||
Network Software | 174.4 | 46.7 | % | 167.4 | 46.2 | % | 666.5 | 45.2 | % | 632.4 | 43.9 | % | |||||||||||||||||||
Technology Enabled Products | 150.3 | 33.6 | % | 127.0 | 31.8 | % | 574.3 | 33.9 | % | 518.7 | 33.4 | % | |||||||||||||||||||
Total | $ | 597.6 | 31.8 | % | $ | 513.9 | 31.9 | % | $ | 2,264.2 | 32.2 | % | $ | 1,971.9 | 31.9 | % | |||||||||||||||
* Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were |
Roper Technologies, Inc. | |||||||
Condensed Consolidated Statements of Cash Flows (unaudited) | |||||||
(Amounts in millions) | |||||||
Year ended December 31, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net earnings from continuing operations | $ | 1,549.3 | $ | 1,368.4 | |||
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities: | |||||||
Depreciation and amortization of property, plant and equipment | 37.1 | 35.4 | |||||
Amortization of intangible assets | 775.7 | 719.8 | |||||
Amortization of deferred financing costs | 9.8 | 9.9 | |||||
Non-cash stock compensation | 145.9 | 123.5 | |||||
Equity investments gain, net | (234.6 | ) | (165.4 | ) | |||
Income tax provision | 417.9 | 374.7 | |||||
Changes in operating assets and liabilities, net of acquired businesses: | |||||||
Accounts receivable | 14.4 | (50.2 | ) | ||||
Unbilled receivables | (18.5 | ) | (7.5 | ) | |||
Inventories | (1.9 | ) | (6.6 | ) | |||
Prepaid expenses and other current assets | (19.5 | ) | (4.3 | ) | |||
Accounts payable | (13.0 | ) | 18.2 | ||||
Other accrued liabilities | 109.3 | (1.0 | ) | ||||
Deferred revenue | 110.7 | 93.9 | |||||
Cash taxes paid for gain on disposal of business | — | (32.5 | ) | ||||
Cash income taxes paid, excluding tax associated with gain on disposal of business | (483.8 | ) | (423.4 | ) | |||
Other, net | (5.6 | ) | (15.5 | ) | |||
Cash provided by operating activities from continuing operations | 2,393.2 | 2,037.4 | |||||
Cash used in operating activities from discontinued operations | — | (2.3 | ) | ||||
Cash provided by operating activities | 2,393.2 | 2,035.1 | |||||
Cash flows from (used in) investing activities: | |||||||
Acquisitions of businesses, net of cash acquired | (3,612.9 | ) | (2,052.7 | ) | |||
Capital expenditures | (66.0 | ) | (68.0 | ) | |||
Capitalized software expenditures | (45.0 | ) | (40.0 | ) | |||
Distributions from equity investment | 10.8 | 32.5 | |||||
Proceeds from sale of equity investment | 245.6 | — | |||||
Other, net | (1.0 | ) | (0.1 | ) | |||
Cash used in investing activities from continuing operations | (3,468.5 | ) | (2,128.3 | ) | |||
Cash provided by disposition of discontinued operations | — | 2.0 | |||||
Cash used in investing activities | (3,468.5 | ) | (2,126.3 | ) | |||
Cash flows from (used in) financing activities: | |||||||
Proceeds from senior notes | 2,000.0 | — | |||||
Payments of senior notes | (500.0 | ) | (700.0 | ) | |||
Borrowings (payments) under revolving line of credit, net | (235.0 | ) | 360.0 | ||||
Debt issuance costs | (24.6 | ) | — | ||||
Cash dividends to stockholders | (321.9 | ) | (290.2 | ) | |||
Treasury stock sales | 18.5 | 15.5 | |||||
Proceeds from stock-based compensation, net | 88.6 | 115.2 | |||||
Other, net | 43.9 | — | |||||
Cash provided by (used in) financing activities | 1,069.5 | (499.5 | ) | ||||
(Continued) | |||||||
Roper Technologies, Inc. | |||||||
Condensed Consolidated Statements of Cash Flows (unaudited) - Continued | |||||||
(Amounts in millions) | |||||||
Year ended December 31, | |||||||
2024 | 2023 | ||||||
Effect of exchange rate changes on cash | (20.3 | ) | 12.2 | ||||
Net decrease in cash and cash equivalents | (26.1 | ) | (578.5 | ) | |||
Cash and cash equivalents, beginning of year | 214.3 | 792.8 | |||||
Cash and cash equivalents, end of year | $ | 188.2 | $ | 214.3 | |||
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