Roper Technologies announces second quarter financial results
Roper Technologies (Nasdaq: ROP) reported solid Q2 2024 financial results, with revenue increasing 12% to $1.72 billion and organic revenue growing 4%. Adjusted EBITDA rose 13% to $695 million, while operating cash flow increased 20% to $384 million. The company updated its 2024 guidance, now expecting full-year adjusted DEPS of $18.10 - $18.25, up from the previous $18.05 - $18.25 range. Roper maintains its projection for 12% total revenue growth and 6% organic revenue growth for the year. The company's strong performance is attributed to its portfolio of market-leading technology businesses, with trailing-twelve-month adjusted free cash flow reaching $2.1 billion, representing 32% of revenue.
Roper Technologies (Nasdaq: ROP) ha registrato solidi risultati finanziari per il secondo trimestre del 2024, con un aumento del fatturato del 12% a $1.72 miliardi e una crescita del fatturato organico del 4%. EBITDA rettificato è cresciuto del 13% a $695 milioni, mentre il flusso di cassa operativo è aumentato del 20% a $384 milioni. L'azienda ha aggiornato le sue previsioni per il 2024, aspettandosi ora un DEPS rettificato per l'intero anno compreso tra $18.10 e $18.25, in rialzo rispetto al precedente intervallo di $18.05 - $18.25. Roper mantiene la sua proiezione di una crescita totale del fatturato del 12% e una crescita del fatturato organico del 6% per l'anno. Le forti performance dell'azienda sono attribuite al suo portafoglio di attività tecnologiche leader di mercato, con un flusso di cassa libero rettificato degli ultimi dodici mesi che ha raggiunto $2.1 miliardi, rappresentando il 32% del fatturato.
Roper Technologies (Nasdaq: ROP) reportó sólidos resultados financieros para el segundo trimestre de 2024, con un aumento del 12% en los ingresos, alcanzando los $1.72 mil millones, y un crecimiento del 4% en los ingresos orgánicos. EBITDA ajustado subió un 13% a $695 millones, mientras que el flujo de caja operativo aumentó un 20% a $384 millones. La empresa actualizó sus previsiones para 2024, esperando ahora un DEPS ajustado para todo el año de entre $18.10 y $18.25, en comparación con el rango anterior de $18.05 a $18.25. Roper mantiene su proyección de un crecimiento total de ingresos del 12% y un crecimiento de ingresos orgánicos del 6% para el año. El fuerte desempeño de la empresa se atribuye a su cartera de negocios tecnológicos líderes en el mercado, con un flujo de caja libre ajustado de los últimos doce meses que alcanzó los $2.1 mil millones, representando el 32% de los ingresos.
로퍼 테크놀로지스(Roper Technologies, Nasdaq: ROP)는 2024년 2분기 재무 결과를 발표하며 매출이 12% 증가한 17억 2천만 달러, 유기적 매출이 4% 증가했다고 보고했습니다. 조정된 EBITDA는 13% 증가한 6억 9천5백만 달러, 운영 현금 흐름은 20% 증가한 3억 8천4백만 달러에 달했습니다. 회사는 2024년 가이던스를 업데이트하며, 연간 조정된 DEPS를 18.10달러 - 18.25달러로 예측하고 있습니다. 이는 이전의 18.05달러 - 18.25달러 범위보다 상향 조정된 것입니다. 로퍼는 연간 12%의 총 매출 성장과 6%의 유기적 매출 성장을 유지할 계획입니다. 회사의 강력한 성과는 시장 선도 기술 기업의 포트폴리오 덕분이며, 최근 12개월 간의 조정된 자유 현금 흐름이 21억 달러에 달하여 매출의 32%를 차지하고 있습니다.
Roper Technologies (Nasdaq: ROP) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec une augmentation des revenus de 12 % à 1,72 milliard de dollars et une croissance des revenus organiques de 4 %. EBITDA ajusté a augmenté de 13 % pour atteindre 695 millions de dollars, tandis que le a crû de 20 % pour atteindre 384 millions de dollars. L'entreprise a mis à jour ses prévisions pour 2024, s'attendant désormais à un DEPS ajusté pour l'année complète de 18,10 à 18,25 dollars, contre une fourchette précédente de 18,05 à 18,25 dollars. Roper maintient sa projection d'une croissance totale des revenus de 12 % et d'une croissance des revenus organiques de 6 % pour l'année. La forte performance de l'entreprise est attribuée à son portefeuille d'entreprises technologiques leaders sur le marché, le flux de trésorerie libre ajusté au cours des douze derniers mois atteignant 2,1 milliards de dollars, représentant 32 % des revenus.
Roper Technologies (Nasdaq: ROP) hat für das zweite Quartal 2024 solide Finanzzahlen gemeldet, wobei der Umsatz um 12% auf 1,72 Milliarden Dollar gestiegen ist und der organische Umsatz um 4% gewachsen ist. Bereinigtes EBITDA stieg um 13% auf 695 Millionen Dollar, während der betriebliche Cashflow um 20% auf 384 Millionen Dollar zulegte. Das Unternehmen hat seine Prognose für 2024 aktualisiert und erwartet nun einen bereinigten DEPS für das gesamte Jahr von 18,10 bis 18,25 Dollar, im Vergleich zum vorherigen Bereich von 18,05 bis 18,25 Dollar. Roper hält an seiner Prognose eines Gesamtumsatzwachstums von 12% und eines organischen Umsatzwachstums von 6% für das Jahr fest. Die starke Leistung des Unternehmens wird auf sein Portfolio marktführender Technologieunternehmen zurückgeführt, wobei der bereinigte freie Cashflow der letzten zwölf Monate 2,1 Milliarden Dollar erreicht hat, was 32% des Umsatzes darstellt.
- Revenue increased 12% to $1.72 billion, with organic revenue growth of 4%
- Adjusted EBITDA increased 13% to $695 million
- Operating cash flow increased 20% to $384 million
- Trailing-twelve-month adjusted free cash flow reached $2.1 billion, representing 32% of revenue
- Company raised the low end of full-year adjusted DEPS guidance
- GAAP DEPS decreased 7% to $3.12
- GAAP net earnings decreased 7% to $337 million
Roper Technologies' Q2 2024 financial results showcase robust growth and improved financial health, which is promising for investors. The company reported a 12% increase in revenue to
Notably, the adjusted DEPS rose by
The company's operating cash flow increased by
Increased guidance for full-year adjusted DEPS to
Overall, Roper's diverse portfolio and disciplined capital deployment strategy, coupled with substantial M&A capacity, position it well for future growth. Investors should view these results as a positive indicator of the company's financial stability and growth trajectory.
From a market perspective, Roper Technologies' Q2 results highlight a favorable trend in demand for its enterprise software. Improved demand for this segment, albeit partially offset by production timing at Neptune, suggests a strong market position. Investors should monitor this segment, as continued growth can lead to sustained revenue increases.
The announcement of updated full-year guidance, though modest, indicates management's confidence in their business forecast. The ability to predict and adjust to market conditions reflects strong strategic oversight. Additionally, the company's focus on a 'disciplined and process-driven capital deployment strategy' with a robust pipeline of acquisition opportunities showcases commitment to long-term growth through strategic investments.
Given the healthy growth rates and strategic direction, Roper Technologies presents a compelling investment opportunity. However, investors should remain vigilant about potential risks associated with production delays or integration issues with future acquisitions.
Roper Technologies' performance in the tech sector, particularly with enterprise software, demonstrates the company's ability to innovate and meet market demands. The segment's improved demand signifies a well-received product lineup and effective market penetration strategies.
The growth in revenue from acquisitions underscores the company's successful integration of new technologies and businesses into its portfolio. This is important for maintaining a competitive edge in a rapidly evolving tech landscape. Investors should note that continuous innovation and acquisition of cutting-edge tech are critical for sustaining this growth momentum.
Overall, Roper Technologies is positioned well within the tech sector, leveraging both organic growth and strategic acquisitions to drive its financial performance. Investors can expect continued value creation from the company's tech initiatives.
SARASOTA, Fla., July 24, 2024 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the second quarter ended June 30, 2024. The results in this press release are presented on a continuing operations basis.
Second quarter 2024 highlights
- Revenue increased
12% to$1.72 billion ; organic revenue increased4% - GAAP DEPS decreased
7% to$3.12 ; adjusted DEPS increased9% to$4.48 - GAAP net earnings decreased
7% to$337 million ; adjusted net earnings increased9% to$483 million - Adjusted EBITDA increased
13% to$695 million - Operating cash flow increased
20% to$384 million
"Our portfolio of market-leading technology businesses delivered a solid quarter, highlighted by
"During the quarter, we saw improving demand for our enterprise software partially offset by production timing at Neptune. Given these factors, we are increasing the low end of our full year guidance. Additionally, we remain well positioned to execute our disciplined and process-driven capital deployment strategy, with a robust pipeline of attractive acquisition opportunities and substantial M&A capacity," concluded Mr. Hunn.
Updating 2024 guidance
Roper now expects full year 2024 adjusted DEPS of
For the third quarter of 2024, the Company expects 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 Wednesday, July 24, 2024. 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 31548. 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 31548#.
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) loss, net." Roper also holds a minority interest in Certinia, a leading provider of professional services automation software. The Company’s investment is accounted for under the equity method and its proportionate share of earnings or loss associated with this investment is reported as "equity investments (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with these investments.
Table 1: Revenue and adjusted EBITDA reconciliation ($M) (from continuing operations) | ||||||||||
Q2 2023 | Q2 2024 | V % | ||||||||
GAAP revenue | $ | 1,531 | $ | 1,717 | 12 | % | ||||
Components of revenue growth | ||||||||||
Organic | 4 | % | ||||||||
Acquisitions | 8 | % | ||||||||
Foreign exchange | — | % | ||||||||
Revenue growth | 12 | % | ||||||||
Adjusted EBITDA reconciliation | ||||||||||
GAAP net earnings | $ | 361 | $ | 337 | ||||||
Taxes | 103 | 88 | ||||||||
Interest expense | 35 | 68 | ||||||||
Depreciation | 9 | 9 | ||||||||
Amortization | 176 | 192 | ||||||||
EBITDA | $ | 683 | $ | 694 | 2 | % | ||||
Financial impacts associated with the minority investments in Indicor & Certinia A | (66 | ) | 1 | |||||||
Adjusted EBITDA | $ | 617 | $ | 695 | 13 | % | ||||
% of revenue | 40.3 | % | 40.5 | % | +20 bps |
Table 2: Adjusted net earnings reconciliation ($M) (from continuing operations) | |||||||||
Q2 2023 | Q2 2024 | V % | |||||||
GAAP net earnings | $ | 361 | $ | 337 | (7)% | ||||
Financial impacts associated with the minority investments in Indicor & Certinia A | (53 | ) | — | ||||||
Amortization of acquisition-related intangible assets B | 135 | 146 | |||||||
Adjusted net earnings | $ | 442 | $ | 483 | 9 | % | |||
Table 3: Adjusted DEPS reconciliation (from continuing operations) | |||||||||
Q2 2023 | Q2 2024 | V % | |||||||
GAAP DEPS | $ | 3.36 | $ | 3.12 | (7)% | ||||
Financial impacts associated with the minority investments in Indicor & Certinia A | (0.50 | ) | — | ||||||
Amortization of acquisition-related intangible assets B | 1.25 | 1.35 | |||||||
Adjusted DEPS | $ | 4.12 | $ | 4.48 | 9 | % | |||
Table 4: Adjusted cash flow reconciliation ($M) (from continuing operations) | |||||||||||||||
Q2 2023 | Q2 2024 | V % | TTM 2024 | ||||||||||||
Operating cash flow | $ | 320 | $ | 384 | 20 | % | $ | 2,168 | |||||||
Taxes paid in period related to divestiture | — | — | 32 | ||||||||||||
Adjusted operating cash flow | $ | 320 | $ | 384 | 20 | % | $ | 2,200 | |||||||
Capital expenditures | (15 | ) | (7 | ) | (59 | ) | |||||||||
Capitalized software expenditures | (9 | ) | (11 | ) | (41 | ) | |||||||||
Adjusted free cash flow | $ | 295 | $ | 367 | 24 | % | $ | 2,100 | |||||||
Table 5: Forecasted adjusted DEPS reconciliation (from continuing operations) | |||||||||||
Q3 2024 | FY 2024 | ||||||||||
Low end | High end | Low end | High end | ||||||||
GAAP DEPS C | $ | 3.16 | $ | 3.20 | $ | 12.76 | $ | 12.91 | |||
Transaction-related expenses for completed acquisitions | — | — | 0.01 | 0.01 | |||||||
Financial impacts associated with the minority investments in Indicor & Certinia A | TBD | TBD | TBD | TBD | |||||||
Amortization of acquisition-related intangible assets B | 1.34 | 1.34 | 5.33 | 5.33 | |||||||
Adjusted DEPS | $ | 4.50 | $ | 4.54 | $ | 18.10 | $ | 18.25 | |||
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 investments in Indicor or Certinia, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. | |||||||||||||
Q2 2023A | Q2 2024A | Q3 2024E | FY 2024E | |||||||||||
Pretax | $ | (66 | ) | $ | 1 | TBD | TBD | |||||||
After-tax | $ | (53 | ) | $ | — | TBD | TBD | |||||||
Per share | $ | (0.50 | ) | $ | — | TBD | TBD | |||||||
B. | Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). These adjustments are taxed at | |||||||||||||
Q2 2023A | Q2 2024A | Q3 2024E | FY 2024E | |||||||||||
Pretax | $ | 170 | $ | 185 | $ | 184 | $ | 729 | ||||||
After-tax | $ | 135 | $ | 146 | $ | 145 | $ | 576 | ||||||
Per share | $ | 1.25 | $ | 1.35 | $ | 1.34 | $ | 5.33 | ||||||
C. | Forecasted GAAP DEPS do not include any potential impacts associated with our minority investments in Indicor or Certinia. 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, difficulties associated with exports, 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 the current inflationary environment and ongoing 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) | |||||||
June 30, 2024 | December 31, 2023 | ||||||
ASSETS: | |||||||
Cash and cash equivalents | $ | 251.5 | $ | 214.3 | |||
Accounts receivable, net | 739.9 | 829.9 | |||||
Inventories, net | 128.8 | 118.6 | |||||
Income taxes receivable | 48.0 | 47.7 | |||||
Unbilled receivables | 123.8 | 106.4 | |||||
Other current assets | 198.2 | 164.5 | |||||
Total current assets | 1,490.2 | 1,481.4 | |||||
Property, plant and equipment, net | 116.4 | 119.6 | |||||
Goodwill | 18,313.1 | 17,118.8 | |||||
Other intangible assets, net | 8,645.3 | 8,212.1 | |||||
Deferred taxes | 30.7 | 32.2 | |||||
Equity investments | 842.8 | 795.7 | |||||
Other assets | 409.0 | 407.7 | |||||
Total assets | $ | 29,847.5 | $ | 28,167.5 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||
Accounts payable | $ | 149.4 | $ | 143.0 | |||
Accrued compensation | 189.5 | 250.0 | |||||
Deferred revenue | 1,468.3 | 1,583.8 | |||||
Other accrued liabilities | 469.7 | 446.5 | |||||
Income taxes payable | 30.9 | 40.4 | |||||
Current portion of long-term debt, net | 500.0 | 499.5 | |||||
Total current liabilities | 2,807.8 | 2,963.2 | |||||
Long-term debt, net of current portion | 6,923.9 | 5,830.6 | |||||
Deferred taxes | 1,585.4 | 1,513.1 | |||||
Other liabilities | 391.4 | 415.8 | |||||
Total liabilities | 11,708.5 | 10,722.7 | |||||
Common stock | 1.1 | 1.1 | |||||
Additional paid-in capital | 2,923.0 | 2,767.0 | |||||
Retained earnings | 15,374.3 | 14,816.3 | |||||
Accumulated other comprehensive loss | (142.8 | ) | (122.8 | ) | |||
Treasury stock | (16.6 | ) | (16.8 | ) | |||
Total stockholders’ equity | 18,139.0 | 17,444.8 | |||||
Total liabilities and stockholders’ equity | $ | 29,847.5 | $ | 28,167.5 | |||
Roper Technologies, Inc. | ||||||||||||||
Condensed Consolidated Statements of Earnings (unaudited) | ||||||||||||||
(Amounts in millions, except per share data) | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Net revenues | $ | 1,716.8 | $ | 1,531.2 | $ | 3,397.5 | $ | 3,000.9 | ||||||
Cost of sales | 523.5 | 464.1 | 1,023.2 | 915.2 | ||||||||||
Gross profit | 1,193.3 | 1,067.1 | 2,374.3 | 2,085.7 | ||||||||||
Selling, general and administrative expenses | 699.1 | 631.8 | 1,398.8 | 1,249.4 | ||||||||||
Income from operations | 494.2 | 435.3 | 975.5 | 836.3 | ||||||||||
Interest expense, net | 67.5 | 34.8 | 120.7 | 72.2 | ||||||||||
Equity investments (gain) loss, net | 0.8 | (66.0 | ) | (56.2 | ) | (64.8 | ) | |||||||
Other expense, net | 0.6 | 2.8 | 1.8 | 5.1 | ||||||||||
Earnings before income taxes | 425.3 | 463.7 | 909.2 | 823.8 | ||||||||||
Income taxes | 88.2 | 102.7 | 190.1 | 178.5 | ||||||||||
Net earnings from continuing operations | 337.1 | 361.0 | 719.1 | 645.3 | ||||||||||
Loss from discontinued operations, net of tax | — | — | — | (1.2 | ) | |||||||||
Gain on disposition of discontinued operations, net of tax | — | 3.9 | — | 3.9 | ||||||||||
Net earnings from discontinued operations | — | 3.9 | — | 2.7 | ||||||||||
Net earnings | $ | 337.1 | $ | 364.9 | $ | 719.1 | $ | 648.0 | ||||||
Net earnings per share from continuing operations: | ||||||||||||||
Basic | $ | 3.15 | $ | 3.38 | $ | 6.72 | $ | 6.06 | ||||||
Diluted | $ | 3.12 | $ | 3.36 | $ | 6.66 | $ | 6.02 | ||||||
Net earnings per share from discontinued operations: | ||||||||||||||
Basic | $ | — | $ | 0.04 | $ | — | $ | 0.03 | ||||||
Diluted | $ | — | $ | 0.04 | $ | — | $ | 0.02 | ||||||
Net earnings per share: | ||||||||||||||
Basic | $ | 3.15 | $ | 3.42 | $ | 6.72 | $ | 6.09 | ||||||
Diluted | $ | 3.12 | $ | 3.40 | $ | 6.66 | $ | 6.04 | ||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 107.1 | 106.6 | 107.0 | 106.4 | ||||||||||
Diluted | 107.9 | 107.4 | 107.9 | 107.2 |
Roper Technologies, Inc. | |||||||||||||||||||||||
Selected Segment Financial Data (unaudited) | |||||||||||||||||||||||
(Amounts in millions; percentages of net revenues) | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Application Software | $ | 931.8 | $ | 770.3 | $ | 1,827.0 | $ | 1,531.7 | |||||||||||||||
Network Software | 364.2 | 358.1 | 735.0 | 712.6 | |||||||||||||||||||
Technology Enabled Products | 420.8 | 402.8 | 835.5 | 756.6 | |||||||||||||||||||
Total | $ | 1,716.8 | $ | 1,531.2 | $ | 3,397.5 | $ | 3,000.9 | |||||||||||||||
Gross profit: | |||||||||||||||||||||||
Application Software | $ | 641.1 | 68.8 | % | $ | 531.0 | 68.9 | % | $ | 1,266.8 | 69.3 | % | $ | 1,051.5 | 68.6 | % | |||||||
Network Software | 307.8 | 84.5 | % | 303.9 | 84.9 | % | 624.1 | 84.9 | % | 603.3 | 84.7 | % | |||||||||||
Technology Enabled Products | 244.4 | 58.1 | % | 232.2 | 57.6 | % | 483.4 | 57.9 | % | 430.9 | 57.0 | % | |||||||||||
Total | $ | 1,193.3 | 69.5 | % | $ | 1,067.1 | 69.7 | % | $ | 2,374.3 | 69.9 | % | $ | 2,085.7 | 69.5 | % | |||||||
Operating profit*: | |||||||||||||||||||||||
Application Software | $ | 251.1 | 26.9 | % | $ | 201.2 | 26.1 | % | $ | 490.7 | 26.9 | % | $ | 394.4 | 25.7 | % | |||||||
Network Software | 159.1 | 43.7 | % | 153.1 | 42.8 | % | 326.1 | 44.4 | % | 300.6 | 42.2 | % | |||||||||||
Technology Enabled Products | 146.7 | 34.9 | % | 139.1 | 34.5 | % | 282.9 | 33.9 | % | 254.6 | 33.7 | % | |||||||||||
Total | $ | 556.9 | 32.4 | % | $ | 493.4 | 32.2 | % | $ | 1,099.7 | 32.4 | % | $ | 949.6 | 31.6 | % | |||||||
* 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) | |||||||
Six months ended June 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net earnings from continuing operations | $ | 719.1 | $ | 645.3 | |||
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities: | |||||||
Depreciation and amortization of property, plant and equipment | 18.5 | 17.3 | |||||
Amortization of intangible assets | 377.2 | 350.6 | |||||
Amortization of deferred financing costs | 4.5 | 5.1 | |||||
Non-cash stock compensation | 73.3 | 63.5 | |||||
Equity investments gain, net | (56.2 | ) | (64.8 | ) | |||
Income tax provision | 190.1 | 178.5 | |||||
Changes in operating assets and liabilities, net of acquired businesses: | |||||||
Accounts receivable | 96.7 | 46.7 | |||||
Unbilled receivables | (17.7 | ) | (14.9 | ) | |||
Inventories | (11.0 | ) | (5.9 | ) | |||
Accounts payable | 4.5 | 17.9 | |||||
Other accrued liabilities | (47.3 | ) | (91.0 | ) | |||
Deferred revenue | (122.6 | ) | (98.3 | ) | |||
Cash income taxes paid | (284.3 | ) | (231.5 | ) | |||
Other, net | (29.2 | ) | (33.5 | ) | |||
Cash provided by operating activities from continuing operations | 915.6 | 785.0 | |||||
Cash used in operating activities from discontinued operations | — | (1.7 | ) | ||||
Cash provided by operating activities | 915.6 | 783.3 | |||||
Cash flows from (used in) investing activities: | |||||||
Acquisitions of businesses, net of cash acquired | (1,858.3 | ) | (17.3 | ) | |||
Capital expenditures | (15.9 | ) | (24.9 | ) | |||
Capitalized software expenditures | (20.5 | ) | (19.3 | ) | |||
Distributions from equity investment | 8.4 | 12.1 | |||||
Other, net | (1.1 | ) | (2.9 | ) | |||
Cash used in investing activities from continuing operations | (1,887.4 | ) | (52.3 | ) | |||
Cash provided by disposition of discontinued operations | — | 2.0 | |||||
Cash used in investing activities | (1,887.4 | ) | (50.3 | ) | |||
Cash flows from (used in) financing activities: | |||||||
Borrowings under revolving line of credit, net | 1,090.0 | — | |||||
Cash dividends to stockholders | (160.6 | ) | (144.8 | ) | |||
Proceeds from stock-based compensation, net | 75.9 | 60.8 | |||||
Treasury stock sales | 10.3 | 8.4 | |||||
Other | (0.2 | ) | (0.2 | ) | |||
Cash provided by (used in) financing activities | 1,015.4 | (75.8 | ) | ||||
Effect of exchange rate changes on cash | (6.4 | ) | 12.8 | ||||
Net increase in cash and cash equivalents | 37.2 | 670.0 | |||||
Cash and cash equivalents, beginning of period | 214.3 | 792.8 | |||||
Cash and cash equivalents, end of period | $ | 251.5 | $ | 1,462.8 | |||
![](https://ml.globenewswire.com/media/YjA4NjI0Y2ItNDRjYy00MDNmLWFkYWMtZjdiMzBjODQ3YjFiLTEwMTU3MTE=/tiny/Roper-Technologies-Inc-.png)
FAQ
What were Roper Technologies' (ROP) Q2 2024 revenue and organic growth rates?
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