8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANTTO SECTION 13 OR 15(D) OF THESECURITIES EXCHANGE ACT OF 1934

February 9, 2017

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)

ROPER TECHNOLOGIES, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

DELAWARE

(STATE OR OTHER JURISDICTION OF INCORPORATION)

1-12273	51-0263969
(COMMISSION FILE NUMBER)	(IRS EMPLOYER IDENTIFICATION NO.)
6901 PROFESSIONAL PKWY. EAST, SUITE 200, SARASOTA, FLORIDA	34240
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)	(ZIP CODE)

(941) 556-2601

(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On February 9, 2017, Roper Technologies, Inc. (the "Company") issued a press release containing information about the Company's results of operations for the quarter and year ended December 31, 2016. A copy of the press release is furnished as Exhibit 99.1.  In the press release, the Company uses several non-GAAP financial measures: Adjusted Revenue, Adjusted Gross Margin, Adjusted Diluted Earnings per Share, EBITDA, Adjusted Operating Cash Flow, Free Cash Flow and Adjusted Free Cash Flow.

Business combination accounting rules required Roper to account for the fair value of deferred revenue assumed in connection with the 2015 acquisitions of Data Innovations, SoftWriters, Strata Decision Technology,  OnCenter Software, Aderant and Atlas Database Software and the 2016 acquisitions of CliniSys, ConstructConnect and Deltek. The fair value is based on the assumed cost of having a third-party provide the relevant support services rather than the contracted amount under the contracts. Because the fair value is less than the contracted amount, Roper's GAAP revenues for up to eighteen months subsequent to the acquisitions will not reflect the full amount of revenue that would have otherwise been recorded by the acquired companies had they remained independent companies. The Adjusted Revenue measure is intended to reflect the full amount that would have been recognized as revenue, absent the fair value adjustment.

Business combination accounting rules require Roper to increase the carrying value of inventory acquired to fair value at the date of purchase (inventory step-up).  Roper's GAAP gross profit for the two quarters subsequent to the acquisitions of PCI Medical in the first quarter of 2016 and RFIDeas in the third quarter of 2015 did not reflect the full amount of gross profit that would have otherwise been recorded by the entities had they remained independent companies.  The Adjusted Gross Profit measure is intended to reflect the full amount that would have been recognized by these companies, absent the fair value adjustment.

The Adjusted Revenue, Adjusted Gross Margin, and Adjusted Diluted Earnings per Share reflect these adjustments. In addition, Adjusted Diluted Earnings per Share includes 2015 adjustments for the gain recognized on the sale of the Abel business and an impairment charge on a minority investment and 2016 adjustments for significant aquisition-related expenses and a debt extinguishment charge related to the early termination of its previous credit facility. The Company believes these non-GAAP measures are useful to investors as a measure of the ongoing performance of its business.

EBITDA as shown in the press release is defined as adjusted net earnings plus (a) interest expense, (b) income taxes and (c) depreciation and amortization. The Company believes EBITDA is an important indicator of operational performance of the Company's business. EBITDA as calculated by the Company is not necessarily comparable to similarly titled measures reported by other companies. In addition, EBITDA: (a) does not represent net income or cash flows from operations as defined by GAAP; (b) is not necessarily indicative of cash available to fund the Company's cash flow needs; and (c) should not be considered as an alternative to net earnings, operating income, cash flows from operating activities or the Company's other financial information determined under GAAP. The Company believes that the line on the Company's consolidated statement of operations entitled net earnings is the most directly comparable GAAP measure to EBITDA.

Free Cash Flow is defined as "Cash Provided by Operating Activities" ("Operating Cash Flow") as stated in Roper's Consolidated Statements of Cash Flows, reduced by capital expenditures and capitalized software expenditures. The Company believes that Free Cash Flow is useful to investors as a basis for comparing its performance with other companies. Roper's measure of Free Cash Flow may not be comparable to similar measures used by other companies.  Adjusted Free Cash Flow is Free Cash Flow adjusted for income taxes paid in the first quarter of 2016 that were related to the gain recognized on the sale of the Abel business in the fourth quarter of 2015.  A reconciliation of Operating Cash Flow to Adjusted Free Cash Flow is included in the press release furnished as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release of the Company dated February 9, 2017.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Roper Technologies, Inc.
	(Registrant)
BY:	/s/ John Humphrey	Date: February 9, 2017
	John Humphrey,Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of the Company dated February 9, 2017

EX-99.1

Exhibit 99.1

Contact Information: Investor Relations 941-556-2601investor-relations@ropertech.com Roper Technologies, Inc.

Roper Technologies Announces 2016 Financial Results

Fourth Quarter Revenue Increased 7%; Orders Increased 17% to $1.085 Billion

Establishes 2017 Guidance

Sarasota, Florida, February 9, 2017 ... Roper Technologies, Inc. (NYSE: ROP), a diversified technology company, reported financial results for the fourth quarter and full year ended December 31, 2016.

Roper reports results – including revenue, operating margin, net income and diluted earnings per share – on a GAAP basis and an adjusted basis.

Fourth quarter GAAP diluted earnings per share (DEPS) were $1.78 and adjusted diluted earnings per share were $1.86.  GAAP revenue and adjusted revenue each increased 7% to $1.011 billion and $1.018 billion, respectively. Orders increased 17% to $1.085 billion.  Compared to the prior year, GAAP gross margin increased 60 basis points to 62.0% and adjusted gross margin increased 50 basis points to 62.3%.  Operating cash flow in the quarter was $270 million.

"We are very pleased with our fourth quarter performance," said Brian Jellison, Roper's Chairman, President and CEO.  "The execution of our strategies continued to deliver impressive cash flow results as full year adjusted operating cash flow exceeded $1 billion for the first time.  Revenue increased 7%, including 2% organic growth, and we delivered a record $365 million of EBITDA in the quarter, representing 36% of revenue.  Importantly, fourth quarter orders increased 17% to a record $1.1 billion and our book-to-bill ratio was 1.07, giving us confidence as we enter 2017."

Full year GAAP diluted earnings per share were $6.43, a 6% decrease, and adjusted diluted earnings per share were $6.57, a 2% decrease.  GAAP revenue increased 6% to $3.79 billion and adjusted revenue increased 6% to $3.81 billion.  Full year EBITDA was $1.31 billion, or 34.6% of adjusted revenue.  Operating cash flow increased 4% to $964 million and adjusted operating cash flow increased 8% to $1.001 billion, representing 26% of revenue.

"This was a transformational year for Roper on many levels," said Mr. Jellison.  "We invested $3.7 billion in software acquisitions during the year, of which $3.4 billion was deployed during the fourth quarter to acquire two exceptional software companies: ConstructConnect and Deltek.  Both businesses have favorable end market dynamics, terrific cash characteristics, substantial recurring revenue and outstanding leadership teams.  Like many of our software businesses, ConstructConnect and Deltek operate with negative working capital, further accelerating our transformation as an asset-light, diversified technology company.  Including these acquisitions, our software and network businesses are expected to contribute 50% of our EBITDA in 2017."

2017 Outlook and Guidance

Beginning in 2017, the Company's adjusted DEPS results and guidance will also exclude after-tax acquisition-related intangible amortization.  The Company believes reporting adjusted DEPS in this manner better reflects its core operating results and offers greater consistency and transparency.  A full reconciliation between GAAP and adjusted measures is included at the end of this release.

Roper expects 2017 full year adjusted DEPS between $8.82 and $9.22 with first quarter adjusted DEPS between $1.92 and $2.00.  Full year adjusted revenue is expected to increase between 20% and 22% including organic revenue growth between 3% and 5%.

The Company's guidance excludes the impact from future acquisitions or divestitures.

Conference Call to be Held at 8:30 AM (ET) Today

A conference call to discuss these results and 2017 guidance has been scheduled for 8:30 AM ET on Thursday, February 9, 2017.  The call can be accessed via webcast or by dialing +1 719-457-2604 (US/Canada) or +1 888-293-6979, using confirmation code 3201363.  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 by using the following URL https://www.webcaster4.com/Webcast/Page/866/19414.  Telephonic replays will be available for up to two weeks and can be accessed by using the following URL https://event.replay with access code 3201363.

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.

Table 1:  Revenue Growth Detail ($M)

		Q4 2016			Q4 2015		V%
GAAP Revenue	$	1,011		$	944		7%
Purchase accounting adjustment to acquired deferred revenueA,B		7	A		4	B
Adjusted Revenue	$	1,018		$	948		7%
Components of Adjusted Revenue Growth
Organic							2%
Acquisitions							7%
Foreign Exchange							(1%)
Rounding							(1%)
Total Adjusted Revenue Growth							7%

Table 2:  Reconciliation of Q4 2016 GAAP DEPS to Adjusted DEPS

		Q4 2016				Q4 2015
GAAP Diluted Earnings Per Share (DEPS)	$	1.78			$	2.05
Purchase accounting adjustment to acquired deferred revenueA,B		0.05		A		0.03		B
Gain on sale of divested businessC		-				(0.33	)	C
Impairment charge on minority investmentD		-				0.06		D
Acquisition-related inventory step-up chargeE		-				0.02		E
Acquisition-related expenses deemed significantF		0.04		F
Rounding		(0.01	)			(0.01	)
Adjusted DEPS	$	1.86			$	1.82

Table 3:  Reconciliation of Full Year 2016 GAAP DEPS to Adjusted DEPS ($M)

	FY 2016				FY 2015				V%
GAAP Diluted Earnings Per Share (DEPS)	$	6.43			$	6.85			(6%)
Gain on sale of divested businessC		-				(0.33	)	C
Impairment charge on minority investmentD		-				0.06		D
Acquisition-related expenses deemed significantF		0.04		F
Purchase accounting adjustment to acquired deferred revenueG,H		0.10		G		0.07		H
Acquisition-related inventory step-up chargeI,J		0.00		I		0.03		J
Debt extinguishment chargeK		0.01		K		-
Rounding		(0.01	)			-
Adjusted DEPS	$	6.57			$	6.68			(2%)

Table 4:  Free Cash Flow Reconciliation ($M)

	2016			2015			V%
GAAP Operating Cash Flow	$	964		$	929		+ 4%
Cash taxes related to 2015 sale of Abel Pump		37			-
Adjusted Operating Cash Flow	$	1,001		$	929		+ 8%
Capital expenditures		(37	)		(36	)
Capitalized software expenditures		(3	)		(2	)
Rounding		-			(1	)
Adjusted Free Cash Flow	$	961		$	890		+ 8%

Table 5:  Adjusted Gross Margin Reconciliation (M)

		Q4 2016				Q4 2015			V%
GAAP Revenue	$	1,011			$	944			7%
Purchase accounting adjustment to acquired deferred revenueA,B		7		A		4		B
Adjusted Revenue	$	1,018			$	948			7%
GAAP Gross Margin	$	627			$	579
Purchase accounting adjustment to acquired deferred revenueA,B		7		A		4		B
Acquisition-related inventory step-up chargeE		-				3		E
Adjusted Gross Margin	$	634			$	586
GAAP Gross Margin		62.0	%			61.4	%		+ 60 bps
Adjusted Gross Margin		62.3	%			61.8	%		+ 50 bps

Table 6:  Q4 and Full Year EBITDA Reconciliation ($M)

		Q4 2016			FY 2016
GAAP Revenue	$	1,011			$	3,790
Purchase accounting adjustment to acquired deferred revenueA,G		7		A		15		G
Adjusted Revenue	$	1,018			$	3,805
GAAP Net Earnings	$	182.1			$	658.6
Taxes		76.2				282.0
Interest expense		30.5				111.6
Depreciation		9.3				37.3
Amortization		54.0				203.2
Acquisition-related expenses deemed significantF		6.1				6.1		F
Purchase accounting adjustment to acquired deferred revenue, pretaxA,G		7.1		A		15.1		G
Acquisition-related inventory step-up charge, pretaxI		-				0.3		I
Debt extinguishment chargeK		-				0.9		K
Rounding		-				(0.1	)
Adjusted EBITDA	$	365.3			$	1,315.0
% of Adjusted Revenue		35.9	%			34.6	%

Table 7:  Forecasted Diluted Earnings Per Share (DEPS)

	Q1 2017						Full Year 2017
	Low End			High End			Low End			High End
GAAP DEPS	$	1.34		$	1.42		$	6.68		$	7.08
Purchase accounting adjustments to acquired deferred revenue and commissionsL		0.13	L		0.13	L		0.32	L		0.32	L
Amortization of acquisition-related intangible assets, after-taxM		0.45	M		0.45	M		1.82	M		1.82	M
Adjusted DEPS	$	1.92		$	2.00		$	8.82		$	9.22

A Acquisition-related fair value adjustments to deferred revenue related to the acquisitions of Atlas Medical ($30k pretax, $20k after-tax), CliniSys ($0.2M pretax, $0.1M after-tax), ConstructConnect ($5.9M pretax, $3.9M after-tax) and Deltek ($1.1M pretax, $0.7M after-tax).

B Acquisition-related fair value adjustments to deferred revenue related to the acquisitions of Strata ($0.7M pretax, $0.4M after-tax), Softwriters ($0.1M pretax, $0.0M after-tax), Data Innovations ($1.0m pre-tax, $0.7M after-tax), On Center Software ($0.4M pretax, $0.3M after-tax), Aderant ($1.8M pretax, $1.2M after-tax) and Atlas Medical ($0.1M pretax, $0.0M after-tax)

C Gain on sale of Abel Pumps, LP ($70.9M pretax, $33.4M after-tax)

D Impairment charge on minority investment ($9.5M pretax, $6.2M after-tax)

E Acquisition-related inventory step-up charge related to the acquisition of RFIdeas ($2.6M pretax, $1.7M after-tax)

F Acquisition-related expenses deemed significant, primarily related to the acquisitions of ConstructConnect and Deltek ($6.1M pretax, $4.0M after-tax)

G Acquisition-related fair value adjustments to acquired deferred revenue of Strata ($0.2M pretax, $0.1M after-tax), Data Innovations ($0.7M pretax, $0.4M after-tax), On Center Software ($0.9M pretax, $0.6M after-tax), Aderant ($5.4M pretax, $3.5M after-tax), Atlas Medical ($0.3M pretax, $0.2M after-tax), CliniSys ($0.7M pretax, $0.4M after-tax), ConstructConnect ($5.9M pretax, $3.9M after-tax) and Deltek ($1.1M pretax, $0.7M after-tax).

H Acquisition-related fair value adjustments to acquired deferred revenue of SHP ($1.7M pretax, $1.1M after-tax), FoodLink ($0.4M pretax, $0.2M after-tax), Strata ($2.5M pretax, $1.6M after-tax), Softwriters ($0.2M pretax, $0.2M after-tax), Data Innovations ($3.4M pretax, $2.2M after-tax), On Center Software ($0.6M pretax, $0.4M after-tax), Aderant ($1.8M pretax, $1.2M after-tax) and Atlas Medical ($0.1M pretax, $0.0M after-tax)

I Acquisition-related inventory step-up charge related to the acquisition of PCI Medical ($0.3M pretax, $0.2M after-tax)

J Acquisition related inventory step-up charge related to the acquisition of RFIdeas ($4.6M pretax, $3.0M after-tax)

K Debt extinguishment charge from the early replacement of the Company's credit agreement in September, 2016 ($0.9M pretax, $0.6M after-tax)

L Forecasted acquisition-related fair value adjustments to acquired deferred revenue and commissions of ConstructConnect and Deltek, as shown below ($M, except per share data)

		Q1 2017	FY 2017
Pretax	$	20	$	52
After-tax	$	13	$	33
Per Share	$	0.13	$	0.32

M Forecast of estimated amortization of acquisition-related intangible assets in the following periods ($M).  For comparison purposes, prior period amounts are also shown below.

		Q1 2016	FY 2016			Q1 2017	FY 2017
Pretax	$	49	$	201	$	72	$	288
After-tax	$	32	$	131	$	47	$	187
Per share	$	0.31	$	1.27	$	0.45	$	1.82

About Roper Technologies

Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper designs and develops software (both software-as-a-service and licensed), and engineered products and solutions for healthcare, transportation, food, energy, water, education and other niche markets worldwide. Additional information about Roper is available on the Company's website at www.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 integrate acquisitions and realize expected synergies.  We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related 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. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in thousands)
	December 31,			December 31,
ASSETS	2016			2015
CURRENT ASSETS:
Cash and cash equivalents	$	757,200		$	778,511
Accounts receivable		619,854			488,271
Inventories		181,952			189,868
Unbilled receivable		129,965			122,042
Other current assets		87,530			39,355
Total current assets		1,776,501			1,618,047
PROPERTY, PLANT AND EQUIPMENT, NET		141,318			105,510
OTHER ASSETS:
Goodwill and other intangible assets, net		12,302,985			8,353,722
Deferred taxes		30,620			31,532
Other assets		73,503			59,554
Total other assets		12,407,108			8,444,808
TOTAL ASSETS	$	14,324,927		$	10,168,365
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	152,067		$	139,737
Accrued compensation		161,730			119,511
Deferred revenue		488,399			267,030
Other accrued liabilities		219,339			168,513
Income taxes payable		22,762			18,532
Current portion of long-term debt		400,975			6,805
Total current liabilities		1,445,272			720,128
NONCURRENT LIABILITIES:
Long-term debt		5,808,561			3,264,417
Deferred taxes		1,178,205			810,856
Other liabilities		104,024			74,017
Total liabilities		8,536,062			4,869,418
STOCKHOLDERS' EQUITY:
Common stock		1,036			1,028
Additional paid-in capital		1,489,067			1,419,262
Retained earnings		4,642,402			4,110,530
Accumulated other comprehensive earnings		(324,739	)		(212,779	)
Treasury stock		(18,901	)		(19,094	)
Total stockholders' equity		5,788,865			5,298,947
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	14,324,927		$	10,168,365

Roper Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in thousands, except per share data)
	Three months ended					Twelve months ended
	December 31,					December 31,
	2016			2015		2016			2015
Net sales	$	1,010,800		$	943,640	$	3,789,925		$	3,582,395
Cost of sales		383,922			364,549		1,457,515			1,417,749
Gross profit		626,878			579,091		2,332,410			2,164,646
Selling, general and administrative expenses		337,774			300,414		1,277,847			1,136,728
Income from operations		289,104			278,677		1,054,563			1,027,918
Interest expense		30,483			23,843		111,559			84,225
Other income/(expense)		(355	)		60,600		(2,352	)		58,652
Earnings from continuing operations before
income taxes		258,266			315,434		940,652			1,002,345
Income taxes		76,185			106,837		282,007			306,278
Net Earnings	$	182,081		$	208,597	$	658,645		$	696,067
Earnings per share:
Basic	$	1.79		$	2.07	$	6.50		$	6.92
Diluted	$	1.78		$	2.05	$	6.43		$	6.85
Weighted average common and common
equivalent shares outstanding:
Basic		101,469			100,829		101,291			100,616
Diluted		102,580			101,833		102,464			101,597

Roper Technologies, Inc. and Subsidiaries
Selected Segment Financial Data (unaudited)
(Amounts in thousands and percents of net sales)
	Three months ended December 31,										Twelve months ended December 31,
	2016					2015					2016					2015
	Amount		%			Amount		%			Amount		%			Amount		%
Net sales:
Medical & Scientific Imaging	$	351,987				$	321,735				$	1,362,813				$	1,215,318
RF Technology		337,728					281,883					1,210,264					1,033,951
Industrial Technology		178,446					182,039					706,625					745,381
Energy Systems & Controls		142,639					157,983					510,223					587,745
Total	$	1,010,800				$	943,640				$	3,789,925				$	3,582,395
Gross profit:
Medical & Scientific Imaging	$	256,941		73.0	%	$	238,804		74.2	%	$	997,666		73.2	%	$	899,775		74.0	%
RF Technology		193,430		57.3	%		154,731		54.9	%		685,923		56.7	%		552,605		53.4	%
Industrial Technology		90,683		50.8	%		89,842		49.4	%		357,362		50.6	%		370,894		49.8	%
Energy Systems & Controls		85,824		60.2	%		95,714		60.6	%		291,459		57.1	%		341,372		58.1	%
Total	$	626,878		62.0	%	$	579,091		61.4	%	$	2,332,410		61.5	%	$	2,164,646		60.4	%
Operating profit*:
Medical & Scientific Imaging	$	129,842		36.9	%	$	116,492		36.2	%	$	477,548		35.0	%	$	441,931		36.4	%
RF Technology		99,562		29.5	%		83,591		29.7	%		372,467		30.8	%		312,112		30.2	%
Industrial Technology		51,601		28.9	%		52,155		28.7	%		202,451		28.7	%		214,538		28.8	%
Energy Systems & Controls		45,874		32.2	%		51,704		32.7	%		129,602		25.4	%		162,128		27.6	%
Total	$	326,879		32.3	%	$	303,942		32.2	%	$	1,182,068		31.2	%	$	1,130,709		31.6	%
Net Orders:
Medical & Scientific Imaging	$	384,097				$	334,967				$	1,399,007				$	1,235,143
RF Technology		378,587					273,856					1,278,246					1,024,999
Industrial Technology		175,993					176,379					704,622					731,810
Energy Systems & Controls		146,008					138,869					514,300					555,672
Total	$	1,084,685				$	924,071				$	3,896,175				$	3,547,624
* Operating profit is before unallocated corporate general and administrative expenses. These expenses
were $37,775 and $25,265 for the three months ended December 31, 2016 and 2015, respectively, and
$127,505 and $102,791 for the twelve months ended December 31, 2016 and 2015, respectively.

Roper Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
	Twelve months ended
	December 31,
	2016			2015
Net earnings	$	658,645		$	696,067
Non-cash items:
Depreciation		37,299			38,185
Amortization		203,154			166,076
Stock-based compensation expense		78,827			61,766
Gain on disposal of a business		-			(70,860	)
Income taxes		(47,589	)		3,069
Changes in assets and liabilities:
Receivables		(21,936	)		30,753
Inventory		6,353			(1,150	)
Accounts payable		6,393			(6,554	)
Accrued liabilities		38,973			6,401
Other, net		3,666			5,072
Cash provided by operating activities		963,785			928,825
Business acquisitions, net of cash acquired		(3,721,758	)		(1,762,883	)
Capital expenditures		(37,305	)		(36,260	)
Capitalized software expenditures		(2,801	)		(2,439	)
Proceeds from disposal of a business		-			105,624
Other, net		9,008			(2,374	)
Cash used by investing activities		(3,752,856	)		(1,698,332	)
Principal debt borrowings		1,200,000			900,000
Principal debt payments		(4,284	)		(4,006	)
Revolver borrowings, net		1,750,000			180,000
Debt issuance costs		(17,266	)		(8,044	)
Dividends		(121,130	)		(100,334	)
Excess tax benefit from share-based payment		-			22,228
Proceeds from stock-based compensation, net		9,998			18,312
Redemption premium on convertible debt		(14,166	)		(13,126	)
Other, net		2,111			1,212
Cash provided by financing activities		2,805,263			996,242
Effect of exchange rate changes on cash		(37,503	)		(58,654	)
Net increase/(decrease) in cash and equivalents		(21,311	)		168,081
Cash and equivalents, beginning of year		778,511			610,430
Cash and equivalents, end of year	$	757,200		$	778,511