1-12273
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51-0263969
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(COMMISSION FILE NUMBER)
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(IRS EMPLOYER IDENTIFICATION NO.)
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6901 PROFESSIONAL PKWY. EAST, SUITE 200, SARASOTA, FLORIDA
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34240
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
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(ZIP CODE)
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99.1 Press Release of the Company dated February 9, 2017.
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Roper Technologies, Inc.
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(Registrant)
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BY:
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/s/ John Humphrey
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Date: February 9, 2017
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John Humphrey,
Executive Vice President and Chief Financial Officer |
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Exhibit No.
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Description
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99.1
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Press Release of the Company dated February 9, 2017
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Contact Information:
Investor Relations 941-556-2601
investor-relations@ropertech.com |
![]() Roper Technologies, Inc.
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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%
|
|
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
|
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
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|||||||||
Debt extinguishment chargeK
|
0.01
|
K
|
-
|
||||||||||
Rounding
|
(0.01
|
)
|
-
|
||||||||||
Adjusted DEPS
|
$
|
6.57
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$
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6.68
|
(2%)
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|||||||
2016
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2015
|
V%
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||||||||
GAAP Operating Cash Flow
|
$
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964
|
$
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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%
|
|
Q4 2016
|
Q4 2015
|
V%
|
|
||||||||||
GAAP Revenue
|
$
|
1,011
|
$
|
944
|
7%
|
|
|||||||
Purchase accounting adjustment to acquired deferred revenueA,B
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7
|
A
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4
|
B
|
|||||||||
Adjusted Revenue
|
$
|
1,018
|
$
|
948
|
7%
|
|
|||||||
GAAP Gross Margin
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$
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627
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$
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579
|
|||||||||
Purchase accounting adjustment to acquired deferred revenueA,B
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7
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A
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4
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B
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|||||||||
Acquisition-related inventory step-up chargeE
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-
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3
|
E
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||||||||||
Adjusted Gross Margin
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$
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634
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$
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586
|
|||||||||
GAAP Gross Margin
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62.0
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%
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61.4
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%
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+ 60 bps | ||||||||
Adjusted Gross Margin
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62.3
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%
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61.8
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%
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+ 50 bps |
Q4 2016
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FY 2016
|
|||||||||
GAAP Revenue
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$
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1,011
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$
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3,790
|
||||||
Purchase accounting adjustment to acquired deferred revenueA,G
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7
|
A
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15
|
G
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||||||
Adjusted Revenue
|
$
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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
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37.3
|
||||||||
Amortization
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54.0
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203.2
|
||||||||
Acquisition-related expenses deemed significantF
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6.1
|
6.1
|
F
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|||||||
Purchase accounting adjustment to acquired deferred revenue, pretaxA,G
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7.1
|
A
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15.1
|
G
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||||||
Acquisition-related inventory step-up charge, pretaxI
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-
|
0.3
|
I
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|||||||
Debt extinguishment chargeK
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-
|
0.9
|
K
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|||||||
Rounding
|
-
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(0.1
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)
|
|||||||
Adjusted EBITDA
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$
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365.3
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$
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1,315.0
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||||||
% of Adjusted Revenue
|
35.9
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%
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34.6
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%
|
Q1 2017 |
Full Year 2017
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|||||||||||||||||||
Low End
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High End
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Low End
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High End
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|||||||||||||||||
GAAP DEPS
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$
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1.34
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$
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1.42
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$
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6.68
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$
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7.08
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||||||||||||
Purchase accounting adjustments to acquired deferred revenue and commissionsL
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0.13
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L
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0.13
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L
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0.32
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L
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0.32
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L
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||||||||||||
Amortization of acquisition-related intangible assets, after-taxM
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0.45
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M
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0.45
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M
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1.82
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M
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1.82
|
M
|
||||||||||||
Adjusted DEPS
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$
|
1.92
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$
|
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).
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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)
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C |
Gain on sale of Abel Pumps, LP ($70.9M pretax, $33.4M after-tax)
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D |
Impairment charge on minority investment ($9.5M pretax, $6.2M after-tax)
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E |
Acquisition-related inventory step-up charge related to the acquisition of RFIdeas ($2.6M pretax, $1.7M after-tax)
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F |
Acquisition-related expenses deemed significant, primarily related to the acquisitions of ConstructConnect and Deltek ($6.1M pretax, $4.0M after-tax)
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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).
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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)
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I |
Acquisition-related inventory step-up charge related to the acquisition of PCI Medical ($0.3M pretax, $0.2M after-tax)
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J |
Acquisition related inventory step-up charge related to the acquisition of RFIdeas ($4.6M pretax, $3.0M after-tax)
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K |
Debt extinguishment charge from the early replacement of the Company's credit agreement in September, 2016 ($0.9M pretax, $0.6M after-tax)
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L |
Forecasted acquisition-related fair value adjustments to acquired deferred revenue and commissions of ConstructConnect and Deltek, as shown below ($M, except per share data)
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Q1 2017
|
FY 2017
|
|||||||
Pretax
|
$
|
20
|
$
|
52
|
||||
After-tax
|
$
|
13
|
$
|
33
|
||||
Per Share
|
$
|
0.13
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$
|
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
|
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
|
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