SARASOTA, Fla., Feb. 9, 2017 /PRNewswire/ -- 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
|
|
|
|
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/roper-technologies-announces-2016-financial-results-300404672.html
SOURCE Roper Technologies, Inc.