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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Roper Technologies Inc | NYSE:ROP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 476.97 | 0 | 01:00:00 |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or other jurisdiction of incorporation or organization)
|
|
51-0263969
(I.R.S. Employer Identification No.)
|
|
|
|
6901 Professional Pkwy. East, Suite 200
Sarasota, Florida
(Address of principal executive offices)
|
|
34240
(Zip Code)
|
þ
Large accelerated filer
|
o
Accelerated filer
|
|
|
o
Non-accelerated filer (Do not check if a smaller reporting company)
|
o
Smaller reporting company
|
|
|
|
o
Emerging growth company
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange On Which Registered
|
Common Stock, $0.01 Par Value
|
|
ROP
|
|
New York Stock Exchange
|
|
|
Page
|
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|
|
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||
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|
|
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|
|
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|
|
|
Three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net revenues
|
$
|
1,287.2
|
|
|
$
|
1,202.5
|
|
Cost of sales
|
476.6
|
|
|
452.0
|
|
||
Gross profit
|
810.6
|
|
|
750.5
|
|
||
|
|
|
|
|
|
||
Selling, general and administrative expenses
|
464.2
|
|
|
450.3
|
|
||
Income from operations
|
346.4
|
|
|
300.2
|
|
||
|
|
|
|
|
|
||
Interest expense, net
|
43.7
|
|
|
43.2
|
|
||
Other income/(expense), net
|
(3.1
|
)
|
|
(1.7
|
)
|
||
Gain on disposal of business
|
119.6
|
|
|
—
|
|
||
|
|
|
|
|
|
||
Earnings before income taxes
|
419.2
|
|
|
255.3
|
|
||
|
|
|
|
|
|
||
Income taxes
|
49.6
|
|
|
44.0
|
|
||
|
|
|
|
|
|
||
Net earnings
|
$
|
369.6
|
|
|
$
|
211.3
|
|
|
|
|
|
|
|
||
Net earnings per share:
|
|
|
|
|
|
||
Basic
|
$
|
3.57
|
|
|
$
|
2.05
|
|
Diluted
|
$
|
3.53
|
|
|
$
|
2.03
|
|
|
|
|
|
|
|
||
Weighted average common shares outstanding:
|
|
|
|
|
|
||
Basic
|
103.6
|
|
|
102.9
|
|
||
Diluted
|
104.7
|
|
|
104.2
|
|
|
Three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net earnings
|
$
|
369.6
|
|
|
$
|
211.3
|
|
|
|
|
|
||||
Other comprehensive income, net of tax:
|
|
|
|
||||
Foreign currency translation adjustments
|
28.7
|
|
|
57.8
|
|
||
Total other comprehensive income, net of tax
|
28.7
|
|
|
57.8
|
|
||
|
|
|
|
||||
Comprehensive income
|
$
|
398.3
|
|
|
$
|
269.1
|
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
ASSETS:
|
|
|
|
||||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
392.5
|
|
|
$
|
364.4
|
|
Accounts receivable, net
|
629.3
|
|
|
700.8
|
|
||
Inventories, net
|
207.5
|
|
|
190.8
|
|
||
Income taxes receivable
|
18.5
|
|
|
21.7
|
|
||
Unbilled receivables
|
194.4
|
|
|
169.4
|
|
||
Other current assets
|
91.5
|
|
|
80.0
|
|
||
Current assets held for sale
|
52.3
|
|
|
83.6
|
|
||
Total current assets
|
1,586.0
|
|
|
1,610.7
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
132.2
|
|
|
128.7
|
|
||
Goodwill
|
9,365.4
|
|
|
9,346.8
|
|
||
Other intangible assets, net
|
3,766.8
|
|
|
3,842.1
|
|
||
Deferred taxes
|
93.0
|
|
|
52.2
|
|
||
Other assets
|
375.4
|
|
|
101.1
|
|
||
Assets held for sale
|
95.3
|
|
|
167.9
|
|
||
|
|
|
|
||||
Total assets
|
$
|
15,414.1
|
|
|
$
|
15,249.5
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
|
|
|
|
||||
Accounts payable
|
$
|
172.6
|
|
|
$
|
165.3
|
|
Accrued compensation
|
164.3
|
|
|
248.3
|
|
||
Deferred revenue
|
691.1
|
|
|
677.9
|
|
||
Other accrued liabilities
|
298.0
|
|
|
258.0
|
|
||
Income taxes payable
|
78.7
|
|
|
58.3
|
|
||
Other short-term debt
|
14.1
|
|
|
—
|
|
||
Current portion of long-term debt, net
|
1.7
|
|
|
1.5
|
|
||
Current liabilities held for sale
|
24.2
|
|
|
38.9
|
|
||
Total current liabilities
|
1,444.7
|
|
|
1,448.2
|
|
||
|
|
|
|
||||
Long-term debt, net of current portion
|
4,487.0
|
|
|
4,940.2
|
|
||
Deferred taxes
|
920.5
|
|
|
931.1
|
|
||
Other liabilities
|
416.6
|
|
|
191.5
|
|
||
Liabilities held for sale
|
7.9
|
|
|
—
|
|
||
Total liabilities
|
7,276.7
|
|
|
7,511.0
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 9)
|
|
|
|
|
|
||
|
|
|
|
||||
Common stock
|
1.1
|
|
|
1.1
|
|
||
Additional paid-in capital
|
1,799.9
|
|
|
1,751.5
|
|
||
Retained earnings
|
6,569.4
|
|
|
6,247.7
|
|
||
Accumulated other comprehensive loss
|
(214.6
|
)
|
|
(243.3
|
)
|
||
Treasury stock
|
(18.4
|
)
|
|
(18.5
|
)
|
||
Total stockholders’ equity
|
8,137.4
|
|
|
7,738.5
|
|
||
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
$
|
15,414.1
|
|
|
$
|
15,249.5
|
|
|
Three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
369.6
|
|
|
$
|
211.3
|
|
Adjustments to reconcile net earnings to cash flows from operating activities:
|
|
|
|
||||
Depreciation and amortization of property, plant and equipment
|
11.7
|
|
|
12.6
|
|
||
Amortization of intangible assets
|
82.9
|
|
|
75.3
|
|
||
Amortization of deferred financing costs
|
1.7
|
|
|
1.6
|
|
||
Non-cash stock compensation
|
25.3
|
|
|
26.0
|
|
||
Gain on disposal of business, net of associated income tax
|
(89.6
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities, net of acquired businesses:
|
|
|
|
||||
Accounts receivable
|
88.9
|
|
|
17.3
|
|
||
Unbilled receivables
|
(25.3
|
)
|
|
(10.5
|
)
|
||
Inventories
|
(19.5
|
)
|
|
(9.0
|
)
|
||
Accounts payable and accrued liabilities
|
(92.8
|
)
|
|
(45.9
|
)
|
||
Deferred revenue
|
11.9
|
|
|
26.3
|
|
||
Income taxes, excluding tax associated with gain on disposal of businesses
|
(17.6
|
)
|
|
(13.8
|
)
|
||
Cash tax paid for gain on disposal of businesses
|
(39.4
|
)
|
|
—
|
|
||
Other, net
|
(17.5
|
)
|
|
(9.5
|
)
|
||
Cash provided by operating activities
|
290.3
|
|
|
281.7
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired
|
(3.2
|
)
|
|
(38.9
|
)
|
||
Capital expenditures
|
(15.8
|
)
|
|
(9.7
|
)
|
||
Capitalized software expenditures
|
(2.0
|
)
|
|
(1.9
|
)
|
||
Proceeds from disposal of business
|
220.4
|
|
|
—
|
|
||
Other, net
|
(2.2
|
)
|
|
(1.0
|
)
|
||
Cash from (used in) investing activities
|
197.2
|
|
|
(51.5
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Payments under revolving line of credit, net
|
(455.0
|
)
|
|
(535.0
|
)
|
||
Cash dividends to stockholders
|
(47.7
|
)
|
|
(42.1
|
)
|
||
Proceeds from stock-based compensation, net
|
22.0
|
|
|
23.8
|
|
||
Treasury stock sales
|
2.2
|
|
|
1.6
|
|
||
Other
|
14.2
|
|
|
0.1
|
|
||
Cash used in financing activities
|
(464.3
|
)
|
|
(551.6
|
)
|
||
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash
|
4.9
|
|
|
16.3
|
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
28.1
|
|
|
(305.1
|
)
|
||
|
|
|
|
||||
Cash and cash equivalents, beginning of period
|
364.4
|
|
|
671.3
|
|
||
|
|
|
|
||||
Cash and cash equivalents, end of period
|
$
|
392.5
|
|
|
$
|
366.2
|
|
|
Common
stock
|
|
Additional
paid-in
capital
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Treasury
stock
|
|
Total stockholders’ equity
|
||||||||||||
Balances at December 31, 2018
|
$
|
1.1
|
|
|
$
|
1,751.5
|
|
|
$
|
6,247.7
|
|
|
$
|
(243.3
|
)
|
|
$
|
(18.5
|
)
|
|
$
|
7,738.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings
|
—
|
|
|
—
|
|
|
369.6
|
|
|
—
|
|
|
—
|
|
|
369.6
|
|
||||||
Stock option exercises
|
—
|
|
|
36.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36.8
|
|
||||||
Treasury stock sold
|
—
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
2.2
|
|
||||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
28.7
|
|
|
—
|
|
|
28.7
|
|
||||||
Stock-based compensation
|
—
|
|
|
24.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24.3
|
|
||||||
Restricted stock activity
|
—
|
|
|
(14.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.8
|
)
|
||||||
Dividends declared ($0.4625 per share)
|
—
|
|
|
—
|
|
|
(47.9
|
)
|
|
—
|
|
|
—
|
|
|
(47.9
|
)
|
||||||
Balances at March 31, 2019
|
$
|
1.1
|
|
|
$
|
1,799.9
|
|
|
$
|
6,569.4
|
|
|
$
|
(214.6
|
)
|
|
$
|
(18.4
|
)
|
|
$
|
8,137.4
|
|
|
Common
stock
|
|
Additional
paid-in
capital
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Treasury
stock
|
|
Total stockholders' equity
|
||||||||||||
Balances at December 31, 2017
|
$
|
1.0
|
|
|
$
|
1,602.9
|
|
|
$
|
5,464.6
|
|
|
$
|
(186.2
|
)
|
|
$
|
(18.7
|
)
|
|
$
|
6,863.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adoption of ASC 606
|
—
|
|
|
—
|
|
|
14.3
|
|
|
—
|
|
|
—
|
|
|
14.3
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
211.3
|
|
|
—
|
|
|
—
|
|
|
211.3
|
|
||||||
Stock option exercises
|
—
|
|
|
29.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.1
|
|
||||||
Treasury stock sold
|
—
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
1.6
|
|
||||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
57.8
|
|
|
—
|
|
|
57.8
|
|
||||||
Stock-based compensation
|
—
|
|
|
25.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25.7
|
|
||||||
Restricted stock activity
|
—
|
|
|
(5.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.3
|
)
|
||||||
Dividends declared ($0.4125 per share)
|
—
|
|
|
—
|
|
|
(42.6
|
)
|
|
—
|
|
|
—
|
|
|
(42.6
|
)
|
||||||
Balances at March 31, 2018
|
$
|
1.0
|
|
|
$
|
1,653.9
|
|
|
$
|
5,647.6
|
|
|
$
|
(128.4
|
)
|
|
$
|
(18.6
|
)
|
|
$
|
7,155.5
|
|
–
|
Application Software
-
Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest
|
–
|
Network Software & Systems
-
ConstructConnect, DAT, Inovonics, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore
|
–
|
Measurement & Analytical Solutions
-
Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Gatan, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon
|
–
|
Process Technologies
-
AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec
|
|
Three months ended March 31,
|
||||
|
2019
|
|
2018
|
||
Basic shares outstanding
|
103.6
|
|
|
102.9
|
|
Effect of potential common stock:
|
|
|
|
||
Common stock awards
|
1.1
|
|
|
1.3
|
|
Diluted shares outstanding
|
104.7
|
|
|
104.2
|
|
|
Three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Stock-based compensation
|
$
|
25.3
|
|
|
$
|
26.0
|
|
Tax effect recognized in net earnings
|
5.3
|
|
|
5.5
|
|
|
Three months ended March 31,
|
||
|
2019
|
|
2018
|
Risk-free interest rate (%)
|
2.44
|
|
2.61
|
Expected option life (years)
|
5.41
|
|
5.32
|
Expected volatility (%)
|
19.24
|
|
18.00
|
Expected dividend yield (%)
|
0.59
|
|
0.59
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
Raw materials and supplies
|
$
|
128.8
|
|
|
$
|
120.3
|
|
Work in process
|
30.7
|
|
|
26.2
|
|
||
Finished products
|
79.3
|
|
|
74.6
|
|
||
Inventory reserves
|
(31.3
|
)
|
|
(30.3
|
)
|
||
|
$
|
207.5
|
|
|
$
|
190.8
|
|
|
Application Software
|
|
Network Software & Systems
|
|
Measurement &Analytical Solutions
|
|
Process Technologies
|
|
Total
|
||||||||||
Balances at December 31, 2018
|
$
|
5,236.1
|
|
|
$
|
2,623.7
|
|
|
$
|
1,174.7
|
|
|
$
|
312.3
|
|
|
$
|
9,346.8
|
|
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Goodwill related to assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||||
Currency translation adjustments
|
10.3
|
|
|
0.7
|
|
|
4.7
|
|
|
1.9
|
|
|
17.6
|
|
|||||
Balances at March 31, 2019
|
$
|
5,247.4
|
|
|
$
|
2,624.4
|
|
|
$
|
1,179.4
|
|
|
$
|
314.2
|
|
|
$
|
9,365.4
|
|
|
Cost
|
|
Accumulated
amortization
|
|
Net book
value
|
||||||
Assets subject to amortization:
|
|
|
|
|
|
||||||
Customer related intangibles
|
$
|
3,926.8
|
|
|
$
|
(1,083.6
|
)
|
|
$
|
2,843.2
|
|
Unpatented technology
|
504.0
|
|
|
(199.5
|
)
|
|
304.5
|
|
|||
Software
|
172.0
|
|
|
(93.2
|
)
|
|
78.8
|
|
|||
Patents and other protective rights
|
9.7
|
|
|
(7.5
|
)
|
|
2.2
|
|
|||
Trade names
|
7.3
|
|
|
(2.8
|
)
|
|
4.5
|
|
|||
Assets not subject to amortization:
|
|
|
|
|
|
||||||
Trade names
|
608.9
|
|
|
—
|
|
|
608.9
|
|
|||
Balances at December 31, 2018
|
$
|
5,228.7
|
|
|
$
|
(1,386.6
|
)
|
|
$
|
3,842.1
|
|
|
|
|
|
|
|
||||||
Assets subject to amortization:
|
|
|
|
|
|
||||||
Customer related intangibles
|
$
|
3,931.7
|
|
|
$
|
(1,144.4
|
)
|
|
$
|
2,787.3
|
|
Unpatented technology
|
505.0
|
|
|
(218.6
|
)
|
|
286.4
|
|
|||
Software
|
172.3
|
|
|
(97.9
|
)
|
|
74.4
|
|
|||
Patents and other protective rights
|
12.1
|
|
|
(7.8
|
)
|
|
4.3
|
|
|||
Trade names
|
7.9
|
|
|
(3.1
|
)
|
|
4.8
|
|
|||
Assets not subject to amortization:
|
|
|
|
|
|
||||||
Trade names
|
609.6
|
|
|
—
|
|
|
609.6
|
|
|||
Balances at March 31, 2019
|
$
|
5,238.6
|
|
|
$
|
(1,471.8
|
)
|
|
$
|
3,766.8
|
|
$600 3.000% senior notes due 2020
|
602
|
|
$500 2.800% senior notes due 2021
|
499
|
|
$500 3.125% senior notes due 2022
|
503
|
|
$700 3.650% senior notes due 2023
|
716
|
|
$300 3.850% senior notes due 2025
|
308
|
|
$700 3.800% senior notes due 2026
|
708
|
|
$800 4.200% senior notes due 2028
|
831
|
|
Balance at December 31, 2018
|
$
|
9.3
|
|
Additions charged to costs and expenses
|
3.3
|
|
|
Deductions
|
(2.7
|
)
|
|
Balance at March 31, 2019
|
$
|
9.9
|
|
|
Three months ended March 31,
|
|
|
|||||||
|
2019
|
|
2018
|
|
Change %
|
|||||
Net revenues:
|
|
|
|
|
|
|||||
Application Software
|
$
|
381.2
|
|
|
$
|
323.9
|
|
|
17.7
|
%
|
Network Software & Systems
|
345.7
|
|
|
313.9
|
|
|
10.1
|
%
|
||
Measurement & Analytical Solutions
|
401.8
|
|
|
404.0
|
|
|
(0.5
|
)%
|
||
Process Technologies
|
158.5
|
|
|
160.7
|
|
|
(1.4
|
)%
|
||
Total
|
$
|
1,287.2
|
|
|
$
|
1,202.5
|
|
|
7.0
|
%
|
Gross profit:
|
|
|
|
|
|
|||||
Application Software
|
$
|
253.4
|
|
|
$
|
213.9
|
|
|
18.5
|
%
|
Network Software & Systems
|
239.0
|
|
|
212.7
|
|
|
12.4
|
%
|
||
Measurement & Analytical Solutions
|
231.2
|
|
|
234.0
|
|
|
(1.2
|
)%
|
||
Process Technologies
|
87.0
|
|
|
89.9
|
|
|
(3.2
|
)%
|
||
Total
|
$
|
810.6
|
|
|
$
|
750.5
|
|
|
8.0
|
%
|
Operating profit*:
|
|
|
|
|
|
|||||
Application Software
|
$
|
91.4
|
|
|
$
|
70.2
|
|
|
30.2
|
%
|
Network Software & Systems
|
125.3
|
|
|
106.0
|
|
|
18.2
|
%
|
||
Measurement & Analytical Solutions
|
118.1
|
|
|
115.4
|
|
|
2.3
|
%
|
||
Process Technologies
|
50.1
|
|
|
50.3
|
|
|
(0.4
|
)%
|
||
Total
|
$
|
384.9
|
|
|
$
|
341.9
|
|
|
12.6
|
%
|
Long-lived assets:
|
|
|
|
|
|
|||||
Application Software
|
$
|
82.0
|
|
|
$
|
71.7
|
|
|
14.4
|
%
|
Network Software & Systems
|
35.4
|
|
|
39.7
|
|
|
(10.8
|
)%
|
||
Measurement & Analytical Solutions
|
40.2
|
|
|
43.6
|
|
|
(7.8
|
)%
|
||
Process Technologies
|
22.0
|
|
|
21.1
|
|
|
4.3
|
%
|
||
Total
|
$
|
179.6
|
|
|
$
|
176.1
|
|
|
2.0
|
%
|
|
|
Three months ended March 31, 2019
|
|
Three months ended March 31, 2018
|
||||
|
|
|
||||||
Software and related services
|
|
$
|
576.8
|
|
|
$
|
492.6
|
|
Engineered products and related services
|
|
710.4
|
|
|
709.9
|
|
||
Net revenues
|
|
$
|
1,287.2
|
|
|
$
|
1,202.5
|
|
Balance Sheet Account
|
March 31, 2019
|
|
December 31, 2018
|
|
Change
|
||||||
Unbilled receivables
|
$
|
194.4
|
|
|
$
|
169.4
|
|
|
$
|
25.0
|
|
Contract liabilities - current
(1)
|
(719.8
|
)
|
|
(714.1
|
)
|
|
(5.7
|
)
|
|||
Deferred revenue - non-current
(2)
|
(30.7
|
)
|
|
(29.8
|
)
|
|
(0.9
|
)
|
|||
Net contract assets/(liabilities)
|
$
|
(556.1
|
)
|
|
$
|
(574.5
|
)
|
|
$
|
18.4
|
|
Operating cash flows used for operating leases
|
$
|
15.9
|
|
Right-of-use assets obtained in exchange for operating lease obligations
|
18.2
|
|
Remainder of 2019
|
$
|
45.4
|
|
2020
|
55.0
|
|
|
2021
|
47.5
|
|
|
2022
|
35.9
|
|
|
2023
|
29.3
|
|
|
Thereafter
|
95.5
|
|
|
Total operating lease payments
|
308.6
|
|
|
Less: Imputed interest
|
29.4
|
|
|
Total operating lease liabilities
|
$
|
279.2
|
|
Weighted average remaining lease term - operating leases (years)
|
7
|
Weighted average discount rate (%)
|
2.9
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
general economic conditions;
|
•
|
difficulty making acquisitions and successfully integrating acquired businesses;
|
•
|
any unforeseen liabilities associated with future acquisitions;
|
•
|
limitations on our business imposed by our indebtedness;
|
•
|
unfavorable changes in foreign exchange rates;
|
•
|
failure to effectively mitigate cybersecurity threats;
|
•
|
difficulties associated with exports;
|
•
|
risks and costs associated with our international sales and operations;
|
•
|
rising interest rates;
|
•
|
product liability and insurance risks;
|
•
|
increased warranty exposure;
|
•
|
future competition;
|
•
|
the cyclical nature of some of our markets;
|
•
|
reduction of business with large customers;
|
•
|
risks associated with government contracts;
|
•
|
changes in the supply of, or price for, raw materials, parts and components;
|
•
|
environmental compliance costs and liabilities;
|
•
|
risks and costs associated with asbestos-related litigation;
|
•
|
potential write-offs of our goodwill and other intangible assets;
|
•
|
our ability to successfully develop new products;
|
•
|
failure to protect our intellectual property;
|
•
|
the effect of, or change in, government regulations (including tax);
|
•
|
economic disruption caused by terrorist attacks, health crises or other unforeseen events; and
|
•
|
the factors discussed in other reports filed with the SEC.
|
–
|
Application Software
-
Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest
|
–
|
Network Software & Systems
-
ConstructConnect, DAT, Inovonics, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore
|
–
|
Measurement & Analytical Solutions
-
Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Gatan, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon
|
–
|
Process Technologies
-
AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec
|
|
Three months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net revenues:
|
|
|
|
||||
Application Software
|
$
|
381.2
|
|
|
$
|
323.9
|
|
Network Software & Systems
|
345.7
|
|
|
313.9
|
|
||
Measurement & Analytical Solutions
|
401.8
|
|
|
404.0
|
|
||
Process Technologies
|
158.5
|
|
|
160.7
|
|
||
Total
|
$
|
1,287.2
|
|
|
$
|
1,202.5
|
|
Gross margin:
|
|
|
|
||||
Application Software
|
66.5
|
%
|
|
66.0
|
%
|
||
Network Software & Systems
|
69.1
|
|
|
67.8
|
|
||
Measurement & Analytical Solutions
|
57.5
|
|
|
57.9
|
|
||
Process Technologies
|
54.9
|
|
|
55.9
|
|
||
Total
|
63.0
|
|
|
62.4
|
|
||
Selling, general and administrative expenses:
|
|
|
|
||||
Application Software
|
42.5
|
%
|
|
44.4
|
%
|
||
Network Software & Systems
|
32.9
|
|
|
34.0
|
|
||
Measurement & Analytical Solutions
|
28.1
|
|
|
29.4
|
|
||
Process Technologies
|
23.3
|
|
|
24.6
|
|
||
Total
|
33.1
|
|
|
34.0
|
|
||
Segment operating margin:
|
|
|
|
||||
Application Software
|
24.0
|
%
|
|
21.7
|
%
|
||
Network Software & Systems
|
36.2
|
|
|
33.8
|
|
||
Measurement & Analytical Solutions
|
29.4
|
|
|
28.6
|
|
||
Process Technologies
|
31.6
|
|
|
31.3
|
|
||
Total
|
29.9
|
|
|
28.4
|
|
||
Corporate administrative expenses
|
(3.0
|
)
|
|
(3.5
|
)
|
||
Income from operations
|
26.9
|
|
|
25.0
|
|
||
Interest expense, net
|
(3.4
|
)
|
|
(3.6
|
)
|
||
Other income (expense), net
|
(0.2
|
)
|
|
(0.1
|
)
|
||
Gain on disposal of business
|
9.3
|
|
|
—
|
|
||
Earnings before income taxes
|
32.6
|
|
|
21.2
|
|
||
Income taxes
|
(3.9
|
)
|
|
(3.7
|
)
|
||
Net earnings
|
28.7
|
%
|
|
17.6
|
%
|
|
Order backlog as of
|
||||||
|
March 31,
|
||||||
|
2019
|
|
2018
|
||||
Application Software
|
$
|
769.3
|
|
|
$
|
636.7
|
|
Network Software & Systems
|
518.9
|
|
|
586.6
|
|
||
Measurement & Analytical Solutions
|
288.1
|
|
|
328.2
|
|
||
Process Technologies
|
121.4
|
|
|
142.4
|
|
||
Total
|
$
|
1,697.7
|
|
|
$
|
1,693.7
|
|
|
Three months ended March 31,
|
||||||
Cash provided by/(used in):
|
2019
|
|
2018
|
||||
Operating activities
|
$
|
290.3
|
|
|
$
|
281.7
|
|
Investing activities
|
197.2
|
|
|
(51.5
|
)
|
||
Financing activities
|
(464.3
|
)
|
|
(551.6
|
)
|
$600 3.000% senior notes due 2020
|
$
|
600.0
|
|
$500 2.800% senior notes due 2021
|
500.0
|
|
|
$500 3.125% senior notes due 2022
|
500.0
|
|
|
$700 3.650% senior notes due 2023
|
700.0
|
|
|
$300 3.850% senior notes due 2025
|
300.0
|
|
|
$700 3.800% senior notes due 2026
|
700.0
|
|
|
$800 4.200% senior notes due 2028
|
800.0
|
|
|
Unsecured credit facility
|
410.0
|
|
|
Deferred finance costs
|
(25.0
|
)
|
|
Other
|
17.8
|
|
|
Total debt, net of deferred finance costs
|
4,502.8
|
|
|
Less current portion
|
15.8
|
|
|
Long-term debt, net of deferred finance costs
|
$
|
4,487.0
|
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
Total debt
|
$
|
4,502.8
|
|
|
$
|
4,941.7
|
|
Cash
|
(392.5
|
)
|
|
(364.4
|
)
|
||
Net debt
|
4,110.3
|
|
|
4,577.3
|
|
||
Stockholders’ equity
|
8,137.4
|
|
|
7,738.5
|
|
||
Total net capital
|
$
|
12,247.7
|
|
|
$
|
12,315.8
|
|
|
|
|
|
||||
Net debt / total net capital
|
33.6
|
%
|
|
37.2
|
%
|
10.1
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
101.INS
|
|
|
XBRL Instance Document, filed herewith.
|
|
|
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document, filed herewith.
|
|
|
|
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document, filed herewith.
|
|
|
|
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document, filed herewith.
|
|
|
|
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document, filed herewith.
|
|
|
|
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document, filed herewith.
|
/S/ L. Neil Hunn
|
|
President and Chief Executive Officer
|
May 3, 2019
|
L. Neil Hunn
|
|
(Principal Executive Officer)
|
|
/S/ Robert C. Crisci
|
|
Executive Vice President and Chief Financial Officer
|
May 3, 2019
|
Robert C. Crisci
|
|
(Principal Financial Officer)
|
|
/S/ Jason Conley
|
|
Vice President and Controller
|
May 3, 2019
|
Jason Conley
|
|
(Principal Accounting Officer)
|
|
1 Year Roper Technologies Chart |
1 Month Roper Technologies Chart |
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