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As Of Filer Filing For·On·As Docs:Size 1/30/20 Roper Technologies Inc 8-K:2,9 1/30/20 13:925K |
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Exhibit |
Contact Information: Investor Relations | Roper Technologies, Inc. |
Table
1: Adjusted Revenue, Gross Profit and EBITDA Reconciliation ($M) | |||||||||||||||||||||
Q4
2018 | Q4 2019 | V % | FY 2018 | FY 2019 | V % | ||||||||||||||||
Adjusted Revenue Reconciliation | |||||||||||||||||||||
GAAP
Revenue | $ | 1,376 | $ | 1,395 | 1 | % | $ | 5,191 | $ | 5,367 | 3 | % | |||||||||
Purchase
accounting adjustment to acquired deferred revenue | 1 | 5 | A | 8 | 11 | A | |||||||||||||||
Adjusted
Revenue | $ | 1,378 | $ | 1,400 | 2 | % | $ | 5,199 | $ | 5,377 | 3 | % | |||||||||
Components
of Adjusted Revenue Growth | |||||||||||||||||||||
Organic | 1 | % | 3 | % | |||||||||||||||||
Acquisitions/Divestitures | 1 | % | 1 | % | |||||||||||||||||
Foreign
Exchange | — | % | (1 | )% | |||||||||||||||||
Total Adjusted Revenue
Growth | 2 | % | 3 | % | |||||||||||||||||
Adjusted
Gross Profit Reconciliation | |||||||||||||||||||||
GAAP Gross Profit | $ | 873 | $ | 893 | $ | 3,280 | $ | 3,427 | |||||||||||||
Purchase
accounting adjustment to acquired deferred revenue | 1 | 5 | A | 8 | 11 | A | |||||||||||||||
Adjusted
Gross Profit | $ | 874 | $ | 898 | 3 | % | $ | 3,287 | $ | 3,438 | 5 | % | |||||||||
GAAP
Gross Margin | 63.4 | % | 64.0 | % | +60 bps | 63.2 | % | 63.9 | % | +70
bps | |||||||||||
Adjusted Gross Margin | 63.5 | % | 64.1 | % | +60 bps | 63.2 | % | 63.9 | % | +70
bps | |||||||||||
Adjusted
EBITDA Reconciliation | |||||||||||||||||||||
GAAP Net Earnings | $ | 257 | $ | 871 | $ | 944 | $ | 1,768 | |||||||||||||
Taxes | 61 | 277 | 254 | 460 | |||||||||||||||||
Interest
Expense | 47 | 49 | 182 | 187 | |||||||||||||||||
Depreciation | 12 | 13 | 50 | 49 | |||||||||||||||||
Amortization | 82 | 104 | 318 | 367 | |||||||||||||||||
EBITDA | $ | 460 | $ | 1,314 | 186 | % | $ | 1,748 | $ | 2,830 | 62 | % | |||||||||
Purchase
accounting adjustment to acquired deferred revenue | 1 | 5 | A | 8 | 11 | A | |||||||||||||||
Transaction-related
expenses for completed acquisitions and divestiture B | — | — | — | 6 | |||||||||||||||||
One-time
expense for accelerated vesting | 35 | — | 35 | — | |||||||||||||||||
Gain
on sale of Gatan and Scientific Imaging businesses C | — | (801 | ) | — | (921 | ) | |||||||||||||||
Debt
extinguishment charge | — | — | 16 | — | |||||||||||||||||
Adjusted
EBITDA | $ | 496 | $ | 518 | 4 | % | $ | 1,806 | $ | 1,925 | 7 | % | |||||||||
%
of Adjusted Revenue | 36.0 | % | 37.0 | % | +100 bps | 34.7 | % | 35.8 | % | +110
bps |
Table 2: Adjusted Net Earnings Reconciliation ($M) D | |||||||||||||||||||||
Q4
2018 | Q4 2019 | V % | FY 2018 | FY 2019 | V % | ||||||||||||||||
GAAP Net Earnings | $ | 257 | $ | 871 | 239 | % | $ | 944 | $ | 1,768 | 87 | % | |||||||||
Purchase
accounting adjustment to acquired deferred revenue | 1 | 4 | A | 6 | 8 | A | |||||||||||||||
Amortization
of acquisition-related intangible assets E | 64 | 81 | 248 | 288 | |||||||||||||||||
Transaction-related
expenses for completed acquisitions and divestiture B | — | — | — | 5 | |||||||||||||||||
One-time
expense for accelerated vesting | 28 | — | 28 | — | |||||||||||||||||
Gain
on sale of Gatan and Scientific Imaging businesses C | — | (600 | ) | — | (687 | ) | |||||||||||||||
Debt
extinguishment charge | — | — | 13 | — | |||||||||||||||||
Deferred
tax expense adjustments due to held-for-sale classification of Gatan and Scientific Imaging businesses | (2 | ) | — | 8 | (10 | ) | F | ||||||||||||||
Measurement
period adjustment to 2017 provisional income tax amounts resulting from the Tax Cuts and Jobs Act | (12) | — | (14 | ) | — | ||||||||||||||||
Adjusted
Net Earnings | $ | 336 | $ | 356 | 6 | % | $ | 1,233 | $ | 1,371 | 11 | % | |||||||||
Table
3: Adjusted DEPS Reconciliation D | |||||||||||||||||||||
Q4
2018 | Q4 2019 | V % | FY 2018 | FY 2019 | V % | ||||||||||||||||
GAAP DEPS | $ | 2.46 | $ | 8.28 | 237 | % | $ | 9.05 | $ | 16.82 | 86 | % | |||||||||
Purchase
accounting adjustment to acquired deferred revenue | 0.01 | 0.04 | A | 0.06 | 0.08 | A | |||||||||||||||
Amortization
of acquisition-related intangible assets E | 0.61 | 0.77 | 2.38 | 2.74 | |||||||||||||||||
Transaction-related
expenses for completed acquisitions and divestiture B | — | — | — | 0.04 | |||||||||||||||||
One-time
expense for accelerated vesting | 0.26 | — | 0.26 | — | |||||||||||||||||
Gain
on sale of Gatan and Scientific Imaging businesses C | — | (5.70 | ) | — | (6.54 | ) | |||||||||||||||
Debt
extinguishment charge | — | — | 0.12 | — | |||||||||||||||||
Deferred
tax expense adjustments due to held-for-sale classification of Gatan and Scientific Imaging businesses | (0.02 | ) | — | 0.08 | (0.10 | ) | F | ||||||||||||||
Measurement
period adjustment to 2017 provisional income tax amounts resulting from the Tax Cuts and Jobs Act | (0.11 | ) | — | (0.14 | ) | — | |||||||||||||||
Rounding | 0.01 | — | — | 0.01 | |||||||||||||||||
Adjusted
DEPS | $ | 3.22 | $ | 3.39 | 5 | % | $ | 11.81 | $ | 13.05 | 10 | % |
Table
4: Adjusted Cash Flow Reconciliation ($M) | |||||||||||||||||||||
Q4
2018 | Q4 2019 | V % | FY 2018 | FY 2019 | V % | ||||||||||||||||
Operating Cash Flow | $ | 464 | $ | 466 | — | % | $ | 1,430 | $ | 1,462 | 2 | % | |||||||||
Add:
Cash taxes paid on sale of Scientific Imaging businesses | — | — | — | 39 | |||||||||||||||||
Adjusted
Operating Cash Flow | 464 | 466 | — | % | 1,430 | 1,501 | 5 | % | |||||||||||||
Capital
Expenditures | (15 | ) | (10 | ) | (49 | ) | (53 | ) | |||||||||||||
Capitalized
Software Expenditures | (2 | ) | (2 | ) | (10 | ) | (10 | ) | |||||||||||||
Adjusted
Free Cash Flow | $ | 447 | $ | 453 | 1 | % | $ | 1,371 | $ | 1,438 | 5 | % |
Table
5: Forecasted Adjusted DEPS Reconciliation D | |||||||||||||||
Q1 2020 | FY
2020 | ||||||||||||||
Low End | High End | Low End | High End | ||||||||||||
GAAP DEPS | $ | 2.16 | $ | 2.22 | $ | 10.28 | $ | 10.58 | |||||||
Purchase
accounting adjustment to acquired deferred revenue A | 0.02 | 0.02 | 0.03 | 0.03 | |||||||||||
Amortization of acquisition-related
intangible assets E | 0.76 | 0.76 | 2.99 | 2.99 | |||||||||||
Adjusted DEPS | $ | 2.94 | $ | 3.00 | $ | 13.30 | $ | 13.60 |
Q4 2019A | FY
2019A | Q1 2020E | FY 2020E | |||||||||||||
Pretax | $ | 5 | $ | 11 | $ | 2 | $ | 4 | ||||||||
After-tax | $ | 4 | $ | 8 | $ | 2 | $ | 3 | ||||||||
Per
Share | $ | 0.04 | $ | 0.08 | $ | 0.02 | $ | 0.03 |
Q4
2018A | FY 2018A | Q4 2019A | FY 2019A | Q1 2020E | FY 2020E | ||||||||||||||||||||
Pretax | $ | 81 | $ | 314 | $ | 103 | $ | 364 | $ | 101 | $ | 400 | |||||||||||||
After-tax | $ | 64 | $ | 248 | $ | 81 | $ | 288 | $ | 80 | $ | 316 | |||||||||||||
Per
share | $ | 0.61 | $ | 2.38 | $ | 0.77 | $ | 2.74 | $ | 0.76 | $ | 2.99 |
Roper Technologies, Inc. and Subsidiaries | |||||||
Condensed
Consolidated Balance Sheets (unaudited) | |||||||
(Amounts in millions) | |||||||
ASSETS: | |||||||
Cash and cash equivalents | $ | 709.7 | $ | 364.4 | |||
Accounts
receivable, net | 791.6 | 700.8 | |||||
Inventories, net | 198.6 | 190.8 | |||||
Income taxes receivable | 18.5 | 21.7 | |||||
Unbilled
receivables | 183.5 | 169.4 | |||||
Other current assets | 97.6 | 80.0 | |||||
Current assets held for sale | — | 83.6 | |||||
Total
current assets | 1,999.5 | 1,610.7 | |||||
Property, plant and equipment, net | 139.9 | 128.7 | |||||
Goodwill | 10,815.4 | 9,346.8 | |||||
Other
intangible assets, net | 4,667.7 | 3,842.1 | |||||
Deferred taxes | 95.6 | 52.2 | |||||
Other assets | 390.8 | 101.1 | |||||
Assets
held for sale | — | 167.9 | |||||
Total assets | $ | 18,108.9 | $ | 15,249.5 | |||
LIABILITIES
AND STOCKHOLDERS' EQUITY: | |||||||
Accounts payable | $ | 162.0 | $ | 165.3 | |||
Accrued
compensation | 240.1 | 248.3 | |||||
Deferred revenue | 831.8 | 677.9 | |||||
Other accrued liabilities | 346.2 | 258.0 | |||||
Income
taxes payable | 215.1 | 58.3 | |||||
Current portion of long-term debt, net | 602.2 | 1.5 | |||||
Current liabilities held for sale | — | 38.9 | |||||
Total
current liabilities | 2,397.4 | 1,448.2 | |||||
Long-term debt, net of current portion | 4,673.1 | 4,940.2 | |||||
Deferred
taxes | 1,108.1 | 931.1 | |||||
Other liabilities | 438.4 | 191.5 | |||||
Total liabilities | 8,617.0 | 7,511.0 | |||||
Common
stock | 1.1 | 1.1 | |||||
Additional paid-in capital | 1,903.9 | 1,751.5 | |||||
Retained earnings | 7,818.0 | 6,247.7 | |||||
Accumulated
other comprehensive loss | (212.8 | ) | (243.3 | ) | |||
Treasury stock | (18.3 | ) | (18.5 | ) | |||
Total stockholders' equity | 9,491.9 | 7,738.5 | |||||
Total
liabilities and stockholders' equity | $ | 18,108.9 | $ | 15,249.5 |
Roper
Technologies, Inc. and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Earnings (unaudited) | ||||||||||||||||
(Amounts in millions, except per share data) | ||||||||||||||||
Three
months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net revenues | $ | 1,394.8 | $ | 1,376.3 | $ | 5,366.8 | $ | 5,191.2 | ||||||||
Cost
of sales | 501.9 | 503.2 | 1,939.7 | 1,911.7 | ||||||||||||
Gross profit | 892.9 | 873.1 | 3,427.1 | 3,279.5 | ||||||||||||
Selling,
general and administrative expenses | 494.5 | 508.7 | 1,928.7 | 1,883.1 | ||||||||||||
Income from operations | 398.4 | 364.4 | 1,498.4 | 1,396.4 | ||||||||||||
Interest
expense, net | 49.0 | 47.3 | 186.6 | 182.1 | ||||||||||||
Loss on debt extinguishment | — | — | — | 15.9 | ||||||||||||
Other
income/(expense), net | (2.5 | ) | 1.0 | (5.1 | ) | — | ||||||||||
Gain on disposal of businesses | 801.1 | — | 920.7 | — | ||||||||||||
Earnings
before income taxes | 1,148.0 | 318.1 | 2,227.4 | 1,198.4 | ||||||||||||
Income
taxes | 276.9 | 61.0 | 459.5 | 254.0 | ||||||||||||
Net
earnings | $ | 871.1 | $ | 257.1 | $ | 1,767.9 | $ | 944.4 | ||||||||
Earnings
per share: | ||||||||||||||||
Basic | $ | 8.37 | $ | 2.49 | $ | 17.02 | $ | 9.15 | ||||||||
Diluted | $ | 8.28 | $ | 2.46 | $ | 16.82 | $ | 9.05 | ||||||||
Weighted-average
common shares outstanding: | ||||||||||||||||
Basic | 104.1 | 103.4 | 103.9 | 103.2 | ||||||||||||
Diluted | 105.2 | 104.5 | 105.1 | 104.4 |
Roper
Technologies, Inc. and Subsidiaries | |||||||||||||||||||||||||||
Selected Segment Financial Data (unaudited) | |||||||||||||||||||||||||||
(Amounts
in millions; percentages of net revenues) | |||||||||||||||||||||||||||
Three
months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Net
revenues: | |||||||||||||||||||||||||||
Application
Software | $ | 410.8 | $ | 392.3 | $ | 1,588.0 | $ | 1,452.7 | |||||||||||||||||||
Network
Software & Systems | 425.8 | 355.5 | 1,529.5 | 1,345.2 | |||||||||||||||||||||||
Measurement
& Analytical Solutions | 387.9 | 446.2 | 1,596.4 | 1,705.6 | |||||||||||||||||||||||
Process
Technologies | 170.3 | 182.3 | 652.9 | 687.7 | |||||||||||||||||||||||
Total | $ | 1,394.8 | $ | 1,376.3 | $ | 5,366.8 | $ | 5,191.2 | |||||||||||||||||||
Gross
profit: | |||||||||||||||||||||||||||
Application
Software | $ | 273.2 | 66.5 | % | $ | 259.3 | 66.1 | % | $ | 1,064.7 | 67.0 | % | $ | 971.8 | 66.9 | % | |||||||||||
Network
Software & Systems | 294.4 | 69.1 | % | 244.2 | 68.7 | % | 1,058.0 | 69.2 | % | 919.0 | 68.3 | % | |||||||||||||||
Measurement
& Analytical Solutions | 227.1 | 58.5 | % | 263.4 | 59.0 | % | 933.2 | 58.5 | % | 1,000.5 | 58.7 | % | |||||||||||||||
Process
Technologies | 98.2 | 57.7 | % | 106.2 | 58.3 | % | 371.2 | 56.9 | % | 388.2 | 56.4 | % | |||||||||||||||
Total | $ | 892.9 | 64.0 | % | $ | 873.1 | 63.4 | % | $ | 3,427.1 | 63.9 | % | $ | 3,279.5 | 63.2 | % | |||||||||||
Operating
profit*: | |||||||||||||||||||||||||||
Application
Software | $ | 105.5 | 25.7 | % | $ | 92.4 | 23.6 | % | $ | 405.4 | 25.5 | % | $ | 358.0 | 24.6 | % | |||||||||||
Network
Software & Systems | 146.5 | 34.4 | % | 134.7 | 37.9 | % | 538.5 | 35.2 | % | 484.4 | 36.0 | % | |||||||||||||||
Measurement
& Analytical Solutions | 125.7 | 32.4 | % | 144.1 | 32.3 | % | 501.1 | 31.4 | % | 523.9 | 30.7 | % | |||||||||||||||
Process
Technologies | 63.0 | 37.0 | % | 68.7 | 37.7 | % | 225.8 | 34.6 | % | 233.6 | 34.0 | % | |||||||||||||||
Total | $ | 440.7 | 31.6 | % | $ | 439.9 | 32.0 | % | $ | 1,670.8 | 31.1 | % | $ | 1,599.9 | 30.8 | % | |||||||||||
*Segment
operating profit is before unallocated corporate general and administrative expenses. These expenses were $42.3 and $75.5 for the three months ended December 31, 2019 and 2018, respectively, and $172.4 and $203.5 for the twelve months ended December 31, 2019 and 2018, respectively. |
Roper Technologies,
Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
(Amounts in millions) | ||||||||
Years
ended December 31, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 1,767.9 | $ | 944.4 | ||||
Adjustments
to reconcile net earnings to cash flows from operating activities: | ||||||||
Depreciation and amortization of property, plant and equipment | 49.2 | 49.5 | ||||||
Amortization
of intangible assets | 366.8 | 317.5 | ||||||
Amortization of deferred financing costs | 7.3 | 6.3 | ||||||
Non-cash
stock compensation | 104.5 | 133.8 | ||||||
Loss on debt extinguishment | — | 15.9 | ||||||
Gain
on disposal of businesses, net of associated income tax | (687.3 | ) | — | |||||
Changes in operating assets and liabilities, net of acquired businesses: | ||||||||
Accounts
receivable | (46.7 | ) | (83.5 | ) | ||||
Unbilled receivables | (12.0 | ) | (14.0 | ) | ||||
Inventories | (17.3 | ) | (21.8 | ) | ||||
Accounts
payable and accrued liabilities | (12.2 | ) | 68.8 | |||||
Deferred revenue | 108.8 | 86.6 | ||||||
Income
taxes | (105.4 | ) | (67.6 | ) | ||||
Cash tax paid for gain on disposal of business | (39.4 | ) | — | |||||
Other,
net | (22.4 | ) | (5.8 | ) | ||||
Cash provided by operating activities | 1,461.8 | 1,430.1 | ||||||
Cash
flows used in investing activities: | ||||||||
Acquisitions of businesses, net of cash acquired | (2,387.3 | ) | (1,275.8 | ) | ||||
Capital
expenditures | (52.7 | ) | (49.1 | ) | ||||
Capitalized software expenditures | (10.2 | ) | (9.5 | ) | ||||
Proceeds
from disposal of businesses | 1,156.8 | — | ||||||
Other, net | (2.6 | ) | (0.7 | ) | ||||
Cash
used in investing activities | (1,296.0 | ) | (1,335.1 | ) | ||||
Cash flows from (used in) financing activities: | ||||||||
Proceeds
from senior notes | 1,200.0 | 1,500.0 | ||||||
Payment of senior notes | — | (1,300.0 | ) | |||||
Borrowings/(payments)
under revolving line of credit, net | (865.0 | ) | (405.0 | ) | ||||
Debt issuance costs | (12.1 | ) | (13.9 | ) | ||||
Cash
dividends to stockholders | (191.7 | ) | (170.1 | ) | ||||
Redemption premium for debt extinguishment | — | (15.5 | ) | |||||
Proceeds
from stock based compensation, net | 34.9 | 10.6 | ||||||
Treasury stock sales | 6.8 | 5.4 | ||||||
Other,
net | 4.1 | 0.4 | ||||||
Cash provided by (used in) financing activities | 177.0 | (388.1 | ) | |||||
Effect
of exchange rate changes on cash | 2.5 | (13.8 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 345.3 | (306.9 | ) | |||||
Cash
and cash equivalents, beginning of year | 364.4 | 671.3 | ||||||
Cash and cash equivalents, end of year | $ | 709.7 | $ | 364.4 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 1/30/20 | |||
12/31/19 | 10-K, 11-K, SD | |||
12/31/18 | 10-K, SD | |||
List all Filings |