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Roper Technologies, Inc.$229.30($3.80)(1.63%)

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 Roper Technologies Announces Record Financial Results
   Monday, February 01, 2016 6:55:00 AM ET

Roper Technologies, Inc. (ROP ), a diversified technology company, reported financial results for the fourth quarter and full year ended December 31, 2015.

Roper reports results - including revenue, operating margin, net income and diluted earnings per share - on a GAAP and adjusted basis. Adjusted measures are reconciled to the corresponding GAAP measures at the end of this release.

Fourth Quarter 2015

Fourth quarter GAAP diluted earnings per share (DEPS) were $2.05 and adjusted diluted earnings per share were $1.82. GAAP revenue was $944 million and adjusted revenue was $948 million. GAAP gross margin was 61.4% and adjusted gross margin increased 190 basis points to 61.8%.

GAAP operating margin was 29.5% and adjusted operating margin was 30.1%. EBITDA margin was 35.9% for the quarter, a 60 basis point increase over last year. Operating cash flow in the quarter was $269 million.

Full Year 2015

Full year GAAP diluted earnings per share increased 7% to $6.85 and adjusted diluted earnings per share were $6.68, a 4% increase over the prior year. GAAP revenue was $3.58 billion and adjusted revenue was $3.59 billion, a 1% increase. GAAP operating margin increased 50 basis points to 28.7% and adjusted operating margin was 29.0%, an 80 basis point increase over the prior year. Full year EBITDA was $1.24 billion, or 34.6% of adjusted revenue.

Operating cash flow increased 11% to $929 million. Free cash flow was $893 million, representing 25% of revenue.

"2015 was a record year for Roper," said Brian Jellison, Roper’s Chairman, President and CEO. "Growth in our medical, software and RF businesses offset a significant decline in energy markets and negative foreign exchange. Our businesses executed well, driving an 11% increase in free cash flow. We successfully deployed $1.8 billion in strategic acquisitions during the year and are excited about our robust pipeline for 2016. We expect to deploy over $1 billion in 2016, including the January acquisition of CliniSys Group, Ltd. which expands our global presence in software for hospital laboratories."

2016 Outlook and Guidance

Roper expects operating cash flow of approximately $1.0 billion. "Our medical and software businesses will continue to lead our growth in 2016 and we expect an overall revenue increase of 8 - 10%, including 2 - 4 % organic growth, with strong operating leverage," Mr. Jellison added.

Roper expects 2016 full year adjusted diluted earnings per share (DEPS) between $6.85 and $7.15 with first quarter DEPS between $1.42 and $1.47.

The company’s guidance excludes future acquisitions or divestitures.

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

A conference call to discuss these results has been scheduled for 8:30 AM ET on Monday, February 1, 2016. The call can be accessed via webcast or by dialing +1 888-452-4023 (US/Canada) or +1 719-325-2420, using confirmation code 429015. 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 directly by using the following URL https://www.webcaster4.com/Webcast/Page/866/12793. Telephonic replays will be available for up to two weeks by calling +1 719-457-0820 and using the access code 429015.

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
                                                                  2015   2014   V%
Q4 GAAP Revenue                                                   $943.6 $946.1 (0.3%)
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 4.0    1.4
Q4 Adjusted Revenue                                               $947.6 $947.5 0.0%
Components of Adjusted Revenue Growth
Organic                                                                         (3.6%)
Acquisitions                                                                    6.0%
Foreign Exchange                                                                (2.4%)
Total Growth                                                                    0.0%
Table 2:  Reconciliation of Q4 2015 GAAP DEPS to Adjusted DEPS
                                                                  Q4 2015                         Q4 2014 V%
GAAP Diluted Earnings Per Share (DEPS)                            $ 2.05                          $1.84   11%
Minus:  Gain on Sale of Divested Business                         $(0.33)                         --
Add:  Impairment Charge on Minority Investment                    $0.06                           --
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue $0.03                           $0.01
Add:  Acquisition-Related Inventory Step-up Charge                $0.02                           $0.00
Rounding                                                          $(0.01)                         --
Adjusted DEPS                                                     $ 1.82                          $1.85   (2%)
Table 3:  Reconciliation of Full Year GAAP DEPS to Adjusted DEPS
                                                                  FY 2015                          FY 2014 V%
GAAP Diluted Earnings Per Share (DEPS)                            $6.85                            $6.40   7%
Minus:  Gain on Sale of Divested Business                         ($0.33)
Add:  Impairment Charge on Minority Investment                    $0.06
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue $0.07                            $0.02
Add:  Acquisition-Related Inventory Step-up Charge                $0.03                            $0.01
Rounding                                                          --                               ($0.01)
Adjusted DEPS                                                     $6.68                            $6.42   4%
Table 4:  2015 Full Year Adjusted Revenue and Adjusted Operating Margin Reconciliation
                                                                  2015                  2014                  V% / V Bps
Full Year GAAP Revenue                                            $3,582                $3,549                +1%
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 11                    2
Rounding                                                          --                    1
Adjusted Revenue (A)                                              $3,593                $3,552                +1%
GAAP Operating Profit                                             $1,028                $999
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 11                    2
Add:  Acquisition-Related Inventory Step-up Charge                5                     1
Rounding                                                          (1)                   1
Adjusted Operating (B)                                            1,043                 1,003
GAAP Operating Margin                                             28.7%                 28.2%                 +50 bps
Adjusted Operating Margin (B) / (A)                               29.0%                 28.2%                 +80 bps
Table 5:  FY 2015 EBITDA  and EBITDA Margin Reconciliation
                                                                  FY 2015
GAAP Revenue                                                      $3,582.4
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 10.6
Rounding                                                          --
Adjusted Revenue (A)                                              $3,593.0
GAAP Net Earnings                                                 $696.1
Add:  Taxes                                                       306.3
Add:  Amortization                                                166.1
Add:  Interest Expense                                            84.2
Add:  Depreciation                                                38.2
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 10.6
Add:  Acquisition-Related Inventory Step-up Charge                4.6
Add:  Impairment Charge on Minority Investment                    9.5
Less:  Gain on Disposal of a Business                             (70.9)
EBITDA (B)                                                        1,244.7
EBITDA Margin (B) / (A)                                           34.6%
Table 6:  Fourth Quarter Adjusted Revenue and Adjusted Operating Margin Reconciliation
                                                                  2015                  2014
Q4 GAAP Revenue                                                   $944                  $946
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 4                     1
Rounding                                                          --                    1
Q4 Adjusted Revenue (A)                                           $948                  $948
Q4 GAAP Operating Profit                                          $278.7                $283.7
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 4.0                   1.4
Add:  Acquisition-Related Inventory Step-up Charge                2.6                   0.4
Rounding                                                          --                    0.1
Adjusted Operating Profit (B)                                     $285.3                $285.6
GAAP Operating Margin                                             29.5%                 30.0%
Adjusted Operating Margin (B) / (A)                               30.1%                 30.1%
Table 7:  Fourth Quarter Adjusted Revenue and Adjusted Gross Margin Reconciliation
                                                                  2015                 2014                 V bps
Q4 GAAP Revenue                                                   $944                 $946
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 4                    1
Rounding                                                          --                   1
Q4 Adjusted Revenue (A)                                           $948                 $948
Q4 GAAP Gross Profit                                              $579.1               $565.7
Add:  Purchase Accounting Adjustment to Acquired Deferred Revenue 4.0                  1.4
Add:  Acquisition-Related Inventory Step-up Charge                2.6                  0.4
Rounding                                                          --                   0.1
Adjusted Gross Profit (B)                                         $585.7               $567.6
GAAP Gross Margin                                                 61.4%                59.8%                +160 bps
Adjusted Gross Margin (B) / (A)                                   61.8%                59.9%                +190 bps
Table 8:  Free Cash Flow Reconciliation
                            2015      2014      V%
Operating Cash Flow         $929      $840      11%
Less:  Capital Expenditures (36)      (38)
Rounding                              1
Free Cash Flow              $893      $803      11%

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                                     2015                         2014
CURRENT ASSETS:
Cash and cash equivalents                  $        778,511             $        610,430
Accounts receivable                        488,271                      511,538
Inventories                                189,868                      193,766
Unbilled receivable                        122,042                      96,409
Deferred taxes*                            -                            54,199
Other current assets                       39,355                       45,763
Total current assets                       1,618,047                    1,512,105
PROPERTY, PLANT AND EQUIPMENT, NET         105,510                      110,876
OTHER ASSETS:
Goodwill                                   5,824,726                    4,710,691
Other intangible assets, net               2,528,996                    1,978,729
Deferred taxes*                            31,532                       27,496
Other assets                               59,554                       60,288
Total other assets                         8,444,808                    6,777,204
TOTAL ASSETS                               $    10,168,365              $     8,400,185
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable                           $        139,737             $        143,847
Accrued compensation                       119,511                      117,374
Deferred revenue                           267,030                      190,953
Other accrued liabilities                  168,513                      160,738
Income taxes payable                       18,532                       -
Deferred taxes*                            -                            3,943
Current portion of long-term debt          6,805                        11,092
Total current liabilities                  720,128                      627,947
NONCURRENT LIABILITIES:
Long-term debt                             3,264,417                    2,190,282
Deferred taxes*                            810,856                      735,826
Other liabilities                          74,017                       90,770
Total liabilities                          4,869,418                    3,644,825
STOCKHOLDERS’ EQUITY:
Common stock                               1,028                        1,021
Additional paid-in capital                 1,419,262                    1,325,338
Retained earnings                          4,110,530                    3,520,201
Accumulated other comprehensive earnings   (212,779)                    (71,927)
Treasury stock                             (19,094)                     (19,273)
Total stockholders’ equity                 5,298,947                    4,755,360
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $    10,168,365              $     8,400,185
*In the fourth quarter of 2015, the Company adopted ASU 2015-17, which requires that deferred tax liabilities
and assets be classified as non-current in the consolidated balance sheet.  The Company has chosen to
adopt this ASU on a prospective basis, therefore prior periods were not retrospectively adjusted.

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, 2015 2014 2015 2014 Net sales $ 943,640 $ 946,145 $ 3,582,395 $ 3,549,494 Cost of sales 364,549 380,404 1,417,749 1,447,595 Gross profit 579,091 565,741 2,164,646 2,101,899 Selling, general and administrative expenses 300,414 281,992 1,136,728 1,102,426 Income from operations 278,677 283,749 1,027,918 999,473 Interest expense 23,843 19,285 84,225 78,637 Other income/(expense) 60,600 (422) 58,652 620 Earnings from continuing operations before income taxes 315,434 264,042 1,002,345 921,456 Income taxes 106,837 78,106 306,278 275,423 Net Earnings $ 208,597 $ 185,936 $ 696,067 $ 646,033 Earnings per share: Basic $ 2.07 $ 1.86 $ 6.92 $ 6.47 Diluted $ 2.05 $ 1.84 $ 6.85 $ 6.40 Weighted average common and common equivalent shares outstanding: Basic 100,829 100,151 100,616 99,916 Diluted 101,833 101,122 101,597 100,884

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, 2015 2014 2015 2014 Amount % Amount % Amount % Amount % Net sales: Medical & Scientific Imaging $ 321,735 $ 286,410 $1,215,318 $1,080,309 RF Technology 281,883 240,084 1,033,951 950,227 Industrial Technology 182,039 219,642 745,381 827,145 Energy Systems & Controls 157,983 200,009 587,745 691,813 Total $ 943,640 $ 946,145 $3,582,395 $3,549,494 Gross profit: Medical & Scientific Imaging $ 238,804 74.2% $ 206,669 72.2% $ 899,775 74.0% $ 779,407 72.1% RF Technology 154,731 54.9% 125,736 52.4% 552,605 53.4% 501,637 52.8% Industrial Technology 89,842 49.4% 111,104 50.6% 370,894 49.8% 417,568 50.5% Energy Systems & Controls 95,714 60.6% 122,232 61.1% 341,372 58.1% 403,287 58.3% Total $ 579,091 61.4% $ 565,741 59.8% $2,164,646 60.4% $2,101,899 59.2% Operating profit*: Medical & Scientific Imaging $ 116,492 36.2% $ 100,488 35.1% $ 441,931 36.4% $ 375,867 34.8% RF Technology 83,591 29.7% 67,994 28.3% 312,112 30.2% 271,177 28.5% Industrial Technology 52,155 28.7% 69,056 31.4% 214,538 28.8% 247,596 29.9% Energy Systems & Controls 51,704 32.7% 72,177 36.1% 162,128 27.6% 203,021 29.3% Total $ 303,942 32.2% $ 309,715 32.7% $1,130,709 31.6% $1,097,661 30.9% Net Orders: Medical & Scientific Imaging $ 334,967 $ 282,169 $1,235,143 $1,081,190 RF Technology 273,856 242,295 1,024,999 955,831 Industrial Technology 176,379 197,847 731,810 808,921 Energy Systems & Controls 138,869 202,030 555,672 692,136 Total $ 924,071 $ 924,341 $3,547,624 $3,538,078 * Operating profit is before unallocated corporate general and administrative expenses. These expenses were $25,265 and $25,966 for the three months ended December 31, 2015 and 2014, respectively, and $102,791 and $98,188 for the twelve months ended December 31, 2015 and 2014, respectively.

Roper Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
                                                 Twelve months ended
                                                 December 31,
                                                 2015          2014
Net earnings                                     $    696,067  $    646,033
Non-cash items:
Depreciation                                     38,185        40,890
Amortization                                     166,076       156,394
Stock-based compensation expense                 61,766        63,027
Gain on disposal of a business                   (70,860)      -
Income taxes                                     3,069         (46,619)
Changes in assets and liabilities:
Receivables                                      30,753        (10,709)
Inventory                                        (1,150)       6,349
Accounts payable                                 (6,554)       (5,070)
Accrued liabilities                              6,401         (15,385)
Other, net                                       5,072         5,531
Cash provided by operating activities            928,825       840,441
Business acquisitions, net of cash acquired      (1,762,883)   (305,379)
Capital expenditures                             (36,260)      (37,644)
Proceeds from disposal of a business             105,624       -
Other, net                                       (4,813)       (5,082)
Cash used by investing activities                (1,698,332)   (348,105)
Principal debt borrowings                        900,000       -
Principal debt payments                          (4,006)       (561)
Revolver borrowings (payments), net              180,000       (250,000)
Debt issuance costs                              (8,044)       -
Dividends                                        (100,334)     (79,859)
Excess tax benefit from share-based payment      22,228        21,081
Proceeds from stock-based compensation, net      18,312        10,463
Redemption premium on convertible debt           (13,126)      (1,518)
Other, net                                       1,212         2,290
Cash provided by (used in) financing activities  996,242       (298,104)
Effect of exchange rate changes on cash          (58,654)      (43,522)
Net increase in cash and equivalents             168,081       150,710
Cash and equivalents, beginning of period        610,430       459,720
Cash and equivalents, end of period              $778,511      $610,430

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/roper-technologies-announces-record-financial-results-300212577.html

SOURCE Roper Technologies, Inc.

http://rt.prnewswire.com/rt.gif?NewsItemId=CL11355&Transmission_Id=201602010655PR_NEWS_USPR_____CL11355&DateId=20160201



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