Roper Technologies Announces 2016 Financial Results
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 toacquired 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 deferredrevenueA,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 deferredrevenueG,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 AbelPump |
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 toacquired deferred revenueA,B |
7 |
A |
4 |
B |
|
|
Adjusted Revenue |
$ 1,018 |
$ 948 |
7% | ||
|
GAAP Gross Margin |
$ 627 |
$ 579 |
|||
|
Purchase accounting adjustment toacquired 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 deferredrevenueA,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 deferredrevenue, 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 toacquired deferred revenue andcommissionsL |
0.13 |
L |
0.13 |
L |
0.32 |
L |
0.32 |
L |
|
Amortization of acquisition-relatedintangible 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 AtlasMedical ($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 ($1.0mpre-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 ofConstructConnect 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 ($0.9Mpretax, $0.6M after-tax), Aderant ($5.4M pretax, $3.5M after-tax), Atlas Medical ($0.3M pretax, $0.2Mafter-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, $1.1Mafter-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), OnCenter Software ($0.6M pretax, $0.4M after-tax), Aderant ($1.8M pretax, $1.2M after-tax) and AtlasMedical ($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 inSeptember, 2016 ($0.9M pretax, $0.6M after-tax) | ||||||||||||||||||||
|
L |
Forecasted acquisition-related fair value adjustments to acquired deferred revenue and commissionsof ConstructConnect and Deltek, as shown below ($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.