Roper Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Roper Technologies Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

ROPER TECHNOLOGIES INC (ROP) filed a Annual Report (10-K) with the SEC on February 22, 2024. Roper Technologies Inc. filed its 2023 Form 10-K on February 22, 2024, reporting on the fiscal year ending December 31, 2023. The company's principal business is in industrial instruments for measurement, display, and control, with SIC code 3823. Roper Technologies Inc. was formerly known as Roper Industries Inc., with a name change effective May 27, 2008. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company is incorporated in Delaware and headquartered in Sarasota, Florida.

Why It Matters

For investors and stakeholders tracking ROPER TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Roper Technologies' financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. Understanding the company's historical financial data and business segments, as detailed in this report, is essential for evaluating its market position and future growth prospects.

Risk Assessment

Risk Level: medium — ROPER TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical disclosure of a company's annual performance and outlook.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any significant changes or trends impacting Roper Technologies' business and stock valuation.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 3823 — SIC Code (Standard Industrial Classification)
• 001-12273 — SEC File Number (SEC file number)

Key Players & Entities

• ROPER TECHNOLOGIES INC (company) — Filer name
• ROP (company) — Ticker symbol
• 2023-12-31 (date) — Conformed period of report
• 2024-02-22 (date) — Filed as of date
• 3823 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• Sarasota (location) — Business address city
• Roper Industries Inc (company) — Former company name

FAQ

Industry Context

Roper Technologies operates within the industrial instruments sector, focusing on measurement, display, and control technologies.

Regulatory Implications

The filing is a standard 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, net income, and balance sheet information.
2. Examine the 'Risk Factors' section for any new or evolving risks that could impact Roper Technologies' operations or financial performance.
3. Review management's discussion and analysis (MD&A) for insights into the company's performance drivers and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K, providing the latest annual financial and operational data for Roper Technologies Inc.

Key Financial Figures

• $0.01 — ange On Which Registered Common Stock, $0.01 Par Value ROP The Nasdaq Stock Market L
• $6,550 — e years, we have deployed approximately $6,550 of capital toward acquisitions, includi
• $1,380 — d acquisitions, including approximately $1,380 in 2023 for the acquisition of Syntelli
• $3,750 — r education providers and approximately $3,750 in 2022 for the acquisition of Frontlin
• $1,420 — Additionally, we deployed approximately $1,420 toward other acquisitions, primarily bo
• $1,860 — , for a purchase price of approximately $1,860. The transaction is expected to close i
• $873.4 — of the United States ("U.S.") totaling $873.4 in 2023. Information regarding our inte
• $3,186.9 — on Software segment had net revenues of $3,186.9 for the year ended December 31, 2023, r
• $1,439.4 — rk Software segment had net revenues of $1,439.4 for the year ended December 31, 2023, r
• $1,551.5 — ed Products segment had net revenues of $1,551.5 for the year ended December 31, 2023, r
• $4,612.6 — remaining performance obligations were $4,612.6 and $4,214.0, respectively. 6 Backl
• $4,214 — rformance obligations were $4,612.6 and $4,214.0, respectively. 6 Backlog is equal
• $3,156.6 — within the next 12 months. Backlog was $3,156.6 at December 31, 2023 and $2,912.6 at De
• $2,912.6 — g was $3,156.6 at December 31, 2023 and $2,912.6 at December 31, 2022. Distribution an

Filing Documents

• rop-20231231.htm (10-K) — 2128KB
• descriptionoftheregistrant.htm (EX-4.13) — 21KB
• a2023-formofroperpsuawarda.htm (EX-10.22) — 84KB
• a202310-kex211.htm (EX-21.1) — 124KB
• a202310-kex231.htm (EX-23.1) — 2KB
• a202310-kex311.htm (EX-31.1) — 10KB
• a202310-kex312.htm (EX-31.2) — 10KB
• a202310-kex321.htm (EX-32.1) — 8KB
• compensationclawbackpolicy.htm (EX-97.1) — 34KB
• rop-20231231_g1.jpg (GRAPHIC) — 136KB
• 0000882835-24-000008.txt (&nbsp;) — 13133KB
• rop-20231231.xsd (EX-101.SCH) — 72KB
• rop-20231231_cal.xml (EX-101.CAL) — 126KB
• rop-20231231_def.xml (EX-101.DEF) — 399KB
• rop-20231231_lab.xml (EX-101.LAB) — 1040KB
• rop-20231231_pre.xml (EX-101.PRE) — 705KB
• rop-20231231_htm.xml (XML) — 2182KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 15

C

Item 1 C . Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Information About Our Executive Officers 17 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 19 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures A bout Market Risk

Quantitative and Qualitative Disclosures A bout Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 67 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67 PART III Item 10. Directors, Executive Officers and Corporate Governance 68 Item 11.

Executive Compensation

Executive Compensation 68 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 69 Item 14. Principal Accountant Fees and Services 69 PART IV Item 15. Exhibit and Financial Statement Schedules 70 Item 16. Form 10-K Summary 70

Signatures

Signatures 71 2 Information About Forward-Looking Statements This Annual Report on Form 10-K ("Annual Report") includes and incorporates by reference "forward-looking statements" within the meaning of the federal securities laws. In addition, we, or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the U.S. Securities and Exchange Commission ("SEC") or in connection with oral statements made to the press, potential investors, or others. All statements that are not historical facts are "forward-looking statements." 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 or implied in any forward-looking statement. Examples of forward-looking statements in this report include but are not limited to statements regarding operating results, the success of our operating plans, our expectations regarding our ability to generate cash and reduce debt and associated interest expense, profit and cash flow expectations, the prospects for newly acquired businesses to be integrated and contribute to future growth, and our expectations regarding growth through acquisitions. Important assumptions relating to the forward-looking statements include, among others, demand for our products, the cost, timing, and success of product upgrades and new product introductions, raw material costs, expected pricing levels, expected outcomes of pending litigation, competitive conditions, and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking state

BUSINESS

ITEM 1. BUSINESS All currency amounts are in millions unless specified Our Business Roper Technologies, Inc. ("Roper," the "Company," "we," "our," or "us") is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and shareholder value. We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. We pursue consistent and sustainable growth in revenue, earnings, and cash flow by enabling continuous improvement in the operating performance of our businesses and by acquiring other businesses that offer high value-added software, services, technology-enabled products, and solutions that we believe are capable of achieving growth and maintaining high margins. We compete in many defensible niche markets and believe we are the market leader or a competitive alternative to the market leader in most of these markets. In the last three years, we have deployed approximately $6,550 of capital toward acquisitions, including approximately $1,380 in 2023 for the acquisition of Syntellis Performance Solutions, a leading provider of Software-as-a-Service ("SaaS") solutions for healthcare, financial institution, and higher education providers and approximately $3,750 in 2022 for the acquisition of Frontline, a leading provider of SaaS solutions for school administration. Additionally, we deployed approximately $1,420 toward other acquisitions, primarily bolt-on acquisitions to help build on the strategic position of several of our businesses. In January 2024, we announced that we reached a definitive agreement to acquire Procare Solutions, a leading provider of cloud-based software for the childcare market, for a purchase price of approximately $1,860. The transaction is expected to close in the first quarter of 2024, subject to regulatory approval and customary closing conditions. See Note 2 of the Notes to Consolidated Finan