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GAAP DEPS of $1.48; Adjusted DEPS of $1.50

Orders Increased 9% to Record $927 Million

Sarasota, Florida, April 25, 2016 ... Roper Technologies, Inc. (NYSE: ROP) reported financial results for the first quarter ended March 31, 2016.

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.

First quarter GAAP revenue increased 4% to $902 million and adjusted revenue grew 4% to $906 million.  GAAP diluted earnings per share (DEPS) were $1.48 and adjusted DEPS were $1.50.  Orders increased 9% in the quarter and backlog increased 7% to a record $1.12 billion.

GAAP gross margin increased to 62.0% and adjusted gross margin increased 210 basis points to 62.1%.  EBITDA increased 4% to $307 million.  Operating cash flow was $207 million, which included tax payments associated with the gain on the divestiture of Abel Pump in the fourth quarter of 2015.  Excluding these tax payments, adjusted operating cash flow was $245 million and adjusted free cash flow was $235 million, representing 26% of revenue.

"We are very pleased with our performance in the quarter," said Brian Jellison, Roper's Chairman, President and CEO.  "Although energy markets were weak as expected, strong contributions from our software and medical products businesses resulted in record revenue for the quarter.  Our businesses continued to generate strong margin performance, with gross margin expansion in all four segments.  In addition, orders strengthened across the enterprise, with three segments recording a book-to-bill ratio of 1.03 or greater."

"During the quarter we completed the acquisition of Clinisys Group, Ltd., adding to our platform of software solutions for hospital laboratories," Mr. Jellison continued.  "In addition, we acquired PCI Medical, a provider of disinfection systems that complement our Civco Medical Solutions business.  Roper's pipeline of acquisition opportunities remains attractive and the Company expects to deploy over $1 billion in 2016."

 

 

Roper maintained its guidance for full year adjusted diluted earnings per share of $6.85 - $7.15.  The Company expects second quarter adjusted diluted earnings per share to be $1.56 - $1.61.  The Company's guidance excludes the impact of any future acquisitions or divestitures.

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

 

Table 2:  Reconciliation of Q1 2016 GAAP DEPS to Adjusted DEPS

 

Table 3:  Q1 2016 Adjusted Gross Margin Reconciliation

 

Table 4:  Q1 EBITDA Reconciliation

 

Table 5:  Q1 Cash Flow Reconciliation

 

A conference call to discuss these results has been scheduled for 8:30 AM ET on Monday, April 25, 2016.  The call can be accessed via webcast or by dialing +1 888-430-8694 (US/Canada) or +1 719-325-2315, using confirmation code 8649870.  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/866/14512 .  Telephonic replays will be available for up to two weeks and can be accessed by using the following registration URL https://jsp.premiereglobal.com/webrsvp/ with access code 8649870.

 

 

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 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" or "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, unfavorable 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 and 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.

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