UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
October 30, 2017
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
ROPER TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-12273 | 51-0263969 |
(COMMISSION FILE NUMBER) | (IRS EMPLOYER IDENTIFICATION NO.) |
6901 PROFESSIONAL PKWY. EAST, SUITE 200, SARASOTA, FLORIDA | 34240 |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) |
(941) 556-2601
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. Results of Operations and Financial Condition.
On October 30, 2017, Roper Technologies, Inc. (the "Company") issued a press release containing information about the Company's results of operations for the quarter ended September 30, 2017. A copy of the press release is furnished as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Roper Technologies, Inc. | |||||||
(Registrant) | |||||||
BY: | /s/ Robert Crisci | Date: | October 30, 2017 | ||||
Robert Crisci, Vice President and Chief Financial Officer | |||||||
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | ||
Contact Information: Investor Relations 941-556-2601 investor-relations@ropertech.com |  Roper Technologies, Inc. |
Roper Technologies Announces Third Quarter Results
GAAP Revenue Increased 23%; Adjusted Revenue Increased 24%
Raising Full Year Adjusted DEPS Guidance
Sarasota, Florida, October 30, 2017 ... Roper Technologies, Inc. (NYSE: ROP), a diversified technology company, reported financial results for the third quarter ended September 30, 2017.
Roper reports results - including revenue, gross margin, operating margin, net income, and diluted earnings per share (“DEPS”) - on a GAAP basis and an adjusted basis.
Third quarter GAAP revenue increased 23% to $1.16 billion and adjusted revenue grew 24% to $1.17 billion. GAAP gross margin expanded 140 basis points to 62.6% and adjusted gross margin expanded 170 basis points to 63.0%.
GAAP DEPS was $1.84, a 13% increase, while adjusted DEPS was $2.36, a 20% increase. Adjusted EBITDA grew 24% to $407 million and adjusted EBITDA margin expanded 20 basis points to 34.8%.
“Our businesses performed exceptionally well in the third quarter as our asset-light, niche market strategy continues to produce excellent results,” said Brian Jellison, Roper’s Chairman, President and CEO. “We delivered 24% growth in both adjusted revenue and adjusted EBITDA with 5% organic revenue growth and great operating leverage. Our software and network businesses, including Deltek and ConstructConnect, continued to perform well. We also benefited from broad-based growth and strong margin performance in our product businesses.”
“Our cash performance has helped us to reduce debt by $880 million year to date, demonstrating our ability to quickly de-lever after acquisitions. We see continuing broad-based strength across the enterprise that will drive additional growth in the fourth quarter and position us well for a record 2018,” concluded Mr. Jellison.
2017 Guidance Update
Roper is raising its full year 2017 guidance and now expects adjusted DEPS of $9.27 - $9.33, compared to previous guidance of $9.12 - $9.30.
In the fourth quarter of 2017, the Company expects adjusted DEPS to be between $2.56 and $2.62.
The Company’s guidance excludes the impact of future acquisitions or divestitures.
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Conference Call to be Held at 8:30 AM (ET) Today
A conference call to discuss these results has been scheduled for 8:30 AM ET on Monday, October 30, 2017. The call can be accessed via webcast or by dialing +1 800-231-9012 (US/Canada) or +1 719-325-2168, using confirmation code 7559336. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by using the following registration URL https://event.replay with access code 7559336.
Use of Non-GAAP Financial Information
The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.
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Table 1: Adjusted Revenue Reconciliation and Growth Detail ($M)
Q3 2017 | Q3 2016 | V % | |||||||||
GAAP Revenue | $ | 1,160 | $ | 945 | 23 | % | |||||
Purchase accounting adjustment to acquired deferred revenueA,B | 12 | A | 2 | B | |||||||
Rounding | (1 | ) | - | ||||||||
Adjusted Revenue | $ | 1,171 | $ | 947 | 24 | % | |||||
Components of Adjusted Revenue Growth | |||||||||||
Organic | 5 | % | |||||||||
Acquisitions/Divestitures | 19 | % | |||||||||
Foreign Exchange | 1 | % | |||||||||
Rounding | (1 | )% | |||||||||
Total Adjusted Revenue Growth | 24 | % | |||||||||
Table 2: Adjusted DEPS Reconciliation
Q3 2017 | Q3 2016 | V % | |||||||||
GAAP Diluted Earnings Per Share (DEPS) | $ | 1.84 | $ | 1.63 | 13 | % | |||||
Purchase accounting adjustment to acquired deferred revenueA,B | 0.07 | A | 0.01 | B | |||||||
Purchase accounting adjustment for commission expenseC | (0.01) | - | |||||||||
Amortization of Acquisition-related intangible assetsD | 0.46 | 0.31 | |||||||||
Debt Extinguishment ChargeE | - | 0.01 | |||||||||
Adjusted DEPS | $ | 2.36 | $ | 1.96 | 20 | % | |||||
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Table 3: Adjusted Gross Margin Reconciliation ($M)
Q3 2017 | Q3 2016 | V Bps | ||||||||
GAAP Revenue | $ | 1,160 | $ | 945 | ||||||
Purchase accounting adjustment to acquired deferred revenueA,B | 12 | A | 2 | B | ||||||
Rounding | (1 | ) | - | |||||||
Adjusted Revenue | $ | 1,171 | $ | 947 | ||||||
GAAP Gross Profit | $ | 726 | $ | 578 | ||||||
Purchase accounting adjustment to acquired deferred revenueA,B | 12 | A | 2 | B | ||||||
Rounding | - | 1 | ||||||||
Adjusted Gross Profit | $ | 738 | $ | 581 | ||||||
GAAP Gross Margin | 62.6 | % | 61.2 | % | +140 bps | |||||
Adjusted Gross Margin | 63.0 | % | 61.3 | % | +170 bps | |||||
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Table 4: Adjusted EBITDA Reconciliation ($M)
Q3 2017 | Q3 2016 | V% / Bps | |||||||||
GAAP Revenue | $ | 1,160 | $ | 945 | |||||||
Purchase accounting adjustment to acquired deferred revenueA,B | 12 | A | 2 | B | |||||||
Rounding | (1 | ) | - | ||||||||
Adjusted Revenue | $ | 1,171 | $ | 947 | |||||||
GAAP Net Earnings | $ | 190 | $ | 167 | |||||||
Taxes | 74 | 73 | |||||||||
Interest expense | 46 | 27 | |||||||||
Depreciation | 12 | 9 | |||||||||
Amortization | 74 | 49 | |||||||||
Rounding | 1 | - | |||||||||
EBITDA | $ | 397 | $ | 325 | |||||||
Purchase accounting adjustment to acquired deferred revenueA,B | 12 | A | 2 | B | |||||||
Purchase accounting adjustment for commission expenseC | (1) | - | |||||||||
Debt Extinguishment ChargeE | - | 1 | |||||||||
Rounding | (1) | - | |||||||||
Adjusted EBITDA | $ | 407 | $ | 328 | 24 | % | |||||
% of Adjusted Revenue | 34.8 | % | 34.6 | % | +20bps | ||||||
Table 5: Forecasted Adjusted DEPS Reconciliation
Q4 2017 | Full Year 2017 | |||||||||||||||
Low End | High End | Low End | High End | |||||||||||||
GAAP DEPS | $ | 2.07 | $ | 2.13 | $ | 7.17 | $ | 7.23 | ||||||||
Purchase accounting adjustments to acquired deferred revenue and commissionsF | 0.04 | 0.04 | 0.32 | 0.32 | ||||||||||||
Amortization of acquisition-related intangible assetsD | 0.45 | 0.45 | 1.83 | 1.83 | ||||||||||||
Gain on sale of divested Energy product lineG | - | - | (0.06) | (0.06) | ||||||||||||
Impairment charge on minority investmentH | - | - | 0.01 | 0.01 | ||||||||||||
Adjusted DEPS | $ | 2.56 | $ | 2.62 | $ | 9.27 | $ | 9.33 | ||||||||
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A | Acquisition-related fair value adjustments to deferred revenue related to the acquisitions of ConstructConnect ($1.4M pretax, $0.9M after-tax), and Deltek ($10.2M pretax, $6.6M after-tax). |
B | Acquisition-related fair value adjustments to deferred revenue related to the acquisitions of On Center Software ($0.1M pretax, $0.1M after-tax), Aderant ($1.8M pretax, $1.2M after-tax), Atlas Medical ($0.1M pretax, $0.1M after-tax) and CliniSys ($0.2M pretax, $0.1M after-tax). |
C | Purchase Accounting Adjustment for Commission Expense related to the acquisition of Deltek ($1.2M pretax, $0.8M after-tax). |
D | Actual results and forecast of estimated amortization of acquisition-related intangible assets ($M); for comparison purposes, prior period amounts are also shown below. Tax Rate of 35% applied to amortization in all periods. |
Q3 2016A | Q4 2016A | FY 2016A | Q3 2017A | Q4 2017E | FY 2017E | ||||||||||||||||||
Pretax | $ | 49 | $ | 54 | $ | 201 | $ | 73 | $ | 73 | $ | 292 | |||||||||||
After-tax | $ | 32 | $ | 35 | $ | 131 | $ | 48 | $ | 47 | $ | 190 | |||||||||||
Per share | $ | 0.31 | $ | 0.34 | $ | 1.27 | $ | 0.46 | $ | 0.45 | $ | 1.83 | |||||||||||
E | Debt Extinguishment Charge ($0.9M pretax, $0.6M after-tax). |
F | Forecasted acquisition-related fair value adjustments to acquired deferred revenue and commissions of ConstructConnect and Deltek, as shown below ($M, except per share data). |
Q4 2017E | FY 2017E | ||||||
Pretax | $ | 6 | $ | 51 | |||
After-tax | $ | 4 | $ | 33 | |||
Per Share | $ | 0.04 | $ | 0.32 | |||
G | Gain on sale of divested Energy product line ($9.4M pretax, $6.1M after-tax). |
H | Impairment charge on minority investment ($1.8M pretax, $1.1M after-tax). |
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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 identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, the newly acquired businesses. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, 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.
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Roper Technologies, Inc. and Subsidiaries | |||||||
Condensed Consolidated Balance Sheets (unaudited) | |||||||
(Amounts in thousands) | |||||||
September 30, 2017 | December 31, 2016 | ||||||
ASSETS: | |||||||
Cash and cash equivalents | $ | 605,616 | $ | 757,200 | |||
Accounts receivable, net | 603,874 | 619,854 | |||||
Inventories, net | 209,306 | 181,952 | |||||
Unbilled receivables | 157,852 | 129,965 | |||||
Other current assets | 115,408 | 87,530 | |||||
Total current assets | 1,692,056 | 1,776,501 | |||||
Property, plant and equipment, net | 141,279 | 141,318 | |||||
Goodwill | 8,793,956 | 8,647,142 | |||||
Other intangible assets, net | 3,502,687 | 3,655,843 | |||||
Deferred taxes | 32,459 | 30,620 | |||||
Other assets | 84,236 | 73,503 | |||||
Total assets | $ | 14,246,673 | $ | 14,324,927 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||
Accounts payable | $ | 163,719 | $ | 152,067 | |||
Accrued compensation | 168,931 | 161,730 | |||||
Deferred revenue | 534,562 | 488,399 | |||||
Other accrued liabilities | 261,457 | 219,339 | |||||
Income taxes payable | 46,575 | 22,762 | |||||
Current portion of long-term debt, net | 401,534 | 400,975 | |||||
Total current liabilities | 1,576,778 | 1,445,272 | |||||
Long-term debt, net of current portion | 4,932,721 | 5,808,561 | |||||
Deferred taxes | 1,163,371 | 1,178,205 | |||||
Other liabilities | 114,819 | 104,024 | |||||
Total liabilities | 7,787,689 | 8,536,062 | |||||
Common stock | 1,043 | 1,036 | |||||
Additional paid-in capital | 1,591,039 | 1,489,067 | |||||
Retained earnings | 5,062,926 | 4,642,402 | |||||
Accumulated other comprehensive loss | (177,277 | ) | (324,739 | ) | |||
Treasury stock | (18,747 | ) | (18,901 | ) | |||
Total stockholders' equity | 6,458,984 | 5,788,865 | |||||
Total liabilities and stockholders' equity | $ | 14,246,673 | $ | 14,324,927 | |||
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Roper Technologies, Inc. and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Earnings (unaudited) | ||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net revenues | $ | 1,159,912 | $ | 945,144 | $ | 3,380,888 | $ | 2,779,125 | ||||||||
Cost of sales | 433,492 | 366,651 | 1,281,204 | 1,073,593 | ||||||||||||
Gross profit | 726,420 | 578,493 | 2,099,684 | 1,705,532 | ||||||||||||
Selling, general and administrative expenses | 415,673 | 311,103 | 1,236,423 | 940,073 | ||||||||||||
Income from operations | 310,747 | 267,390 | 863,261 | 765,459 | ||||||||||||
Interest expense, net | 45,523 | 26,800 | 137,201 | 81,076 | ||||||||||||
Other income/(expense), net | (659 | ) | (534 | ) | 5,263 | (1,997 | ) | |||||||||
Earnings before income taxes | 264,565 | 240,056 | 731,323 | 682,386 | ||||||||||||
Income taxes | 74,292 | 72,977 | 203,423 | 205,822 | ||||||||||||
Net earnings | $ | 190,273 | $ | 167,079 | $ | 527,900 | $ | 476,564 | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | 1.86 | $ | 1.65 | $ | 5.17 | $ | 4.71 | ||||||||
Diluted | $ | 1.84 | $ | 1.63 | $ | 5.11 | $ | 4.65 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 102,303 | 101,372 | 102,091 | 101,231 | ||||||||||||
Diluted | 103,680 | 102,522 | 103,397 | 102,424 | ||||||||||||
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Roper Technologies, Inc. and Subsidiaries | ||||||||||||||||||||||||||||
Selected Segment Financial Data (unaudited) | ||||||||||||||||||||||||||||
(Amounts in thousands and percents of net revenues) | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||
RF Technology | $ | 480,572 | $ | 303,565 | $ | 1,370,688 | $ | 872,536 | ||||||||||||||||||||
Medical & Scientific Imaging | 343,639 | 338,027 | 1,042,638 | 1,010,826 | ||||||||||||||||||||||||
Industrial Technology | 200,442 | 178,317 | 576,713 | 528,179 | ||||||||||||||||||||||||
Energy Systems & Controls | 135,259 | 125,235 | 390,849 | 367,584 | ||||||||||||||||||||||||
Total | $ | 1,159,912 | $ | 945,144 | $ | 3,380,888 | $ | 2,779,125 | ||||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||||
RF Technology | $ | 298,883 | 62.2 | % | $ | 169,123 | 55.7 | % | $ | 830,096 | 60.6 | % | $ | 492,493 | 56.4 | % | ||||||||||||
Medical & Scientific Imaging | 247,138 | 71.9 | % | 247,432 | 73.2 | % | 753,096 | 72.2 | % | 740,725 | 73.3 | % | ||||||||||||||||
Industrial Technology | 102,092 | 50.9 | % | 90,950 | 51.0 | % | 293,410 | 50.9 | % | 266,679 | 50.5 | % | ||||||||||||||||
Energy Systems & Controls | 78,307 | 57.9 | % | 70,988 | 56.7 | % | 223,082 | 57.1 | % | 205,635 | 55.9 | % | ||||||||||||||||
Total | $ | 726,420 | 62.6 | % | $ | 578,493 | 61.2 | % | $ | 2,099,684 | 62.1 | % | $ | 1,705,532 | 61.4 | % | ||||||||||||
Operating profit*: | ||||||||||||||||||||||||||||
RF Technology | $ | 134,148 | 27.9 | % | $ | 94,785 | 31.2 | % | $ | 342,690 | 25.0 | % | $ | 272,905 | 31.3 | % | ||||||||||||
Medical & Scientific Imaging | 115,506 | 33.6 | % | 118,979 | 35.2 | % | 356,614 | 34.2 | % | 347,706 | 34.4 | % | ||||||||||||||||
Industrial Technology | 62,255 | 31.1 | % | 52,800 | 29.6 | % | 174,117 | 30.2 | % | 150,850 | 28.6 | % | ||||||||||||||||
Energy Systems & Controls | 36,351 | 26.9 | % | 31,777 | 25.4 | % | 99,454 | 25.4 | % | 83,728 | 22.8 | % | ||||||||||||||||
Total | $ | 348,260 | 30.0 | % | $ | 298,341 | 31.6 | % | $ | 972,875 | 28.8 | % | $ | 855,189 | 30.8 | % | ||||||||||||
Net Orders: | ||||||||||||||||||||||||||||
RF Technology | $ | 475,003 | $ | 300,303 | $ | 1,404,768 | $ | 899,659 | ||||||||||||||||||||
Medical & Scientific Imaging | 351,455 | 332,624 | 1,054,254 | 1,014,910 | ||||||||||||||||||||||||
Industrial Technology | 210,110 | 173,757 | 607,081 | 528,629 | ||||||||||||||||||||||||
Energy Systems & Controls | 134,197 | 121,818 | 390,434 | 368,292 | ||||||||||||||||||||||||
Total | $ | 1,170,765 | $ | 928,502 | $ | 3,456,537 | $ | 2,811,490 | ||||||||||||||||||||
*Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,513 and $30,951 for the three months ended September 30, 2017 and 2016, respectively, and $109,614 and $89,730 for the nine months ended September 30, 2017 and 2016, respectively. | ||||||||||||||||||||||||||||
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Roper Technologies, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
(Amounts in thousands) | ||||||||
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 527,900 | $ | 476,564 | ||||
Adjustments to reconcile net earnings to cash flows from operating activities: | ||||||||
Depreciation and amortization of property, plant and equipment | 36,776 | 27,954 | ||||||
Amortization of intangible assets | 221,518 | 149,149 | ||||||
Amortization of deferred financing costs | 5,463 | 4,080 | ||||||
Non-cash stock compensation | 67,598 | 60,480 | ||||||
Gain on sale of assets | (9,393 | ) | — | |||||
Changes in operating assets and liabilities, net of acquired businesses: | ||||||||
Accounts receivable | 30,074 | (1,660 | ) | |||||
Unbilled receivables | (27,186 | ) | 3,684 | |||||
Inventories | (19,577 | ) | (5,916 | ) | ||||
Accounts payable and accrued liabilities | 48,276 | 17,273 | ||||||
Deferred revenue | 50,554 | 19,692 | ||||||
Income taxes | (48,370 | ) | (52,728 | ) | ||||
Other, net | (17,900 | ) | (5,199 | ) | ||||
Cash provided by operating activities | 865,733 | 693,373 | ||||||
Cash flows from investing activities: | ||||||||
Acquisitions of businesses, net of cash acquired | (88,070 | ) | (277,587 | ) | ||||
Capital expenditures | (35,898 | ) | (26,933 | ) | ||||
Capitalized software expenditures | (8,043 | ) | (1,528 | ) | ||||
Proceeds from sale of assets | 10,614 | 866 | ||||||
Other, net | (6,932 | ) | 1,564 | |||||
Cash used in investing activities | (128,329 | ) | (303,618 | ) | ||||
Cash flows from financing activities: | ||||||||
Payments under revolving line of credit, net | (880,000 | ) | (180,000 | ) | ||||
Principal payments on convertible notes | — | (4,010 | ) | |||||
Cash premiums paid on convertible note conversions | — | (13,308 | ) | |||||
Cash dividends to stockholders | (106,480 | ) | (90,632 | ) | ||||
Proceeds from stock based compensation, net | 32,932 | 13,895 | ||||||
Treasury stock sales | 3,194 | 2,576 | ||||||
Other | 179 | (7,816 | ) | |||||
Cash used in financing activities | (950,175 | ) | (279,295 | ) | ||||
Effect of foreign currency exchange rate changes on cash | 61,187 | (6,701 | ) | |||||
Net (decrease)/increase in cash and cash equivalents | (151,584 | ) | 103,759 | |||||
Cash and cash equivalents, beginning of period | 757,200 | 778,511 | ||||||
Cash and cash equivalents, end of period | $ | 605,616 | $ | 882,270 | ||||
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