Roper Technologies Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 23 July 2026: press release. Guidance figures: 3 raised, 1 lowered, 3 new. The quarter’s numbers.

Key takeaways

Revenue rose 9% to $2.11 billion: Revenue was $2.11 billion against $1.94 billion a year earlier, an increase of 9%. Source
Adjusted DEPS up 10%: Adjusted diluted EPS was $5.38 against $4.87. GAAP diluted EPS was $11.62 against $3.49; adjusted figures exclude Indicor-related financial impacts. Source
Multiple AI products launched in quarter: Management said the company launched several new products across its portfolio in the quarter. It said early adopters see value in solutions for complex workflow challenges. Source
Adjusted EBITDA margin down 130 basis points: Adjusted EBITDA was $815 million against $775 million, up 5%. Margin was 38.6% against 39.9%, a decline of 130 basis points. Source
Adjusted free cash flow up 11%: Adjusted free cash flow was $447 million against $403 million. Adjusted operating cash flow was $469 million against $434 million, after adjusting for prior-year divestiture taxes. Source
3.6 million shares repurchased in Q2: The company repurchased 3.6 million shares for $1.2 billion in the second quarter. Program-to-date repurchases were 9.0 million shares for $3.2 billion. Source
Indicor stake drives equity gain: After the CD&R sale of a majority stake in its industrial businesses, the company holds a minority interest in Indicor. Equity investment gain was $835.2 million in the quarter and $1,002.5 million for six months. Source
Third quarter adjusted DEPS guided: The company gave third quarter 2026 adjusted DEPS guidance of $5.75 to $5.80. The April release had given second quarter guidance instead. Source

“Roper delivered another solid quarter, with 9% total revenue growth, 5% organic revenue growth, and 11% free cash flow growth,”
Neil Hunn, Roper Technologies' President and CEO

Guidance

Area	Period	Figure	Against last quarter
Adjusted DEPS Source	Full year 2026	$22.15 - $22.30	Raised from $21.80 - $22.05
Organic revenue growth Source	Full year 2026	~6%	Raised from +5 - 6%
Adjusted DEPS Source	Third quarter 2026	$5.75 - $5.80	New
GAAP DEPS Source	Full year 2026	$24.78 - $24.93	Raised from $16.67 - $16.92
GAAP DEPS Source	Third quarter 2026	$4.07 - $4.12	New
Amortization of acquisition-related intangible assets, pretax Source	Full year 2026	$835 million	Lowered from $837 million
Amortization of acquisition-related intangible assets, pretax Source	Third quarter 2026	$211 million	New

What changed from last quarter

Guidance raised: Full year 2026 adjusted DEPS guidance was raised to $22.15 to $22.30 from $21.80 to $22.05. Source
Guidance raised: Full year total revenue growth guidance moved to 8% or more from about 8%, and organic revenue growth guidance moved to about 6% from 5% to 6%. Source
Guidance raised: Full year 2026 GAAP DEPS forecast moved to $24.78 to $24.93 from $16.67 to $16.92 in the April release. Source
New guidance: Third quarter 2026 adjusted DEPS guidance of $5.75 to $5.80 was given; the April release had given second quarter guidance. Source
New: Guidance excludes proceeds from Indicor's pending divestiture of its instrumentation businesses and potential share repurchases. The April release did not mention this divestiture. Source

Results and growth drivers

Revenue rose 9% to $2.11 billion: Revenue was $2.11 billion against $1.94 billion a year earlier, an increase of 9%. Source
Adjusted DEPS up 10%: Adjusted diluted EPS was $5.38 against $4.87. GAAP diluted EPS was $11.62 against $3.49; adjusted figures exclude Indicor-related financial impacts. Source
Net earnings and share count: GAAP net earnings were $1,168.5 million against $378.3 million. Adjusted net earnings were $542 million against $528 million, up 3%. Diluted shares averaged 100.6 million against 108.4 million. Source
Six-month revenue reached $4.2 billion: Six-month net revenues were $4,204.2 million against $3,826.4 million. Six-month diluted EPS was $16.35 against $6.55. Source

Segments and profitability

Application Software revenue rose: Application Software revenue was $1,180.8 million against $1,094.9 million. Its operating profit was $324.0 million, or 27.4% of revenue, against 26.9%. Source
Network Software operating margin lower: Network Software revenue was $430.9 million against $385.4 million. Operating margin was 41.0% against 43.9%, while gross margin rose to 84.3% from 83.2%. Source
Technology Enabled Products margins lower: Technology Enabled Products revenue was $497.2 million against $463.3 million. Operating margin was 33.3% against 35.4%, and gross margin was 56.9% against 58.6%. Source
Corporate costs and total segment margin: Unallocated corporate costs were $81.6 million against $79.7 million. Total segment operating margin was 31.6% against 32.3%. Source

“We continue to accelerate our pace of AI innovation, having launched multiple new products across the portfolio this quarter that expand our addressable markets.”
Neil Hunn, Roper Technologies' President and CEO

Products and AI launches

Multiple AI products launched in quarter: Management said the company launched several new products across its portfolio in the quarter. It said early adopters see value in solutions for complex workflow challenges. Source
AI shipping began in first quarter: The first quarter release said the businesses continued shipping AI products, backed by expanded AI capacity and faster execution.
Vertical market leaders positioned for AI: Management said vertical market leaders with deep domain expertise and proprietary data are well positioned to create differentiated value for customers. Source

Margins and costs

Adjusted EBITDA margin down 130 basis points: Adjusted EBITDA was $815 million against $775 million, up 5%. Margin was 38.6% against 39.9%, a decline of 130 basis points. Source
Selling and cost of sales rose: Selling, general and administrative expenses were $885.5 million against $797.1 million. Cost of sales was $638.7 million against $598.2 million. Gross margin was 69.7% against 69.2%. Source
Interest expense increased: Interest expense, net was $111.4 million against $79.1 million in the quarter, and $210.7 million for six months against $142.0 million. Source

“Given the combination of our strong first half performance, share repurchases to date, and durable customer demand for our mission-critical solutions, we are raising our full year outlook.”
Neil Hunn, Roper Technologies' President and CEO

Demand and customers

Organic growth slowed to 5%: In the first quarter, organic revenue growth was 6% and acquisitions added 5 points. In the second quarter, organic growth was 5%.
Second quarter growth components: Second quarter revenue growth of 9% comprised 5 points organic, 3 points from acquisitions and no foreign exchange effect. Source
Deferred revenue declined: Deferred revenue was $1,707.8 million at June 30, 2026, against $1,906.8 million at December 31, 2025. Source

Cash flow and balance sheet

Adjusted free cash flow up 11%: Adjusted free cash flow was $447 million against $403 million. Adjusted operating cash flow was $469 million against $434 million, after adjusting for prior-year divestiture taxes. Source
Six-month operating cash flow rose: Cash provided by operating activities was $1,061.6 million for six months, against $932.8 million. Acquisitions used $27.5 million against $2,005.2 million a year earlier. Source
Long-term debt rose: Long-term debt, net of current portion, was $10,601.1 million at June 30, against $8,595.8 million at December 31, 2025. Revolver borrowings, net, were $2,000.0 million for six months. Source
Cash balance higher at period end: Cash and cash equivalents were $364.9 million at June 30, against $297.4 million at December 31, 2025. Source

Share repurchases and returns

3.6 million shares repurchased in Q2: The company repurchased 3.6 million shares for $1.2 billion in the second quarter. Program-to-date repurchases were 9.0 million shares for $3.2 billion. Source
First quarter program and remaining capacity: The first quarter release gave program-to-date repurchases of 6.0 million shares for $2.2 billion, with remaining capacity of $3.8 billion after a $3 billion addition. The second quarter release does not state remaining capacity.
Shares outstanding down to 98.9 million: Shares outstanding were 98.9 million at June 30, against 102.4 million at March 31 and 106.6 million at December 31, 2025. Management said the share count is back to 2013 levels. Source
Dividends and buybacks in six months: Cash dividends were $191.4 million and share repurchases $2,726.7 million for six months, against $177.2 million of dividends and no repurchases a year earlier. Source

Indicor minority investment

Indicor stake drives equity gain: After the CD&R sale of a majority stake in its industrial businesses, the company holds a minority interest in Indicor. Equity investment gain was $835.2 million in the quarter and $1,002.5 million for six months. Source
Equity investment balance rose: The equity investment was $1,792.2 million at June 30, against $963.6 million at March 31 and $796.3 million at December 31, 2025. Source
Forecasts exclude future Indicor impacts: Forecasts exclude future Indicor minority investment impacts, which management said cannot be reasonably predicted. These impacts will be excluded from non-GAAP results in future periods. Source

Guidance and capital deployment

Acquisition focus with capital capacity: Management said it has significant capital deployment capacity and is focused on acquisition targets, with the aim of compounding free cash flow per share. Source
Third quarter adjusted DEPS guided: The company gave third quarter 2026 adjusted DEPS guidance of $5.75 to $5.80. The April release had given second quarter guidance instead. Source
Guidance excludes unannounced deals and buybacks: Guidance excludes unannounced future acquisitions or divestitures, proceeds from Indicor's pending divestiture, and potential share repurchases. Source

Coming up, as management said on 23 July 2026

Indicor divestiture proceeds pending: Proceeds from Indicor's pending divestiture of its instrumentation businesses are not included in guidance. The documents give no closing date. Source

Risks management discussed

Financial: The Indicor stake is revalued quarterly and reported in GAAP results, while adjusted figures exclude these impacts. Source
Financial: Forecasts exclude future Indicor minority investment impacts, which management said cannot be reasonably predicted. Source

Earlier plans management reported on

Not stated: The April release raised full year guidance to this range, and the July release raises it again.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Roper Technologies announces second quarter financial results

Increases full year guidance

Sarasota, Florida, July 23, 2026 ... Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the second quarter ended June 30, 2026.

Second quarter 2026 highlights

Revenue increased 9% to $2.11 billion; organic revenue was +5% and acquisition contribution was +3%
GAAP DEPS increased 233% to $11.62; adjusted DEPS increased 10% to $5.38
GAAP operating cash flow increased 16% to $469 million; adjusted free cash flow increased 11% to $447 million
Repurchased 3.6 million shares for $1.2 billion in Q2 (program to date: 9.0 million shares for $3.2 billion)

"Roper delivered another solid quarter, with 9% total revenue growth, 5% organic revenue growth, and 11% free cash flow growth," said Neil Hunn, Roper Technologies' President and CEO. "We repurchased 3.6 million shares for $1.2 billion during the quarter, bringing our cumulative repurchase activity over the past three quarters to 9.0 million shares or more than 8% of shares outstanding, and rolling our share count back to 2013 levels."

"We continue to accelerate our pace of AI innovation, having launched multiple new products across the portfolio this quarter that expand our addressable markets. Early adopters are seeing the value of these solutions that address complex workflow challenges. This reinforces our conviction that Roper's vertical market-leading businesses, with deep domain expertise and proprietary data, are well positioned to create differentiated value for customers."

"Given the combination of our strong first half performance, share repurchases to date, and durable customer demand for our mission-critical solutions, we are raising our full year outlook. With significant capital deployment capacity, we are focused on attractive acquisition targets that will continue compounding free cash flow per share for our shareholders," concluded Mr. Hunn.

Increasing 2026 guidance

Roper now expects full year 2026 adjusted DEPS of $22.15 - $22.30, compared to previous guidance of $21.80 - $22.05. The Company increased its full year total revenue growth outlook to 8%+, compared to a previous outlook of ~8%, and increased its organic revenue growth outlook to ~6%, compared to a previous outlook of +5 - 6%.

For the third quarter of 2026, the Company expects adjusted DEPS of $5.75 - $5.80.

The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures, proceeds from Indicor's pending divestiture of its instrumentation businesses, as well as potential share repurchases.

Conference call to be held at 8:00 AM (ET) today

A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, July 23, 2026. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 70538. 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 dialing +1 646-517-4150 with access code 70538 #.

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.

Minority interest

Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as "equity investment (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with this investment.

	Q2 2025	Q2 2026		V %
Table 1: Revenue and adjusted EBITDA reconciliation ($M)
GAAP revenue	$1,944	$2,109		9%
Components of revenue growth
Organic				5%
Acquisitions				3%
Foreign exchange				- %
Total revenue growth				9%
Adjusted EBITDA reconciliation
GAAP net earnings	$378	$1,168
Taxes	107	140
Interest expense	79	111
Depreciation	10	10
Amortization	213	221
EBITDA	$788	$1,650		109%
Transaction-related expenses for completed acquisitions	4	-
Financial impacts associated with minority investments	(17)	(835)	A
Adjusted EBITDA	$775	$815		5%
Adjusted EBITDA margin	39.9%	38.6%			(130 bps)

	Q2 2025	Q2 2026		V %
Table 2: Adjusted net earnings reconciliation ($M)
GAAP net earnings	$378	$1,168		209%
Transaction-related expenses for completed acquisitions	3	-
Financial impacts associated with minority investments	(13)	(791)	A
Amortization of acquisition-related intangible assets	160	164	B
Adjusted net earnings C	$528	$542		3%

	Q2 2025	Q2 2026		V %
Table 3: Adjusted DEPS reconciliation
GAAP DEPS	$3.49	$11.62		233%
Transaction-related expenses for completed acquisitions	0.03	-
Financial impacts associated with minority investments	(0.12)	(7.86)	A
Amortization of acquisition-related intangible assets	1.48	1.63	B
Adjusted DEPS C	$4.87	$5.38		10%

	Q2 2025	Q2 2026		V %
Table 4: Adjusted cash flow reconciliation ($M)
Operating cash flow	$404	$469		16%
Taxes paid in period related to divestiture	30	-
Adjusted operating cash flow	$434	$469		8%
Capital expenditures	(16)	(11)
Capitalized software expenditures	(14)	(16)
Outgo beneficial interest collections	-	4	D
Adjusted free cash flow	$403	$447		11%

	Q3 2026		FY 2026
	Low end	High end	Low end	High end
Table 5: Forecasted adjusted DEPS reconciliation
GAAP DEPS E	$4.07	$4.12	$24.78	$24.93
YTD financial impacts associated with the minority investment in Indicor A	TBD	TBD	(9.16)	(9.16)
Amortization of acquisition-related intangible assets B	1.68	1.68	6.53	6.53
Adjusted DEPS C	$5.75	$5.80	$22.15	$22.30

Footnotes:

		Q2 2026A	Q3 2026E	FY 2026E	YTD 2026
	Pretax	$(835)	TBD	TBD	$(1,002)
	After-tax	$(791)	TBD	TBD	$(925)
	Per share	$(7.86)	TBD	TBD	$(9.16)
		Q2 2026A	Q3 2026E	FY 2026E
	Pretax	$208	$211	$835
	After-tax	$164	$167	$660
	Per share	$1.63	$1.68	$6.53
A.	Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any future impacts associated with our minority investment in Indicor, as these future impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
B.	Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).
C.	All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.
D.	Cash collected on Outgo's beneficial interest, the residual amount owed to Outgo after it sells receivables to a third-party financial institution, classified within cash flows from investing activities.
E.	Forecasted GAAP DEPS do not include any future impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods.

Note: Numbers may not foot due to rounding.

About Roper Technologies

Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 500. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

Contact information:

Forward-looking statements notice

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, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. 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, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with 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.

	June 30, 2026	December 31, 2025
Roper Technologies, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in millions)
ASSETS:
Cash and cash equivalents	$364.9	$297.4
Accounts receivable, net	927.2	1,001.0
Inventories, net	145.4	141.7
Income taxes receivable	73.3	128.2
Unbilled receivables	153.8	124.0
Prepaid expenses and other current assets	253.9	235.8
Total current assets	1,918.5	1,928.1
Property, plant and equipment, net	158.7	156.9
Goodwill	21,330.7	21,341.2
Other intangible assets, net	9,347.3	9,764.2
Deferred taxes	67.8	73.3
Equity investment	1,792.2	796.3
Other assets	554.3	517.0
Total assets	$35,169.5	$34,577.0
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	$174.1	$150.3
Accrued compensation	232.0	293.0
Deferred revenue	1,707.8	1,906.8
Other accrued liabilities	588.9	642.3
Income taxes payable	49.4	28.0
Current portion of long-term debt, net	718.3	705.2
Total current liabilities	3,470.5	3,725.6
Long-term debt, net of current portion	10,601.1	8,595.8
Deferred taxes	1,897.4	1,883.1
Other liabilities	500.2	491.0
Total liabilities	16,469.2	14,695.5
Common stock, 350.0 shares authorized; 109.4 shares issued and 98.9 outstanding at June 30, 2026 and 109.3 shares issued and 106.6 outstanding at December 31, 2025	1.1	1.1
Additional paid-in capital	3,391.9	3,292.2
Retained earnings	18,697.6	17,205.7
Accumulated other comprehensive loss	(135.5)	(101.4)
Treasury stock, 10.5 shares at June 30, 2026 and 2.7 shares at December 31, 2025	(3,254.8)	(516.1)
Total stockholders’ equity	18,700.3	19,881.5
Total liabilities and stockholders’ equity	$35,169.5	$34,577.0

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Roper Technologies, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in millions, except per share data)
Net revenues	$2,108.9		$1,943.6		$4,204.2		$3,826.4
Cost of sales	638.7		598.2		1,280.2		1,187.3
Gross profit	1,470.2		1,345.4		2,924.0		2,639.1
Selling, general and administrative expenses	885.5		797.1		1,769.7		1,565.0
Income from operations	584.7		548.3		1,154.3		1,074.1
Interest expense, net	111.4		79.1		210.7		142.0
Equity investment (gain) loss, net	(835.2)		(16.6)		(1,002.5)		27.8
Other expense, net	0.5		0.5		3.1		1.0
Earnings before income taxes	1,308.0		485.3		1,943.0		903.3
Income taxes	139.5		107.0		265.6		193.9
Net earnings	$1,168.5		$378.3		$1,677.4		$709.4
Net earnings per share:
Basic	$11.64		$3.52		$16.40		$6.60
Diluted	$11.62		$3.49		$16.35		$6.55
Weighted average common shares outstanding:
Basic		100.4		107.6		102.3		107.5
Diluted		100.6		108.4		102.6		108.3

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	Amount	%	Amount	%	Amount	%	Amount	%
Roper Technologies, Inc.
Selected Segment Financial Data (unaudited)
(Amounts in millions; percentages of net revenues)
Net revenues:
Application Software	$1,180.8		$1,094.9		$2,372.3		$2,163.1
Network Software	430.9		385.4		858.5		761.3
Technology Enabled Products	497.2		463.3		973.4		902.0
Total	$2,108.9		$1,943.6		$4,204.2		$3,826.4
Gross profit:
Application Software	$823.7	69.8%	$753.3	68.8%	$1,646.3	69.4%	$1,474.1	68.1%
Network Software	363.4	84.3%	320.8	83.2%	723.8	84.3%	636.4	83.6%
Technology Enabled Products	283.1	56.9%	271.3	58.6%	553.9	56.9%	528.6	58.6%
Total	$1,470.2	69.7%	$1,345.4	69.2%	$2,924.0	69.5%	$2,639.1	69.0%
Operating profit*:
Application Software	$324.0	27.4%	$294.6	26.9%	$643.2	27.1%	$571.4	26.4%
Network Software	176.6	41.0%	169.3	43.9%	350.4	40.8%	336.0	44.1%
Technology Enabled Products	165.7	33.3%	164.1	35.4%	320.1	32.9%	317.7	35.2%
Total	$666.3	31.6%	$628.0	32.3%	$1,313.7	31.2%	$1,225.1	32.0%
* Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $81.6 and $79.7 for the three months ended June 30, 2026 and 2025, respectively, and $159.4 and $151.0 for the six months ended June 30, 2026 and 2025, respectively.

	Six months ended June 30,
	2026	2025
Roper Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in millions)
Cash flows from operating activities:
Net earnings	$1,677.4	$709.4
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	20.1	19.6
Amortization of intangible assets	440.9	417.2
Amortization of deferred financing costs	6.3	5.5
Non-cash stock compensation	108.2	82.7
Equity investment (gain) loss, net	(1,002.5)	27.8
Income tax provision	265.6	193.9
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	71.0	37.4
Unbilled receivables	(30.8)	(9.7)
Inventories	(4.9)	(9.6)
Prepaid expenses and other current assets	(23.3)	(22.9)
Accounts payable	24.4	7.0
Other accrued liabilities	(93.9)	(115.4)
Deferred revenue	(193.6)	(132.7)
Cash taxes paid for gain on disposal of equity investment	-	(30.2)
Cash income taxes paid, excluding tax associated with gain on disposal of equity investment	(190.2)	(233.7)
Other, net	(13.1)	(13.5)
Cash provided by operating activities	1,061.6	932.8
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(27.5)	(2,005.2)
Capital expenditures	(25.3)	(26.0)
Capitalized software expenditures	(30.9)	(26.8)
Distributions from equity investment	6.7	5.1
Cash receipts on beneficial interest in sold receivables	4.5	-
Other, net	0.2	1.6
Cash used in investing activities	(72.3)	(2,051.3)
Cash flows from (used in) financing activities:
Borrowings under revolving credit facility, net	2,000.0	1,275.0
Debt issuance costs	(3.9)	-
Cash dividends to stockholders	(191.4)	(177.2)
Repurchases of common stock	(2,726.7)	-
Proceeds from (tax withholding payments for) stock-based compensation, net	(8.6)	73.8
Treasury stock sales under employee stock purchase plan	12.7	12.5
Other, net	12.8	(43.9)
Cash provided by (used in) financing activities	(905.1)	1,140.2
Effect of exchange rate changes on cash	(16.7)	32.5
Net increase in cash and cash equivalents	67.5	54.2
Cash and cash equivalents, beginning of period	297.4	188.2
Cash and cash equivalents, end of period	$364.9	$242.4

Contacts
941-556-2601 investor-relations@ropertech.com