Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-12273

ROPER TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)


Delaware		51-0263969
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6496 University Parkway
Sarasota,	Florida	34240
(Address of principal executive offices)		(Zip Code)

(941) 556-2601

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange On Which Registered

Common Stock, $0.01 Par Value

ROP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☒	Large accelerated filer	☐	Accelerated filer

☐	Non-accelerated filer	☐	Smaller reporting company

		☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares outstanding of the registrant’s common stock as of October 25, 2024 was 107,229,151.

ROPER TECHNOLOGIES, INC.

REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited):

	Condensed Consolidated Statements of Earnings	3

	Condensed Consolidated Statements of Comprehensive Income	4

	Condensed Consolidated Balance Sheets	5

	Condensed Consolidated Statements of Cash Flows	6

	Condensed Consolidated Statements of Changes in Stockholders ’ Equity	8

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 5.	Other Information	28

Item 6.	Exhibits	29

	Signatures	30

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Roper Technologies, Inc.

Condensed Consolidated Statements of Earnings (unaudited)

(in millions, except per share data)


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net revenues	$	1,764.6	$	1,563.4	$	5,162.1	$	4,564.3
Cost of sales	542.9		467.1		1,566.1		1,382.3
Gross profit	1,221.7		1,096.3		3,596.0		3,182.0

Selling, general and administrative expenses	725.1		650.2		2,123.9		1,899.6
Income from operations	496.6		446.1		1,472.1		1,282.4

Interest expense, net	67.7		42.4		188.4		114.6
Equity investments gain, net	(37.4)		(33.9)		(93.6)		(98.7)
Other (income) expense, net	(0.9)		(5.0)		0.9		0.1


Earnings before income taxes	467.2		442.6		1,376.4		1,266.4

Income taxes	99.3		97.0		289.4		275.5

Net earnings from continuing operations	367.9		345.6		1,087.0		990.9

Loss from discontinued operations, net of tax	—		(2.9)		—		(4.1)
Gain on disposition of discontinued operations, net of tax	—		4.5		—		8.4
Net earnings from discontinued operations	—		1.6		—		4.3

Net earnings	$	367.9	$	347.2	$	1,087.0	$	995.2

Net earnings per share from continuing operations:
Basic	$	3.43	$	3.23	$	10.15	$	9.30
Diluted	$	3.40	$	3.21	$	10.06	$	9.23

Net earnings per share from discontinued operations:
Basic	$	—	$	0.02	$	—	$	0.04
Diluted	$	—	$	0.02	$	—	$	0.04

Net earnings per share:
Basic	$	3.43	$	3.25	$	10.15	$	9.34
Diluted	$	3.40	$	3.23	$	10.06	$	9.27

Weighted average common shares outstanding:
Basic	107.2		106.7		107.1		106.5
Diluted	108.1		107.6		108.0		107.3

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Statements of Comprehensive Income (unaudited)

(in millions)


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net earnings	$	367.9	$	347.2	$	1,087.0	$	995.2

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	35.4		(50.1)		15.4		10.2
Total other comprehensive income (loss), net of tax	35.4		(50.1)		15.4		10.2

Comprehensive income	$	403.3	$	297.1	$	1,102.4	$	1,005.4

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions)


	September 30, 2024		December 31, 2023
ASSETS:

Cash and cash equivalents	$	269.6	$	214.3
Accounts receivable, net	821.2		829.9
Inventories, net	129.0		118.6
Income taxes receivable	43.0		47.7
Unbilled receivables	130.3		106.4
Other current assets	199.2		164.5

Total current assets	1,592.3		1,481.4

Property, plant and equipment, net	132.8		119.6
Goodwill	19,267.2		17,118.8
Other intangible assets, net	9,212.7		8,212.1
Deferred taxes	35.9		32.2
Equity investments	878.6		795.7
Other assets	433.2		407.7

Total assets	$	31,552.7	$	28,167.5

LIABILITIES AND STOCKHOLDERS’ EQUITY:

Accounts payable	$	155.8	$	143.0
Accrued compensation	248.5		250.0
Deferred revenue	1,671.0		1,583.8
Other accrued liabilities	468.4		446.5
Income taxes payable	47.0		40.4
Current portion of long-term debt, net	699.0		499.5

Total current liabilities	3,289.7		2,963.2

Long-term debt, net of current portion	7,677.6		5,830.6
Deferred taxes	1,649.9		1,513.1
Other liabilities	420.0		415.8

Total liabilities	13,037.2		10,722.7

Commitments and contingencies (Note 11)

Common stock	1.1		1.1
Additional paid-in capital	2,976.9		2,767.0
Retained earnings	15,661.4		14,816.3
Accumulated other comprehensive loss	(107.4)		(122.8)
Treasury stock	(16.5)		(16.8)
Total stockholders’ equity	18,515.5		17,444.8
Total liabilities and stockholders’ equity	$	31,552.7	$	28,167.5

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

(in millions)


	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Net earnings from continuing operations	$	1,087.0	$	990.9
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	27.9		26.3
Amortization of intangible assets	573.8		532.8
Amortization of deferred financing costs	7.0		7.7
Non-cash stock compensation	112.9		99.2
Equity investments gain, net	(93.6)		(98.7)

Income tax provision	289.4		275.5
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	82.8		25.8
Unbilled receivables	(17.1)		(15.3)
Inventories	(8.3)		(11.2)
Accounts payable	(7.2)		12.1
Other accrued liabilities	(1.7)		(72.0)
Deferred revenue	24.5		18.6
Cash taxes paid for gain on disposal of business	—		(16.4)
Cash income taxes paid, excluding tax associated with gain on disposal of business	(383.1)		(335.6)
Other, net	(23.3)		(24.0)
Cash provided by operating activities from continuing operations	1,671.0		1,415.7
Cash used in operating activities from discontinued operations	—		(2.4)
Cash provided by operating activities	1,671.0		1,413.3

Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(3,464.1)		(1,970.1)
Capital expenditures	(39.2)		(37.8)
Capitalized software expenditures	(33.4)		(28.7)


Distributions from equity investment	9.5		25.3
Other, net	(1.0)		0.6
Cash used in investing activities from continuing operations	(3,528.2)		(2,010.7)
Cash provided by disposition of discontinued operations	—		2.0

Cash used in investing activities	(3,528.2)		(2,008.7)

Cash flows from (used in) financing activities:
Proceeds from senior notes	2,000.0		—
Payments of senior notes	(500.0)		(700.0)
Borrowings under revolving line of credit, net	565.0		910.0
Debt issuance costs	(24.7)		—

Cash dividends to stockholders	(241.1)		(217.5)
Proceeds from stock-based compensation, net	88.1		99.3
Treasury stock sales	14.5		11.6

Other	(0.1)		(0.1)


Cash provided by financing activities	1,901.7		103.3
(Continued)

Roper Technologies, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited) - Continued

(in millions)


	Nine months ended September 30,
	2024		2023
Effect of exchange rate changes on cash	10.8		(1.2)

Net increase (decrease) in cash and cash equivalents	55.3		(493.3)

Cash and cash equivalents, beginning of period	214.3		792.8

Cash and cash equivalents, end of period	$	269.6	$	299.5

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

(in millions, except per share data)


	Common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total stockholders’ equity
Balances at June 30, 2024	$	1.1	$	2,923.0	$	15,374.3	$	(142.8)	$	(16.6)	$	18,139.0

Net earnings	—		—		367.9		—		—		367.9
Stock option exercises	—		14.3		—		—		—		14.3
Treasury stock sold	—		4.1		—		—		0.1		4.2
Currency translation adjustments	—		—		—		35.4		—		35.4
Stock-based compensation	—		39.2		—		—		—		39.2
Restricted stock activity	—		(3.7)		—		—		—		(3.7)
Dividends declared ($0.75 per share)	—		—		(80.8)		—		—		(80.8)
Balances at September 30, 2024	$	1.1	$	2,976.9	$	15,661.4	$	(107.4)	$	(16.5)	$	18,515.5

Balances at December 31, 2023	$	1.1	$	2,767.0	$	14,816.3	$	(122.8)	$	(16.8)	$	17,444.8

Net earnings	—		—		1,087.0		—		—		1,087.0
Stock option exercises	—		104.3		—		—		—		104.3

Treasury stock sold	—		14.2		—		—		0.3		14.5
Currency translation adjustments	—		—		—		15.4		—		15.4
Stock-based compensation	—		113.2		—		—		—		113.2
Restricted stock activity	—		(21.8)		—		—		—		(21.8)
Dividends declared ($2.25 per share)	—		—		(241.9)		—		—		(241.9)
Balances at September 30, 2024	$	1.1	$	2,976.9	$	15,661.4	$	(107.4)	$	(16.5)	$	18,515.5

Balances at June 30, 2023	$	1.1	$	2,655.3	$	14,233.2	$	(126.7)	$	(17.0)	$	16,745.9

Net earnings	—		—		347.2		—		—		347.2
Stock option exercises	—		29.9		—		—		—		29.9
Treasury stock sold	—		3.1		—		—		0.1		3.2
Currency translation adjustments	—		—		—		(50.1)		—		(50.1)
Stock-based compensation	—		36.7		—		—		—		36.7
Restricted stock activity	—		(1.2)		—		—		—		(1.2)
Dividends declared ($0.6825 per share)	—		—		(72.9)		—		—		(72.9)
Balances at September 30, 2023	$	1.1	$	2,723.8	$	14,507.5	$	(176.8)	$	(16.9)	$	17,038.7

Balances at December 31, 2022	$	1.1	$	2,510.2	$	13,730.7	$	(187.0)	$	(17.2)	$	16,037.8


Net earnings	—		—		995.2		—		—		995.2
Stock option exercises	—		111.7		—		—		—		111.7

Treasury stock sold	—		11.3		—		—		0.3		11.6
Currency translation adjustments	—		—		—		10.2		—		10.2
Stock-based compensation	—		101.9		—		—		—		101.9
Restricted stock activity	—		(11.3)		—		—		—		(11.3)
Dividends declared ($2.0475 per share)	—		—		(218.4)		—		—		(218.4)
Balances at September 30, 2023	$	1.1	$	2,723.8	$	14,507.5	$	(176.8)	$	(16.9)	$	17,038.7

See accompanying notes to Condensed Consolidated Financial Statements.

Roper Technologies, Inc.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Dollar and share amounts are in millions, except per share data)

1. Basis of Presentation

The accompanying Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income, and cash flows of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our,” or “us”) for all periods presented. The December 31, 2023 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K (“Annual Report”) filed on February 22, 2024 with the U.S. Securities and Exchange Commission (“SEC”) but does not include all annual disclosures required by U.S. generally accepted accounting principles (“GAAP”).

Roper’s management has made estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Condensed Consolidated Financial Statements in conformity with GAAP. Actual results could differ from those estimates.

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited Condensed Consolidated Financial Statements in conjunction with Roper’s audited Consolidated Financial Statements and the notes thereto included in its Annual Report. Certain prior period amounts have been reclassified to conform to current period presentation.

In 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses (“Indicor”). The financial results related to Indicor are reported as discontinued operations for all periods presented.

Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 10 for additional information on this minority equity interest.

Unless otherwise noted, discussion within these Notes to Condensed Consolidated Financial Statements relates to continuing operations.

2. Recent Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and either determined to be not applicable or are expected to have an immaterial impact on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The impact of adopting ASU 2023-07 will include the disclosure of incremental expense information by reportable segment as well as the Company’s chief operating decision maker (CODM).

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which expands income tax disclosure requirements, including disaggregation of rate reconciliation table categories, disaggregation of earnings before income taxes and income tax expense information, and disaggregation of income taxes paid information, among other changes. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures.

3. Weighted Average Shares Outstanding

Basic earnings per share was calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share was calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and restricted stock awards based upon the average trading price of Roper’s common stock. The effects of potential common stock were determined using the treasury stock method.

Weighted average shares outstanding are presented below:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Basic shares outstanding	107.2	106.7	107.1	106.5
Effect of potential common stock:
Common stock awards	0.9	0.9	0.9	0.8
Diluted shares outstanding	108.1	107.6	108.0	107.3

For the three and nine months ended September 30, 2024, there were 0.408 and 0.412 stock-based awards outstanding that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 0.707 and 0.734 stock-based awards outstanding that would have been antidilutive in the respective 2023 periods.

4. Business Acquisitions

On February 26, 2024, Roper acquired Genesis Ultimate Holding Co., the parent company of Procare Software, LLC (“Procare”), a leading provider of cloud-based software and integrated payment processing for the management of early childhood education centers, for a purchase price of $1,860, net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $110 which is expected to be utilized over the next 13 years. The results of Procare are reported in the Application Software reportable segment.

On August 20, 2024, Roper acquired RCP Vega Holdings, LLC, the parent company of Transact Campus Inc. (“Transact”), a leading provider of innovative campus technology and integrated payment solutions, including campus identity software and secure access, tuition and fees management software and payment processing, as well as point-of-sale campus commerce solutions. Roper’s acquisition of Transact was for a purchase price of $1,607, net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $100 which is expected to be utilized over the next 14 years. This acquisition is being integrated with our CBORD business and its results are reported in the Application Software reportable segment.

The Company recorded $2,158.5 in goodwill, $80.0 assigned to trade names that are not subject to amortization, and $1,467.0 of other identifiable intangibles in connection with 2024 acquisitions. The amortizable intangible assets include customer relationships of $1,364.0 (19 year weighted average useful life) and technology of $103.0 (5.5 year weighted average useful life).

The results of operations of the acquired businesses are included in Roper’s Condensed Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to each acquisition date have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

5. Stock-Based Compensation

The Roper Technologies, Inc. 2021 Incentive Plan is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock and restricted stock units (collectively “restricted stock awards”), stock appreciation rights, or equivalent instruments to Roper’s employees, officers, directors, and consultants.

The following table provides information regarding the Company’s stock-based compensation expense:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Stock-based compensation	$	39.6	$	35.7	$	112.9	$	99.2
Tax benefit recognized in net earnings	$	6.7	$	6.0	$	19.3	$	16.7

The Company accounts for forfeitures of stock-based awards as they occur, with previously recognized compensation reversed in the period in which the awards are forfeited.

Stock Options – During the nine months ended September 30, 2024, 0.283 options were granted with a weighted-average fair value of $173.30 per option. During the same nine-month period in 2023, 0.373 options were granted with a weighted-average fair value of $129.69 per option. All options were issued with an exercise price equal to the closing price of Roper’s common stock on the date of grant, as required by the Company’s stock-based compensation plan.

Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, and the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the option.

The following weighted average assumptions were used to estimate the fair value of options granted during the current and prior year periods using the Black-Scholes option pricing model:


	Nine months ended September 30,
	2024	2023
Risk-free interest rate (%)	4.15	3.74
Expected option life (years)	5.73	5.63
Expected volatility (%)	25.55	26.05
Expected dividend yield (%)	0.51	0.63

Cash received from option exercises for the nine months ended September 30, 2024 and 2023 was $104.0 and $110.6, respectively.

Restricted Stock Awards – During the nine months ended September 30, 2024, the Company granted 0.396 shares of restricted stock awards with a weighted-average grant date fair value of $554.52 per share. During the same nine-month period in 2023, the Company granted 0.273 shares of restricted stock awards with a weighted-average grant date fair value of $437.36 per share. These awards were granted at the fair market value of the share on the date of grant.

During 2024, the Company revised its equity compensation strategy to more closely align long-term management incentives with its strategic objective to deliver and sustain higher levels of organic growth. Accordingly, the total number of restricted stock awards granted during the nine months ended September 30, 2024 increased as compared to the nine months ended September 30, 2023 due primarily to the adoption of a supplemental equity compensation program for the Company’s business unit leadership teams under which 0.136 incremental three-year performance-based restricted stock awards were granted.

In connection with the revised compensation strategy noted above, certain members of the Roper senior leadership team were granted 0.072 performance-based restricted stock awards during the nine months ended September 30, 2024, that include the ability to earn up to 200% of the number of restricted stock awards originally granted contingent upon Roper’s performance over a three-year period, subject to a market modifier based on relative total shareholder return. Comparably, during the nine months ended September 30, 2023, 0.074 performance-based restricted stock awards were granted to certain members of Roper’s senior leadership team which did not contain a market modifier and do not have the ability to vest beyond 100% of the original shares granted.

Due to the extent of performance required by the vesting conditions noted above, these awards are not expected to materially increase stock-based compensation expense relative to the Company’s financial performance.

During the nine months ended September 30, 2024, 0.122 restricted stock award shares vested with a weighted-average grant date fair value of $433.13 per share and a weighted-average vest date fair value of $555.61 per share.

Employee Stock Purchase Plan – Roper’s employee stock purchase plan (“ESPP”) allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 10% discount on the lower of the closing price of the stock on the first and last day of each quarterly offering period. Common stock sold to employees pursuant to the ESPP may be either treasury stock, stock purchased on the open market, or newly issued shares.

During both the nine months ended September 30, 2024 and 2023, participants in the ESPP purchased 0.029 shares of Roper’s common stock for total consideration of $14.5 and $11.6, respectively. All of these shares were purchased from Roper’s treasury shares.

Roper’s ESPP was amended effective July 1, 2024, under which the six-month minimum employment requirement was removed from the eligibility requirements for employee participation in the ESPP.

6. Inventories

The components of inventories were as follows:


	September 30, 2024		December 31, 2023
Raw materials and supplies	$	65.2	$	57.6
Work in process	32.5		28.7
Finished products	42.2		41.8
Inventory reserves	(10.9)		(9.5)
Inventories, net	$	129.0	$	118.6

7. Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows:


	Application Software		Network Software		Technology Enabled Products		Total
Balances at December 31, 2023	$	12,563.4	$	3,624.6	$	930.8	$	17,118.8
Goodwill acquired	2,158.5		—		—		2,158.5

Other	(30.1)		—		—		(30.1)
Currency translation adjustments	11.9		8.4		(0.3)		20.0
Balances at September 30, 2024	$	14,703.7	$	3,633.0	$	930.5	$	19,267.2

Other relates to purchase accounting adjustments for acquisitions and is composed primarily of measurement period adjustments of $19.5 and $11.3 to decrease goodwill and deferred tax liabilities in connection with the Procare and Syntellis opening balance sheets, respectively.

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	10,061.7	$	(3,000.5)	$	7,061.2
Unpatented technology	1,047.0		(638.8)		408.2
Software	149.2		(143.4)		5.8
Patents and other protective rights	10.3		(1.4)		8.9

Assets not subject to amortization:
Trade names	728.0		—		728.0

Balances at December 31, 2023	$	11,996.2	$	(3,784.1)	$	8,212.1

Assets subject to amortization:
Customer related intangibles	$	11,277.5	$	(3,304.4)	$	7,973.1
Unpatented technology	853.5		(430.5)		423.0

Patents and other protective rights	9.2		(1.8)		7.4

Assets not subject to amortization:
Trade names	809.2		—		809.2

Balances at September 30, 2024	$	12,949.4	$	(3,736.7)	$	9,212.7

Amortization expense of other intangible assets was $188.7 and $176.7 during the three months ended September 30, 2024 and 2023, respectively, and $552.0 and $517.6 during the nine months ended September 30, 2024 and 2023, respectively.

An evaluation of the carrying value of goodwill and other indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2024. The Company will perform the annual analysis during the fourth quarter of 2024.

8. Long-Term Debt

On August 21, 2024, the Company completed a public offering of $500.0 aggregate principal amount of 4.500% senior unsecured notes due October 15, 2029 (the “2029 Notes”), $500.0 aggregate principal amount of 4.750% senior unsecured notes due February 15, 2032 (the “2032 Notes”), and $1,000.0 aggregate principal amount of 4.900% senior unsecured notes due October 15, 2034 (the “2034 Notes” and, collectively with the 2029 Notes and the 2032 Notes, the “Notes”). The net proceeds from the issuance of the Notes were used to repay a portion of the borrowings outstanding under our unsecured credit facility, including borrowings incurred on August 20, 2024 to fund the purchase price of the Transact acquisition, as well as to repay a portion of the senior notes due September 15, 2024.

Each series of Notes bears interest at a fixed rate, as described above. Interest on the 2029 Notes and the 2034 Notes will be payable semi-annually in arrears on April 15 and October 15 of each year, beginning April 15, 2025. Interest on the 2032 Notes will be payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2025.

Roper may redeem some or all of the Notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities. Roper is also entitled to redeem some or all of the Notes at 100% of their principal amount plus accrued and unpaid interest, on or after applicable par call dates in advance of maturity.

The Notes are unsecured senior obligations of the Company and rank equally in right of payment with all of our existing and future unsecured senior indebtedness. The Notes are effectively subordinated in right of payment to any of our future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The Notes are not, and will not be, guaranteed by any of our subsidiaries and are effectively subordinated in right of payment to all existing and future indebtedness and other liabilities of our subsidiaries.

On September 15, 2024, $500.0 of 2.350% senior notes due 2024 were repaid at maturity using borrowings under our unsecured credit facility as well as a portion of the net proceeds from the issuance of the Notes.

9. Fair Value

Financial assets and liabilities are valued using market prices on active markets (Level 1), less active markets (Level 2), and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Roper’s debt at September 30, 2024 included $7,500 of fixed-rate senior notes with the following fair values:


Fixed-rate senior notes				Fair value
Principal amount		Interest rate	Year of maturity	As of September 30, 2024
$	300	3.850%	2025	$	299
$	700	1.000%	2025	$	678
$	700	3.800%	2026	$	696
$	700	1.400%	2027	$	648
$	800	4.200%	2028	$	800
$	500	4.500%	2029	$	504
$	700	2.950%	2029	$	658
$	600	2.000%	2030	$	528
$	1,000	1.750%	2031	$	846
$	500	4.750%	2032	$	502
$	1,000	4.900%	2034	$	1,008

The fair values of the senior notes are based on the trading prices of each series of notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

At September 30, 2024 and December 31, 2023, there were $925.0 and $360.0 of borrowings outstanding under our unsecured credit facility, respectively. The carrying value of these borrowings approximates their estimated fair value.

10. Equity Investments

Indicor Investment – As of September 30, 2024 and December 31, 2023, the Company held a 46.0% and 47.3% equity interest in Indicor Equity, LLC, respectively. We elected to apply the fair value option as we believe this is the most reasonable method to value this equity investment. The fair value of Roper’s equity investment in Indicor is estimated on a quarterly basis and the change in fair value is reported as a component of “Equity investments gain, net” in our Condensed Consolidated Statements of Earnings.

Although we believe our assumptions are considered reasonable and are consistent with the plans and estimates included in our Annual Report, there is significant judgment applied to determine fair value. Changes in estimates or the application of alternative assumptions could produce significantly different results. Our valuation methodology utilizes the market multiple approach consisting of comparable guideline public companies revenue and earnings multiples to estimate the fair value of this equity investment. The fair value of the investment reflects management’s estimate of assumptions that market participants would use in pricing the equity interest, which the Company has determined to be Level 3 in the FASB fair value hierarchy.

The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Beginning balance	$	731.0	$	591.3	$	675.9	$	535.0
Change in fair value	37.6		20.1		92.7		76.4
Ending balance	$	768.6	$	611.4	$	768.6	$	611.4

The Company received dividend distributions from Indicor of $1.1 and $13.2 during the three months ended September 30, 2024 and 2023, respectively, and $9.5 and $25.3 during the nine months ended September 30, 2024 and 2023, respectively, which are reported within “Equity investments gain, net” in our Condensed Consolidated Statements of Earnings. These dividend distributions were intended to offset certain cash taxes payable associated with Roper’s ownership stake and were contemplated in the determination of the fair value for the equity investment in Indicor.

Certinia Investment – In August 2023, Roper acquired an 18.2% limited partnership minority interest in CI Ultimate Holdings, L.P., the parent entity of Certinia Inc., a leading provider of professional services automation software, for $125.0. This equity investment is accounted for under the equity method of accounting whereby our proportionate share of earnings or loss associated with the investment is reported as a component of “Equity investments gain, net” in our Condensed Consolidated Statements of Earnings with a corresponding change in the balance of our equity investment. Our proportionate share of loss associated with our investment in Certinia was $1.8 and $9.8 for the three and nine months ended September 30, 2024, respectively. The balance of our equity investment in Certinia, reported as a component of “Equity investments” in our Condensed Consolidated Balance Sheets, was $110.0 and $119.8 as of September 30, 2024 and December 31, 2023, respectively.

11. Contingencies

Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, antitrust, data privacy, and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations, or cash flows. However, no assurances can be given in this regard.

Roper’s subsidiary, PowerPlan, Inc. (“PowerPlan”), is a defendant in an action pending in the U.S. District Court for the Northern District of Georgia (Lucasys Inc. v. PowerPlan, Inc., Case 1:20-cv-02987-AT) in which the plaintiff, a firm started by former PowerPlan employees, alleges PowerPlan has engaged in anticompetitive practices in violation of federal antitrust law. The plaintiff further alleges that PowerPlan violated Georgia’s deceptive trade practices act and undertook other tortious activities which impacted the plaintiff’s ability to commercialize its software and services offerings. The plaintiff claims damages of approximately $66, and seeks treble damages in addition to punitive damages, attorney fees, and pre-judgment interest. PowerPlan strongly denies the allegations in the dispute, and has asserted several affirmative defenses. PowerPlan and the plaintiff have each moved for summary judgment, and oral argument on the motions was held on May 7, 2024. A decision from the District Court on the motions is pending.

12. Business Segments

The following table presents selected financial information by reportable segment:


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		Change %		2024		2023		Change %
Net revenues:
Application Software	$	984.4	$	803.4	22.5	%	$	2,811.4	$	2,335.1	20.4	%
Network Software	367.1		364.1		0.8	%	1,102.1		1,076.7		2.4	%
Technology Enabled Products	413.1		395.9		4.3	%	1,248.6		1,152.5		8.3	%

Total	$	1,764.6	$	1,563.4	12.9	%	$	5,162.1	$	4,564.3	13.1	%

Gross profit:
Application Software	$	672.8	$	557.7	20.6	%	$	1,939.6	$	1,609.2	20.5	%
Network Software	311.8		310.7		0.4	%	935.9		914.0		2.4	%
Technology Enabled Products	237.1		227.9		4.0	%	720.5		658.8		9.4	%

Total	$	1,221.7	$	1,096.3	11.4	%	$	3,596.0	$	3,182.0	13.0	%

Operating profit *:
Application Software	$	259.8	$	206.9	25.6	%	$	750.5	$	601.3	24.8	%
Network Software	166.0		164.4		1.0	%	492.1		465.0		5.8	%
Technology Enabled Products	141.1		137.1		2.9	%	424.0		391.7		8.2	%

Total	$	566.9	$	508.4	11.5	%	$	1,666.6	$	1,458.0	14.3	%

Long-lived assets:
Application Software	$	197.0	$	176.0	11.9	%
Network Software	23.2		26.7		(13.1)	%
Technology Enabled Products	33.6		30.7		9.4	%

Total	$	253.8	$	233.4	8.7	%

* Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $70.3 and $62.3 for the three months ended September 30, 2024 and 2023, respectively, and $194.5 and $175.6 for the nine months ended September 30, 2024 and 2023, respectively.

13. Revenues from Contracts

Disaggregated Revenue – We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service (“SaaS”), annual term licenses, and software maintenance; (ii) reoccurring revenue comprised of transactional and volume-based fees related to software licenses; (iii) non-recurring revenue comprised of multi-year term and perpetual software licenses, professional services associated with software products and hardware sold with our software licenses; and (iv) product revenue. See details in the table below:


	Three months ended September 30, 2024								Three months ended September 30, 2023
Revenue stream	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Software related
Recurring	$	732.7	$	266.5	$	6.7	$	1,005.9	$	630.9	$	262.8	$	4.3	$	898.0
Reoccurring	100.3		66.2		—		166.5		33.4		66.0		—		99.4
Non-recurring	151.4		34.4		—		185.8		139.1		35.3		0.3		174.7
Total Software Revenue	984.4		367.1		6.7		1,358.2		803.4		364.1		4.6		1,172.1

Product Revenue	—		—		406.4		406.4		—		—		391.3		391.3
Total Revenue	$	984.4	$	367.1	$	413.1	$	1,764.6	$	803.4	$	364.1	$	395.9	$	1,563.4


	Nine months ended September 30, 2024								Nine months ended September 30, 2023
Revenue stream	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Software related
Recurring	$	2,126.5	$	797.4	$	18.5	$	2,942.4	$	1,798.7	$	777.0	$	12.3	$	2,588.0
Reoccurring	234.4		201.4		—		435.8		103.1		195.9		—		299.0
Non-recurring	450.5		103.3		—		553.8		433.3		103.8		1.1		538.2
Total Software Revenue	2,811.4		1,102.1		18.5		3,932.0		2,335.1		1,076.7		13.4		3,425.2

Product Revenue	—		—		1,230.1		1,230.1		—		—		1,139.1		1,139.1
Total Revenue	$	2,811.4	$	1,102.1	$	1,248.6	$	5,162.1	$	2,335.1	$	1,076.7	$	1,152.5	$	4,564.3

Remaining performance obligations – Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options. As of September 30, 2024, total remaining performance obligations were $4,506.9. We expect to recognize revenues of $3,026.1, or approximately 67% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder of the revenue to be recognized thereafter.

Contract balances


Balance sheet account	September 30, 2024		December 31, 2023		Change
Unbilled receivables	$	130.3	$	106.4	$	23.9
Deferred revenue – current	(1,671.0)		(1,583.8)		(87.2)
Deferred revenue – non-current (1)	(143.5)		(130.7)		(12.8)
Net contract assets/(liabilities)	$	(1,684.2)	$	(1,608.1)	$	(76.1)

(1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

The change in our net contract assets/(liabilities) from December 31, 2023 to September 30, 2024 was primarily due to net contract liabilities assumed of approximately $63 associated with the acquisitions completed during 2024, most notably Transact, and the timing of payments and invoicing related to SaaS and post-contract support (“PCS”) renewals, driven predominantly by the SaaS renewal cycle of our Frontline business which primarily occurs in the third quarter.

The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance relating primarily to SaaS and PCS renewals. Revenue recognized from the deferred revenue balance on December 31, 2023 and 2022 was $253.7 and $206.1 for the three months ended September 30, 2024 and 2023, respectively, and $1,411.8 and $1,192.7 for the nine months ended September 30, 2024 and 2023, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Condensed Consolidated Balance Sheets. At September 30, 2024 and December 31, 2023, we had $78.0 and $71.7 of total deferred commissions, respectively.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”) as filed on February 22, 2024 with the U.S. Securities and Exchange Commission (“SEC”) and the Notes to Condensed Consolidated Financial Statements included elsewhere in this report.

Information About Forward-Looking Statements

This report includes “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 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 expressed 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 materials 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 statements are reasonable, our expectations may prove to be incorrect. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include but are not limited to:

•general economic conditions;

•difficulty making acquisitions and successfully integrating acquired businesses;

•any unforeseen liabilities associated with future acquisitions;

•information technology system failures, data security breaches, network disruptions, and cybersecurity events, including any litigation arising therefrom;

•failure to comply with new data privacy laws and regulations, including any litigation arising therefrom;

•risks and costs associated with our international sales and operations;

•rising interest rates;

•limitations on our business imposed by our indebtedness;

•product liability, litigation, and insurance risks;

•future competition;

•reduction of business with large customers;

•risks associated with government contracts;

•changes in the supply of, or price for, labor, energy, raw materials, parts, and components, including as a result of impacts from the current inflationary environment, or supply chain constraints;

•potential write-offs of our goodwill and other intangible assets;

•our ability to successfully develop new products;

•failure to protect our intellectual property;

•unfavorable changes in foreign exchange rates;

•difficulties associated with exports/imports and risks of changes to tariff rates;

•increased warranty exposure;

•environmental compliance costs and liabilities;

•the effect of, or change in, government regulations (including tax);

•risks associated with the use of artificial intelligence;

•economic disruption caused by armed conflicts (such as the war in Ukraine and the conflict in the Middle East), terrorist attacks, health crises (such as the COVID-19 pandemic), or other unforeseen geopolitical events; and

•the factors discussed in other reports we file with the SEC from time to time.

You should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update any of these statements in light of new information or future events.

Overview

Roper 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.

Refer to Note 10 of the Notes to Condensed Consolidated Financial Statements for information regarding Roper’s minority equity interest in Indicor.

Unless otherwise noted, discussion within Management’s Discussion and Analysis of Financial Condition and Results of Operations relates to continuing operations.

Critical Accounting Policies

There were no material changes during the nine months ended September 30, 2024 to the items that we disclosed as our critical accounting policies and estimates in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report.

Recently Issued Accounting Standards

Information regarding new accounting pronouncements is included in Note 2 of the Notes to Condensed Consolidated Financial Statements.

Results of Continuing Operations

All currency amounts are in millions, percentages are of net revenues

Percentages may not sum due to rounding.

The following table sets forth selected information for the periods indicated:


	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Net revenues:
Application Software	$	984.4		$	803.4		$	2,811.4		$	2,335.1
Network Software	367.1			364.1			1,102.1			1,076.7
Technology Enabled Products	413.1			395.9			1,248.6			1,152.5

Total	$	1,764.6		$	1,563.4		$	5,162.1		$	4,564.3

Gross margin:
Application Software	68.3		%	69.4		%	69.0		%	68.9		%
Network Software	84.9		%	85.3		%	84.9		%	84.9		%
Technology Enabled Products	57.4		%	57.6		%	57.7		%	57.2		%

Total	69.2		%	70.1		%	69.7		%	69.7		%

Selling, general and administrative expenses:
Application Software	(42.0)		%	(43.7)		%	(42.3)		%	(43.2)		%
Network Software	(39.7)		%	(40.2)		%	(40.3)		%	(41.7)		%
Technology Enabled Products	(23.2)		%	(22.9)		%	(23.7)		%	(23.2)		%

Total	(37.1)		%	(37.6)		%	(37.4)		%	(37.8)		%

Segment operating margin:
Application Software	26.4		%	25.8		%	26.7		%	25.8		%
Network Software	45.2		%	45.2		%	44.7		%	43.2		%
Technology Enabled Products	34.2		%	34.6		%	34.0		%	34.0		%

Total	32.1		%	32.5		%	32.3		%	31.9		%

Corporate administrative expenses *	(4.0)		%	(4.0)		%	(3.8)		%	(3.8)		%
Income from operations	28.1			28.5			28.5			28.1
Interest expense, net	(3.8)			(2.7)			(3.6)			(2.5)
Equity investments gain, net	2.1			2.2			1.8			2.2
Other income (expense), net	0.1			0.3			—			—
Earnings before income taxes	26.5			28.3			26.7			27.7
Income taxes	(5.6)			(6.2)			(5.6)			(6.0)
Net earnings from continuing operations	20.8		%	22.1		%	21.1		%	21.7		%

* Includes unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation.

Three Months Ended September 30, 2024 compared to the Three Months Ended September 30, 2023

Net revenues for the three months ended September 30, 2024 were $1,764.6 as compared to $1,563.4 for the three months ended September 30, 2023, an increase of 12.9%. The components of revenue growth for the three months ended September 30, 2024 were as follows:


	Application Software		Network Software		Technology Enabled Products		Roper
Total Revenue Growth	22.5	%	0.8	%	4.3	%	12.9	%
Less Impact of:
Acquisitions	16.9		—		—		8.7
Foreign Exchange	0.1		—		(0.1)		0.1

Organic Revenue Growth	5.5	%	0.8	%	4.4	%	4.1	%

In our Application Software segment, net revenues in the third quarter of 2024 were $984.4 as compared to $803.4 in the third quarter of 2023. The growth of 5.5% in organic revenues was broad-based across the segment led by our businesses serving the acute healthcare, legal, and government contracting markets. Gross margin decreased to 68.3% in the third quarter of 2024 as compared to 69.4% in the third quarter of 2023 due primarily to a lower gross margin profile associated with the higher payments revenue mix at Procare and Transact, our 2024 acquisitions, partially offset by operating leverage on higher organic revenues. Selling, general and administrative (“SG&A”) expenses as a percentage of net revenues decreased to 42.0% in the third quarter of 2024 as compared to 43.7% in the third quarter of 2023, due primarily to cost synergies resulting from the integration of Syntellis, and a lower SG&A profile associated with the higher payments revenue mix at Transact and Procare. The resulting operating margin was 26.4% in the third quarter of 2024 as compared to 25.8% in the third quarter of 2023.

In our Network Software segment, net revenues in the third quarter of 2024 were $367.1 as compared to $364.1 in the third quarter of 2023. The growth of 0.8% in organic revenues was led by our network software businesses serving the construction and alternate site healthcare markets, partially offset by a decline in our businesses serving the freight match and media and entertainment markets. Gross margin decreased to 84.9% in the third quarter of 2024 as compared to 85.3% in the third quarter of 2023 due primarily to revenue mix. SG&A expenses as a percentage of net revenues decreased to 39.7% in the third quarter of 2024 as compared to 40.2% in the third quarter of 2023 due primarily to expense reductions resulting from cost structure rationalization at our businesses serving the freight match market and operating leverage on higher organic revenues. As a result, operating margin was 45.2% in both the third quarter of 2024 and 2023.

In our Technology Enabled Products segment, net revenues in the third quarter of 2024 were $413.1 as compared to $395.9 in the third quarter of 2023. The growth of 4.4% in organic revenues was led by our medical products businesses, excluding our precision measurement business, and growth in our water meter technology business. These increases were partially offset by declines in our access management businesses, primarily attributable to the easing of supply chain issues in the third quarter of 2023, and our precision measurement business due to customer program timing. Gross margin decreased to 57.4% in the third quarter of 2024 as compared to 57.6% in the third quarter of 2023 due primarily to revenue mix and reduced operating leverage associated with our precision measurement business’s reduced third quarter 2024 revenues. SG&A expenses as a percentage of net revenues increased to 23.2% in the third quarter of 2024 as compared to 22.9% in the third quarter of 2023 due primarily to revenue mix. The resulting operating margin was 34.2% in the third quarter of 2024 as compared to 34.6% in the third quarter of 2023.

Corporate expenses increased to $70.3, or 4.0% of net revenues, in the third quarter of 2024 as compared to $62.3, or 4.0% of net revenues, in the third quarter of 2023. The dollar increase was due primarily to higher stock-based compensation expense.

Interest expense, net, increased to $67.7 for the third quarter of 2024 as compared to $42.4 for the third quarter of 2023 due to higher weighted average debt balances and less interest income earned on our cash and cash equivalents.

Equity investments gain, net, was $37.4 in the third quarter of 2024 due primarily to a $37.6 increase in the fair value of our equity investment in Indicor. Equity investments gain, net, was $33.9 in the third quarter of 2023 due primarily to a $20.1 increase in the fair value of our equity investment in Indicor and $13.2 of dividend distributions received from Indicor.

Other income, net, of $0.9 for the third quarter of 2024 was composed primarily of foreign exchange gains at our non-U.S. based subsidiaries. Other income, net, of $5.0 for the third quarter of 2023 was composed primarily of a gain on the sale of non-operating assets and foreign exchange gains at our non-U.S. based subsidiaries.

Income taxes as a percentage of pretax earnings decreased to 21.3% for the third quarter of 2024 as compared to 21.9% for the third quarter of 2023. The 2024 rate was favorably impacted by the recognition of a net tax benefit associated with international legal entity restructuring.

Backlog is equal to our remaining performance obligations expected to be recognized as revenue within the next 12 months as discussed in Note 13 of the Notes to Condensed Consolidated Financial Statements. Backlog increased 3.9% to $3,026.1 at September 30, 2024 as compared to $2,913.7 at September 30, 2023 due primarily to organic growth and acquisitions in our Application Software segment, partially offset by a decrease in our Technology Enabled Products segment.


	Backlog as of September 30,
	2024		2023
Application Software	$	2,150.3	$	1,887.3
Network Software	487.0		467.1
Technology Enabled Products	388.8		559.3
Total	$	3,026.1	$	2,913.7

Nine Months Ended September 30, 2024 compared to the Nine Months Ended September 30, 2023

Net revenues for the nine months ended September 30, 2024 were $5,162.1 as compared to $4,564.3 for the nine months ended September 30, 2023, an increase of 13.1%. The components of revenue growth for the nine months ended September 30, 2024 were as follows:


	Application Software		Network Software		Technology Enabled Products		Roper
Total Revenue Growth	20.4	%	2.4	%	8.3	%	13.1	%
Less Impact of:
Acquisitions	15.0		—		—		7.6
Foreign Exchange	0.1		0.1		(0.1)		0.1
Organic Revenue Growth	5.3	%	2.3	%	8.4	%	5.4	%

In our Application Software segment, net revenues in the nine months ended September 30, 2024 were $2,811.4 as compared to $2,335.1 in the nine months ended September 30, 2023. The growth of 5.3% in organic revenues was broad-based across the segment led by our businesses serving the acute healthcare, legal, property and casualty insurance, and project-based private sector markets. Gross margin increased slightly to 69.0% in the nine months ended September 30, 2024 as compared to 68.9% in the nine months ended September 30, 2023 due primarily to operating leverage on higher organic revenues, mostly offset by a lower gross margin profile associated with the higher payments revenue mix at our Procare and Transact acquisitions. SG&A expenses as a percentage of net revenues decreased to 42.3% in the nine months ended September 30, 2024 as compared to 43.2% in the nine months ended September 30, 2023, due primarily to a lower SG&A profile associated with the higher payments revenue mix at Procare and Transact, operating leverage on higher organic revenues, and cost synergies resulting from the integration of Syntellis. The resulting operating margin was 26.7% in the nine months ended September 30, 2024 as compared to 25.8% in the nine months ended September 30, 2023.

In our Network Software segment, net revenues in the nine months ended September 30, 2024 were $1,102.1 as compared to $1,076.7 in the nine months ended September 30, 2023. The growth of 2.3% in organic revenues was led by our network software businesses serving the alternate site healthcare, life insurance/annuities, and construction markets, partially offset by a decline in our businesses serving the freight match and media and entertainment markets. Gross margin remained consistent at 84.9% in both the nine months ended September 30, 2024 and 2023. SG&A expenses as a percentage of net revenues decreased to 40.3% in the nine months ended September 30, 2024 as compared to 41.7% in the nine months ended September 30, 2023 due primarily to expense reductions resulting from cost structure rationalization at our businesses serving the freight match market and operating leverage on higher organic revenues. As a result, operating margin was 44.7% in the nine months ended September 30, 2024 as compared to 43.2% in the nine months ended September 30, 2023.

In our Technology Enabled Products segment, net revenues in the nine months ended September 30, 2024 were $1,248.6 as compared to $1,152.5 in the nine months ended September 30, 2023. The growth of 8.4% in organic revenues was led by our medical products businesses, excluding our precision measurement business, and growth in our water meter technology business. These increases were partially offset by a decline in our access management businesses. Gross margin increased to 57.7% in the nine months ended September 30, 2024 as compared to 57.2% in the nine months ended September 30, 2023 due primarily to operating leverage on higher organic revenues. SG&A expenses as a percentage of net revenues increased to 23.7% in the nine months ended September 30, 2024 as compared to 23.2% in the nine months ended September 30, 2023 due primarily to revenue mix. The resulting operating margin was 34.0% in both the nine months ended September 30, 2024 and 2023.

Corporate expenses increased to $194.5, or 3.8% of net revenues, in the nine months ended September 30, 2024 as compared to $175.6, or 3.8% of net revenues, in the nine months ended September 30, 2023. The dollar increase was due primarily to higher stock-based compensation expense.

Interest expense, net, increased to $188.4 for the nine months ended September 30, 2024 as compared to $114.6 for the nine months ended September 30, 2023 due to higher borrowings on our unsecured credit facility and less interest income earned on our cash and cash equivalents, partially offset by lower weighted average fixed-rate debt balances.

Equity investments gain, net, was $93.6 in the nine months ended September 30, 2024 due primarily to a $92.7 increase in the fair value of our equity investment in Indicor and $9.5 of dividend distributions received from Indicor, partially offset by our proportionate share of net loss associated with our investment in Certinia of $9.8 in accordance with the equity method of accounting. Equity investments gain, net, was $98.7 in the nine months ended September 30, 2023 due primarily to a $76.4 increase in the fair value of our equity investment in Indicor and $25.3 of dividend distributions received from Indicor.

Income taxes as a percentage of pretax earnings decreased to 21.0% for the nine months ended September 30, 2024 as compared to 21.8% for the nine months ended September 30, 2023. The 2024 rate was favorably impacted by the recognition of a net tax benefit associated with international legal entity restructuring.

Financial Condition, Liquidity, and Capital Resources

All currency amounts are in millions

Selected cash flows for the nine months ended September 30, 2024 and 2023 were as follows:


	Nine months ended September 30,
Cash provided by (used in) continuing operations from:	2024		2023
Operating activities	$	1,671.0	$	1,415.7
Investing activities	$	(3,528.2)	$	(2,010.7)
Financing activities	$	1,901.7	$	103.3
Cash used in discontinued operations	$	—	$	(0.4)

Operating activities – Net cash provided by operating activities from continuing operations increased by 18% to $1,671.0 in the nine months ended September 30, 2024 as compared to $1,415.7 in the nine months ended September 30, 2023 primarily due to higher net earnings from continuing operations net of non-cash expenses, increased collections on accounts receivable, and the cash payment of $45.0 in 2023 related to the settlement of a patent litigation matter, partially offset by higher cash taxes paid.

Investing activities – Cash used in investing activities from continuing operations during the nine months ended September 30, 2024 was primarily for the acquisitions of Procare and Transact. Cash used in investing activities from continuing operations during the nine months ended September 30, 2023 was primarily for business acquisitions, most notably Syntellis and Replicon.

Financing activities – Cash provided by financing activities during the nine months ended September 30, 2024 was primarily from the issuance of $2,000.0 of senior notes and net borrowings under our unsecured credit facility, partially offset by $500.0 of senior notes repaid at maturity and dividend payments. Cash provided by financing activities during the nine months ended September 30, 2023 was primarily from net borrowings under our unsecured credit facility and net proceeds from stock-based compensation, partially offset by $700.0 of senior notes repaid at maturity and dividend payments.

Total debt consisted of the following:


	As of September 30, 2024
Fixed-rate senior notes	$	7,500.0
Unsecured credit facility	925.0
Other	0.3
Less: Deferred financing costs	(48.7)
Total debt, net of deferred financing costs	8,376.6
Less: Current portion	(699.0)
Long-term debt, net of deferred financing costs	$	7,677.6

The interest rate on borrowings under the $3,500.0 unsecured credit facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At September 30, 2024, we had $925.0 of borrowings outstanding under our unsecured credit facility and $6.8 of outstanding letters of credit.

In relation to our total cash and cash equivalents, amounts held at our foreign subsidiaries represented 51.3% or $138.3 at September 30, 2024 as compared to 69.2% or $148.3 at December 31, 2023. The decrease in foreign cash was due primarily to repatriation of $223.2, partially offset by the cash generated at our foreign subsidiaries during the nine months ended September 30, 2024. We intend to repatriate substantially all historical and future earnings.

We expect existing cash balances, together with cash generated by our operations and amounts available under our credit facility, will be sufficient to fund our operating requirements for the foreseeable future.

We were in compliance with all debt covenants related to our unsecured credit facility throughout the nine months ended September 30, 2024.

Net working capital (total current assets, excluding cash, less total current liabilities, excluding debt) was negative $1,268.0 at September 30, 2024 as compared to negative $1,196.6 at December 31, 2023 primarily driven by the increase in deferred revenue predominantly due to the timing of SaaS renewals associated with Frontline as well as the acquisition of Transact. Total debt, net of deferred financing costs was $8,376.6 at September 30, 2024 as compared to $6,330.1 at December 31, 2023. Our leverage on a continuing operations basis is presented in the following table:


	September 30, 2024			December 31, 2023
Total debt, net of deferred financing costs	$	8,376.6		$	6,330.1
Less: Cash and cash equivalents	(269.6)			(214.3)
Net debt	8,107.0			6,115.8
Stockholders’ equity	18,515.5			17,444.8
Total net capital	$	26,622.5		$	23,560.6

Net debt / Total net capital	30.5		%	26.0		%

Capital expenditures were $39.2 for the nine months ended September 30, 2024 as compared to $37.8 for the nine months ended September 30, 2023. Capitalized software expenditures were $33.4 for the nine months ended September 30, 2024 as compared to $28.7 for the nine months ended September 30, 2023. We expect the aggregate of capital expenditures and capitalized software expenditures for 2024 to be comparable to prior years as a percentage of net revenues.

Outlook

Current geopolitical and economic uncertainties, including the current inflationary environment, supply chain disruptions, and labor shortages, could adversely affect our business prospects. An armed conflict (such as the ongoing war in Ukraine, as well as the conflict in the Middle East), significant terrorist attack, other global conflict, widespread cybersecurity event or information technology failure, or public health crisis could cause changes in world economies that would adversely affect us. It is impossible to isolate each of these potential factor’s future effects on current economic conditions or any of our businesses. It is also impossible to predict with any reasonable degree of certainty what or when any additional events may occur that also would similarly disrupt the economy and have an adverse impact on our businesses.

We maintain an active acquisition program; however, future acquisitions will be dependent on numerous factors and it is not feasible to reasonably estimate if or when any such acquisitions will occur and what the impact will be on our business, financial condition, and results of operations. Such acquisitions may be financed by the use of existing credit agreements, future cash flows from operations, future divestitures, the proceeds from the issuance of new debt or equity securities, or any combination of these methods, the terms and availability of which will be subject to market and economic conditions generally.

We anticipate that our businesses will generate positive cash flows from operating activities, and that these cash flows will permit the reduction of currently outstanding debt in accordance with the repayment schedule. However, the rate at which we can reduce our debt (and reduce the associated interest expense) will be affected by, among other things, the financing and operating requirements of any new acquisitions, the financial performance of our existing companies, and the impact of the aforementioned geopolitical and economic uncertainties and the financial markets generally. None of these factors can be predicted with certainty.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report. There were no material changes during the nine months ended September 30, 2024.

ITEM 4. CONTROLS AND PROCEDURES

As required by SEC rules, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q (“Evaluation Date”). This evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial officer. Based on this evaluation as of the Evaluation Date, these officers have concluded that the design and operation of our disclosure controls and procedures are effective.

Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal controls over financial reporting during the period covered by this Quarterly Report on Form 10-Q that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information pertaining to legal proceedings can be found in Note 11 of the Notes to Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q and is incorporated by reference herein.

ITEM 1A. RISK FACTORS

Information regarding risk factors can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Information About Forward-Looking Statements,” in Part I, Item 2 of this Form 10-Q and in Part I, Item 1A of our 2023 Annual Report on Form 10-K. There have been no material changes during the nine months ended September 30, 2024 to the risk factors reported in our 2023 Annual Report on Form 10-K.

ITEM 5. OTHER INFORMATION

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

ITEM 6. EXHIBITS



4.1						Form of 4.500% Senior Notes due 2029, incorporated herein by reference to Exhibit 4.1 to the Roper Technologies, Inc. Current Report on Form 8-K filed August 21, 2024.

4.2						Form of 4.750% Senior Notes due 2032 (included in Exhibit 4.1).

4.3						Form of 4.900% Senior Notes due 2034 (included in Exhibit 4.1).

31.1						Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer, filed herewith.

31.2						Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer, filed herewith.

32.1						Section 1350 Certification of the Chief Executive and Chief Financial Officers, furnished herewith.

101.INS						Inline XBRL Instance Document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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 thereunto duly authorized.

Roper Technologies, Inc.


/s/ L. Neil Hunn	President and Chief Executive Officer	November 1, 2024
L. Neil Hunn	(Principal Executive Officer)


/s/ Jason P. Conley	Executive Vice President and Chief Financial Officer	November 1, 2024
Jason P. Conley	(Principal Financial Officer)


/s/ Brandon Cross	Vice President and Corporate Controller	November 1, 2024
Brandon Cross	(Principal Accounting Officer)

Exhibit 31.1

I, L. Neil Hunn, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Roper Technologies, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 1, 2024			/s/ L. Neil Hunn
			L. Neil Hunn
			President and Chief Executive Officer
			(Principal Executive Officer)

Exhibit 31.2

I, Jason P. Conley, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Roper Technologies, Inc.;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 1, 2024			/s/ Jason P. Conley
			Jason P. Conley
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Roper Technologies, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), L. Neil Hunn, Chief Executive Officer of the Company, and Jason P. Conley, Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 1, 2024			/s/ L. Neil Hunn
			L. Neil Hunn
			President and Chief Executive Officer
			(Principal Executive Officer)

			/s/ Jason P. Conley
			Jason P. Conley
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that Roper Technologies, Inc. specifically incorporates it by reference.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-12273
Entity Registrant Name	ROPER TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0263969
Entity Address, Address Line One	6496 University Parkway
Entity Address, City or Town	Sarasota,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34240
City Area Code	941
Local Phone Number	556-2601
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ROP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		107,229,151
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 1,764.6	$ 1,563.4	$ 5,162.1	$ 4,564.3
Cost of sales	542.9	467.1	1,566.1	1,382.3
Gross profit	1,221.7	1,096.3	3,596.0	3,182.0
Selling, general and administrative expenses	725.1	650.2	2,123.9	1,899.6
Income from operations	496.6	446.1	1,472.1	1,282.4
Interest expense, net	67.7	42.4	188.4	114.6
Equity investments gain, net	(37.4)	(33.9)	(93.6)	(98.7)
Other (income) expense, net	(0.9)	(5.0)	0.9	0.1
Earnings before income taxes	467.2	442.6	1,376.4	1,266.4
Income taxes	99.3	97.0	289.4	275.5
Net earnings from continuing operations	367.9	345.6	1,087.0	990.9
Loss from discontinued operations, net of tax	0.0	(2.9)	0.0	(4.1)
Gain on disposition of discontinued operations, net of tax	0.0	4.5	0.0	8.4
Net earnings from discontinued operations	0.0	1.6	0.0	4.3
Net earnings	$ 367.9	$ 347.2	$ 1,087.0	$ 995.2
Net earnings per share from continuing operations:
Basic (in dollars per share)	$ 3.43	$ 3.23	$ 10.15	$ 9.30
Diluted (in dollars per share)	3.40	3.21	10.06	9.23
Net earnings per share from discontinued operations:
Basic (in dollars per share)	0	0.02	0	0.04
Diluted (in dollars per share)	0	0.02	0	0.04
Net earnings per share:
Basic (in dollars per share)	3.43	3.25	10.15	9.34
Diluted (in dollars per share)	$ 3.40	$ 3.23	$ 10.06	$ 9.27
Weighted average common shares outstanding:
Basic (in shares)	107.2	106.7	107.1	106.5
Diluted (in shares)	108.1	107.6	108.0	107.3

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 367.9	$ 347.2	$ 1,087.0	$ 995.2
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	35.4	(50.1)	15.4	10.2
Total other comprehensive income (loss), net of tax	35.4	(50.1)	15.4	10.2
Comprehensive income	$ 403.3	$ 297.1	$ 1,102.4	$ 1,005.4

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 269.6	$ 214.3
Accounts receivable, net	821.2	829.9
Inventories, net	129.0	118.6
Income taxes receivable	43.0	47.7
Unbilled receivables	130.3	106.4
Other current assets	199.2	164.5
Total current assets	1,592.3	1,481.4
Property, plant and equipment, net	132.8	119.6
Goodwill	19,267.2	17,118.8
Other intangible assets, net	9,212.7	8,212.1
Deferred taxes	35.9	32.2
Equity investments	878.6	795.7
Other assets	433.2	407.7
Total assets	31,552.7	28,167.5
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	155.8	143.0
Accrued compensation	248.5	250.0
Deferred revenue	1,671.0	1,583.8
Other accrued liabilities	468.4	446.5
Income taxes payable	47.0	40.4
Current portion of long-term debt, net	699.0	499.5
Total current liabilities	3,289.7	2,963.2
Long-term debt, net of current portion	7,677.6	5,830.6
Deferred taxes	1,649.9	1,513.1
Other liabilities	420.0	415.8
Total liabilities	13,037.2	10,722.7
Commitments and contingencies (Note 11)
Common stock	1.1	1.1
Additional paid-in capital	2,976.9	2,767.0
Retained earnings	15,661.4	14,816.3
Accumulated other comprehensive loss	(107.4)	(122.8)
Treasury stock	(16.5)	(16.8)
Total stockholders’ equity	18,515.5	17,444.8
Total liabilities and stockholders’ equity	$ 31,552.7	$ 28,167.5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net earnings from continuing operations	$ 1,087.0	$ 990.9
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	27.9	26.3
Amortization of intangible assets	573.8	532.8
Amortization of deferred financing costs	7.0	7.7
Non-cash stock compensation	112.9	99.2
Equity investments gain, net	(93.6)	(98.7)
Income tax provision	289.4	275.5
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	82.8	25.8
Unbilled receivables	(17.1)	(15.3)
Inventories	(8.3)	(11.2)
Accounts payable	(7.2)	12.1
Other accrued liabilities	(1.7)	(72.0)
Deferred revenue	24.5	18.6
Cash taxes paid for gain on disposal of business	0.0	(16.4)
Cash income taxes paid, excluding tax associated with gain on disposal of business	(383.1)	(335.6)
Other, net	(23.3)	(24.0)
Cash provided by operating activities from continuing operations	1,671.0	1,415.7
Cash used in operating activities from discontinued operations	0.0	(2.4)
Cash provided by operating activities	1,671.0	1,413.3
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(3,464.1)	(1,970.1)
Capital expenditures	(39.2)	(37.8)
Capitalized software expenditures	(33.4)	(28.7)
Distributions from equity investment	9.5	25.3
Other, net	(1.0)	0.6
Cash used in investing activities from continuing operations	(3,528.2)	(2,010.7)
Cash provided by disposition of discontinued operations	0.0	2.0
Cash used in investing activities	(3,528.2)	(2,008.7)
Cash flows from (used in) financing activities:
Proceeds from senior notes	2,000.0	0.0
Payments of senior notes	(500.0)	(700.0)
Borrowings under revolving line of credit, net	565.0	910.0
Debt issuance costs	(24.7)	0.0
Cash dividends to stockholders	(241.1)	(217.5)
Proceeds from stock-based compensation, net	88.1	99.3
Treasury stock sales	14.5	11.6
Other	(0.1)	(0.1)
Cash provided by financing activities	1,901.7	103.3
Effect of exchange rate changes on cash	10.8	(1.2)
Net increase (decrease) in cash and cash equivalents	55.3	(493.3)
Cash and cash equivalents, beginning of period	214.3	792.8
Cash and cash equivalents, end of period	$ 269.6	$ 299.5

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Balance at beginning of period at Dec. 31, 2022	$ 16,037.8	$ 1.1	$ 2,510.2	$ 13,730.7	$ (187.0)	$ (17.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	995.2			995.2
Stock option exercises	111.7		111.7
Treasury stock sold	11.6		11.3			0.3
Currency translation adjustments	10.2				10.2
Stock-based compensation	101.9		101.9
Restricted stock activity	(11.3)		(11.3)
Dividends declared	(218.4)			(218.4)
Balance at end of period at Sep. 30, 2023	17,038.7	1.1	2,723.8	14,507.5	(176.8)	(16.9)
Balance at beginning of period at Jun. 30, 2023	16,745.9	1.1	2,655.3	14,233.2	(126.7)	(17.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	347.2			347.2
Stock option exercises	29.9		29.9
Treasury stock sold	3.2		3.1			0.1
Currency translation adjustments	(50.1)				(50.1)
Stock-based compensation	36.7		36.7
Restricted stock activity	(1.2)		(1.2)
Dividends declared	(72.9)			(72.9)
Balance at end of period at Sep. 30, 2023	17,038.7	1.1	2,723.8	14,507.5	(176.8)	(16.9)
Balance at beginning of period at Dec. 31, 2023	17,444.8	1.1	2,767.0	14,816.3	(122.8)	(16.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,087.0			1,087.0
Stock option exercises	104.3		104.3
Treasury stock sold	14.5		14.2			0.3
Currency translation adjustments	15.4				15.4
Stock-based compensation	113.2		113.2
Restricted stock activity	(21.8)		(21.8)
Dividends declared	(241.9)			(241.9)
Balance at end of period at Sep. 30, 2024	18,515.5	1.1	2,976.9	15,661.4	(107.4)	(16.5)
Balance at beginning of period at Jun. 30, 2024	18,139.0	1.1	2,923.0	15,374.3	(142.8)	(16.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	367.9			367.9
Stock option exercises	14.3		14.3
Treasury stock sold	4.2		4.1			0.1
Currency translation adjustments	35.4				35.4
Stock-based compensation	39.2		39.2
Restricted stock activity	(3.7)		(3.7)
Dividends declared	(80.8)			(80.8)
Balance at end of period at Sep. 30, 2024	$ 18,515.5	$ 1.1	$ 2,976.9	$ 15,661.4	$ (107.4)	$ (16.5)

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.75	$ 0.6825	$ 2.25	$ 2.0475

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income, and cash flows of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our,” or “us”) for all periods presented. The December 31, 2023 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K (“Annual Report”) filed on February 22, 2024 with the U.S. Securities and Exchange Commission (“SEC”) but does not include all annual disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Condensed Consolidated Financial Statements in conformity with GAAP. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited Condensed Consolidated Financial Statements in conjunction with Roper’s audited Consolidated Financial Statements and the notes thereto included in its Annual Report. Certain prior period amounts have been reclassified to conform to current period presentation. In 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses (“Indicor”). The financial results related to Indicor are reported as discontinued operations for all periods presented. Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 10 for additional information on this minority equity interest. Unless otherwise noted, discussion within these Notes to Condensed Consolidated Financial Statements relates to continuing operations.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and either determined to be not applicable or are expected to have an immaterial impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The impact of adopting ASU 2023-07 will include the disclosure of incremental expense information by reportable segment as well as the Company’s chief operating decision maker (CODM). In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which expands income tax disclosure requirements, including disaggregation of rate reconciliation table categories, disaggregation of earnings before income taxes and income tax expense information, and disaggregation of income taxes paid information, among other changes. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures.

Weighted Average Shares Outstanding

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Weighted Average Shares Outstanding

Weighted average shares outstanding are presented below:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Basic shares outstanding	107.2	106.7	107.1	106.5
Effect of potential common stock:
Common stock awards	0.9	0.9	0.9	0.8
Diluted shares outstanding	108.1	107.6	108.0	107.3

Business Acquisitions	9 Months Ended
Business Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Acquisitions	Business Acquisitions On February 26, 2024, Roper acquired Genesis Ultimate Holding Co., the parent company of Procare Software, LLC (“Procare”), a leading provider of cloud-based software and integrated payment processing for the management of early childhood education centers, for a purchase price of $1,860, net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $110 which is expected to be utilized over the next 13 years. The results of Procare are reported in the Application Software reportable segment. On August 20, 2024, Roper acquired RCP Vega Holdings, LLC, the parent company of Transact Campus Inc. (“Transact”), a leading provider of innovative campus technology and integrated payment solutions, including campus identity software and secure access, tuition and fees management software and payment processing, as well as point-of-sale campus commerce solutions. Roper’s acquisition of Transact was for a purchase price of $1,607, net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $100 which is expected to be utilized over the next 14 years. This acquisition is being integrated with our CBORD business and its results are reported in the Application Software reportable segment. The Company recorded $2,158.5 in goodwill, $80.0 assigned to trade names that are not subject to amortization, and $1,467.0 of other identifiable intangibles in connection with 2024 acquisitions. The amortizable intangible assets include customer relationships of $1,364.0 (19 year weighted average useful life) and technology of $103.0 (5.5 year weighted average useful life). The results of operations of the acquired businesses are included in Roper’s Condensed Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to each acquisition date have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table provides information regarding the Company’s stock-based compensation expense:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Stock-based compensation	$	39.6	$	35.7	$	112.9	$	99.2
Tax benefit recognized in net earnings	$	6.7	$	6.0	$	19.3	$	16.7

The Company accounts for forfeitures of stock-based awards as they occur, with previously recognized compensation reversed in the period in which the awards are forfeited.

The following weighted average assumptions were used to estimate the fair value of options granted during the current and prior year periods using the Black-Scholes option pricing model:


	Nine months ended September 30,
	2024	2023
Risk-free interest rate (%)	4.15	3.74
Expected option life (years)	5.73	5.63
Expected volatility (%)	25.55	26.05
Expected dividend yield (%)	0.51	0.63

Cash received from option exercises for the nine months ended September 30, 2024 and 2023 was $104.0 and $110.6, respectively.

Roper’s ESPP was amended effective July 1, 2024, under which the six-month minimum employment requirement was removed from the eligibility requirements for employee participation in the ESPP.

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

The components of inventories were as follows:


	September 30, 2024		December 31, 2023
Raw materials and supplies	$	65.2	$	57.6
Work in process	32.5		28.7
Finished products	42.2		41.8
Inventory reserves	(10.9)		(9.5)
Inventories, net	$	129.0	$	118.6

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows:


	Application Software		Network Software		Technology Enabled Products		Total
Balances at December 31, 2023	$	12,563.4	$	3,624.6	$	930.8	$	17,118.8
Goodwill acquired	2,158.5		—		—		2,158.5

Other	(30.1)		—		—		(30.1)
Currency translation adjustments	11.9		8.4		(0.3)		20.0
Balances at September 30, 2024	$	14,703.7	$	3,633.0	$	930.5	$	19,267.2

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	10,061.7	$	(3,000.5)	$	7,061.2
Unpatented technology	1,047.0		(638.8)		408.2
Software	149.2		(143.4)		5.8
Patents and other protective rights	10.3		(1.4)		8.9

Assets not subject to amortization:
Trade names	728.0		—		728.0

Balances at December 31, 2023	$	11,996.2	$	(3,784.1)	$	8,212.1

Assets subject to amortization:
Customer related intangibles	$	11,277.5	$	(3,304.4)	$	7,973.1
Unpatented technology	853.5		(430.5)		423.0

Patents and other protective rights	9.2		(1.8)		7.4

Assets not subject to amortization:
Trade names	809.2		—		809.2

Balances at September 30, 2024	$	12,949.4	$	(3,736.7)	$	9,212.7

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On August 21, 2024, the Company completed a public offering of $500.0 aggregate principal amount of 4.500% senior unsecured notes due October 15, 2029 (the “2029 Notes”), $500.0 aggregate principal amount of 4.750% senior unsecured notes due February 15, 2032 (the “2032 Notes”), and $1,000.0 aggregate principal amount of 4.900% senior unsecured notes due October 15, 2034 (the “2034 Notes” and, collectively with the 2029 Notes and the 2032 Notes, the “Notes”). The net proceeds from the issuance of the Notes were used to repay a portion of the borrowings outstanding under our unsecured credit facility, including borrowings incurred on August 20, 2024 to fund the purchase price of the Transact acquisition, as well as to repay a portion of the senior notes due September 15, 2024. Each series of Notes bears interest at a fixed rate, as described above. Interest on the 2029 Notes and the 2034 Notes will be payable semi-annually in arrears on April 15 and October 15 of each year, beginning April 15, 2025. Interest on the 2032 Notes will be payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2025. Roper may redeem some or all of the Notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities. Roper is also entitled to redeem some or all of the Notes at 100% of their principal amount plus accrued and unpaid interest, on or after applicable par call dates in advance of maturity. The Notes are unsecured senior obligations of the Company and rank equally in right of payment with all of our existing and future unsecured senior indebtedness. The Notes are effectively subordinated in right of payment to any of our future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The Notes are not, and will not be, guaranteed by any of our subsidiaries and are effectively subordinated in right of payment to all existing and future indebtedness and other liabilities of our subsidiaries. On September 15, 2024, $500.0 of 2.350% senior notes due 2024 were repaid at maturity using borrowings under our unsecured credit facility as well as a portion of the net proceeds from the issuance of the Notes.

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

Roper’s debt at September 30, 2024 included $7,500 of fixed-rate senior notes with the following fair values:


Fixed-rate senior notes				Fair value
Principal amount		Interest rate	Year of maturity	As of September 30, 2024
$	300	3.850%	2025	$	299
$	700	1.000%	2025	$	678
$	700	3.800%	2026	$	696
$	700	1.400%	2027	$	648
$	800	4.200%	2028	$	800
$	500	4.500%	2029	$	504
$	700	2.950%	2029	$	658
$	600	2.000%	2030	$	528
$	1,000	1.750%	2031	$	846
$	500	4.750%	2032	$	502
$	1,000	4.900%	2034	$	1,008

The fair values of the senior notes are based on the trading prices of each series of notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

Equity Investments

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments

The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Beginning balance	$	731.0	$	591.3	$	675.9	$	535.0
Change in fair value	37.6		20.1		92.7		76.4
Ending balance	$	768.6	$	611.4	$	768.6	$	611.4

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2024
Loss Contingency [Abstract]
Contingencies	Contingencies Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, antitrust, data privacy, and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations, or cash flows. However, no assurances can be given in this regard. Roper’s subsidiary, PowerPlan, Inc. (“PowerPlan”), is a defendant in an action pending in the U.S. District Court for the Northern District of Georgia (Lucasys Inc. v. PowerPlan, Inc., Case 1:20-cv-02987-AT) in which the plaintiff, a firm started by former PowerPlan employees, alleges PowerPlan has engaged in anticompetitive practices in violation of federal antitrust law. The plaintiff further alleges that PowerPlan violated Georgia’s deceptive trade practices act and undertook other tortious activities which impacted the plaintiff’s ability to commercialize its software and services offerings. The plaintiff claims damages of approximately $66, and seeks treble damages in addition to punitive damages, attorney fees, and pre-judgment interest. PowerPlan strongly denies the allegations in the dispute, and has asserted several affirmative defenses. PowerPlan and the plaintiff have each moved for summary judgment, and oral argument on the motions was held on May 7, 2024. A decision from the District Court on the motions is pending.

Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

The following table presents selected financial information by reportable segment:


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		Change %		2024		2023		Change %
Net revenues:
Application Software	$	984.4	$	803.4	22.5	%	$	2,811.4	$	2,335.1	20.4	%
Network Software	367.1		364.1		0.8	%	1,102.1		1,076.7		2.4	%
Technology Enabled Products	413.1		395.9		4.3	%	1,248.6		1,152.5		8.3	%

Total	$	1,764.6	$	1,563.4	12.9	%	$	5,162.1	$	4,564.3	13.1	%

Gross profit:
Application Software	$	672.8	$	557.7	20.6	%	$	1,939.6	$	1,609.2	20.5	%
Network Software	311.8		310.7		0.4	%	935.9		914.0		2.4	%
Technology Enabled Products	237.1		227.9		4.0	%	720.5		658.8		9.4	%

Total	$	1,221.7	$	1,096.3	11.4	%	$	3,596.0	$	3,182.0	13.0	%

Operating profit *:
Application Software	$	259.8	$	206.9	25.6	%	$	750.5	$	601.3	24.8	%
Network Software	166.0		164.4		1.0	%	492.1		465.0		5.8	%
Technology Enabled Products	141.1		137.1		2.9	%	424.0		391.7		8.2	%

Total	$	566.9	$	508.4	11.5	%	$	1,666.6	$	1,458.0	14.3	%

Long-lived assets:
Application Software	$	197.0	$	176.0	11.9	%
Network Software	23.2		26.7		(13.1)	%
Technology Enabled Products	33.6		30.7		9.4	%

Total	$	253.8	$	233.4	8.7	%

Revenues from Contracts

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues from Contracts


	Three months ended September 30, 2024								Three months ended September 30, 2023
Revenue stream	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Software related
Recurring	$	732.7	$	266.5	$	6.7	$	1,005.9	$	630.9	$	262.8	$	4.3	$	898.0
Reoccurring	100.3		66.2		—		166.5		33.4		66.0		—		99.4
Non-recurring	151.4		34.4		—		185.8		139.1		35.3		0.3		174.7
Total Software Revenue	984.4		367.1		6.7		1,358.2		803.4		364.1		4.6		1,172.1

Product Revenue	—		—		406.4		406.4		—		—		391.3		391.3
Total Revenue	$	984.4	$	367.1	$	413.1	$	1,764.6	$	803.4	$	364.1	$	395.9	$	1,563.4


	Nine months ended September 30, 2024								Nine months ended September 30, 2023
Revenue stream	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Software related
Recurring	$	2,126.5	$	797.4	$	18.5	$	2,942.4	$	1,798.7	$	777.0	$	12.3	$	2,588.0
Reoccurring	234.4		201.4		—		435.8		103.1		195.9		—		299.0
Non-recurring	450.5		103.3		—		553.8		433.3		103.8		1.1		538.2
Total Software Revenue	2,811.4		1,102.1		18.5		3,932.0		2,335.1		1,076.7		13.4		3,425.2

Product Revenue	—		—		1,230.1		1,230.1		—		—		1,139.1		1,139.1
Total Revenue	$	2,811.4	$	1,102.1	$	1,248.6	$	5,162.1	$	2,335.1	$	1,076.7	$	1,152.5	$	4,564.3

Contract balances


Balance sheet account	September 30, 2024		December 31, 2023		Change
Unbilled receivables	$	130.3	$	106.4	$	23.9
Deferred revenue – current	(1,671.0)		(1,583.8)		(87.2)
Deferred revenue – non-current (1)	(143.5)		(130.7)		(12.8)
Net contract assets/(liabilities)	$	(1,684.2)	$	(1,608.1)	$	(76.1)

(1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 367.9	$ 347.2	$ 1,087.0	$ 995.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income, and cash flows of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our,” or “us”) for all periods presented. The December 31, 2023 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K (“Annual Report”) filed on February 22, 2024 with the U.S. Securities and Exchange Commission (“SEC”) but does not include all annual disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Condensed Consolidated Financial Statements in conformity with GAAP. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited Condensed Consolidated Financial Statements in conjunction with Roper’s audited Consolidated Financial Statements and the notes thereto included in its Annual Report. Certain prior period amounts have been reclassified to conform to current period presentation.
Discontinued Operations	In 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses (“Indicor”). The financial results related to Indicor are reported as discontinued operations for all periods presented. Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 10 for additional information on this minority equity interest. Unless otherwise noted, discussion within these Notes to Condensed Consolidated Financial Statements relates to continuing operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and either determined to be not applicable or are expected to have an immaterial impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The impact of adopting ASU 2023-07 will include the disclosure of incremental expense information by reportable segment as well as the Company’s chief operating decision maker (CODM). In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which expands income tax disclosure requirements, including disaggregation of rate reconciliation table categories, disaggregation of earnings before income taxes and income tax expense information, and disaggregation of income taxes paid information, among other changes. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures.

Weighted Average Shares Outstanding (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding

Weighted average shares outstanding are presented below:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Basic shares outstanding	107.2	106.7	107.1	106.5
Effect of potential common stock:
Common stock awards	0.9	0.9	0.9	0.8
Diluted shares outstanding	108.1	107.6	108.0	107.3

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table provides information regarding the Company’s stock-based compensation expense:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Stock-based compensation	$	39.6	$	35.7	$	112.9	$	99.2
Tax benefit recognized in net earnings	$	6.7	$	6.0	$	19.3	$	16.7

Schedule of Weighted Average Assumptions Used to Value Option Grants

The following weighted average assumptions were used to estimate the fair value of options granted during the current and prior year periods using the Black-Scholes option pricing model:


	Nine months ended September 30,
	2024	2023
Risk-free interest rate (%)	4.15	3.74
Expected option life (years)	5.73	5.63
Expected volatility (%)	25.55	26.05
Expected dividend yield (%)	0.51	0.63

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

The components of inventories were as follows:


	September 30, 2024		December 31, 2023
Raw materials and supplies	$	65.2	$	57.6
Work in process	32.5		28.7
Finished products	42.2		41.8
Inventory reserves	(10.9)		(9.5)
Inventories, net	$	129.0	$	118.6

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of goodwill by segment was as follows:


	Application Software		Network Software		Technology Enabled Products		Total
Balances at December 31, 2023	$	12,563.4	$	3,624.6	$	930.8	$	17,118.8
Goodwill acquired	2,158.5		—		—		2,158.5

Other	(30.1)		—		—		(30.1)
Currency translation adjustments	11.9		8.4		(0.3)		20.0
Balances at September 30, 2024	$	14,703.7	$	3,633.0	$	930.5	$	19,267.2

Schedule of Other Intangible Assets - Subject to Amortization

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	10,061.7	$	(3,000.5)	$	7,061.2
Unpatented technology	1,047.0		(638.8)		408.2
Software	149.2		(143.4)		5.8
Patents and other protective rights	10.3		(1.4)		8.9

Assets not subject to amortization:
Trade names	728.0		—		728.0

Balances at December 31, 2023	$	11,996.2	$	(3,784.1)	$	8,212.1

Assets subject to amortization:
Customer related intangibles	$	11,277.5	$	(3,304.4)	$	7,973.1
Unpatented technology	853.5		(430.5)		423.0

Patents and other protective rights	9.2		(1.8)		7.4

Assets not subject to amortization:
Trade names	809.2		—		809.2

Balances at September 30, 2024	$	12,949.4	$	(3,736.7)	$	9,212.7

Schedule of Other Intangible Assets - Not Subject to Amortization

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	10,061.7	$	(3,000.5)	$	7,061.2
Unpatented technology	1,047.0		(638.8)		408.2
Software	149.2		(143.4)		5.8
Patents and other protective rights	10.3		(1.4)		8.9

Assets not subject to amortization:
Trade names	728.0		—		728.0

Balances at December 31, 2023	$	11,996.2	$	(3,784.1)	$	8,212.1

Assets subject to amortization:
Customer related intangibles	$	11,277.5	$	(3,304.4)	$	7,973.1
Unpatented technology	853.5		(430.5)		423.0

Patents and other protective rights	9.2		(1.8)		7.4

Assets not subject to amortization:
Trade names	809.2		—		809.2

Balances at September 30, 2024	$	12,949.4	$	(3,736.7)	$	9,212.7

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fixed-Rate Senior Notes, Fair Value

Roper’s debt at September 30, 2024 included $7,500 of fixed-rate senior notes with the following fair values:


Fixed-rate senior notes				Fair value
Principal amount		Interest rate	Year of maturity	As of September 30, 2024
$	300	3.850%	2025	$	299
$	700	1.000%	2025	$	678
$	700	3.800%	2026	$	696
$	700	1.400%	2027	$	648
$	800	4.200%	2028	$	800
$	500	4.500%	2029	$	504
$	700	2.950%	2029	$	658
$	600	2.000%	2030	$	528
$	1,000	1.750%	2031	$	846
$	500	4.750%	2032	$	502
$	1,000	4.900%	2034	$	1,008

Equity Investments (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Change in Fair Value for the Equity Investment

The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Beginning balance	$	731.0	$	591.3	$	675.9	$	535.0
Change in fair value	37.6		20.1		92.7		76.4
Ending balance	$	768.6	$	611.4	$	768.6	$	611.4

Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents selected financial information by reportable segment:


	Three months ended September 30,						Nine months ended September 30,
	2024		2023		Change %		2024		2023		Change %
Net revenues:
Application Software	$	984.4	$	803.4	22.5	%	$	2,811.4	$	2,335.1	20.4	%
Network Software	367.1		364.1		0.8	%	1,102.1		1,076.7		2.4	%
Technology Enabled Products	413.1		395.9		4.3	%	1,248.6		1,152.5		8.3	%

Total	$	1,764.6	$	1,563.4	12.9	%	$	5,162.1	$	4,564.3	13.1	%

Gross profit:
Application Software	$	672.8	$	557.7	20.6	%	$	1,939.6	$	1,609.2	20.5	%
Network Software	311.8		310.7		0.4	%	935.9		914.0		2.4	%
Technology Enabled Products	237.1		227.9		4.0	%	720.5		658.8		9.4	%

Total	$	1,221.7	$	1,096.3	11.4	%	$	3,596.0	$	3,182.0	13.0	%

Operating profit *:
Application Software	$	259.8	$	206.9	25.6	%	$	750.5	$	601.3	24.8	%
Network Software	166.0		164.4		1.0	%	492.1		465.0		5.8	%
Technology Enabled Products	141.1		137.1		2.9	%	424.0		391.7		8.2	%

Total	$	566.9	$	508.4	11.5	%	$	1,666.6	$	1,458.0	14.3	%

Long-lived assets:
Application Software	$	197.0	$	176.0	11.9	%
Network Software	23.2		26.7		(13.1)	%
Technology Enabled Products	33.6		30.7		9.4	%

Total	$	253.8	$	233.4	8.7	%

Revenues from Contracts (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

See details in the table below:


	Three months ended September 30, 2024								Three months ended September 30, 2023
Revenue stream	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Software related
Recurring	$	732.7	$	266.5	$	6.7	$	1,005.9	$	630.9	$	262.8	$	4.3	$	898.0
Reoccurring	100.3		66.2		—		166.5		33.4		66.0		—		99.4
Non-recurring	151.4		34.4		—		185.8		139.1		35.3		0.3		174.7
Total Software Revenue	984.4		367.1		6.7		1,358.2		803.4		364.1		4.6		1,172.1

Product Revenue	—		—		406.4		406.4		—		—		391.3		391.3
Total Revenue	$	984.4	$	367.1	$	413.1	$	1,764.6	$	803.4	$	364.1	$	395.9	$	1,563.4


	Nine months ended September 30, 2024								Nine months ended September 30, 2023
Revenue stream	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Software related
Recurring	$	2,126.5	$	797.4	$	18.5	$	2,942.4	$	1,798.7	$	777.0	$	12.3	$	2,588.0
Reoccurring	234.4		201.4		—		435.8		103.1		195.9		—		299.0
Non-recurring	450.5		103.3		—		553.8		433.3		103.8		1.1		538.2
Total Software Revenue	2,811.4		1,102.1		18.5		3,932.0		2,335.1		1,076.7		13.4		3,425.2

Product Revenue	—		—		1,230.1		1,230.1		—		—		1,139.1		1,139.1
Total Revenue	$	2,811.4	$	1,102.1	$	1,248.6	$	5,162.1	$	2,335.1	$	1,076.7	$	1,152.5	$	4,564.3

Schedule of Contract Balances

Contract balances


Balance sheet account	September 30, 2024		December 31, 2023		Change
Unbilled receivables	$	130.3	$	106.4	$	23.9
Deferred revenue – current	(1,671.0)		(1,583.8)		(87.2)
Deferred revenue – non-current (1)	(143.5)		(130.7)		(12.8)
Net contract assets/(liabilities)	$	(1,684.2)	$	(1,608.1)	$	(76.1)

(1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

Weighted Average Shares Outstanding - Schedule of Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	107.2	106.7	107.1	106.5
Effect of potential common stock:
Common stock awards (in shares)	0.9	0.9	0.9	0.8
Diluted shares outstanding (in shares)	108.1	107.6	108.0	107.3

Weighted Average Shares Outstanding - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive stock-based awards (in shares)	408	707	412	734

Business Acquisitions (Details) - USD ($) $ in Millions			9 Months Ended
Business Acquisitions (Details) - USD ($) $ in Millions	Aug. 20, 2024	Feb. 26, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill			$ 19,267.2	$ 17,118.8
Genesis Ultimate Holding Co
Business Acquisition [Line Items]
Aggregate purchase price		$ 1,860.0
Federal tax attributes		$ 110.0
Tax benefit utilization period (in years)		13 years
Goodwill			2,158.5
Other identifiable intangibles			1,467.0
Genesis Ultimate Holding Co \| Trade names
Business Acquisition [Line Items]
Intangible assets acquired, not subject to amortization			80.0
Genesis Ultimate Holding Co \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles			$ 1,364.0
Weighted average useful life of finite-lived intangible assets (in years)			19 years
Genesis Ultimate Holding Co \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles			$ 103.0
Weighted average useful life of finite-lived intangible assets (in years)			5 years 6 months
RCP Vega Holdings, LLC
Business Acquisition [Line Items]
Aggregate purchase price	$ 1,607.0
Federal tax attributes	$ 100.0
Tax benefit utilization period (in years)	14 years

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	$ 39.6	$ 35.7	$ 112.9	$ 99.2
Tax benefit recognized in net earnings	$ 6.7	$ 6.0	$ 19.3	$ 16.7

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)	283	373
Fair value per share (in dollars per share)	$ 173.30	$ 129.69
Cash received from exercise of options	$ 104.0	$ 110.6
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)	396	273
Weighted-average grant date fair value (in dollars per share)	$ 554.52	$ 437.36
Restricted stock awards vested during period (in shares)	122
Weighted average grant date fair value per share (in dollars per share)	$ 433.13
Weighted average vest date fair value per share (in dollars per share)	$ 555.61
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)	136	74
Vesting period	3 years
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
Performance/market-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)	72
Vesting period	3 years
Performance/market-based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200.00%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan	10.00%
Discount on the average closing price for the employee stock purchase plan	10.00%
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)	29	29
Proceeds from issuance of shares under employee stock purchase plan	$ 14.5	$ 11.6

Stock-Based Compensation - Schedule of Weighted Average Assumptions Used to Value Option Grants (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate (%)	4.15%	3.74%
Expected option life (years)	5 years 8 months 23 days	5 years 7 months 17 days
Expected volatility (%)	25.55%	26.05%
Expected dividend yield (%)	0.51%	0.63%

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 65.2	$ 57.6
Work in process	32.5	28.7
Finished products	42.2	41.8
Inventory reserves	(10.9)	(9.5)
Inventories, net	$ 129.0	$ 118.6

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 17,118.8
Goodwill acquired	2,158.5
Other	(30.1)
Currency translation adjustments	20.0
Balance at end of period	19,267.2
Application Software
Goodwill [Roll Forward]
Balance at beginning of period	12,563.4
Goodwill acquired	2,158.5
Other	(30.1)
Currency translation adjustments	11.9
Balance at end of period	14,703.7
Network Software
Goodwill [Roll Forward]
Balance at beginning of period	3,624.6
Goodwill acquired	0.0
Other	0.0
Currency translation adjustments	8.4
Balance at end of period	3,633.0
Technology Enabled Products
Goodwill [Roll Forward]
Balance at beginning of period	930.8
Goodwill acquired	0.0
Other	0.0
Currency translation adjustments	(0.3)
Balance at end of period	$ 930.5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			$ 573.8	$ 532.8
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 188.7	$ 176.7	552.0	$ 517.6
Syntellis
Finite-Lived Intangible Assets [Line Items]
Decrease to goodwill and deferred tax liabilities			11.3
Procare
Finite-Lived Intangible Assets [Line Items]
Decrease to goodwill and deferred tax liabilities			$ 19.5

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (3,736.7)	$ (3,784.1)
Intangible assets, gross (excluding goodwill)	12,949.4	11,996.2
Intangible assets, net (excluding goodwill)	9,212.7	8,212.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	809.2	728.0
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	11,277.5	10,061.7
Accumulated amortization	(3,304.4)	(3,000.5)
Finite-lived intangible assets, net	7,973.1	7,061.2
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	853.5	1,047.0
Accumulated amortization	(430.5)	(638.8)
Finite-lived intangible assets, net	423.0	408.2
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		149.2
Accumulated amortization		(143.4)
Finite-lived intangible assets, net		5.8
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	9.2	10.3
Accumulated amortization	(1.8)	(1.4)
Finite-lived intangible assets, net	$ 7.4	$ 8.9

Long-Term Debt (Details) - Senior Notes - USD ($) $ in Millions		9 Months Ended
	Sep. 15, 2024	Sep. 30, 2024	Aug. 21, 2024
Debt Instrument [Line Items]
Redemption price percentage		100.00%
Senior Unsecured Notes Due October 15, 2029
Debt Instrument [Line Items]
Aggregate principal amount			$ 500.0
Interest rate			4.50%
Senior Unsecured Notes Due February 15, 2032
Debt Instrument [Line Items]
Aggregate principal amount			$ 500.0
Interest rate			4.75%
Senior Unsecured Notes Due October 15, 2034
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000.0
Interest rate			4.90%
Senior Notes Due 2024
Debt Instrument [Line Items]
Interest rate	2.35%
Repayments of debt	$ 500.0

Fair Value - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Senior Notes - Fair Value, Inputs, Level 2	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 7,500,000,000
Senior Notes Due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 300,000,000
Interest rate	3.85%
Fair value	$ 299,000,000
Senior Unsecured Notes Due September 15, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	1.00%
Fair value	$ 678,000,000
Senior Notes Due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	3.80%
Fair value	$ 696,000,000
Senior Unsecured Notes Due September 15, 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	1.40%
Fair value	$ 648,000,000
Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 800,000,000
Interest rate	4.20%
Fair value	$ 800,000,000
Senior Notes Due in October 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 500,000,000
Interest rate	4.50%
Fair value	$ 504,000,000
Senior Notes Due in 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	2.95%
Fair value	$ 658,000,000
Senior Notes Due June 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 600,000,000
Interest rate	2.00%
Fair value	$ 528,000,000
Senior Unsecured Notes Due February 15, 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 1,000,000,000
Interest rate	1.75%
Fair value	$ 846,000,000
Senior Notes Due 2032
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 500,000,000
Interest rate	4.75%
Fair value	$ 502,000,000
Senior Notes Due 2034
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 1,000,000,000
Interest rate	4.90%
Fair value	$ 1,008,000,000

Fair Value - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Line of Credit \| Unsecured Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility outstanding	$ 925.0	$ 360.0

Equity Investments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Distributions from equity investment				$ 9.5	$ 25.3
Income Taxes Paid On Disposition Of Business				0.0	16.4
Equity method investment gain (loss), net		$ 37.4	$ 33.9	93.6	98.7
Equity investments		878.6		878.6			$ 795.7
Indicor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Distributions from equity investment		$ 1.1	13.2	$ 9.5	25.3
Equity method investment, ownership percentage		46.00%		46.00%			47.30%
Equity method investment gain (loss), net		$ 37.6	20.1	$ 92.7	76.4
Equity investments		768.6	$ 611.4	768.6	$ 611.4	$ 731.0	$ 675.9	$ 591.3	$ 535.0
Certinia Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	18.20%
Payments to acquire business	$ 125.0
Equity method investment gain (loss), net		(1.8)		(9.8)
Equity investments		$ 110.0		$ 110.0			$ 119.8

Equity Investments - Schedule of Change in Fair Value for the Equity Investment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments
Beginning balance			$ 795.7
Change in fair value	$ 37.4	$ 33.9	93.6	$ 98.7
Ending balance	878.6		878.6
Indicor
Equity Method Investments
Beginning balance	731.0	591.3	675.9	535.0
Change in fair value	37.6	20.1	92.7	76.4
Ending balance	$ 768.6	$ 611.4	$ 768.6	$ 611.4

Contingencies (Details) $ in Millions	9 Months Ended
Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Pending Litigation \| PowerPlan, Inc
Loss Contingencies [Line Items]
Damages sought by plaintiff	$ 66

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Business Segments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net revenues:	$ 1,764.6	$ 1,563.4	$ 5,162.1	$ 4,564.3
Percent change in net revenues	12.90%		13.10%
Gross profit:	$ 1,221.7	1,096.3	$ 3,596.0	3,182.0
Percent change in gross profit	11.40%		13.00%
Operating profit	$ 566.9	508.4	$ 1,666.6	1,458.0
Percent change in operating profit	11.50%		14.30%
Long-lived assets:	$ 253.8	233.4	$ 253.8	233.4
Percent change in long-lived assets	8.70%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 70.3	62.3	194.5	175.6
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 984.4	803.4	$ 2,811.4	2,335.1
Percent change in net revenues	22.50%		20.40%
Gross profit:	$ 672.8	557.7	$ 1,939.6	1,609.2
Percent change in gross profit	20.60%		20.50%
Operating profit	$ 259.8	206.9	$ 750.5	601.3
Percent change in operating profit	25.60%		24.80%
Long-lived assets:	$ 197.0	176.0	$ 197.0	176.0
Percent change in long-lived assets	11.90%
Network Software
Segment Reporting Information [Line Items]
Net revenues:	$ 367.1	364.1	$ 1,102.1	1,076.7
Percent change in net revenues	0.80%		2.40%
Gross profit:	$ 311.8	310.7	$ 935.9	914.0
Percent change in gross profit	0.40%		2.40%
Operating profit	$ 166.0	164.4	$ 492.1	465.0
Percent change in operating profit	1.00%		5.80%
Long-lived assets:	$ 23.2	26.7	$ 23.2	26.7
Percent change in long-lived assets	(13.10%)
Technology Enabled Products
Segment Reporting Information [Line Items]
Net revenues:	$ 413.1	395.9	$ 1,248.6	1,152.5
Percent change in net revenues	4.30%		8.30%
Gross profit:	$ 237.1	227.9	$ 720.5	658.8
Percent change in gross profit	4.00%		9.40%
Operating profit	$ 141.1	137.1	$ 424.0	391.7
Percent change in operating profit	2.90%		8.20%
Long-lived assets:	$ 33.6	$ 30.7	$ 33.6	$ 30.7
Percent change in long-lived assets	9.40%

Revenues from Contracts - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,764.6	$ 1,563.4	$ 5,162.1	$ 4,564.3
Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	984.4	803.4	2,811.4	2,335.1
Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	367.1	364.1	1,102.1	1,076.7
Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	413.1	395.9	1,248.6	1,152.5
Total Software Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	1,358.2	1,172.1	3,932.0	3,425.2
Total Software Revenue \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	984.4	803.4	2,811.4	2,335.1
Total Software Revenue \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	367.1	364.1	1,102.1	1,076.7
Total Software Revenue \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	6.7	4.6	18.5	13.4
Recurring
Disaggregation of Revenue [Line Items]
Total Revenue	1,005.9	898.0	2,942.4	2,588.0
Recurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	732.7	630.9	2,126.5	1,798.7
Recurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	266.5	262.8	797.4	777.0
Recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	6.7	4.3	18.5	12.3
Reoccurring
Disaggregation of Revenue [Line Items]
Total Revenue	166.5	99.4	435.8	299.0
Reoccurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	100.3	33.4	234.4	103.1
Reoccurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	66.2	66.0	201.4	195.9
Reoccurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0	0.0	0.0
Non-recurring
Disaggregation of Revenue [Line Items]
Total Revenue	185.8	174.7	553.8	538.2
Non-recurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	151.4	139.1	450.5	433.3
Non-recurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	34.4	35.3	103.3	103.8
Non-recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.3	0.0	1.1
Product Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	406.4	391.3	1,230.1	1,139.1
Product Revenue \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0	0.0	0.0
Product Revenue \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0	0.0	0.0
Product Revenue \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	$ 406.4	$ 391.3	$ 1,230.1	$ 1,139.1

Revenues from Contracts - Remaining Performance Obligations Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4,506.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 3,026.1
Remaining performance obligations, percentage	67.00%
Remaining performance obligations, expected timing of satisfaction	12 months

Revenues from Contracts - Schedule of Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 130.3	$ 106.4
Deferred revenue – current	(1,671.0)	(1,583.8)
Deferred revenue - non-current	(143.5)	(130.7)
Net contract assets/(liabilities)	(1,684.2)	$ (1,608.1)
Change in unbilled receivables	23.9
Change in deferred revenue - current	(87.2)
Change in deferred revenue - non-current	(12.8)
Change in net contract assets/(liabilities)	$ (76.1)

Revenues from Contracts - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Acquisition liabilities assumed	$ 63.0		$ 63.0
Revenue recognized from contract liability balance	253.7	$ 206.1	1,411.8	$ 1,192.7
Deferred commissions	$ 78.0		$ 78.0		$ 71.7

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