Roper Technologies Reports 14.4% Revenue Growth

Roper Technologies, Inc. has recently released its 10-Q report, detailing its operations and financial performance. Roper is a diversified technology company operating through three segments: Application Software, Network Software, and Technology Enabled Products. The company designs and develops software, technology-enabled products, and solutions for various niche markets.

In the first quarter of 2024, Roper reported net revenues of $1,680.7 million, a 14.4% increase from the same period in 2023. The Application Software segment contributed $895.2 million, the Network Software segment contributed $370.8 million, and the Technology Enabled Products segment contributed $414.7 million to the total revenues.

The gross margin for the three segments was reported at 69.9%, 85.3%, and 57.6%, respectively. The operating margins for the segments were 26.8%, 45.0%, and 32.8%, indicating strong performance across the board.

Roper's backlog, representing remaining performance obligations expected to be recognized as revenue within the next 12 months, increased by 2% to $2,932.4 million at March 31, 2024, driven primarily by acquisitions.

In terms of financial condition, Roper reported a net cash provided by operating activities from continuing operations of $531.5 million, a 14% increase from the same period in 2023. The company also made significant investments, with cash used in investing activities primarily for the acquisition of Procare. Cash provided by financing activities was primarily from net borrowings on the unsecured credit facility to fund the acquisition of Procare.

Roper's total debt, net of deferred financing costs, stood at $7,722.0 million as of March 31, 2024, with $1,750.0 million of borrowings outstanding under the unsecured credit facility.

Following these announcements, the company's shares moved 1.3%, and are now trading at a price of $517.21. If you want to know more, read the company's complete 10-Q report here.

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