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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
October 30, 2017 
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
 
ROPER TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION)

1-12273
51-0263969
 
 
 
 
(COMMISSION FILE NUMBER)
(IRS EMPLOYER IDENTIFICATION NO.)
 
 
 
 
6901 PROFESSIONAL PKWY. EAST, SUITE 200, SARASOTA, FLORIDA
34240
 
 
 
 
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(ZIP CODE)

(941) 556-2601
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company [ ]
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]






Item 2.02. Results of Operations and Financial Condition.

On October 30, 2017, Roper Technologies, Inc. (the "Company") issued a press release containing information about the Company's results of operations for the quarter ended September 30, 2017. A copy of the press release is furnished as Exhibit 99.1.





Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
 99.1
 
 






Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
Roper Technologies, Inc.
 
 
 
 
 
 
 
(Registrant)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BY:
/s/ Robert Crisci
 
Date:
October 30, 2017
 
 
 
 
Robert Crisci,
Vice President and Chief Financial Officer
 
 
 
 

 








EXHIBIT INDEX
 
 
 
 
Exhibit No.
 
Description
 
 
 
 
 
 
99.1
 



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit

Contact Information: 
Investor Relations
941-556-2601 
investor-relations@ropertech.com
390834871_a171030q3earningsrele_image1.jpg
Roper Technologies, Inc.


Roper Technologies Announces Third Quarter Results
GAAP Revenue Increased 23%; Adjusted Revenue Increased 24%
Raising Full Year Adjusted DEPS Guidance

Sarasota, Florida, October 30, 2017 ... Roper Technologies, Inc. (NYSE: ROP), a diversified technology company, reported financial results for the third quarter ended September 30, 2017.

Roper reports results - including revenue, gross margin, operating margin, net income, and diluted earnings per share (“DEPS”) - on a GAAP basis and an adjusted basis.

Third quarter GAAP revenue increased 23% to $1.16 billion and adjusted revenue grew 24% to $1.17 billion. GAAP gross margin expanded 140 basis points to 62.6% and adjusted gross margin expanded 170 basis points to 63.0%.

GAAP DEPS was $1.84, a 13% increase, while adjusted DEPS was $2.36, a 20% increase. Adjusted EBITDA grew 24% to $407 million and adjusted EBITDA margin expanded 20 basis points to 34.8%.

“Our businesses performed exceptionally well in the third quarter as our asset-light, niche market strategy continues to produce excellent results,” said Brian Jellison, Roper’s Chairman, President and CEO. “We delivered 24% growth in both adjusted revenue and adjusted EBITDA with 5% organic revenue growth and great operating leverage. Our software and network businesses, including Deltek and ConstructConnect, continued to perform well. We also benefited from broad-based growth and strong margin performance in our product businesses.”

“Our cash performance has helped us to reduce debt by $880 million year to date, demonstrating our ability to quickly de-lever after acquisitions. We see continuing broad-based strength across the enterprise that will drive additional growth in the fourth quarter and position us well for a record 2018,” concluded Mr. Jellison.

2017 Guidance Update

Roper is raising its full year 2017 guidance and now expects adjusted DEPS of $9.27 - $9.33, compared to previous guidance of $9.12 - $9.30.

In the fourth quarter of 2017, the Company expects adjusted DEPS to be between $2.56 and $2.62.
 
The Company’s guidance excludes the impact of future acquisitions or divestitures.


1



Conference Call to be Held at 8:30 AM (ET) Today

A conference call to discuss these results has been scheduled for 8:30 AM ET on Monday, October 30, 2017. The call can be accessed via webcast or by dialing +1 800-231-9012 (US/Canada) or +1 719-325-2168, using confirmation code 7559336. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by using the following registration URL https://event.replay with access code 7559336.


Use of Non-GAAP Financial Information

The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.


2




Table 1: Adjusted Revenue Reconciliation and Growth Detail ($M)
 
Q3 2017
 
Q3 2016
 
V %
 
GAAP Revenue
$
1,160

 
$
945

 
23
 %
 
Purchase accounting adjustment to acquired deferred revenueA,B
12

A 
2

B 
 
 
Rounding
(1
)
 
-

 
 
 
Adjusted Revenue
$
1,171

 
$
947

 
24
 %
 
 
 
 
 
 
 
 
Components of Adjusted Revenue Growth
 
 
 
 
 
 
Organic
 
 
 
 
5
 %
 
Acquisitions/Divestitures
 
 
 
 
19
 %
 
Foreign Exchange
 
 
 
 
1
 %
 
Rounding
 
 
 
 
(1
)%
 
Total Adjusted Revenue Growth
 
 
 
 
24
 %
 



Table 2: Adjusted DEPS Reconciliation
 
Q3 2017
 
Q3 2016
 
V %
 
GAAP Diluted Earnings Per Share (DEPS)
$
1.84

 
$
1.63

 
13
%
 
Purchase accounting adjustment to acquired deferred revenueA,B
0.07

A 
0.01

B 
 
 
Purchase accounting adjustment for commission expenseC 
(0.01)

 
-

 
 
 
Amortization of Acquisition-related intangible assetsD
0.46

 
0.31

 
 
 
Debt Extinguishment ChargeE
-

 
0.01

 
 
 
Adjusted DEPS
$
2.36

 
$
1.96

 
20
%
 

3




Table 3: Adjusted Gross Margin Reconciliation ($M)
 
Q3 2017
 
Q3 2016
 
V Bps
 
GAAP Revenue
$
1,160

 
$
945

 
 
 
Purchase accounting adjustment to acquired deferred revenueA,B
12

A 
2

B 
 
 
Rounding
(1
)
 
-

 
 
 
Adjusted Revenue
$
1,171

 
$
947

 
 
 
 
 
 
 
 
 
 
GAAP Gross Profit
$
726

 
$
578

 
 
 
Purchase accounting adjustment to acquired deferred revenueA,B
12

A 
2

B 
 
 
Rounding
-

 
1

 
 
 
Adjusted Gross Profit
$
738

 
$
581

 
 
 
 
 
 
 
 
 
 
GAAP Gross Margin
62.6
%
 
61.2
%
 
+140 bps
 
Adjusted Gross Margin
63.0
%
 
61.3
%
 
+170 bps
 

4



Table 4: Adjusted EBITDA Reconciliation ($M)
 
Q3 2017
 
Q3 2016
 
V% / Bps
 
GAAP Revenue
$
1,160

 
$
945

 
 
 
Purchase accounting adjustment to acquired deferred revenueA,B
12

A 
2

B 
 
 
Rounding
(1
)
 
-

 
 
 
Adjusted Revenue
$
1,171

 
$
947

 
 
 
 
 
 
 
 
 
 
GAAP Net Earnings
$
190

 
$
167

 
 
 
Taxes
74

 
73

 
 
 
Interest expense
46

 
27

 
 
 
Depreciation
12

 
9

 
 
 
Amortization
74

 
49

 
 
 
Rounding
1

 
-

 
 
 
EBITDA
$
397

 
$
325

 
 
 
 
 
 
 
 
 
 
Purchase accounting adjustment to acquired deferred revenueA,B
12

A 
2

B 
 
 
Purchase accounting adjustment for commission expenseC
(1)

 
-

 
 
 
Debt Extinguishment ChargeE
-

 
1

 
 
 
Rounding
(1)

 
-

 
 
 
Adjusted EBITDA
$
407

 
$
328

 
24
%
 
% of Adjusted Revenue
34.8
%
 
34.6
%
 
+20bps

 


Table 5: Forecasted Adjusted DEPS Reconciliation

 
Q4 2017
 
Full Year 2017
 
 
Low End
 
High End
 
Low End
 
High End
 
GAAP DEPS
$
2.07

 
$
2.13

 
$
7.17

 
$
7.23

 
Purchase accounting adjustments to acquired deferred revenue and commissionsF
0.04

 
0.04

 
0.32

 
0.32

 
Amortization of acquisition-related
intangible assetsD
0.45

 
0.45

 
1.83

 
1.83

 
Gain on sale of divested Energy product lineG
-

 
-

 
(0.06)

 
(0.06)

 
Impairment charge on minority investmentH
-

 
-

 
0.01

 
0.01

 
Adjusted DEPS
$
2.56

 
$
2.62

 
$
9.27

 
$
9.33

 


5



A
Acquisition-related fair value adjustments to deferred revenue related to the acquisitions of ConstructConnect ($1.4M pretax, $0.9M after-tax), and Deltek ($10.2M pretax, $6.6M after-tax).
B
Acquisition-related fair value adjustments to deferred revenue related to the acquisitions of On Center Software ($0.1M pretax, $0.1M after-tax), Aderant ($1.8M pretax, $1.2M after-tax), Atlas Medical ($0.1M pretax, $0.1M after-tax) and CliniSys ($0.2M pretax, $0.1M after-tax).
C
Purchase Accounting Adjustment for Commission Expense related to the acquisition of Deltek ($1.2M pretax, $0.8M after-tax).
D
Actual results and forecast of estimated amortization of acquisition-related intangible assets ($M); for comparison purposes, prior period amounts are also shown below. Tax Rate of 35% applied to amortization in all periods.
 
Q3 2016A
 
Q4 2016A
 
FY 2016A
 
Q3 2017A
 
Q4 2017E
 
FY 2017E
Pretax
$
49

 
$
54

 
$
201

 
$
73

 
$
73

 
$
292

After-tax
$
32

 
$
35

 
$
131

 
$
48

 
$
47

 
$
190

Per share
$
0.31

 
$
0.34

 
$
1.27

 
$
0.46

 
$
0.45

 
$
1.83

E
Debt Extinguishment Charge ($0.9M pretax, $0.6M after-tax).
F
Forecasted acquisition-related fair value adjustments to acquired deferred revenue and commissions of ConstructConnect and Deltek, as shown below ($M, except per share data).
 
Q4 2017E
 
FY 2017E
Pretax
$
6

 
$
51

After-tax
$
4

 
$
33

Per Share
$
0.04

 
$
0.32

G
Gain on sale of divested Energy product line ($9.4M pretax, $6.1M after-tax).
H
Impairment charge on minority investment ($1.8M pretax, $1.1M after-tax).


6



About Roper Technologies

Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper designs and develops software (both software-as-a-service and licensed), and engineered products and solutions for healthcare, transportation, food, energy, water, education and other niche markets worldwide. Additional information about Roper is available on the Company’s website at www.ropertech.com.

The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, the newly acquired businesses. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.




7


Roper Technologies, Inc. and Subsidiaries
 
 
 
Condensed Consolidated Balance Sheets (unaudited)
 
 
(Amounts in thousands)
 
 
 
 
 
 
 
 
September 30, 2017
 
December 31, 2016
ASSETS:
 
 
 
 
 
 
 
Cash and cash equivalents
$
605,616

 
$
757,200

Accounts receivable, net
603,874

 
619,854

Inventories, net
209,306

 
181,952

Unbilled receivables
157,852

 
129,965

Other current assets
115,408

 
87,530

Total current assets
1,692,056

 
1,776,501

 
 
 
 
Property, plant and equipment, net
141,279

 
141,318

Goodwill
8,793,956

 
8,647,142

Other intangible assets, net
3,502,687

 
3,655,843

Deferred taxes
32,459

 
30,620

Other assets
84,236

 
73,503

 
 
 
 
Total assets
$
14,246,673

 
$
14,324,927

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
 
 
 
 
 
 
 
Accounts payable
$
163,719

 
$
152,067

Accrued compensation
168,931

 
161,730

Deferred revenue
534,562

 
488,399

Other accrued liabilities
261,457

 
219,339

Income taxes payable
46,575

 
22,762

Current portion of long-term debt, net
401,534

 
400,975

Total current liabilities
1,576,778

 
1,445,272

 
 
 
 
Long-term debt, net of current portion
4,932,721

 
5,808,561

Deferred taxes
1,163,371

 
1,178,205

Other liabilities
114,819

 
104,024

Total liabilities
7,787,689

 
8,536,062

 
 
 
 
Common stock
1,043

 
1,036

Additional paid-in capital
1,591,039

 
1,489,067

Retained earnings
5,062,926

 
4,642,402

Accumulated other comprehensive loss
(177,277
)
 
(324,739
)
Treasury stock
(18,747
)
 
(18,901
)
Total stockholders' equity
6,458,984

 
5,788,865

 
 
 
 
Total liabilities and stockholders' equity
$
14,246,673

 
$
14,324,927






8


Roper Technologies, Inc. and Subsidiaries
 
 
 
 
 
Condensed Consolidated Statements of Earnings (unaudited)
 
 
 
(Amounts in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2017
 
2016
 
2017
 
2016
Net revenues
 
$
1,159,912

 
$
945,144

 
$
3,380,888

 
$
2,779,125

Cost of sales
 
433,492

 
366,651

 
1,281,204

 
1,073,593

Gross profit
 
726,420

 
578,493

 
2,099,684

 
1,705,532

 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
415,673

 
311,103

 
1,236,423

 
940,073

Income from operations
 
310,747

 
267,390

 
863,261

 
765,459

 
 
 
 
 
 
 
 
 
Interest expense, net
 
45,523

 
26,800

 
137,201

 
81,076

Other income/(expense), net
 
(659
)
 
(534
)
 
5,263

 
(1,997
)
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
264,565

 
240,056

 
731,323

 
682,386

 
 
 
 
 
 
 
 
 
Income taxes
 
74,292

 
72,977

 
203,423

 
205,822

 
 
 
 
 
 
 
 
 
Net earnings
 
$
190,273

 
$
167,079

 
$
527,900

 
$
476,564

 
 
 
 
 
 
 
 
 
Net earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
1.86

 
$
1.65

 
$
5.17

 
$
4.71

Diluted
 
$
1.84

 
$
1.63

 
$
5.11

 
$
4.65

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
102,303

 
101,372

 
102,091

 
101,231

Diluted
 
103,680

 
102,522

 
103,397

 
102,424


9


Roper Technologies, Inc. and Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
Selected Segment Financial Data (unaudited)
 
 
 
 
 
 
 
 
 
 
(Amounts in thousands and percents of net revenues)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
Amount
 
%
 
Amount
 
%
 
Amount
 
%
 
Amount
 
%
Net revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  RF Technology
 
$
480,572

 
 
 
$
303,565

 
 
 
$
1,370,688

 
 
 
$
872,536

 
 
  Medical & Scientific Imaging
 
343,639

 
 
 
338,027

 
 
 
1,042,638

 
 
 
1,010,826

 
 
  Industrial Technology
 
200,442

 
 
 
178,317

 
 
 
576,713

 
 
 
528,179

 
 
  Energy Systems & Controls
 
135,259

 
 
 
125,235

 
 
 
390,849

 
 
 
367,584

 
 
    Total
 
$
1,159,912

 
 
 
$
945,144

 
 
 
$
3,380,888

 
 
 
$
2,779,125

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  RF Technology
 
$
298,883

 
62.2
%
 
$
169,123

 
55.7
%
 
$
830,096

 
60.6
%
 
$
492,493

 
56.4
%
  Medical & Scientific Imaging
 
247,138

 
71.9
%
 
247,432

 
73.2
%
 
753,096

 
72.2
%
 
740,725

 
73.3
%
  Industrial Technology
 
102,092

 
50.9
%
 
90,950

 
51.0
%
 
293,410

 
50.9
%
 
266,679

 
50.5
%
  Energy Systems & Controls
 
78,307

 
57.9
%
 
70,988

 
56.7
%
 
223,082

 
57.1
%
 
205,635

 
55.9
%
    Total
 
$
726,420

 
62.6
%
 
$
578,493

 
61.2
%
 
$
2,099,684

 
62.1
%
 
$
1,705,532

 
61.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit*:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  RF Technology
 
$
134,148

 
27.9
%
 
$
94,785

 
31.2
%
 
$
342,690

 
25.0
%
 
$
272,905

 
31.3
%
  Medical & Scientific Imaging
 
115,506

 
33.6
%
 
118,979

 
35.2
%
 
356,614

 
34.2
%
 
347,706

 
34.4
%
  Industrial Technology
 
62,255

 
31.1
%
 
52,800

 
29.6
%
 
174,117

 
30.2
%
 
150,850

 
28.6
%
  Energy Systems & Controls
 
36,351

 
26.9
%
 
31,777

 
25.4
%
 
99,454

 
25.4
%
 
83,728

 
22.8
%
    Total
 
$
348,260

 
30.0
%
 
$
298,341

 
31.6
%
 
$
972,875

 
28.8
%
 
$
855,189

 
30.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Orders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  RF Technology
 
$
475,003

 
 
 
$
300,303

 
 
 
$
1,404,768

 
 
 
$
899,659

 
 
  Medical & Scientific Imaging
 
351,455

 
 
 
332,624

 
 
 
1,054,254

 
 
 
1,014,910

 
 
  Industrial Technology
 
210,110

 
 
 
173,757

 
 
 
607,081

 
 
 
528,629

 
 
  Energy Systems & Controls
 
134,197

 
 
 
121,818

 
 
 
390,434

 
 
 
368,292

 
 
    Total
 
$
1,170,765

 
 
 
$
928,502

 
 
 
$
3,456,537

 
 
 
$
2,811,490

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,513 and $30,951 for the three months ended September 30, 2017 and 2016, respectively, and $109,614 and $89,730 for the nine months ended September 30, 2017 and 2016, respectively.

10


Roper Technologies, Inc. and Subsidiaries
 
Condensed Consolidated Statements of Cash Flows (unaudited)
 
 
 
 
(Amounts in thousands)
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30,
 
 
2017
 
2016
Cash flows from operating activities:
 
 
 
 
Net earnings
 
$
527,900

 
$
476,564

Adjustments to reconcile net earnings to cash flows from operating activities:
 
 
 
 
Depreciation and amortization of property, plant and equipment
 
36,776

 
27,954

Amortization of intangible assets
 
221,518

 
149,149

Amortization of deferred financing costs
 
5,463

 
4,080

Non-cash stock compensation
 
67,598

 
60,480

Gain on sale of assets
 
(9,393
)
 

Changes in operating assets and liabilities, net of acquired businesses:
 
 
 
 
Accounts receivable
 
30,074

 
(1,660
)
Unbilled receivables
 
(27,186
)
 
3,684

Inventories
 
(19,577
)
 
(5,916
)
Accounts payable and accrued liabilities
 
48,276

 
17,273

Deferred revenue
 
50,554

 
19,692

Income taxes
 
(48,370
)
 
(52,728
)
Other, net
 
(17,900
)
 
(5,199
)
Cash provided by operating activities
 
865,733

 
693,373

 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
Acquisitions of businesses, net of cash acquired
 
(88,070
)
 
(277,587
)
Capital expenditures
 
(35,898
)
 
(26,933
)
Capitalized software expenditures
 
(8,043
)
 
(1,528
)
Proceeds from sale of assets
 
10,614

 
866

Other, net
 
(6,932
)
 
1,564

Cash used in investing activities
 
(128,329
)
 
(303,618
)
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
Payments under revolving line of credit, net
 
(880,000
)
 
(180,000
)
Principal payments on convertible notes
 

 
(4,010
)
Cash premiums paid on convertible note conversions
 

 
(13,308
)
Cash dividends to stockholders
 
(106,480
)
 
(90,632
)
Proceeds from stock based compensation, net
 
32,932

 
13,895

Treasury stock sales
 
3,194

 
2,576

Other
 
179

 
(7,816
)
Cash used in financing activities
 
(950,175
)
 
(279,295
)
 
 
 
 
 
Effect of foreign currency exchange rate changes on cash
 
61,187

 
(6,701
)
 
 
 
 
 
Net (decrease)/increase in cash and cash equivalents
 
(151,584
)
 
103,759

 
 
 
 
 
Cash and cash equivalents, beginning of period
 
757,200

 
778,511

 
 
 
 
 
Cash and cash equivalents, end of period
 
$
605,616

 
$
882,270



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