Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Roper Technologies Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net revenues	5,371,800)	5,777,800)	5,527,100)	5,366,800)	5,191,200)
Cost of sales	(1,619,000)	(1,860,400)	(1,984,100)	(1,939,700)	(1,911,700)
Gross profit	3,752,800)	3,917,400)	3,543,000)	3,427,100)	3,279,500)
Selling, general and administrative expenses	(2,228,300)	(2,337,700)	(2,111,900)	(1,928,700)	(1,883,100)
Impairment of intangible assets	—)	(99,500)	—)	—)	—)
Income from operations	1,524,500)	1,480,200)	1,431,100)	1,498,400)	1,396,400)
Interest expense, net	(192,400)	(234,100)	(218,900)	(186,600)	(182,100)
Loss on extinguishment of debt	—)	—)	—)	—)	(15,900)
Other income (expense), net	(50,100)	24,900)	(2,900)	(5,100)	—)
Gain on disposal of businesses	—)	—)	—)	920,700)	—)
Earnings before income taxes	1,282,000)	1,271,000)	1,209,300)	2,227,400)	1,198,400)
Income taxes	(296,400)	(288,400)	(259,600)	(459,500)	(254,000)
Net earnings from continuing operations	985,600)	982,600)	949,700)	1,767,900)	944,400)
Earnings from discontinued operations, net of tax	202,800)	114,100)	—)	—)	—)
Gain on disposition of discontinued operations, net of tax	3,356,300)	55,900)	—)	—)	—)
Net earnings from discontinued operations	3,559,100)	170,000)	—)	—)	—)
Net earnings	4,544,700)	1,152,600)	949,700)	1,767,900)	944,400)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The financial data reveals various trends in the company's performance over the five-year period.

Revenues and Cost Structure: Net revenues gradually increased from 5,191,200 thousand US dollars in 2018 to a peak of 5,777,800 thousand in 2021, followed by a decline to 5,371,800 thousand in 2022. The cost of sales decreased notably in 2022 to 1,619,000 thousand after a slight increase in earlier years, suggesting improved cost control or changes in product mix.
Profitability: Gross profit followed a similar pattern to revenues, increasing steadily from 3,279,500 thousand in 2018 to 3,917,400 thousand in 2021, before decreasing to 3,752,800 thousand in 2022. Despite the reduction in gross profit in 2022, income from operations showed a slight upward trend over the period, reaching 1,524,500 thousand in 2022. This indicates that operational efficiency may have improved or non-cost-related factors supported operating income.
Expenses: Selling, general and administrative expenses rose consistently from 1,883,100 thousand in 2018 to a peak of 2,337,700 thousand in 2021, then decreased slightly to 2,228,300 thousand in 2022. An impairment of intangible assets was recorded in 2021 amounting to 99,500 thousand, which impacted that year's expenses.
Other Income and Interest: Interest expense remained relatively stable, peaking in 2021 at 234,100 thousand before decreasing to 192,400 thousand in 2022. Other income (expense), net, exhibited volatility with a net expense in 2019 and 2020, a positive income in 2021, and a significant net expense again in 2022. A notable loss from extinguishment of debt occurred in 2018, while a gain from disposal of businesses was recorded only in 2019, affecting earnings positively that year.
Taxation and Earnings: Income taxes increased substantially from 254,000 thousand in 2018 to 459,500 thousand in 2019 but then decreased and stabilized near 296,400 thousand by 2022. Net earnings from continuing operations mirrored the pattern of income before taxes, peaking in 2019 and maintaining similar levels thereafter. Earnings from discontinued operations appeared only from 2021 onwards, contributing 170,000 thousand and 3,559,100 thousand in 2021 and 2022 respectively.
Overall Net Earnings: Net earnings demonstrated significant volatility, increasing sharply from 944,400 thousand in 2018 to 1,767,900 thousand in 2019, then falling to 949,700 thousand in 2020. From 2021 onwards, net earnings improved substantially, reaching 4,544,700 thousand in 2022. The dramatic increase in 2022 net earnings is largely attributable to gains associated with discontinued operations, particularly a gain on disposition of discontinued operations amounting to 3,356,300 thousand.

In summary, the company showed steady revenue growth until 2021 with some contraction in 2022, accompanied by improved cost control. Operating income remained relatively stable with a positive trajectory. The gains and losses from disposals and discontinued operations played a significant role in the fluctuations of net earnings, particularly the substantial gain in 2022 that led to exceptional net income results. Expense management, especially in selling, general and administrative expenses, and interest costs, showed moderate variation over the years. The tax burden fluctuated along with earnings before tax but remained proportionate to income levels. Overall, 2022's financial results were notably influenced by non-operational factors linked to discontinued operations.

Download chart

Roper Technologies Inc. (NASDAQ:ROP)

Income Statement