Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Roper Technologies Inc., consolidated cash flow statement
US$ in thousands
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).
- Net Earnings and Operating Performance
- Net earnings from continuing operations demonstrated notable volatility over the period. After an initial rise from approximately $944 million in 2018 to about $1.77 billion in 2019, earnings declined sharply in 2020 to just under $950 million, followed by partial recoveries in 2021 and 2022, finishing near $986 million. This pattern suggests a period of growth interrupted by a significant downturn in 2020, followed by stabilization.
- Depreciation and Amortization
- Depreciation of property, plant, and equipment remained relatively stable, fluctuating around the $40,000 to $53,000 thousand range, with a decrease in 2022 to $37,300 thousand. In contrast, amortization of intangible assets exhibited a steady upward trend, increasing substantially from $317,500 thousand in 2018 to $612,800 thousand in 2022, indicating growing intangible asset bases or accelerated amortization rates.
- Non-Cash Stock Compensation and Impairments
- Non-cash stock compensation expenses displayed variability, peaking in 2018 at approximately $134 million and declining to around $118.5 million by 2022, suggesting some moderation in equity-based compensation. Notably, an impairment of intangible assets amounting to $99.5 million was recorded in 2021, indicating a one-time significant write-down during that year.
- Tax Provisions and Cash Taxes Paid
- The income tax provision steadily increased from $254 million in 2018 to nearly $296 million in 2022. However, cash income taxes paid excluding taxes related to gain on disposal saw a general decline until 2021, followed by a sharp increase to nearly $499 million in 2022. The cash tax paid on gains from disposals was significant in 2020 and particularly pronounced in 2022, aligning with large proceeds from disposal activities.
- Working Capital Items
- Accounts receivable and unbilled receivables fluctuated without a clear trend, with negative balances in some years suggesting possible adjustments or accounting treatments. Inventories were generally negative and increasingly so in 2022, which could imply inventory reductions or write-downs. Deferred revenue more than doubled in 2021 compared to 2018 but decreased again in 2022, exhibiting variability tied to customer prepayments and contract fulfillment timing.
- Operating Cash Flows and Adjustments
- Cash provided by operating activities remained strong throughout the years, ranging from approximately $1.43 billion in 2018 to a peak around $1.87 billion in 2021, but it dropped significantly to around $606 million in 2022. Adjustments to reconcile net earnings to operating cash flows were volatile, including a large negative adjustment in 2019, a peak positive adjustment in 2021, and a sharp negative adjustment in 2022, impacting cash flow quality.
- Investing Activities
- Investing cash flows were predominantly negative, with large acquisitions driving substantial cash outflows, particularly in 2020 ($6 billion) and 2022 ($4.28 billion). Capital expenditures and capitalized software costs increased gradually, reflecting ongoing investments in physical and software assets. Proceeds from disposals were significant in 2019, decreasing and nearly absent in other years, influencing the net investing cash outflows.
- Financing Activities
- Financing activities showed considerable variation. Proceeds from senior notes peaked at $3.3 billion in 2020, with repayments occurring in several years, including $800 million repaid in 2022. Net borrowings under revolving credit lines were inconsistent, with borrowing spikes in 2020 and repayments in other years. Cash dividends to stockholders increased steadily, indicating a consistent return of capital to shareholders. Overall, net cash provided by financing was positive only in 2019 and 2020, turning negative in 2021 and 2022.
- Discontinued Operations
- Cash flows from discontinued operations appeared only in 2021 and 2022 with substantial inflows, especially in 2022 where proceeds from disposition reached approximately $5.56 billion, contributing significantly to total cash flow from operations and investing activities in these years.
- Cash and Cash Equivalents
- The ending cash balance exhibited volatility, falling from $671 million at the start of 2018 to a low of about $308 million at the end of 2020, before rising sharply to nearly $793 million at the end of 2022. The net increase in cash also showed considerable swings, with large declines in 2018 and 2020, modest increases in 2019 and 2021, and a substantial increase in 2022.
- Summary Insights
- The data reflects a company experiencing significant acquisition activity in 2020 and 2022, which heavily influenced investing cash flows and contributed to fluctuations in operating and financing cash flows. Earnings showed recovery challenges post-2019 peak, coupled with steady increases in amortization expenses of intangibles suggesting growth in intangible assets or changing amortization strategies. The cash flow patterns and changes in tax payments indicate important impacts from business disposals and adjustments in tax planning. The steady increase in dividends and management of debt indicate a balance between shareholder returns and capital structure management amidst the operational variability.