Roper

SIMPLE IDEAS.
POWERFUL RESULTS.

2021 

ANNUAL REPORT

2021 HIGHLIGHTS

REVENUE

+19%

TO $5.78 BILLION

ORGANIC  
REVENUE

+9%

GROWTH

EBITDA

+22%

TO $2.21 BILLION

FREE CASH 
FLOW  
CONVERSION

82%

OF EBITDA

FREE CASH 
FLOW

+19%

TO $1.80 BILLION

ANNUAL 
DIVIDEND

+10%

29TH CONSECUTIVE 
ANNUAL INCREASE

TOTAL 
SHAREHOLDER 
RETURN

($100 Invested at IPO)

$25,000

$20,000

$15,000

$10,000

$5,000

0
IPO

’92

’93

’94

’95

’96

’97

’98

’99

’00

’01

’02

’03

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’07

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’21

Roper Technologies, Inc.

S&P 500

RO PER   TECHNOLOGIES 

1

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“   We  execute  a  low-risk  strategy  focused 

on  acquiring  market-leading  businesses 

in defensible niche markets and providing 

an operating environment for these great 

businesses to get even better over the arc 

of time.”

  Neil Hunn

Introduction
2021 marked another excellent year for Roper, highlighted 
by  continued  strong  execution  across  our  portfolio, 
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2021 Overview
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despite  challenging  market  conditions  as  the  economy 
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(cid:36)(cid:79)(cid:86)(cid:82)(cid:15)(cid:3) (cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3) (cid:90)(cid:72)(cid:3) (cid:68)(cid:81)(cid:81)(cid:82)(cid:88)(cid:81)(cid:70)(cid:72)(cid:71)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:71)(cid:76)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:87)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)
of  three  businesses  —  TransCore,  Zetec,  and  CIVCO 
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(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3) (cid:50)(cid:89)(cid:72)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:79)(cid:68)(cid:86)(cid:87)(cid:3)
(cid:21)(cid:19)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:15)(cid:3) (cid:90)(cid:72)(cid:3) (cid:75)(cid:68)(cid:89)(cid:72)(cid:3) (cid:83)(cid:85)(cid:76)(cid:80)(cid:68)(cid:85)(cid:76)(cid:79)(cid:92)(cid:3) (cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:71)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:83)(cid:85)(cid:76)(cid:86)(cid:72)(cid:3) (cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3) (cid:69)(cid:82)(cid:87)(cid:75)(cid:3) (cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:70)(cid:3) (cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)
(cid:71)(cid:72)(cid:83)(cid:79)(cid:82)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3) (cid:44)(cid:81)(cid:3) (cid:21)(cid:19)(cid:21)(cid:20)(cid:15)(cid:3) (cid:90)(cid:72)(cid:3) (cid:68)(cid:79)(cid:86)(cid:82)(cid:3) (cid:87)(cid:82)(cid:82)(cid:78)(cid:3) (cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) (cid:87)(cid:82)(cid:3)
(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:82)(cid:73)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3) (cid:69)(cid:92)(cid:3) (cid:71)(cid:76)(cid:89)(cid:72)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)
(cid:87)(cid:75)(cid:85)(cid:72)(cid:72)(cid:3) (cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:16)(cid:76)(cid:81)(cid:87)(cid:72)(cid:81)(cid:86)(cid:76)(cid:89)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:86)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:16)(cid:74)(cid:85)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3) (cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:17)(cid:3)

In  addition,  the  after-tax  cash  proceeds  from  these 
transactions  enhance  our  near-term  capital  deployment 
(cid:70)(cid:68)(cid:83)(cid:68)(cid:70)(cid:76)(cid:87)(cid:92)(cid:3) (cid:87)(cid:82)(cid:3) (cid:75)(cid:72)(cid:79)(cid:83)(cid:3) (cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:72)(cid:81)(cid:87)(cid:72)(cid:85)(cid:83)(cid:85)(cid:76)(cid:86)(cid:72)(cid:17)

(cid:21)(cid:19)(cid:21)(cid:20)(cid:3) (cid:90)(cid:68)(cid:86)(cid:3) (cid:68)(cid:3) (cid:89)(cid:72)(cid:85)(cid:92)(cid:3) (cid:69)(cid:88)(cid:86)(cid:92)(cid:15)(cid:3) (cid:69)(cid:88)(cid:87)(cid:3) (cid:90)(cid:76)(cid:79)(cid:71)(cid:79)(cid:92)(cid:3) (cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:15)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3)
(cid:72)(cid:89)(cid:72)(cid:85)(cid:92)(cid:82)(cid:81)(cid:72)(cid:3)(cid:68)(cid:87)(cid:3)(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:17)(cid:3)(cid:44)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:78)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:85)(cid:72)(cid:3)(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:3)
team  and  each  of  our  19,000  employees  for  their  elite 
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)

Strategic Transactions
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TransCore,  Zetec,  and  CIVCO  Radiotherapy  businesses 
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(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:71)(cid:88)(cid:85)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:82)(cid:73)(cid:3)
(cid:80)(cid:72)(cid:68)(cid:81)(cid:76)(cid:81)(cid:74)(cid:73)(cid:88)(cid:79)(cid:79)(cid:92)(cid:3)
(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:333)(cid:86)(cid:3) (cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:17)(cid:3) (cid:55)(cid:75)(cid:72)(cid:3) (cid:85)(cid:72)(cid:80)(cid:82)(cid:89)(cid:68)(cid:79)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:83)(cid:85)(cid:82)(cid:77)(cid:72)(cid:70)(cid:87)(cid:16)(cid:82)(cid:85)(cid:76)(cid:72)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)
(cid:55)(cid:85)(cid:68)(cid:81)(cid:86)(cid:38)(cid:82)(cid:85)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:72)(cid:81)(cid:75)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:80)(cid:76)(cid:91)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:85)(cid:72)(cid:71)(cid:76)(cid:70)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:15)(cid:3)
(cid:75)(cid:76)(cid:74)(cid:75)(cid:16)(cid:80)(cid:68)(cid:85)(cid:74)(cid:76)(cid:81)(cid:15)(cid:3)(cid:85)(cid:72)(cid:70)(cid:88)(cid:85)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:403)(cid:70)(cid:68)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3)
(cid:82)(cid:88)(cid:85)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:68)(cid:73)(cid:87)(cid:72)(cid:85)(cid:16)(cid:87)(cid:68)(cid:91)(cid:3)(cid:83)(cid:85)(cid:82)(cid:70)(cid:72)(cid:72)(cid:71)(cid:86)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:3)(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:333)(cid:86)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:70)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)
(cid:71)(cid:72)(cid:83)(cid:79)(cid:82)(cid:92)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:87)(cid:82)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:82)(cid:69)(cid:88)(cid:86)(cid:87)(cid:3)(cid:83)(cid:76)(cid:83)(cid:72)(cid:79)(cid:76)(cid:81)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:16)(cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)
(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:17)(cid:3)(cid:38)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:76)(cid:83)(cid:79)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)
(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:71)(cid:72)(cid:83)(cid:79)(cid:82)(cid:92)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:75)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:76)(cid:70)(cid:3) 
(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:68)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3) (cid:87)(cid:82)(cid:3) (cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3) (cid:72)(cid:81)(cid:75)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:333)(cid:86)(cid:3) (cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:87)(cid:82)(cid:3) 
(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:82)(cid:88)(cid:81)(cid:71)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:372)(cid:82)(cid:90)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)(cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:86)(cid:17)

Long-Term Compounding Performance
(cid:50)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:68)(cid:86)(cid:87)(cid:3)(cid:20)(cid:24)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:15)(cid:3)(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:333)(cid:86)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:72)(cid:68)(cid:85)(cid:81)(cid:72)(cid:71)(cid:3)
(cid:68)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:82)(cid:88)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3) (cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:3) (cid:82)(cid:73)(cid:3) (cid:14)(cid:20)(cid:26)(cid:8)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:68)(cid:3) (cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3) (cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:3) (cid:82)(cid:73)(cid:3)
(cid:14)(cid:28)(cid:25)(cid:28)(cid:8)(cid:15)(cid:3)(cid:81)(cid:72)(cid:68)(cid:85)(cid:79)(cid:92)(cid:3)(cid:87)(cid:75)(cid:85)(cid:72)(cid:72)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:82)(cid:87)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:87)(cid:88)(cid:85)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:9)(cid:51)(cid:3)(cid:24)(cid:19)(cid:19)(cid:17)(cid:3)
This  outstanding  shareholder  return  has  been  driven  by 
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Portfolio
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businesses  that  each  maintain  a  leadership  position 

2

2021  ANNUAL  REPORT

Revenue (in Billions)

+10% CAGR

EBITDA (in Billions)

Free Cash Flow (in Billions)

+12% CAGR

+17% CAGR

$5.78

$2.21

$1.80

$4.74

$4.87

$1.75

$1.81

$1.32

$1.51

2019

2020

2021

2019

2020

2021

2019

2020

2021

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businesses  participate  in  a  variety  of  end  markets,  there 
are  several  common  elements  that  enable  them  to 
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as  competitive  moats  for  our  businesses  and  limit  the 
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businesses  provide  highly  vertical  or  application-
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solutions,  and  they  focus  their  innovation  on  the  needs 
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intensive scale, and they are focused on building for long-
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Operating Structure
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(cid:76)(cid:81)(cid:3)
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have  a  high  level  of  autonomy  and  accountability,  and 
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incentive  structure  for  our  business  leaders  is  linked  to 
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team  provides  Socratic  coaching  on  strategy,  strategy 
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The  TransCore  divestiture  created  an  opportunity  to 
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and  incentive  system  enabled  the  TransCore  leadership 
team to meaningfully improve its project capabilities and 
product  innovation,  resulting  in  increased  market  share 
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term  investment  support  and  independent  operating 
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Talent and Culture
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expect  our  leaders  to  take  actions  to  stay  competitively 
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capability  and  inspiring  high-performance,  diverse,  and 
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Capital Deployment
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RO PER   TECHNOLOGIES 

3

Full Year Gross Margin

Full Year EBITDA Margin

+1,720 Bps

+1,350 Bps

Net Working Capital As %
of Q4 Annualized Revenue

67.8%

58.6%

50.6%

24.7%

38.2%

32.8%

2006

2013

2021

2006

2013

2021

(2,400) Bps

11.0%

5.2%

2006

2013

(13.0)%

2021

Note: 2006 and 2013 as previously reported. 2021 on a continuing operations basis.

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repeatable  approach  is  focused  on  business  model 
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(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:70)(cid:72)(cid:81)(cid:87)(cid:76)(cid:89)(cid:76)(cid:93)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:3)(cid:79)(cid:82)(cid:81)(cid:74)(cid:16)(cid:87)(cid:72)(cid:85)(cid:80)(cid:15)(cid:3)(cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:70)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3)
(cid:82)(cid:85)(cid:76)(cid:72)(cid:81)(cid:87)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)

(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:3)(cid:88)(cid:87)(cid:76)(cid:79)(cid:76)(cid:93)(cid:72)(cid:86)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:86)(cid:72)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:85)(cid:76)(cid:87)(cid:72)(cid:85)(cid:76)(cid:68)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)
to  ensure  all  capital  deployment  decisions  are  made  to 
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(cid:80)(cid:88)(cid:86)(cid:87)(cid:3)(cid:69)(cid:72)(cid:3)(cid:68)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:81)(cid:3)(cid:6)(cid:20)(cid:3)(cid:82)(cid:85)(cid:3)(cid:6)(cid:21)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:81)(cid:76)(cid:70)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:68)(cid:3)
(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:92)(cid:3)(cid:89)(cid:72)(cid:85)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:82)(cid:85)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:16)(cid:86)(cid:83)(cid:72)(cid:70)(cid:76)(cid:403)(cid:70)(cid:3)
(cid:87)(cid:72)(cid:70)(cid:75)(cid:81)(cid:82)(cid:79)(cid:82)(cid:74)(cid:92)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:36)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:86)(cid:3)(cid:80)(cid:88)(cid:86)(cid:87)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)
(cid:68)(cid:3) (cid:71)(cid:88)(cid:85)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3) (cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:70)(cid:3) (cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3) (cid:83)(cid:85)(cid:82)(cid:403)(cid:79)(cid:72)(cid:3) (cid:87)(cid:75)(cid:68)(cid:87)(cid:3) (cid:76)(cid:86)(cid:3) (cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:72)(cid:71)(cid:3) (cid:69)(cid:92)(cid:3)
(cid:68)(cid:3) (cid:75)(cid:76)(cid:74)(cid:75)(cid:3) (cid:80)(cid:76)(cid:91)(cid:3) (cid:82)(cid:73)(cid:3) (cid:83)(cid:85)(cid:72)(cid:71)(cid:76)(cid:70)(cid:87)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3) (cid:85)(cid:72)(cid:70)(cid:88)(cid:85)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) (cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:17)(cid:3) (cid:51)(cid:82)(cid:87)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3)
Roper  businesses  must  have  strong  margins  and  cash 
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(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:17)(cid:3)(cid:41)(cid:76)(cid:81)(cid:68)(cid:79)(cid:79)(cid:92)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:79)(cid:82)(cid:82)(cid:78)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:80)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:72)(cid:68)(cid:80)(cid:86)(cid:3)
(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:86)(cid:87)(cid:68)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:90)(cid:75)(cid:82)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:83)(cid:68)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:68)(cid:87)(cid:72)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:69)(cid:88)(cid:76)(cid:79)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:82)(cid:81)(cid:74)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:17)

Cash Return on Investment (“CRI”)
(cid:38)(cid:53)(cid:44)(cid:3) (cid:85)(cid:72)(cid:80)(cid:68)(cid:76)(cid:81)(cid:86)(cid:3) (cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:333)(cid:86)(cid:3) (cid:81)(cid:82)(cid:85)(cid:87)(cid:75)(cid:3) (cid:86)(cid:87)(cid:68)(cid:85)(cid:15)(cid:3) (cid:68)(cid:86)(cid:3) (cid:76)(cid:87)(cid:3) (cid:75)(cid:68)(cid:86)(cid:3) (cid:69)(cid:72)(cid:72)(cid:81)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:68)(cid:86)(cid:87)(cid:3) (cid:21)(cid:19)(cid:14)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:17)(cid:3) (cid:44)(cid:87)(cid:3) (cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:86)(cid:3) (cid:68)(cid:81)(cid:3) (cid:88)(cid:81)(cid:69)(cid:76)(cid:68)(cid:86)(cid:72)(cid:71)(cid:15)(cid:3) (cid:82)(cid:69)(cid:77)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:15)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3)
(cid:68)(cid:81)(cid:68)(cid:79)(cid:92)(cid:87)(cid:76)(cid:70)(cid:68)(cid:79)(cid:3)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:82)(cid:73)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:3)(cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:69)(cid:92)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:372)(cid:82)(cid:90)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:80)(cid:76)(cid:81)(cid:76)(cid:80)(cid:76)(cid:93)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3) (cid:85)(cid:72)(cid:84)(cid:88)(cid:76)(cid:85)(cid:72)(cid:71)(cid:3) (cid:87)(cid:82)(cid:3) (cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3) (cid:70)(cid:68)(cid:86)(cid:75)(cid:3) (cid:372)(cid:82)(cid:90)(cid:17)(cid:3) (cid:38)(cid:53)(cid:44)(cid:3) (cid:90)(cid:76)(cid:79)(cid:79)(cid:3) (cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)
(cid:87)(cid:82)(cid:3) (cid:75)(cid:72)(cid:79)(cid:83)(cid:3) (cid:88)(cid:86)(cid:3) (cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:73)(cid:92)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:75)(cid:76)(cid:74)(cid:75)(cid:72)(cid:86)(cid:87)(cid:3) (cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3)
(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:81)(cid:86)(cid:88)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:82)(cid:85)(cid:87)(cid:73)(cid:82)(cid:79)(cid:76)(cid:82)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)
(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:17)

Commitment to ESG
(cid:53)(cid:82)(cid:83)(cid:72)(cid:85)(cid:333)(cid:86)(cid:3) (cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3) (cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:70)(cid:88)(cid:79)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3) (cid:72)(cid:81)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3) (cid:68)(cid:81)(cid:3)
authentic  focus  on  ESG,  and  these  issues  are  central  to 
our  operations,  customer  engagement,  and  long-term 
(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:85)(cid:72)(cid:70)(cid:72)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:83)(cid:88)(cid:69)(cid:79)(cid:76)(cid:86)(cid:75)(cid:72)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:403)(cid:85)(cid:86)(cid:87)(cid:3)(cid:40)(cid:54)(cid:42)(cid:3)
(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3) (cid:87)(cid:82)(cid:3) (cid:82)(cid:88)(cid:85)(cid:3) (cid:90)(cid:72)(cid:69)(cid:86)(cid:76)(cid:87)(cid:72)(cid:15)(cid:3) (cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3) (cid:68)(cid:81)(cid:3) (cid:82)(cid:89)(cid:72)(cid:85)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3) (cid:82)(cid:73)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3)
most  relevant  issues  for  the  company,  disclosing  data 
that  demonstrates  our  performance 
in  these  areas, 
highlighting  the  positive  impact  created  by  our 
(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:72)(cid:86)(cid:15)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:73)(cid:92)(cid:76)(cid:81)(cid:74)(cid:3) (cid:68)(cid:85)(cid:72)(cid:68)(cid:86)(cid:3) (cid:90)(cid:75)(cid:72)(cid:85)(cid:72)(cid:3) (cid:90)(cid:72)(cid:3) (cid:68)(cid:86)(cid:83)(cid:76)(cid:85)(cid:72)(cid:3) (cid:87)(cid:82)(cid:3)
(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:17)(cid:3)(cid:44)(cid:3)(cid:72)(cid:81)(cid:70)(cid:82)(cid:88)(cid:85)(cid:68)(cid:74)(cid:72)(cid:3)(cid:72)(cid:68)(cid:70)(cid:75)(cid:3)(cid:82)(cid:73)(cid:3)(cid:92)(cid:82)(cid:88)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:68)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
(cid:77)(cid:82)(cid:76)(cid:81)(cid:3)(cid:88)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:77)(cid:82)(cid:88)(cid:85)(cid:81)(cid:72)(cid:92)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:71)(cid:3)(cid:40)(cid:54)(cid:42)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:17)

4

2021  ANNUAL  REPORT

Simple Strategy
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defensible  niche  markets  and  providing  an  operating 
environment  for  these  great  businesses  to  get  even 
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Looking Ahead
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execution and talent to support this trend of continuous 
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Finally,  you  may  have  noticed  that  this  annual  report 
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Thank you for being a valued shareholder!

Sincerely,

Neil Hunn

Unless  otherwise  noted,  financial  information  is  presented  on  an  adjusted  (non-GAAP)  and  continuing 
operations  basis. A  reconciliation  can  be  found  on  page  66.  Please  see  information  about  forward  looking 
statements on page 9.

2021 FORM 10-K

(THIS PAGE INTENTIONALLY LEFT BLANK)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K 
(cid:2) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021 
□ 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
(State or other jurisdiction of
incorporation or organization)

51-0263969
(I.R.S. Employer 
Identification No.)

6901 Professional Parkway, Suite 200 
Sarasota, Florida 34240
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (941) 556-2601

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

Title of Each Class

Common Stock, $0.01 Par Value

Trading Symbol
ROP 

Name of Each Exchange On Which Registered

New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 
(cid:2) Yes □ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange 
Act of 1934. □ Yes (cid:2) No 

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. (cid:2) 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 (§223.405) during the preceding 12 months (or for such shorter period that the registrant 
was required to submit such files). (cid:2) Yes □ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a 
smaller reporting company (as defined in Rule 12b-2 of the Exchange Act). (cid:2) 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 has filed a report on and attestation to its management’s assessment of the 
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) 
by the registered public accounting firm that prepared or issues its audit report. (cid:2)
Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Act). □ Yes (cid:2) No

Based on the closing sale price on the New York Stock Exchange on June 30, 2021, the aggregate market value of the voting and 
non-voting common stock held by non-affiliates of the registrant was: $49.3 billion.

Number of shares of registrant’s Common Stock outstanding as of February 11, 2022: 105,602,835.

Portions of the registrant’s Proxy Statement to be furnished to Stockholders in connection with its 2022 Annual Meeting of 
Stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K.

DOCUMENTS INCORPORATED BY REFERENCE

ROPER TECHNOLOGIE S • 2021 ANNUAL REPORT

TABLE OF CONTENTS

ROPER TECHNOLOGIES, INC.

FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 

PART I 

Page

Item 1.

Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Item 1A.

Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Item 1B.

Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Item 2.

Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Item 3.

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Item 4.

Mine Safety Disclosures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Information About Our Executive Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

PART II

Item 5.

Market for Registrant’s Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities  . . . 21

Item 6.

[Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . 22

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Item 8.

Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure . . . . . . . . . . . . . . . . . . . . . . 57

Item 9A.

Controls and Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Item 9B.

Other Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

PART III

Item 10.

Directors, Executive Officers and Corporate Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Item 11.

Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. . . . . . . . . . . . . 59

Item 13.

Certain Relationships and Related Transactions, and Director Independence  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Item 14.

Principal Accountant Fees and Services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

PART IV

Item 15.

Exhibits and Financial Statement Schedules  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Item 16.

Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

8

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

  
INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K (“Annual Report”) includes and incorporates by reference “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 U.S. Securities and Exchange Commission (“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” or “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. Such risks and uncertainties include any ongoing
impacts of the COVID-19 pandemic on our business, operations, financial results and liquidity, which will depend on numerous evolving
factors that we cannot accurately predict or assess, including: the duration and scope of the pandemic, new variants of the virus and 
the distribution and efficacy of vaccines; the impact of vaccine mandates on our workforce in certain jurisdictions; any negative impact 
on global and regional markets, economies and economic activity; actions governments, businesses and individuals take in response to 
the pandemic; the effects of the pandemic, including all of the foregoing, on our employees, customers, suppliers, and business
partners, and how quickly economies and demand for our products and services recover following the pandemic.

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, our expectations regarding growth through acquisitions and the ability to complete the announced 
divestiture of our TransCore business, including obtaining any required regulatory approvals with respect thereto. 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 material 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;
• limitations on our business imposed by our indebtedness;
• unfavorable changes in foreign exchange rates;
• failure to effectively mitigate cybersecurity threats, including any litigation arising therefrom;
• failure to comply with new data privacy laws and regulations, including any litigation arising therefrom;
• difficulties associated with exports/imports and risks of changes to tariff rates;
• risks and costs associated with our international sales and operations;
• rising interest rates;
• product liability and insurance risks;
• increased warranty exposure;
• future competition;
• the cyclical nature of some of our markets;
• 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, ongoing supply chain constraints or COVID-19;

• environmental compliance costs and liabilities;
• risks and costs associated with asbestos-related litigation;
• potential write-offs of our goodwill and other intangible assets;
• our ability to successfully develop new products;
• failure to protect our intellectual property;
• the effect of, or change in, government regulations (including tax);
•   economic disruption caused by terrorist attacks, health crises (such as the COVID-19 pandemic) or other unforeseen 

geopolitical events; and

• the factors discussed in Item 1A to this Annual Report under the heading “Risk Factors.”

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.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

9

PART I

ITEM 1 | BUSINESS

ALL CURRENCY AMOUNTS ARE IN MILLIONS UNLESS SPECIFIED

OUR BUSINESS

Roper Technologies, Inc. (“Roper,” the “Company,” “we,” “our” or “us”) is a diversified technology company. We operate
businesses that design and develop software (both license and Software-as-a-Service (“SaaS”)) and engineered products and 
solutions for a variety of niche end markets.

We pursue consistent and sustainable growth in earnings and cash flow by emphasizing continuous improvement in the oper-
ating performance of our existing businesses and by acquiring other businesses that offer high value-added software, ser-
vices, engineered products and solutions that we believe are capable of achieving growth and maintaining high margins. We 
compete in many niche markets and believe we are the market leader or a competitive alternative to the market leader in most 
of these markets. In the last three years, we have deployed nearly $8.6 billion of capital toward acquisitions, including approxi-
mately $5.4 billion in 2020 for the acquisition of Vertafore, Inc., a leading provider of SaaS solutions for the property and casu-
alty insurance industry.

During 2021, Roper signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses for an aggre-
gate of approximately $3.2 billion in cash. Roper has completed the divestitures of Zetec and CIVCO Radiotherapy, in the first quar-
ter of 2022 and fourth quarter of 2021, respectively, and expects the TransCore transaction to close in the first quarter of 2022 for 
approximately $2.7 billion. The financial results for these businesses are reported as discontinued operations for all periods pre-
sented. Information regarding discontinued operations is included in Note 3 of the Notes to Consolidated Financial Statements.

We were incorporated on December 17, 1981 under the laws of the State of Delaware.

MARKET SHARE, MARKET EXPANSION, AND PRODUCT DEVELOPMENT

Leadership with Engineered Content for Niche Markets—We maintain a leading position in many of our markets. We believe our 
market positions are attributable to the technical sophistication of our products and software, the applications expertise used
to create our advanced products and systems, and our distribution and service capabilities. Our businesses realize growth 
from new and existing customers in their niche markets through successfully executing go-to-market strategies, developing 
new products and applications, and delivering professional services.

Diversified End Markets and Geographic Reach—We have a global presence, with sales to customers outside the U.S. totaling
$1,342.2 in 2021. Information regarding our international operations is set forth in Note 14 of the Notes to Consolidated 
Financial Statements included in this Annual Report.

OUR REPORTABLE SEGMENTS

Our operations are reported in four segments based upon business models and capital deployment strategy and objectives. 
The segments are: Application Software, Network Software & Systems, Measurement & Analytical Solutions and Process 
Technologies. Financial information about our reportable segments is presented in Note 14 of the Notes to Consolidated 
Financial Statements included in this Annual Report.

Application Software
Our Application Software segment had net revenues of $2,380.6 for the year ended December 31, 2021, representing 41.2% of our 
total net revenues. Below is a description of the products offered by business that comprise the Application Software segment.

Aderant—provides comprehensive management software solutions for law and other professional services firms,
including business development, calendar/docket matter management, time and billing and case management.

CBORD—provides campus solutions software including access and cashless systems and food and nutrition service 
management serving primarily higher education and healthcare markets.

CliniSys—provides diagnostic and laboratory information management software solutions.

Data Innovations—provides software solutions that enable enterprise management of hospitals and independent laboratories.

Deltek—provides enterprise software and information solutions for government contractors, professional services firms 
and other project-based businesses.

Horizon—provides software, services, and technologies for foodservice operations–specializing in K-12.

IntelliTrans—provides transportation management software and services to bulk and break-bulk commodity producers.

PowerPlan—provides financial and compliance management software and solutions to large complex companies in 
asset-intensive industries.

10

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

Strata—provides cloud-based financial analytics and performance management software that is used by healthcare
providers for financial planning, decision support and continuous cost improvement.

Vertafore—provides cloud-based software to the property and casualty insurance industry, including agency management, 
compliance, workflow, and data solutions.

Network Software & Systems
Our Network Software & Systems segment had net revenues of $1,338.4 for the year ended December 31, 2021, representing 
23.2% of our total net revenues. Below is a description of the products offered by business that comprise the Network 
Software & Systems segment.

ConstructConnect—provides cloud-based data, collaboration and estimating automation software solutions to a network 
of pre-construction contractors.

DAT—provides electronic marketplaces that connect available capacity of trucking units with the available loads of freight 
throughout North America.

Foundry—provides software technologies used to deliver visual effects and 3D content for the entertainment and digital
design industries. 

Inovonics—provides high performance wireless sensor network and solutions for a variety of applications.

iPipeline—provides cloud-based software solutions for the life insurance and financial services industries.

iTradeNetwork—provides electronic marketplaces and supply chain software that connect food suppliers, distributors and 
vendors, primarily in the perishable food sector.

k

Link Logistics—provides electronic marketplaces that connect available capacity of trucking units with the available loads 
of freight throughout Canada.

MHA—provides health care service and software solutions to alternate site health care markets.

A

RF IDeas—provides RFID card readers used in numerous identity access management applications across a variety of
vertical markets.

SHP—provides data analytics and benchmarking information for the post-acute healthcare provider marketplace.

P

SoftWriters—provides software solutions to pharmacies that primarily serve the long term care marketplace.

Measurement & Analytical Solutions
Our Measurement & Analytical Solutions segment had net revenues of $1,559.6 for the year ended December 31, 2021, 
representing 27.0% of our total net revenues. Below is a description of the products offered by business that comprise the 
Measurement & Analytical Solutions segment.

Alpha—provides precision rubber and polymer testing instruments, and data analysis software.

CIVCO Medical Solutions—provides accessories focused on guidance and infection control for ultrasound procedures.

Dynisco—provides solutions for testing and analyzing plastics used in a variety of end markets.

FMI—provides dispensers and metering pumps which are utilized in a broad range of applications requiring precision fluid 
control.

Hansen—provides control valves for large industrial refrigeration systems.

Hardy—provides precision weighing equipment for process and packaging for a variety of industries including food 
processing, automated manufacturing, chemical, plastics, and rubber.

IPA—provides automated surgical scrub and linen dispensing equipment for healthcare providers.

A

Logitech—provides equipment and consumables used for sample preparation and material analysis used primarily in the
semiconductor and geological science industries.

Neptune—provides water meters, enabling water utilities to remotely monitor their customers utilizing Automatic Meter
Reading (AMR) and Advanced Metering Infrastructure (AMI) technologies.

Northern Digital—provides optical and electromagnetic precision measurement systems for medical and industrial 
applications.

l

Struers—provides equipment and consumables for sample preparation and testing of solid materials used across a variety 
of end markets.

Technolog—provides products and services to water and gas utilities, used for network monitoring, pressure control, and 
remote meter reading.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

11

Uson—provides automated leak detection equipment for a variety of end markets, including automotive, medical device, 
pharmaceutical, and general industrial.

Verathon—provides medical devices that enable airway management and bladder volume measurement solutions for 
healthcare providers.

Process Technologies
Our Process Technologies segment had net revenues of $499.2 for the year ended December 31, 2021, representing 8.6% of our 
total net revenues. Below is a description of the products offered by business that comprise the Process Technologies
segment.

TT

AMOT—provides temperature control and emergency shutoff valves used by customers in the energy and general indus
trial end markets.

-

CCC—provides turbomachinery control hardware, software, and services for customers across the upstream, midstream, 
and downstream energy markets.

l

Cornell—provides specialized pumps used across a variety of end markets, including agriculture, energy, food processing, 
mining, waste water processing, and general industrial.

FTI—provides flow meter calibrators, and controllers used primarily in the aerospace, automotive, energy, and general
industrial end markets.

Metrix—provides vibration monitoring systems and controls across a variety of end markets.

PAC—provides analytical instruments used by energy refineries and laboratories.

Roper Pump—provides specialty pumps and drilling power sections used by customers in the energy, general industrial, 
and transportation end markets.

Viatran—provides pressure and level sensors for energy and general industrial end markets.

MATERIALS AND SUPPLIERS

We believe most materials and supplies we use are readily available from numerous sources and suppliers throughout the
world. However, some components and sub-assemblies are currently available from only a limited number of suppliers. We 
regularly investigate and identify alternative sources where possible, and we believe these conditions equally affect our 
competitors. Although supply shortages have not had a material adverse effect on our revenues, we expect to continue to be 
impacted by supply chain challenges including increased material costs, component shortages and transportation disruptions 
and delays, all of which could escalate in the future.

REMAINING PERFORMANCE OBLIGATIONS AND BACKLOG

Remaining performance obligations represents the transaction price of firm orders for which work has not been performed
and excludes unexercised contract options. As of December 31, 2021 and December 31, 2020, the aggregate amount of the
transaction price allocated to remaining performance obligations was $3,790.4 and $2,958.8, respectively.

Backlog is equal to our remaining performance obligations expected to be recognized as revenue within the next 12 months.
Backlog was $2,560.8 at December 31, 2021, and $2,061.8 at December 31, 2020.

DISTRIBUTION AND SALES

Distribution and sales occur primarily through direct sales offices, manufacturers’ representatives, resellers and distributors. 

GOVERNMENTAL REGULATIONS

We face extensive government regulation around the world relating to the development, manufacture, marketing, sale and 
distribution of our products, software, and services. The following sections describe certain significant regulations to which we 
are subject, but these are not the only regulations to which our businesses must comply. For a description of the risks related 
to the regulations that our businesses are subject to, please refer to “Item 1A. Risk Factors.”

Privacy and Data Security

We are subject to privacy and data security laws around the world that may impose operational burdens on our businesses. In 
2018, the General Data Protection Regulation became effective in the European Union and United Kingdom and imposed 
restrictions on how companies use and process personal information. In the United States, several states have adopted legis-
lation that imposes similar (but not identical) restrictions on companies conducting business or serving customers in those 
states. For example, in January 2020 the California Consumer Privacy Act became effective and required companies to make 
disclosures to consumers about their data collection, use, and sharing practices; allowed consumers to opt out of certain data
sharing with third parties; and provided a private right of action for data breaches. Virginia and Colorado have passed similar 
legislation that will become effective in 2023, as will newly enacted changes to California’s privacy laws. Canada (Quebec) and 

12

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

China have also significantly updated their privacy laws. The compliance and other burdens on our businesses imposed by 
these privacy laws and regulations may be substantial as we work to comply with differing legal and implementation require-
ments across multiple jurisdictions.

Healthcare Regulations 

The manufacture, sale, lease and service of medical diagnostic and surgical devices intended for commercial use are subject to 
extensive governmental regulation by the FDA in the U.S. and by a variety of regulatory agencies in other countries for some of 
our businesses. Under the Federal Food, Drug and Cosmetic Act, known as the FD&C Act, manufacturers of medical products
and devices must comply with certain regulations governing the design, testing, manufacturing, packaging, servicing and mar-
keting of medical products. FDA product approvals may be withdrawn or suspended if compliance with regulatory standards is 
not maintained or if problems occur following initial marketing. We are also subject to a variety of federal, state and foreign laws 
which broadly relate to our interactions with healthcare practitioners and other participants in the healthcare system, including, 
among others, anti-kickback law, and laws regulating the confidentiality of sensitive personal information and the circumstances 
under which such information may be released and/or collected, such as the Health Insurance Portability and Accountability Act 
of 1996, or HIPAA, the Health Information Technology for Economic and Clinical Health Act, or HITECH Act, and the GDPR.

Anti-Corruption and Anti-Bribery Laws and Regulations

We are subject to the U.S. Foreign Corrupt Practices Act (FCPA) and anti-corruption laws, and similar laws in foreign coun-
tries, such as the UK Anti-Bribery Act. Any violation of these laws by us or our agents or distributors could create substantial 
liability for us, subject our officers and directors to personal liability, and cause a loss of reputation in the market. Increased 
business in higher risk countries could subject us and our officers and directors to increased scrutiny and increased liability. In
addition, becoming familiar with and implementing the infrastructure necessary to comply with laws, rules and regulations
applicable to new business activities and mitigating and protecting against corruption risks could be quite costly.

Export Controls and Trade Policies

We are subject to numerous domestic and foreign regulations relating to our operations worldwide. In particular, our sales 
activities must comply with restrictions relating to the export of controlled technology and sales to denied or sanctioned 
parties contained in the U.S. Export Administration Regulations, U.S. International Traffic in Arms Regulations (ITAR), and 
sanctions administered by the Office of Foreign Asset Controls of the U.S. Treasury Department (OFAC). Our businesses may 
also be impacted by additional domestic or foreign trade regulations ensuring fair trade practices, including trade restrictions, 
tariffs and sanctions. 

Environmental Regulations 

Our operations and properties are subject to laws and regulations relating to environmental protection, including those gov-
erning air emissions, water discharges, waste management and workplace safety. We use, generate and dispose of hazardous
substances and waste in our operations and could be subject to material liabilities relating to the investigation and clean-up of
contaminated properties and related claims. We are required to conform our operations and properties to these laws and
adapt to regulatory requirements in all countries as these requirements change. In connection with our acquisitions, we may 
assume significant environmental liabilities, some of which we may not be aware of, or may not be quantifiable, at the time of 
acquisition. In addition, new laws and regulations, the discovery of previously unknown contamination or the imposition of new 
requirements could increase our costs or subject us to new or increased liabilities.

CUSTOMERS

No customer accounted for 10% or more of net revenues for 2021 for any of our segments or for our Company as a whole.

COMPETITION

Generally, our products and solutions face significant competition, usually from a limited number of competitors. We believe 
that we are a leader in most of our markets, and no single company competes with us over a significant number of product 
lines. Competitors might be large or small in size, often depending on the size of the niche market we serve. We compete 
primarily on product quality, performance, innovation, technology, price, applications expertise, system and service flexibility, 
distribution channel access and customer service capabilities.

INTELLECTUAL PROPERTY

In addition to trade secrets, including unpatented know-how and other intellectual property like software source code, we own
or license the rights under numerous patents, trademarks, trade dress and copyrights relating to certain of our products and 
businesses. We also employ various methods, including confidentiality and non-disclosure agreements with individuals and 
companies we do business with, including employees, distributors, representatives, independent contractors and customers to 
protect our intellectual property. We believe none of our operating units are substantially dependent on any single item of intel-
lectual property, including a trade secret, patent, trademark, trade dress, or copyright.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

13

HUMAN CAPITAL MANAGEMENT

Roper is a diversified technology company that utilizes a decentralized operating model across our many businesses which 
serve a diverse set of end markets. Subject to oversight and guidance from Roper executive management, each business 
operates as an individual unit with its managers empowered to make day to day operating decisions, including decisions with
respect to human capital management. As a result, apart from guidance with respect to: (i) compliance with regulatory 
requirements or corporate policies; and (ii) the implementation of compensation and benefit programs provided by corporate 
management, managers at individual businesses are the primary decision makers with respect to human capital management 
and development. Though our individual businesses are primarily responsible for these decisions, because of the importance 
of human capital to our enterprise, we provide guidance and share best practices on key aspects of selection, development, 
engagement and diversity of talent within our workforce.

As of December 31, 2021, we employed approximately 19,300 people worldwide on a consolidated basis, of which approximately 
12,300 were employed in the United States and approximately 7,000 were outside of the United States. Approximately 2,200 of 
these employees are employed by Zetec (which closed in the first quarter of 2022) and TransCore (which is expected to close in 
the first quarter of 2022). Management believes that the Company’s employee relations are favorable.

A very small portion of the Company’s U.S. employees are unionized. Outside the U.S., we have some employees, particularly in
Europe, that are represented by an employee representative organization, such as a union, works council or employee association.

Roper has identified and implemented other human capital priorities, including providing competitive wages and benefits, and pro-
moting a diverse and inclusive work environment. The Company is committed to increasing diversity and fostering an inclusive work 
environment that supports our large global workforce and helps us innovate for our customers. We continue to focus on building a 
pipeline for talent to create more opportunities for workplace diversity and to support greater representation within the Company. 

Roper is a founding member of the OneTen Coalition. OneTen is an organization that plans to combine the power of over 30 
committed large, public American companies to upskill, hire and promote one million Black Americans over the next 10 years 
into family-sustaining jobs with opportunities for advancement. Among the coalition’s founding members, Roper is uniquely 
situated to connect Black Americans with employment opportunities at many of our smaller and growing businesses.

In response to the COVID-19 pandemic and related mitigation measures we have implemented changes in our business in an 
effort to protect our employees and customers, and to support appropriate health and safety protocols. For example, we 
implemented cleaning and sanitation processes for both production and office administration spaces and implemented broad 
work-from-home initiatives. While employees in our Application Software and Network Software & Solutions businesses, 
as well as employees in corporate and administrative functions throughout the Company worked remotely throughout much 
of the pandemic, many employees have returned to offices where such can be done in a safe manner. Employees at our 
manufacturing and assembly facilities (primarily in our Measurement & Analytical Solutions and Process Solutions 
businesses) have continued to work throughout the pandemic with only minor disruption. 

AVAILABLE INFORMATION

All reports we file electronically with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, 
current reports on Form 8-K and our annual proxy statements, as well as any amendments to those reports, are accessible at 
no cost on our website at www.ropertech.com as soon as reasonably practicable after we electronically file such material with, 
or furnish it to, the SEC. These filings are also accessible on the SEC’s website at www.sec.gov. Our Corporate Governance 
Guidelines; the charters of our Audit Committee, Compensation Committee, and Nominating and Governance Committee; and 
our Business Code of Ethics and Standards of Conduct are also available on our website. Any amendment to the Business Code 
of Ethics and Standards of Conduct and any waiver applicable to our directors, executive officers or senior financial officers 
will be posted on our website within the time period required by the SEC and the New York Stock Exchange (the “NYSE”). The 
information posted on our website is not incorporated into this Annual Report or any other filing made by Roper with the SEC.

ITEM 1A | RISK FACTORS

RISKS RELATED TO ECONOMIC AND POLITICAL CONDITIONS

Impacts related to the COVID-19 pandemic could have an adverse effect on our business, financial condition, results of operations
and cash flows.

We continue to closely monitor the impact of the COVID-19 global pandemic on our business, including how it has and will 
impact our customers, employees, suppliers, vendors and business partners. The COVID-19 global pandemic has created sig-
nificant volatility, uncertainty and economic disruption, which may continue to affect our business operations and may materi-
ally and adversely affect our results of operations, cash flows and financial position.

The COVID-19 global pandemic has caused certain disruptions to our business and operations and could cause material dis-
ruptions to our business and operations in the future as a result of, among other things, quarantines, worker absenteeism as a 
result of illness or other factors, social distancing measures and other travel, health-related, business or other restrictions. 
The effects of the pandemic have created and exacerbated challenges with the attraction and retention of talent.

14

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

The COVID-19 global pandemic has and may continue to adversely impact, our suppliers and customers. As a result of the 
effects of the COVID-19 global pandemic our ability to obtain products or services from certain suppliers and to operate at cer-
tain locations have been and may continue to be impacted. As a result, our business, financial condition and results of opera-
tions have been adversely impacted and could be materially adversely affected if the COVID-19 global pandemic continues or 
there are resurgences of COVID-19 and its variants.

Vaccine mandates and testing requirements have been announced in jurisdictions where we operate. In addition, certain cus-
tomers have issued vaccine requirements with respect to our employees who provide on-site service at customer facilities.
Our efforts to comply with these mandates, including requiring that some or all of our employees be fully vaccinated against 
COVID-19, could result in increased labor attrition and disruption, as well as difficulty securing future labor needs, and could 
adversely impact our ability to deliver services to our U.S. federal government customers and potentially other customers, 
which could in turn adversely impact our results of operations.

The extent to which the coronavirus outbreak impacts our business, results of operations and financial condition will depend 
on future developments, which are highly uncertain and are difficult to predict, including, but not limited to, the duration and 
spread of the outbreak, its severity, the actions to contain the virus and its variants including distribution and administration of 
available vaccines through mandates or otherwise, and how quickly and to what extent normal economic and operating condi-
tions can resume.

The ultimate impact of the outbreak is highly uncertain and subject to change. In addition, the rapidly changing situation could 
give rise to additional risks or adverse impacts of which we are not presently aware, such as the ability to complete acquisi-
tions, the ability to obtain credit through the capital markets and/or through our revolving credit facility. We do not yet know the 
full extent of the impacts on our business, our operations or the global economic and political environment as a whole.
However, the effects could have a material impact on our results of operations and heighten many of our known risks
described below in this “Risk Factors” section.

Economic, political and other risks associated with our international operations could adversely affect our business.

For the year ended December 31, 2021, 20% of our net revenues and 14% of our long-lived assets, excluding goodwill and 
intangibles, were attributable to operations outside the U.S. We expect our international operations to contribute materially to 
our business for the foreseeable future. Our international operations are subject to varying degrees of risk inherent in doing 
business outside the U.S. including, without limitation, the following:

•  adverse changes in a specific country’s or region’s political or economic conditions, particularly in emerging 

markets;

• oil price volatility;
• trade protection measures, tariffs, and import or export requirements;
•  subsidies or increased access to capital for firms that are currently, or may emerge as, competitors in

countries in which we have operations;

• partial or total expropriation;
• potentially negative consequences from changes in tax laws;
• difficulty in staffing and managing widespread operations;
• differing labor regulations;
• differing protection of intellectual property;
•  differing and unexpected changes in regulatory requirements, including any measures implemented to 

address the impacts of climate change; and

• potentially negative consequences from the United Kingdom’s exit from the European Union.

RISKS RELATED TO OUR BUSINESS OPERATIONS

Our indebtedness may affect our business and may restrict our operating flexibility.

As of December 31, 2021, we had $7,921.8 in total consolidated indebtedness. In addition, we had approximately $2,502
undrawn availability under our senior unsecured credit facility. Subject to restrictions contained in our credit facility, we may 
incur additional indebtedness in the future, including indebtedness incurred to finance acquisitions.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

15

Our level of indebtedness and the debt servicing costs associated with that indebtedness could have important effects on our 
operations and business strategy. For example, our indebtedness could:

• limit our ability to borrow additional funds;
• limit our ability to complete future acquisitions;
• limit our ability to pay dividends;
• limit our ability to make capital expenditures;
•  place us at a competitive disadvantage relative to our competitors, some of which have lower debt service obligations

and greater financial resources; and

• increase our vulnerability to general adverse economic and industry conditions.

Our ability to make scheduled principal payments of, to pay interest on, or to refinance our indebtedness and to satisfy our 
other debt obligations will depend upon our future operating performance, which may be affected by factors beyond our con-
trol. In addition, there can be no assurance that future borrowings or equity financing will be available to us on favorable terms 
for the payment or refinancing of our indebtedness. If we are unable to service our indebtedness, our business, financial condi-
tion and results of operations would be materially adversely affected.

Our credit facility contains covenants requiring us to achieve certain financial and operating results and maintain compliance 
with specified financial ratios. Our ability to meet the financial covenants or requirements in our credit facility may be affected
by events beyond our control, and we may not be able to satisfy such covenants and requirements. A breach of these covenants 
or our inability to comply with the financial ratios, tests or other restrictions contained in our facility could result in an event of
default under this facility. Upon the occurrence of an event of default under our credit facility, and the expiration of any grace
periods, the lenders could elect to declare all amounts outstanding under the facility, together with accrued interest, to be
immediately due and payable. If this were to occur, our assets may not be sufficient to fully repay the amounts due under this 
facility or our other indebtedness.

Unfavorable changes in foreign exchange rates may harm our business.

Several of our operating companies have transactions and balances denominated in currencies other than the U.S. dollar. Most 
of these transactions and balances are denominated in euros, Canadian dollars, British pounds or Danish kroner. Sales by our 
operating companies whose functional currency is not the U.S. dollar represented 17% and 18% of our total net revenues for 
the years ended December 31, 2021 and 2020, respectively. Unfavorable changes in exchange rates between the U.S. dollar and 
those currencies could significantly reduce our reported revenues and earnings.

Our technology is important to our success and our failure to protect this technology could put us at a competitive disadvantage.

Many of our products and services rely on proprietary technology; therefore we believe that the development and protection of 
intellectual property rights through patents, copyrights, trade secrets, trademarks, confidentiality agreements and other con-
tractual provisions are important to the future success of our business. Despite our efforts to protect proprietary rights, unau-
thorized parties or competitors may copy or otherwise obtain and use our products or technology. Actions to enforce these 
rights may result in substantial costs and diversion of resources, and we make no assurances that any such actions will be 
successful.

Our growth strategy includes acquisitions. We may not be able to identify suitable acquisition candidates, complete acquisitions or 
integrate acquisitions successfully.

Our future growth is likely to depend to some degree on our ability to acquire and successfully integrate new businesses. We 
intend to seek additional acquisition opportunities, both to expand into new markets and to enhance our position in existing
markets. There are no assurances, however, that we will be able to successfully identify suitable candidates, negotiate appro-
priate terms, obtain financing on acceptable terms, complete proposed acquisitions, successfully integrate acquired busi-
nesses or expand into new markets. Once acquired, operations may not achieve anticipated levels of revenues, profitability or 
cash flows.

Acquisitions involve risks, including difficulties in the integration of the operations, technologies, services and products of the 
acquired companies and the diversion of management’s attention from other business concerns. Although our management 
will endeavor to evaluate the risks inherent in any particular transaction, there are no assurances that we will properly ascer-
tain all such risks. In addition, prior acquisitions have resulted, and future acquisitions could result, in the incurrence of sub-
stantial additional indebtedness and other expenses. Future acquisitions may also result in potentially dilutive issuances of
equity securities. Difficulties encountered with acquisitions may have a material adverse effect on our business, financial con-
dition and results of operations.

Divestitures or other dispositions could negatively impact our business. 

Divestitures pose risks and challenges that could negatively impact our business. For example, when we decide to sell or oth-
erwise dispose of a business or assets, we may be unable to do so on satisfactory terms within our anticipated timeframe or at
all, and even after reaching a definitive agreement to sell or dispose a business the sale is typically subject to satisfaction of 
pre-closing conditions which may not become satisfied. The consummation of any divestiture can be difficult, time-consuming 

16

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

and costly, and we may not be able to successfully complete identified divestitures. They may also cause diversion of manage-
ment time and focus away from operating our business. In addition, divestitures or other dispositions may have other adverse 
financial and accounting impacts, and disputes may arise with buyers that could be difficult or costly to resolve. 

Product liability, insurance risks and increased insurance costs could harm our operating results.

Our business exposes us to product liability risks in the design, manufacture and distribution of our products. In addition, cer-
tain of our products are used in hazardous environments. We currently have product liability insurance; however, we may not
be able to maintain our insurance at a reasonable cost or in sufficient amounts to adequately protect us against losses. We
also maintain other insurance policies, including directors’ and officers’ liability insurance and cyber insurance. We believe we 
have adequately accrued estimated losses, principally related to deductible amounts under our insurance policies, with 
respect to all product liability and other claims, based upon our past experience and available facts. However, a successful 
product liability or other claim or series of claims brought against us could have a material adverse effect on our business, 
financial condition and results of operations. In addition, a significant increase in our insurance costs could have an adverse 
impact on our operating results.

Our operating results could be adversely affected by a reduction of business with our large customers.

In some of our businesses, we derive a significant amount of revenue from large customers. The loss or reduction of any sig-
nificant contracts with any of these customers could reduce our revenues and cash flows. Additionally, many of our customers 
are government entities. In many situations, government entities can unilaterally terminate or modify our existing contracts 
without cause and without penalty to the government agency.

We face intense competition. If we do not compete effectively, our business may suffer.

We face intense competition from numerous competitors in our various businesses. Our products compete primarily on the 
basis of product quality, performance, innovation, technology, price, applications expertise, system and service flexibility, dis-
tribution channel access and established customer service capabilities. We may not be able to compete effectively on all of 
these fronts or with all of our competitors. In addition, new competitors may emerge, and product lines may be threatened by 
new technologies or market trends that reduce the value of these product lines. To remain competitive, we must develop new 
products, respond to new technologies and enhance our existing products in a timely manner. We anticipate that we may have 
to adjust prices to stay competitive.

Some of the industries in which we operate are cyclical, and, accordingly, our business is subject to changes in the economy.

Some of the business areas in which we operate are subject to specific industry and general economic cycles. Certain busi-
nesses are subject to industry cycles, including but not limited to, the industrial and energy markets. Accordingly, a downturn 
in these or other markets in which we participate could materially adversely affect us. If demand changes and we fail to 
respond accordingly, our results of operations could be materially adversely affected. The business cycles of our different 
operations may occur contemporaneously. Consequently, the effect of an economic downturn may have a magnified negative 
effect on material portions of our business.

Our goodwill and intangible assets are a significant amount of our total assets, and any write-off of our intangible assets would 
negatively affect our results of operations.

Our total assets reflect substantial intangible assets, primarily goodwill. At December 31, 2021, goodwill totaled $14,094.5 
compared to $11,563.8 of stockholders’ equity, and represented 59% of our total assets of $23,713.9. The goodwill results from 
our acquisitions, representing the excess purchase price over the fair value of the net identifiable assets acquired. We assess
at least annually whether there has been an impairment in the value of our goodwill and indefinite economic life intangible 
assets. If future operating performance at one or more of our business units were to fall significantly below current levels, if 
competing or alternative technologies emerge, if interest rates rise or if business valuations decline, we could incur a non-
cash charge to operating income. Any determination requiring the write-off of a significant portion of goodwill or unamortized 
intangible assets would negatively affect our results of operations, the effect of which could be material.

We depend on our ability to develop new products, and any failure to develop or market new products could adversely affect our 
business.

The future success of our business will depend, in part, on our ability to design and manufacture new competitive products and 
to enhance existing products so that we maintain our margin profile. This product development may require substantial inter-
nal investment. There can be no assurance that unforeseen problems will not occur with respect to the development, perfor-
mance or market acceptance of new technologies or products or that we will otherwise be able to successfully develop and 
market new products. Failure of our products to gain market acceptance or our failure to successfully develop and market new 
products could reduce our margins, which would have an adverse effect on our business, financial condition and results of
operations.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

17

We rely on information and technology for many of our business operations which could fail and cause disruption to our business 
operations.

Our business operations are dependent upon information technology networks and systems to securely transmit, process and 
store electronic information and to communicate among our locations around the world and with clients and vendors. A shut-
down of, or inability to access, one or more of our facilities, a power outage or a failure of one or more of our information tech-
nology, telecommunications or other systems could significantly impair our ability to perform such functions on a timely basis.
We rely on third-party cloud platforms, such as Amazon Web Services, Google Cloud Platform, and Microsoft Azure to host 
enterprise and customer systems, and any disruptions of these services could impact our business operations and our ability 
to service customers. Cyber-attacks, configuration or human error and/or other external hazards could result in the misap-
propriation of assets or sensitive information, corruption of data or operational disruption. For example, in 2020, Vertafore
determined that as a result of human error, three data files containing Texas driver’s license data were inadvertently stored in 
an unsecured external storage service that appears to have been accessed without authorization. As a result, Vertafore was 
named as a defendant in a number of putative class actions regarding the incident. 

Global cybersecurity threats and attacks to networks, systems and endpoints can range from uncoordinated individual
attempts to gain unauthorized access to IT systems to sophisticated and targeted measures known as advanced persistent 
threats, directed at the Company, its businesses, its customers and/or its third-party service providers, including, but not 
limited to, cloud providers and providers of network management services. These may include such things as unauthorized 
access, phishing attacks, account takeovers, denial of service, introduction of malware or ransomware and other disruptive 
problems caused by threat actors. Moreover, as more of our employees work remotely due to the COVID-19 pandemic or other-
wise, our employees are increasingly targeted by phishing attacks and endpoints may be more susceptible to threat exposures. 

Our customers are increasingly requiring cybersecurity protections and mandating cybersecurity standards in our products and 
services, and we may incur additional costs to comply with such demands. While we have experienced, and expect to continue to
experience, these types of threats and incidents, none of them to date have been material to the Company. We seek to deploy 
measures to deter, prevent, detect, respond to and mitigate these threats, including identity and access controls, data protec-
tion, vulnerability assessments, product software designs which we believe are less susceptible to cyber-attacks, continuous 
monitoring of our networks, endpoints and systems and maintenance of backup and recovery capabilities. Despite these efforts,
we can make no assurance that we will be able to detect, prevent, timely and adequately address, or mitigate the negative
effects of cyberattacks or other security compromises, and such cybersecurity incidents, depending on their nature and scope, 
could potentially result in the misappropriation, destruction, corruption or unavailability of critical data and confidential or pro-
prietary information (our own or that of third parties) and the disruption of business operations. The potential consequences of a 
material cybersecurity incident include financial loss, reputational damage, damage to our IT systems, litigation with third par-
ties, theft of intellectual property, fines, diminution in the value of our investment in research and development, and increased 
cybersecurity protection and remediation costs due to the increasing sophistication and proliferation of threats, which in turn
could adversely affect our competitiveness and results of operations. Any imposition of liability, particularly liability that is not 
covered by insurance or is in excess of insurance coverage, could materially harm our operating results and financial condition.

Changes in the supply of, or price for, raw materials, parts and components used in our products could affect our business.

The availability and prices of raw materials, parts and components are subject to curtailment or change due to, among other 
things, suppliers’ allocations to other purchasers, interruptions in production by suppliers, supply chain delays and disrup-
tions, changes in exchange rates and prevailing price levels. For example, we expect to continue to be impacted by supply chain
challenges, including increased material costs, component shortages and transportation disruptions and delays, all of which
could escalate in the future. In addition, some of our products are provided by sole source suppliers. Any change in the supply 
of, or price for, these parts and components, as well as any increases in commodity prices, particularly copper, could affect
our business, financial condition and results of operations.

RISKS RELATED TO GOVERNMENT REGULATIONS

Regulation of privacy and data security may adversely affect sales of our products and services and result in increased compliance 
costs.

There has been, and likely will continue to be, increased regulation with respect to the collection, use and handling of an indi-
vidual’s personal and financial information. Regulatory authorities around the world have passed or are considering legislative
and regulatory proposals concerning data protection, privacy and data security. In the United States, Virginia and Colorado 
passed new comprehensive privacy legislation, and joined California (which further enhanced its existing privacy laws) in
directly regulating the collection, use and sharing of personal information. These statutes create civil penalties for violations, 
and in the case of California, creates a private right of action for data breaches, that increases the risk of data breach litigation. 
Absent a pre-emptive Federal privacy law, as more states pass privacy legislation, there is a strong possibility that we will be 
forced to comply with a patchwork of inconsistent privacy regulations. Globally, personal information collected within the
European Union and United Kingdom remains subject to the 2018 General Data Protection Regulation (GDPR), which is a UK and 
European Union-wide legal framework that governs data collection, use, and sharing of an individual’s personal data and cre-
ates a range of consumer privacy rights. GDPR provides significant penalties for non-compliance (up to 4% of global revenue) 
and EU data protection authorities have already issued significant fines. Similarly, in November 2021, China promulgated the 

18

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

Personal Information Protection Law (PIPL) which regulates the processing of personal information of individuals within China. 
If a company breaches PIPL it can be assessed fines of up 5% of its annual revenue. The interpretation and application of con-
sumer and data protection laws and industry standards in the United States, Europe, China and elsewhere can be uncertain and 
currently is in flux. Cloud-based solutions may be subject to further regulation, including data localization requirements and
other restrictions concerning international transfer of data. The operational and cost impact of these cannot be fully known at
this time. In addition to the possibility of fines, application of these existing laws in a manner inconsistent with our data and pri-
vacy practices could result in an order requiring that we change our data and privacy practices, which could have an adverse 
effect on our business and results of operations. Complying with these various laws could cause us to incur substantial costs or 
require us to change our business practices in a manner adverse to our business. Also, any new law or regulation imposing 
greater fees or taxes or restriction on the collection, use or transfer of information or data internationally or over the Internet, 
could result in a decline in the use of our products and services and adversely affect sales and our results of operations.
Finally, as we increasingly become a provider of technology solutions, our customers and regulators will expect that we can 
demonstrate compliance with current data privacy and security regulations as well as our privacy policies and data handling 
practices, and our inability to do so may adversely impact sales of our solutions and services to certain customers. This is par-
ticularly true for customers in highly-regulated industries, such as the healthcare industry and government contractors, and 
could result in regulatory actions, fines, legal proceedings and negatively impact our brand, reputation and our business.

GENERAL RISK FACTORS

Any business disruptions due to political instability, armed hostilities, incidents of terrorism, incidents of directed cyber-attacks, 
public health crisis, extreme weather events or other natural disasters could adversely impact our financial performance.

If terrorist activity, armed conflict, directed cyber-attacks, political instability, public health crisis, such as an epidemic or
pandemic related to the COVID-19, or extreme weather events or other natural disasters occur in the U.S. or other locations, 
such events may negatively impact our operations, cause general economic conditions to deteriorate or cause demand for our 
products to decline. A prolonged economic slowdown or recession could reduce the demand for our products, and therefore, 
negatively affect our future sales and profits. Any of these events could have a significant impact on our business, financial 
condition or results of operations.

The potential insolvency or financial distress of third parties could adversely impact our business and results of operations.

We are exposed to the risk that third parties to various arrangements who owe us money or goods and services, or who pur-
chase goods and services from us, will not be able to perform their obligations or continue to place orders due to insolvency or 
financial distress. In addition, the global COVID-19 pandemic has created heightened risk that third parties may be unable to
perform their obligations or suffer financial distress due to the global economic impact of the pandemic and the regulatory 
measures that have been enacted by governments to contain the spread of the virus, however, we are unable predict the 
impact that COVID-19 will have on any of our customers, suppliers, vendors, and other business partners, and each of their 
financial conditions or their ability to perform their obligations. If third parties fail to perform their obligations under arrange-
ments with us, we may be forced to replace the underlying commitment at current or above market prices or on other terms 
that are less favorable to us. In such events, we may incur losses, or our results of operations, financial condition or liquidity 
could otherwise be adversely affected.

Changes to our executive leadership team and any future loss of members of such team, and the resulting management 
transitions, could harm our operating results.

We have experienced significant changes to our executive leadership team in the past and may do so in the future. Leadership 
transitions and changes can be inherently difficult to manage and may cause uncertainty or disruption to our business or may 
increase the likelihood of turnover in key leadership positions. If we cannot effectively manage leadership transitions and 
changes, it could make it more difficult to successfully operate our business.

Legal proceedings in which we are, or may be, a party may adversely affect us.

We are currently, and may in the future, become subject to legal proceedings and commercial or contractual disputes. These 
are typically claims that arise in the normal course of business including, without limitation, commercial or contractual dis-
putes with our suppliers or customers, intellectual property matters, third party liability, including product liability claims, and 
employment claims. We are and may in the future become subject to litigation regarding data or privacy incidents, as more 
fully described above in “We rely on information and technology for many of our business operations which could fail and cause
disruption to our business operations”.

A downgrade in the ratings of our debt could restrict our ability to access the debt capital markets and increase our interest costs.

Unfavorable changes in the ratings that rating agencies assign to our debt may ultimately negatively impact our access to the 
debt capital markets and increase the costs we incur to borrow funds. If ratings for our debt fall below investment grade, our 
access to the debt capital markets may be impacted and the price we pay to issue debt could increase. Additionally, our credit 
agreement includes an increase in interest rates if the ratings for our debt are downgraded. Further, an increase in the level of 
our indebtedness may increase our vulnerability to adverse general economic and industry conditions and may affect our abil-
ity to obtain additional financing.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

19

ITEM 1B | UNRESOLVED STAFF COMMENTS

None

ITEM 2 | PROPERTIES

Our corporate offices, consisting of 29,000 square feet of leased space, are located at 6901 Professional Parkway, Sarasota, 
Florida. As of December 31, 2021, we owned approximately 0.8 million square feet, and leased approximately 3.7 million square 
feet. Of the total 4.5 million square feet, 68% is concentrated in the United States. We consider our facilities to be in good oper-
ating condition and adequate for their present use and believe we have sufficient capacity to meet our anticipated operating 
requirements.

ITEM 3 | LEGAL PROCEEDINGS

Information pertaining to legal proceedings can be found in Note 13 to the Consolidated Financial Statements included in this
Annual Report, and is incorporated by reference herein.

ITEM 4 | MINE SAFETY DISCLOSURES

Not Applicable

EXECUTIVE OFFICERS OF THE REGISTRANT

Pursuant to General Instruction G(3) of Form 10-K, the following list of executive officers of the Company as of February 22, 
2022 is included as an unnumbered Item in Part I of this report in lieu of being included in the Company’s Proxy Statement 
relating to the 2022 Annual Meeting of Shareholders. 

L. Neil Hunn, 49, has served as President and Chief Executive Officer since August 2018. He previously served as Executive Vice 
President and Chief Operating Officer from 2017 to 2018. Mr. Hunn also served as Group Vice President of Roper’s medical 
segment from 2011 to 2018 and helped drive significant growth in the Company’s medical technology and application software 
businesses. In addition to his operating responsibilities at Roper, Mr. Hunn led the execution of the majority of the company’s 
capital deployment since joining Roper. Prior to joining Roper, Mr. Hunn served 10 years as Executive Vice President and Chief 
Financial Officer at MedAssets, an Atlanta-based SaaS company, and as President of its revenue cycle technology businesses.
He successfully led MedAssets’ initial public offering and the execution of several M&A transactions. Mr. Hunn also held roles 
at CMGI, an incubator of Internet businesses, and Parthenon Group, a strategy consulting firm.

Robert C. Crisci, 46, has served as Executive Vice President and Chief Financial Officer since 2018 and as Vice President and 
Chief Financial Officer from 2017 to 2018. Mr. Crisci joined Roper in 2013 as Vice President, Finance and Investor Relations and 
led the Company’s financial planning and analysis and investor relations activities. Prior to joining Roper, he served in various
roles across investment banking, consulting and finance. His prior experience includes positions at Morgan Keegan, VRA 
Partners, Devon Value Advisers and Deloitte.

John K. Stipancich, 53, has served as Executive Vice President, General Counsel and Corporate Secretary since 2018 and as
Vice President, General Counsel and Corporate Secretary from 2016 to 2018. Prior to joining Roper, Mr. Stipancich was with 
Newell Brands, Inc., a consumer products company, from 2004 to 2016. At Newell Brands he served as Executive Vice 
President and Chief Financial Officer from February 2015 to May 2016. Prior thereto, he served in a number of leadership roles 
at Newell Brands including General Counsel and Corporate Secretary, and Executive Leader of its operations in Europe, the 
Middle East and Africa. Prior to his twelve years at Newell Brands, Mr. Stipancich served as Executive Vice President, General 
Counsel and Corporate Secretary for Evenflo Company and Assistant General Counsel for Borden, both KKR portfolio 
companies at the time. He started his legal career in the Cleveland office of the international law firm of Squire Patton Boggs.

Jason P. Conley, 46, has served as Vice President and Chief Accounting Officer since 2021 and as Vice President and Controller
from 2017 to 2021. Prior thereto, he served as the Chief Financial Officer at Managed Healthcare Associates, a Roper 
subsidiary, from 2013 to 2017. He also led the financial planning and investor relations activities for Roper from 2006 to 2013.
Before Roper, Mr. Conley served in various finance and accounting leadership roles at Honeywell International and Deloitte.

20

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

PART II

ITEM 5 |  MARKET FOR REGISTRANT’S COMMON EQUITY RELATED STOCKHOLDER MATTERS 

AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock trades on the NYSE under the symbol “ROP”. Based on information available to us and our transfer agent, 
there were approximately 200 record holders of our common stock as of February 11, 2022.

Dividends—We have declared a cash dividend in each quarter since our February 1992 initial public offering and we have annu-
ally increased our dividend rate since our initial public offering. In November 2021, our Board of Directors increased the quar-
terly dividend paid January 24, 2022 to $0.62 per share from $0.5625 per share, an increase of 10%. This is the twenty-ninth 
consecutive year in which the Company has increased its dividend. The timing, declaration and payment of future dividends will 
be at the sole discretion of our Board of Directors and will depend upon our profitability, financial condition, capital needs,
future prospects and other factors deemed relevant by our Board of Directors.

Performance Graph—This performance graph shall not be deemed “filed” for purposes of Section 18 of the Securities 
Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not 
be deemed to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or under the 
Exchange Act.

The following graph compares, for the five year period ended December 31, 2021, the cumulative total stockholder return for 
our common stock, the Standard and Poor’s 500 Stock Index (the “S&P 500”) and the Standard and Poor’s 500 Industrials Index
(the “S&P 500 Industrials”). Measurement points are the last trading day of each of our fiscal years ended December 31, 2016, 
2017, 2018, 2019, 2020 and 2021. The graph assumes that $100 was invested on December 31, 2016 in our common stock, the 
S&P 500 and the S&P 500 Industrials and assumes reinvestment of any dividends. The stock price performance on the follow-
ing graph is not necessarily indicative of future stock price performance.

12/31/2016

12/31/2017

12/31/2018

12/31/2019

12/31/2020

12/31/2021

Roper Technologies, Inc.

$ 100.00 

$ 142.38

$ 147.39

$ 197.01

$ 241.12

$ 276.51

S&P 500
S&P 500 Industrials

100.00 
100.00 

121.83
121.03

116.49
104.95

153.17
135.77

181.35
150.79

233.41
182.63

$300

$275

$250

$225

$200

$175

$150

$125

$100

12/16

12/17

12/18

12/19

12/20

12/21

Roper Technologies, Inc.

S&P 500

S&P 500 Industrials

The information set forth in Item 12 under the heading “Securities Authorized for Issuance under Equity Compensation Plans”
is incorporated herein by reference.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

21

ITEM 6 | [RESERVED]

ITEM 7 |  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 

RESULTS OF OPERATIONS

ALL CURRENCY AMOUNTS ARE IN MILLIONS UNLESS SPECIFIED

OVERVIEW

We are a diversified technology company. We operate businesses that design and develop software (both license and SaaS) and 
engineered products and solutions for a variety of niche end markets.

We pursue consistent and sustainable growth in earnings and cash flow by emphasizing continuous improvement in the oper-
ating performance of our existing businesses and by acquiring other carefully selected businesses that offer high value-added 
software, services, engineered products and solutions that we believe are capable of achieving growth and maintaining high 
margins. We compete in many niche markets and believe we are the market leader or a competitive alternative to the market 
leader in most of these markets. 

DISCONTINUED OPERATIONS

During 2021, Roper signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses. Roper
has completed the divestitures of Zetec and CIVCO Radiotherapy, in the first quarter of 2022 and fourth quarter of 2021, 
respectively, and expects the TransCore transaction to close in the first quarter of 2022, subject to customary closing
conditions, including regulatory approvals. The financial results for these businesses are reported as discontinued operations 
for all periods presented. Information regarding discontinued operations is included in Note 3 of the Notes to Consolidated 
Financial Statements.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

Our Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United 
States (“GAAP”). A discussion of our significant accounting policies can also be found in the Notes to Consolidated Financial
Statements for the year ended December 31, 2021 included in this Annual Report.

GAAP offers acceptable alternative methods for accounting for certain issues affecting our financial results, such as determin-
ing inventory cost, depreciating long-lived assets and recognizing revenue. We have not changed the application of acceptable 
accounting methods or the significant estimates affecting the application of these principles in the last three years in a manner 
that had a material effect on our Consolidated Financial Statements.

The preparation of financial statements in accordance with GAAP requires the use of estimates, assumptions, judgments and 
interpretations that can affect the reported amounts of assets, liabilities, revenues and expenses, the disclosure of contingent 
assets and liabilities and other supplemental disclosures.

The development of accounting estimates is the responsibility of our management. Our management discusses those areas
that require significant judgments with the Audit Committee of our Board of Directors. The Audit Committee has reviewed all 
financial disclosures in our annual filings with the SEC. Although we believe the positions we have taken with regard to uncer-
tainties are reasonable, others might reach different conclusions and our positions can change over time as more information
becomes available. If an accounting estimate changes, its effects are accounted for prospectively or through a cumulative 
catch up adjustment.

Our most significant accounting uncertainties are encountered in the areas of revenue recognition, income taxes, valuation of
other intangible assets and goodwill and indefinite-lived impairment analyses. Estimates are considered to be significant if
they meet both of the following criteria: (1) the estimate requires assumptions about matters that are uncertain at the time the 
estimate is made, and (2) changes in the estimate are reasonably likely to have a material financial impact from 
period-to-period. 

Income taxes can be affected by estimates of whether and within which jurisdictions future earnings will occur and if, how and
when cash is repatriated to the U.S., combined with other aspects of an overall income tax strategy. Additionally, taxing juris-
dictions could retroactively disagree with our tax treatment of certain items, and some historical transactions have income tax 
effects going forward. Accounting rules require these future effects to be evaluated using current laws, rules and regulations, 
each of which can change at any time and in an unpredictable manner. If there is a material change in the actual effective tax 
rates, the time period within which the underlying temporary differences become taxable or deductible, or if the tax law 
changes are unfavorable, then we could be required to recognize valuation allowances against deferred tax balances, resulting 
in an increase to income tax expense and the effective tax rate. 

During 2021, our effective income tax rate was 22.7%, as compared to the 2020 rate of 21.5%. The increase was due primarily 
to a non-recurring item related to a UK tax rate change, which had a $21.7 unfavorable impact in 2021. We expect the effective 
tax rate for 2022 to be approximately 21% to 22%.

22

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

We account for goodwill in a purchase business combination as the excess purchase price over the fair value of the net identifi-
able assets acquired. Goodwill, which is not amortized, is tested for impairment on an annual basis in conjunction with our
annual forecast process during the fourth quarter (or 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).

When testing goodwill for impairment, we have the option to first assess qualitative factors to determine whether the existence 
of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting 
unit is less than its carrying amount. If we elect to perform a qualitative assessment and determine that an impairment is 
more likely than not, we are then required to perform the quantitative impairment test; otherwise, no further analysis is 
required. Under the qualitative assessment, we consider various qualitative factors, including macroeconomic conditions, rele-
vant industry and market trends, cost factors, overall financial performance, other entity-specific events and events affecting 
the reporting unit that could indicate a potential change in the fair value of our reporting unit or the composition of its carrying 
values. We also consider the specific future outlook for the reporting unit.

We also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. 
The quantitative assessment utilizes an equal weighted income approach (discounted cash flows) and market approach (con-
sisting of a comparable company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine 
the reasonableness of the estimated fair values, we review the assumptions to ensure that neither the income approach nor 
the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no fur-
ther work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash 
impairment loss is recognized in the amount of that excess.

Key assumptions used in the income and market approaches are updated when the analysis is performed for each reporting 
unit. The assumptions that have the most significant effect on the fair value calculations are the projected revenue growth
rates, future operating margins, discount rates, terminal values and earnings multiples. While we use reasonable and timely 
information to prepare our cash flow and discount rate assumptions, actual future cash flows or market conditions could differ
significantly and could result in future non-cash impairment charges related to recorded goodwill balances.

Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the 
businesses are integrated into our enterprise. Negative industry or economic trends, disruptions to our business, actual 
results significantly below projections, unexpected significant changes or planned changes in the use of the assets, divesti-
tures and market capitalization declines may have a negative effect on the fair value of our reporting units.

Roper has 34 reporting units with individual goodwill amounts ranging from zero to $3,245.3. In 2021, the Company performed 
its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and 
assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying 
amount. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not 
required to perform a quantitative assessment for these reporting units as of October 1, 2021. 

Trade names that are determined to have an indefinite useful economic life are not amortized, but separately tested for impair-
ment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more
likely than not below the carrying value. We first qualitatively assess whether the existence of events or circumstances leads to 
a determination that it is more likely than not that the estimated fair value of the indefinite-lived trade name is less than its 
carrying amount. If necessary, we conduct a quantitative assessment using the relief-from-royalty method, which we believe to
be an acceptable methodology due to its common use by valuation specialists in determining the fair value of intangible assets.
This methodology assumes that, in lieu of ownership, a third-party would be willing to pay a royalty in order to exploit the 
related benefits of these assets. The assumptions that have the most significant effect on the fair value calculations are the 
royalty rates, projected revenue growth rates, discount rates and terminal values. Each royalty rate is determined based on
the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined 
after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of 
new product launches or other variables. Trade names resulting from recent acquisitions generally represent the highest risk 
of impairment, which typically decreases as the businesses are integrated into our enterprise and positioned for future sales
growth.

During the fourth quarter of 2021, the Company determined the use of the Sunquest trade name would be discontinued given 
the strategic action to merge the Sunquest business into our CliniSys business, both of which are reported in our Application 
Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in 
the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior
year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recog-
nized as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although 
our forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and 
estimates management uses to operate the underlying businesses, there is significant judgment in determining the expected 
results attributable to the businesses and/or reporting units. Changes in estimates or the application of alternative assump-
tions could produce significantly different results.

The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are 

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

23

customer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess
earnings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows aris-
ing from the acquired customer relationships over their estimated lives after considering customer attrition and contributory 
asset charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition 
rates, projected customer revenue growth rates, margins, contributory asset charges and discount rates. When testing cus-
tomer relationship intangible assets for potential impairment, management considers historical customer attrition rates and
projected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for cus-
tomer relationship intangible assets, management considers historical customer attrition patterns.

We evaluate whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of
the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances 
indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would 
be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset 
would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remaining 
amortization period is required.

During the fourth quarter of 2021, Sunquest also recognized a non-cash impairment charge of $5.1 representing the unamor-
tized balance related primarily to a software intangible asset that will be discontinued in 2022. This impairment charge is 
included as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings.

RESULTS OF OPERATIONS

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

Percentages may not sum due to rounding.

The following table sets forth selected information for the years indicated. 

Net revenues:

Application Software(1)
Network Software & Systems(2)
Measurement & Analytical Solutions(3)
Process Technologies

Total

Gross margin:

Application Software
Network Software & Systems
Measurement & Analytical Solutions
Process Technologies

Total

Segment operating margin:
Application Software
Network Software & Systems
Measurement & Analytical Solutions
Process Technologies

Total

Corporate administrative expenses
Loss from impairment

Income from operations
Interest expense, net
Other income (expense), net
Gain on disposal of businesses

Earnings before income taxes
Income taxes

Years ended December 31,

2021

2020

2019

$2,380.6
1,338.4
1,559.6
499.2

$5,777.8

$1,799.9
1,173.7
1,425.6
455.0

$4,854.2

$1,588.0
1,004.2
1,544.3
591.2

$4,727.7

69.3%
82.2
57.4
54.4

67.8%

26.7%
38.2
30.9
30.6

30.9%

(3.5)%
(1.7)

25.6
(4.1)
0.4
—

22.0
(5.0)

68.3%
81.3
59.3
53.4

67.4%

26.0%
35.3
32.5
25.4

30.1%

(3.9)%
—

26.2
(4.5)
(0.1)
—

21.7
(4.7)

67.0%
83.0
58.6
57.1

66.4%

25.5%
38.7
31.8
35.8

31.7%

(3.6)%
—

28.1
(3.9)
(0.1)
19.5

43.5
(8.8)

Net earnings from continuing operations

17.0%

17.0%

34.7%

(1)   Includes results from the acquisitions of ComputerEase from August 19, 2019, Bellefield from December 18, 2019, Vertafore from 

September 3, 2020, EPSi from October 15, 2020 and American Legal Net from December 30, 2021.

(2)  Includes results from the acquisitions of Foundry from April 18, 2019, iPipeline from August 22, 2019, FMIC from June 9, 2020, Team TSI 
from June 15, 2020, IFS from September 15, 2020, WELIS from September 18, 2020 and Construction Journal from December 21, 2021.

(3) Includes the results from the Imaging businesses through February 5, 2019 and Gatan through October 29, 2019.

24

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

YEAR ENDED DECEMBER 31, 2021 COMPARED TO YEAR ENDED DECEMBER 31, 2020 

Net revenues for the year ended December 31, 2021 were $5,777.8 as compared to $4,854.2 for the year ended December 31, 
2020, an increase of 19.0%. The components of revenue growth for the year ended December 31, 2021 were as follows: 

Total Revenue Growth
Less Impact of:

Acquisitions/Divestitures
Foreign Exchange

Organic Revenue Growth

Application 
Software

Network 
Software &
Systems

Measurement &
Analytical
Solutions

Process 
Technologies

32.3%

14.0%

23.1
1.0

1.9
0.9

8.2%

11.2%

9.4%

—
1.2

8.2%

9.7%

—
1.4

8.3%

Roper

19.0%

9.0
1.1

8.9%

In our Application Software segment, net revenues for the year ended December 31, 2021 were $2,380.6 as compared to 
$1,799.9 for the year ended December 31, 2020. The growth of 8.2% in organic revenues was broad-based across the segment 
led by our businesses serving the government contracting, healthcare and legal markets. Gross margin increased to 69.3% for 
the year ended December 31, 2021 as compared to 68.3% for the year ended December 31, 2020 due primarily to the acquisition 
of Vertafore and operating leverage on higher organic revenues. Selling, general and administrative (“SG&A”) expenses as a
percentage of revenues in the year ended December 31, 2021 increased to 42.6%, as compared to 42.2% in the year ended 
December 31, 2020, due primarily to higher amortization of acquired intangibles from the Vertafore and EPSi acquisitions, par-
tially offset by operating leverage on higher organic revenues. The resulting operating margin was 26.7% in the year ended 
December 31, 2021 as compared to 26.0% in the year ended December 31, 2020.

In our Network Software & Systems segment, net revenues were $1,338.4 for the year ended December 31, 2021 as compared to 
$1,173.7 for the year ended December 31, 2020. The growth of 11.2% in organic revenues was broad-based across the segment 
led by our network software businesses serving the spot freight, post-acute care and construction markets. Gross margin
increased to 82.2% for the year ended December 31, 2021 from 81.3% for the year ended December 31, 2020, due primarily to 
revenue mix. SG&A expenses as a percentage of net revenues decreased to 43.9% in the year ended December 31, 2021, as com-
pared to 46.0% in the year ended December 31, 2020, due primarily to operating leverage on higher organic sales. The resulting 
operating margin was 38.2% in the year ended December 31, 2021 as compared to 35.3% in the year ended December 31, 2020.

In our Measurement & Analytical Solutions segment, net revenues were $1,559.6 for the year ended December 31, 2021 as 
compared to $1,425.6 the year ended December 31, 2020. The growth of 8.2% in organic revenues was broad-based led by our 
industrial, water meter technology, and medical products businesses excluding Verathon, which declined due to unprecedented 
demand for their products used in the treatment of COVID-19 during 2020. Gross margin decreased to 57.4% in the year ended 
December 31, 2021, as compared to 59.3% in the year ended December 31, 2020, due primarily to revenue mix, reduced operat-
ing leverage associated with Verathon’s normalized 2021 revenues and costs associated with navigating the widespread supply 
chain challenges. SG&A expenses as a percentage of net revenues decreased to 26.5% in the year ended December 31, 2021, 
as compared to 26.8% in the year ended December 31, 2020 due to revenue mix. The resulting operating margin was 30.9% in 
the year ended December 31, 2021 as compared to 32.5% in the year ended December 31, 2020.

In our Process Technologies segment, net revenues were $499.2 for the year ended December 31, 2021 as compared to $455.0 
for the year ended December 31, 2020. The growth of 8.3% in organic revenues was due to broad-based across the segment as
energy and industrial markets continue to recover from the reduction in demand caused by the pandemic. Gross margin
increased to 54.4% in the year ended December 31, 2021 as compared to 53.4% in the year ended December 31, 2020, due 
primarily to increased operating leverage on higher organic revenues partially offset by costs associated with navigating the 
widespread supply chain challenges. SG&A expenses as a percentage of net revenues decreased to 23.7% in the year ended
December 31, 2021, as compared to 28.0% in the year ended December 31, 2020, due primarily to $13.6 of restructuring
charges for structural cost reduction actions taken at certain of our businesses during the second quarter of 2020 and operat-
ing leverage on higher organic revenues. As a result, operating margin was 30.6% in the year ended December 31, 2021 as 
compared to 25.4% in the year ended December 31, 2020.

Corporate expenses increased by $15.6 to $203.3, or 3.5% of revenues, in 2021 as compared to $187.7, or 3.9% of revenues, in 
2020. The dollar increase was due primarily to higher compensation related expenses, partially offset by lower acquisition
related expenses.

Impairment of intangible assets was $99.5 for the year ended December 31, 2021, due to the strategic action to merge the 
Sunquest business into our CliniSys business resulting in impairment of a trade name and other amortizable intangible assets. 

Interest expense, net, increased $15.6, or 7.1%, for the year ended December 31, 2021 as compared to the year ended 
December 31, 2020. The increase was due to higher weighted average debt balances, partially offset by lower weighted average 
interest rates and $7.2 in interest expense for the origination fee on our bridge financing associated with the Vertafore acquisi-
tion in 2020.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

25

Other income, net, of $24.9 for the year ended December 31, 2021 was composed primarily of a gain on sale of minority invest-
ment of $27.1. Other expense, net of $3.6 for the year ended December 31, 2020, was composed primarily of foreign exchange 
losses at our non-U.S. based subsidiaries. 

During 2021, our effective income tax rate was 22.7% as compared to our 2020 rate of 21.5%. The increase was due primarily to
a non-recurring item related to a UK tax rate change, which had a $21.7 unfavorable impact in 2021.

Order backlog is equal to our remaining performance obligations expected to be recognized within the next 12 months as 
discussed in Note 1 of the Notes to Consolidated Financial Statements. Backlog increased 24.2% to $2,560.8 at December 31, 
2021 as compared to $2,061.8 at December 31, 2020, with the increase driven primarily by organic growth.

Application Software
Network Software & Systems
Measurement & Analytical Solutions
Process Technologies

Total

2021

2020 Change

$1,541.9
468.1
400.6
150.2

$1,366.9
363.5
224.0
107.4

12.8%
28.8
78.8
39.9

$2,560.8

$2,061.8

24.2%

YEAR ENDED DECEMBER 31, 2020 COMPARED TO YEAR ENDED DECEMBER 31, 2019 

Net revenues for the year ended December 31, 2020 were $4,854.2 as compared to $4,727.7 for the year ended December 31, 
2019, an increase of 2.7%. The components of revenue growth for the year ended December 31, 2020 were as follows:

Total Revenue Growth
Less Impact of:

Acquisitions/Divestitures
Foreign Exchange

Organic Revenue Growth

Application 
Software

Network 
Software &
Systems

Measurement &
Analytical
Solutions

Process 
Technologies

13.3%

16.9%

(7.7)%

(23.1)%

12.6
0.1

0.6%

15.2
0.1

1.6%

(9.9)
0.2

2.0%

Roper

2.7%

4.4
0.1

—
—

(23.1)%

(1.8)%

In our Application Software segment, net revenues for the year ended December 31, 2020 were $1,799.9 as compared to 
$1,588.0 for the year ended December 31, 2019. The growth of 0.6% in organic revenues was primarily due to businesses serv-
ing healthcare and government contracting markets. Gross margin increased to 68.3% for the year ended December 31, 2020
as compared to 67.0% for the year ended December 31, 2019 due primarily to operating leverage on higher organic revenues 
and revenue mix. SG&A expenses as a percentage of revenues in the year ended December 31, 2020 increased to 42.2%, as
compared to 41.5% in the year ended December 31, 2019, due primarily to higher amortization of acquired intangibles from the 
acquisitions completed in 2020. The resulting operating margin was 26.0% in the year ended December 31, 2020 as compared 
to 25.5% in the year ended December 31, 2019.

In our Network Software & Systems segment, net revenues were $1,173.7 for the year ended December 31, 2020 as compared 
to $1,004.2 for the year ended December 31, 2019. The growth of 1.6% in organic revenues was due to subscription growth at 
our SaaS businesses led by our business serving the spot freight market in the United States. Gross margin decreased to 
81.3% for the year ended December 31, 2020 from 83.0% for the year ended December 31, 2019, due to revenue mix. SG&A
expenses as a percentage of net revenues increased to 46.0% in the year ended December 31, 2020, as compared to 44.2% in 
the year ended December 31, 2019, due primarily to higher amortization of acquired intangibles from the acquisitions com-
pleted in 2019. The resulting operating margin was 35.3% in the year ended December 31, 2020 as compared to 38.7% in the 
year ended December 31, 2019.

In our Measurement & Analytical Solutions segment, net revenues were $1,425.6 for the year ended December 31, 2020 as
compared to $1,544.3 the year ended December 31, 2019. The growth of 2.0% in organic revenues was due to accelerated adop-
tion of Verathon’s video-assisted intubation products that aid in reducing COVID transmission to healthcare workers, partially 
offset by declines in our water meter technology business, due to restricted access to indoor meters located in the Northeast
United States and Canada, and industrial business declines. Gross margin increased to 59.3% in the year ended December 31, 
2020, as compared to 58.6% in the year ended December 31, 2019, due primarily to revenue mix. SG&A expenses as a percent-
age of net revenues remained flat at 26.8% in both the years ended December 31, 2020 and December 31, 2019. The resulting 
operating margin was 32.5% in the year ended December 31, 2020 as compared to 31.8% in the year ended December 31, 2019.

In our Process Technologies segment, net revenues were $455.0 for the year ended December 31, 2020 as compared to $591.2 
for the year ended December 31, 2019. The decrease of 23.1% in organic revenues was due to broad-based revenue declines
across the segment led by lower demand at our businesses serving upstream oil and gas end markets resulting from lower 
energy prices and the COVID-19 pandemic. Gross margin decreased to 53.4% in the year ended December 31, 2020 as com-
pared to 57.1% in the year ended December 31, 2019, due primarily to lower revenues. SG&A expenses as a percentage of net 
revenues increased to 28.0% in the year ended December 31, 2020, as compared to 21.3% in the year ended December 31, 2019, 

26

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

due primarily to $13.6 of restructuring charges for structural cost reduction actions taken at certain of our businesses and 
lower operating leverage on organic revenue declines. As a result, operating margin was 25.4% in the year ended December 31, 
2020 as compared to 35.8% in the year ended December 31, 2019.

Corporate expenses increased by $18.7 to $187.7, or 3.9% of revenues, in 2020 as compared to $169.0, or 3.6% of revenues, in 
2019. The dollar increase was due primarily to higher stock compensation expense and professional services.

Interest expense, net, increased $32.3, or 17.3%, for the year ended December 31, 2020 as compared to the year ended 
December 31, 2019. The increase was due to (i) higher weighted average debt balances, partially offset by lower weighted aver-
age interest rates, and (ii) $7.2 in interest expense for the origination fee on our bridge financing associated with the Vertafore
acquisition in 2020.

Other expense, net, of $3.6 and $5.4 for the year ended December 31, 2020 and December 31, 2019, respectively, was composed 
primarily of foreign exchange losses at our non-U.S. based subsidiaries. 

Gain on disposal of businesses, resulted in a pretax gain of $920.7 for the year ended December 31, 2019. The Company recog-
nized $119.6 on the sale of the Imaging businesses, which closed February 5, 2019, and $801.1 on the sale of Gatan, which 
closed October 29, 2019.

During 2020, our effective income tax rate was 21.5% as compared to our 2019 rate of 20.3%. The increase was due primarily to
the following non-recurring items in 2019, (i) recognition of a discrete tax benefit of $41.0 in connection with a foreign restruc-
turing plan allowing the future realization of net operating losses, and (ii) the reversal of the deferred tax liability associated 
with the excess of Gatan’s book basis over tax basis in the shares of $10.0 in the third quarter of 2019, partially offset by the
higher income tax rate incurred on the Imaging and Gatan gains during 2019.

Order backlog is equal to our remaining performance obligations expected to be recognized within the next 12 months as dis-
cussed in Note 1 of the Notes to Consolidated Financial Statements. Backlog increased 40.3% to $2,061.8 at December 31, 2020 
as compared to $1,469.7 at December 31, 2019, acquisitions contributed approximately 33% and organic growth was 7%.

Application Software
Network Software & Systems
Measurement & Analytical Solutions
Process Technologies

Total

2020

2019

Change

$1,366.9
363.5
224.0
107.4

$   834.6
346.7
184.9
103.5

$2,061.8

$1,469.7

63.8%
4.8%
21.1%
3.8%

40.3%

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

All currency amounts are in millions unless specified

Selected cash flows for the years ended December 31, 2021 and 2020 are as follows. A detailed discussion of fiscal 2020 year-
over-year changes can be found in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of 
Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

Cash provided by/(used in):

Operating activities
Investing activities
Financing activities

2020

$ 2,011.9
(142.9)
(1,813.5)

$ 1,525.1
(6,073.9)
4,136.9

Operating activities—The growth in cash provided by operating activities in 2021 as compared to 2020 was primarily due to
higher net income net of non-cash expenses and the non-recurrence of $201.9 of cash taxes paid on the disposal of Gatan in 
2020. These increases were partially offset by lower cash provided by working capital as compared to the prior year.

Investing activities—Cash used in investing activities during 2021 was primarily for business acquisitions partially offset by 
proceeds from the sale of CIVCO Radiotherapy. Cash used in investing activities during 2020 was primarily for business acqui-
sitions, most notably Vertafore and EPSi.

Financing activities—Cash used in financing activities during 2021 was primarily due to net repayments of $1,150.0 on our 
unsecured credit facility, $500.0 of repayments for our senior notes and dividend payments. Cash provided by financing activi-
ties during 2020 was primarily from the issuance of $3,300.0 of senior notes and $1,620.0 of net borrowings on the revolver, 
partially offset by $600.0 of repayments for senior notes and to a lesser extent dividend payments.

Net working capital (total current assets, excluding cash and current assets held for sale, less total current liabilities, exclud-
ing debt and current liabilities held for sale) was negative $882.5 at December 31, 2021 compared to negative $704.4 at 
December 31, 2020, due primarily to increased balances of deferred revenue and income taxes payable partially offset by 
increased accounts receivable. Consistent negative net working capital demonstrates Roper’s focus on asset-light business 
models. 

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

27

Total debt excluding unamortized debt issuance costs was $7,970.3 at December 31, 2021 (40.8% of total capital) compared to 
$9,620.5 at December 31, 2020 (47.9% of total capital). Our total debt decreased at December 31, 2021 compared to December 31, 
2020, due primarily to $1,150.0 of revolving debt repayments and the redemption of $500.0 of outstanding 2.80% senior 
unsecured notes.

On September 2, 2020, the Company entered into a three-year unsecured credit facility with JPMorgan Chase Bank, N.A., as 
administrative agent, Wells Fargo Bank, N.A. and Bank of America, N.A., as syndication agents, and MUFG Bank, Ltd., Mizuho 
Bank, Ltd., PNC Bank, National Association, Truist Bank and TD Bank, N.A., as co-documentation agents, which replaced its 
previous $2,500.0 unsecured credit facility, dated as of September 23, 2016, as amended. The facility comprises a three-year 
$3,000.0 revolving credit facility, which includes availability of up to $150.0 for letters of credit. The Company may also, subject 
to compliance with specified conditions, request additional term loans or revolving credit commitments in an aggregate 
amount not to exceed $500.0.

The Credit Agreement requires the Company to maintain a Total Debt to Total Capital Ratio (as defined in the Credit Agreement) 
of 0.65 to 1.00 or less. Borrowings under the Credit Agreement are prepayable at Roper’s option at any time in whole or in part 
without premium or penalty.

We were in compliance with all debt covenants related to our credit facility throughout the years ended December 31, 2021 and 
2020.

At December 31, 2021, we had $7,500.0 of senior unsecured notes and $470.0 of outstanding revolver borrowings. We had $84.9
of outstanding letters of credit at December 31, 2021, of which $28.2 was covered by our lending group, thereby reducing our 
revolving credit capacity commensurately.

We may redeem some or all of our senior unsecured 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.

See Note 9 of the Notes to Consolidated Financial Statements included in this Annual Report for additional information regard-
ing our credit facility and senior notes.

Cash and cash equivalents at our foreign subsidiaries at December 31, 2021 totaled $310.8 as compared to $259.1 at December 31, 
2020, an increase of 20.0%. The increase was due primarily due to cash generated from foreign operations, partially offset by the 
repatriation of $329.3 during the year. We intend to repatriate substantially all historical and future earnings.

Capital expenditures of $32.9, $28.3 and $43.0 were incurred during 2021, 2020 and 2019, respectively. Capitalized software
expenditures of $29.7, $17.7 and $10.2 were incurred during 2021, 2020 and 2019, respectively. Capital expenditures and capital-
ized software expenditures were relatively consistent in 2021 as compared to 2020 and 2019. In the future, we expect the 
aggregate of capital expenditures and capitalized software expenditures as a percentage of annual net revenues to be between 
1.0% and 1.5%.

CONTRACTUAL CASH OBLIGATIONS AND OTHER COMMERCIAL COMMITMENTS AND CONTINGENCIES

All currency amounts are in millions

The following tables quantify our contractual cash obligations and commercial commitments at December 31, 2021.

Contractual Cash Obligations(1)

Total

2022

2023

2024

2025

2026

Thereafter

Payments Due in Fiscal Year

Total debt
Senior note interest
Purchase obligations(2)

Total

$7,970.3
1,044.1
794.2

$   800.2
193.0
467.4

$1,170.1
176.0
100.4

$500.0
150.5
75.9

$1,000.0
138.7
64.2

$700.0
120.2
70.6

$3,800.0
265.7
15.7

$9,808.6

$1,460.6

$1,446.5

$726.4

$1,202.9

$890.8

$4,081.4

(1) We have excluded the liability for uncertain tax positions and certain other tax liabilities as we are not able to reasonably estimate the timing of the payments. 

See Note 7 of the Notes to Consolidated Financial Statements included in this Annual Report.

(2) Represents minimum fixed price purchase commitments that are legally binding across Roper.

Other Commercial Commitments

Total
Amount
Committed

Amounts Expiring in Fiscal Year

2022

2023

2024

2025

2026

Thereafter

Standby letters of credit and bank guarantees

$    84.9

$     65.5

$       8.8

$    9.7

$       0.2

$    0.1

$       0.6

As of December 31, 2021, we had $659.7 of outstanding surety bonds of which $634.2 are directly associated with our 
Transcore business. Certain contracts, primarily those involving public sector customers, require us to provide a surety bond 
as a guarantee of our performance of contractual obligations.

28

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

We believe that internally generated cash flows and the remaining availability under our credit facility will be adequate to 
finance normal operating requirements. Although we maintain an active acquisition program, any 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 lines, 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 during 2022 (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
financial markets generally. None of these factors can be predicted with certainty.

RECENTLY ISSUED ACCOUNTING STANDARDS

See Note 1 of the Notes to Consolidated Financial Statements included in this Annual Report for information regarding the 
effect of new accounting pronouncements on our Consolidated Financial Statements.

ITEM 7A | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to interest rate risks on our outstanding revolving credit borrowings, and to foreign currency exchange risks 
on our transactions denominated in currencies other than the U.S. dollar. We are also exposed to equity market risks pertain-
ing to the traded price of our common stock.

At December 31, 2021, we had $7,500.0 of fixed rate borrowings with interest rates ranging from 0.45% to 4.20%. At December 31,
2021, the prevailing market rates for our long-term notes were between 2.6% lower and 0.7% higher than the fixed rates on our
debt instruments. Our credit facility contains a $3,000.0 variable-rate revolver with $470.0 of outstanding borrowings at 
December 31, 2021.

Several of our businesses have transactions and balances denominated in currencies other than the U.S. dollar. Most of these 
transactions or balances are denominated in euros, Canadian dollars, British pounds or Danish kroner. Net revenues recog-
nized by companies whose functional currency was not the U.S. dollar were 17% of our total revenues in 2021 and 77% of these 
revenues were recognized by companies with a European functional currency. If these currency exchange rates had been 10% 
different throughout 2021 compared to currency exchange rates actually experienced, the impact on our net earnings would 
have been approximately 1%.

The trading price of our common stock influences the valuation of stock award grants and the effects these grants have on our 
results of operations. The stock price also influences the computation of potentially dilutive common stock to determine diluted 
earnings per share. The stock price also affects our employees’ perceptions of programs that involve our common stock. We 
believe the quantification of the effects of these changing prices on our future earnings and cash flows is not readily 
determinable.

ITEM 8 | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Consolidated Financial Statements:

Page

Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP, PCAOB ID 238) . . . . . . . . . . . . . 30

Consolidated Balance Sheets as of December 31, 2021 and 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Consolidated Statements of Earnings for the Years ended December 31, 2021, 2020 and 2019  . . . . . . . . . . . . . . . . . . . . . . . . 33

Consolidated Statements of Comprehensive Income for the Years ended December 31, 2021, 2020 and 2019. . . . . . . . . . . . 33

Consolidated Statements of Stockholders’ Equity for the Years ended December 31, 2021, 2020 and 2019  . . . . . . . . . . . . . . 34

Consolidated Statements of Cash Flows for the Years ended December 31, 2021, 2020 and 2019 . . . . . . . . . . . . . . . . . . . . . . 35

Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Supplementary Data: 

Schedule II – Consolidated Valuation and Qualifying Accounts for the Years ended December 31, 2021, 2020 and 2019. . . . 57

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

29

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Board of Directors and Stockholders of Roper Technologies, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Roper Technologies, Inc. and its subsidiaries (the 
“Company”) as of December 31, 2021 and 2020, and the related consolidated statements of earnings, of comprehensive income, 
of stockholders’ equity, and of cash flows for each of the three years in the period ended December 31, 2021 including the 
related notes and financial statement schedule listed in the accompanying index (collectively referred to as the “consolidated 
financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2021, 
based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the 
three years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United 
States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over finan-
cial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued 
by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal con-
trol over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in 
Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express 
opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting 
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United 
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstate-
ment, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all mate-
rial respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstate-
ment of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those 
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consoli-
dated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made 
by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal
control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the 
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the 
circumstances. We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded the seven
acquisitions completed in 2021 from its assessment of internal control over financial reporting as of December 31, 2021
because they were acquired by the Company in purchase business combinations during 2021. We have also excluded the seven 
acquisitions completed in 2021 from our audit of internal control over financial reporting. The acquired entities are wholly-
owned subsidiaries whose total assets and total revenues excluded from management’s assessment and our audit of internal 
control over financial reporting collectively represent less than 1% and less than 1%, respectively, of the related consolidated 
financial statement amounts as of and for the year ended December 31, 2021.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reli-
ability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispo-
sitions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expen-
ditures of the company are being made only in accordance with authorizations of management and directors of the company; 
and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition 
of the company’s assets that could have a material effect on the financial statements.

30

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial 
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or 
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or 
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate 
opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Indefinite-Lived Trade Name Intangible Asset Quantitative Impairment Assessment – Sunquest

As described in Notes 1 and 6 to the consolidated financial statements, the Company’s consolidated indefinite-lived intangible 
assets balance was $648.6 million as of December 31, 2021, which was comprised entirely of trade names. Trade names that 
are determined to have indefinite useful economic lives are not amortized, but separately tested for impairment during the 
fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not 
below the carrying value. Management first qualitatively assesses whether the existence of events or circumstances leads to a
determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carry-
ing amount. If necessary, management conducts a quantitative review using the relief-from-royalty method. The assumptions 
that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, dis-
count rates, and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it 
relates and observed market royalty rates. During the fourth quarter of 2021, management determined the use of the Sunquest 
trade name would be discontinued and performed a quantitative impairment assessment and recognized a non-cash impair-
ment charge of $94.4 million.

The principal considerations for our determination that performing procedures relating to the Sunquest indefinite-lived trade 
name intangible asset quantitative impairment assessment is a critical audit matter are (i) the significant judgment by manage-
ment when determining the fair value of the indefinite-lived trade name intangible asset; (ii) a high degree of auditor judgment, 
subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to the royalty 
rate, discount rate, and terminal value; and (iii) the audit effort involved the use of professionals with specialized skill and 
knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall 
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to
management’s Sunquest indefinite-lived trade name intangible asset quantitative impairment assessment, including controls
over the valuation of Sunquest’s indefinite-lived trade name intangible asset. These procedures also included, among others (i) 
testing management’s process for determining the fair value; (ii) evaluating the appropriateness of the relief-from-royalty 
method; (iii) testing the completeness and accuracy of the underlying data used in the method; and (iv) evaluating the reason-
ableness of the significant assumptions used by management related to the royalty rate, discount rate, and terminal value. 
Evaluating management’s significant assumption related to the terminal value involved evaluating whether the significant 
assumption used by management was reasonable considering (i) the current and past performance of the asset group com-
prised of Sunquest’s indefinite-lived trade name intangible asset; (ii) the consistency with external market and industry data;
and (iii) whether the assumption was consistent with evidence obtained in other areas of the audit. Professionals with special-
ized skill and knowledge were used to assist in evaluating (i) the appropriateness of the relief-from-royalty method and (ii) the
reasonableness of the royalty rate and the discount rate significant assumptions.

/s/ PricewaterhouseCoopers LLP
Tampa, Florida
February 22, 2022

We have served as the Company’s auditor since 2002.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

31

ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

Assets

Cash and cash equivalents
Accounts receivable, net
Inventories, net
Income taxes receivable
Unbilled receivables
Other current assets
Current assets held for sale

Total current assets

Property, plant and equipment, net
Goodwill
Other intangible assets, net
Deferred taxes
Other assets
Assets held for sale

Total assets

Liabilities and Stockholders’ Equity

Accounts payable
Accrued compensation
Deferred revenue
Other accrued liabilities
Income taxes payable
Current portion of long-term debt, net
Current liabilities held for sale

Total current liabilities

Long-term debt, net of current portion
Deferred taxes
Other liabilities
Liabilities held for sale

Total liabilities

Commitments and contingencies (Note 13)
Stockholders’ equity:

Preferred stock, $0.01 par value per share; 1.0 shares authorized; none outstanding
Common stock, $0.01 par value per share; 350.0 shares authorized; 107.3 shares issued 
and 105.5 outstanding at December 31, 2021 and 106.7 shares issued and 104.9 outstanding 
at December 31, 2020
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, 1.8 shares at December 31, 2021 and 1.8 shares at December 31, 2020

Total stockholders’ equity

  Total liabilities and stockholders’ equity

See accompanying notes to Consolidated Financial Statements.

32

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

2021

2020

$     351.5
839.4
176.1
27.7
95.3
142.5
788.6

2,421.1
102.8
14,094.5
6,588.5
101.1
405.9
—

$     308.3
745.7
165.1
21.9
72.8
114.3
324.2

1,752.3
127.3
13,966.0
7,168.2
103.2
386.2
521.6

$23,713.9

$24,024.8

$     150.8
309.8
1,130.2
440.7
132.0
799.2
159.1

3,121.8
7,122.6
1,479.5
426.2
—

$     127.1
262.6
990.2
418.6
25.7
499.4
120.8

2,444.4
9,061.4
1,531.5
443.6
64.1

12,150.1

13,545.0

—

—

1.1
2,307.8
9,455.6
(183.1)
(17.6)

1.1
2,097.5
8,546.2
(147.0)
(18.0)

11,563.8

10,479.8

$23,713.9

$24,024.8

 
 
 
ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS

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

Net revenues
Cost of sales

Gross profit
Selling, general and administrative expenses
Impairment of intangible assets

Income from operations
Interest expense, net
Other income (expense), net
Gain on disposal of businesses

Earnings before income taxes
Income taxes

Net earnings from continuing operations

Earnings from discontinued operations, net of tax
Gain on disposition of discontinued operations, net of tax

Net earnings from discontinued operations

Net earnings

Net earnings per share from continuing operations:

Basic
Diluted

Net earnings per share from discontinued operations:

Basic
Diluted

Net earnings per share:

Basic
Diluted

Weighted-average common shares outstanding:

Basic
Diluted

See accompanying notes to Consolidated Financial Statements.

ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

Net earnings
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments

Total other comprehensive income (loss), net of tax
Comprehensive income

See accompanying notes to Consolidated Financial Statements.

Year ended December 31,

2021

$5,777.8
1,860.4

2020

2019

$4,854.2
1,583.4

$4,727.7
1,587.6

3,917.4
2,337.7
99.5

1,480.2
234.1
24.9
—

1,271.0
288.4

982.6
114.1
55.9

170.0

3,270.8
1,997.3
—

1,273.5
218.5
(3.6)
—

1,051.4
225.9

825.5
124.2
—

124.2

3,140.1
1,811.8
—

1,328.3
186.2
(5.4)
920.7

2,057.4
417.4

1,640.0
127.9
—

127.9

$1,152.6

$   949.7

$1,767.9

$     9.33
$     9.23

$     1.62
$     1.59

$   10.95
$   10.82

105.3
106.5

$     7.89
$     7.81

$   15.79
$   15.60

$     1.19
$     1.17

$     1.23
$     1.22

$     9.08
$     8.98

$   17.02
$   16.82

104.6
105.7

103.9
105.1

2021

2020

2019

$1,152.6

$   949.7

$         1,767.9

(36.1)

(36.1)
$1,116.5

65.8

30.5

65.8
$       1,015.5

30.5
$         1,798.4

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

33

ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in millions, except per share data)

Common Stock

Shares

Amount

Additional 
paid-in
capital

Retained
earnings

Accumulated 
other 
comprehensive
loss

Treasury
stock

Total 
stockholders’
equity

Balances at December 31, 2018

103.4

$ 1.1

$ 1,751.5

$ 6,247.7

$(243.3)

$(18.5)

$   7,738.5

Net earnings
Stock option exercises
Treasury stock sold
Currency translation adjustments,
including tax benefit of $3.8

Stock based compensation
Restricted stock activity
Dividends declared ($1.90 per share)

—
0.5
—

—
—
0.2
—

—
—
—

—
—
—
—

—
64.9
6.6

—
110.9
(30.0)
—

1,767.9
—
—

—
—
—
(197.6)

—
—
—

30.5
—
—
—

—
—
0.2

—
—
—
—

1,767.9
64.9
6.8

30.5
110.9
(30.0)
(197.6)

Balances at December 31, 2019

104.1

$ 1.1

$     1,903.9

$ 7,818.0

$   (212.8)

$(18.3)

$   9,491.9

Adoption of ASC 326
Net earnings
Stock option exercises
Treasury stock sold
Currency translation adjustments,
including tax provision of $14.6

Stock based compensation
Restricted stock activity
Dividends declared ($2.10 per share)

—
—
0.7
—

—
—
0.1
—

—
—
—
—

—
—
—
—

—
—
105.5
10.2

—
119.0
(41.1)
—

(1.7)
949.7
—
—

—
—
—
(219.8)

—
—
—
—

65.8
—
—
—

—
—
—
0.3

—
—
—
—

(1.7)
949.7
105.5
10.5

65.8
119.0
(41.1)
(219.8)

Balances at December 31, 2020

104.9

$ 1.1

$   2,097.5

$ 8,546.2

$     (147.0)

$(18.0)

$     10,479.8

Net earnings
Stock option exercises
Cash settlement of share-based 

awards in connection with
disposition of discontinued 
operations

Treasury stock sold
Currency translation adjustments,

including tax benefit of $6.2

Stock based compensation
Restricted stock activity
Dividends declared ($2.31 per share)

—
0.5

—
—

—
—
0.1
—

—
—

—
—

—
—
—
—

—
104.7

1,152.6
—

(6.7)
14.7

—
138.0
(40.4)
—

—
—

—
—
—
(243.2)

—
—

—
—

(36.1)
—
—
—

—
—

—
0.4

—
—
—
—

1,152.6
104.7

(6.7)
15.1

(36.1)
138.0
(40.4)
(243.2)

Balances at December 31, 2021

105.5

$1.1

$2,307.8

$9,455.6

$(183.1)

$(17.6)

$11,563.8

See accompanying notes to Consolidated Financial Statements.

34

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

Cash flows from operating activities:

Net earnings from continuing operations
Adjustments to reconcile net earnings from continuing operations to cash flows from
  operating activities:

Depreciation and amortization of property, plant and equipment
Amortization of intangible assets
Amortization of deferred financing costs
Non-cash stock compensation
Impairment of intangible assets
Gain on disposal of assets and businesses, net of associated income tax
Income tax provision, excluding tax associated with gain on disposal of businesses 
  and assets
Changes in operating assets and liabilities, net of acquired businesses:

Accounts receivable
  Unbilled receivables

Inventories

  Accounts payable and accrued liabilities
  Deferred revenue

  Cash tax paid for gain on disposal of businesses
  Cash income taxes paid, excluding tax associated with gain on disposal of businesses

Other, net

  Cash provided by operating activities from continuing operations
  Cash provided by operating activities from discontinued operations

  Cash provided by operating activities
Cash flows from (used in) investing activities:

Acquisitions of businesses, net of cash acquired
Capital expenditures
Capitalized software expenditures
Proceeds from (used in) disposal of businesses
Proceeds from sale of assets
Other, net

Cash used in investing activities from continuing operations
Proceeds from disposition of discontinued operations
Cash used in investing activities from discontinued operations

Cash used in investing activities

Cash flows from (used in) financing activities:

Proceeds from senior notes
Payment of senior notes
Borrowings (payments) under revolving line of credit, net
Debt issuance costs
Cash dividends to stockholders
Treasury stock sales
Proceeds from stock based compensation, net
Other, net

  Cash provided by (used in) financing activities from continuing operations

Cash provided by (used in) financing activities from discontinued operations

Cash provided by (used in) financing activities

Year ended December 31,

2021

2020

2019

$

982.6

$

825.5 $ 1,640.0

49.7
584.4
13.5
136.1
99.5
(21.6)

282.9

(100.2)
(19.4)
(13.9)
66.3
164.5
—
(320.7)
(37.5)

1,866.2
145.7

2,011.9

(217.0)
(32.9)
(29.7)
—
27.1
(0.7)

(253.2)
115.6
(5.3)

(142.9)

—
(500.0)
(1,150.0)
—
(236.4)
15.1
64.3
(0.1)

(1,807.1)
(6.4)

(1,813.5)

46.7
466.2
10.9
117.0
—
—

43.1
365.7
7.3
101.2
—
(687.3)

225.9

184.0

55.0
0.2
0.1
93.1
60.3
(201.9)
(311.6)
(19.4)

(30.7)
6.3
(14.1)
(7.0)
114.2
(39.4)
(328.3)
(23.8)

1,368.0
157.1

1,331.2
130.6

1,525.1

1,461.8

(6,018.1)
(28.3)
(17.7)
(4.3)
—
(2.6)

(6,071.0)
—
(2.9)

(2,387.3)
(43.0)
(10.2)
1,156.8
—
(2.3)

(1,286.0)
—
(10.0)

(6,073.9)

(1,296.0)

3,300.0
(600.0)
1,620.0
(42.0)
(214.1)
10.5
64.4
(0.2)

4,138.6
(1.7)

4,136.9

1,200.0
—
(865.0)
(12.1)
(191.7)
6.8
34.9
(0.6)

172.3
4.7

177.0

(Continued)

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED

(in millions)

Effect of exchange rate changes on cash
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year

Supplemental disclosures:

Cash paid for:
Interest
Noncash investing activities:
  Net assets of businesses acquired:
  Fair value of assets, including goodwill

Liabilities assumed

  Cash paid, net of cash acquired

See accompanying notes to Consolidated Financial Statements.

2021

(12.3)
43.2
308.3

2020

10.5
(401.4)
709.7

2019

2.5
345.3
364.4

$

351.5

$

308.3 $

709.7

222.2

$

197.7 $

171.5

$

$

249.8
(32.8)

$ 6,715.4 $ 2,472.4
(85.1)

(697.3)

217.0

$ 6,018.1 $ 2,387.3

36

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

 
 
 
 
 
 
 
 
ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years ended December 31, 2021, 2020 and 2019 

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

(1)  SUMMARY OF ACCOUNTING POLICIES

Basis of Presentation—These financial statements present consolidated information for Roper Technologies, Inc. and its subsid-
iaries (“Roper,” the “Company,” “we,” “our” or “us”). All significant intercompany accounts and transactions have been elimi-
nated. Certain prior period amounts have been reclassified to conform to current period presentation.

Nature of the Business—Roper is a diversified technology company. The Company operates businesses that design and develop 
software (both license and SaaS) and engineered products and solutions for a variety of niche end markets.

Discontinued Operations—During 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO 
Radiotherapy businesses, which are presented as discontinued operations for all periods presented. Unless otherwise noted, 
discussion within these Notes to Consolidated Financial Statements relate to continuing operations. Refer to Note 3 for addi-
tional information on discontinued operations.

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 ASUs not listed below were assessed and deter-
mined to be either not applicable or are expected to have an immaterial impact on the Company’s results of operations, finan-
cial position or cash flows.

Recently Adopted Accounting Pronouncements

In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a
business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue 
recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods 
within those fiscal years, with early adoption permitted. The Company early-adopted this update in the fourth quarter of 2021. 
This update did not have a material impact on the acquisitions completed in 2021 and the future impact of adoption, if any, will 
depend on the acquisitions made by the Company.

The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modi-
fied retrospective transition method. We recorded a noncash cumulative effect decrease to retained earnings of $1.7, net of 
income taxes, on our opening consolidated balance sheet as of January 1, 2020.

Significant Accounting Policies

Cash and Cash Equivalents—Roper considers highly liquid financial instruments with remaining maturities at acquisition of 
three months or less to be cash equivalents. Roper had no cash equivalents at both December 31, 2021 and 2020.

Contingencies—Management continually assesses the probability of any adverse judgments or outcomes to its potential contin-
gencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may 
have been incurred. In the assessment of contingencies as of December 31, 2021, management concluded that there were no
matters for which there was a reasonable possibility of a material loss.

Earnings per Share—Basic earnings per share were calculated using net earnings and the weighted-average number of shares 
of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and
the weighted-average number of shares of common stock and potential common stock associated with stock options outstand-
ing during the respective year.

The effects of potential common stock were determined using the treasury stock method:

Basic weighted-average shares outstanding
Effect of potential common stock:

Common stock awards

Diluted weighted-average shares outstanding

Year ended December 31,

2021

105.3

1.2

106.5

2020

104.6

2019

103.9

1.1

1.2

105.7

105.1

As of and for the years ended December 31, 2021, 2020 and 2019, there were 0.521, 0.208 and 0.627 outstanding stock options, 
respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.

Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and 
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities.
Actual results could differ from those estimates.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

37

Foreign Currency Translation and Transactions—Assets and liabilities of subsidiaries whose functional currency is not the U.S.
dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at 
average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjust-
ments are reflected as a component of other comprehensive income. Foreign currency transaction gains and losses are 
recorded in the Consolidated Statements of Earnings within “Other income (expense), net.” Foreign currency transaction
losses were $1.4, $4.5 and $3.5 for the years ended December 31, 2021, 2020 and 2019, respectively.

Goodwill and Other Intangibles—Roper accounts for goodwill in a purchase business combination as the excess of the cost 
over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being 
recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not 
amortized, is tested for impairment on an annual basis (or 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). When testing goodwill for impair-
ment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circum-
stances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its
carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely 
than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income 
approach (discounted cash flows) and a market approach (consisting of a comparable public company earnings multiples 
methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the 
Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly 
different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss 
is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount 
of that excess.

When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated 
when the analysis is performed for each reporting unit. The assumptions that have the most significant effect on the fair value 
calculations are the projected revenue growth rates, future operating margins, discount rates, terminal values and earnings 
multiples. While the Company uses reasonable and timely information to prepare its discounted cash flow analysis, actual 
future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded
goodwill balances.

Roper has 34 reporting units with individual goodwill amounts ranging from zero to $3,245.3. In 2021, the Company performed 
its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and
assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying 
amount. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not 
required to perform a quantitative analysis for these reporting units.

Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the 
businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results 
significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures 
and market capitalization declines may have a negative effect on the fair value of Roper’s reporting units.

The following events or circumstances, although not comprehensive, would be considered to determine whether interim 
testing of goodwill would be required:

•   a significant adverse change in legal factors or in the business climate;

• an adverse action or assessment by a regulator;

• unanticipated competition;

•   a loss of key personnel;

• a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or 

otherwise disposed of;

• the testing for recoverability of a significant asset group within a reporting unit; and

•   recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a 

reporting unit.

Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if appli-
cable, occurs over their estimated useful lives. Trade names that are determined to have indefinite useful economic lives are
not amortized, but separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an
event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses
whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair
value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review 
using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to 
pay a royalty in order to exploit the related benefits of these assets. To the extent the Company determines a fair value, the 
inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobserv-
able. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected reve-
nue growth rates, discount rates and terminal values. Each royalty rate is determined based on the profitability of the trade 

38

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current 
and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches or 
other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which
typically decreases as the businesses are integrated into Roper. 

During the fourth quarter of 2021, the Company determined the use of the Sunquest trade name would be discontinued given 
the strategic action to merge the Sunquest business into our CliniSys business, both of which are reported in our Application 
Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in 
the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior 
year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 
recognized as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although 
forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and esti-
mates management uses to operate the underlying businesses, there is significant judgment in estimating future operating 
results. Changes in estimates or the application of alternative assumptions could produce significantly different results. 

The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are cus-
tomer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess earn-
ings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising 
from the acquired customer relationships over their estimated lives after considering customer attrition and contributory asset 
charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition rates, 
projected customer revenue growth rates, margins, contributory asset charges and discount rates. When testing customer 
relationship intangible assets for potential impairment, management considers historical customer attrition rates and pro-
jected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for customer 
relationship intangible assets, management considers historical customer attrition patterns. 

Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or 
of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circum-
stances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability 
would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the
asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remain-
ing amortization period is required.

During the fourth quarter of 2021, Sunquest also recognized a non-cash impairment charge of $5.1 representing the unamor-
tized balance related primarily to a software intangible asset that will be discontinued in 2022. This impairment charge is 
included as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings.

Impairment of Long-Lived Assets—The Company determines whether there has been an impairment of long-lived assets, 
excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and 
circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be 
performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would 
be compared to the asset’s carrying amount to determine if a write-down to fair value or revision to remaining life is required. 
Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or 
an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying 
value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.

Income Taxes—The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be 
“more likely than not” of being sustained upon examination based on the technical merits of the positions. Interest and penal-
ties related to unrecognized tax benefits are classified as a component of income tax expense.

The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both
positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax
assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required 
includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax-planning strategies.

Certain assets and liabilities have different basis for financial reporting and income tax purposes. Deferred income taxes have 
been provided for these differences at the enacted tax rates expected to be paid. See Note 8 for information regarding income
taxes.

Inventories—Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out 
method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference
between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market 
conditions.

Product Warranties—The Company sells certain of its products to customers with a product warranty that allows customers
to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, 
repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to 
warranty claims based upon current and historical product sales data, warranty costs incurred and any other related informa-

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

39

tion known to the Company.

Property, Plant and Equipment and Depreciation and Amortization—Property, plant and equipment is stated at cost less accu-
mulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line 
method over the estimated useful lives of the assets as follows:

Buildings
Machinery
Other equipment and software

20-30 years
8-12 years
3-5 years

Research, Development and Engineering—Research, development and engineering (“R,D&E”) costs include salaries and bene-
fits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E 
costs are expensed as incurred and are included within selling, general and administrative expenses. R,D&E expenses totaled 
$528.4, $423.6 and $379.7 for the years ended December 31, 2021, 2020 and 2019, respectively.

Revenue Recognition—The reported results reflect the application of ASC 606 guidance. The amount of revenue recognized 
reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. 
To achieve this principle, the Company applies the following five steps:

• identify the contract with the customer;

• identify the performance obligations in the contract;

• determine the transaction price;

• allocate the transaction price to performance obligations in the contract; and

• recognize revenue when or as the Company satisfies a performance obligation.

Disaggregated Revenue—We disaggregate our revenues into two categories: (i) software and related services; and (ii) engi-
neered products and related services. Software and related services revenues are primarily derived from our Application
Software and Network Software & Systems reportable segments. Engineered products and related services revenues are
derived from all of our reportable segments except Application Software and comprise substantially all of the revenues gener-
ated in our Measurement & Analytical Solutions and Process Technologies reportable segments. See details in the table below.

Software and related services
Engineered products and related services

Net revenues

Software and related services

Year ended December 31,

2021

$ 3,604.3
2,173.5

$ 5,777.8

2020

$ 2,871.1
1,983.1

$ 4,854.2

2019

$ 2,477.7
2,250.0

$ 4,727.7

S

SaaS—SaaS subscriptions and associated support are generally accounted for as a single performance obligation and recog
nized ratably over the contractual term. In addition, SaaS arrangements may include implementation services which are 
accounted for as a separate performance obligation and recognized over time, using the input method. Payment is generally 
required within 30 days of the commencement of the SaaS subscription period, which is primarily offered to customers over a
one-year timeframe.

-

Licensed Software—Performance obligations in our customer contracts may include:

– Perpetual or time-based (“term”) software licenses
– Post contract support (“PCS”)
– Implementation/installation services

Software licenses may be combined with implementation/installation services as a single performance obligation if the
implementation/installation significantly modifies or customizes the functionality of the software license.

We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over 
the promised products or services. Revenues from software implementation projects are generally recognized over time using 
the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of perfor-
mance. For software arrangements that include multiple performance obligations, we allocate revenue to each performance 
obligation based on estimates of the price that we would charge the customer for each promised product or service if it were 
sold on a standalone basis.

Payment for software licenses is generally required within 30 to 60 days of the transfer of control. Payment for PCS is gener-
ally required within 30 to 60 days of the commencement of the service period, which is primarily offered to customers over
a one-year timeframe. Payment terms do not contain a significant financing component. Payment for implementation/
installation services that are recognized over time are typically commensurate with milestones defined in the contract, or 
billable hours incurred.

Engineered products and related services

40

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped. 

Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized 
upon completion. 

Payment terms are generally 30 to 60 days from the transfer of control. Payment terms do not contain a significant financing 
component. 

Preventative maintenance service revenues are recognized over time using the input method. If we determine our efforts or 
inputs are expended evenly throughout the performance period, we generally recognize revenue on a straight-line basis. 
Payment for preventative maintenance services are typically commensurate with milestones defined in the contract.

We offer customers return rights and other credits subject to certain restrictions. We estimate variable consideration gener-
ally based on historical experience to arrive at the transaction price, or the amount to which we ultimately expect to be entitled 
from the customer.

t

Accounts receivable, net—Accounts receivable, net includes amounts billed and currently due from customers. The amounts due 
are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and 
sales allowances of $19.7 and $28.1 at December 31, 2021 and 2020, respectively. We make estimates of expected allowance for 
doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receiv-
able balances, changes to customer creditworthiness and other factors that may affect our ability to collect from customers. 

Unbilled receivables—Our unbilled receivables include unbilled amounts typically resulting from sales under project-based 
contracts when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the 
customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value.

Deferred revenues—We record deferred revenues when cash payments are received or due in advance of our performance. 
Our deferred revenues relate primarily to software and related services. In most cases, we recognize these deferred revenues 
ratably over time as the SaaS or PCS performance obligation is satisfied. The non-current portion of deferred revenue is
included in “Other liabilities” in our Consolidated Balance Sheets.

Our unbilled receivables and deferred revenues are reported in a net position on a contract-by-contract basis at the end of 
each reporting period. The net balances are classified as current or non-current based on expected timing of revenue recogni-
tion and billable milestones.

Deferred commissions—Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for
our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer 
period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the tim-
ing of when we expect to recognize the expense. The current and non-current portions of deferred commissions are included
in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets. At December 31, 2021 and 
2020, the current portion of deferred commissions was $32.5 and $25.0, respectively, and the non-current portion of deferred 
commissions was $24.2 and $17.5, respectively. The Company recognized $27.2, $30.1 and $30.1 of expense related to deferred 
commissions for the years ended December 31, 2021, 2020 and 2019, respectively.

Remaining performance obligations—Remaining performance obligations represents the transaction price of firm orders for 
which work has not been performed and excludes unexercised contract options. As of December 31, 2021, the aggregate amount 
of the transaction price allocated to remaining performance obligations was $3,790.4. We expect to recognize revenue on approx-
imately 68% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter.

Capitalized Software—The Company accounts for capitalized software under applicable accounting guidance which, among other 
provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and 
administrative and training costs are not capitalized. Capitalized software balances, net of accumulated amortization, were $65.9
and $43.1 at December 31, 2021 and 2020, respectively, which are included in “Other Assets” our Consolidated Balance Sheets.

Stock-Based Compensation—The Company recognizes expense for the grant date fair value of its employee stock awards on a
straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee’s requisite service 
period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option
valuation model. 

(2) BUSINESS ACQUISITIONS AND DISPOSITIONS

Acquisitions

2021 Acquisitions—Roper completed seven business acquisitions in the year ended December 31, 2021 with an aggregate 
purchase price of $225.9, net of cash acquired and debt assumed. The results of operations of the acquired businesses are 
included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and 
the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2021 have not been
presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

During the first three quarters of 2021, Roper completed four acquisitions which are being integrated into our Deltek business 

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

41

and its results are reported in the Application Software reportable segment. 

On November 18, 2021, Roper acquired substantially all of the assets of Agency Zoom, LLC (“Agency Zoom”), a provider of 
sales, marketing and service automation software solutions for insurance agencies. Agency Zoom is integrating into our 
Vertafore business and its results are reported in the Application Software reportable segment.

On December 21, 2021, Roper acquired a majority of the assets of The Construction Journal, LTD. (“Construction Journal”), a
provider of selling, marketing, and licensing software solutions for the commercial construction industry. Construction Journal 
is integrating into our ConstructConnect business and its results are reported in the Network Software and Systems report-
able segment.

On December 30, 2021, Roper acquired 100% of the shares of American LegalNet, Inc. (“ALN”), a provider of court forms, 
eFiling, calendaring and docketing software solutions. ALN is integrating into our Aderant business and its results are 
reported in the Application Software reportable segment.

The Company recorded $138.8 in goodwill and $104.9 of other identifiable intangibles in connection with these seven acquisi-
tions. The amortizable intangible assets include customer relationships of $94.6 (12.9 year weighted average useful life) and 
technology of $10.3 (5.3 year weighted average useful life). 

Subsequent to the year ended December 31, 2021, on January 3, 2022, Roper acquired 100% of the membership interests of 
Horizon Lab Systems, LLC (“HLS”) for a purchase price of $49.7, net of cash acquired and debt assumed. HLS is a leading pro-
vider of laboratory information management systems in the toxicology, environmental, public health and agricultural markets. 
HLS is integrating into our CliniSys business and its results will be reported in the Application Software reportable segment 
beginning in the first quarter of 2022.

2020 Acquisitions—Roper completed six business acquisitions in the year ended December 31, 2020. The results of operations
of the acquired businesses are included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro 
forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed 
during fiscal 2020 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not
material to our financial results.

The largest of the 2020 acquisitions was Vertafore, Inc. (“Vertafore”), a leading provider of SaaS solutions for the property and 
casualty insurance industry. Roper acquired 100% of the shares of Project Viking Holdings, Inc. (the parent company of 
Vertafore) on September 3, 2020, for a purchase price of $5,398.6. The purchase price comprises an enterprise value of 
$5,335.0 and the settlement of certain liabilities, net of cash acquired. Additionally, the purchase price contemplated approxi-
mately $120 of federal tax attributes that were substantially utilized by the end of 2021. The results of Vertafore are reported in 
the Application Software reportable segment.

The Company recorded $3,229.1 in goodwill and $2,660.0 of other identifiable intangibles in connection with the Vertafore acqui-
sition. The majority of the goodwill is not expected to be deductible for tax purposes. Of the $2,660.0 of acquired intangible 
assets, $120.0 was assigned to trade names that are not subject to amortization. The remaining $2,540.0 of acquired intangible 
assets include customer relationships of $2,230.0 (17 year useful life) and unpatented technology of $310.0 (8 year useful life).

Net assets acquired also includes $489 of deferred tax liabilities, which are due primarily to $638 of deferred tax liabilities
associated with acquired intangible assets, partially offset primarily by approximately $120 of federal tax attributes.

During the year ended December 31, 2020, Roper completed five other acquisitions with an aggregate purchase price of $612.8, 
net of cash acquired and debt assumed.

Acquisition of Freight Market Intelligence Consortium—On June 9, 2020, Roper acquired substantially all of the assets of
Freight Market Intelligence Consortium (“FMIC”), a leading provider of subscription-based freight transaction benchmarking 
and analysis service. FMIC was integrated into our DAT business and its results are reported in the Network Software & 
Systems reportable segment.

Acquisition of Team TSI Corporation—On June 15, 2020, Roper acquired substantially all of the assets of Team TSI Corporation
(“Team TSI”), a leading provider of subscription-based data analytics serving long term health care facilities. Team TSI was 
integrated into our SHP business and its results are reported in the Network Software & Systems reportable segment.

Acquisition of Impact Financial Systems—On September 15, 2020, Roper acquired substantially all of the assets of Impact 
Financial Systems (“IFS”), a leading provider of service request automation solutions for client onboarding, transaction auto-
mation, maintenance and advisor transitions. IFS was integrated into our iPipeline business and its results are reported in the 
Network Software & Systems reportable segment.

Acquisition of WELIS—On September 18, 2020, Roper acquired all of the membership interests of WELIS, a premier provider of 
life insurance illustration systems to carriers in the US. WELIS was integrated into our iPipeline business and its results are 
reported in the Network Software & Systems reportable segment.

Acquisition of EPSi—On October 15, 2020, Roper acquired substantially all of the assets of EPSi, a leading provider of financial 
decision support and planning tools for hospitals and health systems. EPSi was integrated into our Strata business and its 
results are reported in the Application Software reportable segment.

42

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

The Company recorded $303.9 in goodwill and $313.0 of other identifiable intangibles in connection with these five acquisitions. 
The amortizable intangible assets include customer relationships of $283.7 (16 year weighted average useful life) and technol-
ogy of $29.3 (5 year weighted average useful life).

2019 Acquisitions—Roper completed four business acquisitions in the year ended December 31, 2019, with an aggregate pur-
chase price of $2,387.6, net of cash acquired. The results of operations of the acquired businesses are included in Roper’s
Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net 
income subsequent to the acquisition date for the acquisitions completed during fiscal 2019 have not been presented because 
the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

Acquisition of Foundry—On April 18, 2019, Roper acquired 100% of the shares of Foundry, a leading provider of software tech
nologies used to deliver visual effects and 3D content for the entertainment, digital design, and visualization industries. The 
results of Foundry are reported in the Network Software & Systems reportable segment.

y

-

Acquisition of ComputerEase—On August 19, 2019, Roper acquired substantially all of the assets of ComputerEase Software, a
leading provider of integrated accounting, project management and field-to-office solutions for commercial construction firms. 
ComputerEase was integrated into our Deltek business and its results are reported in the Application Software reportable segment.

Acquisition of iPipeline—On August 22, 2019, Roper acquired 100% of the shares of iPipeline Holdings, Inc., a leading provider 
of cloud-based software solutions for the life insurance and financial services industries. The results of iPipeline are reported 
in the Network Software & Systems reportable segment.

Acquisition of Bellefield—On December 18, 2019, Roper acquired substantially all of the assets of Bellefield Systems which
provides SaaS solutions targeting the front office of law firms, specifically focused on professional service automation, compli-
ance and timekeeping. Bellefield was integrated into our Aderant business and its results are reported in the Application
Software reportable segment.

The Company recorded $1,447.0 in goodwill and $1,181.9 of other identifiable intangibles in connection with the acquisitions.
The majority of the goodwill is not expected to be deductible for tax purposes. The amortizable intangible assets include cus-
tomer relationships of $1,020.0 (15.8 year weighted average useful life) and technology of $109.3 (6.8 year weighted average 
useful life). 

Dispositions

On March 17, 2021, Roper completed the sale of a minority investment in Sedaru, Inc. for $27.1 in cash. The sale resulted in a 
pretax gain of $27.1, which is reported within “Other income (expense), net” in the Consolidated Statements of Earnings. In
addition, we recognized income tax expense of $5.5 in connection with the sale, which is included within “Income taxes” in the 
Consolidated Statements of Earnings.

On October 29, 2019, the Company closed on its sale of Gatan to AMETEK for approximately $925.0 in cash. The sale resulted in
a pretax gain of $801.1, which is reported within “Gain on disposal of businesses” in the Consolidated Statements of Earnings. 
The results of Gatan are reported in the Measurement & Analytical Solutions segment through such date. In addition, we rec-
ognized income tax expense of $201.2 in connection with the sale, which is included within “Income taxes” in the Consolidated 
Statements of Earnings.

On February 5, 2019, the Company closed on its sale of the Imaging businesses to Teledyne for approximately $225.0 in cash. 
The results of the Imaging businesses are reported in the Measurement & Analytical Solutions segment through such date. 
The sale resulted in a pretax gain of $119.6, which is reported within “Gain on disposal of businesses” in the Consolidated 
Statements of Earnings. In addition, we recognized income tax expense of $32.2 in connection with the sale, which is included 
within “Income taxes” in the Consolidated Statements of Earnings.

(3) DISCONTINUED OPERATIONS

During the year ended December 31, 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO 
Radiotherapy businesses as described below.

•  On November 1, 2021, Roper closed on the sale of the CIVCO Radiotherapy business to an affiliate of Blue Wolf Capital 

Partners LLC, for approximately $120.0 in cash. The sale resulted in a pretax gain of $77.2 and income tax expense of $21.3, 
which are reported within “Gain on disposition of discontinued operations, net of tax” in the Consolidated Statements of 
Earnings. CIVCO Radiotherapy was previously included in the Measurement & Analytical Solutions reportable segment.

•  On January 5, 2022, Roper closed on the sale of the Zetec business to Eddyfi NDT Inc. for approximately $350.0 in cash.

The Company is currently calculating the gain and associated tax expense on the sale, which will be disclosed within the 
Company’s first quarter 2022 Quarterly Report on Form 10-Q. Zetec was previously included in the Process 
Technologies reportable segment.

•  On October 1, 2021, Roper signed a definitive agreement to divest its TransCore business to an affiliate of Singapore

Technologies Engineering Ltd., for approximately $2,680.0 in cash. The transaction, which is expected to close in the 
first quarter of 2022, is subject to customary closing conditions, including regulatory approvals. TransCore was previ-
ously included in the Network Software & Systems reportable segment.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

4 3

We concluded these disposal activities, in the aggregate, represented a strategic shift that will have a major effect on our oper-
ations and financial results. These divestitures significantly enhance our mix of high-margin, recurring revenue businesses
and notably reduce our working capital requirements. Accordingly, the financial results of the TransCore, Zetec and CIVCO 
Radiotherapy businesses are presented in the Consolidated Financial Statements as discontinued operations for all periods
presented, as applicable. Current and non-current assets and liabilities of these businesses are presented in the Consolidated 
Balance Sheet as assets and liabilities of discontinued operations classified as held for sale for both periods presented.

The following tables summarize the major classes of assets and liabilities related to the discontinued operations of the 
TransCore, Zetec and CIVCO Radiotherapy businesses, as applicable, as reported in the Consolidated Balance Sheets at 
December 31:

Accounts receivable, net
Inventories, net
Unbilled receivables
Goodwill
Other intangible assets, net
Other current assets

Current assets held for sale

Goodwill
g
Other intangible assets, net
Other assets

Assets held for sale

Accounts payable
Accrued compensation
Deferred taxes
Other current liabilities

Current liabilities held for sale

Deferred taxes
Other liabilities

Liabilities held for sale

2021(1)

2020

$ 74.7
47.8
158.2
405.5
31.0
71.4
788.6

$117.3
33.3
168.9
—
—
4.7
324.2

—
—
—

429.2
38.7
53.7
$     — $521.6

$ 40.3
27.0
29.5
62.3
159.1

$  50.7
23.5
—
46.6
120.8

—
—

31.0
33.1
$     — $  64.1

(1) All assets and liabilities held for sale were classified as current as it was probable that the sale of TransCore and Zetec would be completed within one 

year from the balance sheet date. 

The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued 
operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses:

Net revenues
Cost of sales

Gross profit
Selling, general and administrative expenses(1)

Income from operations
Other income (expense), net

Earnings before income taxes(2)
Income taxes
Earnings from discontinued operations, net of tax

Gain on disposition of discontinued operations, net of tax
Net earnings from discontinued operations

2021

$ 638.0
372.9

265.1
124.0

141.1
1.5

142.6
28.5
114.1

2020

$ 672.9
400.7

272.2
114.6

157.6
0.3

157.9
33.7
124.2

2019

$ 639.1
352.1

287.0
116.9

170.1
(0.1)

170.0
42.1
127.9

55.9
$ 170.0

—
$ 124.2

—
$ 127.9

(1) Includes stock-based compensation expense of $5.4, $4.8 and $3.4 for the years ended December 31, 2021, 2020, and 2019, respectively. Stock-based 

compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses. In con-
nection with the sale of CIVCO Radiotherapy, we recognized expense of $0.9 associated with accelerated vesting of share-based awards. These charges 
were recorded as a component of “Gain on disposition of discontinued operations, net of tax” within the Consolidated Statements of Earnings.

(2) Includes depreciation and amortization of $5.2, $7.9 and $7.2 for the years ended December 31, 2021, 2020, and 2019, respectively.

(4) INVENTORIES

4 4

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

The components of inventories at December 31 were as follows:

Raw materials and supplies
Work in process
Finished products
Inventory reserves

(5) PROPERTY, PLANT AND EQUIPMENT

The components of property, plant and equipment at December 31 were as follows:

Land
Buildings
Machinery and other equipment
Computer equipment
Software

Accumulated depreciation

2021

$ 112.7
30.2
69.3
(36.1)

$ 176.1

2020

$ 104.0
22.9
74.4
(36.2)

$ 165.1

2021

$     2.2
77.5
164.4
117.5
77.4

439.0
(336.2)

2020

$     2.2
80.2
176.1
110.9
75.7

445.1
(317.8)

$ 102.8

$ 127.3

Depreciation and amortization expense related to property, plant and equipment was $49.7, $46.7 and $43.1 for the years
ended December 31, 2021, 2020 and 2019, respectively.

(6) GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying value of goodwill by segment was as follows:

Balances at December 31, 2019

Goodwill acquired
Currency translation adjustments
Reclassifications and other
Balances at December 31, 2020

Goodwill acquired
Currency translation adjustments
Reclassifications and other

Application 
Software

$ 5,389.4
3,399.0
14.5
(0.6)
$
$ 8,802.3

85.9
(5.8)
6.9

Network
Software & 
Systems

Measurement & 
Analytical
Solutions

Process 
Technologies

$ 3,596.6
134.0
16.6
(1.0)
$
$ 3,746.2

52.9
(3.0)
0.9

$ 1,155.5
—
11.8
—
$
$ 1,167.3

—
(6.7)
—

$ 245.8
—
4.4
—
$
$ 250.2

—
(2.6)
—

Total

$ 10,387.3
3,533.0
47.3
(1.6)
$
$ 13,966.0

138.8
(18.1)
7.8

Balances at December 31, 2021

$ 8,889.3

$ 3,797.0

$ 1,160.6

$ 247.6

$ 14,094.5

Reclassifications and other during the year ended December 31, 2021 were due primarily to purchase accounting and tax
adjustments for acquisitions completed in 2020. See Note 2 for information regarding acquisitions.

Other intangible assets were comprised of:

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

45

Assets subject to amortization:
Customer related intangibles
Unpatented technology
Software
Patents and other protective rights
Trade names

Assets not subject to amortization:

Trade names

Balances at December 31, 2020

Assets subject to amortization:
Customer related intangibles
Unpatented technology
Software
Patents and other protective rights
Trade names

Assets not subject to amortization:

Trade names

Balances at December 31, 2021

Cost

$ 7,473.7
942.8
172.4
12.0
7.3

751.1
$
$ 9,359.3

$ 7,532.0
906.4
149.5
9.6
12.8

648.6

Accum. 
amort.

Net book 
value

$ (1,688.2)
(363.9)
(127.4)
(6.0)
(5.6)

—
)
$ (2,191.1)
$ (

$ (2,108.0)
(431.8)
(122.4)
(2.1)
(6.1)

$ 5,785.5
578.9
45.0
6.0
1.7

751.1
$
$ 7,168.2

$ 5,424.0
474.6
27.1
7.5
6.7

—

648.6

$ 9,258.9

$(2,670.4)

$6,588.5

Amortization expense of other intangible assets was $577.5, $461.5, and $363.5 during the years ended December 31, 2021, 
2020 and 2019, respectively. Amortization expense is expected to be $579 in 2022, $565 in 2023, $521 in 2024, $493 in 2025 and 
$461 in 2026.

(7) ACCRUED LIABILITIES

Accrued liabilities at December 31 were as follows:

Interest
Customer deposits
Accrued dividend
Rebates
Operating lease liability
Sales and other taxes payable
Other

(8) INCOME TAXES

2021

$  42.6
56.9
66.8
63.0
51.4
25.4
134.6

$440.7

2020

$   44.1
48.6
60.0
51.5
56.8
33.4
124.2

$ 418.6

Earnings before income taxes for the years ended December 31, 2021, 2020 and 2019 consisted of the following components:

United States
Other

2021

$    915.3
355.7

$ 1,271.0

2020

2019

$    752.7
298.7

$ 1,741.2
316.2

$ 1,051.4

$ 2,057.4

Components of income tax expense for the years ended December 31, 2021, 2020 and 2019 were as follows:

Current:

Federal
State
Foreign
Deferred:
Federal
State
Foreign

2021

2020

2019

$   130.6
56.8
94.5

$    157.5
50.0
75.3

$    366.5
72.0
77.9

28.0
(26.6)
5.1

(56.7)
(5.2)
5.0

(47.1)
(2.2)
(49.7)

$   288.4

$    225.9

$    417.4

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 
2021, 2020 and 2019 were as follows:

46

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

Federal statutory rate
Foreign operations, net
R&D tax credits
State taxes, net of federal benefit
Stock-based compensation
Impact of UK tax rate change
Divestitures
Legal entity restructuring
Other, net

2021

2020

2019

21.0%
2.6
(1.8)
2.7
(2.3)
1.7
—
(1.2)
—

22.7%

21.0%
1.7
(1.4)
2.9
(3.3)
—
—
—
0.6

21.5%

21.0%
(0.1)
(0.5)
1.4
(1.3)
—
2.0
(2.0)
(0.2)

20.3%

The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities 
recognized for financial reporting and tax purposes.

Components of the deferred tax assets and liabilities at December 31 were as follows:

Deferred tax assets:

Reserves and accrued expenses
Net operating loss carryforwards
R&D credits
Interest expense limitation carryforwards
Outside basis differences on assets held for sale
Lease liability
Valuation allowance
Total deferred tax assets

Deferred tax liabilities:

Reserves and accrued expenses
Amortizable intangible assets
Plant and equipment
Accrued tax on unremitted foreign earnings
ROU asset

Total deferred tax liabilities

2021

2020

$   195.8
101.5
12.5
10.9
57.5
52.6
(44.4)
$   386.4

$16.1
1,670.2
3.8
24.7
50.0
$1,764.8

$   175.0
153.6
26.2
63.0
—
56.3
(37.7)
$   436.4

$21.5
1,762.8
7.4
18.6
54.4
$ 1,864.7

As of December 31, 2021, the Company has approximately $11.1 of tax-effected U.S. federal net operating loss carryforwards.
Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to 
expire in 2022 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under 
the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in
their entirety prior to expiration. The U.S. federal net operating loss carryforwards decreased from 2020 to 2021 primarily due 
to current year utilization. The Company has approximately $39.2 of tax-effected state net operating loss carryforwards (with-
out regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period,
and those that do not will begin to expire in 2022 if not utilized. The state net operating loss carryforwards are primarily 
related to Florida, but the Company has smaller net operating losses in various other states. The Company has approximately 
$59.5 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefi-
nite carryforward period, and those that do not will begin to expire in 2022 if not utilized. The foreign net operating loss carry-
forwards decreased from 2020 to 2021 primarily due to current year utilization. The Company has $14.8 of U.S. federal and
state research and development tax credit carryforwards (without regard to federal benefit of state). Some of these research 
and development credit carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2022
if not utilized. The research and development tax credit carryforwards decreased from 2020 to 2021 primarily due to current 
year utilization. Additionally, as of December 31, 2021, the Company has $10.9 of IRC Section 163(j) interest expense limitation 
carryforwards which have an indefinite carryforward period. The interest expense limitation carryforward decreased from
2020 to 2021 primarily due to current year utilization.

As of December 31, 2021, the Company determined that a total valuation allowance of $44.4 was necessary to reduce U.S. fed-
eral and state deferred tax assets by $25.3 and foreign deferred tax assets by $19.1, where it was more likely than not that all 
of such deferred tax assets will not be realized. As of December 31, 2021, the Company believes it is more likely than not that 
the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any 
applicable tax-planning strategies within various tax jurisdictions.

The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than
not” of being sustained upon examination based on the technical merits of the positions. 

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

47

Beginning balance

Additions for tax positions of prior periods
Additions for tax positions of the current period
Additions due to acquisitions
Reductions for tax positions of prior periods
Reductions attributable to lapses of applicable statute of limitations
Reductions attributable to settlements with taxing authorities

Ending balance

2021

$75.6
2.2
3.3
1.0
(0.6)
(4.6)
(27.5)

$49.4

2020

$ 69.8
6.0
3.5
6.2
(3.6)
(6.3)
—

$ 75.6

2019

$ 63.6
2.9
4.2
1.9
(0.3)
(2.5)
—

$ 69.8

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $48.1. Interest and pen-
alties related to unrecognized tax benefits were $4.5 in 2021 and are classified as a component of income tax expense. Accrued
interest and penalties were $5.0 at December 31, 2021 and $9.6 at December 31, 2020. During the next twelve months, it is rea-
sonably possible that the unrecognized tax benefits may decrease by a net $3.0, mainly due to anticipated statute of limitations
lapses in various jurisdictions.

The Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various
state, city and foreign jurisdictions. The Company’s federal income tax returns for 2018 through the current period remain 
open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any
significant additional tax in excess of amounts reserved.

The Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well 
as all future foreign earnings that can be repatriated without incremental U.S. federal tax cost. Any remaining outside basis 
differences relating to the Company’s investment in foreign subsidiaries are not expected to be material and will be indefinitely
reinvested. 

(9) LONG-TERM DEBT

On September 2, 2020, the Company entered into a three-year unsecured credit facility (the “Credit Agreement”) with,
JPMorgan Chase Bank, N.A., as administrative agent, Wells Fargo Bank, N.A. and Bank of America, N.A., as syndication 
agents, and MUFG Bank, Ltd., Mizuho Bank, Ltd., PNC Bank, National Association, Truist Bank and TD Bank, N.A., as 
co-documentation agents, which replaced its previous $2,500.0 unsecured credit facility, dated as of September 23, 2016, as
amended. The Credit Agreement comprises a three-year $3,000.0 revolving credit facility, which includes availability of up to
$150.0 for letters of credit. The Company may also, subject to compliance with specified conditions, request additional term 
loans or revolving credit commitments in an aggregate amount not to exceed $500.0. 

Amounts outstanding under the Credit Agreement may be accelerated upon the occurrence of customary events of default. The
Credit Agreement requires the Company to maintain a Total Debt to Total Capital Ratio (as defined in the Credit Agreement) of 
0.65 to 1.00 or less. Borrowings under the Credit Agreement are prepayable at Roper’s option at any time in whole or in part 
without premium or penalty.

At December 31, 2021 and 2020, there were $470.0 and $1,620.0 of outstanding borrowings under the Credit Agreement, 
respectively. The Company was in compliance with its debt covenants throughout the years ended December 31, 2021 
and 2020.

On June 22, 2020, the Company completed a public offering of $600.0 aggregate principal amount of 2.00% senior unsecured 
notes due June 30, 2030 (“2030 Notes”). The 2030 Notes bear interest at a fixed rate and are payable semi-annually in arrears 
on June 30 and December 30 of each year, beginning December 30, 2020. The net proceeds from the sale of the 2030 Notes 
were used for general corporate purposes, including acquisitions.

On September 1, 2020, the Company completed a public offering of $300.0 aggregate principal amount of 0.45% senior unse-
cured notes due August 15, 2022 (“2022 Notes”), $700.0 aggregate principal amount of 1.00% senior unsecured notes due 
September 15, 2025 (“2025 Notes”), $700.0 aggregate principal amount of 1.40% senior unsecured notes due September 15, 
2027 (“2027 Notes”) and $1,000.0 aggregate principal amount of 1.75% senior unsecured notes due February 15, 2031 (“2031 
Notes” and, together with the 2022 Notes, 2025 Notes, and 2027 Notes, the “Notes”). The 2022 Notes and 2031 Notes bear
interest at a fixed rate and are payable semi-annually in arrears on February 15 and August 15 of each year, beginning 
February 15, 2021 and the 2025 Notes and 2027 Notes bear interest at a fixed rate and are payable semi-annually in arrears on 
March 15 and September 15 of each year, beginning March 15, 2021. The net proceeds from the sale of the Notes, together with 
cash on hand and borrowings under the Credit Agreement, were used to fund the purchase price of the acquisition of Vertafore, 
Inc. and related costs.

On August 26, 2019, the Company completed a public offering of $500.0 aggregate principal amount of 2.35% senior unsecured 
notes due September 15, 2024 and $700.0 aggregate principal amount of 2.95% senior unsecured notes due September 15, 
2029. The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each
year, beginning March 15, 2020. The net proceeds were used to fund a portion of the purchase of iPipeline Holdings, Inc.

On August 28, 2018, the Company completed a public offering of $700.0 aggregate principal amount of 3.65% senior unsecured 

4 8

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

notes due September 15, 2023 and $800.0 aggregate principal amount of 4.20% senior unsecured notes due September 15, 
2028 (the “2018 Offering”). The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and 
September 15 of each year, beginning March 15, 2019.

On December 19, 2016, the Company completed a public offering of $500.0 aggregate principal amount of 2.80% senior unse-
cured notes due December 15, 2021 and $700.0 aggregate principal amount of 3.80% senior unsecured notes due December 
15, 2026. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each
year, beginning June 15, 2017. 

On December 7, 2015, the Company completed a public offering of $600.0 aggregate principal amount of 3.00% senior unse-
cured notes due December 15, 2020 and $300.0 aggregate principal amount of 3.85% senior unsecured notes due December 15, 
2025. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each
year, beginning June 15, 2016. 

On November 21, 2012, the Company completed a public offering of $500.0 aggregate principal amount of 3.125% senior unse-
cured notes due November 15, 2022. The notes bear interest at a fixed rate and are payable semi-annually in arrears on May 15
and November 15 of each year, beginning May 15, 2013.

Roper may redeem some or all of these 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.

On November 15, 2021, $500.0 of 2.800% senior notes due 2021 were redeemed predominantly using cash flows generated 
from operations.

On November 15, 2020, $600.0 of 3.000% senior notes due 2020 were redeemed using revolver borrowings from the Credit 
Agreement. 

The Company’s senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of
Roper’s existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its 
existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are 
not guaranteed by any of Roper’s subsidiaries and are effectively subordinated to all existing and future indebtedness and other 
liabilities of Roper’s subsidiaries.

Total debt at December 31 consisted of the following:

Unsecured credit facility
$500    2.800% senior notes due 2021
$500    3.125% senior notes due 2022
$300    0.450% senior notes due 2022
$700    3.650% senior notes due 2023
$500    2.350% senior notes due 2024
$300    3.850% senior notes due 2025
$700    1.000% senior notes due 2025
$700    3.800% senior notes due 2026
$700    1.400% senior notes due 2027
$800    4.200% senior notes due 2028
$700    2.950% senior notes due 2029
$600    2.000% senior notes due 2030
$1,000 1.750% senior notes due 2031
Other
Less unamortized debt issuance costs

Total debt
Less current portion

Long-term debt

2021

2020

$   470.0
—
500.0
300.0
700.0
500.0
300.0
700.0
700.0
700.0
800.0
700.0
600.0
1,000.0
0.3
(48.5)

7,921.8
(799.2)

$1,620.0
500.0
500.0
300.0
700.0
500.0
300.0
700.0
700.0
700.0
800.0
700.0
600.0
1,000.0
0.5
(59.7)

9,560.8
(499.4)

$7,122.6

$9,061.4

The interest rate on the borrowings under the unsecured credit facility is calculated based upon various recognized indices
plus a margin as defined in the Credit Agreement. At December 31, 2021, Roper had $84.9 of outstanding letters of credit.

Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows:

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

49

2022
2023
2024
2025
2026
Thereafter

Total

$    800.2
1,170.1
500.0
1,000.0
700.0
3,800.0

$ 7,970.3

(10) FAIR VALUE

Roper’s debt at December 31, 2021 included $7,500 of fixed-rate senior notes with the following fair values:

$500    3.125% senior notes due 2022
$300    0.450% senior notes due 2022
$700    3.650% senior notes due 2023
$500    2.350% senior notes due 2024
$300    3.850% senior notes due 2025
$700    1.000% senior notes due 2025
$700    3.800% senior notes due 2026
$700    1.400% senior notes due 2027
$800    4.200% senior notes due 2028
$700    2.950% senior notes due 2029
$600    2.000% senior notes due 2030
$1,000 1.750% senior notes due 2031

507
300
730
514
323
684
768
680
899
727
578
941

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

(11) RETIREMENT AND OTHER BENEFIT PLANS

Roper maintains four defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substan-
tially all U.S. employees. Roper partially matches employee contributions. Costs related to all such plans were $36.4, $30.0 
and $33.4 for 2021, 2020 and 2019, respectively.

Roper also maintains various defined benefit retirement plans covering employees of non-U.S. and certain U.S. subsidiaries 
and a plan that supplements certain employees for the contribution ceiling applicable to the Section 401(k) plans. The costs 
and accumulated benefit obligations associated with each of these plans were not material.

(12) STOCK-BASED COMPENSATION

The Roper Technologies, Inc. 2021 Incentive Plan (“2021 Plan”) is a stock-based compensation plan used to grant incentive stock 
options, nonqualified stock options, restricted stock, stock appreciation rights or equivalent instruments to Roper’s employees, 
officers, directors and consultants. The 2021 Plan was approved by shareholders at the Annual Meeting of Shareholders on June 
14, 2021. The 2021 Plan replaces the Roper Technologies, Inc. Amended and Restated 2016 Incentive Plan (“2016 Plan”), and no 
additional grants will be made from the 2016 Plan. At December 31, 2021, 9.275 shares were available to grant under the 2021 Plan

Under the Roper Technologies, Inc., Employee Stock Purchase Plan (“ESPP”), employees in the U.S. and Canada are allowed 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 stock 
purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares.

Stock based compensation expense for the years ended December 31, 2021, 2020 and 2019 included as a component of 
“Selling, general and administrative expenses” was as follows:

Stock based compensation
Tax benefit recognized in net earnings

2021

$136.1
28.6

2020

2019

$117.0
24.6

$101.2
21.3

During 2019, in connection with the sale of Gatan, we recognized $9.6 associated with accelerated vestings which was recog-
nized within “Gain on disposal of businesses” within the Consolidated Statements of Earnings.

Stock Options—Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the 
date of grant. Stock options typically vest over a weighted average period of 3 years from the grant date and expire 10 years
after the grant date. The Company recorded $45.0, $38.6, and $29.9 of compensation expense relating to outstanding options 
during 2021, 2020 and 2019, respectively, as a component of general and administrative expenses at Corporate.

The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility 
for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over 

50

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical
data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are
expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury 
yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2021, 2020 and 2019 were calcu-
lated using the following weighted-average assumptions:

Weighted-average fair value ($)
Risk-free interest rate (%)
Average expected option life (years)
Expected volatility (%)
Expected dividend yield (%)

2021

95.17
0.94
5.61
25.14
0.56

2020

63.22
0.81
5.64
20.39
0.62

2019

68.05
2.37
5.42
19.22
0.58

The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years 
ended December 31, 2021 and 2020:

Number 
of shares

Weighted-average
exercise price
per share

Weighted-average
contractual term

Aggregate
intrinsic
value

Outstanding at December 31, 2019

Granted
Exercised
Canceled

Outstanding at December 31, 2020

Granted
Exercised
Canceled

Outstanding at December 31, 2021

Exercisable at December 31, 2021

3.349
0.762
(0.670)
(0.075)

3.366

0.516
(0.537)
(0.122)

3.223

1.480

$  219.40
333.45
157.85
304.56

255.32

405.20
195.07
312.97

287.15

$219.68

6.79

$  591.7

6.61

4.90

$659.9

$402.8

The following table summarizes information for stock options outstanding at December 31, 2021:

Outstanding options

Exercisable options

Exercise price

$93.62–$166.19
$166.20–$208.79
$208.80–$275.58
$275.59–$279.44
$279.45–$323.36
$323.37–$327.91
$327.92–$398.19
$398.20–$407.21
$407.22–$491.86

$93.62–$491.86

Number

0.359
0.353
0.338
0.447
0.617
0.397
0.204
0.403
0.105

3.223

Average
exercise
price

$141.69
177.69
236.24
278.40
319.40
326.32
366.45
401.27
422.59

$287.15

Average remaining
life (years)

Number

2.4
4.5
5.9
6.2
8.1
7.2
7.9
9.2
9.1

6.6

0.359
0.353
0.247
0.264
0.046
0.176
0.035
—
—

1.480

Average
exercise
price

$141.69
177.69
223.79
277.77
287.89
326.32
351.25
—
—

$219.68

At December 31, 2021, there was $56.5 of total unrecognized compensation expense related to nonvested options granted 
under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period 
of 1.7 years. The total intrinsic value of options exercised in 2021, 2020 and 2019 was $138.2, $155.4 and $109.4, respectively. 
Cash received from option exercises under all plans in 2021 and 2020 was $104.7 and $105.5, respectively.

Restricted Stock Grants—During 2021 and 2020, the Company granted 0.228 and 0.285 shares, respectively, of restricted 
stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants gener-
ally vest over a period of 1 to 4 years. The Company recorded $91.1, $77.5 and $71.2 of compensation expense related to out-
standing shares of restricted stock held by employees and directors during 2021, 2020 and 2019, respectively. A summary of 
the Company’s nonvested shares activity for 2021 and 2020 is as follows:

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

51

Nonvested at December 31, 2019

Granted
Vested
Forfeited

Nonvested at December 31, 2020

Granted
Vested
Forfeited

Nonvested at December 31, 2021

Weighted-
average
grant date
fair value

$  275.00
358.07
254.02
309.28

$  320.36

409.36
308.79
350.53

$365.79

Number of
shares

0.709
0.285
(0.308)
(0.085)

0.601

0.228
(0.294)
(0.037)

0.498

At December 31, 2021, there was $83.0 of total unrecognized compensation expense related to nonvested awards granted to 
both employees and directors under the Company’s share-based compensation plans. That cost is expected to be recognized 
over a weighted-average period of 1.6 years.

Employee Stock Purchase Plan—During 2021, 2020 and 2019, participants of the ESPP purchased 0.040, 0.031 and 0.021 
shares, respectively, of Roper’s common stock for total consideration of $15.1, $10.5, and $6.8, respectively. All of these shares 
were purchased from Roper’s treasury shares. 

(13) CONTINGENCIES

Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, 
intellectual property, 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, Vertafore, Inc., was named in three putative class actions, two in the U.S. District Court for the Southern
District of Texas (Allen, et al. v. Vertafore, Inc., Case 4:20-cv-4139, filed December 4, 2020) and Masciotra, et al. v. Vertafore, 
Inc. (originally filed on December 8, 2020 as Case 1:20-cv-03603 in the U.S. District Court for the District of Colorado and sub-
sequently transferred), and one in the U.S. District Court for the Northern District of Texas (Mulvey, et al. v. Vertafore, Inc., 
Case 3:21-cv-00213-E, filed January 31, 2021). In July 2021, the court granted Vertafore’s motion to dismiss the Allen Case. 
Plaintiff has appealed the dismissal to the U.S. Fifth Circuit Court of Appeals. In July 2021, the plaintiff in the Masciotra case 
voluntarily dismissed his action without prejudice. The Allen case and the Mulvey case each purport to represent approximately 
27.7 million individuals who held Texas driver’s licenses prior to February 2019. In November 2020, Vertafore announced that as
a result of human error, three data files were inadvertently stored in an unsecured external storage service that appears to 
have been accessed without authorization. The files, which included driver information for licenses issued before February 
2019, contained Texas driver license numbers, as well as names, dates of birth, addresses and vehicle registration histories.
The files did not contain any Social Security numbers or financial account information. These cases seek recovery under the
Driver’s Privacy Protection Act, 18 U.S.C. § 2721. Vertafore is vigorously defending the cases. In addition, Roper was advised 
that the Texas Attorney General is investigating the data event. 

Roper’s subsidiary, Verathon, Inc. (“Verathon”), is defending a patent infringement action pending in the United States District 
Court for the Western District of Washington (Berall v. Verathon, Inc., Case No. 2:2021mc00043). Plaintiff claims that video 
laryngoscopes and certain accessories sold by Verathon from approximately 2006 through 2016 infringe U.S. Patent 5,827,178 
(the “‘178 Patent”). The complaint seeks an unspecified amount of damages, enhanced damages, attorneys’ fees, costs, and 
pre- and post-judgment interest. Verathon contends that the products at issue do not infringe the ‘178 Patent and that the ‘178
Patent is invalid. Verathon is vigorously defending the matter.

Roper or its subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation 
claims in certain U.S. states. No significant resources have been required by Roper to respond to these cases and Roper 
believes it has valid defenses to such claims and, if required, intends to defend them vigorously. Given the state of these 
claims, it is not possible to determine the potential liability, if any.

As of December 31, 2021, Roper had $84.9 of letters of credit issued to guarantee its performance under certain services con-
tracts or to support certain insurance programs and $659.7 of outstanding surety bonds of which $634.2 are directly associ-
ated with our Transcore business. Certain contracts, primarily those involving public sector customers, require Roper to 
provide a surety bond as a guarantee of its performance of contractual obligations.

52

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

(14) SEGMENT AND GEOGRAPHIC AREA INFORMATION

Our operations are reported in four segments based upon business models and capital deployment strategy and objectives. The
segments are: Application Software, Network Software & Systems, Measurement & Analytical Solutions and Process Technologies. 
The four reportable segments (and businesses within each; including changes due to acquisitions and divestitures) are as follows:

–  Application Software—Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, 

Sunquest, Vertafore

– Network Software & Systems—ConstructConnect, DAT, Foundry, Inovonics, iPipeline, iTradeNetwork, Link Logistics, 

MHA, RF IDeas, SHP, SoftWriters

–  Measurement & Analytical Solutions (1)—Alpha, CIVCO Medical Solutions, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, 

Neptune, Northern Digital, Struers, Technolog, Uson, Verathon

–   Process Technologies—AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran

(1) The Measurement & Analytical Solutions segment includes the results of the divestitures completed in 2019 through the transaction date for (i) the

Imaging businesses, sold to Teledyne on February 5, 2019 and (ii) Gatan sold to AMETEK on October 29, 2019.

There were no material transactions between Roper’s reportable segments during 2021, 2020 and 2019. Sales between geo-
graphic areas are primarily of finished products and are accounted for at prices intended to represent third-party prices. 
Operating profit by reportable segment and by geographic area is defined as net revenues less operating costs and expenses. 
These costs and expenses do not include unallocated corporate administrative expenses or non-cash impairments. Items 
below income from operations on Roper’s Consolidated Statements of Earnings are not allocated to reportable segments.

Operating assets are those assets used primarily in the operations of each reportable segment or geographic area. Corporate 
assets are principally comprised of cash and cash equivalents, deferred tax assets, recoverable insurance claims, deferred 
compensation assets and property and equipment.

Selected financial information by reportable segment for 2021, 2020 and 2019 follows:

Application 
Software

Network 
Software &
Systems

Measurement &
Analytical
Solutions

Process
Technologies

2021
Net revenues
Operating profit(1)
Assets:

Operating assets
Intangible assets, net
Other 

Total(2)
Capital expenditures
Capitalized software expenditures
Depreciation and other amortization

2020
Net revenues
Operating profit
Assets:

Operating assets
Intangible assets, net
Other

Total(2)
Capital expenditures
Capitalized software expenditures
Depreciation and other amortization

2019
Net revenues
Operating profit
Assets:

Operating assets
Intangible assets, net
Other

Total(2)
Capital expenditures
Capitalized software expenditures
Depreciation and other amortization

$ 2,380.6
635.9

577.6
13,498.4
205.7

18.0
26.3
421.0

$  1,799.9
468.7

526.6
13,844.6
173.1

12.9
16.3
296.9

$1,338.4
511.6

243.9
5,551.2
50.4

6.0
3.4
171.8

$   1,173.7
413.9

217.3
5,621.6
48.4

6.2
1.4
171.9

$     1,588.0
405.4

$  1,004.2
389.1

382.2
7,833.6
168.5

17.4
9.7
230.2

206.0
5,505.5
48.7

6.1
0.5
127.1

$1,559.6
482.6

346.9
1,356.7
100.9

6.4
—
33.3

$1,425.6
463.3

328.6
1,383.9
107.6

7.9
—
34.1

$1,544.3
491.4

332.9
1,390.5
117.9

17.1
—
39.7

$499.2
152.9

172.3
276.7
81.9

1.4
—
7.7

$455.0
115.3

148.9
284.1
67.3

1.1
—
9.6

$    591.2
211.4

181.4
285.6
65.5

2.2
—
11.2

Corporate

Total

$       —
(203.3)

$ 5,777.8
1,579.7

15.4
—
447.3

1.1
—
0.3

1,356.1
20,683.0
886.2

22,925.3
32.9
29.7
634.1

$       —
(187.7)

$ 4,854.2
1,273.5

3.9
—
423.1

0.2
—
0.4

1,225.3
21,134.2
819.5

23,179.0
28.3
17.7
512.9

$       —
(169.0)

$     4,727.7
1,328.3

4.3
—
773.8

0.2
—
0.6

1,106.8
15,015.2
1,174.4

17,296.4
43.0
10.2
408.8

(1) Operating profit excludes $99.5 of non-cash impairment charges.
(2) Total excludes assets held for sale of $788.6, $845.8 and $812.5 associated with the TransCore, Zetec and CIVCO Radiotherapy businesses, as applicable, 

on December 31, 2021, 2020 and 2019, respectively.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

53

 
Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe and Asia) for 2021, 2020 and 2019, 
based upon the country of origin of the Roper entity making the sale, was as follows:

2021
Sales to unaffiliated customers
Sales between geographic areas

Net revenues

Long-lived assets 

2020
Sales to unaffiliated customers
Sales between geographic areas

Net revenues

Long-lived assets

2019
Sales to unaffiliated customers
Sales between geographic areas

Net revenues

Long-lived assets

United States

Non-U.S.

Eliminations

Total

$4,630.8
122.7

$4,753.5

$   178.5

$    3,848.5
122.8

$    3,971.3

$    171.6

$    3,730.6
123.0

$    3,853.6

$    141.9

$  1,147.0
126.4

$1,273.4

$      29.9

$    1,005.7
162.1

$           1,167.8

$           32.7

$                            997.1
139.0

$          1,136.1

$     32.8

$      —
(249.1)

$(249.1)

$      —

$      —
(284.9)

$(284.9)

$      —

$      —
(262.0)

$(262.0)

$      —

$5,777.8
—

$5,777.8

$   208.4

$4,854.2
—

$4,854.2

$   204.3

$    4,727.7
—

$    4,727.7

$                         174.7

Export sales from the U.S. during the years ended December 31, 2021, 2020 and 2019 were $336.2, $311.6 and $444.7, respec-
tively. In the year ended December 31, 2021, these exports were shipped primarily to Asia (28%), Canada (28%), Europe (21%) 
and other (23%).

Sales to customers outside the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic 
areas based upon the location where the product is ultimately shipped. Roper’s net revenues for the years ended December 31, 
2021, 2020 and 2019 are shown below by region, except for Canada, which is presented separately:

2021
Canada
Europe
Asia
Rest of the world

Total

2020
Canada
Europe
Asia
Rest of the world

Total

2019
Canada
Europe
Asia
Rest of the world

Total

Application 
Software

Network 
Software &
Systems

Measurement &
Analytical
Solutions

Process 
Technologies

$             51.2
248.2
3.7
37.1

$340.2

$                43.4
205.5
3.3
37.7

$  289.9

$              41.0
188.8
3.5
34.4

$  267.7

$          86.7
71.1
13.6
10.5

$181.9

$           75.6
60.2
13.1
10.9

$ 159.8

$             70.1
35.7
12.4
8.2

$126.4

$              69.5
284.9
135.1
56.4

$545.9

$                   71.1
250.7
116.0
58.9

$    496.7

$                80.7
299.7
177.6
55.4

$    613.4

$              16.8
84.4
85.2
87.8

$274.2

$                   17.2
87.2
74.0
71.8

$ 250.2

$              22.2
101.1
87.1
97.8

$ 308.2

Total

$                     224.2
688.6
237.6
191.8

$1,342.2

$                         207.3
603.6
206.4
179.3

$        1,196.6

$                         214.0
625.3
280.6
195.8

$        1,315.7

(15) CONCENTRATION OF RISK

Financial instruments which potentially subject the Company to credit risk consist primarily of cash and cash equivalents, 
trade receivables and unbilled receivables.

The Company maintains cash and cash equivalents with various major financial institutions around the world. The Company 
limits the amount of credit exposure with any one financial institution and believes that no significant concentration of credit 
risk exists with respect to cash and cash equivalent balances.

Trade and unbilled receivables subject the Company to the potential for credit risk with customers. To reduce credit risk, the 
Company performs ongoing evaluations of its customers’ financial condition.

54

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

(16) CONTRACT BALANCES

Contract balances at December 31 are set forth in the following table:

Balance Sheet Account

Unbilled receivables 
Contract liabilities–current(1)
Deferred revenue–non-current 

Net contract assets/(liabilities)

(1)  Consists primarily of “Deferred revenue.”

2021

2020

Change

$      95.3
(1,130.2)
(75.3)

$(1,110.2)

$   72.8
(990.3)
(42.7)

$(960.2)

$   22.5
(139.9)
(32.6)

$(150.0)

The change in our net contract assets/(liabilities) from December 31, 2020 to December 31, 2021 was due primarily to the tim-
ing of payments and invoicing relating to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals, partially 
offset by the increase in unbilled receivables due to the timing of invoicing related to software milestone billings associated 
with multi-year term license renewals and software implementations.

Revenue recognized during the year ended December 31, 2021 and 2020 that was included in the contract liability balance on 
December 31, 2020 and 2019 was $951.3 and $794.3, respectively. In order to determine revenues recognized in the period from 
contract liabilities, we allocate revenue to the individual deferred revenue or BIE balance outstanding at the beginning of the 
year until the revenue exceeds that balance.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the each of years ended 
December 31, 2021, 2020 and 2019, respectively.

(17) LEASES

The Company’s operating leases are primarily for real property in support of our business operations. Although many of our 
leases contain renewal options, we generally are not reasonably certain to exercise these options at the commencement date. 
Accordingly, renewal options are generally not included in the lease term for determining the ROU asset and lease liability at
commencement. Variable lease payments generally depend on an inflation-based index and such payments are not included in 
the original estimate of the lease liability. These variable lease payments are not material.

For the years ended December 31, 2021, 2020 and 2019, the Company recognized $64.6, $58.0 and $56.6 in operating lease 
expense, respectively.

The following table presents the supplemental cash flow information related to the Company’s operating leases for the year 
ended December 31:

Operating cash flows used for operating leases

Right-of-use assets obtained in exchange for operating lease obligations

2021

2020

$  64.4

$   59.7

41.6

58.1

The following table presents the lease balances within the Consolidated Balance Sheet related to the Company’s operating 
leases as of December 31:

Lease Assets and Liabilities

Balance Sheet Account

ASSETS:

Operating lease ROU assets

Other assets

LIABILITIES:

Current operating lease liabilities
Operating lease liabilities

Other accrued liabilities
Other liabilities

Total operating lease liabilities

Future minimum lease payments under non-cancellable leases were as follows:

2021

2020

$ 221.0 

$ 232.6

51.4
180.9

56.8
192.8

$ 232.3

$ 249.6

2022
2023
2024
2025
2026
Thereafter

Total operating lease payments

Less: Imputed interest

Total operating lease liabilities

Weighted average remaining lease term–operating leases (years)
Weighted average discount rate (%)

$           56.4
45.1
38.9
32.8
25.2
52.7

251.1
18.8

$232.3

6
2.7

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

55

(18) QUARTERLY FINANCIAL DATA (UNAUDITED)

As described in Note 3, Roper signed definitive agreements to divest the TransCore, Zetec and CIVCO Radiotherapy businesses. 
Roper has completed the divestitures of Zetec and CIVCO Radiotherapy, in the first quarter of 2022 and fourth quarter of 2021, 
respectively, and expects the TransCore transaction to close in the first quarter of 2022. Accordingly, the unaudited interim
financial information below has been adjusted to incorporate the presentation of discontinued operations.

2021
Net revenues
Gross profit
Income from operations
Net earnings from continuing operations
Net earnings from discontinued operations
Net earnings
Net earnings per share from continuing operations:

Basic
Diluted

Net earnings per share from discontinued operations:

Basic
Diluted

Net earnings per share:

Basic
Diluted

2020
Net revenues
Gross profit
Income from operations
Net earnings from continuing operations
Net earnings from discontinued operations
Net earnings
Net earnings per share from continuing operations:

Basic
Diluted

Net earnings per share from discontinued operations:

Basic
Diluted

Net earnings per share:

Basic
Diluted

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

$1,376.1
936.0
374.6
269.9
19.1
289.0

$     2.57
$     2.55

$1,426.6
967.3
381.5
253.0
33.3
286.3

$1,462.8
996.1
403.5
259.8
29.7
289.5

$1,512.3
1,018.0
320.6
199.9
87.9
287.8

$     2.40
$     2.38

$     2.47
$     2.43

$     1.90
$     1.87

$     0.18
$     0.18

$     0.32
$     0.31

$     0.28
$     0.28

$     0.83
$     0.83

$     2.75
$     2.73

$     2.72
$     2.69

$     2.75
$     2.71

$     2.73
$     2.70

$   1,182.6
787.5
308.4
209.5
30.8
240.3

$1,137.8
772.5
291.6
184.0
35.2
219.2

$1,198.2
809.9
330.5
207.0
27.4
234.4

$1,335.6
900.9
343.0
225.0
30.8
255.8

$     2.01
$     1.99

$     1.76
$     1.74

$     1.98
$     1.95

$     2.15
$     2.12

$     0.29
$     0.29

$     0.34
$     0.34

$     0.26
$     0.26

$     0.29
$     0.29

$     2.30
$     2.28

$     2.10
$     2.08

$     2.24
$     2.21

$     2.44
$     2.41

The sum of the four quarters may not agree with the total for the year due to rounding.

56

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES
SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2021, 2020 and 2019 

(in millions)

Allowance for doubtful accounts and sales allowances

2021

2020
2019

Reserve for inventory obsolescence

2021

2020
2019

Balance at
beginning
of year

Additions
charged to
costs and
expenses

$28.1

19.2
20.3

$36.2

28.5
25.7

$1.5

11.7
8.2

$3.8

9.0
5.6

Deductions

Other

$(10.3)

(10.2)
(7.8)

$  (2.8)

(2.6)
(2.7)

$                0.4

7.4
(1.5)

$(1.1)

1.3
(0.1)

Balance 
at end
of year

$19.7

28.1
19.2

$36.1

36.2
28.5

Deductions from the allowance for doubtful accounts represented the net write-off of uncollectible accounts receivable.
Deductions from the inventory obsolescence reserve represented the disposal of obsolete items.

Other included the allowance for doubtful accounts and reserve for inventory obsolescence of acquired businesses, the effects
of foreign currency translation adjustments for those companies whose functional currency was not the U.S. dollar, reclassifi-
cations as held for sale and other.

ITEM 9. |  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 

FINANCIAL DISCLOSURE

None

ITEM 9A. |  CONTROLS AND PROCEDURES

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate control over financial reporting, as such term is 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, 
including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our
internal control over financial reporting based on the framework in Internal Control-Integrated Framework (2013) issued by the 
Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in 
Internal Control-Integrated Framework, our management concluded that our internal control over financial reporting was 
effective as of December 31, 2021. Our internal control over financial reporting as of December 31, 2021 has been audited by 
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included 
herein.

Our management excluded the seven acquisitions completed during 2021 from its assessment of internal control over financial 
reporting as of December 31, 2021. These acquisitions are wholly-owned subsidiaries whose total assets (excluding goodwill 
and other identifiable intangibles, which are included within the scope of the assessment) represent less than 1%, and whose 
aggregate total revenues represent less than 1%, of the related Consolidated Financial Statement amounts as of and for the 
year ended December 31, 2021.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

57

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

As required by SEC rules, we have evaluated the effectiveness of the design and operation of our disclosure controls and pro-
cedures as of the end of the period covered by this report. 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 evalua-
tion, we have concluded that our disclosure controls and procedures were effective as of December 31, 2021.

Disclosure controls and procedures are our controls and other procedures designed to ensure that information required to be 
disclosed by us in the reports that we file or submit under 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 sub-
mit 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.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There was no change in our internal control over financial reporting that occurred during the fourth quarter of 2021 that has
materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. | OTHER INFORMATION

None

ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None

58

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

PART III
Except as otherwise indicated, the following information required by the Instructions to Form 10-K is incorporated herein by 
reference from the sections of the Roper Proxy Statement for the annual meeting of shareholders (“2022 Proxy Statement”),
which we anticipate filing with the SEC within 120 days after the end of the fiscal year to which this report relates, as specified 
below:

ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information about our directors required by this Item 10 - Directors, Executive Officers and Corporate Governance is contained 
under the caption “Proposal 1 - Election of Directors” is contained in the 2022 Proxy Statement.

Information regarding our audit committee, executive officers and compliance with Section 16(a) of the Exchange Act is con-
tained in the 2022 Proxy Statement under the captions “Corporate Governance” and “Board Committees and Meetings.”

Information required under this Item with respect to Executive Officers of the Company is included as a supplemental item at 
the end of Part I of this report.

Code of Ethics

Roper has a code of ethics for directors, officers (including the Company’s principal executive officer, principal financial 
officer and principal accounting officer) and employees. The Code of Ethics is available on the Company’s website at 
https://www.ropertech.com/code-of-ethics. The Company posts any amendments to or waivers of its Code of Ethics (to the 
extent applicable to the Company’s directors or executive officers) at the same location on the Company’s website. In
addition, copies of the Code of Ethics may be obtained in print without charge upon written request by any stockholder to 
the Company’s Corporate Secretary at 6901 Professional Parkway, Suite 200, Sarasota, Florida 34240.

ITEM 11. | EXECUTIVE COMPENSATION
The information required by this Item 11–Executive Compensation is contained in the 2022 Proxy Statement under the captions
“Compensation Discussion and Analysis,” “Executive Compensation,” “Director Compensation,” “Compensation Committee 
Report,” and “Compensation Committee Interlocks and Insider Participation.”

ITEM 12. |  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 

RELATED STOCKHOLDER MATTERS

(All share amounts are in millions)

Other than as set forth below, the information required by this Item 12–Security Ownership of Certain Beneficial Owners and 
Management and Related Stockholder Matters and not otherwise set forth below is contained in the 2022 Proxy Statement under 
the caption “Beneficial Ownership.”

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

The following table provides information as of December 31, 2021 regarding compensation plans (including individual compen-
sation arrangements) under which our equity securities are authorized for issuance.

Plan Category

Equity Compensation Plans

Approved by Shareholders(1)
Stock options
Restricted stock awards(2)

Subtotal

Equity Compensation Plans Not Approved by Shareholders

Total

(a)
Number of 
Securities to
be Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights

(b)
Weighted-
Average Exercise 
Price of 
Outstanding 
Options, Warrants 
and Rights

(c)
Number of Securities 
Remaining Available for 
Future Issuance Under 
Equity Compensation Plans 
(Excluding Securities 
Reflected in Column (a))

3.223
0.498

3.721

—

3.721

$287.15
—

—

$       —

9.275

—

9.275

(1)   Consists of the Amended and Restated 2006 Incentive Plan, the 2016 Incentive Plan and the 2021 Incentive Plan. No additional awards may be granted under

the 2006 Incentive Plan or the 2016 Incentive Plan.

(2) The weighted-average exercise price is not applicable to restricted stock awards.

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

59

ITEM 13. |  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR 

INDEPENDENCE

The information required by this Item 13–Certain Relationships and Related Transactions, and Director Independence is contained 
in the 2022 Proxy Statement under the captions “Director Independence” and “Review and Approval of Related Person
Transactions.”

ITEM 14. |  PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this Item 14–Principal Accounting Fees and Services is contained in the 2022 Proxy Statement under 
the captions “Proposal 3 - Ratification of the Appointment of PricewaterhouseCoopers LLP as our Independent Registered 
Public Accounting Firm for the Year Ending December 31, 2022,” and “Independent Public Accountants Fees.”

60

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

PART IV

ITEM 15. |  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)

The following documents are filed as a part of this Annual Report.

(1)   Consolidated Financial Statements: The following Consolidated Financial Statements are included in Part II, Item 8 of

this report.

  Consolidated Balance Sheets as of December 31, 2021 and 2020 

  Consolidated Statements of Earnings for the Years ended December 31, 2021, 2020 and 2019 

  Consolidated Statements of Comprehensive Income for the Years ended December 31, 2021, 2020 and 2019

  Consolidated Statements of Stockholders’ Equity for the Years ended December 31, 2021, 2020 and 2019 

  Consolidated Statements of Cash Flows for the Years ended December 31, 2021, 2020 and 2019 

  Notes to Consolidated Financial Statements

(2) Consolidated Valuation and Qualifying Accounts for the Years ended December 31, 2021, 2020 and 2019

(b) 

  Exhibits

Exhibit No.

Description of Exhibit

(a)2.1 

(b)3.1

(c)3.2

(d)4.1

(e)4.2

(f)4.3

(g)4.4

4.5

(h)4.6

(i)4.7

(j)4.8

(k)4.9

4.10

(l)4.11

(m)4.12

4.13

4.14

4.15

4.16 

(n)10.1

(o)10.2

(p)10.3 

(q)10.4

(r)10.5

 Membership Interests Purchase Agreement by and Between TransCore Holdings, Inc., as Seller, and ST 
Engineering Urban Solutions USA Inc, as Buyer, and, solely for the purposes of certain provisions, Roper
Technologies, Inc., as Seller Parent, and Singapore Technologies Engineering LTD, as Parent.

Restated Certificate of Incorporation as amended through April 24, 2015.

Amended and Restated By-Laws.

Indenture between Registrant and Wells Fargo Bank, dated as of August 4, 2008.

Indenture between Registrant and Wells Fargo Bank, dated as of November 26, 2018.

Form of Note.

Form of 3.650% Senior Notes due 2023.

Form of 4.200% Senior Notes due 2028 (included in Exhibit 4.4).

Form of 3.125% Senior Notes due 2022.

Form of 3.850% Senior Notes due 2025.

Form of 3.800% Senior Notes due 2026.

Form of 2.350% Senior Notes due 2024.

Form of 2.950% Senior Notes due 2029 (included in Exhibit 4.9).

Form of 2.000% Senior Notes due 2030.

Form of 0.450% Senior Notes due 2022.

Form of 1.000% Senior Notes due 2025 (included in Exhibit 4.12).

Form of 1.400% Senior Notes due 2027 (included in Exhibit 4.12).

Form of 1.750% Senior Notes due 2031 (included in Exhibit 4.12).

Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, 
filed herewith.

Employee Stock Purchase Plan, as amended and restated. †

Non-Qualified Retirement Plan, as amended. †

 Credit Agreement, dated as of September 2, 2020 among Registrant, the foreign subsidiary borrowers from time 
to time party thereto, the financial institutions party thereto, JPMorgan Chase Bank, N.A., as administrative 
agent, Wells Fargo Bank, N.A. and Bank of America, N.A. as syndication agents, and MUFG, Ltd., Mizuho Bank, 
Ltd., PNC Bank, National Association, Truist Bank and TD Bank, N.A. as co-documentation agents.

Amended and Restated 2006 Incentive Plan. †

Form of Restricted Stock Agreement for Employees under the 2006 Plan. †

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

61

 
 
 
 
 
 
(r)10.6

(s)10.7

(t)10.8

(u)10.9

Form of Non-Statutory Stock Option Agreement under the 2006 Plan. †

Offer letter to John K. Stipancich. †

Form of director and officer indemnification agreement. †

2016 Incentive Plan. †

(v)10.10

Amendment No. 1 to the 2016 Incentive Plan.†

(w)10.11 

(x)10.12

(y)10.13

(z)10.14

(aa)10.15

(bb)10.16

(cc)10.17 

(dd)10.18

(ee)10.19

(ee)10.20

(ee)10.21

(ff)10.22

(gg)10.23 

(hh)10.24 

21.1

23.1

31.1

31.2

32.1

Form of Cash Settled Restricted Stock Unit Award Agreement for Non-US Employees, under the 2016  Incentive 
Plan. † 

Form of Non-Statutory Stock Option Agreement, under the 2016 Incentive Plan.†

Form of Restricted Stock Award Agreement, under the 2016 Incentive Plan.†

Form of Performance Based Restricted Stock Award Agreement, under the 2016 Incentive Plan.†

Offer Letter to Neil Hunn. †

Long-Term Incentive Opportunity Agreement for Neil Hunn. †

Retirement Agreement and General Release, dated February 1, 2019, by and between the Company and Paul
Soni. †

2021 Incentive Plan. †

Form of Performance Based Restricted Stock Award Agreement, under the 2021 Incentive Plan.†

Form of Stock Option Agreement, under the 2021 Incentive Plan.†

Form of Restricted Stock Award Agreement, under the 2021 Incentive Plan.†

Roper Technologies, Inc. Director Compensation Plan. †

Form of Non-Employee Director Restricted Stock Unit Award Agreement under the 2021 Incentive Plan (included 
in Exhibit 10.22).

Form of Non-Employee Director Restricted Stock Award Agreement under the 2021 Incentive Plan (included in
Exhibit 10.22).

List of Subsidiaries, filed herewith.

Consent of Independent Registered Public Accountants, filed herewith.

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

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

Section 1350 Certification of Chief Executive and Chief Financial Officers, filed herewith.

101.INS

XBRL Instance Document, furnished herewith.

101.SCH

XBRL Taxonomy Extension Schema Document, furnished herewith.

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document, furnished herewith.

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document, furnished herewith.

101.LAB

XBRL Taxonomy Extension Label Linkbase Document, furnished herewith.

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document, furnished herewith.

104

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

a)   Incorporated herein by reference to Exhibit 2.1 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2021

(file no. 1-12273).

b)   Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 24, 2015 

(file no. 1-12273).

c) Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 14, 2021 

(file no. 1-12273).

d)   Incorporated herein by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q filed on November 7, 2008

(file no. 1-12273).

e) Incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-3/ASR filed November 26, 2018 

(file no. 333-228532).

62

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

f) Incorporated herein by reference to Exhibit 4.2 to the Registration Statement on Form S-3/ASR filed November 25, 2015 

(file no. 333-208200).

g) Incorporated herein by reference to Exhibit 4.1 to the Roper Technologies, Inc. Current Report on Form 8-K filed August 28, 

2018 (file no. 1-12273).

h) Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed November 21, 2012

(file no. 1-12273).

i)  Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed December 7, 2015 

(file no. 1-12273).

j)  Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed December 19, 2016 

(file no. 1-12273).

k) Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 26, 2019

(file no. 1-12273).

l)   Incorporated herein by reference to Exhibit 4.1 to the Roper Technologies, Inc. Current Report on Form 8-K filed June 22, 2020

(file no. 1-12273).

m)  Incorporated herein by reference to Exhibit 4.1 to the Roper Technologies, Inc. Current Report on Form 8-K filed September 1, 

2020 (file no. 1-12273).

n) Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed August 5, 2020. 

(file no. 1-12273).

o)  Incorporated herein by reference to Exhibit 10.06 to the Company’s Annual Report on Form 10-K filed March 2, 2009 

(file no. 1-12273).

p)   Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed September 3, 2020 

(file no. 1-12273).

q)   Incorporated herein by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed April 30, 

2012 (file no. 1-12273).

r)  Incorporated herein by reference to Exhibits 10.3 and 10.5 to the Company’s Current Report on Form 8-K filed December 6, 2006 

(file no. 1-12273).

s)  Incorporated herein by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on February 27, 2017 

(file no. 1-12273).

t)  Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed November 5, 2018

(file no. 1-12273).

u) Incorporated by reference to Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed April 26, 2016 

(file no. 1-12273).

v)  Incorporated herein by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K filed on February 27, 2017

(file no. 1-12273).

w) Incorporated herein by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K filed on February 27, 2017 

(file no. 1-12273).

x)   Incorporated herein by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K filed on February 25, 2019

(file no. 1-12273).

y)  Incorporated herein by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on February 25, 2019

(file no. 1-12273).

z)  Incorporated herein by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K filed on February 25, 2019

(file no. 1-12273).

aa)  Incorporated herein by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K filed on February 23, 2018

(file no. 1-12273).

bb)  Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed November 25, 2019 

(file no. 1-12273).

cc)   Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 1, 2019

(file no. 1-12273).

dd)  Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed June 14, 2021

(file no. 1-12273).

ee)   Incorporated herein by reference to Exhibit 10.2, 10.3 and 10.4 to the Company’s Current Report on Form 8-K filed June 14, 

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

63

2021 (file no. 1-12273).

ff)  Incorporated herein by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on August 5, 2021 

(file no. 1-12273).

gg) Incorporated herein by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on August 5, 2021 

(file no. 1-12273).

hh)  Incorporated herein by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q filed on August 5, 2021 

(file no. 1-12273).

† Management contract or compensatory plan or arrangement.

ITEM 16. | FORM 10-K SUMMARY

None

64

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Roper has duly caused this Report 
to be signed on its behalf by the undersigned, therewith duly authorized.

ROPER TECHNOLOGIES, INC.
 (Registrant)

By: /s/ L. Neil Hunn

L. Neil Hunn, President and Chief Executive Officer

February 22, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following 
persons on behalf of Roper and in the capacities and on the dates indicated.

L. Neil Hunn

/s/ ROBERT C. CRISCI

Robert C. Crisci

/s/ JASON P. CONLEY

Jason P. Conley

/s/ AMY WOODS BRINKLEY

Amy Woods Brinkley

/s/ SHELLYE L. ARCHAMBEAU

Shellye L. Archambeau

/s/ IRENE M. ESTEVES

Irene M. Esteves

/s/ JOHN F. FORT, III

John F. Fort, III

/s/ ROBERT D. JOHNSON

Robert D. Johnson

/s/ THOMAS P. JOYCE, JR.

Thomas P. Joyce, Jr.

/s/ LAURA G. THATCHER

Laura G. Thatcher

/s/ RICHARD F. WALLMAN

Richard F. Wallman

/s/ CHRISTOPHER WRIGHT

Christopher Wright

President  and  Chief  Executive  Officer
(Principal Executive Officer)

February 22, 2022

Executive Vice President and 
Chief Financial Officer
(Principal Financial Officer)

Vice President and Chief 
Accounting Officer
(Principal Accounting Officer)

February 22, 2022

February 22, 2022

Chair of the Board of Directors

February 22, 2022

Director

Director

Director

Director

Director

Director

Director

Director

February 22, 2022

February 22, 2022

February 22, 2022

February 22, 2022

February 22, 2022

February 22, 2022

February 22, 2022

February 22, 2022

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

65

APPENDIX — RECONCILIATIONS

ADJUSTED REVENUE, GROSS PROFIT AND EBITDA RECONCILIATION ($M) 

Adjusted Revenue Reconciliation

GAAP Revenue

Purchase accounting adjustment to acquired deferred 

revenue and receivables

Adjusted Revenue

Components of Adjusted Revenue Growth

Organic
Acquisitions/Divestitures
Foreign Exchange

Total Adjusted Revenue Growth

Adjusted Gross Profit Reconciliation

GAAP Gross Profit

Purchase accounting adjustment to acquired deferred

revenue and receivables

Adjusted Gross Profit

Adjusted Gross Margin

Adjusted EBITDA Reconciliation

GAAP Net Earnings

Taxes
Interest Expense
Depreciation
Amortization

EBITDA

As Reported

Continuing Operations

FY 2006

FY 2013

FY 2019

FY 2020

FY 2021

V%

$1,701 

$3,238 

$4,728 

 $4,854

$5,778 

19%

—

 33

 11

 12

 1 

$1,701 

$3,272 

$4,738 

 $4,866

$5,779

19%

9%
9%
1%

19 %

 $    861

$1,883 

$ 3,140 

$3,271 

$ 3,917

—

 33

 11

 12

 1 

 $    861

$ 1,916

$ 3,151 

$3,283 

$ 3,918 

19%

50.6%

58.6%

66.5%

67.5%

67.8% +30 bps

 $  193
 100
 45
 30
 52

$   538
 216 
 88
 38
 151 

$1,640 
 417
 186 
 43
 366 

$   825
 226 
 218 
 47
 466 

$    983 
 288 
 234 
 50
 584 

 $  420

$ 1,031

$2,652 

$ 1,783

$ 2,139 

20%

Purchase accounting adjustment to acquired deferred 

revenue, receivables, and commission expense

Impairment related to merger of CliniSys and Sunquest
Restructuring charge associated with certain Process 

Technologies businesses

Transaction-related expenses for completed acquisitions
Gain on sale related to minority investment in Sedaru
Gain on sale of Gatan and Scientific Imaging businesses
Hansen special charge

—
—

—
—
—
—
—

 33
—

—
—
—
—
 9 

 10
—

—
 6 
—
 (921)
—

 10
—

 14
 9 
—
—
—

 (5)
 100 

—
—
 (28)
—
—

Adjusted EBITDA

% of Adjusted Revenue

$  420 

$ 1,074

$ 1,748 

$ 1,815

$2,206 

22%

24.7%

32.8%

36.9%

37.3%

38.2% +90 bps

ADJUSTED CASH FLOW RECONCILIATION ($M)

Operating Cash Flow

Cash taxes paid on sale of Gatan and Scientific Imaging 
  businesses

Adjusted Operating Cash Flow

Capital Expenditures
Capitalized Software Expenditures

Adjusted Free Cash Flow

Continuing Operations

FY 2019

FY 2020

FY 2021

 $1,331

 $1,368

 $1,866

 39

 192 

—

 $1,371
 (43)
 (10)

 $1,560
 (28)
 (18)

 $1,866
 (33)
 (30)

V%

36%

20%

 $1,318

 $ 1,514

 $1,804

19%

Note: 2006 and 2013 presented on a consolidated basis (as reported); 2019, 2020, and 2021 presented on a Continuing Operations basis

66

ROPER TECHNOLOGIE S   •   2021 ANNUAL REPORT

 
 
 
 
 
 
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BOARD OF DIRECTORS 

Left to right: Thomas P. Joyce, Jr., Irene M. Esteves, Richard F. Wallman, Laura G. Thatcher, Robert D. Johnson, Shellye L. Archambeau, 
John F. Fort III, L. Neil Hunn, Amy Woods Brinkley, Christopher Wright

CORPORATE INFORMATION

TRANSFER AGENT
Computershare 
462 South 4th Street, Suite 1600
Louisville, KY 40202
+1 800 736 3001

INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM 
PricewaterhouseCoopers LLC

SHAREHOLDER INFORMATION
Ticker Symbol: ROP
Roper’s common stock is listed on the 
New York Stock Exchange with options 
trading conducted on the Chicago 
Board Options Exchange.

INVESTOR RELATIONS
Roper Technologies, Inc.
6901 Professional Parkway
Suite 200
Sarasota, Florida 34240
+1 941 556 2601
Investor-relations@ropertech.com

Annual Report Design by Curran & Connors, Inc. / www.curran-connors.com

6901 Professional Parkway, Suite 200
Sarasota, Florida 34240 
Tel +1 941 556 2601
www.ropertech.com