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Associated Press
13 hours ago
- Business
- Associated Press
Ipsos: Return to organic growth in the second quarter in an environment that remains volatile
Return to organic growth in the second quarter in an environment that remains volatile Paris, 23 July 2025 – Ipsos, one of the world's leading market research companies, achieved a revenue of €1,155.0 million in the first half of 2025. Total growth stands at 1.5%, including -0.5% organic growth, 3.1% scope effect mainly related to the acquisition of infas (leader in market research in the German public sector), and -1.1% unfavourable currency effects, due notably to the depreciation of the dollar over the last three months. For the second quarter alone, organic growth stands at 0.7%, after -1.8% in the first quarter. Ben Page, CEO of Ipsos, stated: 'Our performance in the second quarter is marked by a return to organic growth and by encouraging signs of improvement in the United States. We are also continuing our acquisitions policy and our investments in technology and Artificial Intelligence. While we remain cautious in the current macroeconomic and political context, we confirm our objectives for 2025, namely organic growth higher than that of 2024 and an operating margin of around 13% at constant scope.' PERFORMANCE BY REGION The Group's performance improved across all geographies in the second quarter, with a return to organic growth in our two main regions: EMEA and the Americas. In EMEA, total growth for the first half stood at 6.3%, driven by the integration of infas in Germany since the beginning of the year. Despite an unfavourable base effect (+7.6% in the first semester 2024), half-year organic growth reached 0.8%, including 1.8% in the second quarter alone. This performance reflects notably (i) good results in continental Europe and the Middle East (ii) a decline in activity in France, attributable to the political climate which significantly penalized our Public Affairs service line. The Americas showed organic growth of 0.6% in the second quarter, including 0.5% in the United States, where the measures taken by the new management team are beginning to bear fruit. Although the political context remains uncertain and continues to penalize our Public Affairs activity, the other service lines as a whole are showing encouraging signs, with organic growth of 2% over the half-year, driven by a good performance in the consumer goods sector and an improvement in healthcare activity. The performance of the Asia-Pacific region was impacted by the lack of recovery in China, still held back by a lack of macroeconomic visibility and by the deflationary context; by a climate of uncertainty in the region; and by a decrease in our Public Affairs activities, following election periods in many countries of the region in 2024. PERFORMANCE BY AUDIENCE Breakdown of Service Lines by audience segment: 1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Ipsos Synthesio, Strategy3 2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (Mystery Shopping and Shopper), Media Development, ERM, Capabilities 3- Public Affairs, Corporate Reputation 4- Pharma (quantitative and qualitative) Our service lines dedicated to consumers and clients and employees showed organic growth of 0.8% in the first half, accelerating between the first and second quarter, despite an unfavourable base effect. Business in this sector is driven in particular by our activities related to market positioning, marketing spend optimization, advertising campaign measurement and mystery shopping. Our activity related to citizens is down 11.4% on an organic basis since the beginning of the year. Although improving compared to the first quarter, it remains impacted by prolonged uncertainties and wait-and-see attitude resulting from the electoral cycle, particularly in the United States, France and certain Asian countries. The doctors and patients audience is improving, with organic growth of about 5% over the half-year. Innovation in oncology, rare diseases, as well as GLP-1 studies should support the sector's growth in the coming months. However, we remain cautious given the political and regulatory climate in the United States, which could impact vaccine development and the commercialization of new drugs. Our DIY platform continues its strong growth (26% in the first half), with an operating margin level about twice that of the Group. Additionally, the platform continues to expand with new solutions. FINANCIAL PERFORMANCE Summary income statement *Adjusted net profit is calculated before (i) non-monetary items related to IFRS 2 (Share-based Payment), (ii) the amortisation of acquisition-related intangible assets (client relations), (iii) the impact of other non-current income and expenses, net of tax, (iv) the non-monetary impact of changes in puts and other financial income and expenses, and (v) deferred tax liabilities related to goodwill for which amortisation is deductible in some countries. Income statement items Gross margin stood at 68.4% compared to 68.5% in the same period last year. This slight decrease is explained by the integration of infas in Germany, whose gross margin rate is lower than the Group's average. The integration plan aimed at restoring profitability is ongoing. At constant scope, the gross margin rate increased by 30 basis points, notably due to the strong growth of Regarding operating costs, the payroll increased by 3.1% due to the impact of acquisitions, but only by 0.7% at constant scope. We continue to adapt our cost structure to the evolution of the activity. Thus, our headcount has decreased by almost 2% at constant scope since the beginning of the year; full effects on profitability will materialize in the second half. At June 30, the ratio of payroll to gross margin stands at 69.5% and remains significantly lower than the pre-pandemic situation. Overhead costs increased by €7.3 million, mainly due to (i) a scope effect of €5 million coming from acquisitions (ii) an increase in IT, technology, and panel acquisition expenses. The ratio of overhead costs to gross margin is 15.7% and remains significantly lower than in 2019 (18.3%). The Other operating income and expenses item shows a negative balance of €10.4 million, which mainly consists of departure costs and is impacted by operational exchange losses related to the depreciation of the dollar and other currencies against the euro. For the first half, the operating margin stands at 8.3%. As in 2023, we expect a significant improvement in profitability in the second half, driven by the acceleration of growth and by the full effect of the measures taken to adjust our costs. The Other non-current income and expenses item includes nearly €5 million in acquisition costs and €3 million related to the write-down of the Russian net asset. Furthermore, we are currently analyzing the impacts of the law passed by the Russian parliament on July 15, 2025, which will limit, starting 2026, the share of market research companies' capital held by foreign companies. The whole Russian net book value has already been written down in the Group's accounts. The financial result is -€12.6 million. It mainly includes financing costs of 5.3 million euros as well as non-operating exchange losses related to the dollar's depreciation. The effective tax rate is 26.6% compared to 26.0% in the first half of 2024. Net profit attributable to owners of the parent amounts to €53 million and adjusted net profit attributable to owners of the parent share to €72 million compared to €82 million the previous year. Financial structure Cash flow. Cash flow from operations amounts to €139 million, compared to €177 million in the first half of 2024. This decrease is linked to the decline in pre-tax net profit. In the first half of 2025, the change in the working capital requirement is stable compared to 2024, thanks to the optimization of our invoicing and settlement processes, which has reduced payment times. This offsets the impact of customer collections, which are lower this year given the level of growth. Investments in property, plant and equipment and intangible assets mainly consist of investments in IT and technology infrastructure and amounted to €42 million in the first half. They are up by nearly a third, in line with the implementation of our platforms and technologies roadmap. In total, free cash flow from operations amounts to €40 million in the first half and would be €54 million at constant scope. It is down compared to 2024, which had benefited at the beginning of the year from the strong growth of end 2023, but remains higher than that of previous years (€24 million in 2023 and €53 million in 2022). Regarding non-current investments, Ipsos invested €149 million in the first half, mainly for the acquisitions of The BVA Family and infas. Finally, financing activities his semester mainly include (i) a rated bond issue of 400 million euros in January 2025 (ii) the repayment in June of the previous bond for 300 million euros. Equity stands at €1,429 million at June 30, 2025, compared to €1,421 million at June 30, 2024. Net financial debt amounts to €251 million, compared to €100 million at June 30, 2024, due to acquisitions. The leverage ratio (calculated excluding the IFRS 16 impact) is healthy at 0.6 times EBITDA. Cash position. Cash at June 30, 2025, amounts to €250 million, compared to €283 million at June 30, 2024. The Group has an excellent level of liquidity, with nearly €450 million in credit facilities with maturities of more than one year, after successfully renegotiating a 5-year syndicated facility line of €150 million. Ipsos henceforth has no significant debt maturities before 2030. PERSPECTIVES The second quarter is marked by encouraging signs as Ipsos returns to organic growth in a still volatile macroeconomic environment. In the United States, the measures taken are beginning to bear fruit. We are continuing our acquisition strategy. The finalization of the acquisition of The BVA Family provides us with new strengths in France, the United Kingdom and Italy, particularly in packaging testing, customer experience, mystery shopping, and studies for governments and public services. In Germany, the acquisition of InMoment's Healthcare division strengthens our expertise in the pharmaceutical and MedTech sectors, a few months after the acquisition of infas in Public Affairs. We are also pursuing our advancements in technology and Artificial Intelligence. Our work in synthetic data allows us to offer new solutions to our clients, while we continue to optimize and automate our internal platforms to simplify and accelerate the compilation and processing of large-scale data. As expected, the business profile for 2025 will be opposite to that of 2024, with a greater than usual weight of the second half in terms of revenue, operating margin, and cash generation, as observed in 2023. As a consequence, while we remain cautious in the face of the global context, we confirm our financial objectives for 2025: organic growth higher than that of 2024 and an operating margin of around 13% at constant scope, excluding the impact of acquisitions made in 2025. Ipsos will present its new strategic plan, Horizons 2030, during an Investor Day to be held on November 19, 2025. *** Presentation of half-year results The 2025 half-year results will be presented on Thursday, 24 July 2025 at 8:30 a.m. CEST via webcast. If you would like to register, please contact [email protected]. A replay will also be made available on Appendices The complete consolidated financial statements as at 30 June 2025 are available on ABOUT IPSOS Ipsos is one of the largest market research companies in the world, present in 90 markets and employing nearly than 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques. 'Game Changers' – our tagline – summarises our ambition to help our 5,000 clients navigate with confidence our world of rapid change. Founded in France in 1975, Ipsos has been listed on the Euronext Paris since 1 July 1999. The company is part of the SBF 120, Mid-60 indices and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters Bloomberg IPS:FP 35 rue du Val de Marne 75 628 Paris, Cedex 13 France Tel. +33 1 41 98 90 00 Notes Consolidated income statement, Interim financial statements at June 30, 2025 * Adjusted for non-cash items related to IFRS 2 (share-based compensation), amortization of intangible assets identified on acquisitions (customer relations), deferred tax liabilities related to goodwill for which amortization is deductible in some countries, the impact net of tax of other non-operating income and expenses and the non-cash impact of changes in puts in other financial income and expenses. Statement of financial position, Interim financial statements at June 30, 2025 Consolidated statement of cash flows, Interim financial statements at June 30, 2025 Attachment
Bloomberg
a day ago
- Business
- Bloomberg
Thales Boosts Sales Target on Defense Orders, Aerospace Demand
Thales SA raised its annual revenue guidance as strong defense orders and continued aerospace momentum drove robust sales in the first half. The French defense company now expects organic sales to grow between 6% and 7% for the full year, up from a previous target of 5% to 6%, it said in a statement.
Yahoo
a day ago
- Business
- Yahoo
Publicis Groupe forecasts sunny H2 based on strong H1 new business gains
This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter. Dive Brief: Publicis Groupe reported 5.9% organic growth during the second quarter of 2025. Following a strong first quarter, the company was able to deliver 5.4% organic growth for the first half, per its earnings announcement. Performance was driven by new business wins, including the Coca-Cola Company's North American data and media account in Q1. Overall, the company reported more than a dozen wins in the first half of material new business. Growth was strong across geographic regions — up 5.3% in North America, up 4.6% in Europe and up 5.7% in Asia Pacific — for the second quarter. Business practices like connected media, technology and intelligent creativity also made gains. Dive Insight: Despite continued macroeconomic uncertainty surrounding tariffs, Publicis Groupe executives insisted the company is well-positioned to weather any upcoming storms. Already this year, the large volume of new business is helping it gain market share, per press details. And based on the two strong quarters, Publicis revised its full-year guidance, projecting close to 5% organic growth for the year, up from its previous projection of between 4% and 5%. Strategic investments, including in acquiring and enhancing its artificial intelligence capabilities, are supporting the growth using a so-called 'bolt-on' M&A strategy to reinforce AI capabilities in data management, new media, production and business transformation. Publicis Groupe spent over $10 billion between 2015 and 2025 on properties, including Sapient and Epsilon, as well as more than an additional $2 billion since 2024 to launch its Core AI product. A recently unveiled partnership through Publicis Sapient will create an AI Center of Excellence to help clients reshape their enterprises. 'We are uniquely positioned to win market share by bringing clients the immediate business solutions they need to grow in an uncertain global context,' said Publicis Groupe Chairman and CEO Arthur Sadoun, in a statement. 'We are reinforcing our status as a Category of One with a targeted M&A strategy to further accelerate on AI-led capabilities.' Publicis Groupe's moves come as the industry moves toward a landscape that consists of three large holding companies, rather than the four that defined the space in the recent past. Omnicom's $13 billion acquisition of IPG is on track to close in the second half of the year, creating the world's largest agency holding company. Omnicom's Q2 organic revenue increased 3% year over year, which was in-line with expectations, though the company's branding and retail commerce and public relations divisions experienced sharp declines, down 17% and 9%, respectively. The company upheld its full-year guidance of growth between 2.5% to 4.5%. WPP, meanwhile, revised its full-year guidance downward, expecting declines between 3% and 5% based on macroeconomic conditions and the network winning less net new business than anticipated. The agency network had previously expected like-for-like revenues, less pass-through costs, would be flat or down 2%. Recommended Reading Publicis deepens AI transformation services with help from Nvidia
Yahoo
3 days ago
- Business
- Yahoo
Roper Technologies announces second quarter financial results and acquisition of Subsplash; Increasing full year guidance
SARASOTA, Fla., July 21, 2025 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the second quarter ended June 30, 2025. Second quarter 2025 highlights Revenue increased 13% to $1.94 billion; organic revenue was +7% and acquisition contribution was +6% GAAP net earnings increased 12% to $378 million; adjusted net earnings increased 9% to $528 million Adjusted EBITDA increased 12% to $775 million GAAP operating cash flow increased 5% to $404 million; adjusted operating cash flow increased 13% to $434 million GAAP DEPS increased 12% to $3.49; adjusted DEPS increased 9% to $4.87 "We delivered another strong quarter, highlighted by 13% total revenue growth, 7% organic revenue growth, and 10% free cash flow growth," said Neil Hunn, Roper Technologies' President and CEO. "Our businesses continued to execute at a high level, while further innovating and investing to drive durable, long-term growth. We are particularly excited about how AI capabilities are enhancing our solutions and creating new opportunities, broadly, across our portfolio. Our second quarter growth was balanced across all three segments, as expected, and positions us well for a strong second half." "We are once again increasing our full year outlook, supported by our strong second quarter results, the continued expansion of our recurring revenue base, and resilient demand for our businesses' mission critical solutions. With significant M&A capacity and our proven acquisition model, we remain well positioned to execute our disciplined capital deployment strategy against a large pipeline of attractive opportunities. The combination of our durable business portfolio and proven M&A capability continues to fuel compelling long-term cash flow compounding for our shareholders." Subsplash acquisition Last week, Roper signed a definitive agreement to acquire Subsplash, a leading provider of AI-enabled, cloud-based software and fintech solutions that serve over 20,000 faith-based organizations and churches, for a purchase price of $800 million. "Subsplash is a terrific business that meets each of our long-standing acquisition criteria while enhancing shareholder value creation with its high-teens organic growth profile and the ability to expand margins under Roper's long-term ownership. We are excited to welcome the Subsplash team to the Roper family and look forward to partnering with them to execute their long-term growth strategy. We see significant potential for Subsplash to further advance their AI capabilities and deliver powerful solutions that will drive increased engagement for their customers," concluded Mr. Hunn. Increasing 2025 guidance Roper now expects full year 2025 adjusted DEPS of $19.90 - $20.05, compared to previous guidance of $19.80 - $20.05. The Company increased its full year total revenue growth outlook to ~13%, compared to a previous outlook of ~12%, and continues to expect organic revenue growth of +6 – 7%. For the third quarter of 2025, the Company expects adjusted DEPS of $5.08 - $5.12. Roper's guidance includes the impact of the Subsplash acquisition, which is expected to close later this month. The Company's guidance excludes the impact of unannounced future acquisitions or divestitures. Conference call to be held at 8:00 AM (ET) today A conference call to discuss these results has been scheduled for 8:00 AM ET on Monday, July 21, 2025. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 87418. Webcast information and conference call materials will be made available in the Investors section of Roper's website ( prior to the start of the call. The webcast can also be accessed directly by using the following URL Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 87418#. Use of non-GAAP financial information The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. Minority interest Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper's equity investment in Indicor is updated on a quarterly basis and reported as "equity investments (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with this investment. Table 1: Revenue and adjusted EBITDA reconciliation ($M) Q2 2024 Q2 2025 V % GAAP revenue $ 1,717 $ 1,944 13 % Components of revenue growth Organic 7 % Acquisitions 6 % Foreign exchange — % Revenue growth 13 % Adjusted EBITDA reconciliation GAAP net earnings $ 337 $ 378 Taxes 88 107 Interest expense 68 79 Depreciation 9 10 Amortization 192 213 EBITDA $ 694 $ 788 14 % Transaction-related expenses for completed acquisitions — 4 Financial impacts associated with the minority investments in Indicor & Certinia 1 (17 ) A Adjusted EBITDA $ 695 $ 775 12 % Adjusted EBITDA margin 40.5 % 39.9 % (60 bps )Table 2: Adjusted net earnings reconciliation ($M) Q2 2024 Q2 2025 V % GAAP net earnings $ 337 $ 378 12 % Transaction-related expenses for completed acquisitions — 3 Financial impacts associated with the minority investments in Indicor & Certinia — (13 ) A Amortization of acquisition-related intangible assets 146 160 B Adjusted net earnings C $ 483 $ 528 9 % Table 3: Adjusted DEPS reconciliation Q2 2024 Q2 2025 V % GAAP DEPS $ 3.12 $ 3.49 12 % Transaction-related expenses for completed acquisitions — 0.03 Financial impacts associated with the minority investments in Indicor & Certinia — (0.12 ) A Amortization of acquisition-related intangible assets 1.35 1.48 B Adjusted DEPS C $ 4.48 $ 4.87 9 % Table 4: Adjusted cash flow reconciliation ($M) Q2 2024 Q2 2025 V % Operating cash flow $ 384 $ 404 5 % Taxes paid in period related to divestiture — 30 D Adjusted operating cash flow $ 384 $ 434 13 % Capital expenditures (7 ) (16 ) Capitalized software expenditures (11 ) (14 ) Adjusted free cash flow $ 367 $ 403 10 % Table 5: Forecasted adjusted DEPS reconciliation Q3 2025 FY 2025 Low end High end Low end High end GAAP DEPS E $ 3.61 $ 3.65 $ 13.89 $ 14.04 YTD transaction-related expenses for completed acquisitions — — 0.03 0.03 YTD financial impacts associated with the minority investment in Indicor A — — 0.17 0.17 Amortization of acquisition-related intangible assets B 1.47 1.47 5.81 5.81 Adjusted DEPS C $ 5.08 $ 5.12 $ 19.90 $ 20.05 Footnotes: A. Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. Q2 2025A Q3 2025E FY 2025E YTD 2025A Pretax $ (17 ) TBD TBD $ 28 After-tax $ (13 ) TBD TBD $ 18 Per share $ (0.12 ) TBD TBD $ 0.17 B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). Forecasted results do not include amortization of intangible assets associated with the announced acquisition of Subsplash, as the valuation of acquisition-related intangible assets is incomplete. This item will be excluded from all non-GAAP results in future periods. Q2 2025A Q3 2025E FY 2025E Pretax $ 203 $ 202 $ 798 After-tax $ 160 $ 160 $ 630 Per share $ 1.48 $ 1.47 $ 5.81 C. All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments. D. Cash taxes paid in the quarter associated with Roper's gain on the sale of its minority interest in Certinia. E. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor, nor amortization of intangible assets associated with the announced acquisition of Subsplash, as the valuation of acquisition-related intangible assets is incomplete. These impacts will be excluded from all non-GAAP results in future periods. Note: Numbers may not foot due to rounding. About Roper Technologies Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company's website at Contact information: Investor Relations941-556-2601 investor-relations@ The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Roper Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) (Amounts in millions) June 30, 2025 December 31, 2024 ASSETS: Cash and cash equivalents $ 242.4 $ 188.2 Accounts receivable, net 868.8 885.1 Inventories, net 132.2 120.8 Income taxes receivable 50.0 25.6 Unbilled receivables 140.0 127.3 Prepaid expenses and other current assets 220.9 195.7 Total current assets 1,654.3 1,542.7 Property, plant and equipment, net 156.5 149.7 Goodwill 20,507.6 19,312.9 Other intangible assets, net 9,627.4 9,059.6 Deferred taxes 54.6 54.1 Equity investment 739.7 772.3 Other assets 480.3 443.4 Total assets $ 33,220.4 $ 31,334.7 LIABILITIES AND STOCKHOLDERS' EQUITY: Accounts payable $ 159.4 $ 148.1 Accrued compensation 213.8 289.0 Deferred revenue 1,618.1 1,737.4 Other accrued liabilities 520.3 546.2 Income taxes payable 53.1 68.4 Current portion of long-term debt, net 999.8 1,043.1 Total current liabilities 3,564.5 3,832.2 Long-term debt, net of current portion 7,859.2 6,579.9 Deferred taxes 1,706.0 1,630.6 Other liabilities 456.8 424.4 Total liabilities 13,586.5 12,467.1 Common stock 1.1 1.1 Additional paid-in capital 3,187.1 3,014.6 Retained earnings 16,565.9 16,034.9 Accumulated other comprehensive loss (104.1 ) (166.5 ) Treasury stock (16.1 ) (16.5 ) Total stockholders' equity 19,633.9 18,867.6 Total liabilities and stockholders' equity $ 33,220.4 $ 31,334.7 Roper Technologies, Inc. Condensed Consolidated Statements of Earnings (unaudited) (Amounts in millions, except per share data) Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 Net revenues $ 1,943.6 $ 1,716.8 $ 3,826.4 $ 3,397.5 Cost of sales 598.2 523.5 1,187.3 1,023.2 Gross profit 1,345.4 1,193.3 2,639.1 2,374.3 Selling, general and administrative expenses 797.1 699.1 1,565.0 1,398.8 Income from operations 548.3 494.2 1,074.1 975.5 Interest expense, net 79.1 67.5 142.0 120.7 Equity investments (gain) loss, net (16.6 ) 0.8 27.8 (56.2 ) Other expense, net 0.5 0.6 1.0 1.8 Earnings before income taxes 485.3 425.3 903.3 909.2 Income taxes 107.0 88.2 193.9 190.1 Net earnings $ 378.3 $ 337.1 $ 709.4 $ 719.1 Net earnings per share: Basic $ 3.52 $ 3.15 $ 6.60 $ 6.72 Diluted $ 3.49 $ 3.12 $ 6.55 $ 6.66 Weighted average common shares outstanding: Basic 107.6 107.1 107.5 107.0 Diluted 108.4 107.9 108.3 107.9 Roper Technologies, Inc. Selected Segment Financial Data (unaudited) (Amounts in millions; percentages of net revenues) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Amount % Amount % Amount % Amount % Net revenues: Application Software $ 1,094.9 $ 931.8 $ 2,163.1 $ 1,827.0 Network Software 385.4 364.2 761.3 735.0 Technology Enabled Products 463.3 420.8 902.0 835.5 Total $ 1,943.6 $ 1,716.8 $ 3,826.4 $ 3,397.5 Gross profit: Application Software $ 753.3 68.8 % $ 641.1 68.8 % $ 1,474.1 68.1 % $ 1,266.8 69.3 % Network Software 320.8 83.2 % 307.8 84.5 % 636.4 83.6 % 624.1 84.9 % Technology Enabled Products 271.3 58.6 % 244.4 58.1 % 528.6 58.6 % 483.4 57.9 % Total $ 1,345.4 69.2 % $ 1,193.3 69.5 % $ 2,639.1 69.0 % $ 2,374.3 69.9 % Operating profit*: Application Software $ 294.6 26.9 % $ 251.1 26.9 % $ 571.4 26.4 % $ 490.7 26.9 % Network Software 169.3 43.9 % 159.1 43.7 % 336.0 44.1 % 326.1 44.4 % Technology Enabled Products 164.1 35.4 % 146.7 34.9 % 317.7 35.2 % 282.9 33.9 % Total $ 628.0 32.3 % $ 556.9 32.4 % $ 1,225.1 32.0 % $ 1,099.7 32.4 % * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $79.7 and $62.7 for the three months ended June 30, 2025 and 2024, respectively, and $151.0 and $124.2 for the six months ended June 30, 2025 and 2024, Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (Amounts in millions) Six months endedJune 30, 2025 2024 Cash flows from operating activities: Net earnings $ 709.4 $ 719.1 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation and amortization of property, plant and equipment 19.6 18.5 Amortization of intangible assets 417.2 377.2 Amortization of deferred financing costs 5.5 4.5 Non-cash stock compensation 82.7 73.3 Equity investments (gain) loss, net 27.8 (56.2 ) Income tax provision 193.9 190.1 Changes in operating assets and liabilities, net of acquired businesses: Accounts receivable 37.4 96.7 Unbilled receivables (9.7 ) (17.7 ) Inventories (9.6 ) (11.0 ) Prepaid expenses and other current assets (22.9 ) (30.7 ) Accounts payable 7.0 4.5 Other accrued liabilities (115.4 ) (47.3 ) Deferred revenue (132.7 ) (122.6 ) Cash taxes paid for gain on disposal of equity investment (30.2 ) — Cash income taxes paid, excluding tax associated with gain on disposal of equity investment (233.7 ) (284.3 ) Other, net (13.5 ) 1.5 Cash provided by operating activities 932.8 915.6 Cash flows from (used in) investing activities: Acquisitions of businesses, net of cash acquired (2,005.2 ) (1,858.3 ) Capital expenditures (26.0 ) (15.9 ) Capitalized software expenditures (26.8 ) (20.5 ) Distributions from equity investment 5.1 8.4 Other 1.6 (1.1 ) Cash used in investing activities (2,051.3 ) (1,887.4 ) Cash flows from (used in) financing activities: Borrowings under revolving line of credit, net 1,275.0 1,090.0 Cash dividends to stockholders (177.2 ) (160.6 ) Proceeds from stock-based compensation, net 73.8 75.9 Treasury stock sales 12.5 10.3 Other, net (43.9 ) (0.2 ) Cash provided by financing activities 1,140.2 1,015.4 Effect of exchange rate changes on cash 32.5 (6.4 ) Net increase in cash and cash equivalents 54.2 37.2 Cash and cash equivalents, beginning of period 188.2 214.3 Cash and cash equivalents, end of period $ 242.4 $ 251.5 Sign in to access your portfolio
National Post
7 days ago
- Business
- National Post
Exchange Income Corporation Announces July 2025 Dividend
Exchange Income Corporation is a diversified acquisition-oriented company, focused in two segments: aerospace & aviation and manufacturing. The Corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth. For more information on the Corporation, please visit . Additional information relating to the Corporation, including all public filings, is available on SEDAR+ ( ). Article content Many of these forward-looking statements may be identified by looking for words such as 'believes', 'expects', 'will', 'may', 'intends', 'projects', 'anticipates', 'plans', 'estimates', 'continues' and similar words or the negative thereof. These uncertainties and risks include, but are not limited to, external risks, operational risks, financial risks and human capital risks. External risks include, but are not limited to, risks associated with economic and geopolitical conditions, competition, government funding for Indigenous health care, access to capital, market trends and innovation, general uninsured loss, climate, acts of terrorism, armed conflict, labour and/or social unrest, pandemic, level and timing of government spending, government-funded programs and environmental, social and governance. Operational risks include, but are not limited to, significant contracts and customers, operational performance and growth, laws, regulations and standards, acquisitions (including receiving any requisite regulatory approvals thereof), concentration and diversification, maintenance costs, access to parts and relationships with key suppliers, casualty losses, environmental liability, dependence on information systems and technology, cybersecurity, international operations, fluctuations in sales prices of aviation related assets, fluctuations in purchase prices of aviation related assets, warranty, performance guarantees, global offset and intellectual property risks. Financial risks include, but are not limited to, availability of future financing, income tax matters, commodity risk, foreign exchange, interest rates, credit facility and the trust indentures, dividends, unpredictability and volatility of securities pricing, dilution and other credit risk. Human capital risks include, but are not limited to, reliance on key personnel, employees and labour relations and conflicts of interest.
