Inside Roper (pt.1/7): how about three quarters repeat billing makes the cash feel “scheduled”
$4.6b is already signed but not booked yet, with $3.0b expected within 12 months
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ROPER TOP 5 INSIGHTS: How it makes money
1️⃣ 💵 Roper earns mostly from repeat billing. In 2024, about $4.6b was recurring (subscriptions you pay again and again) and about $0.6b was reoccurring (usage fees that repeat). Together that is roughly three quarters of revenue, which makes cash flow steadier over time.
2️⃣ 🧾 A lot of future sales are already contracted. At June 2025, remaining performance obligations (signed work not yet booked as revenue) were about $4.6b, and about $3.0b should show up within 12 months. This is like a “paid and scheduled” pipeline, not a wish.
3️⃣ 🏢 Most sales come from software, not hardware. In the first half of 2025, Application Software made about $2.2b of net revenue, Network Software about $0.8b, and Technology Enabled Products about $0.9b. Software is the bigger base, which usually supports repeat payments.
4️⃣ 🧺 Customers often pay before Roper records revenue. At June 2025, deferred revenue was about $1.6b. Deferred revenue is money already billed or collected for service that will be delivered later, like paying a gym membership upfront, then using it month by month.
5️⃣ 🚚 Some businesses grow stronger as more people use them. DAT shows this clearly: about 1.2m loads posted per day and 15.0m rate views per day. That scale lets DAT add more steps of the freight workflow, which can create more ways to charge over time.
Next you will see why the mix of segments and cash conversion can matter more than growth headlines.
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