Table 1: Revenue and adjusted EBITDA reconciliation ($M)(from continuing operations) Q1 2023 Q1 2024 V %GAAP revenue$1,470 $1,681 14% Components of revenue growth Organic 8%Acquisitions 6%Foreign exchange —%Revenue growth 14% Adjusted EBITDA reconciliation GAAP net earnings$284 $382 Taxes 76 102 Interest expense 37 53 Depreciation 9 9 Amortization 175 185 EBITDA$581 $731 26% Transaction-related expenses for completed acquisitions — 2 Financial impacts associated with the minorityinvestments in Indicor & CertiniaA 1 (57) Adjusted EBITDA$582 $676 16%% of revenue 39.6% 40.2% +60 bps Table 2: Adjusted DEPS reconciliation (from continuing operations) Q1 2023 Q1 2024 V %GAAP DEPS$2.66 $3.54 33%Transaction-related expenses for completed acquisitions — 0.01 Financial impacts associated with the minority investments in Indicor & CertiniaA (0.02) (0.45) Amortization of acquisition-related intangible assetsB 1.26 1.31 Adjusted DEPS$3.90 $4.41 13% Table 3: Cash flow reconciliation ($M)(from continuing operations) Q1 2023 Q1 2024 V %Operating cash flow$465 $531 14%Capital expenditures (10) (9) Capitalized software expenditures (10) (10) Free cash flow$445 $513 15% Table 4: Forecasted adjusted DEPS reconciliation(from continuing operations) Q2 2024 FY 2024 Low end High end Low end High endGAAP DEPSC$3.07 $3.11 $12.71 $12.91 Transaction-related expenses for completed acquisitions — — 0.01 0.01 Financial impacts associated with the minority investments in Indicor & CertiniaATBD TBD TBD TBDAmortization of acquisition-related intangible assetsB 1.35 1.35 5.33 5.33 Adjusted DEPS$4.42 $4.46 $18.05 $18.25 Footnotes: A.
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, difficulties associated with exports, 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 the current inflationary environment and ongoing 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.
First quarter 2024 highlights Revenue increased 14% to $1.68 billion; organic revenue increased 8%GAAP DEPS increased 33% to $3.54; adjusted DEPS increased 13% to $4.41GAAP net earnings increased 34% to $382 millionAdjusted EBITDA increased 16% to $676 millionOperating cash flow increased 14% to $531 million "We had a great start to 2024, highlighted by 14% total revenue growth, 8% organic revenue growth, 16% EBITDA growth, and a 31% free cash flow margin," said Neil Hunn, Roper Technologies’ President and CEO.
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