<SEC-DOCUMENT>0000882835-14-000016.txt : 20140613
<SEC-HEADER>0000882835-14-000016.hdr.sgml : 20140613
<ACCEPTANCE-DATETIME>20140428131403
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000882835-14-000016
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROPER INDUSTRIES INC
		CENTRAL INDEX KEY:			0000882835
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				510263969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0420

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6901 PROFESSIONAL PKWY EAST
		STREET 2:		SUITE 200
		CITY:			SARASOTA
		STATE:			FL
		ZIP:			34240
		BUSINESS PHONE:		9415562601

	MAIL ADDRESS:	
		STREET 1:		6901 PROFESSIONAL PKWY EAST
		STREET 2:		SUITE 200
		CITY:			SARASOTA
		STATE:			FL
		ZIP:			34240

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROPER INDUSTRIES INC /DE/
		DATE OF NAME CHANGE:	19930328
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<div style="FONT-SIZE: 12pt">April 28, 2014</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>VIA EDGAR SUBMISSION AND FEDERAL EXPRESS</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">Securities and Exchange Commission</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">Division of Corporation Finance</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">100 F Street, N.E.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">Washington, DC 20549</div>

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<td style="FONT-SIZE: 12pt; VERTICAL-ALIGN: top; WIDTH: 10.4%">Attention:&#160;&#160;</td>
<td style="FONT-SIZE: 12pt; VERTICAL-ALIGN: top; WIDTH: 89.6%">Mr. Martin James, Senior Assistant Chief Accountant</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Re:</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Roper Industries, Inc.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Form 10-K for the Year Ended December 31, 2013</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Filed February 21, 2014</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">File No. 001-12273</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">Dear Mr. James:</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This letter responds to the comments of the Staff (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Staff</font>") of the Securities and Exchange Commission (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Commission</font>") to Mr.&#160;John Humphrey, Roper Industries, Inc. (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Company</font>") in the letter dated April&#160;1, 2014 (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Comment Letter</font>") regarding the above-referenced Form&#160;10-K for the Company's fiscal year ended December&#160;31, 2013 and the Form 8-K dated January 27, 2014.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Set forth below are the Staff's comments (in bold) and the Company's responses thereto, organized as set forth in the Comment Letter.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Form 10-K for the Year Ended December 31, 2013</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Item 7. &#160;Management Discussion and Analysis of Financial Condition and Results of Operations</u></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Application of Critical Accounting Policies</u></div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify; WIDTH: auto">With respect to your disclosures regarding goodwill impairment testing, you disclose that the fair value of one of your reporting units in the RF Technology segment was less than 5% above its carrying value using a discounted cash flow methodology. &#160;For any reporting units where the fair value does not substantially exceed the carrying value, please revise future filings to provide expanded disclosure. &#160;In this regard, disclose the amount of goodwill allocated to the reporting unit, the degree of uncertainty associated with key assumptions and a description of potential events and/or changes in circumstances that could reasonably be expected to negatively affect the key assumptions. &#160;Please provide us with any proposed revised disclosures.</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">We respectfully clarify that our disclosures regarding goodwill impairment testing include information on our use of both an income approach (discounted cash flows) and a market approach consisting of a comparable company earnings multiples methodology to estimate the fair value of a reporting unit. We further disclose that we believe the market value of the RF Technology unit in question to be significantly in excess of its carrying value based upon observed market data. While we respect and utilize both valuation methods, we do believe the market approach to be more representative of the valuation methods we utilize in evaluating purchase prices of acquisitions. Therefore, taking into consideration both approaches, we believe the fair value of the unit does substantially exceed its carrying value, and additional disclosures were not required.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">Specifically, $318 million was allocated to goodwill for this reporting unit. Key assumptions used in the formulation of our fair value estimates are the underlying growth rate of the business, anticipated future cash flows, interest rates and market multiples for comparable companies. &#160;Potential events that could negatively affect these assumptions are customer losses, decreases in price or margin performance, increases in working capital needs, a stock market decline that would lead to lower multiples for comparable companies or a general increase in interest rates, which would affect the discount rate used.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">In future filings, if the fair value of a unit does not substantially exceed the carrying value based on our analysis, the Company will include expanded disclosures including the amount of goodwill allocated to the reporting unit, the degree of uncertainty associated with key assumptions and a description of potential events and/or changes in circumstances that could reasonably be expected to negatively affect the key assumptions.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: normal; FONT-STYLE: italic; TEXT-ALIGN: justify"><u>Item 8. &#160;Financial Statements</u></div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Note 2. &#160;Business Acquisitions</u></div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify; WIDTH: auto">We note your disclosure that you did not provide supplemental pro forma information for the 2013 acquisitions because the acquisitions did not have a material impact on your results of operations. We further note from your MD&amp;A disclosures for 2013 vs. 2012 under results of operations that sales in your Medical and Scientific Imaging segment were positively impacted by $208 million due to acquisitions. &#160;Please provide us with your analysis which demonstrates that the supplemental information is not material, and explain why no additional disclosures are required under FASB ASC 805-10-50-2 (h)</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: justify">The Company respectfully clarifies that the positive impact of $208 million in the Company's Medical and Scientific Imaging segment for 2013 as compared to 2012 is related to the Company's 2012 acquisition of Sunquest Information Systems, Inc ("Sunquest") and 2013 acquisition of Managed Healthcare Associates, Inc ("MHA"). Approximately $147 million of the $208 million impact was related to a full year of sales from Sunquest during 2013. As the acquisition of Sunquest was considered material, and Sunquest is a significant subsidiary, the related required disclosures were made in connection with the acquisition.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">In response to the Staff's comment, the Company respectfully submits that our 2013 acquisitions were not material to its financial statements taken as a whole. Accordingly, the Company believes that the disclosure requirements of ASC 805-10-50-2(h)(2) and (h)(3) are not required in this situation. In this regard, the Company advises the Staff as follows:</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Serif; TEXT-ALIGN: justify; MARGIN-TOP: auto">The net sales from our 2013 acquisitions as a percentage of the Company's consolidated net sales for the year ended December 31, 2012 was 5.1%;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">The income from continuing operations of our 2013 acquisitions as a percentage of the Company's consolidated income from continuing operations for the year ended December&#160;31, 2012 was 2.6%;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Serif; TEXT-ALIGN: justify; MARGIN-TOP: auto">The proportionate share of the total assets acquired in our 2013 acquisitions as a percentage of the Company's total consolidated assets as of December&#160;31, 2012 was 9.2%;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Serif; TEXT-ALIGN: justify; MARGIN-TOP: auto">The Company's investment in 2013 acquisitions as a percentage of the Company's total consolidated assets as of December&#160;31, 2012 was 14.1%; and</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">The Company's acquisitions in 2013 required no new or modified borrowings;</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 11.35pt">The Company also considered other qualitative factors under ASC 805 to assess the materiality of our 2013 acquisitions including the perception of historical acquisitions, the impact on cash flows, and the effect on loan covenants or other contractual requirements.</div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify; WIDTH: auto">As a related matter we note the significance of your purchase price allocation to goodwill. &#160;Please revise future filings to describe the factors that led to such a significant allocation or tell us why a revision to future filings is not necessary. &#160;Refer to FASB ASC 805-30-50-1(a).</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: justify">The Company respectfully acknowledges that when significant allocations of purchase price to goodwill exist in future filings, the factors that led to such allocation will be described. The Company generally purchases high margin, asset light businesses without significant identifiable tangible or intangible assets to which we can allocate a significant portion of the purchase price. Accordingly, these acquisitions result in a significant amount of goodwill.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: justify"><u>Note 5. &#160;Goodwill and Other Intangible Assets</u></div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify; WIDTH: auto">During 2013 and 2012 you recorded out of period corrections of tax adjustments for TransCore and iTrade. &#160;Please explain in further detail each of the adjustments made to your financial statements, including a discussion of how you became aware of the errors, the periods the adjustments relate to, and the prior and current accounting for each of these adjustments.</td>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">The Company respectfully informs the Staff that the tax adjustments for both iTrade and TransCore related to deferred income tax balances that were recorded on each acquired entity's pre-acquisition balance sheet and were erroneously included on each acquired entity's post-acquisition opening balance sheet. Such adjustments were deemed immaterial due to their size and balance-sheet-only impacts.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">The TransCore acquisition occurred in 2004 and the adjustment was discovered in 2013. &#160;The Company became aware of this adjustment during a data review associated with a software implementation project. During this review, the Company discovered that a deferred income tax liability that was recorded on TransCore's pre-acquisition balance sheet for a cumulative temporary difference relating to goodwill was also included on TransCore's post-acquisition opening balance sheet. Since there should be no cumulative temporary difference on TransCore's opening balance sheet for goodwill, the deferred income tax liability was incorrectly stated which caused TransCore's goodwill balance to be overstated.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">The iTrade acquisition occurred in 2010 and the adjustment was discovered in 2012. The Company became aware of this adjustment during our provision-to-return true-up process when the Company compared the calculated tax effect of iTrade's cumulative temporary differences to the existing deferred income tax account balances. During this review, the Company determined that certain pre-acquisition deferred income tax balances were not properly eliminated from iTrade's post-acquisition opening balance sheet. iTrade's deferred income tax liability balance was therefore incorrectly stated on its opening balance sheet which resulted in an overstatement of iTrade's goodwill balance.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Note 7. &#160;Income Taxes</u></div>

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<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify; WIDTH: auto">In note 1 of your financial statements you disclose that the amount of earnings of foreign subsidiaries that you consider are permanently reinvested was approximately $939 million at December 31, 2013. &#160;This amount was approximately $1.05 billion at December 31, 2012 as shown in note 1 of your 2012 10-K. &#160;Additionally, in note 7 in your 2013 10-K your deferred tax assets related to foreign tax credits decreased from $20.3 million at December 31, 2012 to $425,000 at December 31, 2013. &#160;Please address the following:</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Explain to us the circumstances that led to the decrease in unremitted earnings and foreign tax credits, including the amount of repatriations to the U.S., and the amount of foreign tax credits used during 2013;</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The Company respectfully informs the Staff that it did not repatriate any unremitted prior year earnings to the U.S. in 2013, and that the decrease in unremitted earnings was the result of a review performed in 2013 on the methodology used to calculate the cumulative outside basis differences in the stock of its controlled foreign corporations ("CFCs"). &#160;As a result of this review, the Company determined the outside stock basis difference it reported at December 31, 2012 was overstated. &#160;The overstatement was due to the exclusion of lower-tier CFC earnings deficits which the Company believes should have been aggregated with top-tier CFC earnings, with an effect of $275 million. The remaining difference between 2012 and 2013 is $165 million of unremitted earnings that the Company's CFCs generated in 2013.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The Company's deferred tax assets related to foreign tax credits decreased from $20.3 million at December 31, 2012 to $0.425 million at December 31, 2013 substantially due to provision to return true-ups and anticipated utilization of foreign tax credit carryforwards on the 2013 U.S. tax return.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">To the extent you remitted earnings during 2013, please tell us how you determined that the remittance of foreign earnings did not impact your current or future assertions regarding permanent reinvestment.</div>
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</table>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">The Company respectfully informs the Staff that it did not repatriate any earnings in 2013 from our foreign entities with respect to which we have made the indefinite reinvestment assertion.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: justify"><u>Form 8-K dated January 27, 2014</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: justify">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left"><u>Exhibit 99.1</u></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 18pt; align: right">6.</td>
<td style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: justify; WIDTH: auto">As required by Instruction 2 to Item 2.02 of Form 8-K, we see that you present the reconciliation required by Item 10(e)(1)(i) of Regulation S-K for your non-GAAP financial information in the form of an "adjusted" income statement. &#160;Please tell us how your presentation considers the guidance set forth in Compliance and Disclosure Interpretation 102.10. &#160;Under the cited guidance, it is generally not appropriate to present a non-GAAP income statement for purposes of reconciling non-GAAP measures to the most directly comparable GAAP measures.</td>
</tr>
</table>
</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">In response to the Staff's comment, the Company respectfully advises the Staff that, in designing the table reconciling GAAP measures to non-GAAP measures that is the subject of the Staff's comment (the "<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Reconciliation Table</font>"), the Company considered the guidance set forth in Compliance and Disclosure Interpretation 102.10 and the Staff's view that a full non-GAAP income statement is generally inappropriate, but believes that the Reconciliation Table provides additional, useful disclosure to investors without attaching undue prominence to the non-GAAP financial information contained therein.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify">However, the Company acknowledges that including almost all of the income statement line items could be interpreted as presenting a financial statement. In future presentations, we will remove items which do not specifically require reconciliation. As an example, the noted disclosure from our Form 8-K dated January 27, 2014 would be presented going forward as follows:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, Serif; WIDTH: 80%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">2013</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">GAAP revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">3,238,128</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Sunquest adjustment to acquired deferred revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">6,980</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">MHA accounting adjustment to revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #646464 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #646464 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">26,433</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Adjusted revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">3,271,541</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, Serif; WIDTH: 80%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Reconciliation of GAAP diluted earnings per share to Adjusted diluted earnings per share</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 88%" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; COLOR: #000000">2013</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">GAAP earnings</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">538,293</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Sunquest adjustment to acquired deferred revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">6,980</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">MHA accounting adjustment to revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">26,433</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Special related to vendor component</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">9,100</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Related tax effect of adjustments</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #646464 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #646464 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">(14,880</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Adjusted earnings</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">565,926</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Diluted share outstanding</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">100,209</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">GAAP diluted earnings per share</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">5.37</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Adjusted diluted earnings per share</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1.11%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">5.65</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, Serif; WIDTH: 80%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Reconciliation of GAAP operating margin to Adjusted operating margin</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 88%" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%" valign="bottom" colspan="2">&#160;<font style="FONT-WEIGHT: bold">2013</font></td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">GAAP income from operations</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">842,361</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Sunquest adjustment to acquired deferred revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">6,980</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">MHA accounting adjustment to revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">26,433</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Special related to vendor component</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #646464 2px solid; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #646464 2px solid; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">9,100</div>
</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Adjusted income from operations</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">884,874</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">GAAP revenue</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">3,238,128</div>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">GAAP operating margin</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">26.0</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">%</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div>&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Adjusted revenue</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">$</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">3,271,541</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 88%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: left">Adjusted operating margin</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 9%" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">27.0</div>
</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: 1%" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; COLOR: #000000">%</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; TEXT-INDENT: 36pt">* * * *</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">In connection with the Company's response to the comments of the Staff set forth herein, the Company acknowledges the following:</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54pt">&#183;</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54pt">&#183;</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">____________________</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Please address any comments or questions with respect to the foregoing to the undersigned at (941) 556-2616.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">Very truly yours,</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt"><u>/s/ John Humphrey</u></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">&#160;</div>

<div><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><br>
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<div><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><br>
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<div><font style="FONT-SIZE: 1px; LETTER-SPACING: 9pt">&#160;&#160;</font><br>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">John Humphrey</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 216pt">&#160;</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">cc:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">David B. Liner, Esq.</font></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Roper Industries, Inc.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">PricewaterhouseCoopers LLP</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Bruce K. Dallas, Esq.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Davis Polk &amp; Wardwell LLP</div>

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