filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The consolidated statements of operations data set forth below with respect to each of the fiscal years ended December 31, 2012 through 2014 and the balance sheet data as of December 31, 2014 and 2013, are derived from our audited consolidated financial statements included herein, and should be read in conjunction with those financial statements and notes thereto, and with Management’s Discussion and Analysis of Financial Condition and Results of Operations included as Part II, Item 7 of this Annual Report on Form 10-K. The consolidated statements of operations data for the fiscal years ended December 31, 2011 and 2010 and the balance sheet data as of December 31, 2012, 2011 and 2010 are derived from the Company’s audited consolidated financial statements not included herein.
| (in thousands, exceptper shareinformation) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross sales*¹ | $ | 2,827,092 | $ | 2,586,531 | $ | 2,373,499 | $ | 1,950,490 | $ | 1,488,516 | ||||||
| Net sales¹ | $ | 2,464,867 | $ | 2,246,428 | $ | 2,060,702 | $ | 1,703,230 | $ | 1,303,942 | ||||||
| Gross profit¹ | $ | 1,339,810 | $ | 1,172,931 | $ | 1,065,656 | $ | 894,309 | $ | 680,240 | ||||||
| Gross profit as a percentage to net sales | 54.4% | 52.2% | 51.7% | 52.5% | 52.2% | |||||||||||
| Operating income² | $ | 747,505 | $ | 572,916 | $ | 550,623 | $ | 456,423 | $ | 347,814 | ||||||
| Net income | $ | 483,185 | $ | 338,661 | $ | 340,020 | $ | 286,219 | $ | 212,029 | ||||||
| Net income per common share: | ||||||||||||||||
| Basic | $ | 2.89 | $ | 2.03 | $ | 1.96 | $ | 1.62 | $ | 1.20 | ||||||
| Diluted | $ | 2.77 | $ | 1.95 | $ | 1.86 | $ | 1.53 | $ | 1.14 | ||||||
| Cash, cash equivalents and investments | $ | 1,194,397 | $ | 623,388 | $ | 340,949 | $ | 793,807 | $ | 643,680 | ||||||
| Total assets | $ | 1,938,875 | $ | 1,420,509 | $ | 1,043,325 | $ | 1,362,399 | $ | 1,146,950 | ||||||
| Stockholders’ equity | $ | 1,515,150 | $ | 992,279 | $ | 644,397 | $ | 979,158 | $ | 828,398 |
¹Includes $15.0 million, $14.8 million, $13.2 million, $13.0 million and $10.0 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively, related to the recognition of deferred revenue.
²Includes ($0.2) million, $10.8 million, $1.5 million, $1.1 million and $0.3 million for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively, related to expenditures attributable to the costs associated with terminating existing distributors.
*Gross sales is used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and overall Company performance. The use of gross sales allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross sales provides a useful measure of our operating performance. Gross sales is not a measure that is recognized under generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross sales may not be comparable to similarly titled measures used by other companies as gross sales has been defined by our internal reporting practices. In addition, gross sales may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers (See “Part II, Item 7 – Results of Operations”).
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