Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table summarizes certain selected consolidated financial data for, and as of the end of, each of the fiscal years in the five-year period ended June 30, 2019. The data set forth below should be read together with Item 7 of Part II of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8 of Part II of this report, “Consolidated Financial Statements and Supplementary Data”, and related notes included elsewhere in this report. The consolidated statement of income data for the years ended June 30, 2019, 2018 and 2017 and the consolidated balance sheet data as of June 30, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this report. The consolidated statement of income data for the years ended June 30, 2016 and 2015 and the consolidated balance sheet data as of June 30, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this report. Historical results do not necessarily indicate the results to be expected in the future, and the results for the years presented should not be considered to indicate our future results of operations.


Consolidated Statement of Income Data	Years Ended June 30,
(In thousands, except per share data):	2019		2018		2017		2016		2015
Net revenue	$	2,606,572	$	2,340,196	$	2,066,737	$	1,838,713	$	1,678,912
Cost of sales (excluding amortization of acquired intangible assets)		1,069,987		978,032		864,992		772,216		667,516
Gross profit		1,536,585		1,362,164		1,201,745		1,066,497		1,011,396
Selling, general and administrative expenses		645,010		600,369		553,968		488,057		478,627
Research and development expenses		180,651		155,149		144,467		118,651		114,865
Amortization of acquired intangible assets		74,938		46,383		46,578		23,923		8,668
Restructuring expenses		9,401		18,432		12,358		6,914		-
Litigation settlement expenses		41,199		-		8,500		-		-
Acquisition related expenses		6,123		-		10,076		-		-
Total operating expenses		957,322		820,333		775,947		637,545		602,160
Income from operations		579,263		541,831		425,798		428,952		409,236
Other income:
Interest income (expense), net		(33,857)		(11,977)		(11,151)		5,654		20,430
Loss attributable to equity method investments		(15,833)		-		-		-		-
Other, net		(10,726)		(8,542)		4,096		4,960		6,250
Total other income (loss), net		(60,416)		(20,519)		(7,055)		10,614		26,680
Income before income taxes		518,847		521,312		418,743		439,566		435,916
Income taxes		114,255		205,724		76,459		87,157		83,030
Net income	$	404,592	$	315,588	$	342,284	$	352,409	$	352,886
Basic earnings per share	$	2.83	$	2.21	$	2.42	$	2.51	$	2.51
Diluted earnings per share	$	2.80	$	2.19	$	2.40	$	2.49	$	2.47
Dividends per share	$	1.48	$	1.40	$	1.32	$	1.20	$	1.12
Weighted average:
Basic shares outstanding		143,111		142,764		141,360		140,242		140,468
Diluted shares outstanding		144,484		143,987		142,453		141,669		142,687

	As of June 30,
Consolidated Balance Sheet Data (In thousands):	2019		2018		2017		2016		2015
Working capital	$	589,375	$	554,468	$	1,283,877	$	781,730	$	1,141,381
Total assets		4,107,682		3,063,923		3,468,487		3,256,705		2,181,774
Long-term debt, less current maturities		1,258,861		269,988		1,078,611		873,332		300,594
Total stockholders’ equity	$	2,072,193	$	2,058,980	$	1,960,266	$	1,694,831	$	1,587,307

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PART II	Item 7

RESMED INC. AND SUBSIDIARIES

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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