filings.toolsItem 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, 2020. 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, 2020, 2019 and 2018 and the consolidated balance sheet data as of June 30, 2020 and 2019 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, 2017 and 2016 and the consolidated balance sheet data as of June 30, 2018, 2017 and 2016 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): | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||
| Net revenue | 2,957,013 | 2,606,572 | 2,340,196 | 2,066,737 | 1,838,713 | ||||||||||
| Cost of sales (exclusive of amortization shown separately below) | 1,189,624 | 1,069,987 | 978,032 | 864,992 | 772,216 | ||||||||||
| Amortization of acquired intangible assets* | 49,603 | 42,514 | 27,266 | 29,477 | 12,906 | ||||||||||
| Total cost of sales | 1,239,227 | 1,112,501 | 1,005,298 | 894,469 | 785,122 | ||||||||||
| Gross profit | 1,717,786 | 1,494,071 | 1,334,898 | 1,172,268 | 1,053,591 | ||||||||||
| Selling, general and administrative expenses | 676,689 | 645,010 | 600,369 | 553,968 | 488,057 | ||||||||||
| Research and development expenses | 201,946 | 180,651 | 155,149 | 144,467 | 118,651 | ||||||||||
| Amortization of acquired intangible assets* | 30,092 | 32,424 | 19,117 | 17,101 | 11,017 | ||||||||||
| Restructuring expenses | - | 9,401 | 18,432 | 12,358 | 6,914 | ||||||||||
| Litigation settlement expenses | (600) | 41,199 | - | 8,500 | - | ||||||||||
| Acquisition related expenses | - | 6,123 | - | 10,076 | - | ||||||||||
| Total operating expenses | 908,127 | 914,808 | 793,067 | 746,470 | 624,639 | ||||||||||
| Income from operations | 809,659 | 579,263 | 541,831 | 425,798 | 428,952 | ||||||||||
| Other income: | |||||||||||||||
| Interest income (expense), net | (39,356) | (33,857) | (11,977) | (11,151) | 5,654 | ||||||||||
| Loss attributable to equity method investments | (25,058) | (15,833) | - | - | - | ||||||||||
| Other, net | (12,157) | (10,726) | (8,542) | 4,096 | 4,960 | ||||||||||
| Total other income (loss), net | (76,571) | (60,416) | (20,519) | (7,055) | 10,614 | ||||||||||
| Income before income taxes | 733,088 | 518,847 | 521,312 | 418,743 | 439,566 | ||||||||||
| Income taxes | 111,414 | 114,255 | 205,724 | 76,459 | 87,157 | ||||||||||
| Net income | $ | 621,674 | $ | 404,592 | $ | 315,588 | $ | 342,284 | $ | 352,409 | |||||
| Basic earnings per share | $ | 4.31 | $ | 2.83 | $ | 2.21 | $ | 2.42 | $ | 2.51 | |||||
| Diluted earnings per share | $ | 4.27 | $ | 2.80 | $ | 2.19 | $ | 2.40 | $ | 2.49 | |||||
| Dividends per share | $ | 1.56 | $ | 1.48 | $ | 1.40 | $ | 1.32 | $ | 1.20 | |||||
| Weighted average: | |||||||||||||||
| Basic shares outstanding | 144,338 | 143,111 | 142,764 | 141,360 | 140,242 | ||||||||||
| Diluted shares outstanding | 145,652 | 144,484 | 143,987 | 142,453 | 141,669 |
- Within our consolidated statements of income for the years ended June 30, 2020, 2019, 2018, 2017 and 2016, cost of sales has been adjusted to include amortization of acquired intangible assets directly applicable to revenue. As a result, gross profit includes amortization of acquired intangible assets relating to cost of sales and operating expenses have been reduced by this amount. There was no impact on income from operations, income before taxes or net income, as a result of this reclassification.
| As of June 30, | |||||||||||||||
| Consolidated Balance Sheet Data (In thousands): | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||
| Working capital | $ | 920,698 | $ | 589,375 | $ | 554,468 | $ | 1,283,877 | $ | 781,730 | |||||
| Total assets | 4,587,376 | 4,107,682 | 3,063,923 | 3,468,487 | 3,256,705 | ||||||||||
| Long-term debt, less current maturities | 1,164,133 | 1,258,861 | 269,988 | 1,078,611 | 873,332 | ||||||||||
| Total stockholders’ equity | $ | 2,497,027 | $ | 2,072,193 | $ | 2,058,980 | $ | 1,960,266 | $ | 1,694,831 |
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Table of Contents
| PART II | Item 7 |
|---|
RESMED INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous: Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS