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, 2021. 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, 2021, 2020 and 2019 and the consolidated balance sheet data as of June 30, 2021 and 2020 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, 2018 and 2017 and the consolidated balance sheet data as of June 30, 2019, 2018 and 2017 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):	2021		2020		2019		2018		2017
Net revenue		3,196,825		2,957,013		2,606,572		2,340,196		2,066,737
Cost of sales (exclusive of amortization shown separately below)		1,312,598		1,189,624		1,069,987		978,032		864,992
Amortization of acquired intangible assets		45,127		49,603		42,514		27,266		29,477
Total cost of sales		1,357,725		1,239,227		1,112,501		1,005,298		894,469
Gross profit		1,839,100		1,717,786		1,494,071		1,334,898		1,172,268
Selling, general and administrative expenses		670,387		676,689		645,010		600,369		553,968
Research and development expenses		225,284		201,946		180,651		155,149		144,467
Amortization of acquired intangible assets		31,078		30,092		32,424		19,117		17,101
Restructuring expenses		8,673		-		9,401		18,432		12,358
Litigation settlement expenses		-		(600)		41,199		-		8,500
Acquisition related expenses		-		-		6,123		-		10,076
Total operating expenses		935,422		908,127		914,808		793,067		746,470
Income from operations		903,678		809,659		579,263		541,831		425,798
Other income:
Interest income (expense), net		(23,627)		(39,356)		(33,857)		(11,977)		(11,151)
Loss attributable to equity method investments		(11,205)		(25,058)		(15,833)		-		-
Other, net		14,816		(12,157)		(10,726)		(8,542)		4,096
Total other income (loss), net		(20,016)		(76,571)		(60,416)		(20,519)		(7,055)
Income before income taxes		883,662		733,088		518,847		521,312		418,743
Income taxes		409,157		111,414		114,255		205,724		76,459
Net income	$	474,505	$	621,674	$	404,592	$	315,588	$	342,284
Basic earnings per share	$	3.27	$	4.31	$	2.83	$	2.21	$	2.42
Diluted earnings per share	$	3.24	$	4.27	$	2.80	$	2.19	$	2.40
Dividends per share	$	1.56	$	1.56	$	1.48	$	1.40	$	1.32
Weighted average:
Basic shares outstanding		145,313		144,338		143,111		142,764		141,360
Diluted shares outstanding		146,451		145,652		144,484		143,987		142,453


	As of June 30,
Consolidated Balance Sheet Data (In thousands):	2021		2020		2019		2018		2017
Working capital	$	662,991	$	920,698	$	589,375	$	554,468	$	1,283,877
Total assets		4,728,125		4,587,376		4,107,682		3,063,923		3,468,487
Long-term debt, less current maturities		643,351		1,164,133		1,258,861		269,988		1,078,611
Total stockholders’ equity	$	2,885,679	$	2,497,027	$	2,072,193	$	2,058,980	$	1,960,266

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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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Item 6. SELECTED FINANCIAL DATA

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