You should read the table below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and related notes included in this Annual Report (amounts in millions, except per share data).
As of and for the Years ended December 31,
2018 (1)
2017 (2)
2016 (3)
2015 (4)
2014 (5)
Operations data:
Net revenues
$
5,191.2
$
4,607.5
$
3,789.9
$
3,582.4
$
3,549.5
Gross profit
3,279.5
2,864.8
2,332.4
2,164.6
2,101.9
Income from operations
1,396.4
1,210.2
1,054.6
1,027.9
999.5
Net earnings (6)
944.4
971.8
658.6
696.1
646.0
Per share data:
Basic earnings per share
$
9.15
$
9.51
$
6.50
$
6.92
$
6.47
Diluted earnings per share
$
9.05
$
9.39
$
6.43
$
6.85
$
6.40
Dividends declared per share
$
1.7000
$
1.4625
$
1.2500
$
1.0500
$
0.8500
Balance sheet data:
Cash and cash equivalents
$
364.4
$
671.3
$
757.2
$
778.5
$
610.4
Working capital (7)
(200.4
)
(140.4
)
(25.0
)
126.2
284.9
Total assets (9)
15,249.5
14,316.4
14,324.9
10,168.4
8,400.2
Current portion of long-term debt (8)
1.5
800.9
401.0
6.8
11.1
Long-term debt, net of current portion (9)
4,940.2
4,354.6
5,808.6
3,264.4
2,190.3
Stockholders’ equity
7,738.5
6,863.6
5,788.9
5,298.9
4,755.4
(1)
Includes results from the acquisitions of Quote Software from January 2, 2018, PlanSwift Software from March 28, 2018, Smartbid from May 8, 2018, PowerPlan, Inc. from June 4, 2018, ConceptShare from June 7, 2018, BillBlast from July 10, 2018 and Avitru from December 31, 2018.
(2)
Includes results from the acquisitions of Phase Technology from June 21, 2017, Handshake Software, Inc. from August 4, 2017, Workbook Software A/S from September 15, 2017 and Onvia, Inc. from November 17, 2017.
(3)
Includes results from the acquisitions of CliniSys Group Ltd. from January 7, 2016, PCI Medical Inc. from March 17, 2016, GeneInsight Inc. from April 1, 2016, iSqFt Holdings Inc. (d/b/a ConstructConnect) from October 31, 2016, UNIConnect LC from November 10, 2016 and Deltek, Inc. from December 28, 2016.
(4)
Includes results from the acquisitions of Strata Decision Technologies LLC from January 21, 2015, SoftWriters Inc. from February 9, 2015, Data Innovations LLC from March 4, 2015, On Center Software LLC from July 20, 2015, RF IDeas Inc. from September 1, 2015, Atlantic Health Partners LLC from September 4, 2015, Aderant Holdings Inc. from October 21, 2015, Atlas Database Software Corp. from October 26, 2015, Black Diamond Advanced Technologies through March 20, 2015 and Abel Pumps through October 2, 2015.
(5)
Includes results from the acquisitions of Foodlink Holdings Inc. from July 2, 2014, Innovative Product Achievements LLC from August 5, 2014, Strategic Healthcare Programs Holdings LLC from August 14, 2014.
(6)
The Tax Cuts and Jobs Act of 2017 (“the Tax Act”) was signed into U.S. law on December 22, 2017, which was prior to the end of the Company’s 2017 reporting period and resulted in a one-time net income tax benefit of $215.4.
(7)
Net working capital equals current assets, excluding cash, less total current liabilities, excluding debt.
(8)
At December 31, 2017, there were $799 of senior notes, net of debt issuance costs, due October 1, 2018, and at December 31, 2016, there were $399 of senior notes, net of debt issuance costs, due November 15, 2017, thus requiring classification as short-term debt, included in working capital.
(9)
Total assets and Long-term debt, net of current portion as of December 31, 2014 have been adjusted by $12.7 due to the retrospective adoption of an accounting standard update which requires that our senior notes be shown net of debt issuance costs.
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