filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following table sets forth selected financial data as of and for the last five fiscal years. The information set forth below is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our Notes to Consolidated Financial Statements in Item 15 of this Form 10-K, to fully understand factors that may affect the comparability of the information presented below.
Selected Consolidated Statements of Comprehensive Income Data: (in millions, except per share data)
| Year Ended December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Revenues | $ | 1,215 | $ | 1,165 | $ | 1,142 | $ | 1,059 | $ | 1,010 | |||||||||
| Operating income | $ | 767 | $ | 708 | $ | 687 | $ | 606 | $ | 564 | |||||||||
| Net income (1) | $ | 582 | $ | 457 | $ | 441 | $ | 375 | $ | 355 | |||||||||
| Earnings per share: | |||||||||||||||||||
| Basic | $ | 5.13 | $ | 4.56 | $ | 4.12 | $ | 3.29 | $ | 2.80 | |||||||||
| Diluted | $ | 4.75 | $ | 3.68 | $ | 3.42 | $ | 2.82 | $ | 2.52 |
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| (1) | Net income for 2018 includes a $52.0 million after-tax gain recognized in 2018 related to the sale of customer contracts of our Security Services business. |
Consolidated Balance Sheet Data: (in millions)
| As of December 31, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| Cash, cash equivalents and marketable securities (1) (2) | $ | 1,270 | $ | 2,415 | $ | 1,798 | $ | 1,915 | $ | 1,425 | |||||||||
| Total assets (1) (2) | $ | 1,915 | $ | 2,941 | $ | 2,335 | $ | 2,358 | $ | 1,901 | |||||||||
| Deferred revenues | $ | 1,018 | $ | 999 | $ | 976 | $ | 961 | $ | 890 | |||||||||
| Subordinated convertible debentures, including contingent interest derivative (2) | $ | — | $ | 628 | $ | 630 | $ | 634 | $ | 621 | |||||||||
| Long-term debt (1) | $ | 1,785 | $ | 1,783 | $ | 1,237 | $ | 1,235 | $ | 740 |
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| (1) | The increase in Long-term debt from 2016 to 2017 was due to the issuance of $550.0 million aggregate principal amount of 4.75% senior unsecured notes due 2027. The increase in Long-term debt from 2014 to 2015 was due to the issuance of $500.0 million aggregate principal amount of 5.25% senior unsecured notes due 2025. The proceeds from these senior notes issuances resulted in the increase in cash, cash equivalents and marketable securities as well as total assets in the same periods. |
| (2) | All of the outstanding subordinated convertible debentures were called for redemption in 2018. Substantially all of the holders elected to convert their debentures and upon conversion we settled the $1.25 billion principal value in cash, and issued 26.1 million shares of common stock for the excess of the conversion value over the principal amount. The repayment of the principal amount of the subordinated convertible debentures resulted in a decrease in cash, cash equivalents and marketable securities as well as total assets during the same period. |
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