Financial Summary (All financials)
In millions, except per share items | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 | Dec-31-13 |
Revenues | 2,051.3 | 1,729.9 | 1,330.7 | 1,118.1 | 909.7 | 888.3 | 803.1 |
Revenue growth | 18.6% | 30.0% | 19.0% | 22.9% | 2.4% | 10.6% | |
Cost of goods sold | 527.2 | 410.0 | 279.5 | 195.6 | 134.4 | 120.0 | 85.9 |
Gross profit | 1,524.1 | 1,319.9 | 1,051.2 | 922.5 | 775.3 | 768.2 | 717.1 |
Gross margin | 74.3% | 76.3% | 79.0% | 82.5% | 85.2% | 86.5% | 89.3% |
Sales and marketing | 427.4 | 420.0 | 375.6 | 349.1 | 342.8 | 335.1 | 321.9 |
Research and development | 152.0 | 132.0 | 101.2 | 78.1 | 64.0 | 49.7 | 43.0 |
General and administrative | 255.0 | 180.3 | 179.8 | 135.0 | 122.4 | 117.9 | 93.6 |
EBITA | 657.3 | 554.3 | 362.0 | 332.5 | 226.4 | 240.0 | 238.5 |
EBITA margin | 32.0% | 32.0% | 27.2% | 29.7% | 24.9% | 27.0% | 29.7% |
Amortization of intangibles | 8.7 | 1.3 | 1.5 | 16.9 | 13.4 | 11.4 | 17.1 |
EBIT | 648.5 | 553.0 | 360.5 | 315.5 | 213.0 | 228.6 | 221.3 |
EBIT margin | 31.6% | 32.0% | 27.1% | 28.2% | 23.4% | 25.7% | 27.6% |
Pre-tax income | 554.8 | 487.6 | 252.1 | 241.2 | 198.7 | 215.6 | 187.2 |
Income taxes | 20.4 | 14.7 | -103.9 | 62.9 | 65.5 | 67.3 | 60.6 |
Tax rate | 3.7% | 3.0% | | 26.1% | 33.0% | 31.2% | 32.4% |
Earnings from continuing ops | 534.7 | 478.3 | 355.8 | 177.8 | 133.1 | 147.8 | 125.0 |
Earnings from discontinued ops | | -0.4 | -5.7 | -6.3 | -12.7 | | |
Net income | 534.7 | 477.9 | 350.1 | 171.5 | 120.4 | 147.8 | 125.0 |
Net margin | 26.1% | 27.6% | 26.3% | 15.3% | 13.2% | 16.6% | 15.6% |
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Diluted EPS | $1.81 | $1.61 | $1.20 | $0.66 | $0.72 | $0.88 | $0.76 |
Shares outstanding (diluted) | 295.3 | 296.8 | 296.1 | 269.7 | 184.9 | 168.1 | 165.3 |
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EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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