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Item 6. Selected Financial Data
The following selected financial data is derived from our consolidated financial statements and should be read in conjunction with the consolidated
financial statements and related notes, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative
Disclosures About Market Risk included in this Annual Report on Form 10-K. The Company uses certain non-GAAP financial measures that we believe better
reflect the underlying operations of our business model, allows investors to assess our performance in a manner similar to the method used by management, and
improves our ability to understand and assess our operating performance against prior periods. Refer to (A) below for additional information about our non-GAAP
financial measures and our reconciliations to reported results. Additionally, prior period amounts have been adjusted to exclude discontinued operations (refer to
Note 2 of our Consolidated Financial Statements for additional information).
(Dollars and shares in millions, except per share amounts)
Years ended June 30,
2016
2015
2014
2013
2012
Total revenues
$ 11,667.8
$ 10,938.5
$ 10,226.4
$ 9,442.0
$ 8,897.4
Total costs of revenues
$ 6,840.3
$ 6,427.6
$ 6,041.0
$ 5,574.1
$ 5,217.9
Earnings from continuing operations before income taxes
$ 2,234.7
$ 2,070.7
$ 1,879.2
$ 1,710.1
$ 1,805.3
Net earnings from continuing operations
$ 1,493.4
$ 1,376.5
$ 1,242.6
$ 1,122.2
$ 1,192.2
Adjusted earnings from continuing operations before interest and income taxes (A)
$ 2,274.2
$ 2,061.5
$ 1,870.3
$ 1,746.5
$ 1,727.0
Adjusted net earnings from continuing operations (A)
$ 1,494.8
$ 1,376.5
$ 1,242.6
$ 1,164.9
$ 1,151.0
Basic earnings per share from continuing operations
$ 3.27
$ 2.91
$ 2.59
$ 2.32
$ 2.45
Diluted earnings per share from continuing operations
$ 3.25
$ 2.89
$ 2.57
$ 2.30
$ 2.42
Adjusted diluted earnings per share from continuing operations (A)
$ 3.26
$ 2.89
$ 2.57
$ 2.39
$ 2.34
Basic weighted average shares outstanding
457.0
472.6
478.9
482.7
487.3
Diluted weighted average shares outstanding
459.1
475.8
483.1
487.1
492.2
Cash dividends declared per share
$ 2.08
$ 1.95
$ 1.88
$ 1.70
$ 1.55
Return on equity ("ROE") from continuing operations (B)
32.2%
24.0%
19.3%
18.2%
19.7%
At year end:
Cash, cash equivalents and marketable securities of continuing operations
$ 3,222.4
$ 1,694.8
$ 3,670.3
$ 1,746.2
$ 1,416.7
Total assets of continuing operations
$ 43,670.0
$ 33,110.5
$ 29,629.6
$ 30,041.7
$ 28,525.6
Total assets
$ 43,670.0
$ 33,110.5
$ 32,059.8
$ 32,268.1
$ 30,817.4
Obligations under reverse repurchase agreements
$ —
$ —
$ —
$ 245.9
$ —
Obligation under commercial paper borrowings
$ —
$ —
$ 2,173.0
$ —
$ —
Long-term debt
$ 2,007.7
$ 9.2
$ 11.5
$ 14.7
$ 16.8
Stockholders’ equity
$ 4,481.6
$ 4,808.5
$ 6,670.2
$ 6,189.9
$ 6,114.0
.
(A) Non-GAAP Financial Measures
The following table reconciles our reported results to adjusted results that exclude our provision for income taxes; certain interest amounts; the charges
related to our workforce optimization effort in the year ended June 30, 2016 ("fiscal 2016"); the gain on the sale of assets, which includes a building in fiscal 2016
and assets related to rights and obligations to resell a third party expense management platform in the year ended June 30, 2012; the gain on the sale of our
AdvancedMD ("AMD") business in fiscal 2016; and a goodwill impairment charge related to our AMD business in the year ended June 30, 2013 ("fiscal 2013").
We use certain adjusted results, among other measures, to evaluate our operating performance in the absence of certain items and for planning and forecasting of
future periods. We believe that the exclusion of these items helps us reflect the fundamentals of our underlying business model and analyze results against our
expectations, against prior period, and to plan for future periods by focusing on our underlying operations. We believe that these adjusted results provide relevant
and useful information for investors because it allows investors to view performance in a manner similar to the method used by management and improves their
ability to understand and assess our operating performance. Generally, the nature of these exclusions are for specific items that are not fundamental to our
underlying business operations. Specifically, we have excluded the impact of certain interest expense (as a result of the issuance of our $2.0 billion fixed-rate notes
in September
18