annual report 2019
financial highlights
| (all data in millions, except per share data) | 2017 | 2018 | 2019 |
| Total revenue | $3,867 | $3,975 | $4,087 |
| Operating income (1) | $517 | $428 | $570 |
| Operating income from total revenue (1) | 13.4% | 10.8% | 13.9% |
| Net income (1)(2) | $437 | $354 | $479 |
| Normalized Free cash flow (3) | $507 | $428 | $613 |
| Diluted earnings per share (1)(2) | $2.96 | $2.47 | $3.47 |
| Cash balances net of short-term debt (4) | $980 | $519 | $472 |
Total revenue($ millions)
Operating income (1)($ millions)
Net income (1)(2)($ millions)
(1) Includes amortization of purchased intangible assets and other, equity-based compensation expense, changes in certain acquisition-related liabilities measured at fair value and in 2018 also $85M nonrecurring charges associated with restructuring and settlement of legal dispute. (2) Includes all related tax effects. (3) Free cash flow is not defined under United States generally accepted accounting principles (U.S. GAAP) and is calculated as cash flows from operations less net capital expenditures and other, and excluding payments of non-recurring charges and the multi-year development of the new campus The Company uses free cash flow to assess its financial performance. (4) Includes short-term interest-bearing investments. (5) Due to rounding, the sum of the quarters may not match the full year amount.