ResMed Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported net revenue of $601,273,000 compared to $530,397,000 a year ago. Income from operations was $146,016,000 compared to $96,895,000 a year ago. Income before income taxes was $141,765,000 compared to $96,207,000 a year ago. Net income was $9,527,000 or $0.07 per basic and diluted share compared to $76,743,000 or $0.54 per basic and diluted share a year ago. Non-GAAP diluted earnings per share were $1.00 compared to $0.73 a year ago. Non-GAAP income from operations was $157,333,000 compared to $131,574,000 a year ago. Non-GAAP net income was $143,827,000 compared with $103,264,000 a year ago. Cash flow from operations was $132.6 million. Capital expenditure for the quarter was $16 million.

For the six months period, the company reported net revenue of $1,124,932,000 compared to $995,846,000 a year ago. Income from operations was $258,574,000 compared to $191,039,000 a year ago. Income before income taxes was $250,250,000 compared to $189,131,000 a year ago. Net income was $95,651,000 or $0.67 per basic and diluted share compared to $152,849,000 or $1.08 per basic and diluted share a year ago. Non-GAAP diluted earnings per share were $1.66 compared to $1.34 a year ago. Net cash provided by operating activities was $226,534,000 compared to $206,142,000 a year ago. Purchases of property, plant and equipment were $32,000,000 compared to $29,247,000 a year ago. Non-GAAP income from operations was $281,673,000 compared to $242,529,000 a year ago. Non-GAAP net income was $237,964,000 compared with $190,926,000 a year ago. At December 31, the company have $1 billion in gross debt and $160 million in net debt.

For the second half of fiscal year 2018, the company estimates that its non-GAAP effective tax rate will be in the range of 15% to 16%.

Taking into account the impacts from both the Australian prospective legislative changes and the U.S. tax legislative changes, and the company estimates of the geographic attribution of its income, the company estimate its fiscal year 2019 effective tax rate will be in the range of 21% to 23%.