Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected consolidated financial data should be read in conjunction with our consolidated financial statements and related notes, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other financial data included elsewhere in this annual report on Form 10-K. The consolidated statements of income and balance sheet data for all periods presented is derived from the audited consolidated financial statements included elsewhere in this annual report on Form 10-K or in prior year annual reports on Form 10-K on file with the Commission.

The following table sets forth selected financial data for the last five fiscal years (in thousands, except per share data):



Year ended December 31,	2019		2018		2017		2016		2015
Revenue	$	2,893,617	$	2,714,474	$	2,489,035	$	2,347,988	$	2,197,448
Total costs and operating expenses	2,344,699		2,351,975		2,174,746		1,881,478		1,731,298
Income from operations	548,918		362,499		314,289		466,510		466,150
Net income	478,035		298,373		222,766		320,727		321,406
Basic net income per share	2.94		1.78		1.30		1.83		1.80
Diluted net income per share	2.90		1.76		1.29		1.82		1.78
Cash, cash equivalents and marketable securities	2,372,378		2,101,171		1,279,528		1,616,329		1,524,235
Total assets	7,006,886		5,461,770		4,648,916		4,432,190		4,181,684
Convertible senior notes – Due 2019	—		686,552		662,913		640,087		624,288
Convertible senior notes – Due 2025	912,719		874,080		—		—		—
Convertible senior notes – Due 2027	927,072		—		—		—		—
Long-term operating lease liabilities	692,181		—		—		—		—
Other long-term liabilities	123,620		185,121		166,840		156,329		110,319
Total stockholders’ equity	3,657,958		3,191,860		3,362,469		3,270,218		3,120,848

During the year ended December 31, 2019, we adopted accounting guidance that requires companies to present assets and liabilities arising from leases on the consolidated balance sheet. The guidance was applied prospectively beginning January 1, 2019. Accordingly, assets arising from leases are presented above in Total assets in 2019 only. In addition, liabilities arising from leases are presented in Operating lease liabilities in 2019 only.

See Note 2 to our consolidated financial statements included elsewhere in this annual report on Form 10-K for more details regarding new accounting pronouncements.

Prior period information as of and for the years ended December 31, 2017 and 2016 has been restated for the adoption of the new accounting standard for revenue recognition, which we adopted on January 1, 2018. Under this standard, the way revenue is recognized changed for some of our contracts with customers and primarily impacts the timing of recognizing revenue from a small number of licensed software customers. As a result of the new standard we also began capitalizing certain commission and incentive payments. The financial data as of and for the year ended December 31, 2015 has not been restated for the new accounting standard.

During the years presented in the table above, various acquisitions occurred, the results of which are presented prospectively from the date of acquisition. These acquisitions may impact the comparability of the consolidated financial data presented above. See Note 8 to our consolidated financial statements included elsewhere in this annual report on Form 10-K for more details regarding these acquisitions.

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