The following tables set forth the selected consolidated financial data for each of the years in the five-year period ended December 31, 2016. The selected consolidated financial data should be read in conjunction with the consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations. We have derived the statements of operations data for the year ended December 31, 2016, 2015 and 2014 and the balance sheet data as of December 31, 2016 and 2015 from the consolidated audited financial statements included elsewhere in this Annual Report on Form 10-K. The statements of operations data for the year ended December 31, 2013 and 2012 and the balance sheet data as of December 31, 2014, 2013 and 2012 were derived from the consolidated audited financial statements that are not included in this Annual Report on Form 10-K.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share data)
Year Ended December 31,
2016
2015
2014
2013
2012
Consolidated Statements of Operations Data:
Net revenues
$
1,079,874
$
845,486
$
761,653
$
660,206
$
560,041
Gross profit (1)
$
815,294
$
640,110
$
578,443
$
498,106
$
416,388
Income from operations (2)
248,921
188,634
193,576
94,212
85,592
Interest and other income (expense), net
(6,355
)
(2,533
)
(3,207
)
(1,073
)
(1,296
)
Net income before provision for income taxes and equity in losses of investee (2)
242,566
186,101
190,369
93,139
84,296
Provision for income taxes (3)
51,200
42,081
44,537
28,844
25,605
Equity in losses of investee, net of tax
1,684
—
—
—
—
Net income
$
189,682
$
144,020
$
145,832
$
64,295
$
58,691
Net income per share:
Basic
$
2.38
$
1.80
$
1.81
$
0.80
$
0.73
Diluted
$
2.33
$
1.77
$
1.77
$
0.78
$
0.71
Shares used in computing net income per share:
Basic
79,856
79,998
80,754
80,551
80,529
Diluted
81,484
81,521
82,283
82,589
83,040
December 31,
2016
2015
2014
2013
2012
Consolidated Balance Sheet Data:
Working capital (4)
$
598,643
$
460,338
$
455,349
$
369,338
$
330,022
Total assets
1,396,151
1,158,633
987,997
832,147
756,312
Total long-term liabilities
46,427
39,035
33,415
22,839
19,224
Stockholders’ equity
$
995,389
$
847,926
$
752,771
$
633,970
$
581,317
(1)
Gross profit includes:
•
$1.7 million out of period adjustment in 2013
•
$0.2 million acquisition and integration related costs, $0.9 million amortization of intangible assets, and $0.5 million of exit costs in 2012
(2) Income from operations and net income before provision for income taxes and equity in losses of investee include:
•
$40.7 million and $26.3 million of goodwill and long-lived asset impairment, respectively, in 2013
•
$1.9 million, net of tax, out of period adjustment in 2013
•
$36.6 million of goodwill impairment, $1.3 million acquisition and integration related costs, $4.5 million of amortization of intangible assets, and $0.8 million of exit costs in 2012
(3)
Provision for income taxes includes:
•
$1.8 million out of period income tax adjustment in 2014 (Refer to Note 1 "Summary of Significant Accounting Policies" of the Notes to Consolidated Financial Statements)
(4)
Working capital is calculated as the difference between total current assets and total current liabilities.
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