Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

We derived the consolidated statement of income and other financial data for the years ended December 31, 2017, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017 and 2016 from the audited consolidated financial statements included elsewhere in this report. We derived the selected historical financial data for the years ended December 31, 2014 and 2013 and the selected consolidated balance sheets as of December 31, 2015, 2014 and 2013 from our audited consolidated financial statements that are not included in this report.

The selected consolidated financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated financial statements and notes thereto included elsewhere in this report. Our historical results are not necessarily indicative of the results to be expected in any future period.



(in thousands, except per share data)	2017			2016			2015			2014			2013
Consolidated statement of income data:
Revenues, net	$	2,249,538		$	1,831,546		$	1,702,865		$	1,199,390		$	895,171
Expenses:
Merchant commissions	113,133			104,345			108,257			96,254			68,143
Processing	429,613			355,414			331,073			173,337			134,030
Selling	170,717			131,443			109,075			75,527			57,346
General and administrative	387,694			283,625			297,715			205,963			142,283
Depreciation and amortization	264,560			203,256			193,453			112,361			72,737
Other operating, net	61			(690		)	(4,242		)	(29,501		)	—
Operating income	883,760			754,153			667,534			565,449			420,632
Investment loss	53,164			36,356			57,668			8,586			—
Other (income) expense, net	(173,436		)	2,982			2,523			(700		)	602
Interest expense, net	107,146			71,896			71,339			28,856			16,461
Loss on extinguishment of debt	3,296			—			—			15,764			—
Total other (income) expense	(9,830		)	111,234			131,530			52,506			17,063
Income before income taxes	893,590			642,919			536,004			512,943			403,569
Provision for income taxes	153,390			190,534			173,573			144,236			119,068
Net income	$	740,200		$	452,385		$	362,431		$	368,707		$	284,501
Earnings per share:
Basic earnings per share	$	8.12		$	4.89		$	3.94		$	4.37		$	3.48
Diluted earnings per share	$	7.91		$	4.75		$	3.85		$	4.24		$	3.36
Weighted average shares outstanding:
Basic shares	91,129			92,597			92,023			84,317			81,793
Diluted shares	93,594			95,213			94,139			86,982			84,655
	As of December 31,
(in thousands)	2017			2016			2015			2014			2013
Consolidated balance sheet data:
Cash and cash equivalents	$	913,595		$	475,018		$	447,152		$	477,069		$	338,105
Restricted cash(1)	217,275			168,752			167,492			135,144			48,244
Total assets	11,318,359			9,626,732			7,889,806			8,524,701			3,908,717
Total debt	4,518,616			3,858,233			2,935,000			3,593,717			1,486,378
Total stockholders’ equity	3,676,522			3,084,038			2,830,047			2,618,562			1,223,502

(1) Restricted cash represents customer deposits repayable on demand, as well as collateral received from customers for cross-currency transactions.

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