Item 6. SELECTED FINANCIAL DATA

We derived the consolidated statement of income and other financial data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 from the audited consolidated financial statements included elsewhere in this report. We derived the selected historical financial data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheets as of December 31, 2017, 2016 and 2015 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)	20191		20182			2017			2016			2015
Consolidated statement of income data:
Revenues, net	$	2,648,848	$	2,433,492		$	2,249,538		$	1,831,546		$	1,702,865
Expenses:
Merchant commissions	—		—			113,133			104,345			108,257
Processing	530,669		487,695			429,613			355,414			331,073
Selling	204,806		182,593			170,717			131,443			109,075
General and administrative	407,210		389,172			387,694			283,625			297,715
Depreciation and amortization	274,210		274,609			264,560			203,256			193,453
Other operating expense (income), net	523		8,725			61			(690		)	(4,242		)
Operating income	1,231,430		1,090,698			883,760			754,153			667,534
Investment loss, net	3,470		7,147			53,164			36,356			57,668
Other expense (income), net	93		(152,166		)	(173,436		)	2,982			2,523
Interest expense, net	150,048		138,494			107,146			71,896			71,339
Loss on extinguishment of debt	—		2,098			3,296			—			—
Total other expense (income)	153,611		(4,427		)	(9,830		)	111,234			131,530
Income before income taxes	1,077,819		1,095,125			893,590			642,919			536,004
Provision for income taxes	182,746		283,642			153,390			190,534			173,573
Net income	$	895,073	$	811,483		$	740,200		$	452,385		$	362,431
Earnings per share:
Basic earnings per share	$	10.36	$	9.14		$	8.12		$	4.89		$	3.94
Diluted earnings per share	$	9.94	$	8.81		$	7.91		$	4.75		$	3.85
Weighted average shares outstanding:
Basic shares	86,401		88,750			91,129			92,597			92,023
Diluted shares	90,070		92,151			93,594			95,213			94,139
	As of December 31,
(in thousands)	2019		2018			2017			2016			2015
Consolidated balance sheet data:
Cash and cash equivalents	$	1,271,494	$	1,031,145		$	913,595		$	475,018		$	447,152
Restricted cash3	403,743		333,748			217,275			168,752			167,492
Total assets	12,248,541		11,202,477			11,318,359			9,626,732			7,889,806
Total debt	5,036,785		4,819,047			4,518,616			3,858,233			2,935,000
Total stockholders’ equity	3,711,616		3,340,180			3,676,522			3,084,038			2,830,047



1Reflects the impact of the Company's adoption of ASU 2016-02 "Leases", on January 1, 2019, using a modified retrospective transition method. Under this method, financial results reported in periods prior to 2019 are unchanged.
2 Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effect of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect ASC 606.
3 Restricted cash represents customer deposits repayable, as well as collateral received from customers for cross-currency transactions.

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