Item 6. Selected Consolidated Financial and Operating Data

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Item 6. Selected Consolidated Financial and Operating Data

Selected Consolidated Financial and Operating Data

(in thousands, except per share data)

The following table provides selected consolidated financial and other operating data for the five years ended December 31, 2018. The consolidated statements of operations data shown below for each of the three years ended December 31, 2018, 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018 and 2017 are derived from audited consolidated financial statements that are included in this report. The consolidated statements of operations data for each of the years ended 2015 and 2014 and the consolidated balance sheet data as of December 31, 2016, 2015 and 2014 shown below are derived from audited consolidated financial statements for those years that are not included in this report. Information about prior period acquisitions and the adoption of recent accounting pronouncements that may affect the comparability of the selected financial information presented below are included in "Item 1. Business" and Note 2 to the Notes to the Consolidated Financial Statements included in Part IV of this Annual Report on Form 10-K. The total assets and total long-term liabilities reported in the consolidated balance sheet data have been reclassified to conform to our current presentation as a result of the retrospective application of the authoritative guidance to simplify the presentation of debt issuance costs.

The following data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Item 8. Financial Statements and Supplementary Data,” and the other information contained elsewhere in this Annual Report on Form 10-K.



	Year Ended December 31,
Consolidated Statements of Operations Data:	2014			2015			2016			2017			2018
Revenues	$	575,936		$	711,764		$	837,630		$	965,230		$	1,191,832
Cost of revenues	156,979			188,885			173,814			220,403			269,933
Gross profit	418,957			522,879			663,816			744,827			921,899
Operating expenses	338,079			511,424			518,911			571,011			648,335
Income from operations	80,878			11,455			144,905			173,816			273,564
Interest and other income	516			537			1,773			4,044			13,281
Interest and other expense	(10,481		)	(9,411		)	(10,016		)	(9,014		)	(2,830		)
Loss on debt extinguishment	—			—			—			(3,788		)	—
Income before income taxes	70,913			2,581			136,662			165,058			284,015
Income tax expense	26,044			6,046			51,591			42,363			45,681
Net income (loss)	$	44,869		$	(3,465	)	$	85,071		$	122,695		$	238,334
Net income (loss) per share — basic	$	1.48		$	(0.11	)	$	2.64		$	3.70		$	6.61
Net income (loss) per share — diluted	$	1.46		$	(0.11	)	$	2.62		$	3.66		$	6.54
Weighted average shares outstanding — basic	30,215			31,950			32,167			33,200			36,058
Weighted average shares outstanding — diluted	30,641			31,950			32,436			33,559			36,448



	As of December 31,
Consolidated Balance Sheet Data:	2014		2015		2016		2017		2018
Cash, cash equivalents and long-term investments	$	544,163	$	437,325	$	577,175	$	1,221,533	$	1,110,486
Working capital	480,521		337,452		472,545		1,141,269		1,059,139
Total assets	2,070,483		2,079,571		2,185,063		2,873,441		3,312,957
Total long-term liabilities	440,982		400,510		375,904		75,525		136,856
Stockholders’ equity	1,513,546		1,543,780		1,654,213		2,651,250		3,021,942

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