Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Selected Financial Data

(in thousands, except per share data)

The following table provides selected consolidated financial data for the five years ended December 31, 2019. The consolidated statements of operations data shown below for each of the three years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheet data as of December 31, 2019 and 2018 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 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 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:	2015			2016			2017			2018			2019
Revenues	$	711,764		$	837,630		$	965,230		$	1,191,832		$	1,399,719
Cost of revenues	188,885			173,814			220,403			269,933			289,239
Gross profit	522,879			663,816			744,827			921,899			1,110,480
Operating expenses	511,424			518,911			571,011			648,335			746,933
Income from operations	11,455			144,905			173,816			273,564			363,547
Interest and other income	537			1,773			4,044			13,281			30,017
Interest and other expense	(9,411		)	(10,016		)	(9,014		)	(2,830		)	(2,615		)
Loss on debt extinguishment	—			—			(3,788		)	—			—
Income before income taxes	2,581			136,662			165,058			284,015			390,949
Income tax expense	6,046			51,591			42,363			45,681			75,986
Net income (loss)	$	(3,465	)	$	85,071		$	122,695		$	238,334		$	314,963
Net income (loss) per share — basic	$	(0.11	)	$	2.64		$	3.70		$	6.61		$	8.67
Net income (loss) per share — diluted	$	(0.11	)	$	2.62		$	3.66		$	6.54		$	8.60
Weighted average shares outstanding — basic	31,950			32,167			33,200			36,058			36,310
Weighted average shares outstanding — diluted	31,950			32,436			33,559			36,448			36,630



	As of December 31,
Consolidated Balance Sheet Data:	2015		2016		2017		2018		2019
Cash, cash equivalents and long-term investments	$	437,325	$	577,175	$	1,221,533	$	1,110,486	$	1,080,801
Working capital	337,452		472,545		1,141,269		1,059,139		992,109
Total assets	2,079,571		2,185,063		2,873,441		3,312,957		3,853,986
Total long-term liabilities	400,510		375,904		75,525		136,856		241,337
Stockholders’ equity	1,543,780		1,654,213		2,651,250		3,021,942		3,405,593

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