filings.toolsItem 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, 2020. The consolidated statements of operations data shown below for each of the three years ended December 31, 2020, 2019 and 2018 and the consolidated balance sheet data as of December 31, 2020 and 2019 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 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018, 2017 and 2016 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: | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||
| Revenues | $ | 837,630 | $ | 965,230 | $ | 1,191,832 | $ | 1,399,719 | $ | 1,659,019 | |||||||||||||||||||
| Cost of revenues | 173,814 | 220,403 | 269,933 | 289,239 | 308,968 | ||||||||||||||||||||||||
| Gross profit | 663,816 | 744,827 | 921,899 | 1,110,480 | 1,350,051 | ||||||||||||||||||||||||
| Operating expenses | 518,911 | 571,011 | 648,335 | 746,933 | 1,060,849 | ||||||||||||||||||||||||
| Income from operations | 144,905 | 173,816 | 273,564 | 363,547 | 289,202 | ||||||||||||||||||||||||
| Interest (expense) income | (9,244) | (5,669) | 10,539 | 16,742 | (17,395) | ||||||||||||||||||||||||
| Other (expense) income | 1,001 | (3,089) | (88) | 10,660 | (827) | ||||||||||||||||||||||||
| Income before income taxes | 136,662 | 165,058 | 284,015 | 390,949 | 270,980 | ||||||||||||||||||||||||
| Income tax expense | 51,591 | 42,363 | 45,681 | 75,986 | 43,852 | ||||||||||||||||||||||||
| Net income | $ | 85,071 | $ | 122,695 | $ | 238,334 | $ | 314,963 | $ | 227,128 | |||||||||||||||||||
| Net income per share — basic | $ | 2.64 | $ | 3.70 | $ | 6.61 | $ | 8.67 | $ | 5.97 | |||||||||||||||||||
| Net income per share — diluted | $ | 2.62 | $ | 3.66 | $ | 6.54 | $ | 8.60 | $ | 5.93 | |||||||||||||||||||
| Weighted average shares outstanding — basic | 32,167 | 33,200 | 36,058 | 36,310 | 38,073 | ||||||||||||||||||||||||
| Weighted average shares outstanding — diluted | 32,436 | 33,559 | 36,448 | 36,630 | 38,326 |
| As of December 31, | |||||||||||||||||||||||||||||
| Consolidated Balance Sheet Data: | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||
| Cash, cash equivalents and long-term investments | $ | 577,175 | $ | 1,221,533 | $ | 1,110,486 | $ | 1,080,801 | $ | 3,755,912 | |||||||||||||||||||
| Working capital | 472,545 | 1,141,269 | 1,059,139 | 992,109 | 3,557,662 | ||||||||||||||||||||||||
| Total assets | 2,185,063 | 2,873,441 | 3,312,957 | 3,853,986 | 6,915,420 | ||||||||||||||||||||||||
| Total long-term liabilities | 375,904 | 75,525 | 136,856 | 241,337 | 1,209,211 | ||||||||||||||||||||||||
| Stockholders’ equity | 1,654,213 | 2,651,250 | 3,021,942 | 3,405,593 | 5,375,359 |
Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations