Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected consolidated historical financial data are derived from our audited financial statements. The consolidated balance sheet data as of September 30, 2020 and 2019 and the consolidated income statement data for the years ended September 30, 2020, 2019 and 2018 are derived from our audited consolidated financial statements and related notes that are included elsewhere in this report. The consolidated balance sheet data as of September 30, 2018, 2017 and 2016 and the consolidated income statement data for the years ended September 30, 2017 and 2016 are derived from our audited consolidated financial statements and related notes which are not included in this report. The information set forth below should be read in conjunction with our historical financial statements, including the notes thereto, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included elsewhere in this report.


	Years Ended September 30,
	2020		2019 (4)		2018		2017		2016
	(In thousands, except per share data)
Consolidated Income Statement Data
Net revenues
Products	$	1,025,856	$	985,591	$	960,108	$	964,662	$	944,469
Services	1,324,966		1,256,856		1,201,299		1,125,379		1,050,565
Total	2,350,822		2,242,447		2,161,407		2,090,041		1,995,034
Cost of net revenues
Products	215,275		174,986		181,061		176,032		166,624
Services	192,612		181,591		180,420		177,453		170,581
Total	407,887		356,577		361,481		353,485		337,205
Gross profit	1,942,935		1,885,870		1,799,926		1,736,556		1,657,829
Operating expenses
Sales and marketing	843,178		748,619		664,135		652,239		628,743
Research and development	441,324		408,058		366,084		350,365		334,227
General and administrative	258,366		210,730		160,382		156,887		138,431
Litigation expense (1)	—		—		—		391		9,051
Restructuring charges (2)	7,800		—		18,426		12,718		—
Total	1,550,668		1,367,407		1,209,027		1,172,600		1,110,452
Income from operations	392,267		518,463		590,899		563,956		547,377
Other income, net	4,130		22,648		12,861		11,561		2,514
Income before income taxes	396,397		541,111		603,760		575,517		549,891
Provision for income taxes	88,956		113,377		150,071		154,756		184,036
Net income	$	307,441	$	427,734	$	453,689	$	420,761	$	365,855
Net income per share — basic	$	5.05	$	7.12	$	7.41	$	6.56	$	5.43
Weighted average shares — basic	60,911		60,044		61,262		64,173		67,433
Net income per share — diluted	$	5.01	$	7.08	$	7.32	$	6.50	$	5.38
Weighted average shares — diluted	61,378		60,456		62,013		64,775		67,984
Consolidated Balance Sheet Data
Cash, cash equivalents, and short-term investments	$	1,209,889	$	972,282	$	1,039,412	$	1,016,928	$	882,395
Restricted cash (3)	3,270		3,035		1,187		1,224		1,151
Long-term investments	102,939		358,402		411,184		284,802		276,375
Total assets	4,677,920		3,390,275		2,605,476		2,476,489		2,306,323
Long-term liabilities	1,157,373		523,252		365,551		312,554		276,823
Total shareholders’ equity	2,232,268		1,761,497		1,285,492		1,229,392		1,185,262

(1)Litigation expense primarily represents a patent-related jury verdict and legal fees associated with the litigation.

(2)Restructuring charges represent severance and other employee-related costs associated with workforce reductions that took place in the first quarter of fiscal 2020 and the fourth quarters of fiscal 2018 and 2017.

(3)Restricted cash represents escrow accounts established in connection with lease agreements for our facilities.

(4)Selected financial data for fiscal year 2019 contains effects from the adoption of ASC 606, and differs in comparability to previous years due to those effects. See Note 2 - Revenue from Contracts with Customers for more details.

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