Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected consolidated financial data is qualified by reference to, and should be read in conjunction with, our consolidated financial statements and notes thereto in Part II, Item 8, "Financial Statements and Supplementary Data" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7, of this Annual Report on Form 10-K.



	Fiscal Years Ended June 30,									Fiscal Years Ended June 30,									Fiscal Years Ended June 30,
	2017			2016			2015			2014									2013
				(As Revised) (1)			(As Revised) (1)			As Reported			Adjustments (2)			As Adjusted			As Reported			Adjustments (2)			As Adjusted
	(in thousands, except per share data)
Consolidated Statements of Operations Data:
Net sales	$	2,484,929		$	2,225,022		$	1,954,353		$	1,467,202		$	(17,037	)	$	1,450,165		$	1,162,561		$	(15,332	)	$	1,147,229
Cost of sales	2,134,971			1,894,521			1,647,769			1,241,657			(10,610		)	1,231,047			1,002,508			(12,488		)	990,020
Gross profit	349,958			330,501			306,584			225,545			(6,427		)	219,118			160,053			(2,844		)	157,209
Operating expenses:
Research and development	143,992			124,223			101,402			84,257			917			85,174			75,208			60			75,268
Sales and marketing	66,445			58,338			47,496			38,012			264			38,276			33,785			108			33,893
General and administrative	44,646			40,449			25,040			23,017			(192		)	22,825			23,902			4			23,906
Total operating expenses	255,083			223,010			173,938			145,286			989			146,275			132,895			172			133,067
Income from operations	94,875			107,491			132,646			80,259			(7,416		)	72,843			27,158			(3,016		)	24,142
Other income (expense), net	(1,287		)	1,507			956			92			—			92			48			—			48
Interest expense	(2,300		)	(1,594		)	(965		)	(757		)	—			(757		)	(610		)	—			(610		)
Income before income tax provision	91,288			107,404			132,637			79,594			(7,416		)	72,178			26,596			(3,016		)	23,580
Income tax provision	24,434			35,323			40,082			25,437			(1,342		)	24,095			5,317			(473		)	4,844
Net income	$	66,854		$	72,081		$	92,555		$	54,157		$	(6,074	)	$	48,083		$	21,279		$	(2,543	)	$	18,736
Net income per common share:
Basic	$	1.38		$	1.50		$	1.99		$	1.24					$	1.10		$	0.50					$	0.45
Diluted	$	1.29		$	1.39		$	1.85		$	1.16					$	1.03		$	0.48					$	0.43
Shares used in per share calculation:
Basic	48,383			47,917			46,434			43,599						43,599			41,992						41,992
Diluted	51,679			51,836			50,094			46,512						46,512			43,907						43,907

Stock-based compensation:
Cost of sales	$	1,382		$	1,157		$	962		$	941		$	(21	)	$	920		$	953		$	(21	)	$	932
Research and development	12,559			10,651			9,195			6,783			147			6,930			6,527			(144		)	6,383
Sales and marketing	2,144			1,934			1,601			1,260			(26		)	1,234			1,541			(34		)	1,507
General and administrative	3,580			3,188			2,678			2,078			(100		)	1,978			2,340			(52		)	2,288
Total stock-based compensation	$	19,665		$	16,930		$	14,436		$	11,062		$	—		$	11,062		$	11,361		$	(251	)	$	11,110

(1) See Part II, Item 8, Note 19, "Restatement of Previously Issued Consolidated Financial Statements", in our notes to the consolidated financial statements.

(2) The adjustments are similar in nature to those discussed in Part II, Item 8, Note 19, "Restatement of Previously Issued Consolidated Financial Statements", in our notes to the consolidated financial statements.



	As of June 30,
	2017		2016		2015		2014							2013
			(As Revised) (1)		(As Revised) (2)		As Reported		Adjustments (2)			As Adjusted		As Reported		Adjustments (2)			As Adjusted
	(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents	$	110,606	$	178,820	$	92,920	$	96,872	$	(1,390	)	$	95,482	$	93,038	$	(1,306	)	$	91,732
Working capital	588,636		544,698		438,144		343,195		(14,255		)	328,940		281,528		(9,437		)	272,091
Total assets	1,515,130		1,191,483		1,122,031		796,325		29,970			826,295		632,257		38,412			670,669
Long-term obligations	68,754		85,200		26,062		16,208		4,710			20,918		16,869		2,121			18,990
Total stockholders’ equity	773,846		696,653		593,585		469,231		(17,072		)	452,158		373,724		(10,999		)	362,725


(1)	See Part II, Item 8, Note 19, "Restatement of Previously Issued Consolidated Financial Statements", in our notes to the consolidated financial statements.


(2)	The adjustments are similar in nature to those discussed in Part II, Item 8, Note 19, "Restatement of Previously Issued Consolidated Financial Statements", in our notes to the consolidated financial statements.

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