Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following selected consolidated financial data should be read in conjunction with Part I, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the notes thereto included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report to fully understand factors that may affect the comparability of the information presented below. We derived the selected consolidated balance sheet data as of June 30, 2019 and 2018, and the consolidated statement of operations data for the years ended June 30, 2019, 2018 and 2017 from our audited consolidated financial statements and accompanying notes included in this Annual Report. The consolidated balance sheet data as of June 30, 2017, 2016 and 2015, and the consolidated statement of operations data for the years ended June 30, 2016 and 2015 are derived from our audited consolidated financial statements which are not included in this Annual Report. Operating results for any year are not necessarily indicative of results to be expected for any future periods.



	Years Ended June 30,
	2019			2018			2017			2016			2015
	(in thousands, except per share data)
Consolidated Statements of Operations Data:
Net sales	$	3,500,360		$	3,360,492		$	2,484,929		$	2,225,022		$	1,954,353
Cost of sales	3,004,838			2,930,498			2,134,971			1,894,521			1,647,769
Gross profit	495,522			429,994			349,958			330,501			306,584
Operating expenses:
Research and development	179,907			165,104			143,992			124,223			101,402
Sales and marketing	77,154			71,579			66,445			58,338			47,496
General and administrative	141,228			98,597			44,646			40,449			25,040
Total operating expenses	398,289			335,280			255,083			223,010			173,938
Income from operations	97,233			94,714			94,875			107,491			132,646
Other income (expense), net	(1,020		)	(773		)	(984		)	1,507			956
Interest expense	(6,690		)	(5,726		)	(2,300		)	(1,594		)	(965		)
Income before income tax provision	89,523			88,215			91,591			107,404			132,637
Income tax provision	(14,884		)	(38,443		)	(24,434		)	(35,323		)	(40,082		)
Share of loss from equity investee, net of taxes	(2,721		)	(3,607		)	(303		)	—			—
Net income	$	71,918		$	46,165		$	66,854		$	72,081		$	92,555
Net income per common share:
Basic	$	1.44		$	0.94		$	1.38		$	1.50		$	1.99
Diluted	$	1.39		$	0.89		$	1.29		$	1.39		$	1.85
Shares used in per share calculation:
Basic	49,917			49,345			48,383			47,917			46,434
Diluted	51,716			52,151			51,679			51,836			50,094

Stock-based compensation:
Cost of sales	$	1,663		$	1,812		$	1,382		$	1,157		$	962
Research and development	12,981			13,893			12,559			10,651			9,195
Sales and marketing	1,805			1,980			2,144			1,934			1,601
General and administrative	4,735			6,971			3,580			3,188			2,678
Total stock-based compensation	$	21,184		$	24,656		$	19,665		$	16,930		$	14,436



	As of June 30,
	2019		2018		2017		2016		2015
	(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents	$	248,164	$	115,377	$	110,606	$	178,820	$	92,920
Working capital	815,802		719,321		588,636		544,698		438,144
Total assets	1,682,594		1,769,505		1,515,130		1,191,483		1,122,031
Long-term obligations	135,449		114,296		68,754		85,200		26,062
Total stockholders’ equity	941,176		843,652		773,846		696,653		593,585

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