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, 2020 and 2019, the consolidated statement of operations data and the stock-based compensation data for the years ended June 30, 2020, 2019 and 2018 from our audited consolidated financial statements and accompanying notes included in this Annual Report. The consolidated balance sheet data as of June 30, 2018, 2017 and 2016, the consolidated statement of operations data and stock-based compensation data for the years ended June 30, 2017 and 2016 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,
	2020			2019			2018			2017			2016
	(in thousands, except per share data)
Consolidated Statements of Operations Data:
Net sales	$	3,339,281		$	3,500,360		$	3,360,492		$	2,484,929		$	2,225,022
Cost of sales	2,813,071			3,004,838			2,930,498			2,134,971			1,894,521
Gross profit	526,210			495,522			429,994			349,958			330,501
Operating expenses:
Research and development	221,478			179,907			165,104			143,992			124,223
Sales and marketing	85,137			77,154			71,579			66,445			58,338
General and administrative	133,941			141,228			98,597			44,646			40,449
Total operating expenses	440,556			398,289			335,280			255,083			223,010
Income from operations	85,654			97,233			94,714			94,875			107,491
Other income (expense), net	1,410			(1,020		)	(773		)	(984		)	1,507
Interest expense	(2,236		)	(6,690		)	(5,726		)	(2,300		)	(1,594		)
Income before income tax provision	84,828			89,523			88,215			91,591			107,404
Income tax provision	(2,922		)	(14,884		)	(38,443		)	(24,434		)	(35,323		)
Share of income (loss) from equity investee, net of taxes	2,402			(2,721		)	(3,607		)	(303		)	—
Net income	$	84,308		$	71,918		$	46,165		$	66,854		$	72,081
Net income per common share:
Basic	$	1.65		$	1.44		$	0.94		$	1.38		$	1.50
Diluted	$	1.60		$	1.39		$	0.89		$	1.29		$	1.39
Shares used in per share calculation:
Basic	50,987			49,917			49,345			48,383			47,917
Diluted	52,838			51,716			52,151			51,679			51,836



	As of June 30,
	2020		2019		2018		2017		2016
	(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents	$	210,533	$	248,164	$	115,377	$	110,606	$	178,820
Working capital	885,126		815,802		719,321		588,636		544,698
Total assets	1,918,646		1,682,594		1,769,505		1,515,130		1,191,483
Long-term obligations	145,304		135,449		114,296		68,754		85,200
Total stockholders’ equity	1,065,707		941,176		843,652		773,846		696,653

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