filings.toolsItem 6. SELECTED FINANCIAL DATA.
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Item 6. SELECTED FINANCIAL DATA.
| FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||||||||
| 2019 (a) | 2018 | 2017 (b),(c) | 2016 (b) | 2015 | |||||||||||||||
| STATEMENT OF OPERATIONS DATA: | |||||||||||||||||||
| Revenues | $ | 1,086,427 | $ | 935,282 | $ | 840,899 | $ | 759,880 | $ | 591,022 | |||||||||
| Cost and expenses: | |||||||||||||||||||
| Cost of revenues | 569,527 | 495,704 | 441,522 | 400,692 | 313,835 | ||||||||||||||
| Selling, general and administrative expenses | 257,746 | 207,605 | 175,914 | 165,176 | 133,317 | ||||||||||||||
| Research and development expense | 81,342 | 63,264 | 47,324 | 43,154 | 29,922 | ||||||||||||||
| Amortization of customer and trade name intangibles | 21,445 | 16,217 | 13,381 | 13,202 | 5,905 | ||||||||||||||
| Operating income | 156,367 | 152,492 | 162,758 | 137,656 | 108,043 | ||||||||||||||
| Other income, net | 3,471 | 3,378 | 698 | (1,998 | ) | 381 | |||||||||||||
| Income before income taxes | 159,838 | 155,870 | 163,456 | 135,658 | 108,424 | ||||||||||||||
| Income tax (benefit) provision (c) | 13,311 | 8,408 | (6,115 | ) | 21,957 | 43,555 | |||||||||||||
| Net income | 146,527 | 147,462 | 169,571 | 113,701 | 64,869 | ||||||||||||||
| Net earnings per diluted share | $ | 3.65 | $ | 3.68 | $ | 4.32 | $ | 2.92 | $ | 1.77 | |||||||||
| Weighted average diluted shares | 40,105 | 40,123 | 39,246 | 38,961 | 36,552 | ||||||||||||||
| STATEMENT OF CASH FLOWS DATA: | |||||||||||||||||||
| Cash flows provided by operating activities | $ | 254,720 | $ | 250,203 | $ | 195,755 | $ | 191,859 | $ | 134,327 | |||||||||
| Cash flows used by investing activities | (245,015 | ) | (238,255 | ) | (85,395 | ) | (50,720 | ) | (398,459 | ) | |||||||||
| Cash flows (used) provided by financing activities | 88,698 | (63,595 | ) | 39,415 | 138,075 | 91,052 | |||||||||||||
| BALANCE SHEET DATA: | |||||||||||||||||||
| Total assets | $ | 2,191,614 | $ | 1,790,963 | $ | 1,611,351 | $ | 1,378,502 | $ | 1,356,570 | |||||||||
| Revolving line of credit | — | — | — | 10,000 | 66,000 | ||||||||||||||
| Shareholders' equity | 1,617,058 | 1,324,846 | 1,191,736 | 934,540 | 858,857 |
(a) Reflects the impact of the adoption of Accounting Standards Update ("ASU") ASU No. 2016-02, Leases ("Topic 842") in fiscal year 2019. Refer to Note - 1 "Summary of Significant Accounting Policies" for further discussion.
(b) Reflects the impact of the adoption of ASU No. 2014-09, Revenue from Contracts with Customers in fiscal year 2018.
(c) 2017 includes the significant impact of the enactment of the Tax Cuts and Jobs Act ("Tax Act"). The most significant impact of the Tax Act to us is the reduction in the U.S. federal corporate income tax rate from 35% to 21%. The impact of the rate reduction on our 2017 income tax provision is a $26.0 million tax benefit due to the remeasurement of deferred tax assets and liabilities.
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