XML 29 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]      
Revenue $ 593,749 $ 445,304 $ 329,543
Costs and expenses:      
Cost of revenue 98,581 70,627 50,419
Research and development 75,297 66,386 49,759
Selling, general and administrative 262,734 218,153 164,261
Costs and Expenses, Total 436,612 355,166 264,439
Income from operations 157,137 90,138 65,104
Other income:      
Investment income, net 3,688 1,554 395
Other (expense) income, net (388) (349) 339
Nonoperating Income (Expense), Total 3,300 1,205 734
Income before income taxes 160,437 91,343 65,838
Income tax provision 48,267 [1],[2] 39,227 27,691
Net income $ 112,170 $ 52,116 $ 38,147
Basic net income per share $ 2.54 $ 1.21 $ 0.90
Basic weighted average shares outstanding 44,153 43,238 42,204
Diluted net income per share $ 2.45 $ 1.17 $ 0.85
Diluted weighted average shares outstanding 45,849 44,658 44,895
[1] In the first quarter of fiscal 2018, the Company adopted Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which requires that all excess tax benefits and tax deficiencies related share-based compensation arrangements be recognized as income tax benefit or expense, instead of in stockholders’ equity as previous guidance required. The income tax benefit for the year ended March 31, 2018 included excess tax benefits of $31.0 million. These recognized excess tax benefits resulted from restricted stock units that vested or stock options that were exercised during the year ended March 31, 2018.
[2] On December 22, 2017, the Tax Cuts and Jobs Act, or Tax Reform Act, was enacted into law. This new law, among other items, reduces the U.S. federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018. During the year ended March 31, 2018, the Company recorded tax expense adjustments for $21.4 million related to the revaluation of its deferred taxes due to a reduction of the U.S. federal statutory corporate income tax rate.