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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]      
Revenue $ 769,432 $ 593,749 $ 445,304
Costs and expenses:      
Cost of revenue 129,567 98,581 70,627
Research and development 93,503 75,297 66,386
Selling, general and administrative 321,550 262,734 218,153
Costs and Expenses, Total 544,620 436,612 355,166
Income from operations 224,812 157,137 90,138
Other income:      
Investment income, net 8,166 3,688 1,554
Other income (expense), net 30,382 (388) (349)
Nonoperating Income (Expense), Total 38,548 [1] 3,300 1,205
Income before income taxes 263,360 160,437 91,343
Income tax provision 4,344 [2] 48,267 [2],[3] 39,227
Net income $ 259,016 $ 112,170 $ 52,116
Basic net income per share $ 5.77 $ 2.54 $ 1.21
Basic weighted average shares outstanding 44,911 44,153 43,238
Diluted net income per share $ 5.61 $ 2.45 $ 1.17
Diluted weighted average shares outstanding 46,151 45,849 44,658
[1] In fiscal 2019, the Company invested $25.0 million in medical device company Shockwave Medical. The fair value of this investment as of March 31, 2019 was $56.2 million and the Company recognized a gain of $31.2 million in Other income.
[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.
[3] In the first quarter of fiscal 2018, the Company adopted ASU 2016-09, 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 provision for the years ended March 31, 2019 and 2018 included excess tax benefits of $69.3 million and $31.0 million, respectively. These recognized excess tax benefits resulted from restricted stock units that vested or stock options that were exercised during the years ended March 31, 2019 and 2018.