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Quarterly Results of Operation
 12 Months Ended
Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operation

Note 16. Quarterly Results of Operation (Unaudited)

The following is a summary of the Company’s unaudited quarterly results of operations for the fiscal years ending March 31, 2020 and 2019:

 

 

 

Fiscal Year Ended March 31, 2020

 

 

 

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

 

Total Year

 

 

 

(in $000's)

 

Revenue

 

$

 

207,666

 

 

$

 

204,974

 

 

$

 

221,584

 

 

$

 

206,658

 

 

$

 

840,883

 

Cost of revenue

 

 

 

37,073

 

 

 

 

34,867

 

 

 

 

39,996

 

 

 

 

39,369

 

 

 

 

151,305

 

Other operating expenses

 

 

 

109,868

 

 

 

 

109,925

 

 

 

 

111,329

 

 

 

 

109,237

 

 

 

 

440,359

 

Other income (loss) (1)

 

 

 

42,413

 

 

 

 

(42,824

)

 

 

 

26,757

 

 

 

 

(18,739

)

 

 

 

7,606

 

Income before income taxes

 

 

 

103,138

 

 

 

 

17,358

 

 

 

 

97,016

 

 

 

 

39,313

 

 

 

 

256,825

 

Income tax provision (2)

 

 

 

14,215

 

 

 

 

4,287

 

 

 

 

27,799

 

 

 

 

7,515

 

 

 

 

53,816

 

Net income

 

$

 

88,923

 

 

$

 

13,071

 

 

$

 

69,217

 

 

$

 

31,798

 

 

$

 

203,009

 

Basic net income per share

 

$

 

1.97

 

 

$

 

0.29

 

 

$

 

1.53

 

 

$

 

0.71

 

 

$

 

4.49

 

Diluted net income per share

 

$

 

1.93

 

 

$

 

0.28

 

 

$

 

1.51

 

 

$

 

0.70

 

 

$

 

4.43

 

 

 

 

Fiscal Year Ended March 31, 2019

 

 

 

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

 

Total Year

 

 

 

(in $000's)

 

Revenue

 

$

 

180,010

 

 

$

 

181,778

 

 

$

 

200,563

 

 

$

 

207,081

 

 

$

 

769,432

 

Cost of revenue

 

 

 

30,850

 

 

 

 

29,846

 

 

 

 

34,023

 

 

 

 

34,848

 

 

 

 

129,567

 

Other operating expenses

 

 

 

102,412

 

 

 

 

101,612

 

 

 

 

104,185

 

 

 

 

106,844

 

 

 

 

415,053

 

Other income (1)

 

 

 

1,739

 

 

 

 

1,513

 

 

 

 

2,155

 

 

 

 

33,141

 

 

 

 

38,548

 

Income before income taxes

 

 

 

48,487

 

 

 

 

51,833

 

 

 

 

64,510

 

 

 

 

98,530

 

 

 

 

263,360

 

Income tax provision (benefit) (2)

 

 

 

(41,579

)

 

 

 

1,706

 

 

 

 

19,648

 

 

 

 

24,569

 

 

 

 

4,344

 

Net income

 

$

 

90,066

 

 

$

 

50,127

 

 

$

 

44,862

 

 

$

 

73,961

 

 

$

 

259,016

 

Basic net income per share

 

$

 

2.02

 

 

$

 

1.11

 

 

$

 

1.00

 

 

$

 

1.64

 

 

$

 

5.77

 

Diluted net income per share

 

$

 

1.95

 

 

$

 

1.09

 

 

$

 

0.97

 

 

$

 

1.60

 

 

$

 

5.61

 

 

 

(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, 2020 was $55.7 million and the Company recognized a pre-tax loss of $0.5 million for the year ended March 31, 2020 and a pre-tax gain of $32.0 million for the year ended March 31, 2019 in other (expense) income, net.

 

(2)

The income tax provision for the years ended March 31, 2020 and 2019 included excess tax benefits of $14.8 million and $69.3 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, 2020 and 2019.