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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]      
Revenue $ 840,883 $ 769,432 $ 593,749
Costs and expenses:      
Cost of revenue 151,305 129,567 98,581
Research and development 98,759 93,503 75,297
Selling, general and administrative 341,600 321,550 262,734
Costs and Expenses, Total 591,664 544,620 436,612
Income from operations 249,219 224,812 157,137
Other income:      
Investment income, net 12,167 8,166 3,688
Other (expense) income, net (4,561) 30,382 (388)
Nonoperating Income (Expense), Total 7,606 [1] 38,548 [1] 3,300
Income before income taxes 256,825 263,360 160,437
Income tax provision 53,816 [2] 4,344 [2] 48,267
Net income $ 203,009 $ 259,016 $ 112,170
Basic net income per share $ 4.49 $ 5.77 $ 2.54
Basic weighted average shares outstanding 45,179 44,911 44,153
Diluted net income per share $ 4.43 $ 5.61 $ 2.45
Diluted weighted average shares outstanding 45,816 46,151 45,849
[1]

 

(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]

 

(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.