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Quarterly Results of Operation
 12 Months Ended
Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operation

Note 18. Quarterly Results of Operation (Unaudited)

The following is a summary of the Company’s unaudited quarterly results of operations:

 

 

 

Fiscal Year Ended March 31, 2021

 

 

 

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

 

Total Year

 

 

 

(in $000's)

 

Revenue

 

$

 

164,850

 

 

$

 

209,764

 

 

$

 

231,663

 

 

$

 

241,246

 

 

$

 

847,522

 

Cost of revenue

 

 

 

35,983

 

 

 

 

38,736

 

 

 

 

41,110

 

 

 

 

46,078

 

 

 

 

161,907

 

Other operating expenses

 

 

 

94,801

 

 

 

 

109,692

 

 

 

 

119,202

 

 

 

 

132,364

 

 

 

 

456,058

 

Other income (1)

 

 

 

27,010

 

 

 

 

11,579

 

 

 

 

9,384

 

 

 

 

10,690

 

 

 

 

58,663

 

Income before income taxes

 

 

 

61,076

 

 

 

 

72,915

 

 

 

 

80,735

 

 

 

 

73,494

 

 

 

 

288,220

 

Income tax provision (2)

 

 

 

16,488

 

 

 

 

10,702

 

 

 

 

18,867

 

 

 

 

16,638

 

 

 

 

62,695

 

Net income

 

$

 

44,588

 

 

$

 

62,213

 

 

$

 

61,868

 

 

$

 

56,856

 

 

$

 

225,525

 

Basic net income per share

 

$

 

0.99

 

 

$

 

1.38

 

 

$

 

1.37

 

 

$

 

1.26

 

 

$

 

5.00

 

Diluted net income per share

 

$

 

0.98

 

 

$

 

1.36

 

 

$

 

1.35

 

 

$

 

1.24

 

 

$

 

4.94

 

 

 

 

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 (expense) (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

 

 

 

(1)

In fiscal year 2019, the Company invested $25.0 million in medical device company Shockwave Medical. The fair value of this investment as of March 31, 2021 was $38.7 million. The Company recognized a pre-tax gain of $50.8 million for the year ended March 31, 2021 and a pre-tax loss of $0.5 million for the year ended March 31, 2020 in other income (expense), net.

 

(2)

The income tax provision for the years ended March 31, 2021 and 2020 included excess tax benefits of $12.1 million and $14.8 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, 2021 and 2020.