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Table of Contents
The following discussion and analysis should be read together with our consolidated financial statements and the notes to those statements
included elsewhere in this Form 10-K. This discussion contains forward-looking statements based on our
37
Consolidated Statements of Income Data:
(in thousands, except per share data)
Fiscal Year Ended June 30,
2013
2012
2011
2010
2009
Revenue
$
191,800
$
205,522
$
199,118
$
161,888
$
102,396
Cost of revenue
69,113
44,448
38,150
27,246
17,078
Gross profit
122,687
161,074
160,968
134,642
85,318
Operating expenses:
Research and development
60,349
65,764
52,617
38,358
21,613
Sales and marketing
30,435
25,345
16,588
11,886
14,020
General and administrative
24,765
26,084
19,757
14,518
8,302
Restructuring costs
1,671
—
—
—
—
Total operating expenses
117,220
117,193
88,962
64,762
43,935
Operating income
5,467
43,881
72,006
69,880
41,383
Other income (expense), net
1,207
1,484
1,173
(407
)
(776
)
Income from continuing operations before
provision for income taxes
6,674
45,365
73,179
69,473
40,607
Provision for income taxes
1,093
13,559
28,592
27,183
11,553
Income from continuing operations, net of tax
$
5,581
$
31,806
$
44,587
$
42,290
$
29,054
Income (loss) from discontinued operations, net of
tax
$
7,486
$
602
$
(2,013
)
$
(880
)
$
564
Net income
$
13,067
$
32,408
$
42,574
$
41,410
$
29,618
Basic income per share:
Income from continuing operations
$
0.14
$
0.77
$
1.06
$
1.70
$
1.34
Net income
$
0.32
$
0.78
$
1.01
$
2.66
$
2.63
Diluted income per share:
Income from continuing operations
$
0.13
$
0.72
$
0.99
$
0.86
$
0.55
Net income
$
0.31
$
0.74
$
0.94
$
1.34
$
1.07
Weighted average shares used in computing net
income per share applicable to common
stockholders:
Basic
40,310
41,406
41,975
15,569
11,273
Diluted
41,919
43,944
45,086
30,833
27,724
Consolidated Balance Sheets Data:
(in thousands)
June 30,
2013
2012
2011
2010
2009
Cash, cash equivalents and short-term investments
$
191,685
$
199,468
$
203,310
$
112,862
$
33,128
Working capital
190,385
204,977
178,602
134,878
44,899
Total assets
273,669
264,779
260,627
173,720
72,210
Preferred stock warrant liability
—
—
—
—
2,511
Convertible preferred stock
—
—
—
—
51,368
Common stock and additional paid-in capital
118,233
118,897
115,106
109,729
3,501
Total stockholders’ equity
214,464
216,518
188,466
149,037
3,376
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS