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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities      
Net income $ 126,867 $ 107,130 $ 71,451
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 110,358 97,914 90,077
Stock-based compensation expense 20,320 18,570 39,333
Deferred income taxes (10,373) 1,190 2,549
Provision for credit losses 9,158 15,673 6,561
Amortization of discount and fees on debt 1,597 1,573 12,620
Noncash operating lease expense 14,728 19,810 19,567
Other (1,966) 9,949 9,766
Changes in assets and liabilities:      
Accounts receivable (54,908) (57,501) (143,073)
Inventories, prepaid expenses, deposits and other current and long-term assets (19,389) 4,798 (39,164)
Accounts payable (11,999) 11 18,930
Accrued liabilities 24,132 7,598 15,899
Accrued compensation and benefits (15,473) (7,465) 32,437
Operating lease liability (12,243) (20,742) (21,025)
Deferred revenue and other liabilities 22,341 8,376 18,222
Net cash provided by operating activities 203,150 206,884 134,150
Cash flows from investing activities      
Purchase of property and equipment (4,336) (9,748) (3,567)
Capitalized software development costs (44,973) (42,191) (31,264)
Capitalized curriculum development costs (17,239) (15,687) (17,432)
Sale of long-lived assets     223
Sale of other investments 60 5,261  
Acquisition of MedCerts, LLC, net of cash acquired     (55,031)
Acquisition of Tech Elevator, Inc., net of cash acquired     (16,107)
Acquisition of assets (1,409)    
Other acquisitions, loans and investments, net of distributions (1,652) (3,899) (1,723)
Proceeds from the maturity of marketable securities 91,879 40,163  
Purchases of marketable securities (140,570) (84,657) (40,542)
Net cash used in investing activities (118,240) (110,758) (165,443)
Cash flows from financing activities      
Repayments on finance lease obligations (42,956) (33,011) (24,315)
Repayments on credit facility     (100,000)
Issuance of convertible senior notes, net of issuance costs     408,610
Purchases of capped calls in connection with convertible senior notes     (60,354)
Payments of contingent consideration (7,024)    
Payments of deferred purchase consideration   (22,858)  
Proceeds from exercise of stock options 20 414 748
Withholding of stock options for tax withholding     (10,885)
Repurchase of restricted stock for income tax withholding (13,541) (37,855) (9,228)
Net cash provided by (used in) financing activities (63,501) (93,310) 204,576
Net change in cash, cash equivalents and restricted cash 21,409 2,816 173,283
Cash, cash equivalents and restricted cash, beginning of period 389,398 386,582 213,299
Cash, cash equivalents and restricted cash, end of period $ 410,807 $ 389,398 $ 386,582