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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net income $ 71,714 $ 28,033
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 54,480 53,714
Stock-based compensation expense 16,022 10,451
Deferred income taxes 425 7,995
Provision for credit losses 15,332 2,173
Amortization of fees on debt 834 822
Noncash operating lease expense 7,913 7,369
Other 1,430 (2,869)
Changes in assets and liabilities:    
Accounts receivable (61,247) (25,680)
Inventories, prepaid expenses, deposits and other current and long-term assets 883 (9,177)
Accounts payable (15,994) (26,059)
Accrued liabilities (20,987) (10,681)
Accrued compensation and benefits (14,340) (38,806)
Operating lease liability (8,587) (5,966)
Deferred revenue and other liabilities (9,849) 29,863
Net cash provided by operating activities 38,029 21,182
Cash flows from investing activities    
Purchase of property and equipment (1,703) (2,823)
Capitalized software development costs (18,402) (21,399)
Capitalized curriculum development costs (8,731) (9,527)
Sale of other investments   60
Acquisition of assets   (1,409)
Other acquisitions, loans and investments, net of distributions (275) (767)
Proceeds from the maturity of marketable securities 80,361 36,729
Purchases of marketable securities (120,047) (55,879)
Net cash used in investing activities (68,797) (55,015)
Cash flows from financing activities    
Repayments on finance lease obligations (22,491) (19,938)
Payments of contingent consideration   (7,024)
Proceeds from exercise of stock options   10
Repurchase of restricted stock for income tax withholding (3,161) (10,334)
Net cash used in financing activities (25,652) (37,286)
Net change in cash, cash equivalents and restricted cash (56,420) (71,119)
Cash, cash equivalents and restricted cash, beginning of period 410,807 389,398
Cash, cash equivalents and restricted cash, end of period $ 354,387 $ 318,279