XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 141,401 $ 83,495
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 81,464 80,656
Stock-based compensation expense 21,272 15,196
Deferred income taxes (4,629) 2,982
Provision for credit losses 18,895 5,939
Amortization of fees on debt 1,236 1,200
Noncash operating lease expense 11,055 11,039
Other 1,444 (2,015)
Changes in assets and liabilities:    
Accounts receivable (133,144) (61,949)
Inventories, prepaid expenses, deposits and other current and long-term assets (2,763) (9,966)
Accounts payable (11,585) (26,101)
Accrued liabilities (9,875) (6,455)
Accrued compensation and benefits 4,834 (19,130)
Operating lease liability (11,695) (8,602)
Deferred revenue and other liabilities (1,315) 39,931
Net cash provided by operating activities 106,595 106,220
Cash flows from investing activities    
Purchase of property and equipment (1,500) (3,579)
Capitalized software development costs (30,130) (32,574)
Capitalized curriculum development costs (13,534) (12,798)
Sale of other investments   60
Acquisition of assets   (1,409)
Other acquisitions, loans and investments, net of distributions (693) (1,377)
Proceeds from the maturity of marketable securities 107,020 66,204
Purchases of marketable securities (162,179) (85,289)
Net cash used in investing activities (101,016) (70,762)
Cash flows from financing activities    
Repayments on finance lease obligations (32,212) (31,238)
Payments of contingent consideration   (7,024)
Proceeds from exercise of stock options   20
Repurchase of restricted stock for income tax withholding (7,597) (12,936)
Net cash used in financing activities (39,809) (51,178)
Net change in cash, cash equivalents and restricted cash (34,230) (15,720)
Cash, cash equivalents and restricted cash, beginning of period 410,807 389,398
Cash, cash equivalents and restricted cash, end of period $ 376,577 $ 373,678