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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 40,882 $ 4,878
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 28,134 28,017
Stock-based compensation expense 8,449 8,426
Deferred income taxes 10,851 7,901
Provision for credit losses 7,053 9,350
Amortization of fees on debt 423 416
Noncash operating lease expense 3,176 4,372
Other 2,328 853
Changes in assets and liabilities:    
Accounts receivable (210,028) (175,215)
Inventories, prepaid expenses, deposits and other current and long-term assets (9,310) (14,330)
Accounts payable 10,792 28,747
Accrued liabilities (6,142) (26,895)
Accrued compensation and benefits (24,341) (17,402)
Operating lease liability (3,259) (3,619)
Deferred revenue and other liabilities (1,012) 9,196
Net cash used in operating activities (142,004) (135,305)
Cash flows from investing activities    
Purchase of property and equipment (669) (1,694)
Capitalized software development costs (8,793) (10,041)
Capitalized curriculum development costs (5,323) (4,414)
Other acquisitions, loans and investments, net of distributions (347) (166)
Proceeds from the maturity of marketable securities 54,400 40,734
Purchases of marketable securities (60,162) (31,484)
Net cash used in investing activities (20,894) (7,065)
Cash flows from financing activities    
Repayments on finance lease obligations (8,747) (11,721)
Repurchase of restricted stock for income tax withholding (11,204) (2,090)
Net cash used in financing activities (19,951) (13,811)
Net change in cash, cash equivalents and restricted cash (182,849) (156,181)
Cash, cash equivalents and restricted cash, beginning of period 500,614 410,807
Cash, cash equivalents and restricted cash, end of period $ 317,765 $ 254,626