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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 309,691 $ 67,538
(Income) loss from discontinued operations (341,982) 227
(Loss) income from continuing operations (32,291) 67,765
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 18,604 10,429
Amortization and adjustments to operating lease assets 35,251 39,346
Depreciation 33,471 25,325
Amortization of intangible assets 73,967 0
Amortization and write-off of debt discount and issuance costs 34,481 1,548
Provision for bad debts 19,552 7,978
Deferred income taxes 3,425 (4,558)
Loss on disposals, accelerated depreciation, and adjustments to property and equipment 2,274 1,589
Realized and unrealized gain on investments 0 (2,002)
Changes in assets and liabilities:    
Accounts receivable (40,520) 1,804
Prepaid expenses and other current assets 3,531 (7,297)
Accounts payable (5,737) (826)
Accrued payroll and benefits (23,221) (884)
Accrued liabilities (92,528) 8,128
Deferred revenue 87,811 23,813
Operating lease liabilities (36,159) (36,683)
Other assets and liabilities (23,514) (9,799)
Net cash provided by operating activities-continuing operations 58,397 125,676
Net cash (used in) provided by operating activities-discontinued operations (6,915) 18,487
Net cash provided by operating activities 51,482 144,163
Investing activities:    
Capital expenditures (22,249) (28,591)
Proceeds from sales of marketable securities 0 2,387
Purchases of marketable securities 0 (2,414)
Payment for purchase of business, net of cash and restricted cash acquired (1,488,054) 0
Cash received on DeVry University loan 10,000 0
Net cash used in investing activities-continuing operations (1,500,303) (28,618)
Net cash used in investing activities-discontinued operations (3,287) (6,253)
Proceeds from sale of business, net of cash transferred 962,652 0
Net cash used in investing activities (540,938) (34,871)
Financing activities:    
Proceeds from exercise of stock options 8,433 889
Employee taxes paid on withholding shares (2,727) (4,144)
Proceeds from stock issued under Colleague Stock Purchase Plan 400 160
Repurchases of common stock for treasury (120,000) (81,568)
Payment for purchase of equity forward contract (30,000) 0
Proceeds from long-term debt 850,000 800,000
Repayments of long-term debt (687,667) (2,250)
Payment of debt discount and issuance costs (49,553) (18,047)
Payment for purchase of redeemable noncontrolling interest of subsidiary (1,790) 0
Net cash (used in) provided by financing activities (32,904) 695,040
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12 343
Net (decrease) increase in cash, cash equivalents and restricted cash (522,348) 804,675
Cash, cash equivalents and restricted cash at beginning of period 1,313,616 501,105
Cash, cash equivalents and restricted cash at end of period 791,268 1,305,780
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period 1,273 36,141
Cash, cash equivalents and restricted cash of continuing operations at end of period $ 789,995 $ 1,269,639