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Consolidated Statements of Cash Flows
12 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Operating activities:      
Net income (loss) $ 317,705,000 $ 76,475,000 $ (85,778,000)
(Income) loss from discontinued operations (347,532,000) (6,145,000) 305,703,000
(Loss) income from continuing operations (29,827,000) 70,330,000 219,925,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation expense 22,611,000 12,824,000 13,878,000
Amortization and adjustments to operating lease assets 44,748,000 50,651,000 52,781,000
Depreciation 44,574,000 33,888,000 32,278,000
Amortization of intangible assets 97,274,000 0 0
Amortization and write-off of debt discount and issuance costs 42,654,000 2,657,000 1,566,000
Reclassification adjustment from other comprehensive income 0 (126,000) 0
Provision for bad debts 27,141,000 11,023,000 14,431,000
Deferred income taxes (544,000) 62,000 (5,423,000)
Loss on disposals, accelerated depreciation, and adjustments to property and equipment 3,501,000 1,912,000 4,564,000
Gain on extinguishment of debt (2,072,000) 0 0
Realized and unrealized gain on investments 0 (2,638,000) (18,000)
Realized gain on sale of assets 0 0 (4,779,000)
Gain on derivative 0 0 (110,723,000)
Changes in assets and liabilities:      
Accounts receivable (29,881,000) 15,443,000 (11,392,000)
Prepaid expenses and other current assets 569,000 (17,198,000) (18,741,000)
Accounts payable (15,724,000) 5,666,000 (9,421,000)
Accrued payroll and benefits (13,268,000) 12,552,000 257,000
Accrued liabilities (16,305,000) 29,312,000 1,265,000
Deferred revenue 65,075,000 5,312,000 (1,725,000)
Operating lease liabilities (49,147,000) (48,588,000) (52,780,000)
Other assets and liabilities (27,554,000) (14,322,000) (16,298,000)
Net cash provided by operating activities-continuing operations 163,825,000 168,760,000 109,645,000
Net cash (used in) provided by operating activities-discontinued operations (153,401,000) 23,439,000 (1,953,000)
Net cash provided by operating activities 10,424,000 192,199,000 107,692,000
Investing activities:      
Capital expenditures (31,054,000) (39,881,000) (39,605,000)
Proceeds from sales of marketable securities 0 2,721,000 2,829,000
Purchases of marketable securities 0 (10,745,000) (3,015,000)
Proceeds from sale of assets 0 0 6,421,000
Cash received on settlement of derivative 0 0 110,723,000
Cash received on purchase price adjustment 0 0 92,000
Payment for purchase of business, net of cash and restricted cash acquired (1,488,054,000) 0 0
Cash received on DeVry University loan 10,000,000 0 0
Net cash (used in) provided by investing activities-continuing operations (1,509,108,000) (47,905,000) 77,445,000
Net cash used in investing activities-discontinued operations (3,287,000) (8,783,000) (8,440,000)
Proceeds from sale of business, net of cash transferred 960,768,000 0 313,518,000
Net cash (used in) provided by investing activities (551,627,000) (56,688,000) 382,523,000
Financing activities:      
Proceeds from exercise of stock options 8,879,000 1,457,000 3,761,000
Employee taxes paid on withholding shares (2,834,000) (4,206,000) (5,485,000)
Proceeds from stock issued under Colleague Stock Purchase Plan 535,000 262,000 17,000
Repurchases of common stock for treasury (120,000,000) (100,000,000) (136,889,000)
Payment for purchase of equity forward contract (30,000,000) 0 0
Proceeds from long-term debt 850,000,000 800,000,000 225,000,000
Repayments of long-term debt (1,079,713,000) (3,000,000) (338,000,000)
Payment of debt discount and issuance costs (49,553,000) (18,047,000) 0
Proceeds from down payment on seller loan 0 0 5,200,000
Payment for purchase of redeemable noncontrolling interest of subsidiary (1,790,000) 0 (6,247,000)
Net cash (used in) provided by financing activities-continuing operations (424,476,000) 676,466,000 (252,643,000)
Net cash used in financing activities-discontinued operations 0 0 (3,466,000)
Net cash (used in) provided by financing activities (424,476,000) 676,466,000 (256,109,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 534,000 (33,468,000)
Net (decrease) increase in cash, cash equivalents and restricted cash (965,679,000) 812,511,000 200,638,000
Cash, cash equivalents and restricted cash at beginning of period 1,313,616,000 501,105,000 300,467,000
Cash, cash equivalents and restricted cash at end of period 347,937,000 1,313,616,000 501,105,000
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period 0 18,236,000 17,726,000
Cash, cash equivalents and restricted cash of continuing operations at end of period 347,937,000 1,295,380,000 483,379,000
Cash paid during the year for:      
Interest 107,093,000 14,429,000 20,156,000
Income taxes, net 94,355,000 26,431,000 12,442,000
Decrease in redemption value of redeemable noncontrolling interest put option $ 0 $ (628,000) $ 0