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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 71,114 $ 304,245
Loss (income) from discontinued operations 7,088 (341,337)
Income (loss) from continuing operations 78,202 (37,092)
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 10,908 18,604
Amortization and impairments to operating lease assets 37,928 35,251
Depreciation 31,618 33,471
Amortization of intangible assets 48,936 73,967
Amortization and write-off of debt discount and issuance costs 7,974 34,481
Provision for bad debts 23,391 19,552
Deferred income taxes (1,718) 3,425
Loss on disposals, accelerated depreciation, and impairments to property and equipment 3,999 2,274
Gain on extinguishment of debt (71) 0
Loss on investments 4,122 807
Gain on sale of assets (13,317) 0
Changes in assets and liabilities:    
Accounts receivable (43,345) (40,520)
Prepaid expenses and other current assets 7,034 2,398
Accounts payable 12,286 (5,737)
Accrued payroll and benefits (11,719) (22,416)
Accrued liabilities (20,275) (92,528)
Deferred revenue 26,038 92,507
Operating lease liabilities (37,758) (36,159)
Other assets and liabilities (14,412) (23,514)
Net cash provided by operating activities-continuing operations 149,821 58,771
Net cash used in operating activities-discontinued operations (404) (6,915)
Net cash provided by operating activities 149,417 51,856
Investing activities:    
Capital expenditures (19,056) (22,249)
Proceeds from sale of marketable securities 7,635 941
Purchases of marketable securities (1,508) (1,315)
Payment for purchase of business, net of cash and restricted cash acquired 0 (1,488,054)
Net cash provided by (used in) investing activities-continuing operations 33,871 (1,500,677)
Net cash used in investing activities-discontinued operations 0 (3,287)
Proceeds from sale of business, net of cash transferred 0 962,652
Payment for working capital adjustment for sale of business (3,174) 0
Net cash provided by (used in) investing activities 30,697 (541,312)
Financing activities:    
Proceeds from exercise of stock options 1,622 8,433
Employee taxes paid on withholding shares (4,214) (2,727)
Proceeds from stock issued under Colleague Stock Purchase Plan 451 400
Repurchases of common stock for treasury (44,710) (120,000)
Payment on equity forward contract (13,162) (30,000)
Proceeds from long-term debt 0 850,000
Repayments of long-term debt (150,861) (687,667)
Payment of debt discount and issuance costs 0 (49,553)
Payment for purchase of redeemable noncontrolling interest of subsidiary 0 (1,790)
Net cash used in financing activities (210,874) (32,904)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 12
Net decrease in cash, cash equivalents and restricted cash (30,760) (522,348)
Cash, cash equivalents and restricted cash at beginning of period 347,937 1,313,616
Cash, cash equivalents and restricted cash at end of period 317,177 791,268
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period 0 1,273
Cash, cash equivalents and restricted cash of continuing operations at end of period 317,177 789,995
Non-cash investing and financing activities:    
Accrued capital expenditures 10,474 5,408
Accrued liability for repurchases of common stock 2,699 0
Accrued excise tax on share repurchases 361 0
Settlement of financing liability with assets 38,606 0
DePaul College Prep    
Investing activities:    
Proceeds from note receivable related to property sold 46,800 0
DeVry University    
Investing activities:    
Proceeds from note receivable related to property sold $ 0 $ 10,000