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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Operating activities:      
Net income $ 136,777 $ 93,358 $ 310,991
Loss (income) from discontinued operations 936 8,394 (346,946)
Income (loss) from continuing operations 137,713 101,752 (35,955)
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 25,947 14,299 22,611
Amortization and impairments to operating lease assets 32,641 48,470 44,748
Depreciation 39,676 41,376 44,574
Amortization of acquired intangible assets 35,644 61,239 97,274
Amortization and write-off of debt discount and issuance costs 5,663 9,129 42,654
Provision for bad debts 53,175 32,999 27,141
Deferred income taxes 11,073 (5,087) (544)
Loss on disposals, accelerated depreciation, and impairments to property and equipment 466 3,999 3,501
Gain on extinguishment of debt 0 (71) (2,072)
(Gain) loss on investments (1,365) 3,689 3,271
Gain on sale of assets 0 (13,317) 0
Unrealized loss on assets held for sale 647 0 0
Changes in assets and liabilities:      
Accounts and financing receivables (76,355) (56,309) (41,391)
Prepaid expenses and other current assets (8,781) 9,324 (2,827)
Cloud computing implementation assets (27,154) (13,873) 0
Accounts payable 18,330 24,744 (15,724)
Accrued payroll and benefits 19,422 (15,683) (12,118)
Accrued liabilities 27,422 241 (16,305)
Deferred revenue 40,622 5,807 70,355
Operating lease liabilities (36,692) (59,188) (49,147)
Other assets and liabilities (9,727) 1,150 (16,044)
Net cash provided by operating activities-continuing operations 288,367 194,690 164,002
Net cash provided by (used in) operating activities-discontinued operations 7,408 (2,776) (153,401)
Net cash provided by operating activities 295,775 191,914 10,601
Investing activities:      
Capital expenditures (48,893) (26,014) (31,054)
Proceeds from sales of marketable securities 1,732 7,635 3,447
Purchases of marketable securities (689) (1,508) (3,624)
Proceeds from note receivable related to property sold 0 46,800 0
Payment for purchase of business, net of cash and restricted cash acquired 0 0 (1,488,054)
Net cash (used in) provided by investing activities-continuing operations (47,850) 26,913 (1,509,285)
Net cash used in investing activities-discontinued operations 0 0 (3,287)
Proceeds from sale of business, net of cash transferred 0 0 960,768
Payment for working capital adjustment for sale of business 0 (3,174) 0
Net cash (used in) provided by investing activities (47,850) 23,739 (551,804)
Financing activities:      
Proceeds from exercise of stock options 17,089 2,625 8,879
Employee taxes paid on withholding shares (7,731) (4,592) (2,834)
Proceeds from stock issued under Colleague Stock Purchase Plan 810 608 535
Repurchases of common stock for treasury (261,966) (123,133) (120,000)
Payment on equity forward contract 0 (13,162) (30,000)
Proceeds from issuance of long-term debt 1,896 0 850,000
Repayments of long-term debt (51,896) (150,861) (1,079,713)
Payment of debt discount and issuance costs 0 0 (49,553)
Payment for purchase of redeemable noncontrolling interest of subsidiary 0 0 (1,790)
Net cash used in financing activities (301,798) (288,515) (424,476)
Net decrease in cash, cash equivalents and restricted cash (53,873) (72,862) (965,679)
Cash, cash equivalents and restricted cash at beginning of period 275,075 347,937 1,313,616
Cash, cash equivalents and restricted cash at end of period 221,202 275,075 347,937
Supplemental cash flow disclosure:      
Interest paid 57,842 53,126 107,093
Income taxes paid, net 31,475 12,312 94,355
Non-cash investing and financing activities:      
Accrued capital expenditures 8,718 5,125 4,321
Accrued liability for repurchases of common stock 0 2,995 0
Accrued excise tax on share repurchases 3,338 1,126 0
Settlement of financing liability with assets 0 38,606 0
DeVry University      
Investing activities:      
Proceeds from note receivable related to property sold $ 0 $ 0 $ 10,000