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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:      
Net income $ 229,671 $ 261,362 $ 281,234
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,550 8,143 6,544
Reduction in the carrying amount of right-of-use assets 9,094 0 0
Net foreign currency (gains) losses (945) (1,251) 980
Stock-based compensation 31,548 27,573 22,688
Deferred income taxes 28,101 (27,129) (109,131)
Provision for bad debts 5,255 645 1,418
Other non-cash operating activities 625 429 421
Changes in assets and liabilities:      
Accounts receivable (12,875) (6,626) 846
Contract assets (28,084) (57,660) 14,932
Contract costs (3,570) (4,482) (617)
Lease liabilities (9,508) 0 0
Prepaid expenses, prepaid income taxes, and other assets (5,288) (2,411) 3,821
Accounts payable, accrued expenses, income taxes payable and other liabilities (23,360) 21,921 1,156
Deferred revenue 13,044 17,799 (17,356)
Net cash provided by operating activities 243,258 238,313 206,936
Cash flows from investing activities:      
Purchase of property, equipment and leasehold improvements (1,278) (436) (331)
Payments for business acquisitions, net of cash acquired (74,460) (6,098) (33,700)
Payments for equity method investments (324) 0 0
Payments for capitalized computer software costs (141) (1,131) (329)
Net cash used in investing activities (76,203) (7,665) (34,360)
Cash flows from financing activities:      
Issuance of shares of common stock 9,004 10,864 13,466
Repurchases of common stock (152,432) (299,214) (205,049)
Payment of tax withholding obligations related to restricted stock (10,167) (14,477) (7,896)
Deferred business acquisition payments (4,600) (1,700) (8,649)
Proceeds from borrowings, net of repayments 219,163 50,000 30,000
Repayments of amounts borrowed (8,000) 0 0
Payments of debt issuance costs (3,533) 0 (351)
Net cash provided by (used in) financing activities 49,435 (254,527) (178,479)
Effect of exchange rate changes on cash and cash equivalents (620) (360) 114
Increase (decrease) in cash and cash equivalents 215,870 (24,239) (5,789)
Cash and cash equivalents, beginning of year 71,926 96,165 101,954
Cash and cash equivalents, end of year 287,796 71,926 96,165
Supplemental disclosure of cash flow information:      
Income taxes paid, net 39,533 53,153 50,557
Interest paid 12,444 8,121 5,038
Supplemental disclosure of non-cash activities:      
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses (99) 104 (61)
Change in repurchases of common stock included in accounts payable and accrued expenses (2,432) 786 (5,049)
Lease liabilities arising from obtaining right-of-use assets $ 14,013 $ 0 $ 0