v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities    
Net income $ 13,864 $ 8,230
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 31,894 27,668
Stock based compensation expense 5,780 4,724
Excess tax benefit from stock based compensation (2,532) (1,232)
Deferred income taxes 9,482 6,433
Provision for doubtful accounts 784 329
Provision for inventory obsolescence 200 9
Provision for student computer shrinkage and obsolescence 502 393
Changes in assets and liabilities:    
Accounts receivable (63,338) (100,765)
Inventories 8,183 10,341
Prepaid expenses (8,630) (3,400)
Other current assets (1,402) (5,199)
Deposits and other assets (217) 151
Accounts payable (3,838) (928)
Accrued liabilities 8,403 2,885
Accrued compensation and benefits (4,058) 575
Deferred revenue 33,529 29,906
Release of restricted cash 1,501  
Deferred rent and other long term liabilities 1,945 413
Net cash provided by (used in) operating activities 32,052 (19,467)
Cash flows from investing activities    
Purchase of property and equipment (4,524) (6,276)
Capitalized software development costs (11,633) (8,626)
Capitalized curriculum development costs (9,628) (6,469)
Purchase of acquired entity   (12,641)
Net cash used in investing activities (25,785) (34,012)
Cash flows from financing activities    
Repayments on capital lease obligations (9,851) (7,884)
Repayments on note payable (785) (1,069)
Proceeds from exercise of stock options 607 2,760
Excess tax benefit from stock based compensation 2,532 1,232
Repurchase of restricted stock for income tax withholding (801) (580)
Payment of stock registration expense   (313)
Net cash used in financing activities (8,298) (5,854)
Effect of foreign exchange rate changes on cash and cash equivalents 571 106
Net change in cash and cash equivalents (1,460) (59,227)
Cash and cash equivalents, beginning of period 144,652 193,099
Cash and cash equivalents, end of period $ 143,192 $ 133,872