XML 32 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities    
Net income $ 21,901us-gaap_ProfitLoss $ 6,164us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 52,273us-gaap_DepreciationDepletionAndAmortization 69,491us-gaap_DepreciationDepletionAndAmortization
Stock-based compensation expense 13,471us-gaap_ShareBasedCompensation 16,199us-gaap_ShareBasedCompensation
Excess tax benefit from stock-based compensation 716us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities 472us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Deferred income taxes 4,149lrn_DeferredIncomeTaxNoncashExpenseBenefit 122lrn_DeferredIncomeTaxNoncashExpenseBenefit
Provision for doubtful accounts 1,442us-gaap_ProvisionForDoubtfulAccounts 1,206us-gaap_ProvisionForDoubtfulAccounts
Provision for excess and obsolete inventory 541us-gaap_InventoryWriteDown 4,161us-gaap_InventoryWriteDown
Benefit for student computer shrinkage and obsolescence (262)lrn_ProvisionForStudentComputerShrinkageAndObsolescence (555)lrn_ProvisionForStudentComputerShrinkageAndObsolescence
Changes in assets and liabilities:    
Accounts receivable (81,421)us-gaap_IncreaseDecreaseInAccountsReceivable (51,547)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories 15,532us-gaap_IncreaseDecreaseInInventories 18,941us-gaap_IncreaseDecreaseInInventories
Prepaid expenses (4,226)us-gaap_IncreaseDecreaseInPrepaidExpense (39)us-gaap_IncreaseDecreaseInPrepaidExpense
Other current assets (3,719)us-gaap_IncreaseDecreaseInOtherCurrentAssets (3,906)us-gaap_IncreaseDecreaseInOtherCurrentAssets
Deposits and other assets (425)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets (351)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets
Accounts payable (10,979)us-gaap_IncreaseDecreaseInAccountsPayable 2,759us-gaap_IncreaseDecreaseInAccountsPayable
Accrued liabilities (1,995)us-gaap_IncreaseDecreaseInAccruedLiabilities (2,165)us-gaap_IncreaseDecreaseInAccruedLiabilities
Accrued compensation and benefits 4,619us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities (2,535)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities
Deferred revenue 32,336us-gaap_IncreaseDecreaseInDeferredRevenue 23,543us-gaap_IncreaseDecreaseInDeferredRevenue
Deferred rent and other liabilities 2,510lrn_IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities (454)lrn_IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities
Net cash provided by operating activities 46,463us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 81,506us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities    
Purchase of property and equipment (7,656)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (6,323)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Capitalized software development costs (25,430)us-gaap_PaymentsForSoftware (18,486)us-gaap_PaymentsForSoftware
Capitalized curriculum development costs (12,194)lrn_PaymentsToCapitalizedCurriculumDevelopmentCosts (11,324)lrn_PaymentsToCapitalizedCurriculumDevelopmentCosts
Investment in LearnBop Inc. (6,512)us-gaap_PaymentsToAcquireInvestments  
Mortgage note to managed school partner   (2,100)us-gaap_PaymentsToAcquireMortgageNotesReceivable
Net cash used in investing activities (51,792)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (38,233)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities    
Repayments on capital lease obligations (16,743)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations (16,988)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations
Purchase of treasury stock (26,452)us-gaap_PaymentsForRepurchaseOfCommonStock (26,624)us-gaap_PaymentsForRepurchaseOfCommonStock
Repayments on note payable   (390)us-gaap_RepaymentsOfNotesPayable
Proceeds from exercise of stock options 513us-gaap_ProceedsFromStockOptionsExercised 8,444us-gaap_ProceedsFromStockOptionsExercised
Excess tax benefit from stock-based compensation (716)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities (472)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Repurchase of restricted stock for income tax withholding (2,388)lrn_RepurchaseOfRestrictedStockForIncomeTaxWithholding (4,270)lrn_RepurchaseOfRestrictedStockForIncomeTaxWithholding
Net cash used in financing activities (45,786)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (40,300)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of foreign exchange rate changes on cash and cash equivalents (2,144)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations 879us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
Net change in cash and cash equivalents (53,259)us-gaap_NetCashProvidedByUsedInContinuingOperations 3,852us-gaap_NetCashProvidedByUsedInContinuingOperations
Cash and cash equivalents, beginning of period 196,109us-gaap_CashAndCashEquivalentsAtCarryingValue 181,480us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period $ 142,850us-gaap_CashAndCashEquivalentsAtCarryingValue $ 185,332us-gaap_CashAndCashEquivalentsAtCarryingValue