XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income $ 60,956 $ 19,618
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 65,038 52,790
Stock-based compensation expense 30,821 17,785
Deferred income taxes 2,256 1,151
Provision for (recovery of) doubtful accounts 7,635 (88)
Amortization of discount and fees on debt 8,737  
Other 22,456 11,605
Changes in assets and liabilities:    
Accounts receivable (197,659) (76,187)
Inventories, prepaid expenses, deposits and other current and long-term assets (27,798) 240
Accounts payable (913) (20,066)
Accrued liabilities 8,850 6,260
Accrued compensation and benefits 14,913 (15,543)
Operating lease liability (15,650) (8,151)
Deferred revenue and other liabilities 31,480 13,611
Net cash provided by operating activities 11,122 3,025
Cash flows from investing activities    
Purchase of property and equipment (2,967) (1,493)
Capitalized software development costs (20,189) (18,825)
Capitalized curriculum development costs (11,742) (15,463)
Sale of long-lived assets 223  
Acquisition of Galvanize, Inc., net of cash acquired   (167,995)
Acquisition of MedCerts, LLC, net of cash acquired (54,795)  
Acquisition of Tech Elevator, Inc., net of cash acquired (16,030)  
Other acquisitions and investments, net of distributions (1,008) (4,277)
Net cash used in investing activities (106,508) (208,053)
Cash flows from financing activities    
Repayments on finance lease obligations (17,103) (21,603)
Borrowing from credit facility   105,000
Repayments on credit facility (100,000) (5,000)
Issuance of convertible senior notes 408,610  
Purchases of capped calls in connection with convertible senior notes (60,354)  
Proceeds from exercise of stock options 724 48
Withholding of stock options for tax withholding (10,885)  
Repurchase of restricted stock for income tax withholding (8,872) (6,504)
Net cash provided by financing activities 212,120 71,941
Net change in cash, cash equivalents and restricted cash 116,734 (133,087)
Cash, cash equivalents and restricted cash, beginning of period 213,299 284,621
Cash, cash equivalents and restricted cash, end of period $ 330,033 $ 151,534