XML 22 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Operating activities:      
Net (loss) income $ (85,778) $ 95,581 $ 34,297
Loss from discontinued operations 329,315 11,288 33,637
Income from continuing operations 243,537 106,869 67,934
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Stock-based compensation expense 14,584 13,217 14,499
Amortization and adjustments to operating lease assets 54,716 0 0
Depreciation 34,428 33,759 33,004
Amortization 11,828 8,513 8,774
Provision for bad debts 16,152 9,817 7,115
Deferred income taxes (4,548) 20,752 (9,105)
Loss on disposals, accelerated depreciation, and adjustments to property and equipment 4,564 42,459 31,295
Realized and unrealized (gain) loss on investments (18) 153 0
Realized gain on sale of assets (4,779) 0 0
Insurance settlement gain 0 (15,571) 0
Gain on derivative (110,723) 0 0
Changes in assets and liabilities:      
Accounts receivable (12,840) (21,123) (13,911)
Prepaid expenses and other current assets (17,612) 1,276 (21,609)
Accounts payable (6,340) 8,104 10,321
Accrued payroll and benefits 2,173 (3,350) 2,627
Accrued liabilities (2,477) 7,719 2,678
Deferred revenue (4,355) (6,058) 850
Operating lease liabilities (53,726) 0 0
Other assets and liabilities (14,999) (21,082) 39,523
Net cash provided by operating activities-continuing operations 149,565 185,454 173,995
Net cash (used in) provided by operating activities-discontinued operations (41,873) 19,404 65,194
Net cash provided by operating activities 107,692 204,858 239,189
Investing activities:      
Capital expenditures (44,137) (57,574) (46,622)
Insurance proceeds received for damage to buildings and equipment 0 35,706 0
Proceeds from sales of marketable securities 2,829 1,841 0
Purchases of marketable securities (3,015) (6,321) (159)
Proceeds from sale of assets 6,421 0 0
Cash received on settlement of derivative 110,723 0 0
Cash received on purchase price adjustment 92 0 0
Payment for purchase of businesses, net of cash acquired 0 (118,409) (3,069)
Payment for Investment in Business 0 0 (5,000)
Loan to DeVry University 0 (10,000) 0
Net cash provided by (used in) investing activities-continuing operations 72,913 (154,757) (54,850)
Net cash used in investing activities-discontinued operations (3,908) (9,010) (16,600)
Proceeds from sale of business, net of cash transferred 313,518 0 0
Cash and restricted cash transferred in divestitures of discontinued operations 0 (50,069) 0
Net cash provided by (used in) investing activities 382,523 (213,836) (71,450)
Financing activities:      
Proceeds from exercise of stock options 3,761 16,994 23,821
Employee taxes paid on withholding shares (5,485) (6,801) (4,203)
Proceeds from stock issued under Colleague Stock Purchase Plan 17 421 803
Repurchases of common stock for treasury (136,889) (252,852) (137,028)
Borrowings under credit facility 225,000 135,000 578,000
Repayments under credit facility (338,000) (28,000) (403,000)
Proceeds from down payment on seller loan 5,200 0 0
Payment for purchase of redeemable noncontrolling interest of subsidiary (6,247) 0 0
Payment of debt issuance costs 0 0 (9,871)
Capital investment from noncontrolling interest 0 0 95
Net cash (used in) provided by financing activities-continuing operations (252,643) (135,238) 48,617
Net cash used in financing activities-discontinued operations (3,466) (2,295) (11,413)
Net cash (used in) provided by financing activities (256,109) (137,533) 37,204
Effect of exchange rate changes on cash, cash equivalents and restricted cash (33,468) 2,573 (11,634)
Net increase (decrease) in cash, cash equivalents and restricted cash 200,638 (143,938) 193,309
Cash, cash equivalents and restricted cash at beginning of period 300,467 444,405 251,096
Cash, cash equivalents and restricted cash at end of period 501,105 300,467 444,405
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period 0 95,243 71,167
Cash, cash equivalents and restricted cash at end of period 501,105 205,224 373,238
Cash paid during the year for:      
Interest 20,156 20,410 11,505
Income taxes, net 12,442 3,230 8,365
Increase (decrease) in redemption value of noncontrolling interest put option $ 0 $ 20 $ (1,872)