| Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | |||||||||
Net income | |||||||||
37,209 | 27,420 | -459 | 8,551 | 9,326 | 18,116 | 26,534 | 16,109 | 11,665 | 20,887 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
Depreciation and amortization expense | |||||||||
71,400 | 75,260 | 74,280 | 68,225 | 80,282 | 86,267 | 65,737 | 58,033 | 42,934 | 25,761 |
Stock-based compensation expense | |||||||||
16,676 | 20,817 | 22,598 | 18,616 | 21,299 | 22,828 | 14,374 | 10,067 | 9,466 | 5,934 |
Excess tax benefit from stock-based compensation | |||||||||
- | - | - | - | 118 | -1,679 | 9,795 | -3,122 | 4,954 | 3,935 |
Deferred income taxes | |||||||||
3,693 | -4,015 | -7,065 | -3,818 | -3,094 | -5,754 | 15,770 | 10,297 | 10,978 | 11,858 |
(Recovery of) provision for doubtful accounts | |||||||||
6,325 | 4,089 | 4,512 | 4,610 | 9,300 | 1,439 | 2,070 | 204 | 1,472 | 308 |
Provision for excess and obsolete inventory | |||||||||
- | - | - | - | 1,406 | 4,293 | 387 | 1,618 | 1,060 | 1,019 |
Provision for student computer shrinkage and obsolescence | |||||||||
- | - | - | - | -430 | -526 | 482 | 1,038 | 219 | -178 |
Expensed computer peripherals | |||||||||
- | - | - | - | 3,519 | - | - | - | - | - |
Impairment of investment in Web International Education Group, Ltd. | |||||||||
- | - | 10,000 | - | 3,200 | - | - | - | - | - |
Other | |||||||||
3,985 | 4,822 | 4,286 | 3,051 | - | - | - | - | - | - |
Realized gain on sale of assets | |||||||||
- | - | - | - | - | 6,404 | - | - | - | - |
Changes in assets and liabilities: | |||||||||
Accounts receivable | |||||||||
21,637 | -11,987 | 27,745 | -14,463 | 1,892 | 12,257 | 27,708 | 64,270 | 15,810 | 18,460 |
Inventories, prepaid expenses, deposits and other current and long-term assets | |||||||||
3,321 | 28,491 | -11,343 | -2,939 | - | - | - | - | - | - |
Inventories | |||||||||
- | - | - | - | -2,853 | -6,272 | 6,929 | 8,918 | 4,621 | -4,840 |
Prepaid expenses | |||||||||
- | - | - | - | 4,073 | -2,735 | -843 | 784 | -363 | -327 |
Other current assets | |||||||||
- | - | - | - | 2,579 | 1,645 | -682 | 5,260 | 1,825 | 5,199 |
Deposits and other assets | |||||||||
- | - | - | 8,910 | 1,440 | 212 | 466 | -764 | 1,037 | -30 |
Accounts payable | |||||||||
20,174 | -2,336 | 5,317 | -3,900 | -1,192 | 9,778 | -2,115 | 2,794 | 2,726 | 2,326 |
Accrued liabilities | |||||||||
8,295 | -6,273 | -4,963 | 15,497 | -7,854 | 5,474 | 3,226 | -292 | 615 | 1,012 |
Accrued compensation and benefits | |||||||||
5,948 | 6,672 | -1,674 | 4,255 | 9,389 | -4,214 | 4,616 | 4,275 | 1,976 | 2,271 |
Deferred revenue and other liabilities | |||||||||
-7,141 | -4,506 | -1,702 | - | - | - | - | - | - | - |
Deferred revenue | |||||||||
- | - | - | 636 | 621 | -1,429 | 3,119 | 3,351 | 6,760 | 6,203 |
Deferred rent and other liabilities | |||||||||
- | - | - | -2,437 | 1,562 | -209 | 2,059 | 843 | 3,384 | 519 |
Restricted cash | |||||||||
- | - | - | - | - | - | -1,501 | - | -1,842 | 843 |
Net cash provided by operating activities | |||||||||
141,606 | 105,446 | 88,728 | 121,778 | 120,085 | 122,873 | 94,387 | 32,991 | 67,213 | 54,680 |
Cash flows from investing activities | |||||||||
Purchase of property and equipment | |||||||||
5,477 | 8,743 | 2,174 | 5,008 | 9,928 | 7,405 | 8,339 | 10,483 | 19,616 | - |
Capitalized software development costs | |||||||||
26,318 | 24,533 | 26,918 | 36,265 | 33,755 | 26,553 | 23,446 | 21,994 | 9,947 | - |
Purchase of property, equipment and software development costs | |||||||||
- | - | - | - | - | - | - | - | - | 10,357 |
Capitalized curriculum development costs | |||||||||
16,611 | 9,927 | 19,132 | 21,627 | 18,057 | 15,411 | 18,560 | 16,123 | 18,086 | 13,904 |
Mortgage note to managed school partner | |||||||||
- | - | - | - | - | 2,100 | - | - | - | - |
Sale of long-lived assets | |||||||||
389 | - | 89 | - | - | 5,665 | - | - | - | - |
Acquisitions, net | |||||||||
13,092 | 7,274 | 9,063 | 19,953 | 6,512 | - | - | 12,641 | - | - |
Acquisition of LTS Education Systems, net of cash acquired | |||||||||
- | - | - | - | - | - | - | - | 24,543 | - |
Proceeds from issuance of common stock | |||||||||
- | - | - | - | - | - | - | - | 125,619 | - |
Net cash used in investing activities | |||||||||
-61,109 | -50,477 | -57,198 | -82,853 | -68,252 | -45,804 | -50,345 | -61,241 | -83,031 | -24,261 |
Cash flows from financing activities | |||||||||
Purchase of IS Berne, net of cash acquired of $1,563 | |||||||||
- | - | - | - | - | - | - | - | 839 | - |
Cash advanced for AEC performance escrow | |||||||||
- | - | - | - | - | - | - | - | 6,825 | - |
Cash returned for AEC performance escrow | |||||||||
- | - | - | - | - | - | - | - | 6,825 | - |
Cash paid for investment in Web | |||||||||
- | - | - | - | - | - | - | - | 10,000 | - |
Repayments on finance lease obligations | |||||||||
21,034 | 13,301 | 15,697 | 17,402 | 21,939 | 22,694 | 20,275 | 16,600 | 15,135 | 12,945 |
Repayments on notes payable | |||||||||
- | - | - | - | - | 390 | 1,533 | 1,820 | 1,969 | 1,029 |
Purchase of treasury stock | |||||||||
- | 27,482 | - | - | 26,452 | 48,548 | - | - | - | - |
Proceeds from notes payable | |||||||||
- | - | - | - | - | - | - | - | 1,932 | - |
Borrowing from credit facility | |||||||||
- | - | - | - | - | - | - | - | 15,000 | - |
Repayments on credit facility | |||||||||
- | - | - | - | - | - | - | - | 15,000 | - |
Payments of contingent consideration | |||||||||
1,027 | 1,819 | - | - | - | - | - | - | - | - |
Proceeds from exercise of stock options | |||||||||
3,030 | 196 | 6,953 | 14 | 553 | 10,294 | 7,253 | 3,380 | 13,364 | 8,544 |
Proceeds from exercise of stock warrants | |||||||||
- | - | - | - | - | - | - | - | - | 50 |
Payment of stock registration expense | |||||||||
- | - | - | - | - | - | - | 313 | - | - |
Net proceeds from investment in noncontrolling interest | |||||||||
- | - | - | - | - | 1,275 | - | - | - | 3,374 |
Excess tax benefit from stock-based compensation | |||||||||
- | - | 291 | 6 | 118 | 1,679 | 9,795 | -3,122 | 4,954 | 3,935 |
Repurchase of restricted stock for income tax withholding | |||||||||
9,958 | 10,314 | 6,191 | 3,394 | 2,672 | 5,018 | 2,546 | 1,292 | 1,627 | 58 |
Net cash provided by (used in) financing activities | |||||||||
-28,989 | -52,720 | -14,644 | -20,776 | -50,392 | -63,402 | -7,306 | -19,767 | 127,138 | 1,871 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | |||||||||
- | - | -11 | -12 | -1,698 | 962 | 92 | -430 | 28 | - |
Net change in cash, cash equivalents and restricted cash | |||||||||
51,508 | 2,249 | 16,875 | 18,137 | -257 | 14,629 | 36,828 | -48,447 | 111,348 | 32,290 |