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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 170,384 $ 45,787
Loss from discontinued operations 1,758 25,946
Income from continuing operations 172,142 71,733
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 11,328 10,369
Amortization and adjustments to operating lease assets 32,369 0
Depreciation 25,773 24,726
Amortization 8,860 5,990
Provision for bad debts 12,955 5,150
Deferred income taxes 1,824 23,717
Loss on disposals, accelerated depreciation, and adjustments to property and equipment 147 41,082
Realized and unrealized loss on investments 1,106 407
Realized gain on sale of assets (4,779) 0
Insurance settlement gain 0 (15,571)
Unrealized gain on derivative (83,832) 0
Changes in assets and liabilities:    
Accounts receivable (19,922) (24,511)
Prepaid expenses and other current assets (17,123) (11,948)
Accounts payable (18,495) (4,433)
Accrued payroll and benefits (6,291) (12,755)
Accrued liabilities (4,810) 6,156
Deferred revenue 24,103 9,423
Operating lease liabilities (41,628) 0
Other assets and liabilities (2,041) (22,355)
Net cash provided by operating activities-continuing operations 91,686 107,180
Net cash provided by operating activities-discontinued operations 13,845 21,355
Net cash provided by operating activities 105,531 128,535
Investing activities:    
Capital expenditures (31,934) (45,269)
Insurance proceeds received for damage to buildings and equipment 0 35,706
Proceeds from sales of marketable securities 1,572 1,625
Purchases of marketable securities (1,755) (6,070)
Proceeds from sale of assets 6,421 0
Cash received on purchase price adjustment 92 0
Loan to DeVry University 0 (10,000)
Net cash used in investing activities-continuing operations (25,604) (24,008)
Net cash used in investing activities-discontinued operations (3,803) (7,417)
Cash and restricted cash transferred in divestitures of discontinued operations 0 (48,876)
Net cash used in investing activities (29,407) (80,301)
Financing activities:    
Proceeds from exercise of stock options 2,276 16,825
Employee taxes paid on withholding shares (5,315) (6,527)
Proceeds from stock issued under Colleague Stock Purchase Plan 0 421
Repurchases of common stock for treasury (136,889) (176,903)
Borrowings under credit facility 225,000 0
Repayments under credit facility (177,250) (2,250)
Proceeds from down payment on seller loan 5,200 0
Payment for purchase of redeemable noncontrolling interest of subsidiary (6,247) 0
Net cash used in financing activities-continuing operations (93,225) (168,434)
Net cash used in financing activities-discontinued operations (2,920) (2,154)
Net cash used in financing activities (96,145) (170,588)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (27,907) (449)
Net decrease in cash, cash equivalents and restricted cash (47,928) (122,803)
Cash, cash equivalents and restricted cash at beginning of period 300,467 444,405
Cash, cash equivalents and restricted cash at end of period 252,539 321,602
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period 83,961 90,511
Cash, cash equivalents and restricted cash at end of period $ 168,578 $ 231,091