UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended March 31, 2024 2023 (In thousands)Cash flows from operating activities Net income $141,401 $83,495 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 81,464 80,656 Stock-based compensation expense 21,272 15,196 Deferred income taxes (4,629) 2,982 Provision for credit losses 18,895 5,939 Amortization of fees on debt 1,236 1,200 Noncash operating lease expense 11,055 11,039 Other 1,444 (2,015)Changes in assets and liabilities: Accounts receivable (133,144) (61,949)Inventories, prepaid expenses, deposits and other current and long-term assets (2,763) (9,966)Accounts payable (11,585) (26,101)Accrued liabilities (9,875) (6,455)Accrued compensation and benefits 4,834 (19,130)Operating lease liability (11,695) (8,602)Deferred revenue and other liabilities (1,315) 39,931 Net cash provided by operating activities 106,595 106,220 Cash flows from investing activities Purchase of property and equipment (1,500) (3,579)Capitalized software development costs (30,130) (32,574)Capitalized curriculum development costs (13,534) (12,798)Sale of other investments — 60 Acquisition of assets — (1,409)Other acquisitions, loans and investments, net of distributions (693) (1,377)Proceeds from the maturity of marketable securities 107,020 66,204 Purchases of marketable securities (162,179) (85,289)Net cash used in investing activities (101,016) (70,762)Cash flows from financing activities Repayments on finance lease obligations (32,212) (31,238)Payments of contingent consideration — (7,024)Proceeds from exercise of stock options — 20 Repurchase of restricted stock for income tax withholding (7,597) (12,936)Net cash used in financing activities (39,809) (51,178)Net change in cash, cash equivalents and restricted cash (34,230) (15,720)Cash, cash equivalents and restricted cash, beginning of period 410,807 389,398 Cash, cash equivalents and restricted cash, end of period $376,577 $373,678 Non-GAAP Financial Measures To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income (loss), EBITDA, and adjusted EBITDA, which are not presented in accordance with GAAP.
Adjusted operating income of $96.4 million, compared with $80.2 million.(1)Adjusted EBITDA of $120.5 million, compared with $103.9 million.(1) Third Quarter Fiscal 2024 Summary Financial Metrics Three Months Ended March 31, Change 2024/2023 2024 2023 $ % (In thousands, except percentages and per share data) Revenues$520,837 $470,284 $50,553 10.7% Income from operations 88,313 72,199 16,114 22.3% Adjusted operating income (1) 96,410 80,224 16,186 20.2% Net income 69,687 55,462 14,225 25.6% Net income per share, diluted 1.60 1.30 0.30 23.1% EBITDA (1) 115,297 99,141 16,156 16.3% Adjusted EBITDA (1) 120,547 103,886 16,661 16.0% (1) To supplement our financial statements presented in accordance with U.S.generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA and adjusted EBITDA.
Adjusted operating income of $206.0 million, compared with $136.6 million.(1)Adjusted EBITDA of $278.7 million, compared with $207.4 million.(1) Nine Month Fiscal 2024 Summary Financial Metrics Nine Months Ended March 31, Change 2024/2023 2024 2023 $ % (In thousands, except percentages and per share data) Revenues$1,505,886 1,353,869 152,017 11.2% Income from operations 175,922 111,553 64,369 57.7% Adjusted operating income (1) 206,044 136,597 69,447 50.8% Net income 141,401 83,495 57,906 69.4% Net income per share, diluted 3.26 1.96 1.30 66.3% EBITDA (1) 257,386 192,209 65,177 33.9% Adjusted EBITDA (1) 278,658 207,405 71,253 34.4% (1) To supplement our financial statements presented in accordance with U.S.generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA and adjusted EBITDA.
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