CONSOLIDATED BALANCE SHEETS June 30, 2024 2023 (In thousands except share and per share data) ASSETS Current assets Cash and cash equivalents $500,614 $410,807 Accounts receivable, net of allowance of $31,298 and $30,031 472,754 463,722 Inventories, net 36,748 36,716 Prepaid expenses 29,164 24,817 Marketable securities 191,672 111,918 Other current assets 14,494 17,219 Total current assets 1,245,446 1,065,199 Operating lease right-of-use assets, net 54,503 69,508 Property and equipment, net 50,856 52,332 Capitalized software, net 81,952 83,465 Capitalized curriculum development costs, net 53,232 50,787 Intangible assets, net 60,282 74,771 Goodwill 246,676 246,676 Deferred tax asset 7,200 8,776 Deposits and other assets 120,318 109,152 Total assets $1,920,465 $1,760,666 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $40,970 $48,854 Accrued liabilities 60,796 76,626 Accrued compensation and benefits 64,878 57,426 Deferred revenue 35,742 76,159 Current portion of finance lease liability 29,146 35,621 Current portion of operating lease liability 12,748 14,449 Total current liabilities 244,280 309,135 Long-term finance lease liability 26,452 21,278 Long-term operating lease liability 45,192 59,425 Long-term debt 414,675 413,035 Other long-term liabilities 13,841 10,497 Total liabilities 744,440 813,370 Commitments and contingencies Stockholders’ equity Preferred stock, par value $0.0001; 10,000,000 shares authorized; zero shares issued or outstanding — — Common stock, par value $0.0001; 100,000,000 shares authorized; 48,576,164 and 48,339,048 shares issued; and 43,241,421 and 43,004,305 shares outstanding, respectively 4 4 Additional paid-in capital 720,033 695,480 Accumulated other comprehensive loss (42) (35) Retained earnings 558,512 354,329 Treasury stock of 5,334,743 shares at cost (102,482) (102,482) Total stockholders’ equity 1,176,025 947,296 Total liabilities and stockholders' equity $1,920,465 $1,760,666 Year Ended June 30, 2024 2023 (In thousands) Cash flows from operating activities Net income $204,183 $126,867 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 109,683 110,358 Stock-based compensation expense 31,462 20,320 Deferred income taxes 2,890 (10,373) Provision for credit losses 22,844 9,158 Amortization of fees on debt 1,640 1,597 Noncash operating lease expense 14,246 14,728 Other 849 (1,966) Changes in assets and liabilities: Accounts receivable (32,056) (54,908) Inventories, prepaid expenses, deposits and other current and long-term assets (8,877) (19,389) Accounts payable (6,844) (11,999) Accrued liabilities (16,556) 24,132 Accrued compensation and benefits 7,394 (15,473) Operating lease liability (14,990) (12,243) Deferred revenue and other liabilities (37,071) 22,341 Net cash provided by operating activities 278,797 203,150 Cash flows from investing activities Purchase of property and equipment (2,270) (4,336) Capitalized software development costs (40,653) (44,973) Capitalized curriculum development costs (18,666) (17,239) Sale of other investments — 60 Acquisition of assets — (1,409) Other acquisitions, loans and investments, net of distributions (5,196) (1,652) Proceeds from the maturity of marketable securities 204,487 91,879 Purchases of marketable securities (277,573) (140,570) Net cash used in investing activities (139,871) (118,240) Cash flows from financing activities Repayments on finance lease obligations (40,919) (42,956) Payments of contingent consideration — (7,024) Proceeds from exercise of stock options — 20 Repurchase of restricted stock for income tax withholding (8,200) (13,541) Net cash used in financing activities (49,119) (63,501) Net change in cash, cash equivalents and restricted cash 89,807 21,409 Cash, cash equivalents and restricted cash, beginning of period 410,807 389,398 Cash, cash equivalents and restricted cash, end of period $500,614 $410,807 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 $87.9 million, compared with $64.4 million.(1)Adjusted EBITDA of $112.1 million, compared with $88.8 million.(1) Fourth Quarter Fiscal 2024 Summary Financial Metrics Three Months Ended June 30, Change 2024/2023 2024 2023 $ % (In thousands, except percentages and per share data) Revenues$534,183 $483,489 $50,694 10.5% Income from operations 73,678 53,946 19,732 36.6% Adjusted operating income (1) 87,896 64,430 23,466 36.4% Net income 62,782 43,372 19,410 44.8% Net income per share, diluted 1.42 1.01 0.41 40.6% EBITDA (1) 101,897 83,648 18,249 21.8% Adjusted EBITDA (1) 112,087 88,772 23,315 26.3% (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 $293.9 million, compared with $201.0 million.(1)Adjusted EBITDA of $390.7 million, compared with $296.2 million.(1) Fiscal 2024 Summary Financial Metrics Year Ended June 30, Change 2024/2023 2024 2023 $ % (In thousands, except percentages and per share data) Revenues$2,040,069 1,837,358 202,711 11.0% Income from operations 249,600 165,499 84,101 50.8% Adjusted operating income (1) 293,940 201,027 92,913 46.2% Net income 204,183 126,867 77,316 60.9% Net income per share, diluted 4.69 2.97 1.72 57.9% EBITDA (1) 359,283 275,857 83,426 30.2% Adjusted EBITDA (1) 390,745 296,177 94,568 31.9% (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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