UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended December 31, 2024 2023 (In thousands)Cash flows from operating activities Net income $137,275 $71,714 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 55,529 54,480 Stock-based compensation expense 16,374 16,022 Deferred income taxes 9,289 425 Provision for credit losses 9,624 15,332 Amortization of fees on debt 847 834 Noncash operating lease expense 6,222 7,913 Other 1,869 1,430 Changes in assets and liabilities: Accounts receivable (119,416) (61,247)Inventories, prepaid expenses, deposits and other current and long-term assets (4,084) 883 Accounts payable (8,983) (15,994)Accrued liabilities 20,248 (20,987)Accrued compensation and benefits (20,303) (14,340)Operating lease liability (6,437) (8,587)Deferred revenue and other liabilities (16,694) (9,849)Net cash provided by operating activities 81,360 38,029 Cash flows from investing activities Purchase of property and equipment (1,153) (1,703)Capitalized software development costs (18,601) (18,402)Capitalized curriculum development costs (9,841) (8,731)Other acquisitions, loans and investments, net of distributions (950) (275)Proceeds from the maturity of marketable securities 140,740 80,361 Purchases of marketable securities (145,865) (120,047)Net cash used in investing activities (35,670) (68,797)Cash flows from financing activities Repayments on finance lease obligations (16,714) (22,491)Repurchase of restricted stock for income tax withholding (11,963) (3,161)Net cash used in financing activities (28,677) (25,652)Net change in cash, cash equivalents and restricted cash 17,013 (56,420)Cash, cash equivalents and restricted cash, beginning of period 500,614 410,807 Cash, cash equivalents and restricted cash, end of period $517,627 $354,387 Reconciliation of cash, cash equivalents and restricted cash to balance sheet as of December 31st: Cash and cash equivalents $515,049 $354,387 Deposits and other assets (restricted cash) 2,578 — Total cash, cash equivalents and restricted cash $517,627 $354,387 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 $135.6 million, compared with $94.9 million.(1)Adjusted EBITDA of $160.4 million, compared with $118.3 million.(1) Second Quarter Fiscal 2025 Summary Financial Metrics Three Months Ended December 31, Change 2024/2023 2024 2023 $ % (In thousands, except percentages and per share data)Revenues$587,211 $504,868 $82,343 16.3% Income from operations 125,100 84,289 40,811 48.4%Adjusted operating income (1) 135,570 94,873 40,697 42.9% Net income 96,393 66,836 29,557 44.2%Net income per share, diluted 2.03 1.54 0.49 31.8% EBITDA (1) 152,495 110,752 41,743 37.7%Adjusted EBITDA (1) 160,420 118,348 42,072 35.5% (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 $193.9 million, compared with $109.6 million.(1)Adjusted EBITDA of $244.3 million, compared with $158.1 million.(1) Six Month Fiscal 2025 Summary Financial Metrics Six Months Ended December 31, Change 2024/2023 2024 2023 $ % (In thousands, except percentages and per share data)Revenues$1,138,295 985,049 153,246 15.6% Income from operations 172,444 87,609 84,835 96.8%Adjusted operating income (1) 193,930 109,634 84,296 76.9% Net income 137,275 71,714 65,561 91.4%Net income per share, diluted 2.93 1.66 1.27 76.5% EBITDA (1) 227,973 142,089 85,884 60.4%Adjusted EBITDA (1) 244,347 158,111 86,236 54.5% (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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