UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended March 31, 2025 2024 (In thousands) Cash flows from operating activities Net income $236,621 $141,401 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 84,470 81,464 Stock-based compensation expense 24,922 21,272 Deferred income taxes 5,655 (4,629) Provision for credit losses 13,357 18,895 Amortization of fees on debt 1,238 1,236 Noncash operating lease expense 9,230 11,055 Other 1,712 1,444 Changes in assets and liabilities: Accounts receivable (240,429) (133,144) Inventories, prepaid expenses, deposits and other current and long-term assets (3,643) (2,763) Accounts payable (528) (11,585) Accrued liabilities 8,463 (9,875) Accrued compensation and benefits 4,149 4,834 Operating lease liability (9,583) (11,695) Deferred revenue and other liabilities (1,142) (1,315) Net cash provided by operating activities 134,492 106,595 Cash flows from investing activities Purchase of property and equipment (1,350) (1,500) Capitalized software development costs (28,605) (30,130) Capitalized curriculum development costs (15,451) (13,534) Other acquisitions, loans and investments, net of distributions (1,681) (693) Proceeds from the maturity of marketable securities 221,530 107,020 Purchases of marketable securities (227,786) (162,179) Net cash used in investing activities (53,343) (101,016) Cash flows from financing activities Repayments on finance lease obligations (29,957) (32,212) Repurchase of restricted stock for income tax withholding (20,672) (7,597) Net cash used in financing activities (50,629) (39,809) Net change in cash, cash equivalents and restricted cash 30,520 (34,230) Cash, cash equivalents and restricted cash, beginning of period 500,614 410,807 Cash, cash equivalents and restricted cash, end of period $531,134 $376,577 Reconciliation of cash, cash equivalents and restricted cash to balance sheet as of March 31st: Cash and cash equivalents $528,547 $376,577 Other current assets (restricted cash) 476 — Deposits and other assets (restricted cash) 2,111 — Total cash, cash equivalents and restricted cash $531,134 $376,577 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 $141.7 million, compared with $96.4 million.(1)Adjusted EBITDA of $168.3 million, compared with $120.5 million.(1) Third Quarter Fiscal 2025 Summary Financial Metrics Three Months Ended March 31, Change 2025/2024 2025 2024 $ % (In thousands, except percentages and per share data) Revenues$613,376 $520,837 $92,539 17.8% Income from operations 130,786 88,313 42,473 48.1% Adjusted operating income (1) 141,744 96,410 45,334 47.0% Net income 99,346 69,687 29,659 42.6% Net income per share, diluted 2.02 1.60 0.42 26.3% EBITDA (1) 159,727 115,297 44,430 38.5% Adjusted EBITDA (1) 168,275 120,547 47,728 39.6% (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 $335.7 million, compared with $206.0 million.(1)Adjusted EBITDA of $412.6 million, compared with $278.7 million.(1) Nine Month Fiscal 2025 Summary Financial Metrics Nine Months Ended March 31, Change 2025/2024 2025 2024 $ % (In thousands, except percentages and per share data) Revenues$1,751,670 $1,505,886 $245,784 16.3% Income from operations 303,229 175,922 127,307 72.4% Adjusted operating income (1) 335,673 206,044 129,629 62.9% Net income 236,621 141,401 95,220 67.3% Net income per share, diluted 4.95 3.26 1.69 51.8% EBITDA (1) 387,699 257,386 130,313 50.6% Adjusted EBITDA (1) 412,621 278,658 133,963 48.1% (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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