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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 29,553 $ 69,391
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 276 167
Amortization of investment discount/premium 40 68
Depreciation and amortization 66,624 51,981
Deferred income taxes (10,499) (6,736)
Stock-based compensation 8,068 6,884
Impairment of right-of-use lease assets 17,015 453
Changes in assets and liabilities:    
Tuition receivable, net (28,947) 3,820
Other assets (9,308) (6,338)
Accounts payable and accrued expenses (7,835) (22,180)
Income taxes payable and income taxes receivable 5,444 15,303
Contract liabilities 58,937 2,053
Other liabilities (3,537) (2,925)
Net cash provided by operating activities 125,831 111,941
Cash flows from investing activities:    
Purchases of property and equipment (23,138) (25,465)
Purchases of marketable securities 0 (1,863)
Proceeds from marketable securities 5,595 18,869
Other investments (262) (693)
Net cash used in investing activities (17,805) (9,152)
Cash flows from financing activities:    
Common dividends paid (29,549) (26,662)
Net payments for stock awards (2,283) (24,758)
Repurchase of common stock (2,904) (247)
Net cash used in financing activities (34,736) (51,667)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1,396) 0
Net increase in cash, cash equivalents, and restricted cash 71,894 51,122
Cash, cash equivalents, and restricted cash — beginning of period 202,020 420,497
Cash, cash equivalents, and restricted cash — end of period 273,914 471,619
Noncash transactions:    
Non-cash additions to property and equipment 6,600 2,229
Right-of-use lease assets obtained in exchange for operating lease liabilities $ 48,143 $ 7,870