XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 55,087 $ 86,268 $ 81,138
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss on sale of marketable securities 781 0 0
Gain on sale of property and equipment (2,656) 0 0
Amortization of deferred financing costs 552 466 333
Amortization of investment discount/premium 70 146 296
Depreciation and amortization 103,416 109,154 104,861
Deferred income taxes (7,710) (13,431) (8,037)
Stock-based compensation 18,149 14,610 12,160
Impairment of right-of-use lease assets 18,876 848 6,046
Changes in assets and liabilities:      
Tuition receivable, net (196) 19,659 1,770
Other assets (6,964) (32,326) (2,129)
Accounts payable and accrued expenses (6,700) (22,685) 245
Income taxes payable and income taxes receivable 1,196 (4,020) 1,198
Contract liabilities 13,995 (10,095) 7,716
Other liabilities (7,369) (5,689) (3,451)
Net cash provided by operating activities 180,527 142,905 202,146
Cash flows from investing activities:      
Cash paid for acquisition, net of cash acquired 0 (628,759) 0
Purchases of property and equipment (49,433) (46,812) (38,689)
Purchases of marketable securities 0 (1,863) (40,481)
Proceeds from marketable securities 9,300 36,192 43,762
Proceeds from sale of property and equipment 8,331 0 0
Other investments (1,292) (950) (2,658)
Net cash used in investing activities (33,094) (642,192) (38,066)
Cash flows from financing activities:      
Net proceeds from issuance of common stock 0 220,248 0
Proceeds from long-term debt 0 145,630 0
Common dividends paid (59,045) (55,956) (46,625)
Net payments for stock awards (2,938) (24,741) (9,195)
Payments on long-term debt 0 (3,807) 0
Payment of deferred financing costs 0 (1,940) 0
Repurchase of common stock (5,905) (247) 0
Net cash provided by (used in) financing activities (67,888) 279,187 (55,820)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,353) 1,623 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 77,192 (218,477) 108,260
Cash, cash equivalents, and restricted cash - beginning of period 202,020 420,497 312,237
Cash, cash equivalents, and restricted cash - end of period 279,212 202,020 420,497
Noncash transactions:      
Non-cash additions to property and equipment $ 9,308 $ 4,079 $ 5,562