XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 28,341 $ 33,407
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on sale of marketable securities 0 781
Gain on sale of property and equipment 0 (681)
Amortization of deferred financing costs 414 414
Amortization of investment discount/premium 29 55
Depreciation and amortization 49,193 88,188
Deferred income taxes (9,213) (12,197)
Stock-based compensation 16,209 12,714
Impairment of right-of-use lease assets 1,185 18,914
Changes in assets and liabilities:    
Tuition receivable, net (33,320) (38,490)
Other assets 417 (6,106)
Accounts payable and accrued expenses 6,768 (253)
Income taxes payable and income taxes receivable 4,498 4,050
Contract liabilities 65,437 66,022
Other liabilities (5,226) (5,655)
Net cash provided by operating activities 124,732 161,163
Cash flows from investing activities:    
Purchases of property and equipment (32,508) (33,632)
Proceeds from marketable securities 2,600 9,300
Proceeds from sale of property and equipment 0 4,328
Other investments (223) (589)
Cash paid for acquisition, net of cash acquired (193) 0
Net cash used in investing activities (30,324) (20,593)
Cash flows from financing activities:    
Common dividends paid (44,600) (44,289)
Net payments for stock awards (2,973) (2,283)
Repurchase of common stock (36,916) (5,905)
Net cash used in financing activities (84,489) (52,477)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (10,729) (3,280)
Net increase (decrease) in cash, cash equivalents, and restricted cash (810) 84,813
Cash, cash equivalents, and restricted cash — beginning of period 279,212 202,020
Cash, cash equivalents, and restricted cash — end of period 278,402 286,833
Non-cash transactions:    
Non-cash additions to property and equipment 1,910 6,849
Right-of-use lease assets obtained in exchange for operating lease liabilities $ 4,278 $ 46,213