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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 87,348 $ 30,662
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of property and equipment 0 (2,136)
Gain on early termination of operating leases (6,166) (98)
Amortization of deferred financing costs 421 416
Amortization of investment discount/premium (47) (40)
Depreciation and amortization 33,033 44,881
Deferred income taxes (2,272) (5,947)
Stock-based compensation 18,789 15,202
Impairment of right-of-use lease assets 0 5,135
Changes in assets and liabilities:    
Tuition receivable, net (27,849) (35,113)
Other assets (15,877) (12,456)
Accounts payable and accrued expenses 12,878 11,119
Income taxes payable and income taxes receivable (646) (14,669)
Contract liabilities 57,576 52,836
Other liabilities (3,762) (2,619)
Net cash provided by operating activities 153,426 87,173
Cash flows from investing activities:    
Purchases of property and equipment (29,346) (27,318)
Purchases of marketable securities (14,720) (16,904)
Proceeds from marketable securities 29,525 8,175
Proceeds from sale of property and equipment 0 5,890
Proceeds from other investments 20 457
Other investments (490) (314)
Cash paid for acquisition, net of cash acquired (163) (448)
Net cash used in investing activities (15,174) (30,462)
Cash flows from financing activities:    
Common dividends paid (44,262) (44,139)
Payments on long-term debt (61,275) (40,000)
Net payments for stock awards (3,514) (4,925)
Repurchase of common stock (5,000) (9,999)
Net cash used in financing activities (114,051) (99,063)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1,495 (3,657)
Net increase (decrease) in cash, cash equivalents, and restricted cash 25,696 (46,009)
Cash, cash equivalents, and restricted cash — beginning of period 181,925 227,454
Cash, cash equivalents, and restricted cash — end of period 207,621 181,445
Non-cash transactions:    
Non-cash additions to property and equipment 2,834 2,110
Right-of-use lease assets obtained in exchange for operating lease liabilities $ 10,205 $ 8,329