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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 147,652 $ 95,867 $ 109,637
Adjustments to reconcile net income to net      
Asset impairment 14,263 2,994  
Gain on sale of asset (22,086)    
Depreciation and amortization expense 16,887 19,734 16,766
Bad debt expense 33,215 41,574 44,344
Compensation expense related to share-based awards 8,078 8,751 14,972
Deferred income taxes 3,761 (720) 15,330
Changes in operating assets and liabilities:      
Student receivables, gross 15,929 6,380 6,631
Allowance for credit losses (38,573) (38,992) (47,417)
Receivables, other (3,922) (1,670) 5,396
Inventories, prepaid expenses, and other current assets (2,994) 2,640 3,285
Other non-current assets 478 843 72
Accounts payable (4,878) 1,922 (2,744)
Accrued expenses and other non-current liabilities (19,235) 22,332 (3,404)
Deferred revenue (34,375) (11,767) 30,724
Right of use asset and lease liability (2,175) (1,702) (2,476)
Net cash provided by operating activities 112,025 148,186 191,116
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of available-for-sale investments (314,279) (492,100) (269,739)
Sales of available-for-sale investments 238,184 262,277 391,659
Purchases of property and equipment (6,411) (12,620) (10,453)
Business acquisitions, net of cash acquired   (84,308) (57,143)
Earnout payment related to business acquisition (6,000)    
Net cash (used in) provided by investing activities (88,506) (326,751) 54,324
CASH FLOWS FROM FINANCING ACTIVITIES:      
Purchase of treasury stock (8,301) (23,117) (25,296)
Issuance of common stock 2,545 1,197 861
Payments of employee tax associated with stock compensation (2,209) (1,612) (5,511)
Payments of cash dividends (14,417)    
Release of cash held in escrow (1,000) (4,197)  
Net cash used in financing activities (23,382) (27,729) (29,946)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 137 (206,294) 215,494
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the year 118,884 325,178 109,684
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the year 119,021 118,884 325,178
Supplemental Cash Flow Information:      
Income taxes paid 41,763 28,940 23,224
Supplemental Non-Cash Disclosures:      
Amount placed in escrow to secure indemnification obligations from business acquisitions   8,500 1,210
Non-cash additions to property and equipment $ 329 $ (1,953) 2,287
Right of use assets obtained in exchange for lease liabilities     $ 727