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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 127,852 $ 118,009
Restricted cash 1,037 1,012
Total cash, cash equivalents and restricted cash 128,889 119,021
Short-term investments 546,273 485,135
Total cash and cash equivalents, restricted cash and short-term investments 675,162 604,156
Student receivables, gross 69,237 64,011
Allowance for credit losses (34,382) (34,613)
Student receivables, net 34,855 29,398
Receivables, other 4,982 4,539
Prepaid expenses 12,558 11,712
Inventories 4,467 5,004
Other current assets 457 155
Total current assets 732,481 654,964
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $62,654 and $58,785 as of June 30, 2024 and December 31, 2023, respectively 19,087 21,371
Right of use asset, net 16,455 19,096
Goodwill 241,162 241,162
Intangible assets, net of amortization of $25,828 and $23,612 as of June 30, 2024 and December 31, 2023, respectively 34,002 36,219
Student receivables, gross 8,156 7,028
Allowance for credit losses (2,889) (3,169)
Student receivables, net 5,267 3,859
Deferred income tax assets, net 23,242 23,804
Other assets 6,545 6,841
TOTAL ASSETS [1] 1,078,241 1,007,316
CURRENT LIABILITIES:    
Lease liability-operating 5,397 5,701
Accounts payable 13,267 10,766
Accrued expenses:    
Payroll and related benefits 25,295 32,684
Advertising and marketing costs 6,984 7,196
Income taxes 6,502 3,974
Other 22,023 13,503
Deferred revenue 55,390 37,215
Total current liabilities 134,858 111,039
NON-CURRENT LIABILITIES:    
Lease liability-operating 18,443 21,346
Other liabilities 25,416 33,510
Total non-current liabilities 43,859 54,856
Commitments and Contingencies (Note 8)
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized; 90,977,866 and 90,270,306 shares issued, 65,673,430 and 65,544,539 shares outstanding as of June 30, 2024 and December 31, 2023, respectively 910 903
Additional paid-in capital 701,153 694,798
Accumulated other comprehensive loss (1,721) (666)
Retained earnings 543,606 480,606
Treasury stock, at cost; 25,304,436 and 24,725,767 shares as of June 30, 2024 and December 31, 2023, respectively (344,424) (334,220)
Total stockholders' equity 899,524 841,421
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,078,241 $ 1,007,316
[1] Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.