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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 87,343 $ 105,684
Restricted cash 4,000 4,000
Total cash, cash equivalents and restricted cash 91,343 109,684
Short-term investments 389,310 300,676
Total cash and cash equivalents, restricted cash and short-term investments 480,653 410,360
Student receivables, gross 91,457 84,599
Allowance for credit losses (39,775) (39,917)
Student receivables, net 51,682 44,682
Receivables, other 2,568 2,873
Prepaid expenses 10,986 8,209
Inventories 619 596
Other current assets 2,637 341
Total current assets 549,145 467,061
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $107,628 and $101,380 as of June 30, 2021 and December 31, 2020, respectively 24,807 27,761
Right of use asset, net 40,821 44,773
Goodwill 118,312 118,312
Intangible assets, net of amortization of $5,844 and $4,178 as of June 30, 2021 and December 31, 2020, respectively 13,856 15,522
Student receivables, gross 4,568 3,533
Allowance for credit losses (3,101) (2,230)
Student receivables, net 1,467 1,303
Deferred income tax assets, net 31,782 40,351
Other assets 6,229 6,434
TOTAL ASSETS [1] 786,419 721,517
CURRENT LIABILITIES:    
Lease liability-operating 9,779 9,789
Accounts payable 11,533 13,259
Accrued expenses:    
Payroll and related benefits 19,495 22,661
Advertising and marketing costs 11,615 10,249
Income taxes 1,522 1,402
Other 18,614 11,921
Deferred revenue 45,214 34,534
Total current liabilities 117,772 103,815
NON-CURRENT LIABILITIES:    
Lease liability-operating 40,565 43,405
Other liabilities 14,470 18,390
Total non-current liabilities 55,035 61,795
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; 87,884,843 and 87,264,910 shares issued, 70,082,105 and 70,062,364 shares outstanding as of June 30, 2021 and December 31, 2020, respectively 879 873
Additional paid-in capital 666,470 658,423
Accumulated other comprehensive income 20 364
Retained earnings 199,737 142,335
Treasury stock, at cost; 17,802,738 and 17,202,546 shares as of June 30, 2021 and December 31, 2020, respectively (253,494) (246,088)
Total stockholders' equity 613,612 555,907
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 786,419 $ 721,517
[1] Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.