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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 39,591 $ 15,306
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 2,219 273
Stock-based compensation 2,268 1,707
Net gains on investment in marketable securities (4,630) (7,206)
Net gains on derivative instruments (2,867) (2,044)
Shares issued to an employee in lieu of cash compensation 1,316 490
Other (226) (57)
Changes in operating assets and liabilities, net of acquisition:    
Accounts and other receivables (24,474) (1,109)
Merchandise inventories (16,713) 0
Textbook rental inventories 548 0
Prepaid expenses and other current assets 4,221 2,467
Changes in lease right-of-use assets and liabilities (6,670) 0
Long-term deposits (194) (1,980)
Other assets (33,200) 231
Accounts payable and accrued liabilities (44,013) (756)
Other current liabilities 18,344 3,845
Deferred revenue 8,626 (2,379)
Other long-term liabilities (173) (34)
Net cash flows (used in) provided by operating activities (56,027) 8,754
Cash flows from investing activities:    
Purchases of marketable securities and other investments (82,065) (99,766)
Proceeds from sale or maturities of marketable securities and other investments 80,985 72,442
Proceeds from sale of derivative instruments 5,595 9,487
Acquisition of business net of cash acquired (29,647) 0
Payments for settlement of derivative instruments (5,368) (4,869)
Purchase of property and equipment (928) 0
Net cash flows used in investing activities (31,428) (22,706)
Cash flows from financing activities:    
Proceeds from borrowings 101,528 0
Repayment of borrowing (16,119) 0
Dividend payments to stockholders (2,992) (5,415)
Payment for purchases of treasury stock (4) (2,852)
Shares withheld to cover payroll taxes (617) (947)
Other financing activities 0 166
Net cash provided by (used in) financing activities 81,796 (9,048)
Net decrease in cash, cash equivalents and restricted cash (5,659) (23,000)
Cash, cash equivalents and restricted cash:    
Beginning of period 56,071 48,820
End of period $ 50,412 $ 25,820