XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 17,752,000 $ 18,822,000 $ 10,013,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,832,000 12,984,000 15,596,000
Amortization of debt issuance costs 885,000 0 0
Stock-based compensation 7,654,000 7,075,000 5,960,000
Equity investment loss 831,000 7,000 1,464,000
Deferred income taxes 5,530,000 (811,000) (1,973,000)
Loss on disposal of long-lived assets 1,282,000 851,000 556,000
Impairment of goodwill 0 0 7,336,000
Other 15,000 24,000 145,000
Changes in operating assets and liabilities:      
Accounts receivable, net of allowance for bad debt (7,637,000) (6,327,000) 2,734,000
Prepaid expenses (614,000) 320,000 (1,149,000)
Income tax receivable/payable (5,481,000) 1,935,000 (859,000)
Operating lease assets, net 2,606,000 (16,000) 120,000
Other assets (1,517,000) (165,000) 550,000
Accounts payable 8,026,000 (86,000) (5,564,000)
Accrued compensation and benefits (3,406,000) 1,907,000 653,000
Accrued liabilities (4,432,000) 3,612,000 3,672,000
Deferred revenue and student deposits (23,061,000) 4,678,000 (884,000)
Net cash provided by operating activities 16,265,000 44,810,000 38,370,000
Investing activities      
Cash paid for acquisition, net of cash acquired (325,509,000) 0 0
Capital expenditures (11,828,000) (4,926,000) (7,255,000)
Proceeds from the sale of real property 672,000 767,000 0
Net cash used in investing activities (336,665,000) (4,159,000) (7,255,000)
Financing activities      
Cash paid for repurchase of common/restricted stock (3,032,000) (15,705,000) (40,506,000)
Cash received from issuance of common stock 86,205,000 0 0
Cash paid for principal on borrowings (2,188,000) 0 0
Cash received from borrowings 175,000,000 0 0
Cash paid for debt issuance costs (13,644,000) 0 0
Net cash used in financing activities 242,341,000 (15,705,000) (40,506,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash (78,059,000) 24,946,000 (9,391,000)
Cash, cash equivalents, and restricted cash at beginning of period 227,686,000 202,740,000 212,131,000
Cash, cash equivalents, and restricted cash at end of period 149,627,000 227,686,000 202,740,000
Supplemental disclosures of cash flow information      
Interest paid 3,676,000 0 0
Income taxes paid $ 7,464,000 $ 5,898,000 $ 8,019,000