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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 5,333 $ 8,107
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,148 2,651
Amortization of debt issuance costs 654 0
Stock-based compensation 2,356 2,180
Equity investment loss 5 5
Deferred income taxes 901 1,646
Loss on disposals of long-lived assets 793 8
Gain on acquisition (4,533) 0
Other 5 3
Changes in operating assets and liabilities:    
Accounts receivable, net of allowance for bad debt 6,644 4,210
Prepaid expenses (3,623) (2,989)
Income tax receivable/payable 537 905
Operating leases, net 1,218 27
Other assets 241 228
Accounts payable (2,492) (779)
Accrued compensation and benefits 2,401 (3,389)
Accrued liabilities 2,492 (1,159)
Deferred revenue and student deposits 4,175 (428)
Net cash provided by operating activities 25,255 11,226
Investing activities    
Cash received from acquisition, net of cash paid 1,932 0
Capital expenditures (2,965) (1,528)
Proceeds from the sale of real property 754 0
Net cash used in investing activities (279) (1,528)
Financing activities    
Cash paid for repurchase of common stock (1,444) (2,773)
Cash received from issuance of common stock 0 86,205
Cash paid for principal on borrowings and finance leases (2,216) 0
Net cash (used in) provided by financing activities (3,660) 83,432
Net increase in cash, cash equivalents, and restricted cash 21,316 93,130
Cash, cash equivalents, and restricted cash at beginning of period 149,627 227,686
Cash, cash equivalents, and restricted cash at end of period 170,943 320,816
Supplemental disclosure of cash flow information    
Interest paid 2,700 0
Income taxes paid $ 41 $ 62