XML 20 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 25,997 $ 12,634
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,596 6,362
Finance lease amortization 175 0
Deferred income taxes 1,632 1,294
Gain on sale of assets (30,918) (177)
Impairment of goodwill and long-lived assets 4,220 1,049
Fixed asset donation (239) (408)
Provision for credit losses 41,637 34,915
Stock-based compensation expense 5,894 3,111
(Increase) decrease in assets:    
Accounts receivable (45,757) (48,637)
Inventories (330) 103
Prepaid expenses and current assets 900 (11)
Other assets 1,041 450
Increase (decrease) in liabilities:    
Accounts payable 5,039 (2,033)
Accrued expenses 5,027 (7,016)
Unearned tuition 2,752 (1,251)
Income taxes payable 777 1,038
Other liabilities 1,115 (541)
Total adjustments (439) (11,752)
Net cash provided by operating activities 25,558 882
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (40,699) (8,986)
Proceeds from sale of property and equipment 33,310 2,390
Proceeds from sale of short-term investments 39,102 0
Purchase of short-term investments (24,344) (14,758)
Net cash provided by (used in) investing activities 7,369 (21,354)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net share settlement for equity-based compensation (2,054) (1,992)
Dividend payment for preferred stock 0 (1,111)
Finance lease principal 0 0
Share repurchase (891) (9,445)
Net cash used in financing activities (2,945) (12,548)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 29,982 (33,020)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of year 50,287 83,307
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of year 80,269 50,287
Cash paid during the year for:    
Interest 110 171
Income taxes 7,201 1,471
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Liabilities accrued for or noncash purchases of property and equipment $ 3,522 $ 1,300