XML 38 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows provided by operating activities:      
Net income $ 88,711 $ 69,447 $ 50,546
Adjustments to reconcile net income to net cash provided by operating activities:      
Share-based compensation 9,936 7,811 6,452
Excess tax benefits from share-based compensation (4,469) (1,427)  
Amortization of notes payable issuance costs   244 80
Provision for bad debts 19,897 18,012 34,364
Depreciation and amortization 25,437 21,923 17,034
Gain on note receivable (3,646)    
Loss on asset disposal   1,106  
Exit costs     (64)
Lease termination fees      782
Deferred income taxes 5,472 (518) 20,794
Other     92
Changes in assets and liabilities:      
Restricted cash and cash equivalents (8,404) 151 (9,137)
Accounts receivable (19,163) (14,148) (28,196)
Prepaid expenses and other (7,316) (1,920) (6,158)
Due to/from related parties (69) 296 (9,244)
Accounts payable 8,563 (630) 3,155
Accrued liabilities (1,756) 15,719 (3,300)
Accrued litigation loss     (5,200)
Income taxes receivable/payable (7,769) 20,593 (3,599)
Deferred rent (204) 503 4,143
Deferred revenue 4,202 6,891 6,689
Student deposits 9,027 143 8,729
Net cash provided by operating activities 118,449 144,196 87,962
Cash flows used in investing activities:      
Capital expenditures (78,948) (97,653) (80,545)
Purchase of land and building related to off-site development (14,542) (7,223)  
Investment in note receivable secured by real estate   (27,000)  
Proceeds received from note receivable 29,187    
Restricted funds held for derivative collateral and legal matter 225 330 5,405
Purchases of investments (168,953)    
Proceeds from sale or maturity of investments 60,533    
Net cash used in investing activities (172,498) (131,546) (75,140)
Cash flows provided by (used in) financing activities:      
Principal payments on notes payable and capital lease obligations (6,689) (21,744) (3,748)
Proceeds from notes payable   99,210  
Notes payable modification costs   (428) (91)
Repurchase of common shares including share withheld in lieu of income taxes (9,296) (15,242) (23,112)
Net proceeds from exercise of stock options 16,278 8,049 1,681
Excess tax benefits from share-based compensation 4,469 1,427  
Net cash provided by (used in) financing activities 4,762 71,272 (25,270)
Net (decrease) increase in cash and cash equivalents (49,287) 83,922 (12,448)
Cash and cash equivalents, beginning of year 105,111 21,189 33,637
Cash and cash equivalents, end of year 55,824 105,111 21,189
Supplemental disclosure of cash flow information      
Cash paid during the year for interest 2,176 606 535
Cash paid during the year for income taxes 59,892 32,810 13,463
Cash received for income tax refunds 728 7,938 5
Supplemental disclosure of non-cash investing and financing activities      
Purchase of equipment through notes payable and capital lease obligations     801
Purchases of property and equipment included in accounts payable and deferred rent 1,494 3,291 325
Shortfall tax expense from share-based compensation 209 283 151
Tax benefit of Spirit warrant intangible $ 267 $ 267 $ 291