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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows provided by operating activities:    
Net income $ 59,564 $ 58,078
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 3,369 3,190
Depreciation and amortization 5,537 5,724
Amortization of intangible assets 2,105 2,105
Deferred income taxes 1,816 1,480
Other, including fixed asset impairments 410 719
Changes in assets and liabilities:    
Accounts receivable from university partners (25,158) (31,943)
Other assets (4,625) (5,312)
Right-of-use assets and lease liabilities 419 179
Accounts payable 1,953 5,427
Accrued liabilities (6,294) 2,377
Income taxes receivable/payable 14,225 16,074
Deferred revenue 9,678 12,162
Net cash provided by operating activities 62,999 70,260
Cash flows used in investing activities:    
Capital expenditures (8,587) (6,784)
Additions of amortizable content (244) (95)
Purchases of investments (52,556) (62,834)
Proceeds from sale or maturity of investments 24,253  
Net cash used in investing activities (37,134) (69,713)
Cash flows used in financing activities:    
Repurchase of common shares and shares withheld in lieu of income taxes (41,234) (399,555)
Net cash used in financing activities (41,234) (399,555)
Net decrease in cash and cash equivalents and restricted cash (15,369) (399,008)
Cash and cash equivalents and restricted cash, beginning of period 120,409 600,941
Cash and cash equivalents and restricted cash, end of period 105,040 201,933
Supplemental disclosure of cash flow information    
Cash paid for interest 19  
Cash paid for income taxes 230 306
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 973 1,442
ROU Asset and Liability recognition   $ 1,980
Excise tax on treasury stock repurchases $ 187