XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows provided by operating activities:    
Net income $ 88,537 $ 83,640
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 6,622 6,361
Depreciation and amortization 10,939 11,352
Amortization of intangible assets 4,210 4,210
Deferred income taxes 1,160 732
Other, including fixed asset impairments 842 631
Changes in assets and liabilities:    
Accounts receivable from university partners 52,731 44,336
Other assets (1,332) (3,171)
Right-of-use assets and lease liabilities 787 322
Accounts payable 2,323 (6,285)
Accrued liabilities (460) 5,568
Income taxes receivable/payable (18,341) (13,555)
Deferred revenue 9,110 11,948
Net cash provided by operating activities 157,128 146,089
Cash flows used in investing activities:    
Capital expenditures (17,599) (15,136)
Additions of amortizable content (488) (114)
Purchases of investments (73,807) (91,361)
Proceeds from sale or maturity of investments 43,837 26,994
Net cash used in investing activities (48,057) (79,617)
Cash flows used in financing activities:    
Repurchase of common shares and shares withheld in lieu of income taxes (86,555) (528,012)
Net cash used in financing activities (86,555) (528,012)
Net increase (decrease) in cash and cash equivalents and restricted cash 22,516 (461,540)
Cash and cash equivalents and restricted cash, beginning of period 120,409 600,941
Cash and cash equivalents and restricted cash, end of period 142,925 139,401
Supplemental disclosure of cash flow information    
Cash paid for interest 26 5
Cash paid for income taxes 42,460 38,841
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 1,644 1,654
ROU Asset and Liability recognition 3,727 $ 503
Excise tax on treasury stock repurchases $ 641