XML 23 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
Dec. 31, 2021
Cash flows provided by operating activities:      
Net income $ 204,985 $ 184,675 $ 260,344
Adjustments to reconcile net income to net cash provided by operating activities:      
Share-based compensation 13,204 12,642 11,526
Reversal of credit loss reserve     (5,000)
Depreciation and amortization 23,554 22,758 21,994
Amortization of intangible assets 8,419 8,419 8,419
Deferred income taxes 402 401 5,674
Other, including fixed asset disposals (442) 853 677
Changes in assets and liabilities:      
Accounts receivable from university partners (1,398) (7,350) (2,863)
Other assets (1,639) (2,604) (256)
Right-of-use assets and lease liabilities 2,105 1,193 545
Accounts payable (3,109) (3,894) 7,392
Accrued liabilities (1,974) (1,023) 4,148
Income taxes receivable/payable (445) 4,759 509
Deferred revenue   (10) 10
Net cash provided by operating activities 243,662 220,819 313,119
Cash flows used in investing activities:      
Capital expenditures (44,537) (35,232) (28,875)
Additions of amortizable content (897) (397) (515)
Funding to GCU     (190,000)
Repayment by GCU     1,159,912
Purchases of investments (98,853) (171,549) (56,335)
Proceeds from sale or maturity of investments 63,815 110,039 66,792
Net cash used in investing activities (80,472) (97,139) 950,979
Cash flows used in financing activities:      
Principal payments on notes payable     (107,774)
Repurchase of common shares and shares withheld in lieu of income taxes (137,124) (604,212) (803,832)
Net proceeds from exercise of stock options     2,680
Net cash used in financing activities (137,124) (604,212) (908,926)
Net increase (decrease) in cash and cash equivalents and restricted cash 26,066 (480,532) 355,172
Cash and cash equivalents and restricted cash, beginning of period 120,409 600,941 245,769
Cash and cash equivalents and restricted cash, end of period 146,475 120,409 600,941
Supplemental disclosure of cash flow information      
Cash paid for interest 33 2 3,697
Cash paid for income taxes 59,026 48,573 61,900
Supplemental disclosure of non-cash investing and financing activities      
Purchases of property and equipment included in accounts payable 1,909 1,131 1,536
ROU Asset and Liability recognition 19,735 $ 15,067 $ 3,368
Excise tax on treasury stock repurchases $ 1,146