XML 19 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows provided by operating activities:    
Net income $ 49,357 $ 40,009
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 4,837 4,905
Excess tax benefits from share-based compensation (7,085) (3,465)
Provision for bad debts 7,061 9,485
Depreciation and amortization 14,000 12,141
Prepaid royalty impairment 966  
Gain on proceeds received from note receivable   (2,187)
Deferred income taxes (862) 1,050
Other including fixed asset impairments 2,090  
Changes in assets and liabilities:    
Restricted cash and cash equivalents 11,135 4,508
Accounts receivable (8,359) (10,179)
Prepaid expenses and other 2,062 (4,123)
Due to/from related parties 46 (66)
Accounts payable (1,151) 119
Accrued liabilities and employee related liabilities 2,087 2,180
Income taxes receivable/payable 16,956 (7,842)
Deferred rent (665) (446)
Deferred revenue 8,870 2,971
Student deposits (11,905) (5,024)
Net cash provided by operating activities 89,440 44,036
Cash flows used in investing activities:    
Capital expenditures (82,013) (38,008)
Purchase of land and building related to off-site development   (6,936)
Purchases of investments (87,217) (55,219)
Proceeds from sale or maturity of investments 39,145 6,780
Restricted funds held for derivative collateral   140
Proceeds received from note receivable   29,187
Net cash used in investing activities (130,085) (64,056)
Cash flows provided by financing activities:    
Principal payments on notes payable and capital lease obligations (3,346) (3,336)
Repurchase of common shares including shares withheld in lieu of income taxes (5,338) (8,491)
Excess tax benefits from share-based compensation 7,085 3,465
Net proceeds from exercise of stock options 6,634 14,072
Net cash provided by financing activities 5,035 5,710
Net decrease in cash and cash equivalents (35,610) (14,310)
Cash and cash equivalents, beginning of period 55,824 105,111
Cash and cash equivalents, end of period 20,214 90,801
Supplemental disclosure of cash flow information    
Cash paid for interest 916 1,059
Cash paid for income taxes 14,885 33,096
Cash received for income tax refunds 2 4
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 10,210 2,033
Tax benefit of Spirit warrant intangible 130 134
Shortfall tax expense from share-based compensation $ 14 $ 205