XML 20 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows provided by operating activities:    
Net income $ 59,955 $ 49,357
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 5,512 4,837
Excess tax benefits from share-based compensation (3,361) (7,085)
Provision for bad debts 7,412 7,061
Depreciation and amortization 16,387 14,000
Deferred income taxes (1,077) (862)
Prepaid royalty impairment   966
Other including fixed asset impairments 872 2,090
Changes in assets and liabilities:    
Restricted cash, cash equivalents and investments 4,144 11,135
Accounts receivable (7,965) (8,359)
Prepaid expenses and other 1,373 2,062
Due to/from related parties (2) 46
Accounts payable (1,083) (1,151)
Accrued liabilities and employee related liabilities 422 2,087
Income taxes receivable/payable (1,214) 16,956
Deferred rent (560) (665)
Deferred revenue 5,541 8,870
Student deposits (4,689) (11,905)
Net cash provided by operating activities 81,667 89,440
Cash flows used in investing activities:    
Capital expenditures (111,903) (82,013)
Purchases of investments (25,023) (87,217)
Proceeds from sale or maturity of investments 42,274 39,145
Net cash used in investing activities (94,652) (130,085)
Cash flows (used in) provided by financing activities:    
Principal payments on notes payable and capital lease obligations (3,374) (3,346)
Repurchase of common shares including shares withheld in lieu of income taxes (4,230) (5,338)
Excess tax benefits from share-based compensation 3,361 7,085
Net proceeds from exercise of stock options 2,700 6,634
Net cash (used in) provided by financing activities (1,543) 5,035
Net decrease in cash and cash equivalents (14,528) (35,610)
Cash and cash equivalents, beginning of period 65,238 55,824
Cash and cash equivalents, end of period 50,710 20,214
Supplemental disclosure of cash flow information    
Cash paid for interest 534 916
Cash paid for income taxes 39,986 14,885
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 20,623 10,210
Purchases of equipment through capital lease obligations 257  
Tax benefit of Spirit warrant intangible 129 130
Shortfall tax expense from share-based compensation $ 18 $ 14