XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows provided by operating activities:    
Net income $ 73,243 $ 73,681
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 2,636 3,469
Provision for bad debts   4,997
Depreciation and amortization 4,414 13,947
Amortization of intangible assets 1,686  
Deferred income taxes 2,855 1,928
Loss on transaction, net of costs and asset impairment 4,088  
Other, including fixed asset impairments (186) 539
Changes in assets and liabilities:    
Accounts receivable from university partners (24,722)  
Accounts receivable   (3,558)
Prepaid expenses and other (3,425) (1,332)
Right-of-use assets and lease liabilities 80  
Accounts payable (4,903) 563
Accrued liabilities 805 7,665
Income taxes receivable/payable 14,643 14,809
Deferred rent   (36)
Deferred revenue 5,123 24,686
Student deposits   (22,350)
Net cash provided by operating activities 76,337 119,008
Cash flows used in investing activities:    
Capital expenditures (4,586) (35,347)
Additions of amortizable content (157)  
Acquisition, net of cash acquired (361,184)  
Funding to GCU for capital expenditures (29,905)  
Purchases of investments (1,772) (17,122)
Proceeds from sale or maturity of investments 56,752 13,944
Net cash used in investing activities (340,852) (38,525)
Cash flows provided by (used in) financing activities:    
Principal payments on notes payable (59,850) (1,716)
Debt issuance costs (2,385)  
Proceeds from notes payable 243,750  
Net borrowings from revolving line of credit 6,250  
Repurchase of common shares including shares withheld in lieu of income taxes (18,127) (12,032)
Net proceeds from exercise of stock options 1,631 919
Net cash provided by (used in) financing activities 171,269 (12,829)
Net (decrease) increase in cash and cash equivalents and restricted cash (93,246) 67,654
Cash and cash equivalents and restricted cash, beginning of period 182,013 248,008
Cash and cash equivalents and restricted cash, end of period 88,767 315,662
Supplemental disclosure of cash flow information    
Cash paid for interest 1,667 321
Cash paid for income taxes 420 375
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 736 13,081
Reclassification of capitalized costs - adoption of ASC 606   9,015
Reclassification of deferred revenue - adoption of ASC 606   $ 7,451
Lease adoption - gross up of right of use assets and lease liabilities $ 498