Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Mar. 31, 2021	Mar. 31, 2020
Cash flows provided by operating activities:
Net income	$ 78,112	$ 71,385
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	3,019	2,656
Depreciation and amortization	5,426	4,989
Amortization of intangible assets	2,105	2,105
Deferred income taxes	1,776	1,688
Other, including fixed asset impairments	65	289
Changes in assets and liabilities:
Accounts receivable and interest receivable from university partners	(29,601)	(28,451)
Other assets	(6,166)	(6,742)
Right-of-use assets and lease liabilities	165	544
Accounts payable	971	3,957
Accrued liabilities	10,714	5,972
Income taxes receivable/payable	16,305	19,174
Deferred revenue	6,936	8,153
Net cash provided by operating activities	89,827	85,719
Cash flows used in investing activities:
Capital expenditures	(8,911)	(6,085)
Additions of amortizable content	(90)	(56)
Purchases of investments	(31,337)
Proceeds from sale or maturity of investments	5,519	4,263
Net cash used in investing activities	(34,819)	(1,878)
Cash flows (used in) provided by financing activities:
Principal payments on notes payable	(8,286)	(8,286)
Repurchase of common shares including shares withheld in lieu of income taxes	(69,342)	(65,706)
Net proceeds from exercise of stock options	2,680	72
Net cash used in financing activities	(74,948)	(73,920)
Net increase (decrease) in cash and cash equivalents and restricted cash	(19,940)	9,921
Cash and cash equivalents and restricted cash, beginning of period	245,769	122,572
Cash and cash equivalents and restricted cash, end of period	225,829	132,493
Supplemental disclosure of cash flow information
Cash paid for interest	895	1,546
Cash paid for income taxes	230	250
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment included in accounts payable	876	899
ROU Asset and Liability recognition	$ 1,586	$ 6,775

The current period expense charged against earnings on long-lived, physical assets (excluding intangible assets) not used in production to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

No definition available.