Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Jun. 30, 2021	Jun. 30, 2020
Cash flows provided by operating activities:
Net income	$ 127,573	$ 118,395
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	5,959	5,334
Depreciation and amortization	10,821	10,300
Amortization of intangible assets	4,210	4,210
Deferred income taxes	1,837	1,466
Other, including fixed asset impairments	302	111
Changes in assets and liabilities:
Accounts receivable and interest receivable from university partners	47,312	33,384
Other assets	(3,975)	(5,234)
Right-of-use assets and lease liabilities	237	1,079
Accounts payable	6,653	2,846
Accrued liabilities	5,027	9,266
Income taxes receivable/payable	(5,387)	32,206
Deferred revenue	9,760	7,689
Net cash provided by operating activities	210,329	221,052
Cash flows used in investing activities:
Capital expenditures	(15,757)	(12,229)
Additions of amortizable content	(271)	(147)
Purchases of investments	(51,223)
Funding to GCU	(190,000)	(75,000)
Proceeds from sale or maturity of investments	17,166	6,799
Net cash used in investing activities	(240,085)	(80,577)
Cash flows (used in) provided by financing activities:
Principal payments on notes payable	(16,572)	(16,572)
Net borrowings from revolving line of credit	35,000
Repurchase of common shares including shares withheld in lieu of income taxes	(167,673)	(74,017)
Net proceeds from exercise of stock options	2,680	74
Net cash used in financing activities	(146,565)	(90,515)
Net increase (decrease) in cash and cash equivalents and restricted cash	(176,321)	49,960
Cash and cash equivalents and restricted cash, beginning of period	245,769	122,572
Cash and cash equivalents and restricted cash, end of period	69,448	172,532
Supplemental disclosure of cash flow information
Cash paid for interest	1,658	2,619
Cash paid for income taxes	37,132	1,850
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment included in accounts payable	422	2,689
ROU Asset and Liability recognition	$ 1,717	$ 15,510

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.