Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows provided by operating activities:
Net income	$ 226,234	$ 204,985	$ 184,675
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	14,225	13,204	12,642
Depreciation and amortization	28,135	23,554	22,758
Amortization of intangible assets	8,419	8,419	8,419
Deferred income taxes	(165)	402	401
Other, including impairment and fixed asset disposals	1,227	(442)	853
Changes in assets and liabilities:
Accounts receivable from university partners	(4,137)	(1,398)	(7,350)
Other assets	1,170	(1,639)	(2,604)
Right-of-use assets and lease liabilities	1,799	2,105	1,193
Accounts payable	9,664	(3,109)	(3,894)
Accrued liabilities	4,252	(1,974)	(1,023)
Income taxes receivable/payable	(865)	(445)	4,759
Deferred revenue			(10)
Net cash provided by operating activities	289,958	243,662	220,819
Cash flows provided by (used in) investing activities:
Capital expenditures	(37,248)	(44,537)	(35,232)
Additions of amortizable content	(412)	(897)	(397)
Purchases of investments	(48,594)	(98,853)	(171,549)
Proceeds from sale or maturity of investments	147,619	63,815	110,039
Net cash provided by (used in) investing activities	61,365	(80,472)	(97,139)
Cash flows used in financing activities:
Repurchase of common shares and shares withheld in lieu of income taxes	(173,175)	(137,124)	(604,212)
Net cash used in financing activities	(173,175)	(137,124)	(604,212)
Net increase in cash and cash equivalents and restricted cash	178,148	26,066	(480,532)
Cash and cash equivalents and restricted cash, beginning of period	146,475	120,409	600,941
Cash and cash equivalents and restricted cash, end of period	324,623	146,475	120,409
Supplemental disclosure of cash flow information
Cash paid for interest	4	33	2
Cash paid for income taxes	65,261	59,026	48,573
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment included in accounts payable	1,065	1,909	1,131
ROU Asset and Liability recognition	7,087	19,735	$ 15,067
Excise tax on treasury stock repurchases	$ 1,502	$ 1,146

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.