XML 20 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (31,897) $ (18,712) $ 51,885
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Asset impairment   1,164 60,515
Depreciation and amortization expense 13,990 22,747 24,938
Bad debt expense 27,436 31,885 21,980
Compensation expense related to share-based awards 4,970 3,237 2,857
Loss on sale of businesses, net     1,793
(Gain) loss on disposition of property and equipment   (438) 663
Deferred income taxes 64,225 (18,087) (145,807)
Changes in operating assets and liabilities:      
Student receivables, gross 5,129 6,925 (1,517)
Allowance for doubtful accounts (28,075) (29,033) (20,960)
Other receivables, net (257) 1,127 14,311
Inventories, prepaid expenses, and other current assets 8,742 2,783 6,160
Deposits and other non-current assets 1,706 1,634 2,711
Accounts payable (1,588) (16,264) 2,539
Accrued expenses and deferred rent obligations (80,703) 29,254 (30,663)
Deferred tuition revenue (5,467) (11,747) (12,650)
Net cash (used in) provided by operating activities (21,789) 6,475 (21,245)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of available-for-sale investments (256,243) (160,590) (93,360)
Sales of available-for-sale investments 250,928 126,830 100,173
Purchases of property and equipment [1] (6,332) (4,129) (11,695)
Proceeds on the sale of assets   3,600 2,272
Payments of cash upon sale of businesses, net of cash divested   (62) (4,013)
Purchase of equity method investment     (1,368)
Net cash used in investing activities (11,647) (34,351) (7,991)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance of common stock 2,722 773 1,401
Borrowings from credit facility     38,000
Payments on borrowings   (38,000) (10,000)
Payments of employee tax associated with stock compensation (1,187) (563) (441)
Net cash provided by (used in) financing activities 1,535 (37,790) 28,960
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS: (82) (192) 246
NET DECREASE IN CASH AND CASH EQUIVALENTS (31,983) (65,858) (30)
CASH AND CASH EQUIVALENTS, beginning of the year 50,882 116,740 116,770
CASH AND CASH EQUIVALENTS, end of the year 18,899 50,882 116,740
Supplemental Cash Flow Information:      
Interest paid   153 33
Income taxes paid $ 120 $ 334 $ 580
[1] The statement of (loss) income and comprehensive (loss) income balances including revenue, operating income (loss), depreciation and amortization and capital expenditures are presented above on a continuing operations basis. Total assets are presented on a consolidated basis including continuing and discontinued operations.