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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 38,799 $ 32,394
Restricted cash 337 337
Short-term investments 200,768 196,428
Total cash and cash equivalents, restricted cash and short-term investments 239,904 229,159
Student receivables, net of allowance for doubtful accounts of $26,331 and $23,307 as of March 31, 2019 and December 31, 2018, respectively 29,840 28,751
Receivables, other, net 2,581 2,567
Prepaid expenses 8,381 7,771 [1]
Inventories 727 763
Other current assets 628 437
Assets of discontinued operations 120  
Total current assets 282,181 269,448
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $192,613 and $198,052 as of March 31, 2019 and December 31, 2018, respectively 28,397 30,048
Right of use asset 43,389  
Goodwill 87,356 87,356
Intangible assets, net of amortization of $1,400 as of both March 31, 2019 and December 31, 2018 7,900 7,900
Student receivables, net of allowance for doubtful accounts of $1,598 and $1,529 as of March 31, 2019 and December 31, 2018, respectively 975 942
Deferred income tax assets, net 74,850 81,628
Other assets 4,930 4,993
Assets of discontinued operations 178 178
TOTAL ASSETS [2] 530,156 482,493
CURRENT LIABILITIES:    
Lease liability-operating 14,595  
Accounts payable 13,072 9,195
Accrued expenses:    
Payroll and related benefits 17,449 24,530
Advertising and marketing costs 11,633 9,300
Income taxes 1,298 1,472
Other 10,277 19,668 [1]
Deferred revenue 24,289 32,351
Liabilities of discontinued operations 8 536
Total current liabilities 92,621 97,052
NON-CURRENT LIABILITIES:    
Lease liability-operating 47,328  
Deferred rent obligations [1]   12,745
Other liabilities 9,885 17,493 [1]
Total non-current liabilities 57,213 30,238
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized; 85,658,822 and 85,173,686 shares issued, 70,102,909 and 69,772,910 shares outstanding as of March 31, 2019 and December 31, 2018, respectively 857 852
Additional paid-in capital 629,768 628,295
Accumulated other comprehensive gain (loss) 49 (298)
Accumulated deficit (27,120) (52,946) [3]
Treasury stock, at cost; 15,555,913 and 15,400,776 shares as of March 31, 2019 and December 31, 2018, respectively (223,232) (220,700)
Total stockholders' equity 380,322 355,203
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 530,156 $ 482,493
[1] Balances as of December 31, 2018 that related to prepaid rent, remaining lease obligations for vacated spaces and deferred rent obligations were offset with the ROU asset as of January 1, 2019.
[2] Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
[3] Certain leases resulted in a negative ROU asset upon transition to ASC 842 related to vacated spaces that had liabilities previously established. Those leases that resulted in a negative ROU asset were recorded as an adjustment, net of tax, to accumulated deficit within stockholders equity on our condensed consolidated balance sheet as of January 1, 2019