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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 51,104 $ 32,394
Restricted cash 337 337
Short-term investments 228,795 196,428
Total cash and cash equivalents, restricted cash and short-term investments 280,236 229,159
Student receivables, net of allowance for doubtful accounts of $30,173 and $23,307 as of June 30, 2019 and December 31, 2018, respectively 27,870 28,751
Receivables, other, net 2,677 2,567
Prepaid expenses 9,013 7,771 [1]
Inventories 660 763
Other current assets 364 437
Assets of discontinued operations 120  
Total current assets 320,940 269,448
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $194,787 and $198,052 as of June 30, 2019 and December 31, 2018, respectively 27,507 30,048
Right of use asset 40,049  
Goodwill 87,356 87,356
Intangible assets, net of amortization of $1,400 as of both June 30, 2019 and December 31, 2018 7,900 7,900
Student receivables, net of allowance for doubtful accounts of $557 and $1,529 as of June 30, 2019 and December 31, 2018, respectively 503 942
Deferred income tax assets, net 72,415 81,628
Other assets 4,951 4,993
Assets of discontinued operations 178 178
TOTAL ASSETS [2] 561,799 482,493
CURRENT LIABILITIES:    
Lease liability-operating 13,390  
Accounts payable 12,382 9,195
Accrued expenses:    
Payroll and related benefits 22,270 24,530
Advertising and marketing costs 11,142 9,300
Income taxes 1,135 1,472
Other 39,496 19,668 [1]
Deferred revenue 28,664 32,351
Liabilities of discontinued operations 3 536
Total current liabilities 128,482 97,052
NON-CURRENT LIABILITIES:    
Lease liability-operating 42,215  
Deferred rent obligations [1]   12,745
Other liabilities 9,854 17,493 [1]
Total non-current liabilities 52,069 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; 85,668,036 and 85,173,686 shares issued, 70,110,543 and 69,772,910 shares outstanding as of June 30, 2019 and December 31, 2018, respectively 857 852
Additional paid-in capital 630,878 628,295
Accumulated other comprehensive gain (loss) 455 (298)
Accumulated deficit (27,679) (52,946) [3]
Treasury stock, at cost; 15,557,493 and 15,400,776 shares as of June 30, 2019 and December 31, 2018, respectively (223,263) (220,700)
Total stockholders' equity 381,248 355,203
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 561,799 $ 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.