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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 91,536 $ 108,687
Restricted cash 4,000  
Total cash, cash equivalents and restricted cash 95,536 108,687
Short-term investments 250,265 185,488
Total cash and cash equivalents, restricted cash and short-term investments 345,801 294,175
Student receivables, gross 72,666 84,874
Allowance for credit losses (37,069) (29,856)
Student receivables, net 35,597 55,018
Receivables, other 1,459 1,381
Prepaid expenses 9,843 7,299
Inventories 570 576
Other current assets 791 1,936
Total current assets 394,061 360,385
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $98,628 and $92,933 as of June 30, 2020 and December 31, 2019, respectively 28,335 26,006
Right of use asset, net 48,854 50,366
Goodwill 118,312 87,356
Intangible assets, net of amortization of $2,511 and $1,400 as of June 30, 2020 and December 31, 2019, respectively 17,189 7,900
Student receivables, gross 3,133 3,352
Allowance for credit losses (1,975) (2,108)
Student receivables, net 1,158 1,244
Deferred income tax assets, net 41,361 60,169
Other assets 5,829 5,720
TOTAL ASSETS [1] 655,099 599,146
CURRENT LIABILITIES:    
Lease liability-operating 11,785 11,784
Accounts payable 11,909 11,533
Accrued expenses:    
Payroll and related benefits 16,334 27,616
Advertising and marketing costs 11,289 10,479
Income taxes 1,919 1,376
Other 18,656 16,378
Deferred revenue 38,538 24,647
Total current liabilities 110,430 103,813
NON-CURRENT LIABILITIES:    
Lease liability-operating 48,675 52,391
Other liabilities 17,310 11,647
Total non-current liabilities 65,985 64,038
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; 86,278,765 and 85,953,253 shares issued, 69,130,749 and 70,151,357 shares outstanding as of June 30, 2020 and December 31, 2019, respectively 863 860
Additional paid-in capital 646,849 639,335
Accumulated other comprehensive income 941 344
Retained earnings 75,344 18,071
Treasury stock, at cost; 17,148,016 and 15,801,896 shares as of June 30, 2020 and December 31, 2019, respectively (245,313) (227,315)
Total stockholders' equity 478,684 431,295
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 655,099 $ 599,146
[1] Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.