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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 190,443 $ 319,982
Restricted cash 1,210 5,196
Total cash, cash equivalents and restricted cash 191,653 325,178
Short-term investments 307,620 174,213
Total cash and cash equivalents, restricted cash and short-term investments 499,273 499,391
Student receivables, gross 74,869 79,418
Allowance for credit losses (40,765) (36,385)
Student receivables, net 34,104 43,033
Receivables, other 8,845 1,692
Prepaid expenses 9,874 6,919
Inventories 1,405 904
Other current assets 2,702 2,514
Total current assets 556,203 554,453
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $116,927 and $113,711 as of March 31, 2022 and December 31, 2021, respectively 27,956 28,355
Right of use asset, net 34,535 36,664
Goodwill 162,579 162,579
Intangible assets, net of amortization of $10,328 and $8,662 as of March 31, 2022 and December 31, 2021, respectively 30,542 32,208
Student receivables, gross 4,206 4,242
Allowance for credit losses (2,892) (2,870)
Student receivables, net 1,314 1,372
Deferred income tax assets, net 24,128 25,114
Other assets 6,570 6,688
TOTAL ASSETS [1] 843,827 847,433
CURRENT LIABILITIES:    
Lease liability-operating 8,355 9,400
Accounts payable 12,135 10,838
Accrued expenses:    
Payroll and related benefits 17,648 25,312
Advertising and marketing costs 9,971 8,690
Income taxes 10,982 211
Other 12,148 15,180
Deferred revenue 39,108 70,613
Total current liabilities 110,347 140,244
NON-CURRENT LIABILITIES:    
Lease liability-operating 33,757 35,549
Other liabilities 21,343 21,530
Total non-current liabilities 55,100 57,079
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; 89,264,034 and 88,724,438 shares issued, 68,779,291 and 68,748,662 shares outstanding as of March 31, 2022 and December 31, 2021, respectively 893 887
Additional paid-in capital 677,311 674,242
Accumulated other comprehensive loss (1,541) (96)
Retained earnings 284,050 251,972
Treasury stock, at cost; 20,484,743 and 19,975,776 shares as of March 31, 2022 and December 31, 2021, respectively (282,333) (276,895)
Total stockholders' equity 678,380 650,110
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 843,827 $ 847,433
[1] Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.