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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 140,533 $ 109,408
Restricted cash 9,476 9,476
Total cash, cash equivalents and restricted cash 150,009 118,884
Short-term investments 428,104 399,315
Total cash and cash equivalents, restricted cash and short-term investments 578,113 518,199
Student receivables, gross 81,484 81,197
Allowance for credit losses (39,162) (38,646)
Student receivables, net 42,322 42,551
Receivables, other 6,896 3,457
Prepaid expenses 12,524 8,411
Inventories 2,875 1,904
Other current assets 664 597
Total current assets 643,394 575,119
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $59,219 and $54,238 as of June 30, 2023 and December 31, 2022, respectively 24,257 26,038
Right of use asset, net 23,105 26,156
Goodwill 244,114 243,540
Intangible assets, net of amortization of $20,456 and $15,981 as of June 30, 2023 and December 31, 2022, respectively 49,089 53,564
Student receivables, gross 5,077 6,345
Allowance for credit losses (3,893) (4,495)
Student receivables, net 1,184 1,850
Deferred income tax assets, net 21,638 24,613
Other assets 6,889 6,488
TOTAL ASSETS [1] 1,013,670 957,368
CURRENT LIABILITIES:    
Lease liability-operating 5,695 6,555
Accounts payable 15,361 13,518
Accrued expenses:    
Payroll and related benefits 27,291 40,306
Advertising and marketing costs 6,385 8,977
Income taxes 16,041 7,814
Other 23,008 14,621
Deferred revenue 66,914 71,590
Total current liabilities 160,695 163,381
NON-CURRENT LIABILITIES:    
Lease liability-operating 24,357 27,286
Other liabilities 36,186 40,856
Total non-current liabilities 60,543 68,142
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; 90,016,490 and 89,396,192 shares issued, 65,609,555 and 67,175,485 shares outstanding as of June 30, 2023 and December 31, 2022, respectively 900 894
Additional paid-in capital 688,805 684,183
Accumulated other comprehensive loss (5,621) (5,447)
Retained earnings 436,996 347,839
Treasury stock, at cost; 24,406,935 and 22,220,707 shares as of June 30, 2023 and December 31, 2022, respectively (328,648) (301,624)
Total stockholders' equity 792,432 725,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,013,670 $ 957,368
[1] Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.