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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 69,791 $ 46,670 $ 55,087
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss on sale of marketable securities 0 0 781
Gain on sale of property and equipment (2,136) (2,886) (2,656)
Amortization of deferred financing costs 557 552 552
Amortization of investment discount/premium (65) 32 70
Depreciation and amortization 57,313 63,124 103,416
Deferred income taxes (6,322) (8,667) (7,710)
Stock-based compensation 19,772 21,792 18,149
Impairment of right-of-use lease assets 5,135 1,185 18,876
Changes in assets and liabilities:      
Tuition receivable, net (12,874) (12,558) (196)
Other assets (7,631) 3,584 (6,964)
Accounts payable and accrued expenses 552 (4,339) (6,700)
Income taxes payable and income taxes receivable (4,688) 7,580 1,196
Contract liabilities 4,495 18,960 13,995
Other liabilities (6,780) (8,977) (7,369)
Net cash provided by operating activities 117,119 126,052 180,527
Cash flows from investing activities:      
Purchases of property and equipment (36,943) (43,170) (49,433)
Purchases of marketable securities (26,905) 0 0
Proceeds from marketable securities 9,800 6,420 9,300
Proceeds from sale of property and equipment 5,890 6,525 8,331
Proceeds from other investments 457 0 0
Other investments (314) (335) (1,292)
Cash paid for acquisition, net of cash acquired (530) (800) 0
Net cash used in investing activities (48,545) (31,360) (33,094)
Cash flows from financing activities:      
Common dividends paid (58,780) (59,240) (59,045)
Payments on long-term debt (40,000) (40,000) 0
Net payments for stock awards (4,828) (3,004) (2,938)
Repurchase of common stock (9,999) (40,116) (5,905)
Net cash used in financing activities (113,607) (142,360) (67,888)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (496) (4,090) (2,353)
Net increase (decrease) in cash, cash equivalents, and restricted cash (45,529) (51,758) 77,192
Cash, cash equivalents, and restricted cash — beginning of period 227,454 279,212 202,020
Cash, cash equivalents, and restricted cash — end of period 181,925 227,454 279,212
Noncash transactions:      
Non-cash additions to property and equipment $ 3,066 $ 1,718 $ 9,308