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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 112,684 $ 69,791 $ 46,670
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of property and equipment 0 (2,136) (2,886)
Gain on early termination of operating leases, net (6,166) (141) (1,187)
Amortization of deferred financing costs 674 557 552
Amortization of investment discount/premium (290) (65) 32
Depreciation and amortization 44,378 57,313 63,124
Deferred income taxes (150) (6,322) (8,667)
Stock-based compensation 25,571 19,772 21,792
Impairment of right-of-use lease assets 677 5,135 1,185
Changes in assets and liabilities:      
Tuition receivable, net 221 (12,874) (12,558)
Other assets (11,622) (7,631) 3,584
Accounts payable and accrued expenses 11,577 552 (4,339)
Income taxes payable and income taxes receivable 1,067 (4,688) 7,580
Contract liabilities (2,948) 4,495 18,960
Other liabilities (6,342) (6,639) (7,790)
Net cash provided by operating activities 169,331 117,119 126,052
Cash flows from investing activities:      
Purchases of property and equipment (40,580) (36,943) (43,170)
Purchases of marketable securities (54,117) (26,905) 0
Proceeds from marketable securities 31,025 9,800 6,420
Proceeds from sale of property and equipment 0 5,890 6,525
Proceeds from other investments 20 457 0
Other investments (531) (314) (335)
Cash paid for acquisition, net of cash acquired (177) (530) (800)
Net cash used in investing activities (64,360) (48,545) (31,360)
Cash flows from financing activities:      
Common dividends paid (58,971) (58,780) (59,240)
Payments on long-term debt (61,275) (40,000) (40,000)
Net payments for stock awards (3,318) (4,828) (3,004)
Payments of deferred financing costs (1,698) 0 0
Repurchase of common stock (11,510) (9,999) (40,116)
Net cash used in financing activities (136,772) (113,607) (142,360)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (3,468) (496) (4,090)
Net decrease in cash, cash equivalents, and restricted cash (35,269) (45,529) (51,758)
Cash, cash equivalents, and restricted cash — beginning of period 181,925 227,454 279,212
Cash, cash equivalents, and restricted cash — end of period 146,656 181,925 227,454
Non-cash transactions:      
Non-cash additions to property and equipment $ 2,488 $ 3,066 $ 1,718