v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (507,089) $ (227,716)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Non-cash interest expense 6,159 6,818
Depreciation and amortization expense 49,572 57,348
Stock-based compensation expense 9,835 25,546
Non-cash lease expense 8,313 8,804
Restructuring 0 (13)
Impairment charges 396,149 134,117
Provision for credit losses 2,368 4,245
Loss on debt extinguishment 0 12,123
Loss on sale of receivables 8,120 0
Other 1,713 (787)
Changes in operating assets and liabilities:    
Accounts receivable, net 34,510 (26,968)
Other receivables, net 577 723
Prepaid expenses and other assets 17,977 4,358
Accounts payable and accrued expenses (38,659) 5,014
Deferred revenue 1,986 16,736
Other liabilities, net (11,456) (19,166)
Net cash (used in) provided by operating activities (19,925) 1,182
Cash flows from investing activities    
Additions of amortizable intangible assets (15,243) (23,027)
Purchases of property and equipment (465) (2,105)
Advances repaid by university clients 0 100
Net cash used in investing activities (15,708) (25,032)
Cash flows from financing activities    
Proceeds from debt 0 269,223
Payments on debt (2,488) (352,533)
Prepayment premium on extinguishment of senior secured term loan facility 0 (5,666)
Payment of debt issuance costs 0 (4,411)
Tax withholding payments associated with settlement of restricted stock units (123) (736)
Proceeds from exercise of stock options 0 110
Proceeds from employee stock purchase plan share purchases 661 2,102
Net cash used in financing activities (1,950) (91,911)
Effect of exchange rate changes on cash (927) (118)
Net decrease in cash, cash equivalents and restricted cash (38,510) (115,879)
Cash, cash equivalents and restricted cash, beginning of period 73,399 182,578
Cash, cash equivalents and restricted cash, end of period $ 34,889 $ 66,699