XML 13 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 89,845 $ 109,408
Restricted cash 9,476 9,476
Total cash, cash equivalents and restricted cash 99,321 118,884
Short-term investments 420,943 399,315
Total cash and cash equivalents, restricted cash and short-term investments 520,264 518,199
Student receivables, gross 84,901 81,197
Allowance for credit losses (39,912) (38,646)
Student receivables, net 44,989 42,551
Receivables, other 4,309 3,457
Prepaid expenses 11,383 8,411
Inventories 3,765 1,904
Other current assets 735 597
Total current assets 585,445 575,119
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $56,702 and $54,238 as of March 31, 2023 and December 31, 2022, respectively 25,752 26,038
Right of use asset, net 24,277 26,156
Goodwill 243,941 243,540
Intangible assets, net of amortization of $18,604 and $15,981 as of March 31, 2023 and December 31, 2022, respectively 50,941 53,564
Student receivables, gross 5,499 6,345
Allowance for credit losses (4,032) (4,495)
Student receivables, net 1,467 1,850
Deferred income tax assets, net 24,309 24,613
Other assets 6,880 6,488
TOTAL ASSETS [1] 963,012 957,368
CURRENT LIABILITIES:    
Lease liability-operating 6,043 6,555
Accounts payable 15,178 13,518
Accrued expenses:    
Payroll and related benefits 22,448 40,306
Advertising and marketing costs 7,654 8,977
Income taxes 20,079 7,814
Other 19,027 14,621
Deferred revenue 44,710 71,590
Total current liabilities 135,139 163,381
NON-CURRENT LIABILITIES:    
Lease liability-operating 25,837 27,286
Other liabilities 40,864 40,856
Total non-current liabilities 66,701 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; 89,923,857 and 89,396,192 shares issued, 67,477,996 and 67,175,485 shares outstanding as of March 31, 2023 and December 31, 2022, respectively 899 894
Additional paid-in capital 686,719 684,183
Accumulated other comprehensive loss (4,121) (5,447)
Retained earnings 382,323 347,839
Treasury stock, at cost; 22,445,861 and 22,220,707 shares as of March 31, 2023 and December 31, 2022, respectively (304,648) (301,624)
Total stockholders' equity 761,172 725,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 963,012 $ 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.