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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:        
Net income $ (152) $ 20,204 $ 607 $ 2,932
Adjustments to reconcile net income to net cash flows from operating activities:        
Depreciation and amortization 6,508 7,351 12,970 14,643
Provision for doubtful accounts 13,767 14,924 30,382 30,229
Deferred income taxes (1,961) 1,484 (4,278) (13,899)
Stock-based compensation expense 2,311 2,301 4,862 5,394
Settlement cost 0 0 0 (46,000)
Accretion of discount on PEAKS Trust student loans (3,239) (4,104) (6,372) (5,464)
Accretion of discount on PEAKS Trust senior debt 2,389 1,381 8,841 2,033
Provision for PEAKS Trust student loan losses 9,071 4,319 9,071 4,319
Loss on consolidation of PEAKS Trust 0 0 0 73,248
Other (248) 71 (428) 365
Changes in operating assets and liabilities, net of acquisition:        
Restricted cash 1,525 874 2,868 (638)
Accounts receivable (5,320) (34,543) 982 (77,228)
PEAKS Trust student loans 4,083 3,392 8,093 4,579
Accounts payable 8,582 6 17,897 415
Other operating assets and liabilities (5,582) (2,121) (9,614) (8,032)
Deferred revenue (10,171) (6,737) (17,400) (22,009)
Net cash flows from operating activities 21,563 8,802 58,481 (35,113)
Cash flows from investing activities:        
Facility expenditures (145) (360) (157) (460)
Capital expenditures, net (1,002) (1,955) (2,500) (3,373)
Acquisition of company (584) 0 (5,033) 0
Proceeds from repayment of notes 97 107 193 322
Note advances and purchases of investments (1) 0 (1) (1,241)
Net cash flows from investing activities (1,635) (2,208) (7,498) (4,752)
Cash flows from financing activities:        
Proceeds (repayment) from revolving borrowings 0 (30,000) 0 (20,000)
Repayment of PEAKS Trust senior debt 0 (661) (41,070) (661)
Repurchase of common stock and shares tendered for taxes (7) (3) (728) (371)
Net cash flows from financing activities (7) (30,664) (41,798) (21,032)
Net change in cash and cash equivalents 19,921 (24,070) 9,185 (60,897)
Cash and cash equivalents at beginning of period 205,035 206,638 215,771 243,465
Cash and cash equivalents at end of period $ 224,956 $ 182,568 $ 224,956 $ 182,568