| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | |||||||||||
69,982 | 55,181 | -31,897 | -18,712 | 51,885 | -178,163 | -164,263 | -142,796 | 18,573 | 157,773 | 81,219 | 60,142 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Asset impairment | |||||||||||
- | - | - | 1,164 | 60,515 | 36,209 | 22,691 | 127,007 | 191,524 | 71,829 | 2,500 | 13,600 |
Loss on sale of student receivables | |||||||||||
- | - | - | - | - | - | - | -720 | - | 0 | - | - |
Depreciation and amortization expense | |||||||||||
9,145 | 9,394 | 13,990 | 22,747 | 24,938 | 55,455 | 73,150 | 81,813 | 85,367 | 71,624 | 67,596 | 77,688 |
Bad debt expense | |||||||||||
43,454 | 31,940 | 27,436 | 31,885 | 21,980 | 14,841 | 28,892 | 40,022 | 55,721 | 106,324 | 56,718 | 44,278 |
Compensation expense related to share-based awards | |||||||||||
9,274 | 5,614 | 4,970 | 3,237 | 2,857 | 4,277 | 6,699 | 9,687 | 14,831 | 17,318 | 16,516 | 11,522 |
Loss on disposition of asset | |||||||||||
-14 | - | - | - | - | - | - | - | - | - | - | - |
Loss on sale of businesses, net | |||||||||||
- | - | - | - | -1,793 | -311 | 123,204 | - | 27,085 | 0 | - | 1,555 |
Gain on bargain purchase | |||||||||||
- | - | - | - | - | - | - | 669 | - | 0 | - | - |
Gain on disposition of property and equipment | |||||||||||
- | - | - | 438 | -663 | -32 | -118 | -301 | 1,711 | -457 | -1,291 | -573 |
Deferred income taxes | |||||||||||
-21,556 | -17,863 | -64,225 | 18,087 | 145,807 | -14,250 | -58,087 | 42,014 | -14,226 | 17,007 | -8,702 | -749 |
Changes in operating assets and liabilities: | |||||||||||
Student receivables, gross | |||||||||||
33,697 | 10,541 | -5,129 | -6,925 | 1,517 | -13,281 | -56,072 | -17,913 | -29,917 | 30,105 | 14,961 | -4,689 |
Share of affiliate earnings, net of cash received | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 939 |
Allowance for doubtful accounts | |||||||||||
36,326 | 29,646 | 28,075 | 29,033 | 20,960 | 23,812 | 39,766 | 57,908 | 81,666 | 68,815 | -52,000 | -46,935 |
Other receivables, net | |||||||||||
-1,189 | 1,286 | 257 | -1,127 | -14,311 | -7,854 | 29,526 | 1,433 | 738 | 459 | -3,924 | -1,569 |
Inventories, prepaid expenses, and other current assets | |||||||||||
1,180 | -3,053 | -8,742 | -2,783 | -6,160 | 1,877 | -40,257 | -16,244 | -3,418 | 1,542 | 2,730 | 11,831 |
Deposits and other non-current assets | |||||||||||
489 | -711 | -1,706 | -1,634 | -2,711 | 1,166 | -12,244 | -1,654 | -3,356 | 1,794 | -1,896 | 1,015 |
Accounts payable | |||||||||||
2,320 | 698 | -1,588 | -16,264 | 2,539 | -830 | -8,463 | -11,984 | -3,803 | 4,364 | 22,507 | 1,505 |
Accrued expenses and deferred rent obligations | |||||||||||
5,066 | -35,448 | -80,703 | 29,254 | -30,663 | -52,972 | -4,885 | -19,473 | -74,075 | -25,055 | 81,239 | 9,779 |
Deferred tuition revenue | |||||||||||
-7,704 | 9,454 | -5,467 | -11,747 | -12,650 | -6,314 | -13,907 | -35,882 | 2,595 | -12,653 | 29,570 | -3,171 |
Right of use asset and lease liability | |||||||||||
-9,519 | - | - | - | - | - | - | - | - | - | - | - |
Net cash provided by operating activities | |||||||||||
73,085 | 56,987 | -21,789 | 6,475 | -21,245 | -118,624 | -85,804 | -16,798 | 230,450 | 272,259 | 288,251 | 186,720 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of available-for-sale investments | |||||||||||
449,367 | 309,784 | 256,243 | 160,590 | 93,360 | 157,425 | 40,842 | 147,085 | 189,258 | 291,864 | 617,032 | 580,970 |
Sales of available-for-sale investments | |||||||||||
462,325 | 275,024 | 250,928 | 126,830 | 100,173 | 64,920 | 73,070 | 246,464 | 188,322 | 332,445 | 668,281 | 483,635 |
Purchases of property and equipment | |||||||||||
5,174 | 6,732 | 6,332 | 4,129 | 11,695 | 13,156 | 19,636 | 37,944 | 78,333 | 127,283 | 74,087 | 53,854 |
Proceeds on the sale of assets | |||||||||||
- | - | - | 3,600 | 2,272 | - | 156,816 | - | -6,259 | 0 | - | - |
Proceeds on the sale of business, net of cash divested | |||||||||||
- | - | - | - | - | - | - | - | 16,670 | 0 | - | - |
Payments of cash upon sale of businesses, net of cash divested | |||||||||||
- | - | - | 62 | 4,013 | 387 | 2,525 | - | - | - | - | - |
Business acquisition | |||||||||||
- | - | - | - | - | - | - | 1,721 | 9,851 | 6,194 | - | - |
Purchase of equity method investment | |||||||||||
- | - | - | - | 1,368 | 1,575 | - | - | - | - | - | - |
Other | |||||||||||
85 | - | - | - | - | - | 17 | 1,359 | 40 | -88 | 132 | -402 |
Net cash used in investing activities | |||||||||||
7,699 | -41,492 | -11,647 | -34,351 | -7,991 | -107,623 | 166,866 | 58,355 | -66,231 | -92,808 | -49,301 | -150,787 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of common stock | |||||||||||
1,774 | 1,682 | 2,722 | 773 | 1,401 | 1,354 | 998 | 1,599 | 4,370 | 3,109 | 2,797 | 3,239 |
Purchase of treasury stock | |||||||||||
3,875 | - | - | - | - | - | - | 56,431 | 150,445 | 154,913 | 201,119 | 14,055 |
Tax benefit associated with stock option exercises | |||||||||||
- | - | - | - | - | - | 1 | - | 376 | 223 | 237 | 471 |
Borrowings from credit facility | |||||||||||
- | - | - | - | 38,000 | 10,000 | - | 80,000 | - | 0 | - | - |
Payments of assumed loans upon business acquisition | |||||||||||
- | - | - | - | - | - | - | 318 | - | 4,279 | - | - |
Payments of contingent consideration | |||||||||||
- | - | - | - | - | - | - | 5,818 | 16,355 | 16,852 | 26,331 | - |
Payments on borrowings | |||||||||||
- | - | - | 38,000 | 10,000 | - | 80,000 | - | - | - | - | - |
Payments of employee tax associated with stock compensation | |||||||||||
2,740 | 3,345 | 1,187 | 563 | 441 | - | - | - | - | - | - | - |
Change in restricted cash | |||||||||||
- | - | - | - | - | -10,374 | 85,314 | -97,878 | - | 0 | - | - |
Payments of capital lease obligations | |||||||||||
- | - | - | - | - | - | -210 | -844 | -989 | -1,013 | -1,066 | 590 |
Payments on revolving loans | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 10,113 |
Net cash used in financing activities | |||||||||||
-4,841 | -1,663 | 1,535 | -37,790 | 28,960 | 980 | 6,103 | -79,690 | -163,043 | -173,725 | -199,151 | -21,048 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS: | |||||||||||
13 | - | -82 | -192 | 246 | 156 | -8,844 | -1,837 | -10,066 | -1,316 | 415 | -7,732 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
75,956 | 13,832 | -31,983 | -65,858 | -30 | -225,111 | 78,321 | -39,970 | -8,890 | 4,410 | 40,214 | 7,153 |
Supplemental Cash Flow Information: | |||||||||||
Interest paid | |||||||||||
- | - | - | 153 | 33 | 54 | 517 | 205 | 116 | 162 | 103 | 586 |
Income taxes paid | |||||||||||
46 | 266 | 120 | 334 | 580 | 17,528 | 5,106 | 19,102 | 40,188 | 103,306 | 54,908 | 24,626 |