Strategic education, inc. (STRA)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities:
Net income

35,239

28,537

16,692

24,409

11,500

22,455

-52,781

5,188

9,467

-6,495

6,227

10,302

10,578

11,718

2,878

7,786

12,420

13,041

3,723

11,874

11,385

12,943

4,953

13,677

14,783

-18,957

3,149

15,002

17,231

16,627

4,102

21,212

23,989

26,671

13,935

29,647

35,791

35,883

23,341

35,657

36,379

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of gain on sale of assets

-

-

-

-

-

-

-

-

-

0

0

62

71

70

71

69

71

70

70

69

71

70

70

70

70

491

-350

70

70

71

70

70

70

492

-71

-70

-70

-70

-70

-71

-70

Amortization of deferred rent

-

-

-

-

-

-

-

-

-

-

-492

-382

-477

-522

-473

-394

-52

72

7

-145

-279

-338

-283

-272

-199

-246

-102

-141

27

150

25

1

147

292

286

221

378

221

151

8

-105

Gain on sale of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

66

-

-

-

-

Amortization of deferred financing costs

83

83

83

84

83

83

78

65

66

65

66

65

66

65

66

65

66

66

773

195

195

195

195

195

195

195

195

195

195

196

200

199

200

200

199

199

65

-

-

-

-

Amortization of investment discount/premium

-65

-10

-66

-93

-127

-166

-132

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

25,733

25,999

26,365

26,514

25,983

25,436

19,192

4,880

5,035

5,015

4,743

4,605

4,370

4,541

4,403

4,448

4,425

4,393

4,419

4,579

4,713

4,848

4,955

5,024

5,803

17,002

6,127

6,244

6,190

6,116

6,108

5,932

5,817

5,746

5,614

5,261

4,904

4,496

4,311

4,304

4,198

Deferred income taxes

-2,108

-9,008

-8,938

-925

10,834

-11,879

-2,862

261

-1,842

10,157

-2,168

-2,322

762

-3,154

-3,385

-1,525

-633

-648

-1,737

-1,195

-426

-522

-156

244

-602

-19,932

-2,056

-786

-661

2,789

-1,296

-1,214

-317

2,781

1,197

-1,074

818

3,827

-1,134

-1,600

-740

Share-based Payment Arrangement, Noncash Expense

3,025

3,085

2,499

3,566

3,010

3,751

5,844

3,249

2,688

3,058

2,915

3,227

2,427

3,437

2,404

2,035

2,891

2,637

2,653

2,472

2,451

2,395

2,551

2,546

1,961

893

3,166

2,982

2,250

-3,894

3,528

3,440

2,390

3,436

3,470

3,436

2,892

3,003

2,887

3,038

3,059

Impairment of right-of-use lease assets

453

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Tuition receivable, net

-3,553

488

3,519

-930

-4,847

347

-11,143

667

2,249

2,796

317

156

-19

1,878

-180

472

-717

1,556

1,989

360

-1,914

1,128

206

-681

-1,338

-7,600

3,502

1,155

-1,081

-847

-109

898

-1,686

3,806

-1,149

-3,362

3,700

754

2,194

-1,628

2,913

Other current assets

3,321

668

-383

244

1,060

-1,545

-2,127

835

-931

-1,629

2,566

205

-616

41

2,429

26

1,440

-2,603

955

216

-2,573

2,123

1,781

-116

-926

-4,102

4,164

-851

-1,645

138

2,349

-1,314

957

-1,812

1,706

-1,115

1,989

-1,716

1,251

575

1,043

Other assets

-231

-187

791

261

-325

-446

-243

939

-115

-382

-371

-432

-397

-399

-375

-344

2,983

-20

0

-2

0

-

-

-

-

-492

-5

-1

4

1

1

-21

154

-22

-44

-19

-17

1

344

-25

-62

Accounts payable and accrued expenses

-7,028

2,267

-2,251

3,766

-3,537

10,089

-10,312

2,230

-867

-5,243

9,152

3,395

-2,836

-3,087

3,551

3,609

-4,335

-1,775

3,831

-1,825

-983

-3,665

15,591

-5,040

-336

-304

7,724

684

-8,220

366

13,059

-10,121

2,369

-7,865

7,441

2,403

-5,339

-

-

-

-

Accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,777

2,551

2,246

Accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,596

3,081

-1,039

Income taxes payable and income taxes receivable

12,314

8,323

3,548

-16,704

6,031

7,352

-4,421

-7,442

3,995

3,772

-1,248

-10,242

7,089

4,446

-1,540

-7,934

4,620

1,630

-3,182

-4,160

7,547

764

-6,358

-2,893

9,224

1,208

-1,618

-3,638

11,847

3,324

-7,494

-15,579

15,443

-2,864

-2,848

-17,034

21,467

7,698

-8,413

-21,061

20,418

Contract liabilities

1,901

-2,595

5,533

3,076

1,702

2,617

-24,714

1,576

1,192

2,826

1,030

1,915

2,441

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,132

95

1,581

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,627

1,878

1,435

4,339

2,582

3,040

2,504

3,675

2,186

2,223

3,699

1,290

1,036

-2

-265

-669

-1,998

1,858

-14,061

752

6,586

-7,305

11,808

-20,470

20,122

-2,202

3,633

Other long-term liabilities

-1,445

-1,039

-1,326

101

-1,187

-805

-1,461

-774

-1,482

-1,932

-593

-347

-846

697

-904

-2,000

-2,380

-1,675

660

-1,128

-831

-1,182

-4,808

-4,451

-3,505

29,144

209

18

147

-826

662

84

0

4,507

20

81

196

-

-

-

-

Deferred lease incentives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

63

59

603

Net cash provided by operating activities

68,695

60,739

38,344

44,405

58,658

61,514

-44,673

12,977

17,049

11,789

11,602

8,231

24,535

14,416

7,682

7,745

14,680

23,077

10,715

13,064

30,692

15,864

16,916

11,980

33,217

11,932

20,583

20,185

31,393

24,816

14,585

6,179

36,482

31,614

35,316

20,261

67,172

21,375

53,592

24,747

63,107

Cash flows from investing activities:
Net cash acquired in acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

6,000

1,635

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

14,258

10,920

8,910

10,103

8,756

11,519

7,432

4,363

4,233

3,478

6,138

4,594

3,841

5,660

3,649

1,821

2,031

3,105

2,530

4,223

2,834

2,844

1,739

1,323

996

1,611

2,121

2,626

2,368

6,568

8,294

5,821

4,050

5,104

6,825

6,678

11,384

13,948

9,420

10,477

12,170

Purchases of marketable securities

1,863

22,712

5,326

6,194

6,249

13,958

11,346

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2

36

140

192

191

Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale

9,900

10,940

10,260

9,700

12,900

10,558

5,842

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investments

118

1,780

138

366

374

1,071

167

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the sale of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

12,388

-

-

-

-

Net cash used in investing activities

-6,334

-24,510

-4,074

-7,013

-2,469

-16,551

155,284

-4,363

-4,233

-3,478

-6,138

-4,594

-3,841

-5,660

-3,649

-7,821

-3,666

-3,105

-2,530

-4,223

-2,834

-2,844

-1,739

-1,323

-996

-1,611

-2,121

-2,626

-2,368

-6,568

-8,294

-5,821

-4,050

-12,104

-6,825

-6,678

1,002

14,216

2,940

-10,669

-12,361

Cash flows from financing activities:
Payments on revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

35,000

15,000

13,000

20,000

-

-

-

-

-

-

-

-

Proceeds from revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,000

5,000

15,000

80,000

-

-

-

-

Common dividends paid

13,327

13,328

11,103

11,103

11,091

11,040

11,024

2,889

2,889

2,855

2,854

2,854

2,853

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,719

11,872

11,872

11,865

11,944

11,978

12,009

13,174

13,317

10,327

10,427

10,470

Net payments for stock awards

25,089

-

-

-

4,443

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

452

Taxes paid for stock awards

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

115,625

1,563

1,562

781

782

781

781

781

782

781

781

0

7,500

7,500

5,000

-

-

-

-

-

-

-

-

Payments of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

0

953

0

405

0

350

0

300

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,683

776

-

-

-

-

Excess tax benefits from stock-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,132

95

1,581

Repurchase of common stock

247

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

24,999

25,001

0

0

0

20,000

0

55,427

127,237

42,289

51,225

7,002

15,001

Net cash used in financing activities

-38,663

-13,328

-12,691

-14,267

-15,534

-9,623

-5,814

-2,889

-2,889

-2,855

-2,854

-2,854

-2,853

0

-953

0

-405

0

-116,825

-1,563

-1,862

-1,208

-782

-781

-781

-781

-782

-781

-25,780

-16,340

-9,372

-4,372

-36,865

-19,444

-21,978

-34,119

-61,187

-55,606

-60,420

-17,334

-23,438

Net increase in cash, cash equivalents, and restricted cash

23,698

22,901

21,579

23,125

40,655

35,340

104,797

5,725

9,927

5,456

2,610

783

17,841

8,756

3,080

-76

10,609

19,972

-108,640

7,278

25,996

11,812

14,395

9,876

31,440

9,540

17,680

16,778

3,245

1,908

-3,081

-4,014

-4,433

66

6,513

-20,536

6,987

-20,015

-3,888

-3,256

27,308

Noncash transactions:
Non-cash additions to property and equipment

1,392

1,585

981

206

634

-1,946

1,723

-1,133

2,385

985

280

-102

571

237

-162

183

91

-268

87

-178

724

-171

374

187

22

-227

-283

-149

706

-1,603

1,547

-640

1,225

-972

-180

373

1,894

2,841

874

546

1,247

Right-of-use lease assets obtained in exchange for operating lease liabilities

3,504

-

-

-

1,190

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in contingent consideration related to acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-