Strategic education, inc. (STRA)
CashFlow / TTM
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

104,877

81,138

75,056

5,583

-13,638

-15,671

-44,621

14,387

19,501

20,612

38,825

35,476

32,960

34,802

36,125

36,970

41,058

40,023

39,925

41,155

42,958

46,356

14,456

12,652

13,977

16,425

52,009

52,962

59,172

65,930

75,974

85,807

94,242

106,044

115,256

124,662

130,672

131,260

0

0

0

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

-

-

-

-

-

-

-

-

-

133

203

274

281

281

281

280

280

280

280

280

281

280

701

281

281

281

-139

281

281

281

702

561

421

281

-281

-280

-281

-281

0

0

0

Amortization of deferred rent

-

-

-

-

-

-

-

-

-

-

-1,873

-1,854

-1,866

-1,441

-847

-367

-118

-345

-755

-1,045

-1,172

-1,092

-1,000

-819

-688

-462

-66

61

203

323

465

726

946

1,177

1,106

971

758

275

0

0

0

Gain on sale of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

66

0

0

0

-

-

-

-

Amortization of deferred financing costs

333

333

333

328

309

292

274

262

262

262

262

262

262

262

263

970

1,100

1,229

1,358

780

780

780

780

780

780

780

781

786

790

795

799

798

798

663

0

0

0

-

-

-

-

Amortization of investment discount/premium

-234

-296

-452

-518

-425

-298

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

104,611

104,861

104,298

97,125

75,491

54,543

34,122

19,673

19,398

18,733

18,259

17,919

17,762

17,817

17,669

17,685

17,816

18,104

18,559

19,095

19,540

20,630

32,784

33,956

35,176

35,563

24,677

24,658

24,346

23,973

23,603

23,109

22,438

21,525

20,275

18,972

18,015

17,309

0

0

0

Deferred income taxes

-20,979

-8,037

-10,908

-4,832

-3,646

-16,322

5,714

6,408

3,825

6,429

-6,882

-8,099

-7,302

-8,697

-6,191

-4,543

-4,213

-4,006

-3,880

-2,299

-860

-1,036

-20,446

-22,346

-23,376

-23,435

-714

46

-382

-38

-46

2,447

2,587

3,722

4,768

2,437

1,911

353

0

0

0

Share-based Payment Arrangement, Noncash Expense

12,175

12,160

12,826

16,171

15,854

15,532

14,839

11,910

11,888

11,627

12,006

11,495

10,303

10,767

9,967

10,216

10,653

10,213

9,971

9,869

9,943

9,453

7,951

8,566

9,002

9,291

4,504

4,866

5,324

5,464

12,794

12,736

12,732

13,234

12,801

12,218

11,820

11,987

0

0

0

Impairment of right-of-use lease assets

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Tuition receivable, net

-476

-1,770

-1,911

-16,573

-14,976

-7,880

-5,431

6,029

5,518

3,250

2,332

1,835

2,151

1,453

1,131

3,300

3,188

1,991

1,563

-220

-1,261

-685

-9,413

-6,117

-4,281

-4,024

2,729

-882

-1,139

-1,744

2,909

1,869

-2,391

2,995

-57

3,286

5,020

4,233

0

0

0

Other current assets

3,850

1,589

-624

-2,368

-1,777

-3,768

-3,852

841

211

526

2,196

2,059

1,880

3,936

1,292

-182

8

-4,005

721

1,547

1,215

2,862

-3,363

-980

-1,715

-2,434

1,806

-9

-472

2,130

180

-463

-264

768

864

409

2,099

1,153

0

0

0

Other assets

634

540

281

-753

-75

135

199

71

-1,300

-1,582

-1,599

-1,603

-1,515

1,865

2,244

2,619

2,961

-22

0

0

0

-

-

-

-

-494

-1

5

-15

135

112

67

69

-102

-79

309

303

258

0

0

0

Accounts payable and accrued expenses

-3,246

245

8,067

6

-1,530

1,140

-14,192

5,272

6,437

4,468

6,624

1,023

1,237

-262

1,050

1,330

-4,104

-752

-2,642

9,118

5,903

6,550

9,911

2,044

7,768

-116

554

5,889

-4,916

5,673

-2,558

-8,176

4,348

-3,360

0

0

0

-

-

-

-

Accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Income taxes payable and income taxes receivable

7,481

1,198

227

-7,742

1,520

-516

-4,096

-923

-3,723

-629

45

-247

2,061

-408

-3,224

-4,866

-1,092

1,835

969

-2,207

-940

737

1,181

5,921

5,176

7,799

9,915

4,039

-7,902

-4,306

-10,494

-5,848

-7,303

-1,279

9,283

3,718

-309

-1,358

0

0

0

Contract liabilities

7,915

7,716

12,928

-17,319

-18,819

-19,329

-19,120

6,624

6,963

8,212

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,808

0

0

0

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,279

10,234

11,396

12,465

11,801

11,405

10,588

11,783

9,398

8,248

6,023

2,059

100

-2,934

-1,074

-14,870

-13,449

-4,865

-14,028

11,841

-9,381

4,155

9,258

1,083

0

0

0

Other long-term liabilities

-3,709

-3,451

-3,217

-3,352

-4,227

-4,522

-5,649

-4,781

-4,354

-3,718

-1,089

-1,400

-3,053

-4,587

-6,959

-5,395

-4,523

-2,974

-2,481

-7,949

-11,272

-13,946

16,380

21,397

25,866

29,518

-452

1

67

-80

5,253

4,611

4,608

4,804

0

0

0

-

-

-

-

Deferred lease incentives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash provided by operating activities

212,183

202,146

202,921

119,904

88,476

46,867

-2,858

53,417

48,671

56,157

58,784

54,864

54,378

44,523

53,184

56,217

61,536

77,548

70,335

76,536

75,452

77,977

74,045

77,712

85,917

84,093

96,977

90,979

76,973

82,062

88,860

109,591

123,673

154,363

144,124

162,400

166,886

162,821

0

0

0

Cash flows from investing activities:
Net cash acquired in acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

7,635

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

44,191

38,689

39,288

37,810

32,070

27,547

19,506

18,212

18,443

18,051

20,233

17,744

14,971

13,161

10,606

9,487

11,889

12,692

12,431

11,640

8,740

6,902

5,669

6,051

7,354

8,726

13,683

19,856

23,051

24,733

23,269

21,800

22,657

29,991

38,835

41,430

45,229

46,015

0

0

0

Purchases of marketable securities

36,095

40,481

31,727

37,747

31,553

25,304

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

38

178

370

559

0

0

0

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

40,800

43,800

43,418

39,000

29,300

16,400

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investments

2,402

2,658

1,949

1,978

1,612

1,238

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from the sale of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,388

0

0

0

-

-

-

-

Net cash used in investing activities

-41,931

-38,066

-30,107

129,251

131,901

130,137

143,210

-18,212

-18,443

-18,051

-20,233

-17,744

-20,971

-20,796

-18,241

-17,122

-13,524

-12,692

-12,431

-11,640

-8,740

-6,902

-5,669

-6,051

-7,354

-8,726

-13,683

-19,856

-23,051

-24,733

-30,269

-28,800

-29,657

-24,605

1,715

11,480

7,489

-5,874

0

0

0

Cash flows from financing activities:
Payments on revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

83,000

0

0

0

-

-

-

-

-

-

-

-

Proceeds from revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

120,000

0

0

0

-

-

-

-

Common dividends paid

48,861

46,625

44,337

44,258

36,044

27,842

19,657

11,487

11,452

11,416

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

47,328

47,553

47,659

47,796

49,105

50,478

48,827

47,245

44,541

0

0

0

Net payments for stock awards

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

452

0

0

0

Taxes paid for stock awards

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

118,750

119,531

4,688

3,906

3,125

3,125

3,125

3,125

3,125

2,344

9,062

15,781

20,000

0

0

0

-

-

-

-

-

-

-

-

Payments of contingent consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

1,358

1,358

755

755

650

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,459

0

0

0

-

-

-

-

Excess tax benefits from stock-based payment arrangements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,808

0

0

0

Repurchase of common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24,999

50,000

50,000

50,000

25,001

20,000

20,000

75,427

202,664

224,953

276,178

227,753

115,517

0

0

0

Net cash used in financing activities

-78,949

-55,820

-52,115

-45,238

-33,860

-21,215

-14,447

-11,487

-11,452

-11,416

-8,561

-6,660

-3,806

-1,358

-1,358

-117,230

-118,793

-120,250

-121,458

-5,415

-4,633

-3,552

-3,125

-3,125

-3,125

-28,124

-43,683

-52,273

-55,864

-66,949

-70,053

-82,659

-112,406

-136,728

-172,890

-211,332

-194,547

-156,798

0

0

0

Net increase in cash, cash equivalents, and restricted cash

91,303

108,260

120,699

203,917

186,517

155,789

125,905

23,718

18,776

26,690

29,990

30,460

29,601

22,369

33,585

-78,135

-70,781

-55,394

-63,554

59,481

62,079

67,523

65,251

68,536

75,438

47,243

39,611

18,850

-1,942

-9,620

-11,462

-1,868

-18,390

-6,970

-27,051

-37,452

-20,172

149

0

0

0

Noncash transactions:
Non-cash additions to property and equipment

4,164

3,406

-125

617

-722

1,029

3,960

2,517

3,548

1,734

986

544

829

349

-156

93

-268

365

462

749

1,114

412

356

-301

-637

47

-1,329

501

10

529

1,160

-567

446

1,115

4,928

5,982

6,155

5,508

0

0

0

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in contingent consideration related to acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-