Zovio inc (ZVO)
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'11
Cash flows from operating activities:
Net income (loss)

2,020

-23,015

-7,558

-17,597

-6,642

-13,415

1,661

15,080

1,310

-5,145

-1,927

6,314

9,869

-16,800

-9,477

3,338

-10,112

-6,687

-62,746

-650

-371

-5,248

6,291

12,955

-4,330

-5,109

14,211

12,114

24,667

19,825

30,179

42,708

28,434

21,199

43,811

52,149

53,919

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Provision for bad debts

3,337

5,744

2,983

3,917

3,608

3,495

7,467

5,474

6,398

7,266

6,054

7,680

9,294

8,457

7,588

6,358

9,619

5,594

8,905

6,968

8,396

6,223

9,040

5,361

7,560

15,449

7,267

11,363

13,040

16,157

12,321

10,871

13,418

2,307

17,282

12,019

11,595

Depreciation and amortization

2,978

3,058

2,973

2,700

1,498

1,586

1,667

1,774

1,759

2,042

2,125

2,308

2,388

3,014

3,155

3,184

3,729

4,175

4,774

5,284

5,345

5,403

5,942

5,943

6,029

5,805

5,523

5,507

4,831

4,663

4,377

4,289

4,095

4,049

3,122

2,850

2,722

Amortization of premium/discount

-

-

-

-

-

-

-

-

-

0

1

-1

-20

-30

-32

-57

51

-111

-139

-206

-19

-121

-174

70

19

38

-497

-758

-1,407

-2,070

-2,452

-2,345

-2,125

-1,526

-1,063

-793

-587

Deferred income taxes

32

-

-8

-40

115

-

46

4

4

-

-18

1,327

-1,284

28

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

4,138

3,610

3,428

3,596

1,706

1,197

1,265

1,160

1,165

798

1,083

851

900

1,638

1,423

1,958

2,298

2,386

1,689

3,390

2,245

2,667

2,833

3,165

1,893

3,230

3,261

3,820

3,623

3,814

3,374

4,044

2,497

2,792

3,007

3,009

1,787

Noncash lease expense

3,911

4,974

4,942

5,046

4,299

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit of option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

336

-

112

83

231

-

185

193

793

-

863

0

0

-

2,821

2,037

3,588

-

5,385

6,628

3,737

Write-off or impairment of student loans receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,300

101

141

-

284

564

359

-

277

924

265

-

-

-

-

-

-

-

-

-

-

-

-

Net loss (gain) on marketable securities

-326

-

13

57

146

-

39

10

14

-

68

49

76

-

55

29

19

-

-87

-4

-34

-

22

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Reassessment of lease charges

0

-

0

-529

-29

-

-637

-1,733

506

-

-5,829

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal or impairment of fixed assets

12

-208

0

0

0

-1,072

0

-325

-9

-798

0

0

-66

-2,215

0

-809

0

-6,094

-37,310

-1,382

-163

-6,948

-28

28

-80

-

-

-

-

-

-

-

-

-2

0

-1

-10

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,116

1,120

-5,716

-

-7,684

3,690

-8,208

-2,517

-1,080

-551

-5,900

-3,082

-6,448

-2,219

5,028

-

-

-

-

Accounts receivable

15,007

5,020

4,938

-83

8,662

1,589

5,518

4,569

15,331

340

6,745

7,496

15,762

1,795

8,354

1,942

19,633

-1,141

11,445

4,148

17,931

-2,991

14,559

1,663

14,092

-2,853

5,604

2,993

10,229

-6,024

21,585

9,619

37,153

-26,238

25,999

15,090

28,449

Prepaid expenses and other current assets

7,948

-4,180

-1,049

-1,931

3,286

-2,171

-134

-851

-977

-1,361

654

508

-81

-16,027

-2,142

-392

5,336

19,983

-8,241

3,064

-360

2,658

-5,083

-4,531

6,297

2,452

-3,955

-1,546

5,656

-2,161

-2,258

6,838

-32

2,562

1,345

1,710

-2,070

Student loans receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-244

-312

-320

-308

-302

-269

-260

-46

-283

-282

-198

-73

-215

-136

133

-987

63

3,452

3,214

-

-

-

-

Student loans receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

988

669

663

Other long-term assets

193

-329

-348

679

5

-761

-1,345

-440

-297

-98

3,431

-165

-102

-667

-863

-1,587

-157

3,111

-226

-225

185

102

-282

-326

240

791

422

-677

-124

-160

100

-127

-1,944

-306

-69

160

-38

Accounts payable and accrued liabilities

-3,168

3,109

-8,256

2,495

4,591

2,553

-4,155

-6,256

-4,332

1,012

-2,156

-892

-10,872

-730

-5,458

3,496

7,470

3,987

-3,478

-9,675

10,270

-11,570

8,310

-18,368

9,526

4,260

3,560

-10,813

16,213

-4,994

-753

-6,844

24,691

-2,546

10,779

-7,817

27,093

Deferred revenue and student deposits

7,245

-

-4,923

890

-7,890

-

-3,699

-2,097

-6,238

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities

-3,672

-5,590

-5,860

-5,918

-5,599

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue and student deposits

-

-

-

-

-

-

-

-

-

-

-

-6,633

-2,872

-523

-5,519

-1,163

-6,367

-857

-9,195

-3,805

-5,313

-811

-3,308

3,792

-24,084

6,553

-8,164

-6,249

-33,747

9,270

-15,178

-1,736

3,723

20,577

-15,861

-5,755

12,909

Other liabilities

-193

-729

-292

-2,588

-42

-1,843

-2,262

-8,057

-567

-767

-2,966

-3,066

-3,373

-1,396

-3,039

-2,103

-2,348

-3,709

-1,514

-698

-1,748

-1,322

-852

-609

-403

-291

-1,868

499

1,476

508

2,319

2,600

3,345

1,341

1,249

1,713

1,579

Net cash used in operating activities

-6,206

-7,843

-16,125

-5,692

-16,426

3,077

-1,451

5,852

-15,069

12,669

-5,227

2

-11,519

24,015

-9,155

16,691

-20,468

2,160

1,873

7,380

7,388

-10,407

28,425

12,658

-16,499

23,778

23,084

17,208

21,516

52,679

23,230

38,675

35,321

67,265

32,524

34,705

81,460

Cash flows from investing activities:
Capital expenditures

1,213

4,073

9,189

11,272

6,495

885

405

482

809

511

580

1,003

1,293

363

618

653

291

153

142

556

1,626

1,785

3,441

3,149

3,054

3,088

4,959

3,784

2,994

4,493

5,846

7,721

7,236

10,054

11,961

7,307

5,170

Purchases of investments

36

24

28

52

22

17

17

286

747

232

22

24

37

23

32

49

20,156

38

20,050

50

142

78

15,429

49,315

23,111

35

35

26,581

108

5,875

65,158

71,781

36,573

103,093

119,876

60,185

53,930

Non-operating restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-427

6,808

-12

-

-171

200

0

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized costs for intangible assets

95

296

161

130

163

173

230

205

265

115

220

104

114

181

185

237

227

392

570

599

592

677

845

991

1,121

16,045

1,165

984

1,369

1,132

1,195

1,297

1,638

1,284

904

804

529

Sales of investments

-

-

-

-

-

0

0

271

704

214

0

0

0

-

-

-

-

0

0

0

10,101

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Maturities of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-10,000

30,000

0

20,000

14,489

51,938

60,500

49,416

35,400

63,322

59,266

28,923

10,000

81,549

65,500

10,000

Maturities of investments

-

-

-

-

-

-

-

-

-

-

0

5,000

17,725

-

7,611

7,103

0

-

0

20,094

20,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-1,344

-4,596

-9,378

-30,740

-6,680

-1,075

-652

-702

-1,117

24,356

-822

3,869

16,281

22,475

6,776

6,164

-20,674

31,788

-20,335

12,081

27,753

17,489

10,456

-53,655

-7,286

-4,679

45,779

29,151

44,945

23,900

-8,877

-21,508

-16,524

-104,431

-51,192

-2,796

-49,629

Cash flows from financing activities:
Proceeds from exercise of stock options

0

0

0

0

60

0

455

0

0

49

31

2,469

1,299

1,189

4

0

138

24

34

99

127

32

112

603

2,361

9,214

1,067

82

101

17

844

583

813

505

807

3,155

422

Borrowings from long-term liabilities

1,149

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments Related to Tax Withholding for Share-based Compensation

-

-

-

-

-

-

-

48

705

-

-

172

1,481

-1,841

37

201

1,603

-

34

33

1,225

-

889

0

1,204

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit of option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

336

34

112

83

231

100

185

193

793

1,727

863

0

0

1,612

2,821

2,037

3,588

3,346

5,385

6,628

3,737

Proceeds from the exercise of warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

27

0

60

19

Tax withholdings on issuance of stock awards

202

-

-

-

755

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

0

0

152,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

36,352

43,715

12,711

Net cash provided by (used in) financing activities

947

87

-4

45

-695

47

-773

-2,374

-705

-16,596

-70

2,430

-152,182

1,268

-33

-425

-1,129

4,275

112

285

-867

130

-592

796

1,950

-198,872

858

686

101

891

-6,753

3,329

4,401

4,566

-30,160

-33,230

-8,533

Net decrease in cash, cash equivalents and restricted cash

-6,603

-12,352

-25,507

-36,387

-23,801

2,049

-2,876

2,776

-16,891

20,429

-6,119

6,301

-147,420

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental disclosure of non-cash transactions:
Purchase of equipment included in accounts payable and accrued liabilities

158

-861

-3,055

-389

5,026

-437

139

88

235

312

26

-168

209

0

0

0

0

4,090

41

-6

35

-801

442

-58

526

-819

-461

743

673

-1,567

1,040

-429

1,465

1,077

-2,112

3,024

500

Issuance of common stock for vested restricted stock units

714

29

22

140

2,488

191

429

183

1,957

259

288

447

3,785

151

91

532

4,073

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reconciliation of cash, cash equivalents, and restricted cash:
Net decrease in cash, cash equivalents and restricted cash

-6,603

-12,352

-25,507

-36,387

-23,801

2,049

-2,876

2,776

-16,891

20,429

-6,119

6,301

-147,420

47,758

-2,412

22,430

-42,271

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (decrease) increase in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-18,350

19,746

34,274

-

38,289

-40,201

-21,835

-179,773

69,721

47,045

66,562

77,470

7,600

20,496

23,198

-32,600

-48,828

-1,321

23,298

Issuance of common stock for vested restricted stock units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

78

2,993

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-