|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Cash flows from operating activities |
|
|
|
| Net income |
$ 9,668 |
$ 45,883 |
$ 121,146 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for bad debts |
28,184 |
47,119 |
52,767 |
| Depreciation and amortization |
23,317 |
21,666 |
17,424 |
| Amortization of premium/discount |
206 |
2,624 |
8,992 |
| Deferred income taxes |
(7,096) |
(6,962) |
(11,373) |
| Stock-based compensation |
10,558 |
13,934 |
13,729 |
| Excess tax benefit of option exercises |
(1,271) |
(2,590) |
(10,058) |
| Loss on impairment of student loans receivable |
2,435 |
1,998 |
0 |
| Net gain on marketable securities |
(34) |
(63) |
0 |
| Loss on termination of leased space |
6,470 |
328 |
0 |
| Loss on disposal of fixed assets |
7,028 |
751 |
1,153 |
| Changes in operating assets and liabilities: |
|
|
|
| Restricted cash |
11,042 |
10,048 |
6,721 |
| Accounts receivable |
(27,323) |
(15,973) |
(62,333) |
| Prepaid expenses and other current assets |
659 |
(2,607) |
(2,387) |
| Student loans receivable |
809 |
291 |
(5,742) |
| Other long-term assets |
266 |
(412) |
2,131 |
| Accounts payable and accrued liabilities |
(12,102) |
13,220 |
12,100 |
| Deferred revenue and student deposits |
(24,411) |
(41,607) |
(3,921) |
| Other liabilities |
(3,754) |
(184) |
8,772 |
| Uncertain tax position |
568 |
(1,878) |
784 |
| Net cash provided by operating activities |
25,219 |
85,586 |
149,905 |
| Cash flows from investing activities |
|
|
|
| Capital expenditures |
(11,429) |
(14,825) |
(25,296) |
| Purchases of investments |
(87,933) |
(26,759) |
(179,387) |
| Restricted cash |
(30) |
0 |
25 |
| Capitalized costs for intangible assets |
(3,634) |
(19,563) |
(5,262) |
| Sales and maturities of investments |
70,000 |
176,343 |
186,911 |
| Net cash provided by (used in) investing activities |
(33,026) |
115,196 |
(23,009) |
| Cash flows from financing activities |
|
|
|
| Proceeds from exercise of stock options |
3,108 |
10,464 |
2,257 |
| Tax withholdings related to net exercise of stock options |
0 |
(9,170) |
(10,418) |
| Excess tax benefit of option exercises |
1,271 |
2,590 |
10,058 |
| Proceeds from the issuance of stock under employee stock purchase plan |
0 |
1,234 |
1,340 |
| Proceeds from the exercise of warrants |
0 |
231 |
490 |
| Tax withholdings related to net exercise of warrants |
0 |
0 |
(944) |
| Issuance of restricted stock |
(2,095) |
(1,080) |
(313) |
| Repurchase of common stock |
0 |
(201,496) |
(602) |
| Net cash provided by (used in) financing activities |
2,284 |
(197,227) |
1,868 |
| Net increase (decrease) in cash and cash equivalents |
(5,523) |
3,555 |
128,764 |
| Cash and cash equivalents at beginning of period |
212,526 |
208,971 |
80,207 |
| Cash and cash equivalents at end of period |
207,003 |
212,526 |
208,971 |
| Supplemental disclosure of cash flow information |
|
|
|
| Cash paid for interest |
128 |
146 |
130 |
| Cash paid for income taxes |
15,534 |
38,642 |
65,075 |
| Supplemental disclosure of non-cash transactions: |
|
|
|
| Purchase of equipment included in accounts payable and accrued liabilities |
$ 109 |
$ 136 |
$ 509 |