v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 69,968 $ 62,075
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on early termination of operating leases (190) 0
Amortization of deferred financing costs 212 212
Amortization of investment discount/premium (5) (140)
Depreciation and amortization 22,121 23,198
Deferred income taxes (2,781) (4)
Stock-based compensation 10,259 11,327
Impairment of right-of-use lease assets 338 802
Changes in assets and liabilities:    
Tuition receivable, net (23,548) (20,398)
Other assets (5,359) (13,007)
Accounts payable and accrued expenses 12,833 (3,643)
Income taxes payable and income taxes receivable (2,278) (3,785)
Contract liabilities 37,275 44,861
Other liabilities (2,295) (2,634)
Net cash provided by operating activities 116,550 98,864
Cash flows from investing activities:    
Purchases of property and equipment (24,198) (21,151)
Purchases of marketable securities (5,802) (25,804)
Proceeds from marketable securities 8,306 42,575
Proceeds from other investments 29 0
Other investments (138) (231)
Cash paid for acquisition, net of cash acquired 0 (16)
Other investing activities (71) 0
Net cash used in investing activities (21,874) (4,627)
Cash flows from financing activities:    
Common dividends paid (26,924) (29,215)
Net payments for stock awards (12,504) (9,182)
Repurchase of common stock (72,745) (60,032)
Net cash used in financing activities (112,173) (98,429)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 132 2,519
Net decrease in cash, cash equivalents, and restricted cash (17,365) (1,673)
Cash, cash equivalents, and restricted cash — beginning of period 149,511 146,656
Cash, cash equivalents, and restricted cash — end of period 132,146 144,983
Non-cash transactions:    
Non-cash additions to property and equipment 4,973 2,797
Right-of-use lease assets obtained in exchange for operating lease liabilities $ 2,189 $ 2,219