LAUR Stock Cash Flow Statements

Laureate Education Quarterly Cash Flow Statements Chart

Quarterly

Annual

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Laureate Education Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31

cash flows from operating activities
net income	97,426,000	-19,553,000	93,566,000	85,327,000	128,351,000	-10,848,000	41,735,000	35,981,000	56,313,000	-26,762,000	39,063,000	31,036,000	43,559,000	-44,680,000	37,815,000	360,137,000	-29,224,000	-164,943,000	379,040,000	-784,430,000	-311,628,000	98,316,000	60,577,000	-96,794,000	779,616,000	194,265,000	-96,685,000	223,954,000	171,545,000	-103,489,000	117,097,000	-120,353,000	58,926,000	-11,185,000	56,337,000	11,988,000	38,963,000	11,818,000	19,806,000	4,596,000	33,251,000	9,334,000	20,810,000	-384,000	25,825,000	5,425,000	30,856,000	-15,971,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	17,659,000	16,078,000		16,609,000	17,440,000	18,050,000		17,918,000	17,317,000	16,721,000		14,470,000	14,793,000	14,365,000		25,928,000	27,017,000	22,672,000		31,841,000	40,115,000	44,161,000	47,072,000	48,900,000	49,740,000	47,644,000	59,797,000	62,402,000	67,762,000	67,929,000	66,951,000	64,514,000
amortization of operating lease right-of-use assets	8,852,000	8,125,000	8,220,000	9,013,000	9,971,000	9,765,000	9,118,000	8,926,000	8,002,000	7,189,000	7,194,000	6,880,000	7,557,000	7,763,000	8,281,000	8,794,000	11,315,000	15,688,000	11,974,000	18,754,000	26,218,000	23,257,000	27,107,000	32,778,000	29,414,000	33,374,000
(gain) loss on lease terminations and disposals of subsidiaries and property and equipment	-10,000	-255,000
non-cash interest expense	382,000	380,000	455,000	364,000	398,000	324,000	-131,000	307,000	597,000	245,000	464,000	302,000	591,000	234,000	632,000	467,000	1,070,000	4,592,000	3,375,000	5,247,000	3,737,000	5,091,000	149,000	3,703,000	-5,393,000	5,076,000	3,628,000	6,378,000	4,645,000	7,450,000	10,126,000	12,233,000	409,000	653,000
non-cash share-based compensation expense	3,481,000	2,463,000	766,000	2,781,000	2,887,000	1,409,000	2,220,000	1,794,000	1,976,000	1,124,000	1,805,000	1,849,000	2,360,000	2,762,000	2,997,000	2,397,000	3,202,000	1,576,000	3,021,000	3,672,000	4,621,000	1,984,000	3,413,000	1,577,000	4,855,000	3,149,000	6,561,000	7,687,000	-3,756,000	8,632,000	12,949,000	22,388,000
bad debt expense	19,306,000	4,395,000	18,530,000	8,316,000	22,600,000	6,307,000	14,198,000	13,355,000	13,392,000	2,788,000	7,778,000	5,998,000	10,731,000	-2,535,000	16,698,000	-3,700,000	18,099,000	3,273,000	20,205,000	33,967,000	40,783,000	22,912,000	19,872,000	18,547,000	38,760,000	23,650,000	24,747,000	36,129,000	22,153,000	37,238,000	34,937,000	16,502,000	8,747,000	3,230,000
deferred income taxes	-6,651,000	4,860,000	1,347,000	-39,645,000	-1,493,000	1,267,000	-46,319,000	-2,670,000	-6,260,000	-607,000	-8,682,000	-1,397,000	5,136,000	4,413,000	-71,988,000	200,586,000	-17,444,000	84,409,000	78,729,000	-37,540,000	21,860,000	-248,701,000	-26,706,000	-7,851,000	-4,091,000	8,835,000	271,000	25,900,000	-26,560,000	-18,591,000	12,686,000	-15,882,000									-7,474,000	1,363,000
unrealized foreign currency exchange gain							24,388,000			28,949,000	16,076,000	-17,284,000	15,868,000	-753,000		2,215,000	10,232,000	-23,687,000												-6,904,000	10,677,000	1,079,000
other	-10,373,000	3,304,000	2,965,000	3,564,000	-12,660,000	3,221,000	6,034,000	3,077,000	-12,552,000	3,724,000	5,966,000	3,302,000	-4,745,000	1,563,000	1,177,000	3,808,000	-5,788,000	1,909,000	-1,509,000	1,247,000	-3,312,000	3,982,000	1,508,000	-2,732,000	-5,654,000	1,537,000	-1,575,000	-9,717,000	-315,000	2,689,000	-2,971,000	1,919,000
changes in operating assets and liabilities:
receivables	-113,281,000	40,931,000	-17,897,000	18,857,000	-61,236,000	2,301,000	-10,717,000	16,074,000	-61,319,000	4,224,000	-5,513,000	15,537,000	-56,470,000	18,922,000	-6,354,000	33,516,000	-48,259,000	5,111,000	2,070,000	-185,233,000	33,887,000	-173,760,000	110,628,000	-52,111,000	43,225,000	-264,944,000	-104,742,000	84,429,000	-268,434,000	-182,286,000	105,105,000	-267,480,000				14,472,000		18,481,000				3,561,000
prepaid expenses and other assets	9,437,000	-9,930,000	173,000	-3,370,000	2,484,000	-14,475,000	8,272,000	5,417,000	1,084,000	-12,152,000	4,811,000	4,083,000	-1,098,000	-2,996,000	2,588,000	-6,463,000	575,000	-14,133,000	19,112,000	-29,450,000	13,918,000	-32,084,000	14,679,000	22,014,000	-16,307,000	-62,433,000	32,428,000	-63,189,000	-20,158,000	29,176,000	-55,246,000	-43,773,000
accounts payable and accrued expenses	21,902,000	-18,501,000	-5,097,000	11,197,000	25,245,000	-26,597,000	-5,300,000	-3,914,000	31,113,000	-26,159,000	6,402,000	8,778,000	-9,949,000	-15,695,000	1,846,000	-14,162,000	-2,280,000	-30,733,000	3,345,000	49,751,000	-35,372,000	-64,924,000	19,676,000	19,460,000	14,367,000	-47,929,000	47,757,000	7,067,000	-61,087,000	100,992,000	-34,513,000	-51,855,000	-268,000	11,458,000	5,383,000	3,880,000								7,370,000
income tax receivable/payable	32,011,000	-20,940,000	-9,194,000	-3,550,000	-5,882,000	-11,986,000	30,006,000	-4,966,000	30,921,000	-32,663,000	-22,258,000	12,373,000	14,255,000	26,960,000	-164,277,000	81,010,000	-1,128,000	-16,731,000	156,438,000	-10,561,000	-49,023,000	2,709,000	3,514,000	13,449,000	-8,171,000	-45,012,000	-22,035,000	26,761,000	-14,810,000	2,053,000	-12,961,000	-8,907,000
deferred revenue and other liabilities	-32,021,000	43,488,000	-43,214,000	20,805,000	-59,159,000	46,200,000	-33,582,000	27,914,000	-66,312,000	58,263,000	-40,036,000	22,082,000	-45,059,000	44,054,000	-44,005,000	-49,672,000	-69,967,000	65,367,000	-192,736,000	236,839,000	-185,222,000	312,593,000	-311,601,000	200,967,000	-330,018,000	387,500,000	328,292,000	-289,230,000	389,602,000	425,942,000	-351,404,000	360,635,000
net cash from operating activities	74,054,000	57,777,000	40,691,000	118,659,000	40,230,000	33,153,000	63,361,000	108,630,000	52,320,000	26,469,000	23,549,000	109,043,000	-8,239,000	53,877,000	-210,122,000	36,188,000	6,569,000	11,283,000	37,801,000	160,394,000	64,890,000	-3,529,000	27,501,000	279,721,000	-12,427,000	44,974,000	354,536,000	8,910,000	-7,076,000	350,453,000	-165,840,000	-39,830,000	40,312,000	54,925,000	82,351,000	38,638,000	45,131,000	26,882,000	23,928,000	45,119,000	59,882,000	16,216,000	26,945,000	21,299,000	41,627,000	-23,136,000	29,217,000	11,187,000
capex	-13,267,000	-4,612,000	-37,332,000	-7,937,000	-10,733,000	-15,884,000	-29,697,000	-11,889,000	-9,018,000	-5,833,000	-36,002,000	-8,663,000	-6,880,000	-1,211,000	-22,866,000	-7,027,000	-8,808,000	-11,743,000	-12,277,000	-13,184,000	-24,581,000	-24,582,000	-53,494,000	-39,346,000	-30,482,000	-32,319,000	-56,717,000	-49,496,000	-44,245,000	-47,836,000	-49,646,000	-37,147,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	60,787,000	53,165,000	3,359,000	110,722,000	29,497,000	17,269,000	33,664,000	96,741,000	43,302,000	20,636,000	-12,453,000	100,380,000	-15,119,000	52,666,000	-232,988,000	29,161,000	-2,239,000	-460,000	25,524,000	147,210,000	40,309,000	-28,111,000	-25,993,000	240,375,000	-42,909,000	12,655,000	297,819,000	-40,586,000	-51,321,000	302,617,000	-215,486,000	-76,977,000	40,312,000	54,925,000	82,351,000	38,638,000	45,131,000	26,882,000	23,928,000	45,119,000	59,882,000	16,216,000	26,945,000	21,299,000	41,627,000	-23,136,000	29,217,000	11,187,000
cash flows from investing activities
purchase of property and equipment	-13,267,000	-4,612,000	-37,332,000	-7,937,000	-10,733,000	-15,884,000	-29,697,000	-11,889,000	-9,018,000	-5,833,000	-36,002,000	-8,663,000	-6,880,000	-1,211,000	-22,866,000	-7,027,000	-8,808,000	-11,743,000	-12,277,000	-13,184,000	-24,581,000	-24,582,000	-53,494,000	-39,346,000	-30,482,000	-32,319,000	-56,717,000	-49,496,000	-44,245,000	-47,836,000	-49,646,000	-37,147,000
receipts from sales of property and equipment	78,000	56,000	14,673,000	29,000	3,214,000	48,000
net receipts from sales of discontinued operations				0
net cash from investing activities	-13,189,000	-4,556,000	-27,057,000	-7,908,000	-6,594,000	-15,990,000	-25,681,000	-11,752,000	-8,906,000	-5,579,000	-35,942,000	64,250,000	-5,900,000	7,938,000	-10,191,000	1,404,396,000	651,075,000	-1,088,000	621,557,000	888,000	-11,082,000	-23,963,000	66,080,000	-51,685,000	808,281,000	294,084,000	-37,438,000	-38,427,000	302,690,000	-54,546,000	-54,064,000	-41,588,000
cash flows from financing activities
proceeds from issuance of long-term debt, net of original issue discount	56,053,000	30,000,000	20,006,000	0	54,049,000	81,091,000	105,650,000	4,166,000	5,956,000	38,000,000	261,072,000	30,490,000	155,000,000	49,691,000	0	-8,901,000	54,398,000	996,000	-38,344,000	41,539,000	25,708,000	499,479,000	399,105,000	216,383,000	417,061,000	90,630,000	84,868,000	110,163,000	188,563,000	238,814,000
payments on long-term debt	-63,156,000	-22,461,000	-72,004,000	-74,946,000	-42,065,000	-26,545,000	-76,249,000	-79,077,000	-72,885,000	-15,227,000	-163,292,000	-39,937,000	-171,586,000	-58,890,000	-8,817,000	-312,000	-879,231,000	-53,670,000	-406,689,000	-42,365,000	-29,794,000	-226,505,000	-318,011,000	-312,469,000	-1,344,718,000	-532,592,000	-166,821,000	-129,909,000	-541,812,000	-279,981,000	-2,365,195,000	-50,335,000
payment of dividend equivalent rights for vested share-based awards	-69,000	-386,000		0	-116,000	-1,598,000		0	0	-2,318,000		-211,000	-871,000	-3,490,000
proceeds from exercise of stock options	86,000	42,000	26,000	83,000	92,000	29,000	-888,000	1,666,000	107,000	1,423,000	1,328,000	264,000	128,000	11,496,000	2,251,000	786,000			-981,000	-35,000	-22,000	26,754,000	12,293,000
withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	0	-2,345,000	-1,198,000	-3,000	0	-1,693,000	-7,000	0	-5,000	-611,000	-556,000	-65,000	-599,000	-774,000	-1,051,000	-482,000	-14,000	-1,222,000	-4,000	0	-10,000	-1,140,000	-736,000							-448,000
payments to repurchase common stock and excise tax payments
payments of debt issuance costs				-1,000	-69,000	-9,000												-14,000	-53,000										-148,000	-54,000
net cash from financing activities	-39,178,000	-34,649,000	-55,196,000	-103,477,000	-26,646,000	18,381,000	-81,675,000	-74,530,000	-66,827,000	21,144,000	-225,064,000	-10,321,000	-122,046,000	-104,138,000	-1,398,702,000	-121,810,000	-963,569,000	-199,154,000	-530,107,000	-6,018,000	-4,488,000	267,897,000	-86,419,000	-191,482,000	-946,474,000	-449,602,000	-93,853,000	-24,060,000	-368,999,000	-134,607,000	-275,689,000	464,115,000	44,426,000	8,686,000	-35,317,000	239,907,000	38,859,000				21,197,000	1,629,000	5,926,000	3,075,000
effects of exchange rate changes on cash and cash equivalents and restricted cash	3,900,000	875,000	-1,327,000	-3,256,000	-4,086,000	1,123,000	2,636,000	-4,653,000	5,196,000	3,462,000	-5,246,000	-3,586,000	-1,156,000	11,190,000	-364,000	-10,922,000	3,412,000	-6,850,000	12,902,000	9,817,000	10,348,000	-33,613,000	1,470,000	-17,459,000	6,606,000	2,045,000	8,188,000	-32,856,000	20,133,000
change in cash included in current assets held for sale	-422,000	-393,000	28,000	218,000	-267,000	278,000	-193,000	251,000							3,099,000	120,091,000	168,462,000	-3,526,000	-22,511,000	196,055,000	12,525,000	9,718,000	10,169,000	69,522,000	86,949,000	1,124,000	-66,717,000	7,740,000	23,585,000
net change in cash and cash equivalents and restricted cash	25,165,000	19,054,000	-42,861,000	4,236,000	2,637,000	36,945,000	-41,552,000	17,946,000	-18,777,000	45,496,000	-242,703,000	159,386,000	-137,341,000	-31,133,000	-1,616,280,000	1,427,943,000	-134,051,000	-199,335,000	119,642,000	361,136,000	72,193,000	216,510,000	18,801,000	88,617,000	-57,065,000	-107,375,000	164,716,000	-78,693,000	-29,667,000
cash and cash equivalents and restricted cash at beginning of period	0	97,854,000	0	0	0	96,897,000	0	0	0	93,784,000	0	0	0	345,575,000	0	0	0	867,298,000	0	-428,733,000	0	526,550,000	0	-6,218,000	0	589,790,000	-160,885,000	0	693,667,000
cash and cash equivalents and restricted cash at end of period	25,165,000	116,908,000	-42,861,000	4,236,000	2,637,000	133,842,000	-41,552,000	17,946,000	-18,777,000	139,280,000	-242,703,000	159,386,000	-137,341,000	314,442,000	-1,616,280,000	1,427,943,000	-134,051,000	667,963,000	119,642,000	-67,597,000	72,193,000	743,060,000	18,801,000	82,399,000	-57,065,000	482,415,000	3,831,000	-78,693,000	664,000,000
unrealized foreign currency exchange loss		2,932,000				4,964,000																	20,752,000			5,458,000	35,010,000	17,639,000	1,082,000
payments related to sales of discontinued operations
payments to repurchase common stock		-39,499,000	-2,026,000	-28,610,000	-38,537,000	-32,894,000					-75,000,000	-862,000	-104,118,000	-102,171,000	-16,230,000	-112,901,000	-106,130,000	-145,244,000	-70,320,000	0	0	-29,203,000	-176,172,000
depreciation and amortization expense
loss on impairment of assets							1,453,000	0			0	0	0	144,000	5,327,000	3,292,000	7,423,000	57,714,000	-200,029,000	531,438,000	455,052,000	3,768,000	18,284,000	25,000,000
(gain) loss on sales and disposal of subsidiaries, property and equipment and leases
unrealized foreign currency exchange (gain) loss			-14,484,000	-15,254,000																		-29,720,000
non-cash income from non-income tax contingencies										61,000	324,000	244,000	106,000	69,000	174,000	51,000	-70,000	11,995,000	-316,000	-2,577,000	-562,000	6,514,000				4,561,000			2,121,000	219,000	-224,000	4,037,000
loss on debt extinguishment															0	0	77,926,000	73,000					1,851,000	684,000	15,595,000	10,622,000	0	0	7,481,000	-5,000	7,963,000	467,000
expenditures for deferred costs											51,000	-233,000	-86,000	-44,000	-472,000	-927,000	-2,548,000	-1,896,000	-2,583,000	-3,620,000	-4,835,000	-3,500,000	-5,615,000	-4,064,000	-4,534,000	-3,488,000	-5,450,000	-4,367,000	-3,365,000	-4,464,000	-4,772,000	-3,476,000
net (payments) receipts related to sales of discontinued operations
payments to purchase noncontrolling interests							0	0	0	-123,000													0	0			0	0	-127,000
payments of special dividends, special cash distributions, and dividend equivalent rights
payment of debt issuance costs
loss on lease terminations and disposals of subsidiaries and property and equipment
loss on sales and disposal of subsidiaries and property and equipment					-381,000	3,251,000												16,461,000
net (payments) receipts from sales of discontinued operations						-154,000
gain on sales and disposal of subsidiaries, property and equipment and leases
loss on derivative instruments																0
payments for lease settlements
receipts from sales of discontinued operations, net of cash sold, property and equipment
settlement of derivatives related to sale of discontinued operations and net investment hedge																							0	0
gain on sales and disposal of subsidiaries and property and equipment								-419,000	4,174,000	1,524,000		790,000
receipts from sales of discontinued operations and property and equipment								137,000	112,000	254,000
payments for settlement of derivative contracts																				0					0	-8,233,000
interest paid on deferred purchase price for acquisitions																			0
payments of deferred purchase price for acquisitions																			0	-3,822,000	-370,000	-1,488,000	-370,000	-7,654,000	-11,764,000	-369,000	-11,713,000	-341,000	-5,534,000	-87,484,000	-1,014,000	-5,315,000
payments of special cash distributions, dividend, and dividend equivalent rights
payments of call premiums and debt issuance costs															0	0
distributions to noncontrolling interest holders																								-669,000			0			0
receipts from sales of discontinued operations, net of cash sold, and property and equipment												73,146,000	1,066,000	9,193,000		1,412,350,000	694,478,000	30,845,000		17,694,000	18,422,000	4,032,000
payments on derivatives related to sale of discontinued operations																0	-32,047,000	-18,294,000
(gain) loss on sales and disposal of subsidiaries and property and equipment														-713,000		-612,016,000
gain on derivative instruments																		-29,330,000	25,354,000	0	1,428,000	-802,000	822,000	-283,000			-69,000	-111,812,000	19,132,000
business acquisitions, net of cash acquired																							0	0	-11,000	-1,194,000				0
proceeds from sale of investment																							0
special cash distributions
payments to related parties
receipts from related parties
(payments for) proceeds from settlement of derivative contracts																							-539,000
receipts from sales of discontinued operations, net of cash sold, property and equipment and other																							124,347,000	-19,745,000
proceeds from property insurance recoveries and corporate-owned life insurance
payments (to) from related parties and investments in affiliates
payment of dividends on series a preferred stock and to noncontrolling interests
distributions (to) from noncontrolling interest holders
gain on sales of subsidiaries and disposal of property and equipment																				291,156,000	4,893,000	21,175,000		38,146,000	-605,545,000	-246,803,000
(payments to) receipts from related parties																				-2,000
payments from related parties																						87,000			0	87,000
non-cash gain from non-income tax contingencies																							3,879,000	587,000
payments from (to) related parties and investments in affiliates
proceeds from issuance of convertible redeemable preferred stock, net of issuance costs																														0	0	55,290,000
proceeds from initial public offering, net of issuance costs																														-202,000	-327,000	456,888,000
payments of debt issuance costs and redemption and call premiums for debt modification																											-187,000
noncontrolling interest holder's loan to subsidiaries																														0	0	943,000
proceeds from corporate-owned life insurance and property insurance recoveries
payments from (to) related parties
payment of dividends on series a preferred stock																											0	-1,384,000	-9,719,000
withholding of shares to satisfy tax withholding for vested stock awards																									169,000	-1,420,000	0	-941,000	-803,000
payments of debt issuance costs and redemption premiums																									-723,000	-5,226,000
adjustments to reconcile net income to net cash from (uesd in) operating activities:
(gain) loss on derivative instruments																										-5,343,000				19,765,000	-27,119,000	-12,267,000
receipts from sales of discontinued operations and property and equipment, net of cash sold																										330,998,000
settlement of derivatives related to sale of discontinued operations
(distributions to) contributions from noncontrolling interest holders																										-625,000
(gain) loss on sales of subsidiaries and disposal of property and equipment																											16,919,000	-12,439,000	-297,479,000
proceeds from settlement of derivative contracts
non-cash (gain) income from non-income tax contingencies																											85,000
receipts from sales of subsidiaries and property and equipment, net of cash sold																												15,203,000	359,510,000
settlement of derivatives related to sale of subsidiaries																												0	-9,960,000
property insurance recoveries																														0	0	370,000
payments from (to) related parties and affiliates																												233,000	750,000
distributions from noncontrolling interest holders																													581,000
gain on sale of subsidiary and disposal of property and equipment																														1,123,000
payment of redemption and call premiums and fees on debt modification																														0
restricted cash																														-2,061,000	3,750,000	-3,432,000
receipts from sale of subsidiary and property and equipment																														179,000
change in restricted cash and investments																														-3,282,000	475,000	-1,114,000
effects of exchange rate changes on cash																														11,033,000	6,450,000	8,644,000					414,000						-1,026,000	1,211,000
net change in cash and cash equivalents																														137,799,000	-489,143,000	391,341,000	14,837,000	16,506,000		54,401,000					16,856,000	-32,595,000	9,533,000	24,079,000
cash and cash equivalents at beginning of period																														0	0	464,965,000	9,899,000	96,987,000	0	0	0	1,257,000	0	116,261,000		0				0	-1,358,000	106,043,000
cash and cash equivalents at end of period																														137,799,000	-489,143,000	856,306,000	24,736,000	113,493,000	-71,273,000	54,401,000	5,653,000	13,687,000	-19,046,000	104,812,000		-32,595,000				-93,989,000	85,909,000	99,040,000
proceeds from affiliates
payments (to) from related parties																															-246,000	-347,000
payment of dividends to noncontrolling interest holders
loss on disposal of property and equipment																																345,000
receipts from sale of property and equipment																																126,000
proceeds from issuance of long-term debt																																6,790,000	69,569,000	104,973,000	289,461,000	412,188,000	115,418,000	24,270,000	19,195,000	28,580,000	46,196,000	4,178,000	6,916,000	20,487,000
payments of debt issuance costs and modification fees																																-600,000
capital contributions from and (distributions to) noncontrolling interest holders																																454,000
operating activities
depreciation and amortization of fixed assets																																	14,576,000	12,874,000	13,295,000	12,155,000	9,430,000	9,225,000	8,662,000	8,974,000	8,141,000	7,798,000	7,340,000	7,038,000
amortization																																	4,340,000	5,193,000	5,597,000	4,067,000	4,035,000	3,623,000	4,172,000	2,644,000	3,125,000	4,926,000	1,702,000	1,488,000	1,426,000	2,056,000	1,641,000	711,000
(gain) loss on disposal of discontinued operations
gain on sale of chancery software, ltd.
gain on sale of assets
non-cash stock compensation expense																																	2,646,000	3,283,000	4,412,000	3,963,000				780,000
minority interest in consolidated subsidiaries																																	4,363,000	1,492,000	-6,741,000	3,359,000	11,359,000	5,829,000	6,240,000	892,000	8,289,000	4,192,000	6,066,000	2,474,000
equity in net income of affiliates																																	161,000	189,000	181,000	163,000	165,000	166,000	114,000	90,000	315,000	0	0	8,000	-3,889,000	-38,000	185,000	7,436,000
other non-cash items																																	-729,000	2,653,000										463,000	-318,000	-111,000	75,000	1,586,000
inventory, prepaid expenses and other current assets																																		6,343,000
income tax receivable																																				-872,000	0	0	0	15,676,000
income tax payable																																		4,936,000
deferred revenue and other current liabilities																																		86,979,000						43,738,000			-46,340,000	55,775,000				17,029,000
investing activities
purchase of available-for-sale securities
change in restricted cash																																	0	33,602,000
cash loaned in exchange for notes receivable
cash paid for acquisitions, including deferred consideration, net of cash acquired
change in other long-term assets																																					282,000
financing activities
proceeds from exercise of options																																	3,631,000	1,269,000	693,000	554,000	3,104,000	2,671,000	2,994,000	5,542,000	8,049,000	2,431,000	5,627,000	3,396,000
change in other long-term liabilities and other financing activities
gain on disposal of discontinued operations
gain on sale of investment and settlement of lease obligations
proceeds from sales or maturity of available-for-sale securities																																		57,000	5,025,000	-92,000	2,114,000	-8,690,000
change in investment in and advances to affiliates and other investments																																										-20,000
proceeds from sale of investment and settlement of lease obligation																																		651,000
effects of exchange rate changes on cash and cash equivalents																																		2,634,000
unrealized gain on foreign exchange
non-cash stock compensation expense - discontinued operations																																										0			-541,000
acceleration of original issue discount on note receivable repayment
gain on conveyance of land as purchase consideration
proceeds from sale of land
proceeds from repayment of related party note receivable
proceeds from sales of discontinued operations, net of cash sold																																					10,000,000	0
proceeds from repayment of notes receivable																																				3,335,000
proceeds from the sale of chancery software, ltd.																																			2,272,000
proceeds from issuance of common stock																																									0	0	0	151,000
cash and cash equivalents classified as:
continuing operations																																					5,653,000	13,687,000	-19,046,000	104,812,000	14,879,000	-33,524,000	9,980,000	114,294,000	5,118,000	-93,542,000	88,709,000	91,860,000
discontinued operations																																									1,977,000	929,000	-447,000	8,173,000	2,310,000	-447,000	-2,800,000	7,180,000
change in other long-term liabilities																																				1,177,000
loss on disposal of discontinued operations																																						0										5,217,000
cash paid for acquisitions, net of cash acquired
payment of deferred consideration for prior period acquisitions
non-cash stock compensation expense - continuing operations																																					2,059,000	1,335,000				891,000	2,283,000	712,000
(gain) loss on assets sold
cash received from minority interest members																																										0
change in long-term liabilities																																									-1,489,000	915,000	262,000	1,647,000
see accompanying notes to financial statements.
proceeds from sale or maturity of available-for-sale securities																																								897,000	31,649,000	23,140,000	19,000	16,446,000	30,209,000	2,150,000	26,422,000	8,287,000
proceeds from sale of investments																																												2,175,000
proceeds from sale of discontinued operations, net of cash sold																																								12,654,000
payment of contingent consideration for prior period acquisitions
increase in other assets
non-cash stock compensation expense – continuing operations
non-cash stock compensation expense – discontinued operations
loss on assets sold
loss on assets sold – discontinued operations
gain on investments
cumulative effect of change in accounting principle
income taxes payable																																												7,000
proceeds from sale (investments) in affiliates and other investments
proceeds from sale of k-12 segment
expenditures for deferred contract costs
cash received from ventures minority interest members
cash distributed to ventures minority interest members
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
impairment of assets held for sale
proceeds from repayment of related party notes receivable
cash loaned in exchange for kendall notes receivable
proceeds from sale of principal k-12 disposal group
decrease (increase) in other assets
(gain) loss on investments
investment in and advances to affiliates and other investments
cash received from minority interest members in sylvan ventures
cash and cash equivalents at beginning of quarter																																												98,388,000
cash and cash equivalents at end of quarter																																												122,467,000
(gain) income from discontinued operations
loss on assets sold-discontinued operations
proceeds from sale of discontinued operations
cash distributed to minority interest members of sylvan ventures
cumulative pre-tax effect of change in accounting principle
depreciation																																														4,985,000	5,760,000	8,382,000
loss on impairment of assets held for sale																																														0
loss on investments
minority interest in income of consolidated subsidiaries																																														2,753,000	2,507,000	1,262,000
payables and accrued expenses																																														-12,187,000
proceeds from sale of property and equipment
proceeds from sale of investments in affiliates
proceeds from sale of k-12 disposal group																																														0
cash paid for acquired businesses, net of cash received
proceeds from issuance of debt																																														2,350,000	2,412,000	564,000
payments on debt
cash received from minority members of sylvan ventures																																														1,000	1,433,000	829,000
cash distributed to minority members of sylvan ventures
decrease in other long-term liabilities and other financing activities
effect of exchange rate changes on cash																																															-1,000	234,000
net increase in cash and cash equivalents
cash and cash equivalents classified as assets of:
non-cash compensation expense – continuing operations
non-cash compensation expense - discontinued operations
tuition loans																																															1,812,000	881,000
loss on investments held for sale																																																8,394,000
accounts payables and accrued expenses																																																4,525,000
proceeds from exercise of options and warrants																																																90,000
acquisitions of international universities, including direct costs of acquisition, net of cash acquired
cash paid for other businesses, net of cash acquired
repurchases of common stock
proceeds from issuance of subsidiary common stock
effect of subsidiary year-end change on cash and cash equivalents

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