7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-03-31 2015-12-31 2015-09-30 2015-03-31 2014-12-31 2014-09-30 2014-03-31 2013-12-31 2013-09-30 2012-12-31 2012-09-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 
      
    		                                                                 
      ​
    		                                                                 
      cash flows from operating activities
    		                                                                 
      net income
    		68,800,000 51,320,000 99,346,000 96,393,000 40,882,000 62,782,000 69,687,000 66,836,000 4,878,000 43,372,000 55,462,000 50,705,000 -22,672,000 28,090,000 42,919,000 42,004,000 -5,883,000 10,495,000 23,789,000 24,501,000 12,666,000 4,888,000 8,754,000 20,594,000 -9,730,000 3,317,000 18,462,000 23,712,000 -8,282,000 9,347,000 13,043,000 13,189,000 -8,159,000 -6,603,000 8,882,000 10,899,000 -13,637,000 13,665,000 7,884,000 -12,664,000 16,527,000 11,963,000 -6,589,000 15,512,000 -4,250,000 -5,098,000 9,320,000 4,544,000 6,686,000 3,881,000 4,349,000 -3,462,000 5,265,000 7,710,000 2,152,000 -1,737,000 6,093,000 9,589,000 6,942,000 -666,000 3,547,000 3,520,000 5,914,000 17,103,000 2,460,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                                 
      depreciation and amortization expense
    		29,234,000 30,199,000 28,941,000 27,395,000 28,134,000 28,219,000 26,984,000 26,463,000 28,017,000 29,702,000 26,942,000 27,463,000 26,251,000 24,450,000 24,137,000 25,180,000 24,147,000 25,039,000 23,600,000 23,161,000 18,277,000 19,301,000 18,414,000 17,230,000 17,146,000 18,141,000 17,038,000 17,710,000 18,511,000 17,648,000 18,426,000 18,550,000 20,636,000 17,955,000 19,950,000 18,695,000 17,680,000 17,587,000 16,470,000 16,565,000 17,764,000 17,629,000 16,880,000 18,017,000 34,524,000 16,950,000 16,233,000 15,661,000 14,644,000 14,676,000 12,992,000 12,471,000 10,951,000 10,120,000 9,392,000 7,396,000 6,052,000 6,080,000 6,233,000 5,921,000 5,941,000 4,527,000 4,446,000 3,709,000 3,679,000 
      stock-based compensation expense
    		10,222,000 11,872,000 8,548,000 7,925,000 8,449,000 10,190,000 5,250,000 7,596,000 8,426,000 5,124,000 4,745,000 4,941,000 5,510,000 4,106,000 5,576,000 602,000 8,286,000 8,512,000 12,854,000 9,074,000 8,893,000 5,824,000 6,086,000 6,177,000 5,522,000 4,562,000 3,950,000 4,140,000 4,024,000 5,964,000 4,557,000 7,217,000 3,079,000 8,041,000 5,265,000 4,598,000 4,694,000 4,218,000 4,954,000 4,587,000 4,502,000 4,796,000 4,173,000 3,989,000 8,530,000 3,680,000                    
      deferred income taxes
    		49,472,000 -23,438,000 -3,634,000 -1,562,000 10,851,000 7,519,000 -5,054,000 -7,476,000 7,901,000 -13,355,000 -5,013,000 -9,228,000 17,223,000 -5,382,000 564,000 524,000 5,484,000 293,000 -3,119,000 -2,690,000 8,065,000 -2,456,000 805,000 -3,430,000 3,776,000 -1,634,000 -1,007,000 469,000 5,865,000 963,000 -4,927,000 -7,816,000 7,765,000 -6,806,000 -4,382,000 -4,168,000 8,291,000  -1,444,000 7,189,000 -1,355,000 -2,008,000 7,512,000    5,994,000 3,488,000 3,138,000 4,132,000 2,301,000 -2,351,000 5,302,000 5,669,000 2,358,000 -1,883,000 4,498,000 4,294,000 4,949,000 58,000 3,440,000 2,412,000 3,674,000 -17,646,000 2,168,000 
      benefit from credit losses
    		3,377,000 1,910,000 3,733,000 2,571,000 7,053,000 3,949,000 3,563,000 5,982,000 9,350,000 3,219,000                                                        
      amortization of fees on debt
    		429,000 409,000 391,000 424,000 423,000 404,000 402,000 418,000 416,000  378,000 412,000 410,000                                                     
      noncash operating lease expense
    		2,661,000 3,035,000 3,008,000 3,046,000 3,176,000 3,191,000 3,142,000 3,541,000 4,372,000 3,689,000 3,670,000 3,503,000 3,866,000 4,726,000 5,010,000 5,069,000 5,005,000                                                 
      other
    		-3,989,000 -2,308,000 -157,000 -459,000 2,328,000 -595,000 14,000 577,000 853,000 49,000 854,000 1,049,000 -3,918,000 5,274,000 -875,000 1,225,000 4,325,000 -12,690,000 5,585,000 6,079,000 10,792,000 7,973,000 4,489,000 2,975,000 4,141,000 -1,306,000 1,320,000 1,039,000 2,932,000                                     
      changes in assets and liabilities:
    		                                                                 
      accounts receivable
    		-253,026,000 138,241,000 -121,013,000 90,612,000 -210,028,000 101,088,000 -71,897,000 113,968,000 -175,215,000 7,041,000 -36,269,000 100,841,000 -126,521,000 -1,429,000 9,534,000 84,657,000 -150,263,000 54,586,000 11,211,000 -11,917,000 -196,953,000 38,415,000 -16,537,000 16,115,000 -75,765,000 43,510,000 -1,031,000 43,814,000 -107,930,000 28,207,000 35,982,000 38,502,000 -90,704,000 33,255,000               -8,363,000 17,589,000 -118,354,000 36,918,000 8,901,000 8,112,000 -69,741,000 22,774,000 6,507,000 6,556,000 -54,297,000 22,761,000 7,326,000 6,323,000 -58,409,000 14,186,000 440,000 
      inventories, prepaid expenses, deposits and other current and long-term assets
    		-36,322,000 -2,596,000 441,000 5,226,000 -9,310,000 -6,114,000 -3,646,000 15,213,000 -14,330,000 -9,423,000 -789,000 25,518,000 -34,695,000 -3,169,000 -3,977,000 10,684,000 1,260,000 -11,366,000 -4,567,000 744,000 -23,975,000 -16,421,000 -2,316,000 11,498,000 -8,942,000 -7,941,000                                        
      accounts payable
    		15,716,000 838,000 8,455,000 -19,775,000 10,792,000 4,741,000 4,409,000 -44,741,000 28,747,000 14,102,000 -42,000 -34,484,000 8,425,000 26,772,000 49,000 -25,554,000 -1,256,000 19,843,000 6,289,000 -38,095,000 30,893,000 13,853,000 -5,925,000 -11,745,000 -2,396,000 23,308,000 294,000 -19,426,000 15,998,000 6,879,000 -109,000 -17,274,000 8,168,000 15,130,000   5,277,000   12,488,000   10,630,000   28,773,000  9,419,000 -2,973,000 -11,601,000 10,673,000 6,876,000 -1,023,000 -15,993,000 12,866,000 585,000 4,372,000 -2,727,000 96,000 -4,076,000 6,273,000 -5,852,000 -367,000 7,944,000 -1,129,000 
      accrued liabilities
    		-45,356,000 32,452,000 -11,785,000 26,390,000 -6,142,000 -6,681,000 11,112,000 5,908,000 -26,895,000 30,587,000 4,226,000 -710,000 -9,971,000 22,228,000 -6,060,000 -6,106,000 -2,464,000 7,049,000 4,504,000 6,229,000 -1,883,000 1,164,000 5,570,000 956,000 -266,000 3,084,000 4,442,000 1,167,000 -398,000 1,091,000 1,895,000 -283,000 -10,795,000 2,645,000             6,035,000 2,368,000 -761,000 -2,014,000 4,899,000 -901,000 -1,248,000 1,084,000 1,680,000 2,431,000 -351,000 -3,750,000 2,682,000 -2,638,000 2,374,000 -362,000 3,271,000 818,000 -419,000 
      accrued compensation and benefits
    		-30,882,000 5,764,000 24,452,000 4,038,000 -24,341,000 2,560,000 19,174,000 3,062,000 -17,402,000 3,657,000 19,676,000 -6,001,000 -32,805,000 13,187,000 18,505,000 5,238,000 -44,395,000 17,524,000 20,314,000 14,228,000 -19,629,000 18,646,000 -1,600,000 9,095,000 -23,038,000 11,449,000 2,429,000 9,391,000 -17,321,000 6,561,000 9,822,000 5,375,000 -15,086,000 4,248,000       2,935,000        2,465,000 -2,813,000 3,388,000 6,353,000 1,389,000 149,000 -5,915,000 620,000 4,818,000 242,000 -3,409,000 3,238,000 400,000 -1,000,000 -4,396,000 2,476,000 2,095,000 
      operating lease liability
    		-879,000 -2,813,000 -3,146,000 -3,178,000 -3,259,000 -3,295,000 -3,108,000 -4,968,000 -3,619,000 -3,641,000 -2,636,000 -3,361,000 -2,605,000 -4,843,000 -5,237,000 -5,341,000 -5,321,000 -5,375,000 -5,286,000 -5,199,000 -5,165,000 -4,973,000 -4,062,000 -2,016,000 -2,073,000                                         
      deferred revenue and other liabilities
    		-5,237,000 -6,039,000 15,552,000 -15,682,000 -1,012,000 -35,756,000 8,534,000 -19,045,000 9,196,000 -17,590,000 10,068,000 3,010,000 26,853,000 2,454,000 236,000 -23,323,000 29,009,000 -13,258,000 -9,112,000 3,200,000 37,392,000 -11,794,000 10,356,000 -1,836,000 5,091,000                                         
      net cash from operating activities
    		-195,780,000 298,324,000 53,132,000 223,364,000 -142,004,000 172,202,000 68,566,000 173,334,000 -135,305,000 96,930,000 85,038,000 164,328,000 -143,146,000 125,481,000 93,071,000 119,842,000 -131,510,000 123,028,000 91,079,000 34,576,000 -114,533,000 77,390,000 24,290,000 65,549,000 -86,814,000 68,310,000 48,411,000 73,977,000 -49,092,000 50,216,000 56,148,000 57,485,000 -60,222,000 51,353,000 27,124,000   48,173,000   38,834,000   60,954,000       -34,961,000 40,189,000 19,957,000 11,906,000 -4,839,000 21,465,000 24,238,000 13,235,000 -3,415,000 1,700,000 12,367,000 1,628,000 -22,550,000 9,594,000 6,734,000 
      capex
    		-14,019,000 -8,254,000 -10,201,000 -10,292,000 -9,462,000 -11,293,000 -11,525,000 -8,370,000 -11,735,000 -13,156,000 -11,931,000 -13,516,000 -10,706,000 -16,368,000 -13,536,000 -11,067,000 -10,968,000 -11,675,000 -7,126,000 -7,720,000 -8,310,000 -5,347,000 -6,002,000 -5,874,000 -8,442,000 -8,818,000 -5,800,000 -6,122,000 -11,055,000 -7,844,000 -6,137,000 -6,218,000 -13,077,000 -8,356,000 0   0   0   0       -4,911,000 0 -6,998,000 -4,736,000 -8,561,000 0 -2,373,000 -2,261,000 -2,853,000 -3,334,000 -2,861,000 -5,347,000 -2,397,000 -1,349,000 -1,960,000 
      free cash flows
    		-209,799,000 290,070,000 42,931,000 213,072,000 -151,466,000 160,909,000 57,041,000 164,964,000 -147,040,000 83,774,000 73,107,000 150,812,000 -153,852,000 109,113,000 79,535,000 108,775,000 -142,478,000 111,353,000 83,953,000 26,856,000 -122,843,000 72,043,000 18,288,000 59,675,000 -95,256,000 59,492,000 42,611,000 67,855,000 -60,147,000 42,372,000 50,011,000 51,267,000 -73,299,000 42,997,000 27,124,000   48,173,000   38,834,000   60,954,000       -39,872,000 40,189,000 12,959,000 7,170,000 -13,400,000 21,465,000 21,865,000 10,974,000 -6,268,000 -1,634,000 9,506,000 -3,719,000 -24,947,000 8,245,000 4,774,000 
      cash flows from investing activities
    		                                                                 
      purchase of property and equipment
    		-306,000 -431,000 -197,000 -484,000 -669,000 -770,000 203,000 -9,000 -1,694,000 -757,000 -756,000 -1,910,000 -913,000 -5,014,000 -2,029,000 -1,427,000 -1,278,000 -600,000 -998,000 -863,000 -1,106,000 -184,000 -155,000 -92,000 -1,246,000 -3,080,000 -483,000 -176,000 -1,738,000 -2,163,000 -663,000 -774,000 -5,143,000 -783,000                   -4,379,000 -2,647,000 -6,374,000  -2,373,000 -2,261,000 -2,853,000 -3,334,000 -2,861,000 -5,347,000 -2,397,000 -1,349,000 -1,960,000 
      capitalized software development costs
    		-13,713,000 -7,823,000 -10,004,000 -9,808,000 -8,793,000 -10,523,000 -11,728,000 -8,361,000 -10,041,000 -12,399,000 -11,175,000 -11,606,000 -9,793,000 -11,354,000 -11,507,000 -9,640,000 -9,690,000 -11,075,000 -6,128,000 -6,857,000 -7,204,000 -5,163,000 -5,847,000 -5,782,000 -7,196,000 -5,738,000 -5,317,000 -5,946,000 -9,317,000 -5,681,000 -5,474,000 -5,444,000 -7,934,000 -7,573,000                   -2,619,000 -2,089,000 -2,187,000           
      capitalized curriculum development costs
    		-7,677,000 -6,350,000 -5,610,000 -4,518,000 -5,323,000 -5,132,000 -4,803,000 -4,317,000 -4,414,000 -4,441,000 -3,271,000 -3,382,000 -6,145,000 -3,326,000 -4,900,000 -3,085,000 -4,376,000 -5,690,000 -4,218,000 -3,036,000 -4,488,000 -3,869,000 -3,472,000 -3,463,000 -8,528,000 -2,865,000 -3,647,000 -3,414,000 -6,685,000 -2,157,000 -3,296,000 -2,029,000 -2,445,000 -6,705,000               -3,872,000 -2,763,000 -3,706,000 -6,358,000 -4,767,000 -3,753,000 -3,208,000 -4,599,000 -2,933,000 -2,981,000 -3,391,000 -3,236,000 -3,703,000 -3,374,000 -3,618,000 -3,125,000 -4,630,000 
      other acquisitions, loans and investments, net of distributions
    		-2,574,000 -19,001,000 -731,000 -603,000 -347,000 -4,503,000 -418,000 -109,000 -166,000 -275,000 -610,000 -554,000 -213,000 -245,000 302,000                                                   
      proceeds from the maturity of marketable securities
    		61,767,000 31,400,000 80,790,000 86,340,000 54,400,000 97,467,000 26,659,000 39,627,000 40,734,000 25,675,000 29,475,000 24,685,000 12,044,000 20,259,000 12,656,000 5,747,000 1,501,000                                                 
      purchases of marketable securities
    		-62,220,000 -32,447,000 -81,921,000 -85,703,000 -60,162,000 -115,394,000 -42,132,000 -88,563,000 -31,484,000 -55,281,000 -29,410,000 -35,753,000 -20,126,000 -20,506,000 -25,431,000 -29,524,000 -9,196,000                                                 
      net cash from investing activities
    		-24,723,000 -34,652,000 -17,673,000 -14,776,000 -20,894,000 -38,855,000 -32,219,000 -61,732,000 -7,065,000 -47,478,000 -15,747,000 -28,520,000 -26,495,000 -20,186,000 -30,909,000 -36,432,000 -23,231,000 -58,935,000 -12,233,000 -78,587,000 -15,688,000 -9,312,000 -177,632,000 -12,174,000 -18,247,000 -13,123,000 -9,058,000 -9,536,000 -29,392,000 -14,001,000 -10,537,000 -10,417,000 -15,522,000 -14,901,000               -11,448,000 -12,754,000 -21,258,000 -14,424,000 -4,942,000 -51,896,000 -11,769,000 -7,470,000 -6,148,000 -5,242,000 -6,244,000 -8,070,000 -7,564,000 -8,737,000 -6,015,000 -4,474,000 -6,590,000 
      cash flows from financing activities
    		                                                                 
      repayments on finance lease obligations
    		-11,961,000 -11,512,000 -13,243,000 -7,967,000 -8,747,000 -8,707,000 -9,721,000 -10,770,000 -11,721,000 -11,718,000 -11,300,000 -10,624,000 -9,314,000 -9,092,000 -9,175,000 -7,724,000 -7,020,000 -7,212,000 -5,648,000 -5,786,000 -5,669,000 -6,072,000 -6,644,000 -7,499,000 -7,460,000                                         
      repurchase of restricted stock for income tax withholding
    		-31,594,000 -797,000 -8,709,000 -759,000 -11,204,000 -603,000 -4,436,000 -1,071,000 -2,090,000 -605,000 -2,602,000 -1,429,000 -8,905,000 -392,000 -2,059,000 -29,361,000 -6,043,000 -356,000 -2,764,000 -300,000 -5,808,000 -257,000 -1,621,000 -185,000 -4,698,000 -302,000 -2,751,000 -833,000 -6,072,000 -551,000 -4,006,000 -1,664,000 -4,093,000 -1,955,000               -711,000 1,000 -581,000  -575,000             
      net cash from financing activities
    		-43,555,000 -12,309,000 -21,952,000 -8,726,000 -19,951,000 -9,310,000 -14,157,000 -11,841,000 -13,811,000 -12,323,000 -13,892,000 -12,053,000 -25,233,000 -24,461,000 -11,089,000 -44,943,000 -12,817,000 -7,544,000 -7,991,000 -6,595,000 226,706,000 -6,313,000 91,735,000 -7,678,000 -12,116,000 -6,591,000 -8,603,000 -4,215,000 -9,580,000 -31,009,000 -7,206,000 -4,908,000 -7,778,000 -297,000            37,000     -3,490,000 127,402,000 -10,230,000 12,761,000 -2,795,000 1,265,000 371,000 1,739,000 -1,504,000 -606,000 1,262,000 8,458,000 5,906,000 -404,000 -1,901,000 
      net change in cash, cash equivalents and restricted cash
    		-264,058,000 251,363,000 13,507,000 199,862,000 -182,849,000 124,037,000 22,190,000 99,761,000 -156,181,000 37,129,000 55,399,000 123,755,000 -194,874,000 80,834,000 51,073,000 38,467,000 -167,558,000 56,549,000 70,855,000 -50,606,000 96,485,000 61,765,000 -61,607,000 45,697,000 -117,177,000 48,596,000 30,750,000 60,226,000 -88,064,000                                     
      cash, cash equivalents and restricted cash, beginning of period
    		782,497,000 0 0 0 500,614,000 0 0 0 410,807,000 0 0 0 389,398,000 0 0 0 386,582,000 0 0 0 213,299,000 0 0 0 284,621,000 0 0 0 233,113,000                                     
      cash, cash equivalents and restricted cash, end of period
    		518,439,000 251,363,000 13,507,000 199,862,000 317,765,000 124,037,000 22,190,000 99,761,000 254,626,000 37,129,000 55,399,000 123,755,000 194,524,000 80,834,000 51,073,000 38,467,000 219,024,000 56,549,000 70,855,000 -50,606,000 309,784,000 61,765,000 -61,607,000 45,697,000 167,444,000 48,596,000 30,750,000 60,226,000 145,049,000                                     
      impairment of long-lived assets
    		                                                                 
      sale of other investments
    		         0 0 0 60,000 0 0                                                   
      acquisition of assets
    		         0 0 0 -1,409,000                                                     
      payments of contingent consideration
    		         0 0 0 -7,024,000             0 -40,000                                       
      proceeds from exercise of stock options
    		         0 10,000 0 10,000 23,000 145,000 0 246,000 24,000 421,000 271,000 32,000 16,000 0 6,000 42,000 847,000 1,148,000 1,025,000 10,000 12,000 126,000 0 58,000 5,435,000 1,081,000 0 437,000 0 0 14,000 352,000 0 161,000 827,000 511,000 7,106,000 551,000 56,000 363,000 1,718,000 1,042,000 5,112,000 5,341,000 1,802,000 1,109,000 1,548,000 2,010,000 3,545,000 1,383,000 2,677,000 825,000 974,000 5,348,000 1,389,000 22,000 
      reconciliation of cash, cash equivalents and restricted cash to balance sheet as of march 31st:
    		                                                                 
      cash and cash equivalents
    		  13,498,000         123,755,000 194,524,000 80,834,000 51,578,000 38,467,000 218,519,000 57,049,000 70,924,000 -50,677,000 308,784,000 62,265,000 -61,607,000 45,697,000 165,944,000 49,096,000 30,750,000 60,226,000 143,049,000                                     
      other current assets
    		               0 505,000 0 -69,000 71,000 500,000 0 0 0 500,000      -215,000 926,000 -3,674,000 2,824,000               1,564,000 3,589,000 -8,788,000 169,000 1,007,000 1,266,000 -4,267,000 -2,285,000 -1,000 1,466,000 -4,379,000       
      deposits and other assets
    		  -467,000                0 0 500,000 -500,000 0 0 1,000,000 -1,000,000 0 1,336,000 664,000 1,203,000 -23,708,000 -965,000 -1,220,000 209,000 4,158,000 3,206,000 2,447,000           299,000 78,000 -782,000 933,000 -932,000 -85,000 -168,000 148,000 -232,000 295,000 -373,000 340,000   -1,208,000 28,000 -29,000 21,000 
      total cash, cash equivalents and restricted cash
    		  13,507,000         123,755,000 194,524,000 80,834,000 51,073,000 38,467,000 219,024,000 56,549,000 70,855,000 -50,606,000 309,784,000 61,765,000 -61,607,000 45,697,000 167,444,000 48,596,000 30,750,000 60,226,000 145,049,000                                     
      reconciliation of cash, cash equivalents and restricted cash to balance sheet as of december 31st:
    		                                                                 
      payments of deferred purchase consideration
    		             -15,000,000 0                                                   
      amortization of discount and fees on debt
    		             391,000 373,000 405,000 404,000 3,883,000 3,764,000 3,754,000 1,219,000                                             
      sale of long-lived assets
    		                 0 0 0 223,000     0                                        
      acquisition of medcerts, llc, net of cash acquired
    		                 -236,000 -20,000                                               
      acquisition of tech elevator, inc., net of cash acquired
    		                 -77,000 -49,000                                               
      repayments on credit facility
    		                 0 0 0 -100,000,000 0                                            
      issuance of convertible senior notes, net of issuance costs
    		                                                                 
      purchases of capped calls in connection with convertible senior notes
    		                 0 0 0 -60,354,000                                             
      withholding of stock options for tax withholding
    		                 0 0 0 -10,885,000                                             
      reconciliation of cash, cash equivalents and restricted cash to balance sheet as of june 30, 2021:
    		                                                                 
      benefit from doubtful accounts
    		           670,000 1,503,000 8,626,000 2,317,000 4,578,000 152,000         3,471,000 2,114,000 294,000 446,000 3,484,000 137,000 348,000 120,000 316,000 3,923,000 34,000 239,000 129,000 431,000 2,335,000 606,000 553,000 283,000 488,000 416,000 302,000 387,000 397,000 151,000    287,000    175,000 115,000 63,000    70,000   
      reconciliation of cash, cash equivalents and restricted cash to balance sheet as of september 30th:
    		                                                                 
      acquisition of galvanize, inc., net of cash acquired
    		                     0                                            
      borrowings from credit facility
    		                                                                 
      reconciliation of cash, cash equivalents and restricted cash to balance sheet as of june 30th:
    		                                                                 
      other acquisitions and investments, net of distributions
    		                -192,000 -715,000 -820,000 2,925,000 -3,113,000                                             
      borrowing from credit facility
    		                     0                                            
      benefit from (recovery of) doubtful accounts
    		                  1,253,000 1,507,000 4,875,000                                             
      issuance of convertible senior notes
    		                  0 -780,000 409,390,000                                             
      purchase of treasury stock
    		                                                                 
      (recovery of) benefit from doubtful accounts
    		                      256,000 -64,000 -280,000                                         
      acquisitions and investments, net of distributions
    		                                                                 
      previously referred to as repayments on capital lease obligations.
    		                                                                 
      acquisitions and investments
    		                       -2,837,000 -1,277,000 -1,440,000 0 0 -11,652,000                                     
      impairment of investment in web international education group, ltd.
    		                                                                 
      deferred revenue, rent and other liabilities
    		                         -31,651,000 -285,000                                       
      repayments on capital lease obligations
    		                         -7,136,000 -6,960,000 -3,420,000 -3,518,000 -2,988,000 -3,326,000 -3,244,000 -3,743,000 -3,818,000               -4,066,000 -3,925,000 -3,959,000 -4,022,000 -3,810,000 -3,583,000 -3,720,000 -3,370,000 -3,330,000 -3,404,000 -2,841,000    -1,466,000 -1,427,000  
      excess tax benefit from stock-based compensation
    		                                 -41,000 -500,000 147,000 103,000 0 0 6,000 103,000 226,000 387,000 -744,000 831,000 385,000       -4,135,000 -1,186,000 -122,000  -2,010,000 -1,862,000 -332,000  -3,044,000 -1,852,000 -2,194,000   
      effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
    		                                                                 
      inventories, prepaid expenses, deposits and other assets
    		                                                                 
      inventories, prepaid expenses and other current assets
    		                            -6,438,000                                     
      deferred revenue
    		                            43,854,000 -25,925,000 -5,907,000 -11,184,000 40,939,000 -25,968,000 -8,428,000 -12,529,000 45,790,000 -6,185,000 -7,234,000 39,390,000 -7,294,000 -9,205,000 48,835,000 -8,606,000 -13,393,000 45,542,000 -10,779,000 44,308,000 -5,596,000 -11,102,000 41,008,000 -7,718,000 -4,367,000 -7,142,000 25,987,000 -5,610,000 -4,398,000 -4,460,000 20,671,000 -10,090,000 -4,646,000 -6,814,000 21,825,000 -5,848,000 -3,388,000 
      deferred rent and other liabilities
    		                            -1,017,000 285,000 -1,664,000 -1,549,000 499,000 573,000   296,000    34,000 -172,000 2,648,000                       
      sale of trade name
    		                                                                 
      reconciliation of cash, cash equivalents and restricted cash to balance sheet:
    		                                                                 
      benefit from excess and obsolete inventory
    		                              360,000 651,000 308,000 80,000 -102,000 262,000 235,000 87,000 243,000 213,000 82,000 282,000 177,000 37,000                      
      benefit from student computer shrinkage and obsolescence
    		                                23,000 -10,000 -9,000 41,000 224,000          129,000 373,000 34,000 16,000 377,000          165,000     
      impairment loss on other assets
    		                                 0                                
      expensed computer peripherals
    		                              804,000 439,000 2,092,000 113,000 683,000 804,000 1,925,000   1,352,000                          
      inventories
    		                              -22,000 -451,000 11,607,000 -11,795,000 -1,277,000 -1,343,000 14,067,000 1,625,000 -1,387,000 12,644,000 1,676,000 -1,830,000 15,686,000 2,033,000 534,000 16,374,000 -1,516,000 9,699,000 -7,776,000 -1,747,000 12,088,000 -11,856,000 -2,114,000 -411,000 9,760,000 -3,833,000 -1,023,000 -2,049,000 11,745,000 -8,870,000 -10,910,000 1,619,000 6,632,000 -12,230,000 -176,000 
      prepaid expenses
    		                              7,566,000 11,838,000 -25,820,000 7,442,000               -604,000 -592,000 -2,808,000 -182,000 -2,426,000 207,000 2,764,000 1,153,000 -2,156,000 -2,111,000 3,441,000       
      acquisition of big universe, inc., net of cash acquired
    		                              -604,000                                   
      purchase of noncontrolling interest
    		                                 0                                
      effect of foreign exchange rate changes on cash and cash equivalents
    		                                 1,000          71,000 236,000 572,000 322,000 249,000 23,000 24,000 82,000 -148,000 138,000             
      net change in cash and cash equivalents
    		                              38,405,000 42,160,000 -83,522,000 36,156,000               -10,219,000 400,000 -59,627,000 153,019,000 4,923,000 -27,191,000 -19,403,000 15,260,000 18,461,000 9,732,000 -11,163,000 -6,976,000 6,065,000 1,349,000 -22,659,000 4,716,000 -1,757,000 
      cash and cash equivalents, beginning of period
    		                              0 0 230,864,000 0 0 0 213,989,000 0 0 195,852,000 0 0 196,109,000 0 0 181,480,000 0 144,652,000 0 0 193,099,000  0 0 81,751,000  0 0 49,461,000  0 0 71,682,000  0 
      cash and cash equivalents, end of period
    		                              38,405,000 42,160,000 147,342,000 36,156,000 12,562,000 47,058,000 135,088,000 28,231,000 20,413,000 150,864,000 18,616,000 15,038,000 109,196,000 22,443,000 -585,000 163,474,000 35,254,000 107,938,000 -10,219,000 400,000 133,472,000  4,923,000 -27,191,000 62,348,000  18,461,000 9,732,000 38,298,000  6,065,000 1,349,000 49,023,000  -1,757,000 
      acquisition of learnbop, inc.
    		                                                                 
      acquisition of lts education systems, net of cash acquired
    		                                                                 
      adjustments to reconcile net income to net cash from operating activities
    		                                                                 
      benefit for student computer shrinkage and obsolescence
    		                                          11,000                       
      expensed leased computer peripherals
    		                                     537,000                            
      investment in learnbop, inc.
    		                                                                 
      retirement of restricted stock for income tax withholding
    		                                                                 
      investment in learnbop inc.
    		                                                                 
      mortgage note to managed school partner
    		                                                                 
      repayments on note payable
    		                                                                 
      release of restricted cash
    		                                              0 1,501,000                  
      retirement of restricted stock for tax withholding
    		                                                                 
      deferred rent and other long term liabilities
    		                                                237,000                 
      benefit from inventory obsolescence
    		                                             8,000 158,000 42,000 455,000 -30,000 39,000 331,000 -8,000 73,000 664,000 461,000 192,000 111,000 255,000 114,000 -29,000 24,000 40,000  6,000 
      deferred rent
    		                                             175,000  1,605,000   258,000 901,000 175,000 118,000 2,190,000 -25,000 79,000 502,000 -37,000 29,000 6,000 19,000 5,000 -55,000 199,000 
      stock based compensation expense
    		                                              2,908,000 2,872,000 2,615,000 2,530,000 2,194,000 2,013,000 2,054,000 1,986,000 3,413,000 1,387,000 1,069,000 1,596,000 1,882,000 790,000 737,000 734,000 529,000 438,000 369,000 
      excess tax benefit from stock based compensation
    		                                              1,446,000 1,086,000 -57,000 -521,000 -711,000               
      purchase of acquired entity
    		                                                                 
      payment of stock registration expense
    		                                                0                 
      adjustments to reconcile net income to net cash (used in)/provided by operating activities:
    		                                                                 
      cash invested in restricted cash and cash equivalents
    		                                                                 
      net cash (used in)/provided by operating activities
    		                                                5,937,000                 
      purchase of property, equipment and software development costs
    		                                                -7,576,000 -9,991,000 -4,911,000               
      purchase of aec, net of cash acquired of 3,841
    		                                                   1,000 -2,000             
      cash advanced for aec performance escrow
    		                                                   0 0             
      cash returned from aec performance escrow
    		                                                                 
      cash paid for investment in web
    		                                                   0 0             
      cash paid for other investment
    		                                                    0             
      purchase of kaplan/insight assets
    		                                                0                 
      repayments on notes payable
    		                                                -374,000 -366,000 -703,000 -718,000 -321,000 -624,000 -306,000 -18,000 -319,000 -314,000 -378,000    -170,000   
      borrowings from line of credit
    		                                                   0 0             
      repayments under line of credit
    		                                                                 
      net cash (used in)/provided by financing activities
    		                                                -4,731,000                 
      benefit from (reduction of) doubtful accounts
    		                                                  201,000         499,000 -65,000   738,000 -12,000 
      purchase of assets
    		                                                  -12,641,000               
      benefit from (reduction of) student computer shrinkage and obsolescence
    		                                                   37,000 163,000 -52,000 71,000        -6,000 -26,000 39,000 
      impairment of capitalized curriculum development cost
    		                                                                 
      purchase of property, and equipment
    		                                                                 
      purchase of is berne, net of cash acquired of 1,563
    		                                                                 
      cash returned for aec performance escrow
    		                                                                 
      purchase of domain name
    		                                                           0 0   0 0 
      proceeds from issuance of common stock
    		                                                                 
      proceeds from notes payable
    		                                                           5,000 0     
      repayments under the line of credit
    		                                                                 
      net proceeds from noncontrolling interest contribution
    		                                                                 
      proceeds from exercise of stock warrants
    		                                                       0 0         
      cash and cash equivalents, beginning of year
    		                                                                 
      cash and cash equivalents, end of year
    		                                                                 
      restricted cash
    		                                                    -131,000 0 1,843,000           
      (reduction of) benefit from doubtful accounts
    		                                                      -82,000           
      (reduction of) benefit from student computer shrinkage and obsolescence
    		                                                       39,000          
      purchase of property,and equipment including capitalized software development costs
    		                                                                 
      acquisition of power-glide
    		                                                                 
      cash received from issuance of common stock, net of underwriters commission
    		                                                               0 0 
      cash received from issuance of common stock — regulation s transaction
    		                                                               0 0 
      deferred initial public offering costs
    		                                                               -728,000 -471,000 
      net (repayments on) borrowings from revolving credit facility
    		                                                                 
      payment of cash dividend — preferred stock
    		                                                                 
      bank overdraft
    		                                                                 
      cash invested in restricted cash
    		                                                                 
      proceeds from noncontrolling interest contribution
    		                                                                 
      reduction of student computer shrinkage and obsolescence reserve
    		                                                                 
      reduction of student computer shrinkage and obsolescence
    		                                                          -260,000       
      minority interest, net of tax
    		                                                           -47,000 15,000     
      cash (invested in) released from restricted cash and cash equivalents
    		                                                                 
      repayments on notes payable — related party
    		                                                                 
      proceeds from minority interest contribution
    		                                                           0 0     
      changes in assets and liabilities, net of assets and liabilities acquired:
    		                                                                 
      prepaid expenses and other current assets
    		                                                            -611,000 -1,118,000 828,000 -2,364,000 372,000 
      other assets
    		                                                            268,000 1,581,000 -4,440,000 10,000 10,000 
      cash paid in the acquisition of power-glide
    		                                                                0 
      net borrowings from revolving credit facility
    		                                                                 
      repayments for capital lease obligations
    		                                                            -2,521,000     
      payments on notes payable
    		                                                            -86,000     
      payment of cash dividend
    		                                                                0 
      repayment of bank overdraft
    		                                                                 
      adjustments to reconcile net income to net cash (used in) operating activities:
    		                                                                 
      benefit from (reduction of) inventory obsolescence
    		                                                                 
      net borrowings from (repayments on) revolving credit facility
    		                                                               0  
      cash invested in restricted escrow account
    		                                                                 
      proceeds from (repayments on) notes payable — related party
    		                                                                 
      release of cash from restricted escrow account
    		                                                                 
      proceeds (payments on) from notes payable — related party
    		                                                                 
      repayment of bank overdraft.
    		                                                                 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.