STRA Stock Cash Flow Statements

Strategic Education Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Strategic 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	2018-12-31	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	2016-06-30	2016-03-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-03-31	2005-12-31

cash flows from operating activities:
net income	32,331,000	29,744,000	25,336,000	27,748,000	29,898,000	29,702,000	39,129,000	18,459,000	14,231,000	-2,028,000	18,329,000	6,092,000	15,220,000	7,029,000	21,680,000	3,854,000	19,976,000	9,577,000	5,917,000	10,960,000	34,152,000	35,239,000	28,537,000	16,692,000	24,409,000	11,500,000	22,455,000	-52,781,000	5,188,000	9,467,000	-6,495,000	6,227,000	10,302,000	10,578,000	11,718,000	2,878,000	7,786,000	12,420,000	13,677,000	14,783,000	3,149,000	15,002,000	17,231,000	16,627,000	4,102,000	21,212,000	23,989,000	26,671,000	13,935,000	29,647,000	35,791,000	36,379,000	31,859,000	16,666,000	27,500,000	29,053,000	23,522,000	19,496,000	9,275,000			15,956,000	15,011
adjustments to reconcile net income to net cash from operating activities:
gain on early termination of operating leases			0	0	0	-6,166,000
amortization of deferred financing costs	106,000	106,000	253,000	141,000	140,000	140,000	141,000	140,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	138,000	216,000	83,000	84,000	83,000	83,000	83,000	84,000	83,000	83,000	78,000	65,000	66,000	65,000	66,000	65,000	66,000	65,000	66,000	65,000	66,000	195,000	195,000	195,000	195,000	195,000	196,000	200,000	199,000	200,000	200,000	199,000	199,000	65,000
amortization of investment discount/premium	-54,000	-86,000	-243,000	-7,000	-13,000	-27,000	-25,000	-33,000	-10,000	3,000	3,000	1,000	13,000	15,000	15,000	15,000	16,000	24,000	38,000	40,000	3,000	65,000	10,000	66,000	93,000	127,000	166,000
depreciation and amortization	12,003,000	11,195,000	11,345,000	10,806,000	11,158,000	11,069,000	12,432,000	14,685,000	15,545,000	14,651,000	13,931,000	15,757,000	17,164,000	16,272,000	15,228,000	21,564,000	32,053,000	34,571,000	30,965,000	26,208,000	26,248,000	25,733,000	25,999,000	26,365,000	26,514,000	25,983,000	25,436,000	19,192,000	4,880,000	5,035,000	5,015,000	4,743,000	4,605,000	4,370,000	4,541,000	4,403,000	4,448,000	4,425,000	5,024,000	5,803,000	6,127,000	6,244,000	6,190,000	6,116,000	6,108,000	5,932,000	5,817,000	5,746,000	5,614,000	5,261,000	4,904,000	4,198,000	3,818,000	3,519,000	3,400,000	3,200,000	2,420,000	2,288,000	2,139,000			1,704,000	1,675
deferred income taxes	-3,080,000	3,076,000	2,122,000	-1,679,000	-2,999,000	2,406,000	-375,000	-2,911,000	-4,908,000	1,872,000	546,000	-4,304,000	46,000	-4,955,000	4,487,000	-1,698,000	-1,601,000	-8,898,000	-564,000	-6,131,000	-4,628,000	-2,108,000	-9,008,000	-8,938,000	-925,000	10,834,000	-11,879,000	-2,862,000	261,000	-1,842,000	10,157,000	-2,168,000	-2,322,000	762,000	-3,154,000	-3,385,000	-1,525,000	-633,000	244,000	-602,000	-2,056,000	-786,000	-661,000	2,789,000	-1,296,000	-1,214,000	-317,000	2,781,000	1,197,000	-1,074,000	818,000	-740,000	518,000	-909,000	-1,175,000	-998,000	-1,318,000	-1,177,000	-1,205,000			-838,000	-18
stock-based compensation	5,856,000	5,471,000	6,782,000	6,887,000	6,573,000	5,329,000	4,570,000	4,077,000	5,493,000	5,632,000	5,583,000	5,612,000	5,529,000	5,068,000	5,435,000	4,646,000	4,168,000	3,900,000	3,851,000	3,875,000	3,859,000	3,025,000	3,085,000	2,499,000	3,566,000	3,010,000	3,751,000	5,844,000	3,249,000	2,688,000	3,058,000	2,915,000	3,227,000	2,427,000	3,437,000	2,404,000	2,035,000	2,891,000	2,546,000	1,961,000	3,166,000	2,982,000	2,250,000	-3,894,000	3,528,000	3,440,000	2,390,000	3,436,000	3,470,000	3,436,000	2,892,000	3,059,000	2,895,000	2,841,000	2,850,000	2,368,000	2,683,000	2,494,000	2,502,000			1,160,000	29
impairment of right-of-use lease assets	723,000	79,000					0	0	1,486,000	3,649,000	0	64,000			-38,000	1,899,000	2,627,000	14,388,000	395,000	0	0	453,000
changes in assets and liabilities:
tuition receivable	-7,013,000	-13,385,000	28,070,000	-14,602,000	-6,064,000	-7,183,000	22,239,000	-15,487,000	-10,734,000	-8,892,000	20,762,000	-8,158,000	-12,493,000	-12,669,000	38,294,000	-9,543,000	-15,530,000	-13,417,000	20,883,000	-5,044,000	267,000	3,553,000	-488,000	-3,519,000	930,000	4,847,000	-347,000	11,143,000	-667,000	-2,249,000	-2,796,000	-317,000	-156,000	19,000	-1,878,000	180,000	-472,000	717,000	681,000	1,338,000	3,650,000	-1,155,000	1,081,000	847,000	109,000	-898,000	1,686,000	-3,806,000	1,149,000	3,362,000	-3,700,000	-15,744,000	-7,265,000	-26,965,000	3,373,000	-2,827,000	-2,815,000	-2,831,000	-13,973,000			-4,962,000	2,288
other assets	-1,573,000	-11,434,000	4,255,000	-3,214,000	-4,713,000	-7,950,000	4,825,000	-291,000	-1,274,000	-10,891,000	3,167,000	2,771,000	4,020,000	-6,374,000	-858,000	3,202,000	589,000	-9,897,000	-23,642,000	-2,346,000	-6,569,000	231,000	187,000	-791,000	-261,000	325,000	446,000	243,000	-939,000	115,000	382,000	371,000	432,000	397,000	399,000	375,000	344,000	-2,983,000			1,000	1,000	-4,000	-1,000	-1,000	21,000	-154,000	22,000	44,000	19,000	17,000	62,000	-55,000			25,000	-78,000	-1,000	-40,000			-3,000	-2
accounts payable and accrued expenses	-4,135,000	492,000	-1,301,000	12,119,000	-5,459,000	6,218,000	-10,567,000	13,463,000	-4,175,000	1,831,000	-11,107,000	14,881,000	-11,085,000	2,972,000	-6,447,000	7,582,000	2,441,000	-10,276,000	-23,366,000	22,861,000	-15,152,000	-7,028,000	2,267,000	-2,251,000	3,766,000	-3,537,000	10,089,000	-10,312,000	2,230,000	-867,000	-5,243,000	9,152,000	3,395,000	-2,836,000	-3,087,000	3,551,000	3,609,000	-4,335,000	-5,040,000	-336,000	7,724,000	684,000	-8,220,000	366,000	13,059,000	-10,121,000	2,369,000
income taxes payable and income taxes receivable	-11,019,000	7,234,000	1,713,000	-720,000	-8,512,000	8,586,000	9,981,000	2,030,000	-12,086,000	-4,613,000	3,082,000	-415,000	-4,747,000	9,660,000	-2,854,000	-1,394,000	-7,333,000	12,777,000			2,989,000	12,314,000	8,323,000	3,548,000	-16,704,000	6,031,000	7,352,000	-4,421,000	-7,442,000	3,995,000	3,772,000	-1,248,000	-10,242,000	7,089,000	4,446,000	-1,540,000	-7,934,000	4,620,000	-2,893,000	9,224,000	-1,618,000	-3,638,000	11,847,000	3,324,000	-7,494,000	-15,579,000	15,443,000
contract liabilities	7,046,000	37,815,000	-60,524,000	16,223,000	5,318,000	36,035,000	-48,341,000	13,930,000	4,871,000	34,035,000	-46,477,000	13,536,000	10,889,000	41,012,000	-52,027,000	7,085,000	12,065,000	46,872,000	-14,635,000	2,487,000	152,000	1,901,000	-2,595,000	5,533,000	3,076,000	1,702,000	2,617,000	-24,714,000	1,576,000	1,192,000
other liabilities	17,000	-2,651,000	-2,580,000	-2,211,000	-1,022,000	-529,000	-4,063,000	-1,626,000	-946,000	-145,000	-3,751,000	-1,919,000	-1,734,000	-1,573,000	-1,714,000	-2,118,000	-2,559,000	-978,000
net cash from operating activities	31,208,000	67,656,000	15,905,000	51,491,000	24,305,000	77,630,000	29,946,000	46,436,000	5,495,000	35,242,000	1,320,000	44,056,000	24,081,000	56,595,000	19,364,000	35,332,000	47,050,000	78,781,000	-15,881,000	46,845,000	43,246,000	68,695,000	60,739,000	38,344,000	44,405,000	58,658,000	61,514,000	-44,673,000	12,977,000	17,049,000	11,783,000	11,608,000	7,705,000	25,059,000	14,403,000	7,682,000	7,745,000	14,680,000	11,980,000	33,217,000	20,583,000	20,185,000	31,393,000	24,816,000	14,585,000	6,179,000	36,482,000	31,614,000	35,316,000	20,261,000	67,172,000	63,107,000	51,923,000	17,964,000	24,820,000	47,065,000	34,222,000	31,984,000	4,188,000			24,939,000	20,273
capex	-10,833,000	-10,318,000	-11,234,000	-9,418,000	-10,740,000	-9,188,000	-9,625,000	-9,524,000	-9,524,000	-8,270,000	-10,662,000	-9,820,000	-13,002,000	-9,686,000	-15,801,000	-10,494,000	-10,488,000	-12,650,000	-12,025,000	-9,322,000	-11,207,000	-14,258,000	-9,335,000	-7,929,000	-9,897,000	-8,122,000	-13,465,000	-5,709,000	-5,496,000	-1,848,000	-2,493,000	-5,858,000	-4,696,000	-3,270,000	-5,423,000	-3,811,000	-1,638,000	-1,940,000	-1,136,000	-974,000	-2,404,000	-2,775,000	-1,662,000	-8,171,000	-6,747,000	-6,461,000	-2,825,000	-6,076,000	-7,005,000	-6,305,000	-9,490,000	-10,923,000	-6,227,000	-11,554,000	-3,486,000	-6,247,000	-4,336,000	-958,000	-5,224,000			-3,108,000	-2,209
free cash flows	20,375,000	57,338,000	4,671,000	42,073,000	13,565,000	68,442,000	20,321,000	36,912,000	-4,029,000	26,972,000	-9,342,000	34,236,000	11,079,000	46,909,000	3,563,000	24,838,000	36,562,000	66,131,000	-27,906,000	37,523,000	32,039,000	54,437,000	51,404,000	30,415,000	34,508,000	50,536,000	48,049,000	-50,382,000	7,481,000	15,201,000	9,290,000	5,750,000	3,009,000	21,789,000	8,980,000	3,871,000	6,107,000	12,740,000	10,844,000	32,243,000	18,179,000	17,410,000	29,731,000	16,645,000	7,838,000	-282,000	33,657,000	25,538,000	28,311,000	13,956,000	57,682,000	52,184,000	45,696,000	6,410,000	21,334,000	40,818,000	29,886,000	31,026,000	-1,036,000			21,831,000	18,064
cash flows from investing activities:
purchases of property and equipment	-10,833,000	-10,318,000	-11,234,000	-9,418,000	-10,740,000	-9,188,000	-9,625,000	-9,524,000	-9,524,000	-8,270,000	-10,662,000	-9,820,000	-13,002,000	-9,686,000	-15,801,000	-10,494,000	-10,488,000	-12,650,000	-12,025,000	-9,322,000	-11,207,000	-14,258,000	-10,920,000	-8,910,000	-10,103,000	-8,756,000	-11,519,000	-7,432,000	-4,363,000	-4,233,000	-3,478,000	-6,138,000	-4,594,000	-3,841,000	-5,660,000	-3,649,000	-1,821,000	-2,031,000	-1,323,000	-996,000	-2,121,000	-2,626,000	-2,368,000	-6,568,000	-8,294,000	-5,821,000	-4,050,000	-5,104,000	-6,825,000	-6,678,000	-11,384,000	-12,170,000	-8,331,000	-9,077,000	-6,439,000	-6,584,000	-5,128,000	-2,964,000	-4,548,000			-3,344,000	-2,536
purchases of marketable securities	-169,000	-25,635,000	-39,397,000	-6,129,000			-10,001,000	0	199,000	-17,103,000									0	0	0	-1,863,000	-22,712,000	-5,326,000	-6,194,000	-6,249,000	-13,958,000																					0	0	0	-2,000	-191,000	-211,000	-242,000	-295,000	-337,000						-30,000,000
proceeds from marketable securities	8,233,000	34,342,000	1,500,000	7,000,000	14,305,000	8,220,000	1,625,000	3,215,000	3,000,000	1,960,000	3,820,000	500,000	1,000,000	1,100,000	0	3,705,000	3,665,000	1,930,000	13,324,000	3,999,000
proceeds from other investments			0	0			0	0	0	457,000
other investments	-141,000	-90,000	-41,000	-394,000	-62,000	-34,000	0	-162,000	-34,000	-118,000	-112,000	0	-48,000	-175,000	-703,000	-327,000	-190,000	-72,000	-182,000	-75,000	-575,000	-118,000	-1,780,000	-138,000	-366,000	-374,000
cash paid for acquisition, net of cash acquired			-14,000	-20,000			-82,000	-237,000	0	-211,000	-607,000
net cash from investing activities	-2,926,000	-1,701,000	-49,186,000	-8,961,000	-5,211,000	-1,002,000	-18,083,000	-6,708,000	-469,000	-23,285,000	-1,036,000	-9,513,000	-12,050,000	-8,761,000	-12,501,000	-2,788,000	-7,013,000	-10,792,000	-627,642,000	-5,398,000	-2,818,000	-6,334,000	-24,510,000	-4,074,000	-7,013,000	-2,469,000	-16,551,000	155,284,000	-4,363,000	-4,233,000	-3,478,000	-6,138,000	-4,594,000	-3,841,000	-5,660,000	-3,649,000	-7,821,000	-3,666,000	-1,323,000	-996,000	-2,121,000	-2,626,000	-2,368,000	-6,568,000	-8,294,000	-5,821,000	-4,050,000	-12,104,000	-6,825,000	-6,678,000	1,002,000	-12,361,000	-8,542,000	-9,319,000	-6,734,000	-6,921,000	71,657,000	-2,964,000	-4,548,000			-33,344,000	-22,536
cash flows from financing activities:
common dividends paid	-14,418,000	-14,797,000	-14,709,000	-14,755,000	-14,773,000	-14,734,000	-14,641,000	-14,671,000	-14,713,000	-14,755,000	-14,640,000	-14,714,000	-14,868,000	-15,018,000	-14,756,000	-14,740,000	-14,771,000	-14,778,000	-14,651,000	-14,643,000	-13,335,000	-13,327,000	-13,328,000	-11,103,000	-11,103,000	-11,091,000	-11,040,000	-11,024,000	-2,889,000	-2,889,000	-2,855,000	-2,854,000	-2,854,000	-2,853,000										-11,719,000	-11,872,000	-11,872,000	-11,865,000	-11,944,000	-11,978,000	-12,009,000	-13,174,000	-10,470,000						-5,410,000	-4,535,000			-3,612,000
net payments for stock awards	91,000	-9,273,000	196,000	0	172,000	-3,686,000	97,000	39,000	0	-4,964,000	-31,000	-92,000	-32,000	-2,849,000	-655,000	0	43,000	-2,326,000	37,000	-20,000	331,000	-25,089,000	0
repurchase of common stock	-28,007,000	-32,025,000	-6,510,000				0	0			-3,200,000	-11,944,000	-21,011,000	-3,961,000	0	-3,001,000			0	0	0	-247,000																			0	0	-24,999,000					-20,000,000	0	-55,427,000	-127,237,000	-15,001,000	-10,004,000	-4,958,000	-5,058,000	-60,068,000	-56,267,000	-18,098,000	-3,998,000			-13,972,000	-7,975
net cash from financing activities	-42,334,000	-56,095,000	-22,721,000	-81,030,000	-14,601,000	-18,420,000	-14,544,000	-54,632,000	-24,712,000	-19,719,000	-57,871,000	-26,750,000	-35,911,000	-21,828,000	-15,411,000	-17,741,000	-17,632,000	-17,104,000	125,269,000	205,585,000	-13,004,000	-38,663,000	-13,328,000	-12,691,000	-14,267,000	-15,534,000	-9,623,000	-5,814,000	-2,889,000	-2,889,000	-2,855,000	-2,854,000	-2,343,000	-3,364,000	0	-953,000	0	-405,000	-781,000	-781,000	-782,000	-781,000	-25,780,000	-16,340,000	-9,372,000	-4,372,000	-36,865,000	-19,444,000	-21,978,000	-34,119,000	-61,187,000	-23,438,000	-20,459,000	-6,207,000	-11,985,000	-64,026,000	-82,049,000	-20,446,000	-5,990,000			-15,065,000	-10,223
effect of exchange rate changes on cash, cash equivalents, and restricted cash	2,451,000	68,000	-4,963,000	2,029,000	1,771,000	-2,305,000	3,161,000	-1,733,000	-1,037,000	-887,000	6,639,000	-5,748,000	-7,078,000	2,097,000	927,000	-1,884,000	-530,000	-866,000
net increase in cash, cash equivalents, and restricted cash	-11,601,000	9,928,000		-36,471,000	6,264,000	55,903,000				-8,649,000	-50,948,000	2,045,000	-30,958,000	28,103,000	-7,621,000	12,919,000	21,875,000	50,019,000	-516,631,000	247,032,000	27,424,000	23,698,000	22,901,000	21,579,000	23,125,000	40,655,000	35,340,000	104,797,000	5,725,000	9,927,000
cash, cash equivalents, and restricted cash — beginning of period	0	146,656,000	0	0	0	181,925,000	0	0	0	227,454,000	0	0	0	279,212,000	0	0	0	202,020,000	0	0	0	420,497,000	0	0	0	312,237,000	0	0	0	156,448,000
cash, cash equivalents, and restricted cash — end of period	-11,601,000	156,584,000	-60,965,000	-36,471,000	6,264,000	237,828,000	480,000	-16,637,000	-20,723,000	218,805,000	-50,948,000	2,045,000	-30,958,000	307,315,000	-7,621,000	12,919,000	21,875,000	252,039,000	-516,631,000	247,032,000	27,424,000	444,195,000	22,901,000	21,579,000	23,125,000	352,892,000	35,340,000	104,797,000	5,725,000	166,375,000
non-cash transactions:
non-cash additions to property and equipment	710,000	2,087,000	-346,000	426,000	-594,000	3,002,000	956,000	20,000	643,000	1,447,000	-192,000	671,000	-3,872,000	5,111,000	2,459,000	249,000	-926,000	7,526,000	1,583,000	267,000	837,000	1,392,000
right-of-use lease assets obtained in exchange for operating lease liabilities	1,542,000	677,000		5,924,000	665,000	3,616,000		1,099,000	2,106,000	5,124,000		2,760,000	1,100,000	418,000		-1,930,000	1,996,000	46,147,000		4,557,000	4,366,000	3,504,000
gain on sale of property and equipment							0	0							-1,975,000
proceeds from sale of property and equipment							0	0							4,003,000																																												0
payments on long-term debt			0				0
payments of deferred financing costs
net decrease in cash, cash equivalents, and restricted cash								-16,637,000
loss on sale of marketable securities															0
noncash transactions:
net proceeds from issuance of common stock																			0
proceeds from long-term debt
payment of deferred financing costs																											0																					0	0	-1,683,000	-776,000
impairment of intangible assets
other long-term liabilities																			-1,245,000	-1,519,000	-1,480,000	-1,445,000	-1,039,000	-1,326,000	101,000	-1,187,000	-451,000	-1,008,000	-282,000	-1,065,000	-153,000	-6,111,000	-2,852,000	-335,000	-2,516,000	-904,000	-2,000,000	-2,380,000	-4,451,000	-3,505,000	209,000	18,000	147,000	-826,000	662,000
income taxes payable																																																	-2,848,000	-17,034,000	21,467,000						11,259,000	8,683,000	-9,797,000			7,539,000	6,969
other current assets																						-3,321,000	-668,000	383,000	-244,000	-1,060,000	1,545,000	2,127,000	-835,000	931,000	1,624,000	-2,560,000	-220,000	629,000	-54,000	-2,429,000	-26,000	-1,440,000	116,000	926,000	-828,000	851,000	1,645,000	-138,000	-2,349,000	1,314,000	-957,000	1,812,000	-1,706,000	1,115,000	-1,989,000	-1,043,000	-1,302,000	4,000	49,000	1,017,000	-943,000	4,398,000	-3,492,000			-1,305,000	497
maturities of marketable securities																						9,905,000	10,902,000	10,300,000	9,650,000	12,910,000	10,525,000
amortization of gain on sale of assets																															0	0	-62,000	-71,000	-70,000	-71,000	-69,000	-71,000	-70,000	-70,000	-70,000	-70,000	-70,000	-71,000	-70,000	-70,000	-70,000	-70,000	-71,000	-70,000	-70,000	-70,000	-70,000	-70,000	-70,000	-71,000			-22,000
fair value adjustments and impairment of intangible assets																											605,000
net cash acquired in acquisition
purchases of property and equipment included in accounts payable																							1,585,000	981,000	206,000	634,000	-1,946,000	1,723,000	-1,133,000	2,385,000	985,000	280,000	-102,000	571,000	237,000	-162,000	183,000	91,000	187,000	22,000	-283,000	-149,000	706,000	-1,603,000	1,547,000	-640,000	1,225,000	-972,000	-180,000	373,000	1,894,000	1,247,000	2,104,000	-2,477,000	2,953,000	337,000	792,000	2,006,000	-676,000			236,000	327
taxes paid for stock awards																									-3,164,000	-4,443,000
amortization of deferred rent																											-354,000	-453,000	-492,000	-417,000	-429,000	-492,000	-382,000	-477,000	-522,000	-473,000	-394,000	-52,000	-272,000	-199,000	-102,000	-141,000	27,000	150,000	25,000	1,000	147,000	292,000	286,000	221,000	378,000	-105,000	13,000	-30,000	2,000	-93,000	-87,000	-87,000	33,000			-2,000	103
net cash (used) acquired in acquisition
net proceeds from exercise of stock options																											1,817,000
taxes paid for restricted stock units																											-400,000
payments of contingent consideration																																		-511,000	0	-953,000
investments in partnership interests
fair value adjustments
deferred revenue																															2,826,000	1,030,000	1,915,000	2,441,000	1,078,000	2,627,000	1,878,000	1,435,000	2,223,000	3,699,000
cash from acquisition, net of cash acquired																																			0	0	-6,000,000	-1,635,000
payments on term loan																																							-781,000	-781,000	-782,000	-781,000	-781,000	0	-7,500,000	-7,500,000	-5,000,000
net increase in cash and cash equivalents																															5,450,000	2,616,000	768,000	17,854,000	8,743,000	3,080,000	-76,000	10,609,000	9,876,000	31,440,000	17,680,000	16,778,000	3,245,000				-4,433,000	66,000	6,513,000	-20,536,000	6,987,000	27,308,000				-23,882,000	23,830,000	8,574,000				-23,470,000	-12,486
cash and cash equivalents — beginning of period																															0	0	0	129,245,000	0	0	0	106,889,000									57,137,000				64,107,000
cash and cash equivalents — end of period																															5,450,000	2,616,000	768,000	147,099,000	8,743,000	3,080,000	-76,000	117,498,000									52,704,000				71,094,000
contingent consideration recorded in connection with an acquisition																																				-500,000
payment of contingent consideration																																						-405,000
changes in contingent consideration related to acquisitions																																						14,625,000
cash and cash equivalents – beginning of period																																							0	94,760,000	0	0	47,517,000		0				0			63,958,000				56,379,000	95,036,000		0			74,212,000
cash and cash equivalents – end of period																																							9,876,000	126,200,000	17,680,000	16,778,000	50,762,000		-3,081,000				6,513,000			91,266,000				32,497,000	118,866,000		-6,350,000			50,742,000
unearned tuition																																									1,036,000	-2,000	-265,000	-669,000	-1,998,000	1,858,000	-14,061,000	752,000	6,586,000	-7,305,000	11,808,000	16,464,000	7,165,000	29,065,000	-1,754,000	456,000	2,668,000	-1,646,000	16,187,000			5,203,000	-7,004
payments on revolving credit facility																																												-35,000,000	-15,000,000	-13,000,000	-20,000,000	-5,000,000	-15,000,000
proceeds from revolving credit facility																																												10,000,000	25,000,000			20,000,000	5,000,000	15,000,000	80,000,000
gain on sale of marketable securities																																																0	0	0	-66,000						-785,000
excess tax benefits from stock-based payment arrangements																																																				-1,581,000	-25,000	-1,432,000	-83,000	-1,471,000		-1,574,000	-1,141,000			-982,000
proceeds from the sale of marketable securities																																																0	0								76,785,000
acquisition of assets
proceeds from exercise of stock options																																																				452,000	0	4,336,000	0	1,691,000	3,378,000	1,488,000	1,402,000			1,537,000
proceeds from term loan																																																0	0
cash and cash equivalents – beginning of year
cash and cash equivalents – end of year
net decrease in cash and cash equivalents																																													-3,081,000
loss on disposal of assets																																																					93,000	0
accounts payable																																																	6,211,000	4,503,000	-559,000	2,246,000	2,625,000	20,000	3,275,000	-3,864,000	3,483,000	1,328,000	2,194,000			1,838,000	-432
accrued expenses																																																	1,230,000	-2,100,000	-4,780,000	-1,039,000	-391,000	3,062,000	179,000	377,000	-683,000	469,000	772,000			-344,000	333
deferred lease incentives																																																	20,000	81,000	196,000	603,000	95,000	223,000				212,000					811
sale of marketable securities																																																			12,388,000
income taxes payable/receivable																																																				20,418,000		-7,189,000	-13,009,000	19,893,000
regular common dividends paid																																																					-10,480,000	-7,017,000	-7,010,000	-7,120,000	-5,339,000
proceeds from the sale of property and equipment
special common dividends paid																																																									-28,854,000
cash and cash equivalents — beginning of year
cash and cash equivalents — end of year
net (decrease) in cash and cash equivalents
benefit from student loan losses																																																														-45,000
student loans originated or acquired
collections on student loans receivable
net cash (used in) financing activities
gain on marketable securities
amortization of gain on sale of property & equipment																																																									-71,000
excess tax benefits from stock-based payment arrangements1																																																									-5,033,000
amortization of gain on sale
student loans originated																																																														-3,000
collections on student loans receivable and held for sale																																																														23,000
collections on student loans receivable and held for sale.
net increase in cash and equivalents
repurchase of common stock included in accounts payable
cash flows from operating activities:
net income																																																													18,806,000
adjustments to reconcile net income to net cash provided by operating activities:
amortization of deferred rent																																																													-22,000
depreciation and amortization																																																													2,018,000
provision for student loan losses
deferred income taxes																																																													-1,273,000
stock-based compensation																																																													2,401,000
changes in assets and liabilities:
tuition receivable																																																													-5,918,000
other current assets																																																													-1,237,000
other assets																																																													-2,000
accounts payable																																																													224,000
accrued expenses																																																													-211,000
income taxes payable																																																													7,970,000
excess tax benefits from stock-based payment arrangements1																																																													-9,057,000
unearned tuition																																																													5,707,000
student loans originated
collections on student loans receivable and held for sale
net cash provided by operating activities																																																													19,406,000
cash flows from investing activities:
purchases of property and equipment																																																													-3,885,000
purchases of marketable securities
net cash used in investing activities																																																													-3,885,000
cash flows from financing activities:
common dividends paid																																																													-4,551,000
proceeds from exercise of stock options																																																													10,923,000
repurchase of common stock																																																													-7,984,000
net cash provided by financing activities																																																													7,445,000
net increase in cash and cash equivalents																																																													22,966,000
cash and cash equivalents - beginning of period																																																													52,663,000
cash and cash equivalents - end of period																																																													75,629,000
non-cash transactions:
purchases of property and equipment included in accounts payable																																																													197,000
preferred dividends paid
restricted cash
proceeds from sale of marketable securities
benefit from student loan losses and indemnification
common stock dividends paid..
preferred stock dividends paid
issuance of series a convertible redeemable preferred stock
cash flow from operating activities:

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