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As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||||
Consolidated balance sheet data: | March 31, 2013 | June 30, 2013 | |||||||||||||||||
Cash and cash equivalents | $ | 316,267 | - | $ | 275,533 | $ | 363,121 | - | $ | 322,578 | |||||||||
Restricted cash | $ | — | - | $ | 41,094 | $ | — | - | $ | 40,543 | |||||||||
Accounts receivable, net | $ | 69,352 | $ | 68,472 | $ | 51,835 | $ | 60,502 | $ | 58,895 | $ | 43,393 | |||||||
Student loans receivable, net, current | $ | — | $ | 880 | $ | 880 | $ | — | $ | 1,607 | $ | 1,607 | |||||||
Deferred income taxes, current | $ | 10,970 | - | $ | 15,524 | $ | 11,020 | - | $ | 15,573 | |||||||||
Prepaid expenses and other current assets | $ | 21,445 | - | $ | 25,245 | $ | 20,294 | - | $ | 23,891 | |||||||||
Total current assets | $ | 530,232 | - | $ | 521,949 | $ | 541,747 | - | $ | 534,395 | |||||||||
Student loans receivable, net, non-current | $ | 14,524 | - | $ | 13,788 | - | - | - | |||||||||||
Deferred income taxes, non-current | $ | 13,262 | - | $ | 13,701 | $ | 13,306 | - | $ | 13,746 | |||||||||
Total assets | $ | 763,100 | - | $ | 754,520 | $ | 761,992 | - | $ | 755,080 | |||||||||
Accrued liabilities | $ | 56,707 | - | $ | 58,801 | $ | 45,089 | - | $ | 48,336 | |||||||||
Deferred revenue and student deposits | - | - | - | $ | 135,865 | - | $ | 134,634 | |||||||||||
Total current liabilities | $ | 204,577 | - | $ | 206,671 | $ | 188,315 | - | $ | 190,331 | |||||||||
Total liabilities | $ | 240,985 | - | $ | 243,079 | $ | 225,222 | - | $ | 227,238 | |||||||||
Retained earnings | $ | 501,565 | - | $ | 490,891 | $ | 511,933 | - | $ | 503,005 | |||||||||
Total stockholders’ equity | $ | 522,115 | - | $ | 511,441 | $ | 536,770 | - | $ | 527,842 | |||||||||
Total liabilities and stockholders’ equity | $ | 763,100 | - | $ | 754,520 | $ | 761,992 | - | $ | 755,080 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||
Consolidated balance sheet data: | September 30, 2013 | December 31, 2013 | |||||||||||||||
Cash and cash equivalents | $ | 431,762 | - | $ | 392,299 | $ | 249,472 | - | $ | 212,526 | |||||||
Restricted cash | $ | — | - | $ | 39,463 | $ | — | - | $ | 36,946 | |||||||
Accounts receivable, net | $ | 51,123 | $ | 49,441 | $ | 41,842 | $ | 28,565 | - | $ | 22,953 | ||||||
Student loans receivable, net, current | $ | — | $ | 1,682 | $ | 1,682 | - | - | - | ||||||||
Deferred income taxes, current | $ | 11,033 | - | $ | 15,586 | $ | 15,232 | - | $ | 16,683 | |||||||
Prepaid expenses and other current assets | $ | 16,057 | - | $ | 19,072 | $ | 21,369 | - | $ | 21,563 | |||||||
Total current assets | $ | 545,196 | - | $ | 545,165 | $ | 381,582 | - | $ | 377,615 | |||||||
Deferred income taxes, non-current | $ | 13,284 | - | $ | 13,724 | - | - | - | |||||||||
Total assets | $ | 765,190 | - | $ | 765,599 | $ | 573,979 | - | $ | 570,012 | |||||||
Accrued liabilities | $ | 43,567 | - | $ | 48,828 | $ | 54,756 | - | $ | 54,290 | |||||||
Total current liabilities | $ | 179,336 | - | $ | 184,597 | $ | 192,742 | - | $ | 192,276 | |||||||
Total liabilities | $ | 214,375 | - | $ | 219,636 | $ | 225,940 | - | $ | 225,474 | |||||||
Retained earnings | $ | 522,068 | - | $ | 517,216 | $ | 515,608 | - | $ | 512,107 | |||||||
Total stockholders’ equity | $ | 550,815 | - | $ | 545,963 | $ | 348,039 | - | $ | 344,538 | |||||||
Total liabilities and stockholders’ equity | $ | 765,190 | - | $ | 765,599 | $ | 573,979 | - | $ | 570,012 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||||
Three Months Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2013 | June 30, 2013 | |||||||||||||||||
Revenue | $ | 221,984 | - | $ | 212,986 | $ | 197,574 | - | $ | 193,470 | |||||||||
Instructional costs and services | $ | 101,646 | $ | 102,282 | $ | 97,028 | $ | 106,045 | $ | 106,812 | $ | 99,603 | |||||||
General and administrative | $ | 19,375 | $ | 18,739 | $ | 18,739 | $ | 17,919 | $ | 17,152 | $ | 17,152 | |||||||
Total costs and expenses | $ | 178,564 | - | $ | 173,310 | $ | 181,546 | - | $ | 174,337 | |||||||||
Operating income | $ | 43,420 | - | $ | 39,676 | $ | 16,028 | - | $ | 19,133 | |||||||||
Other income, net | $ | 818 | - | $ | 837 | $ | 1,031 | - | $ | 748 | |||||||||
Income before income taxes | $ | 44,238 | - | $ | 40,513 | $ | 17,059 | - | $ | 19,881 | |||||||||
Income tax expense | $ | 17,271 | - | $ | 15,846 | $ | 6,691 | - | $ | 7,767 | |||||||||
Net income | $ | 26,967 | - | $ | 24,667 | $ | 10,368 | - | $ | 12,114 | |||||||||
Basic earnings per share | $ | 0.50 | - | $ | 0.46 | $ | 0.19 | - | $ | 0.22 | |||||||||
Diluted earnings per share | $ | 0.49 | - | $ | 0.45 | $ | 0.19 | - | $ | 0.22 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||
Three Months Ended | |||||||||||||||||
Consolidated statement of income data: | September 30, 2013 | December 31, 2013 | |||||||||||||||
Revenue | $ | 185,612 | - | $ | 182,768 | $ | 163,453 | - | $ | 162,225 | |||||||
Instructional costs and services | $ | 92,204 | $ | 93,079 | $ | 83,562 | $ | 93,755 | - | $ | 90,541 | ||||||
General and administrative | $ | 16,050 | $ | 15,175 | $ | 15,175 | - | - | - | ||||||||
Total costs and expenses | $ | 172,761 | - | $ | 163,244 | $ | 175,309 | - | $ | 172,095 | |||||||
Operating income (loss) | $ | 12,851 | - | $ | 19,524 | $ | (11,856 | ) | - | $ | (9,870 | ) | |||||
Income (loss) before income taxes | $ | 13,638 | - | $ | 20,310 | $ | (11,146 | ) | - | $ | (9,159 | ) | |||||
Income tax expense (benefit) | $ | 3,503 | - | $ | 6,099 | $ | (4,686 | ) | - | $ | (4,050 | ) | |||||
Net income (loss) | $ | 10,135 | - | $ | 14,211 | $ | (6,460 | ) | - | $ | (5,109 | ) | |||||
Basic earnings (loss) per share | $ | 0.19 | - | $ | 0.26 | $ | (0.12 | ) | - | $ | (0.10 | ) | |||||
Diluted earnings (loss) per share | $ | 0.18 | - | $ | 0.25 | $ | (0.12 | ) | - | $ | (0.10 | ) |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||||
Year to Date Period Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2013 | June 30, 2013 | |||||||||||||||||
Revenue | $ | 221,984 | - | $ | 212,986 | $ | 419,558 | - | $ | 406,456 | |||||||||
Instructional costs and services | $ | 101,646 | $ | 102,282 | $ | 97,028 | $ | 207,691 | $ | 209,094 | $ | 196,631 | |||||||
General and administrative | $ | 19,375 | $ | 18,739 | $ | 18,739 | $ | 37,294 | $ | 35,891 | $ | 35,891 | |||||||
Total costs and expenses | $ | 178,564 | - | $ | 173,310 | $ | 360,110 | - | $ | 347,647 | |||||||||
Operating income | $ | 43,420 | - | $ | 39,676 | $ | 59,448 | - | $ | 58,809 | |||||||||
Other income, net | $ | 818 | - | $ | 837 | $ | 1,849 | - | $ | 1,585 | |||||||||
Income before income taxes | $ | 44,238 | - | $ | 40,513 | $ | 61,297 | - | $ | 60,394 | |||||||||
Income tax expense | $ | 17,271 | - | $ | 15,846 | $ | 23,962 | - | $ | 23,613 | |||||||||
Net income | $ | 26,967 | - | $ | 24,667 | $ | 37,335 | - | $ | 36,781 | |||||||||
Basic earnings per share | $ | 0.50 | - | $ | 0.46 | $ | 0.69 | - | $ | 0.68 | |||||||||
Diluted earnings per share | $ | 0.49 | - | $ | 0.45 | $ | 0.67 | - | $ | 0.66 | |||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||
Net income | $ | 26,967 | - | $ | 24,667 | $ | 37,335 | - | $ | 36,781 | |||||||||
Provision for bad debts | $ | 18,294 | - | $ | 13,040 | $ | 36,865 | - | $ | 24,403 | |||||||||
Amortization of premium/ discount | $ | 1,005 | - | $ | 1,407 | $ | 3,100 | - | $ | 2,165 | |||||||||
Restricted cash | $ | — | - | $ | 5,900 | $ | — | - | $ | 6,451 | |||||||||
Accounts receivable | $ | (19,381 | ) | - | $ | (10,229 | ) | $ | (28,744 | ) | - | $ | (13,222 | ) | |||||
Prepaid expenses and other current assets | $ | (1,635 | ) | - | $ | (5,656 | ) | $ | (96 | ) | - | $ | (4,110 | ) | |||||
Student loans receivable | $ | 281 | - | $ | (133 | ) | - | - | - | ||||||||||
Accounts payable and accrued liabilities | $ | 14,119 | - | $ | 16,213 | $ | 2,153 | - | $ | 5,400 | |||||||||
Deferred revenue and student deposits | $ | (34,088 | ) | - | $ | (33,747 | ) | $ | (39,192 | ) | - | $ | (39,996 | ) | |||||
Cash flows from operating activities | $ | 15,616 | - | $ | 21,516 | $ | 32,273 | - | $ | 38,724 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||
Year to Date Period Ended | |||||||||||||||||
Consolidated statement of income data: | September 30, 2013 | December 31, 2013 | |||||||||||||||
Revenue | $ | 605,170 | - | $ | 589,224 | $ | 768,623 | - | $ | 751,449 | |||||||
Instructional costs and services | $ | 299,895 | $ | 302,173 | $ | 280,193 | $ | 395,928 | - | $ | 370,734 | ||||||
General and administrative | $ | 53,344 | $ | 51,066 | $ | 51,066 | - | - | - | ||||||||
Total costs and expenses | $ | 532,871 | - | $ | 510,891 | $ | 708,180 | - | $ | 682,986 | |||||||
Operating income | $ | 72,299 | - | $ | 78,333 | $ | 60,443 | - | $ | 68,463 | |||||||
Other income, net | $ | 2,636 | - | $ | 2,371 | $ | 3,346 | - | $ | 3,082 | |||||||
Income before income taxes | $ | 74,935 | - | $ | 80,704 | $ | 63,789 | - | $ | 71,545 | |||||||
Income tax expense | $ | 27,465 | - | $ | 29,712 | $ | 22,779 | - | $ | 25,662 | |||||||
Net income | $ | 47,470 | - | $ | 50,992 | $ | 41,010 | - | $ | 45,883 | |||||||
Basic earnings per share | $ | 0.88 | - | $ | 0.94 | $ | 0.76 | - | $ | 0.85 | |||||||
Diluted earnings per share | $ | 0.85 | - | $ | 0.91 | $ | 0.74 | - | $ | 0.83 | |||||||
Consolidated statement of cash flow data: | |||||||||||||||||
Net income | $ | 47,470 | - | $ | 50,992 | $ | 41,010 | - | $ | 45,883 | |||||||
Provision for bad debts | $ | 53,649 | - | $ | 31,670 | $ | 72,313 | - | $ | 47,119 | |||||||
Amortization of premium/discount | $ | 3,596 | - | $ | 2,662 | $ | 3,559 | - | $ | 2,624 | |||||||
Deferred income taxes | - | - | - | $ | (10,506 | ) | - | $ | (6,962 | ) | |||||||
Restricted cash | $ | — | - | $ | 7,531 | $ | — | - | $ | 10,048 | |||||||
Accounts receivable | $ | (36,056 | ) | - | $ | (18,826 | ) | $ | (34,348 | ) | - | $ | (15,973 | ) | |||
Prepaid expenses and other current assets | $ | 3,395 | - | $ | (155 | ) | $ | (2,411 | ) | - | $ | (2,607 | ) | ||||
Accounts payable and accrued liabilities | $ | 3,699 | - | $ | 8,960 | $ | 13,687 | - | $ | 13,220 | |||||||
Deferred revenue and student deposits | $ | (48,610 | ) | - | $ | (48,160 | ) | - | - | - | |||||||
Cash flows from operating activities | $ | 54,277 | - | $ | 61,808 | $ | 75,538 | - | $ | 85,586 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Consolidated balance sheet data: | March 31, 2012 | June 30, 2012 | |||||||||||||||||
Cash and cash equivalents | $ | 162,148 | - | $ | 103,405 | $ | 180,425 | - | $ | 123,901 | |||||||||
Restricted cash | $ | 25 | - | $ | 58,768 | $ | — | - | $ | 56,524 | |||||||||
Accounts receivable, net | $ | 91,129 | $ | 90,708 | $ | 75,846 | $ | 91,139 | $ | 90,620 | $ | 74,826 | |||||||
Student loan receivables, net, current | $ | — | $ | 421 | $ | 421 | $ | — | $ | 519 | $ | 519 | |||||||
Deferred income taxes, current | $ | 5,441 | - | $ | 8,235 | $ | 5,442 | - | $ | 8,235 | |||||||||
Prepaid expenses and other current assets | $ | 17,864 | - | $ | 18,367 | 22,966 | - | 25,105 | |||||||||||
Total current assets | $ | 441,169 | - | $ | 429,604 | $ | 459,764 | - | $ | 448,902 | |||||||||
Student loan receivables, net, non-current | $ | 12,065 | - | $ | 11,035 | $ | 14,998 | - | $ | 14,232 | |||||||||
Deferred income taxes, non-current | $ | 10,805 | - | $ | 11,604 | $ | 10,810 | - | $ | 11,608 | |||||||||
Total assets | $ | 682,447 | - | $ | 670,651 | $ | 723,119 | - | $ | 712,289 | |||||||||
Accrued liabilities | $ | 66,755 | - | $ | 64,595 | $ | 54,650 | - | $ | 54,006 | |||||||||
Total current liabilities | $ | 260,575 | - | $ | 258,415 | $ | 248,012 | - | $ | 247,368 | |||||||||
Total liabilities | $ | 289,296 | - | $ | 287,136 | $ | 279,333 | - | $ | 278,689 | |||||||||
Retained earnings | $ | 383,148 | - | $ | 373,512 | $ | 426,406 | - | $ | 416,220 | |||||||||
Total stockholders’ equity | $ | 393,151 | - | $ | 383,515 | $ | 443,786 | - | $ | 433,600 | |||||||||
Total liabilities and stockholders’ equity | $ | 682,447 | - | $ | 670,651 | $ | 723,119 | - | $ | 712,289 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||
Consolidated balance sheet data: | September 30, 2012 | December 31, 2012 | |||||||||||||||
Cash and cash equivalents | $ | 181,577 | - | $ | 131,501 | $ | 255,965 | - | $ | 208,971 | |||||||
Restricted cash | $ | — | - | $ | 50,076 | $ | — | - | $ | 46,994 | |||||||
Accounts receivable, net | $ | 99,919 | $ | 99,386 | $ | 84,178 | $ | 67,371 | - | $ | 54,487 | ||||||
Student loan receivables, net, current | $ | — | $ | 533 | $ | 533 | - | - | - | ||||||||
Deferred income taxes, current | $ | 5,313 | - | $ | 8,106 | $ | 10,936 | - | $ | 15,490 | |||||||
Prepaid expenses and other current assets | $ | 22,722 | - | $ | 22,944 | 19,810 | - | 20,053 | |||||||||
Total current assets | $ | 452,515 | - | $ | 440,322 | $ | 491,605 | - | $ | 483,518 | |||||||
Student loan receivables, net, non-current | $ | 14,992 | - | $ | 14,291 | $ | 15,143 | - | $ | 14,416 | |||||||
Deferred income taxes, non-current | $ | 10,752 | - | $ | 11,550 | $ | 13,266 | - | $ | 13,706 | |||||||
Total assets | $ | 736,099 | - | $ | 724,003 | $ | 750,787 | - | $ | 742,413 | |||||||
Accrued liabilities | $ | 52,313 | - | $ | 50,044 | - | - | - | |||||||||
Total current liabilities | $ | 231,925 | - | $ | 229,656 | - | - | - | |||||||||
Total liabilities | $ | 265,565 | - | $ | 263,296 | - | - | - | |||||||||
Retained earnings | $ | 456,226 | - | $ | 446,399 | $ | 474,598 | - | $ | 466,224 | |||||||
Total stockholders’ equity | $ | 470,534 | - | $ | 460,707 | $ | 491,570 | - | $ | 483,196 | |||||||
Total liabilities and stockholders’ equity | $ | 736,099 | - | $ | 724,003 | $ | 750,787 | - | $ | 742,413 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Three Months Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2012 | June 30, 2012 | |||||||||||||||||
Revenue | $ | 250,437 | - | $ | 241,433 | $ | 256,302 | - | $ | 249,534 | |||||||||
Instructional costs and services | $ | 84,224 | $ | 84,453 | $ | 81,202 | $ | 85,279 | $ | 85,579 | $ | 79,719 | |||||||
General and administrative | $ | 25,542 | $ | 25,314 | $ | 25,314 | $ | 15,047 | $ | 14,747 | $ | 14,747 | |||||||
Total costs and expenses | $ | 199,808 | - | $ | 196,558 | $ | 187,520 | - | $ | 181,660 | |||||||||
Operating income | $ | 50,629 | - | $ | 44,875 | $ | 68,782 | - | $ | 67,874 | |||||||||
Other income, net | $ | 683 | - | $ | 740 | $ | 854 | - | $ | 883 | |||||||||
Income before income taxes | $ | 51,312 | - | $ | 45,615 | $ | 69,636 | - | $ | 68,757 | |||||||||
Income tax expense | $ | 19,341 | - | $ | 17,181 | $ | 26,378 | - | $ | 26,049 | |||||||||
Net income | $ | 31,971 | - | $ | 28,434 | $ | 43,258 | - | $ | 42,708 | |||||||||
Basic earnings per share | $ | 0.61 | - | $ | 0.55 | $ | 0.82 | - | $ | 0.81 | |||||||||
Diluted earnings per share | $ | 0.57 | - | $ | 0.51 | $ | 0.77 | - | $ | 0.76 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Three Months Ended | |||||||||||||||||||
Consolidated statement of income data: | September 30, 2012 | December 31, 2012 | |||||||||||||||||
Revenue | $ | 252,076 | - | $ | 245,917 | $ | 209,356 | - | $ | 206,521 | |||||||||
Instructional costs and services | $ | 90,986 | $ | 91,362 | $ | 84,666 | $ | 102,034 | $ | 102,607 | $ | 97,485 | |||||||
General and administrative | $ | 17,247 | $ | 16,870 | $ | 16,870 | $ | 13,139 | $ | 12,566 | $ | 12,566 | |||||||
Total costs and expenses | $ | 204,967 | - | $ | 198,270 | $ | 180,412 | - | $ | 175,290 | |||||||||
Operating income | $ | 47,109 | - | $ | 47,647 | $ | 28,944 | - | $ | 31,231 | |||||||||
Other income, net | $ | 955 | - | $ | 996 | $ | 878 | - | $ | 912 | |||||||||
Income before income taxes | $ | 48,064 | - | $ | 48,643 | $ | 29,822 | - | $ | 32,143 | |||||||||
Income tax expense | $ | 18,244 | - | $ | 18,464 | $ | 11,450 | - | $ | 12,318 | |||||||||
Net income | $ | 29,820 | - | $ | 30,179 | $ | 18,372 | - | $ | 19,825 | |||||||||
Basic earnings per share | $ | 0.56 | - | $ | 0.57 | $ | 0.34 | - | $ | 0.37 | |||||||||
Diluted earnings per share | $ | 0.53 | - | $ | 0.54 | $ | 0.33 | - | $ | 0.36 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Year to Date Period Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2012 | June 30, 2012 | |||||||||||||||||
Revenue | $ | 250,437 | - | $ | 241,433 | $ | 506,739 | - | $ | 490,967 | |||||||||
Instructional costs and services | $ | 84,224 | $ | 84,453 | $ | 81,202 | $ | 169,503 | $ | 170,032 | $ | 160,921 | |||||||
General and administrative | $ | 25,542 | $ | 25,314 | $ | 25,314 | $ | 40,589 | $ | 40,061 | $ | 40,061 | |||||||
Total costs and expenses | $ | 199,808 | - | $ | 196,558 | $ | 387,328 | - | $ | 378,218 | |||||||||
Operating income | $ | 50,629 | - | $ | 44,875 | $ | 119,411 | - | $ | 112,749 | |||||||||
Other income, net | $ | 683 | - | $ | 740 | $ | 1,537 | - | $ | 1,623 | |||||||||
Income before income taxes | $ | 51,312 | - | $ | 45,615 | $ | 120,948 | - | $ | 114,372 | |||||||||
Income tax expense | $ | 19,341 | - | $ | 17,181 | $ | 45,719 | - | $ | 43,230 | |||||||||
Net income | $ | 31,971 | - | $ | 28,434 | $ | 75,229 | - | $ | 71,142 | |||||||||
Basic earnings per share | $ | 0.61 | - | $ | 0.55 | $ | 1.44 | - | $ | 1.36 | |||||||||
Diluted earnings per share | $ | 0.57 | - | $ | 0.51 | $ | 1.34 | - | $ | 1.27 | |||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||
Net income | $ | 31,971 | - | $ | 28,434 | $ | 75,229 | - | $ | 71,142 | |||||||||
Provision for bad debts | $ | 16,669 | - | $ | 13,418 | $ | 33,401 | - | $ | 24,289 | |||||||||
Amortization of premium/discount | $ | 1,754 | - | $ | 2,125 | $ | 3,594 | $ | 4,470 | ||||||||||
Restricted cash | $ | — | - | $ | (5,028 | ) | $ | — | - | $ | (2,809 | ) | |||||||
Accounts receivable | $ | (46,053 | ) | - | $ | (37,153 | ) | $ | (62,501 | ) | - | $ | (46,772 | ) | |||||
Prepaid expenses and other current assets | $ | (459 | ) | - | $ | 32 | $ | (5,084 | ) | - | $ | (6,806 | ) | ||||||
Student loans receivable | $ | (2,399 | ) | $ | (3,214 | ) | $ | (5,626 | ) | $ | (6,666 | ) | |||||||
Accounts payable and accrued liabilities | $ | 26,851 | - | $ | 24,691 | $ | 18,492 | - | $ | 17,847 | |||||||||
Cash flows from operating activities | $ | 40,350 | - | $ | 35,321 | $ | 76,806 | - | $ | 73,996 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||
Year to Date Period Ended | |||||||||||||||||
Consolidated statement of income data: | September 30, 2012 | December 31, 2012 | |||||||||||||||
Revenue | $ | 758,815 | - | $ | 736,884 | $ | 968,171 | - | $ | 943,405 | |||||||
Instructional costs and services | $ | 260,489 | $ | 261,394 | $ | 245,587 | $ | 364,001 | - | $ | 343,072 | ||||||
General and administrative | $ | 57,836 | $ | 56,931 | $ | 56,931 | - | - | - | ||||||||
Total costs and expenses | $ | 592,295 | - | $ | 576,488 | $ | 772,707 | - | $ | 751,778 | |||||||
Operating income | $ | 166,520 | - | $ | 160,396 | $ | 195,464 | - | $ | 191,627 | |||||||
Other income, net | $ | 2,492 | - | $ | 2,619 | $ | 3,370 | - | $ | 3,531 | |||||||
Income before income taxes | $ | 169,012 | - | $ | 163,015 | $ | 198,834 | - | $ | 195,158 | |||||||
Income tax expense | $ | 63,963 | - | $ | 61,694 | $ | 75,413 | - | $ | 74,012 | |||||||
Net income | $ | 105,049 | - | $ | 101,321 | $ | 123,421 | - | $ | 121,146 | |||||||
Basic earnings per share | $ | 2.00 | - | $ | 1.93 | $ | 2.33 | - | $ | 2.29 | |||||||
Diluted earnings per share | $ | 1.87 | - | $ | 1.81 | $ | 2.21 | - | $ | 2.17 | |||||||
Consolidated statement of cash flow data: | |||||||||||||||||
Net income | $ | 105,049 | - | $ | 101,321 | $ | 123,421 | - | $ | 121,146 | |||||||
Provision for bad debts | $ | 52,418 | - | $ | 36,610 | $ | 73,696 | - | $ | 52,767 | |||||||
Deferred income taxes | - | - | - | $ | (9,972 | ) | - | $ | (11,373 | ) | |||||||
Amortization of premium/discount | $ | 5,384 | $ | 6,922 | $ | 6,805 | $ | 8,992 | |||||||||
Restricted cash | $ | — | - | $ | 3,639 | $ | — | - | $ | 6,721 | |||||||
Accounts receivable | $ | (90,188 | ) | - | $ | (68,357 | ) | $ | (81,577 | ) | - | $ | (62,333 | ) | |||
Prepaid expenses and other current assets | $ | (3,982 | ) | - | $ | (4,548 | ) | $ | (1,056 | ) | - | $ | (2,387 | ) | |||
Student loans receivable | $ | (5,730 | ) | $ | (6,729 | ) | $ | (3,778 | ) | $ | (5,742 | ) | |||||
Accounts payable and accrued liabilities | $ | 19,363 | - | $ | 17,094 | - | - | - | |||||||||
Deferred revenue and student deposits | - | - | - | $ | (10,389 | ) | - | $ | (3,921 | ) | |||||||
Cash flows from operating activities | $ | 93,588 | - | $ | 97,226 | $ | 143,185 | - | $ | 149,905 |
As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated balance sheet data: | |||||||||||||||||||||||||||||||
Accounts receivable, net | $ | 92,853 | $ | 91,129 | $ | 99,617 | $ | 91,139 | $ | 111,010 | $ | 99,919 | $ | 75,177 | $ | 67,927 | |||||||||||||||
Deferred income taxes | - | - | - | - | - | - | $ | 8,228 | $ | 10,936 | |||||||||||||||||||||
Total current assets | $ | 442,893 | $ | 441,169 | $ | 468,242 | $ | 459,764 | $ | 463,606 | $ | 452,515 | $ | 496,147 | $ | 491,605 | |||||||||||||||
Total assets | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Accrued liabilities | $ | 67,409 | $ | 66,755 | $ | 57,858 | $ | 54,650 | $ | 56,609 | $ | 52,313 | - | - | |||||||||||||||||
Total current liabilities | $ | 261,229 | $ | 260,575 | $ | 251,220 | $ | 248,012 | $ | 236,121 | $ | 231,925 | - | - | |||||||||||||||||
Total liabilities | $ | 289,950 | $ | 289,296 | $ | 282,541 | $ | 279,333 | $ | 269,761 | $ | 265,565 | - | - | |||||||||||||||||
Retained earnings | $ | 384,218 | $ | 383,148 | $ | 431,676 | $ | 426,406 | $ | 463,121 | $ | 456,226 | $ | 479,140 | $ | 474,598 | |||||||||||||||
Total stockholders’ equity | $ | 394,221 | $ | 393,151 | $ | 449,056 | $ | 443,786 | $ | 477,429 | $ | 470,534 | $ | 496,112 | $ | 491,570 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 78,525 | $ | 85,279 | $ | 88,373 | $ | 90,986 | $ | 105,875 | $ | 102,034 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 180,766 | $ | 187,520 | $ | 202,354 | $ | 204,967 | $ | 184,253 | $ | 180,412 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 75,536 | $ | 68,782 | $ | 49,722 | $ | 47,109 | $ | 25,103 | $ | 28,944 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 76,390 | $ | 69,636 | $ | 50,677 | $ | 48,064 | $ | 25,980 | $ | 29,822 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 28,932 | $ | 26,378 | $ | 19,232 | $ | 18,244 | $ | 9,962 | $ | 11,450 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 47,458 | $ | 43,258 | $ | 31,445 | $ | 29,820 | $ | 16,019 | $ | 18,372 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 0.90 | $ | 0.82 | $ | 0.59 | $ | 0.56 | $ | 0.30 | $ | 0.34 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 0.84 | $ | 0.77 | $ | 0.56 | $ | 0.53 | $ | 0.29 | $ | 0.33 | |||||||||||||||
Year to Date Period Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 161,025 | $ | 169,503 | $ | 249,398 | $ | 260,489 | $ | 355,273 | $ | 362,523 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 378,850 | $ | 387,328 | $ | 581,204 | $ | 592,295 | $ | 765,457 | $ | 772,707 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 127,889 | $ | 119,411 | $ | 177,611 | $ | 166,520 | $ | 202,714 | $ | 195,464 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 129,426 | $ | 120,948 | $ | 180,103 | $ | 169,012 | $ | 206,084 | $ | 198,834 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 48,927 | $ | 45,719 | $ | 68,159 | $ | 63,963 | $ | 78,121 | $ | 75,413 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 1.54 | $ | 1.44 | $ | 2.13 | $ | 2.00 | $ | 2.42 | $ | 2.33 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 1.43 | $ | 1.34 | $ | 2.00 | $ | 1.87 | $ | 2.29 | $ | 2.21 | |||||||||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Provision for bad debts | $ | 14,945 | $ | 16,669 | $ | 24,923 | $ | 33,401 | $ | 41,327 | $ | 52,418 | $ | 66,446 | $ | 73,696 | |||||||||||||||
Deferred income taxes | - | - | - | - | - | - | $ | (7,264 | ) | $ | (9,972 | ) | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 27,505 | $ | 26,851 | $ | 21,700 | $ | 18,492 | $ | 23,559 | $ | 19,363 | - | - |
|
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||
Instructional costs and services (as reported) | $ | 68,475 | $ | 65,395 | $ | 75,699 | $ | 105,875 | |||||||
Impact of reclassification | 14,025 | 13,130 | 12,674 | — | |||||||||||
Instructional costs and services (as reclassified) | 82,500 | 78,525 | 88,373 | 105,875 | |||||||||||
Impact of bad debt revision | 1,724 | 6,754 | 2,613 | (3,841 | ) | ||||||||||
Instructional costs and services (as reclassified and revised) | 84,224 | 85,279 | 90,986 | 102,034 | |||||||||||
Admissions advisory and marketing (as reported) | 80,063 | 78,608 | 90,291 | 65,239 | |||||||||||
Impact of reclassification | 9,979 | 8,586 | 6,443 | — | |||||||||||
Admissions advisory and marketing (as reclassified) | 90,042 | 87,194 | 96,734 | 65,239 | |||||||||||
General and administrative (as reported) | 49,546 | 36,763 | 36,364 | 13,139 | |||||||||||
Impact of reclassification | (24,004 | ) | (21,716 | ) | (19,117 | ) | — | ||||||||
General and administrative (as reclassified) | 25,542 | 15,047 | 17,247 | 13,139 | |||||||||||
Total costs and expenses (as reclassified and revised) | $ | 199,808 | $ | 187,520 | $ | 204,967 | $ | 180,412 |
|
As of June 30, 2013 | As of December 31, 2012 | ||||||
(As restated) | |||||||
Accounts receivable | $ | 79,564 | $ | 85,953 | |||
Less allowance for doubtful accounts | (36,171 | ) | (31,466 | ) | |||
Accounts receivable, net | $ | 43,393 | $ | 54,487 | |||
Long term: | |||||||
Student loans receivable (non-tuition related) | $ | 8,671 | $ | 9,704 | |||
Student loans receivable (tuition related) | 5,748 | 6,568 | |||||
Student loans receivable | 14,419 | 16,272 | |||||
Less allowance for doubtful accounts | (1,697 | ) | (1,856 | ) | |||
Student loans receivable, net | $ | 12,722 | $ | 14,416 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the six months ended June 30, 2013 | $ | (31,466 | ) | $ | 24,423 | $ | 19,718 | $ | (36,171 | ) | |||||
For the six months ended June 30, 2012 | (24,688 | ) | 24,502 | 20,666 | (28,524 | ) | |||||||||
Allowance for long term student loans receivable (tuition related): | |||||||||||||||
For the six months ended June 30, 2013 | $ | (1,856 | ) | $ | (20 | ) | $ | 139 | $ | (1,697 | ) | ||||
For the six months ended June 30, 2012 | (2,030 | ) | (213 | ) | 1 | (1,816 | ) |
(1) | Deductions represent accounts written off, net of recoveries. |
As of June 30, 2013 | As of December 31, 2012 | ||||||
(As restated) | |||||||
Prepaid expenses | $ | 9,322 | $ | 9,367 | |||
Prepaid licenses | 4,193 | 5,864 | |||||
Prepaid income taxes | 3,601 | — | |||||
Prepaid insurance | 1,802 | 1,134 | |||||
Interest receivable | 1,112 | 2,221 | |||||
Other current assets | 3,861 | 1,467 | |||||
Total prepaid expenses and other current assets | $ | 23,891 | $ | 20,053 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Land | $ | 7,091 | $ | 7,091 | |||
Buildings and building improvements | 26,653 | 25,430 | |||||
Furniture, office equipment and software | 91,550 | 85,709 | |||||
Leasehold improvements | 24,376 | 23,756 | |||||
Vehicles | 147 | 147 | |||||
Total property and equipment | 149,817 | 142,133 | |||||
Less accumulated depreciation and amortization | (55,098 | ) | (46,167 | ) | |||
Total property and equipment, net | $ | 94,719 | $ | 95,966 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Goodwill and indefinite-lived intangibles | $ | 3,424 | $ | 3,424 | |||
Definite-lived intangible assets | $ | 12,330 | $ | 9,978 | |||
Less accumulated amortization | (4,068 | ) | (2,663 | ) | |||
Definite-lived intangible assets, net | 8,262 | 7,315 | |||||
Total goodwill and intangibles, net | $ | 11,686 | $ | 10,739 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
(As restated) | |||||||
Accrued salaries and wages | $ | 16,581 | $ | 11,585 | |||
Accrued bonus | 3,295 | 1,603 | |||||
Accrued vacation | 9,722 | 8,993 | |||||
Accrued expenses | 18,738 | 15,924 | |||||
Accrued income taxes payable | — | 6,535 | |||||
Total accrued liabilities | $ | 48,336 | $ | 44,640 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Deferred revenue | $ | 35,247 | $ | 44,967 | |||
Student deposits | 99,387 | 130,090 | |||||
Total deferred revenue and student deposits | $ | 134,634 | $ | 175,057 |
|
As of June 30, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 583 | $ | — | $ | 583 | |||||||
Corporate notes and bonds | — | 73,021 | — | 73,021 | |||||||||||
Total | $ | — | $ | 73,604 | $ | — | $ | 73,604 |
As of December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 415 | $ | — | $ | 415 | |||||||
Corporate notes and bonds | — | 148,801 | — | 148,801 | |||||||||||
Total | $ | — | $ | 149,216 | $ | — | $ | 149,216 |
|
|
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|
|
|
|
|
|
|
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||||
Consolidated balance sheet data: | March 31, 2013 | June 30, 2013 | |||||||||||||||||
Cash and cash equivalents | $ | 316,267 | - | $ | 275,533 | $ | 363,121 | - | $ | 322,578 | |||||||||
Restricted cash | $ | — | - | $ | 41,094 | $ | — | - | $ | 40,543 | |||||||||
Accounts receivable, net | $ | 69,352 | $ | 68,472 | $ | 51,835 | $ | 60,502 | $ | 58,895 | $ | 43,393 | |||||||
Student loans receivable, net, current | $ | — | $ | 880 | $ | 880 | $ | — | $ | 1,607 | $ | 1,607 | |||||||
Deferred income taxes, current | $ | 10,970 | - | $ | 15,524 | $ | 11,020 | - | $ | 15,573 | |||||||||
Prepaid expenses and other current assets | $ | 21,445 | - | $ | 25,245 | $ | 20,294 | - | $ | 23,891 | |||||||||
Total current assets | $ | 530,232 | - | $ | 521,949 | $ | 541,747 | - | $ | 534,395 | |||||||||
Student loans receivable, net, non-current | $ | 14,524 | - | $ | 13,788 | - | - | - | |||||||||||
Deferred income taxes, non-current | $ | 13,262 | - | $ | 13,701 | $ | 13,306 | - | $ | 13,746 | |||||||||
Total assets | $ | 763,100 | - | $ | 754,520 | $ | 761,992 | - | $ | 755,080 | |||||||||
Accrued liabilities | $ | 56,707 | - | $ | 58,801 | $ | 45,089 | - | $ | 48,336 | |||||||||
Deferred revenue and student deposits | - | - | - | $ | 135,865 | - | $ | 134,634 | |||||||||||
Total current liabilities | $ | 204,577 | - | $ | 206,671 | $ | 188,315 | - | $ | 190,331 | |||||||||
Total liabilities | $ | 240,985 | - | $ | 243,079 | $ | 225,222 | - | $ | 227,238 | |||||||||
Retained earnings | $ | 501,565 | - | $ | 490,891 | $ | 511,933 | - | $ | 503,005 | |||||||||
Total stockholders’ equity | $ | 522,115 | - | $ | 511,441 | $ | 536,770 | - | $ | 527,842 | |||||||||
Total liabilities and stockholders’ equity | $ | 763,100 | - | $ | 754,520 | $ | 761,992 | - | $ | 755,080 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||
Consolidated balance sheet data: | September 30, 2013 | December 31, 2013 | |||||||||||||||
Cash and cash equivalents | $ | 431,762 | - | $ | 392,299 | $ | 249,472 | - | $ | 212,526 | |||||||
Restricted cash | $ | — | - | $ | 39,463 | $ | — | - | $ | 36,946 | |||||||
Accounts receivable, net | $ | 51,123 | $ | 49,441 | $ | 41,842 | $ | 28,565 | - | $ | 22,953 | ||||||
Student loans receivable, net, current | $ | — | $ | 1,682 | $ | 1,682 | - | - | - | ||||||||
Deferred income taxes, current | $ | 11,033 | - | $ | 15,586 | $ | 15,232 | - | $ | 16,683 | |||||||
Prepaid expenses and other current assets | $ | 16,057 | - | $ | 19,072 | $ | 21,369 | - | $ | 21,563 | |||||||
Total current assets | $ | 545,196 | - | $ | 545,165 | $ | 381,582 | - | $ | 377,615 | |||||||
Deferred income taxes, non-current | $ | 13,284 | - | $ | 13,724 | - | - | - | |||||||||
Total assets | $ | 765,190 | - | $ | 765,599 | $ | 573,979 | - | $ | 570,012 | |||||||
Accrued liabilities | $ | 43,567 | - | $ | 48,828 | $ | 54,756 | - | $ | 54,290 | |||||||
Total current liabilities | $ | 179,336 | - | $ | 184,597 | $ | 192,742 | - | $ | 192,276 | |||||||
Total liabilities | $ | 214,375 | - | $ | 219,636 | $ | 225,940 | - | $ | 225,474 | |||||||
Retained earnings | $ | 522,068 | - | $ | 517,216 | $ | 515,608 | - | $ | 512,107 | |||||||
Total stockholders’ equity | $ | 550,815 | - | $ | 545,963 | $ | 348,039 | - | $ | 344,538 | |||||||
Total liabilities and stockholders’ equity | $ | 765,190 | - | $ | 765,599 | $ | 573,979 | - | $ | 570,012 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||||
Three Months Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2013 | June 30, 2013 | |||||||||||||||||
Revenue | $ | 221,984 | - | $ | 212,986 | $ | 197,574 | - | $ | 193,470 | |||||||||
Instructional costs and services | $ | 101,646 | $ | 102,282 | $ | 97,028 | $ | 106,045 | $ | 106,812 | $ | 99,603 | |||||||
General and administrative | $ | 19,375 | $ | 18,739 | $ | 18,739 | $ | 17,919 | $ | 17,152 | $ | 17,152 | |||||||
Total costs and expenses | $ | 178,564 | - | $ | 173,310 | $ | 181,546 | - | $ | 174,337 | |||||||||
Operating income | $ | 43,420 | - | $ | 39,676 | $ | 16,028 | - | $ | 19,133 | |||||||||
Other income, net | $ | 818 | - | $ | 837 | $ | 1,031 | - | $ | 748 | |||||||||
Income before income taxes | $ | 44,238 | - | $ | 40,513 | $ | 17,059 | - | $ | 19,881 | |||||||||
Income tax expense | $ | 17,271 | - | $ | 15,846 | $ | 6,691 | - | $ | 7,767 | |||||||||
Net income | $ | 26,967 | - | $ | 24,667 | $ | 10,368 | - | $ | 12,114 | |||||||||
Basic earnings per share | $ | 0.50 | - | $ | 0.46 | $ | 0.19 | - | $ | 0.22 | |||||||||
Diluted earnings per share | $ | 0.49 | - | $ | 0.45 | $ | 0.19 | - | $ | 0.22 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||
Three Months Ended | |||||||||||||||||
Consolidated statement of income data: | September 30, 2013 | December 31, 2013 | |||||||||||||||
Revenue | $ | 185,612 | - | $ | 182,768 | $ | 163,453 | - | $ | 162,225 | |||||||
Instructional costs and services | $ | 92,204 | $ | 93,079 | $ | 83,562 | $ | 93,755 | - | $ | 90,541 | ||||||
General and administrative | $ | 16,050 | $ | 15,175 | $ | 15,175 | - | - | - | ||||||||
Total costs and expenses | $ | 172,761 | - | $ | 163,244 | $ | 175,309 | - | $ | 172,095 | |||||||
Operating income (loss) | $ | 12,851 | - | $ | 19,524 | $ | (11,856 | ) | - | $ | (9,870 | ) | |||||
Income (loss) before income taxes | $ | 13,638 | - | $ | 20,310 | $ | (11,146 | ) | - | $ | (9,159 | ) | |||||
Income tax expense (benefit) | $ | 3,503 | - | $ | 6,099 | $ | (4,686 | ) | - | $ | (4,050 | ) | |||||
Net income (loss) | $ | 10,135 | - | $ | 14,211 | $ | (6,460 | ) | - | $ | (5,109 | ) | |||||
Basic earnings (loss) per share | $ | 0.19 | - | $ | 0.26 | $ | (0.12 | ) | - | $ | (0.10 | ) | |||||
Diluted earnings (loss) per share | $ | 0.18 | - | $ | 0.25 | $ | (0.12 | ) | - | $ | (0.10 | ) |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||||
Year to Date Period Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2013 | June 30, 2013 | |||||||||||||||||
Revenue | $ | 221,984 | - | $ | 212,986 | $ | 419,558 | - | $ | 406,456 | |||||||||
Instructional costs and services | $ | 101,646 | $ | 102,282 | $ | 97,028 | $ | 207,691 | $ | 209,094 | $ | 196,631 | |||||||
General and administrative | $ | 19,375 | $ | 18,739 | $ | 18,739 | $ | 37,294 | $ | 35,891 | $ | 35,891 | |||||||
Total costs and expenses | $ | 178,564 | - | $ | 173,310 | $ | 360,110 | - | $ | 347,647 | |||||||||
Operating income | $ | 43,420 | - | $ | 39,676 | $ | 59,448 | - | $ | 58,809 | |||||||||
Other income, net | $ | 818 | - | $ | 837 | $ | 1,849 | - | $ | 1,585 | |||||||||
Income before income taxes | $ | 44,238 | - | $ | 40,513 | $ | 61,297 | - | $ | 60,394 | |||||||||
Income tax expense | $ | 17,271 | - | $ | 15,846 | $ | 23,962 | - | $ | 23,613 | |||||||||
Net income | $ | 26,967 | - | $ | 24,667 | $ | 37,335 | - | $ | 36,781 | |||||||||
Basic earnings per share | $ | 0.50 | - | $ | 0.46 | $ | 0.69 | - | $ | 0.68 | |||||||||
Diluted earnings per share | $ | 0.49 | - | $ | 0.45 | $ | 0.67 | - | $ | 0.66 | |||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||
Net income | $ | 26,967 | - | $ | 24,667 | $ | 37,335 | - | $ | 36,781 | |||||||||
Provision for bad debts | $ | 18,294 | - | $ | 13,040 | $ | 36,865 | - | $ | 24,403 | |||||||||
Amortization of premium/ discount | $ | 1,005 | - | $ | 1,407 | $ | 3,100 | - | $ | 2,165 | |||||||||
Restricted cash | $ | — | - | $ | 5,900 | $ | — | - | $ | 6,451 | |||||||||
Accounts receivable | $ | (19,381 | ) | - | $ | (10,229 | ) | $ | (28,744 | ) | - | $ | (13,222 | ) | |||||
Prepaid expenses and other current assets | $ | (1,635 | ) | - | $ | (5,656 | ) | $ | (96 | ) | - | $ | (4,110 | ) | |||||
Student loans receivable | $ | 281 | - | $ | (133 | ) | - | - | - | ||||||||||
Accounts payable and accrued liabilities | $ | 14,119 | - | $ | 16,213 | $ | 2,153 | - | $ | 5,400 | |||||||||
Deferred revenue and student deposits | $ | (34,088 | ) | - | $ | (33,747 | ) | $ | (39,192 | ) | - | $ | (39,996 | ) | |||||
Cash flows from operating activities | $ | 15,616 | - | $ | 21,516 | $ | 32,273 | - | $ | 38,724 |
As Reported | As Reclassified | As Restated | As Reported | As Reclassified | As Restated | ||||||||||||
Year to Date Period Ended | |||||||||||||||||
Consolidated statement of income data: | September 30, 2013 | December 31, 2013 | |||||||||||||||
Revenue | $ | 605,170 | - | $ | 589,224 | $ | 768,623 | - | $ | 751,449 | |||||||
Instructional costs and services | $ | 299,895 | $ | 302,173 | $ | 280,193 | $ | 395,928 | - | $ | 370,734 | ||||||
General and administrative | $ | 53,344 | $ | 51,066 | $ | 51,066 | - | - | - | ||||||||
Total costs and expenses | $ | 532,871 | - | $ | 510,891 | $ | 708,180 | - | $ | 682,986 | |||||||
Operating income | $ | 72,299 | - | $ | 78,333 | $ | 60,443 | - | $ | 68,463 | |||||||
Other income, net | $ | 2,636 | - | $ | 2,371 | $ | 3,346 | - | $ | 3,082 | |||||||
Income before income taxes | $ | 74,935 | - | $ | 80,704 | $ | 63,789 | - | $ | 71,545 | |||||||
Income tax expense | $ | 27,465 | - | $ | 29,712 | $ | 22,779 | - | $ | 25,662 | |||||||
Net income | $ | 47,470 | - | $ | 50,992 | $ | 41,010 | - | $ | 45,883 | |||||||
Basic earnings per share | $ | 0.88 | - | $ | 0.94 | $ | 0.76 | - | $ | 0.85 | |||||||
Diluted earnings per share | $ | 0.85 | - | $ | 0.91 | $ | 0.74 | - | $ | 0.83 | |||||||
Consolidated statement of cash flow data: | |||||||||||||||||
Net income | $ | 47,470 | - | $ | 50,992 | $ | 41,010 | - | $ | 45,883 | |||||||
Provision for bad debts | $ | 53,649 | - | $ | 31,670 | $ | 72,313 | - | $ | 47,119 | |||||||
Amortization of premium/discount | $ | 3,596 | - | $ | 2,662 | $ | 3,559 | - | $ | 2,624 | |||||||
Deferred income taxes | - | - | - | $ | (10,506 | ) | - | $ | (6,962 | ) | |||||||
Restricted cash | $ | — | - | $ | 7,531 | $ | — | - | $ | 10,048 | |||||||
Accounts receivable | $ | (36,056 | ) | - | $ | (18,826 | ) | $ | (34,348 | ) | - | $ | (15,973 | ) | |||
Prepaid expenses and other current assets | $ | 3,395 | - | $ | (155 | ) | $ | (2,411 | ) | - | $ | (2,607 | ) | ||||
Accounts payable and accrued liabilities | $ | 3,699 | - | $ | 8,960 | $ | 13,687 | - | $ | 13,220 | |||||||
Deferred revenue and student deposits | $ | (48,610 | ) | - | $ | (48,160 | ) | - | - | - | |||||||
Cash flows from operating activities | $ | 54,277 | - | $ | 61,808 | $ | 75,538 | - | $ | 85,586 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Consolidated balance sheet data: | March 31, 2012 | June 30, 2012 | |||||||||||||||||
Cash and cash equivalents | $ | 162,148 | - | $ | 103,405 | $ | 180,425 | - | $ | 123,901 | |||||||||
Restricted cash | $ | 25 | - | $ | 58,768 | $ | — | - | $ | 56,524 | |||||||||
Accounts receivable, net | $ | 91,129 | $ | 90,708 | $ | 75,846 | $ | 91,139 | $ | 90,620 | $ | 74,826 | |||||||
Student loan receivables, net, current | $ | — | $ | 421 | $ | 421 | $ | — | $ | 519 | $ | 519 | |||||||
Deferred income taxes, current | $ | 5,441 | - | $ | 8,235 | $ | 5,442 | - | $ | 8,235 | |||||||||
Prepaid expenses and other current assets | $ | 17,864 | - | $ | 18,367 | 22,966 | - | 25,105 | |||||||||||
Total current assets | $ | 441,169 | - | $ | 429,604 | $ | 459,764 | - | $ | 448,902 | |||||||||
Student loan receivables, net, non-current | $ | 12,065 | - | $ | 11,035 | $ | 14,998 | - | $ | 14,232 | |||||||||
Deferred income taxes, non-current | $ | 10,805 | - | $ | 11,604 | $ | 10,810 | - | $ | 11,608 | |||||||||
Total assets | $ | 682,447 | - | $ | 670,651 | $ | 723,119 | - | $ | 712,289 | |||||||||
Accrued liabilities | $ | 66,755 | - | $ | 64,595 | $ | 54,650 | - | $ | 54,006 | |||||||||
Total current liabilities | $ | 260,575 | - | $ | 258,415 | $ | 248,012 | - | $ | 247,368 | |||||||||
Total liabilities | $ | 289,296 | - | $ | 287,136 | $ | 279,333 | - | $ | 278,689 | |||||||||
Retained earnings | $ | 383,148 | - | $ | 373,512 | $ | 426,406 | - | $ | 416,220 | |||||||||
Total stockholders’ equity | $ | 393,151 | - | $ | 383,515 | $ | 443,786 | - | $ | 433,600 | |||||||||
Total liabilities and stockholders’ equity | $ | 682,447 | - | $ | 670,651 | $ | 723,119 | - | $ | 712,289 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||
Consolidated balance sheet data: | September 30, 2012 | December 31, 2012 | |||||||||||||||
Cash and cash equivalents | $ | 181,577 | - | $ | 131,501 | $ | 255,965 | - | $ | 208,971 | |||||||
Restricted cash | $ | — | - | $ | 50,076 | $ | — | - | $ | 46,994 | |||||||
Accounts receivable, net | $ | 99,919 | $ | 99,386 | $ | 84,178 | $ | 67,371 | - | $ | 54,487 | ||||||
Student loan receivables, net, current | $ | — | $ | 533 | $ | 533 | - | - | - | ||||||||
Deferred income taxes, current | $ | 5,313 | - | $ | 8,106 | $ | 10,936 | - | $ | 15,490 | |||||||
Prepaid expenses and other current assets | $ | 22,722 | - | $ | 22,944 | 19,810 | - | 20,053 | |||||||||
Total current assets | $ | 452,515 | - | $ | 440,322 | $ | 491,605 | - | $ | 483,518 | |||||||
Student loan receivables, net, non-current | $ | 14,992 | - | $ | 14,291 | $ | 15,143 | - | $ | 14,416 | |||||||
Deferred income taxes, non-current | $ | 10,752 | - | $ | 11,550 | $ | 13,266 | - | $ | 13,706 | |||||||
Total assets | $ | 736,099 | - | $ | 724,003 | $ | 750,787 | - | $ | 742,413 | |||||||
Accrued liabilities | $ | 52,313 | - | $ | 50,044 | - | - | - | |||||||||
Total current liabilities | $ | 231,925 | - | $ | 229,656 | - | - | - | |||||||||
Total liabilities | $ | 265,565 | - | $ | 263,296 | - | - | - | |||||||||
Retained earnings | $ | 456,226 | - | $ | 446,399 | $ | 474,598 | - | $ | 466,224 | |||||||
Total stockholders’ equity | $ | 470,534 | - | $ | 460,707 | $ | 491,570 | - | $ | 483,196 | |||||||
Total liabilities and stockholders’ equity | $ | 736,099 | - | $ | 724,003 | $ | 750,787 | - | $ | 742,413 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Three Months Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2012 | June 30, 2012 | |||||||||||||||||
Revenue | $ | 250,437 | - | $ | 241,433 | $ | 256,302 | - | $ | 249,534 | |||||||||
Instructional costs and services | $ | 84,224 | $ | 84,453 | $ | 81,202 | $ | 85,279 | $ | 85,579 | $ | 79,719 | |||||||
General and administrative | $ | 25,542 | $ | 25,314 | $ | 25,314 | $ | 15,047 | $ | 14,747 | $ | 14,747 | |||||||
Total costs and expenses | $ | 199,808 | - | $ | 196,558 | $ | 187,520 | - | $ | 181,660 | |||||||||
Operating income | $ | 50,629 | - | $ | 44,875 | $ | 68,782 | - | $ | 67,874 | |||||||||
Other income, net | $ | 683 | - | $ | 740 | $ | 854 | - | $ | 883 | |||||||||
Income before income taxes | $ | 51,312 | - | $ | 45,615 | $ | 69,636 | - | $ | 68,757 | |||||||||
Income tax expense | $ | 19,341 | - | $ | 17,181 | $ | 26,378 | - | $ | 26,049 | |||||||||
Net income | $ | 31,971 | - | $ | 28,434 | $ | 43,258 | - | $ | 42,708 | |||||||||
Basic earnings per share | $ | 0.61 | - | $ | 0.55 | $ | 0.82 | - | $ | 0.81 | |||||||||
Diluted earnings per share | $ | 0.57 | - | $ | 0.51 | $ | 0.77 | - | $ | 0.76 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Three Months Ended | |||||||||||||||||||
Consolidated statement of income data: | September 30, 2012 | December 31, 2012 | |||||||||||||||||
Revenue | $ | 252,076 | - | $ | 245,917 | $ | 209,356 | - | $ | 206,521 | |||||||||
Instructional costs and services | $ | 90,986 | $ | 91,362 | $ | 84,666 | $ | 102,034 | $ | 102,607 | $ | 97,485 | |||||||
General and administrative | $ | 17,247 | $ | 16,870 | $ | 16,870 | $ | 13,139 | $ | 12,566 | $ | 12,566 | |||||||
Total costs and expenses | $ | 204,967 | - | $ | 198,270 | $ | 180,412 | - | $ | 175,290 | |||||||||
Operating income | $ | 47,109 | - | $ | 47,647 | $ | 28,944 | - | $ | 31,231 | |||||||||
Other income, net | $ | 955 | - | $ | 996 | $ | 878 | - | $ | 912 | |||||||||
Income before income taxes | $ | 48,064 | - | $ | 48,643 | $ | 29,822 | - | $ | 32,143 | |||||||||
Income tax expense | $ | 18,244 | - | $ | 18,464 | $ | 11,450 | - | $ | 12,318 | |||||||||
Net income | $ | 29,820 | - | $ | 30,179 | $ | 18,372 | - | $ | 19,825 | |||||||||
Basic earnings per share | $ | 0.56 | - | $ | 0.57 | $ | 0.34 | - | $ | 0.37 | |||||||||
Diluted earnings per share | $ | 0.53 | - | $ | 0.54 | $ | 0.33 | - | $ | 0.36 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||||
Year to Date Period Ended | |||||||||||||||||||
Consolidated statement of income data: | March 31, 2012 | June 30, 2012 | |||||||||||||||||
Revenue | $ | 250,437 | - | $ | 241,433 | $ | 506,739 | - | $ | 490,967 | |||||||||
Instructional costs and services | $ | 84,224 | $ | 84,453 | $ | 81,202 | $ | 169,503 | $ | 170,032 | $ | 160,921 | |||||||
General and administrative | $ | 25,542 | $ | 25,314 | $ | 25,314 | $ | 40,589 | $ | 40,061 | $ | 40,061 | |||||||
Total costs and expenses | $ | 199,808 | - | $ | 196,558 | $ | 387,328 | - | $ | 378,218 | |||||||||
Operating income | $ | 50,629 | - | $ | 44,875 | $ | 119,411 | - | $ | 112,749 | |||||||||
Other income, net | $ | 683 | - | $ | 740 | $ | 1,537 | - | $ | 1,623 | |||||||||
Income before income taxes | $ | 51,312 | - | $ | 45,615 | $ | 120,948 | - | $ | 114,372 | |||||||||
Income tax expense | $ | 19,341 | - | $ | 17,181 | $ | 45,719 | - | $ | 43,230 | |||||||||
Net income | $ | 31,971 | - | $ | 28,434 | $ | 75,229 | - | $ | 71,142 | |||||||||
Basic earnings per share | $ | 0.61 | - | $ | 0.55 | $ | 1.44 | - | $ | 1.36 | |||||||||
Diluted earnings per share | $ | 0.57 | - | $ | 0.51 | $ | 1.34 | - | $ | 1.27 | |||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||
Net income | $ | 31,971 | - | $ | 28,434 | $ | 75,229 | - | $ | 71,142 | |||||||||
Provision for bad debts | $ | 16,669 | - | $ | 13,418 | $ | 33,401 | - | $ | 24,289 | |||||||||
Amortization of premium/discount | $ | 1,754 | - | $ | 2,125 | $ | 3,594 | $ | 4,470 | ||||||||||
Restricted cash | $ | — | - | $ | (5,028 | ) | $ | — | - | $ | (2,809 | ) | |||||||
Accounts receivable | $ | (46,053 | ) | - | $ | (37,153 | ) | $ | (62,501 | ) | - | $ | (46,772 | ) | |||||
Prepaid expenses and other current assets | $ | (459 | ) | - | $ | 32 | $ | (5,084 | ) | - | $ | (6,806 | ) | ||||||
Student loans receivable | $ | (2,399 | ) | $ | (3,214 | ) | $ | (5,626 | ) | $ | (6,666 | ) | |||||||
Accounts payable and accrued liabilities | $ | 26,851 | - | $ | 24,691 | $ | 18,492 | - | $ | 17,847 | |||||||||
Cash flows from operating activities | $ | 40,350 | - | $ | 35,321 | $ | 76,806 | - | $ | 73,996 |
As Reported + | As Reclassified | As Revised | As Reported + | As Reclassified | As Revised | ||||||||||||
Year to Date Period Ended | |||||||||||||||||
Consolidated statement of income data: | September 30, 2012 | December 31, 2012 | |||||||||||||||
Revenue | $ | 758,815 | - | $ | 736,884 | $ | 968,171 | - | $ | 943,405 | |||||||
Instructional costs and services | $ | 260,489 | $ | 261,394 | $ | 245,587 | $ | 364,001 | - | $ | 343,072 | ||||||
General and administrative | $ | 57,836 | $ | 56,931 | $ | 56,931 | - | - | - | ||||||||
Total costs and expenses | $ | 592,295 | - | $ | 576,488 | $ | 772,707 | - | $ | 751,778 | |||||||
Operating income | $ | 166,520 | - | $ | 160,396 | $ | 195,464 | - | $ | 191,627 | |||||||
Other income, net | $ | 2,492 | - | $ | 2,619 | $ | 3,370 | - | $ | 3,531 | |||||||
Income before income taxes | $ | 169,012 | - | $ | 163,015 | $ | 198,834 | - | $ | 195,158 | |||||||
Income tax expense | $ | 63,963 | - | $ | 61,694 | $ | 75,413 | - | $ | 74,012 | |||||||
Net income | $ | 105,049 | - | $ | 101,321 | $ | 123,421 | - | $ | 121,146 | |||||||
Basic earnings per share | $ | 2.00 | - | $ | 1.93 | $ | 2.33 | - | $ | 2.29 | |||||||
Diluted earnings per share | $ | 1.87 | - | $ | 1.81 | $ | 2.21 | - | $ | 2.17 | |||||||
Consolidated statement of cash flow data: | |||||||||||||||||
Net income | $ | 105,049 | - | $ | 101,321 | $ | 123,421 | - | $ | 121,146 | |||||||
Provision for bad debts | $ | 52,418 | - | $ | 36,610 | $ | 73,696 | - | $ | 52,767 | |||||||
Deferred income taxes | - | - | - | $ | (9,972 | ) | - | $ | (11,373 | ) | |||||||
Amortization of premium/discount | $ | 5,384 | $ | 6,922 | $ | 6,805 | $ | 8,992 | |||||||||
Restricted cash | $ | — | - | $ | 3,639 | $ | — | - | $ | 6,721 | |||||||
Accounts receivable | $ | (90,188 | ) | - | $ | (68,357 | ) | $ | (81,577 | ) | - | $ | (62,333 | ) | |||
Prepaid expenses and other current assets | $ | (3,982 | ) | - | $ | (4,548 | ) | $ | (1,056 | ) | - | $ | (2,387 | ) | |||
Student loans receivable | $ | (5,730 | ) | $ | (6,729 | ) | $ | (3,778 | ) | $ | (5,742 | ) | |||||
Accounts payable and accrued liabilities | $ | 19,363 | - | $ | 17,094 | - | - | - | |||||||||
Deferred revenue and student deposits | - | - | - | $ | (10,389 | ) | - | $ | (3,921 | ) | |||||||
Cash flows from operating activities | $ | 93,588 | - | $ | 97,226 | $ | 143,185 | - | $ | 149,905 |
As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated balance sheet data: | |||||||||||||||||||||||||||||||
Accounts receivable, net | $ | 92,853 | $ | 91,129 | $ | 99,617 | $ | 91,139 | $ | 111,010 | $ | 99,919 | $ | 75,177 | $ | 67,927 | |||||||||||||||
Deferred income taxes | - | - | - | - | - | - | $ | 8,228 | $ | 10,936 | |||||||||||||||||||||
Total current assets | $ | 442,893 | $ | 441,169 | $ | 468,242 | $ | 459,764 | $ | 463,606 | $ | 452,515 | $ | 496,147 | $ | 491,605 | |||||||||||||||
Total assets | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Accrued liabilities | $ | 67,409 | $ | 66,755 | $ | 57,858 | $ | 54,650 | $ | 56,609 | $ | 52,313 | - | - | |||||||||||||||||
Total current liabilities | $ | 261,229 | $ | 260,575 | $ | 251,220 | $ | 248,012 | $ | 236,121 | $ | 231,925 | - | - | |||||||||||||||||
Total liabilities | $ | 289,950 | $ | 289,296 | $ | 282,541 | $ | 279,333 | $ | 269,761 | $ | 265,565 | - | - | |||||||||||||||||
Retained earnings | $ | 384,218 | $ | 383,148 | $ | 431,676 | $ | 426,406 | $ | 463,121 | $ | 456,226 | $ | 479,140 | $ | 474,598 | |||||||||||||||
Total stockholders’ equity | $ | 394,221 | $ | 393,151 | $ | 449,056 | $ | 443,786 | $ | 477,429 | $ | 470,534 | $ | 496,112 | $ | 491,570 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 78,525 | $ | 85,279 | $ | 88,373 | $ | 90,986 | $ | 105,875 | $ | 102,034 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 180,766 | $ | 187,520 | $ | 202,354 | $ | 204,967 | $ | 184,253 | $ | 180,412 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 75,536 | $ | 68,782 | $ | 49,722 | $ | 47,109 | $ | 25,103 | $ | 28,944 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 76,390 | $ | 69,636 | $ | 50,677 | $ | 48,064 | $ | 25,980 | $ | 29,822 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 28,932 | $ | 26,378 | $ | 19,232 | $ | 18,244 | $ | 9,962 | $ | 11,450 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 47,458 | $ | 43,258 | $ | 31,445 | $ | 29,820 | $ | 16,019 | $ | 18,372 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 0.90 | $ | 0.82 | $ | 0.59 | $ | 0.56 | $ | 0.30 | $ | 0.34 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 0.84 | $ | 0.77 | $ | 0.56 | $ | 0.53 | $ | 0.29 | $ | 0.33 | |||||||||||||||
Year to Date Period Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 161,025 | $ | 169,503 | $ | 249,398 | $ | 260,489 | $ | 355,273 | $ | 362,523 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 378,850 | $ | 387,328 | $ | 581,204 | $ | 592,295 | $ | 765,457 | $ | 772,707 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 127,889 | $ | 119,411 | $ | 177,611 | $ | 166,520 | $ | 202,714 | $ | 195,464 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 129,426 | $ | 120,948 | $ | 180,103 | $ | 169,012 | $ | 206,084 | $ | 198,834 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 48,927 | $ | 45,719 | $ | 68,159 | $ | 63,963 | $ | 78,121 | $ | 75,413 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 1.54 | $ | 1.44 | $ | 2.13 | $ | 2.00 | $ | 2.42 | $ | 2.33 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 1.43 | $ | 1.34 | $ | 2.00 | $ | 1.87 | $ | 2.29 | $ | 2.21 | |||||||||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Provision for bad debts | $ | 14,945 | $ | 16,669 | $ | 24,923 | $ | 33,401 | $ | 41,327 | $ | 52,418 | $ | 66,446 | $ | 73,696 | |||||||||||||||
Deferred income taxes | - | - | - | - | - | - | $ | (7,264 | ) | $ | (9,972 | ) | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 27,505 | $ | 26,851 | $ | 21,700 | $ | 18,492 | $ | 23,559 | $ | 19,363 | - | - |
|
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||
Instructional costs and services (as reported) | $ | 68,475 | $ | 65,395 | $ | 75,699 | $ | 105,875 | |||||||
Impact of reclassification | 14,025 | 13,130 | 12,674 | — | |||||||||||
Instructional costs and services (as reclassified) | 82,500 | 78,525 | 88,373 | 105,875 | |||||||||||
Impact of bad debt revision | 1,724 | 6,754 | 2,613 | (3,841 | ) | ||||||||||
Instructional costs and services (as reclassified and revised) | 84,224 | 85,279 | 90,986 | 102,034 | |||||||||||
Admissions advisory and marketing (as reported) | 80,063 | 78,608 | 90,291 | 65,239 | |||||||||||
Impact of reclassification | 9,979 | 8,586 | 6,443 | — | |||||||||||
Admissions advisory and marketing (as reclassified) | 90,042 | 87,194 | 96,734 | 65,239 | |||||||||||
General and administrative (as reported) | 49,546 | 36,763 | 36,364 | 13,139 | |||||||||||
Impact of reclassification | (24,004 | ) | (21,716 | ) | (19,117 | ) | — | ||||||||
General and administrative (as reclassified) | 25,542 | 15,047 | 17,247 | 13,139 | |||||||||||
Total costs and expenses (as reclassified and revised) | $ | 199,808 | $ | 187,520 | $ | 204,967 | $ | 180,412 |
|
As of June 30, 2013 | As of December 31, 2012 | ||||||
(As restated) | |||||||
Accounts receivable | $ | 79,564 | $ | 85,953 | |||
Less allowance for doubtful accounts | (36,171 | ) | (31,466 | ) | |||
Accounts receivable, net | $ | 43,393 | $ | 54,487 | |||
Long term: | |||||||
Student loans receivable (non-tuition related) | $ | 8,671 | $ | 9,704 | |||
Student loans receivable (tuition related) | 5,748 | 6,568 | |||||
Student loans receivable | 14,419 | 16,272 | |||||
Less allowance for doubtful accounts | (1,697 | ) | (1,856 | ) | |||
Student loans receivable, net | $ | 12,722 | $ | 14,416 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the six months ended June 30, 2013 | $ | (31,466 | ) | $ | 24,423 | $ | 19,718 | $ | (36,171 | ) | |||||
For the six months ended June 30, 2012 | (24,688 | ) | 24,502 | 20,666 | (28,524 | ) | |||||||||
Allowance for long term student loans receivable (tuition related): | |||||||||||||||
For the six months ended June 30, 2013 | $ | (1,856 | ) | $ | (20 | ) | $ | 139 | $ | (1,697 | ) | ||||
For the six months ended June 30, 2012 | (2,030 | ) | (213 | ) | 1 | (1,816 | ) |
(1) | Deductions represent accounts written off, net of recoveries. |
As of June 30, 2013 | As of December 31, 2012 | ||||||
(As restated) | |||||||
Prepaid expenses | $ | 9,322 | $ | 9,367 | |||
Prepaid licenses | 4,193 | 5,864 | |||||
Prepaid income taxes | 3,601 | — | |||||
Prepaid insurance | 1,802 | 1,134 | |||||
Interest receivable | 1,112 | 2,221 | |||||
Other current assets | 3,861 | 1,467 | |||||
Total prepaid expenses and other current assets | $ | 23,891 | $ | 20,053 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Land | $ | 7,091 | $ | 7,091 | |||
Buildings and building improvements | 26,653 | 25,430 | |||||
Furniture, office equipment and software | 91,550 | 85,709 | |||||
Leasehold improvements | 24,376 | 23,756 | |||||
Vehicles | 147 | 147 | |||||
Total property and equipment | 149,817 | 142,133 | |||||
Less accumulated depreciation and amortization | (55,098 | ) | (46,167 | ) | |||
Total property and equipment, net | $ | 94,719 | $ | 95,966 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Goodwill and indefinite-lived intangibles | $ | 3,424 | $ | 3,424 | |||
Definite-lived intangible assets | $ | 12,330 | $ | 9,978 | |||
Less accumulated amortization | (4,068 | ) | (2,663 | ) | |||
Definite-lived intangible assets, net | 8,262 | 7,315 | |||||
Total goodwill and intangibles, net | $ | 11,686 | $ | 10,739 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
(As restated) | |||||||
Accrued salaries and wages | $ | 16,581 | $ | 11,585 | |||
Accrued bonus | 3,295 | 1,603 | |||||
Accrued vacation | 9,722 | 8,993 | |||||
Accrued expenses | 18,738 | 15,924 | |||||
Accrued income taxes payable | — | 6,535 | |||||
Total accrued liabilities | $ | 48,336 | $ | 44,640 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Deferred revenue | $ | 35,247 | $ | 44,967 | |||
Student deposits | 99,387 | 130,090 | |||||
Total deferred revenue and student deposits | $ | 134,634 | $ | 175,057 |
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As of June 30, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 583 | $ | — | $ | 583 | |||||||
Corporate notes and bonds | — | 73,021 | — | 73,021 | |||||||||||
Total | $ | — | $ | 73,604 | $ | — | $ | 73,604 |
As of December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 415 | $ | — | $ | 415 | |||||||
Corporate notes and bonds | — | 148,801 | — | 148,801 | |||||||||||
Total | $ | — | $ | 149,216 | $ | — | $ | 149,216 |
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