Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | cpla | |
Entity Registrant Name | CAPELLA EDUCATION CO | |
Entity Central Index Key | 1,104,349 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,671,913 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Current Assets: | |||
Cash and cash equivalents | $ 118,023 | $ 93,570 | |
Marketable securities, current | 42,940 | 45,458 | |
Accounts receivable, net of allowance of $6,198 at June 30, 2017 and $6,682 at December 31, 2016 | 20,676 | 20,708 | |
Prepaid expenses and other current assets | 11,308 | 17,877 | |
Total current assets | 192,947 | 177,613 | |
Marketable securities, non-current | 18,583 | 23,320 | |
Property and equipment, net | 35,793 | 34,121 | |
Goodwill | 23,331 | 23,310 | |
Intangibles, net | 8,827 | 9,221 | |
Deferred income tax assets | 0 | 1,853 | |
Other assets | 7,821 | 7,875 | |
Total assets | 287,302 | 277,313 | |
Current liabilities: | |||
Accounts payable | 2,755 | 4,367 | |
Accrued liabilities | 24,300 | 31,302 | |
Dividends payable | 4,978 | 4,945 | |
Deferred revenue | 14,811 | 12,398 | |
Total current liabilities | 46,844 | 53,012 | |
Deferred rent | 12,957 | 13,693 | |
Deferred income taxes | 577 | 0 | |
Other liabilities | 2,087 | 2,316 | |
Total liabilities | 62,465 | 69,021 | |
Shareholders' equity: | |||
Common stock, $0.01 par value: Authorized shares - 100,000, issued and outstanding shares - 11,672 at June 30, 2017 and 11,545 at December 31, 2016 | 117 | 115 | |
Additional paid-in capital | 125,806 | 121,581 | |
Accumulated other comprehensive loss | [1] | (3) | (93) |
Retained earnings | 98,917 | 86,689 | |
Total shareholders' equity | 224,837 | 208,292 | |
Total liabilities and shareholders' equity | $ 287,302 | $ 277,313 | |
[1] | Accumulated other comprehensive loss is presented net of tax of $52 thousand as of December 31, 2016 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Accounts receivable, allowance | $ 6,198 | $ 6,682 |
Shareholders' Equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 11,672,000 | 11,545,000 |
Common stock, outstanding shares | 11,672,000 | 11,545,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 109,584 | $ 106,725 | $ 221,372 | $ 212,173 |
Costs and expenses: | ||||
Instructional costs and services | 48,369 | 45,502 | 96,781 | 90,813 |
Marketing and promotional | 27,308 | 24,922 | 54,833 | 50,802 |
Admissions advisory | 7,440 | 7,285 | 15,103 | 14,708 |
General and administrative | 11,096 | 10,944 | 21,683 | 21,251 |
Total costs and expenses | 94,213 | 88,653 | 188,400 | 177,574 |
Operating income (loss) | 15,371 | 18,072 | 32,972 | 34,599 |
Other income (expense), net | 56 | 42 | 163 | 33 |
Income from continuing operations before income taxes | 15,427 | 18,114 | 33,135 | 34,632 |
Income tax expense | 4,672 | 7,040 | 11,209 | 13,282 |
Income from continuing operations | 10,755 | 11,074 | 21,926 | 21,350 |
Income (loss) from discontinued operations, net of tax | 0 | (1,379) | 95 | (2,357) |
Net Income | $ 10,755 | $ 9,695 | $ 22,021 | $ 18,993 |
Net income per common share: | ||||
Basic net income per share - continuing operations | $ 0.92 | $ 0.95 | $ 1.89 | $ 1.82 |
Basic net income (loss) per share - discontinued operations | 0 | (0.12) | 0.01 | (0.20) |
Basic net income per common share | 0.92 | 0.83 | 1.90 | 1.62 |
Diluted net income per share - continuing operations | 0.90 | 0.93 | 1.83 | 1.79 |
Diluted net income (loss) per share - discontinued operations | 0 | (0.11) | 0.01 | (0.20) |
Diluted net income per common share | $ 0.90 | $ 0.82 | $ 1.84 | $ 1.59 |
Weighted average number of common shares outstanding: | ||||
Weighted average shares outstanding - Basic | 11,644 | 11,648 | 11,602 | 11,701 |
Weighted average shares outstanding - Diluted | 11,992 | 11,872 | 11,965 | 11,912 |
Cash dividends declared per common share | $ 0.41 | $ 0.39 | $ 0.82 | $ 0.78 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Income | $ 10,755 | $ 9,695 | $ 22,021 | $ 18,993 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | 0 | (41) | 3 | 88 |
Unrealized gains (losses) on available for sale securities, net of tax | 5 | 37 | 87 | 95 |
Comprehensive income | $ 10,760 | $ 9,691 | $ 22,111 | $ 19,176 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net Income | $ 22,021 | $ 18,993 |
Income (loss) from discontinued operations, net of tax | 95 | (2,357) |
Income from continuing operations | 21,926 | 21,350 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for bad debts | 5,225 | 4,814 |
Depreciation and amortization | 10,112 | 10,349 |
Amortization of investment discount/premium, net | 855 | 1,113 |
Impairment of property and equipment | 440 | 0 |
Loss on disposal of property and equipment | 243 | 144 |
Share-based compensation | 3,479 | 4,432 |
Excess tax benefits from share-based compensation | 0 | (348) |
Deferred income taxes | 2,443 | (352) |
Changes in operating assets and liabilities | ||
Accounts receivable | (5,194) | (5,713) |
Prepaid expenses and other current assets | 294 | (4,522) |
Accounts payable and accrued liabilities | (9,470) | 6,492 |
Income taxes payable | 3,219 | 929 |
Deferred rent | (735) | (472) |
Deferred revenue | 2,413 | 4,603 |
Net cash provided by operating activities - continuing operations | 35,250 | 42,819 |
Net cash provided by (used in) operating activities - discontinued operations | 95 | (476) |
Net cash provided by operating activities | 35,345 | 42,343 |
Investing activities | ||
Acquisitions, net of cash acquired | 0 | (32,118) |
Capital expenditures | (12,116) | (9,977) |
Investment in partnership interests | (354) | (3,203) |
Purchases of marketable securities | (29,456) | (12,737) |
Maturities of marketable securities | 35,995 | 13,625 |
Net cash used in investing activities - continuing operations | (5,931) | (44,410) |
Net cash provided by (used in) investing activities - discontinued operations | 3,243 | (74) |
Net cash used in investing activities | (2,688) | (44,484) |
Financing activities | ||
Excess tax benefits from share-based compensation | 0 | 348 |
Net payments related to share-based award activities | 1,273 | 1,551 |
Payment of dividends | (9,479) | (9,214) |
Repurchases of common stock | 0 | (15,012) |
Net cash used in financing activities | (8,206) | (22,327) |
Effect of foreign exchange rates on cash | 2 | (9) |
Net increase (decrease) in cash and cash equivalents | 24,453 | (24,477) |
Cash and cash equivalents and cash of business held for sale at beginning of period | 93,570 | 88,027 |
Cash and cash equivalents and cash of business held for sale at end of period | 118,023 | 63,550 |
Less cash of business held for sale at end of period | 0 | (2,109) |
Cash and cash equivalents at end of period | 118,023 | 61,441 |
Supplemental disclosures of cash flow information | ||
Income taxes paid | 5,562 | 12,703 |
Non-cash investing and financing activities: | ||
Purchase of equipment included in accounts payable and accrued liabilities | 741 | 342 |
Dividends declared but not paid during period | $ 4,847 | $ 4,609 |
Nature Of Business
Nature Of Business | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Capella Education Company (the Company) was incorporated on December 27, 1991, and is the parent company of its wholly owned subsidiaries, Capella University, Inc. (the University); Sophia Learning, LLC (Sophia); Capella Learning Solutions, LLC (CLS); Hackbright Academy, Inc. (Hackbright); and DevMountain, LLC (DevMountain). The University, founded in 1993, is an online postsecondary education services company offering a variety of bachelor's, master's and doctoral degree programs primarily delivered to working adults. The University is accredited by the Higher Learning Commission. Sophia is an innovative learning company which leverages technology to support self-paced learning, including courses eligible for transfer into credit at over 2,000 colleges and universities. CLS provides online non-degree, high-demand, job-ready skills training solutions and services to individuals and corporate partners through Capella University's learning platform. Hackbright is a leading software engineering school for women with a mission to close the gender gap in the high-demand software engineering space. DevMountain is a leading software development school with a mission to be the most impactful coding school in the country by offering affordable, high-quality, leading-edge software coding education. On February 8, 2016, the Company’s Board of Directors approved a plan to divest its wholly owned subsidiary, Arden University Limited (Arden University). On August 18, 2016 , the Company completed the sale of 100% of the share capital of Arden University. Beginning in the first quarter of 2016 and through the date of sale of the business, the assets and liabilities of Arden University were considered to be held for sale, and the Company presented Arden University as discontinued operations within the financial statements and footnotes. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation The consolidated financial statements include the accounts of the Company, the University, Sophia, CLS, Hackbright, DevMountain, and Arden University after elimination of intercompany accounts and transactions. Arden University was divested during the third quarter of 2016, and prior to the date of sale was presented as discontinued operations within the financial statements and corresponding footnotes. Arden operates on a fiscal year ending October 31, and prior to the date of sale, this was also the date used for consolidation. Refer to Footnote 4, Discontinued Operations, for further information related to the divestiture of Arden University. During the second quarter of 2016, the Company acquired Hackbright and DevMountain. The Company accounted for these acquisitions as business combinations as of the close of each transaction. The assets acquired and liabilities assumed in conjunction with the acquisitions were recorded at fair value as of the respective acquisition dates, with the results of operations reflected in the Consolidated Statements of Income from the acquisition dates going forward. Refer to Footnote 13, Acquisitions, for further information related to these acquisitions. Reclassifications During the first quarter of 2017, we reclassified our variable rate demand notes from cash and cash equivalents to marketable securities, current within the Consolidated Balance Sheet to better reflect the nature of these assets. Prior periods have not been restated to conform to the updated classification as marketable securities because the variable rate demand notes were not material to the Company's financial statements as of December 31, 2016 . Share-Based Compensation The Company measures and recognizes compensation expense for share-based payment awards made to employees and directors, including employee stock options, restricted stock units (RSUs), performance-based restricted stock units, and market stock units (MSUs) based on estimated fair values of the share award on the date of grant. During the first quarter of 2017, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting . Refer to Footnote 3 - Recent Accounting Pronouncements, for discussion of the impact of adoption of this standard. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company's consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 ( 2016 Annual Report on Form 10-K). Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make certain estimates, assumptions, and judgments that affect the reported amounts in the consolidated financial statements and accompanying footnotes. Actual results could differ from those estimates. Refer to the Company’s “Summary of Significant Accounting Policies” footnote included within the 2016 Annual Report on Form 10-K for a complete summary of the Company’s significant accounting policies. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-09, Scope of Modification Accounting , which is included in FASB Accounting Standards Codification (ASC) Topic 718 Compensation - Stock Compensation . The new standard clarifies when changes to the terms and conditions of share-based payment awards must be treated as modifications. Specifically, the new guidance permits companies to make certain changes to awards without accounting for them as modifications. The guidance will be effective for the Company’s annual and interim reporting periods beginning January 1, 2018, with early adoption permitted. The Company does not expect adoption of this guidance to have a material impact on its business practices, financial condition, results of operations, or disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment , which is included in ASC Topic 350, Intangibles - Goodwill and Other . The new standard eliminates the quantitative goodwill impairment analysis requirement to determine the fair value of individual assets and liabilities of a reporting unit to determine the amount of any goodwill impairment and instead permits an entity to recognize goodwill impairment loss as the excess of a reporting unit's carrying value over the estimated fair value of the reporting unit, to the extent this amount does not exceed the carrying amount of goodwill. The new guidance continues to allow an entity to perform a qualitative assessment over goodwill impairment indicators in lieu of a quantitative assessment in certain situations. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2020, with early adoption permitted. The Company adopted this guidance as of January 1, 2017, and it did not have a material impact on its business practices, financial condition, results of operations, or disclosures. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business, included in ASC Topic 805, Business Combinations , which revises the definition of a business. The revised definition clarifies that outputs must be the result of inputs and substantive processes that provide goods or services to customers, other revenue, or investment income. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2018, and early adoption is permitted. The Company adopted the new definition of a business during the first quarter of 2017, and it did not have a material impact on its business practices, financial condition, results of operations, or disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which is included in ASC Topic 230, Statement of Cash Flows . The new guidance clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows, including contingent consideration payments made after a business acquisition. Specifically, cash payments to settle a contingent consideration liability which are not made soon after the acquisition date should be classified as cash used in financing activities up to the initial amount of contingent consideration recognized with the remaining amount classified as cash flows from operating activities. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2018, and early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its business practices, financial condition, results of operations, or disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which is included in ASC Topic 326 , Measurement of Credit Losses on Financial Instruments . The new guidance revises the accounting requirements related to the measurement of credit losses and will require organizations to measure all expected credit losses for financial assets based on historical experience, current conditions and reasonable and supportable forecasts about collectability. Assets must be presented in the financial statements at the net amount expected to be collected. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2020, with early adoption permitted. The Company does not expect adoption of this guidance to have a material impact on its business practices, financial condition, results of operations, or disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting , which changes how companies will account for certain aspects of share-based payments to employees. As part of the new guidance, entities will be required to record the impact of income taxes arising from share-based compensation when awards vest or are settled within earnings as part of income tax expense rather than recorded as part of additional paid-in capital (APIC) and will eliminate the requirement that excess tax benefits be realized prior to recognition. Additionally, the guidance requires entities to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. Furthermore, companies will be required to make an accounting policy election at the time of adoption of the new guidance to either account for forfeitures of share-based awards in a manner similar to today's requirements (i.e., estimating the number of awards expected to be forfeited at the grant date and adjusting the estimate when awards are actually forfeited), or recognizing forfeitures as they occur with no estimate of forfeitures determined at the grant date. Entities will apply the forfeiture election provision using a modified retrospective transition approach, with a cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. Finally, the new guidance simplifies the minimum statutory tax withholding requirements for employers who withhold shares upon settlement of an award on behalf of an employee to cover tax obligations. Specifically, the new guidance allows entities to withhold an amount up to the employees’ maximum individual tax rate in the relevant jurisdiction without resulting in liability classification of the award. The adoption of this guidance will result in volatility within our results of operations, primarily due to changes in our stock price. The Company adopted this guidance during the first quarter of 2017. As part of its adoption of ASU No. 2016-09, the Company made an accounting policy election to change the way in which it accounts for forfeitures of share-based awards. Specifically, beginning in the first quarter of 2017, the Company recognizes forfeitures of share-based awards as they occur in the period of forfeiture rather than estimating the number of awards expected to be forfeited at the grant date and subsequently adjusting the estimate when awards are actually forfeited. The change in accounting policy to recognize forfeitures of share-based awards as they occur resulted in a net cumulative decrease in retained earnings of $0.2 million as of January 1, 2017. Additionally, in accordance with the provisions of ASU No. 2016-09, excess tax benefits or deficiencies arising from share-based awards are now reflected within the Consolidated Statements of Income as a component of income tax expense rather than as a component of shareholder's equity. During the six months ended June 30, 2017 , the Company recognized $1.6 million of excess tax benefits related to share-based awards as a reduction to income tax expense within the Consolidated Statement of Income. The Company's adoption of the new standard also resulted in the prospective classification of excess tax benefits as cash flows from operating activities in the same manner as other cash flows related to income taxes within the Consolidated Statements of Cash Flows. Based on the prospective method of adoption chosen, the classification of excess tax benefits within the Consolidated Statements of Cash Flows for prior periods presented has not been adjusted to reflect the change. In February 2016, the FASB issued ASU No. 2016-02, Leases , to require organizations that lease assets to recognize right-to-use assets and lease liabilities for all leases with terms longer than 12 months on the balance sheet in addition to disclosing certain key information about leasing arrangements. The new standard requires a modified retrospective transition approach, meaning the guidance would be applied at the beginning of the earliest comparative period presented within the financial statements in the year of adoption. The guidance will be effective for the Company's annual reporting period beginning January 1, 2019, with early adoption permitted. The Company expects to adopt this standard at the beginning of fiscal year 2019, and all leases with terms longer than 12 months will be recorded as right-of-use assets and lease liabilities on our balance sheet upon adoption. The Company does not expect adoption of this guidance to have a material impact on our business practices, financial condition, results of operations, disclosures, liquidity, or debt-covenant compliance. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The new guidance revises the accounting requirements related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The update also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity - including investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method - and recognize the changes in fair value within net income. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2018, and early adoption is generally not permitted for most provisions. The Company is evaluating the impact this standard will have on its business practices, financial condition, results of operations, and disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that creates a single source of revenue guidance for all companies in all industries. The model is more principles-based than current guidance, and is primarily based on recognizing revenue at an amount that reflects consideration to which the entity expects to be entitled to in exchange for transferring goods or services to a customer. The standard allows the Company to transition to the new model using either a full or modified retrospective approach. Under the original ASU, the guidance was effective for the Company's interim and annual reporting periods beginning January 1, 2017, and early adoption was not permitted. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date , which formally defers the effective date of the new revenue standard for public entities by one year. As a result, the updated revenue guidance will be effective for the Company's interim and annual reporting periods beginning January 1, 2018, and early adoption is permitted as of the original effective date contained within ASU 2014-09. The Company’s ongoing process of evaluating the impact this standard will have on its consolidated financial statements includes performing a detailed review of each of its revenue streams and comparing historical accounting policies and practices to the new standard. The Company does not expect the adoption of this guidance to have a material impact on its business practices, financial condition or results of operations. The Company will provide expanded disclosures pertaining to revenue recognition in our annual and quarterly filings beginning in the period of adoption. The Company expects to adopt the provisions of this standard in the first quarter of 2018, and is continuing to evaluate its method of adoption. The Company has reviewed and considered all other recent accounting pronouncements and believes there are none that could potentially have a material impact on its business practices, financial condition, results of operations, or disclosures. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On February 8, 2016 , the Company’s Board of Directors approved a plan to divest Arden University. On August 18, 2016 , the Company completed the sale of 100 percent of the share capital of Arden University for a sale price of £15.0 million , of which £11.5 million ( $13.9 million , net of transaction-related fees) was paid in cash at closing, with an additional £1.0 million , or $1.3 million , paid on November 15, 2016 , and the remaining amount due of £2.5 million plus interest, or $3.2 million , paid on February 28, 2017. During the first quarter of 2017, the Company recorded a gain of $0.1 million related to interest on the November 2016 and February 2017 deferred payments. A reconciliation of the line items comprising the results of operations of the Arden University business to the income (loss) from discontinued operations through the date of sale presented in the Consolidated Statements of Income for the three and six months ended June 30, 2017 and 2016 , in thousands, is included in the following table: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues $ — $ 3,425 $ — $ 6,695 Costs and expenses: Instructional costs and services — 1,650 — 3,311 Marketing and promotional — 1,263 — 2,555 Admissions advisory — 240 — 513 General and administrative — 1,968 — 2,921 Total costs and expenses — 5,121 — 9,300 Operating loss — (1,696 ) — (2,605 ) Gain on sale of Arden — — 149 — Other income (expense), net — 35 — (34 ) Income (loss) before income taxes — (1,661 ) 149 (2,639 ) Income tax expense (benefit) — (282 ) 54 (282 ) Income (loss) from discontinued operations, net of tax $ — $ (1,379 ) $ 95 $ (2,357 ) |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income per Common Share Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Dilutive shares are computed using the Treasury Stock method and include the incremental effect of shares that would be issued upon the assumed exercise of stock options, settlement of restricted stock, and satisfaction of service conditions for market stock units. The following table presents a reconciliation of the numerator and denominator in the basic and diluted net income per common share calculation, in thousands, except per share data: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Income from continuing operations $ 10,755 $ 11,074 $ 21,926 $ 21,350 Income (loss) from discontinued operations, net of tax — (1,379 ) 95 (2,357 ) Net income $ 10,755 $ 9,695 $ 22,021 $ 18,993 Denominator: Denominator for basic net income per common share— weighted average shares outstanding 11,644 11,648 11,602 11,701 Effect of dilutive stock options, restricted stock, and market stock units 348 224 363 211 Denominator for diluted net income per common share— weighted average shares outstanding 11,992 11,872 11,965 11,912 Basic net income (loss) per common share: Continuing operations $ 0.92 $ 0.95 $ 1.89 $ 1.82 Discontinued operations — (0.12 ) 0.01 (0.20 ) Basic net income per common share $ 0.92 $ 0.83 $ 1.90 $ 1.62 Diluted net income (loss) per common share: Continuing operations $ 0.90 $ 0.93 $ 1.83 $ 1.79 Discontinued operations — (0.11 ) 0.01 (0.20 ) Diluted net income per common share $ 0.90 $ 0.82 $ 1.84 $ 1.59 Options to purchase common shares were outstanding, but not included in the computation of diluted net income per common share on both a continuing and discontinued basis, because their effect would be anti-dilutive. The following table summarizes these securities, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities excluded from diluted earnings per share calculation, for both continuing and discontinued operations 121 415 106 451 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale securities, in thousands: As of June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 42,627 $ 16 $ (30 ) $ 42,613 Corporate debt securities 6,966 14 — 6,980 Variable rate demand notes 11,930 — — 11,930 Total $ 61,523 $ 30 $ (30 ) $ 61,523 As of December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 63,113 $ 2 $ (152 ) $ 62,963 Corporate debt securities 5,804 13 (2 ) 5,815 Total $ 68,917 $ 15 $ (154 ) $ 68,778 The unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of June 30, 2017 and December 31, 2016 were caused by changes in market values primarily due to interest rate changes. All of the Company's securities which were in an unrealized loss position as of June 30, 2017 had been in an unrealized loss position for less than twelve months. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No other-than-temporary impairment charges were recorded during the three months ended June 30, 2017 and 2016 . The following table summarizes the maturities of the Company’s marketable securities, in thousands: As of June 30, 2017 As of December 31, 2016 Due within one year $ 42,940 $ 45,458 Due after one year through five years 18,583 23,320 Total $ 61,523 $ 68,778 Amounts due within one year in the table above included $11.9 million of variable rate demand notes, with contractual maturities ranging from 9 years to 31 years as of June 30, 2017 . The variable rate demand notes are floating rate municipal bonds with embedded put options that allow the Company to sell the security at par plus accrued interest on a settlement basis ranging from one day to seven days . We have classified these securities based on their effective maturity date, which ranges from one day to seven days from the balance sheet date. The following table summarizes the proceeds from the maturities of available-for-sale securities, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Maturities of marketable securities $ 25,455 $ 3,065 $ 35,995 $ 13,625 Total $ 25,455 $ 3,065 $ 35,995 $ 13,625 The Company did not record any gross realized gains or gross realized losses in net income during the three and six months ended June 30, 2017 and 2016 . Additionally, there were no proceeds from sales of marketable securities prior to maturity during the three and six months ended June 30, 2017 and 2016 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Measurements The following tables summarize certain information for assets and liabilities measured at fair value on a recurring basis, in thousands: Fair Value Measurements as of June 30, 2017 Using Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents: Cash $ 28,976 $ 28,976 $ — $ — Money market 89,047 89,047 — — Marketable securities: Tax-exempt municipal securities 42,613 — 42,613 — Corporate debt securities 6,980 — 6,980 — Variable rate demand notes 11,930 — 11,930 — Total assets at fair value on a recurring basis $ 179,546 $ 118,023 $ 61,523 $ — Fair Value Measurements as of December 31, 2016 Using Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents: Cash $ 24,658 $ 24,658 $ — $ — Money market 68,237 68,237 — — Variable rate demand notes 675 — 675 — Marketable securities: Tax-exempt municipal securities 62,963 — 62,963 — Corporate debt securities 5,815 — 5,815 — Total assets at fair value on a recurring basis $ 162,348 $ 92,895 $ 69,453 $ — The Company measures cash and money markets at fair value primarily using real-time quotes for transactions in active exchange markets involving identical assets. The Company’s marketable securities are classified within Level 2 and are valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets. The Company does not hold securities in inactive markets. The Company did not have any transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the three and six months ended June 30, 2017 and 2016 . Level 3 Measurements DevMountain Contingent Consideration In connection with the acquisition of DevMountain, the Company agreed to pay the former owners of DevMountain up to an additional $5.0 million in contingent consideration pending the achievement of certain revenue and operating performance metrics. The fair value of the contingent consideration is determined using a discounted cash flow model encompassing significant unobservable inputs. During the third quarter of 2016, the Company recorded a measurement period adjustment to reduce the fair value of the contingent consideration to zero , based on our revised assessment of the timing of cash flows as of the acquisition date. The key assumptions and terms underlying the valuation include probability-weighted cash flows for the applicable performance periods, the discount rate, and a three -year measurement period, with potential cash payments taking place at the end of each annual period through 2018 based upon the achievement of established performance targets. No payments were made related to the 2016 performance period. Reasonable changes in the unobservable inputs do not result in a material change in the fair value. The following table presents a reconciliation of the fair value of the DevMountain contingent consideration, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ — $ — $ — $ — Initial fair value of contingent consideration — 1,500 — 1,500 Balance, end of period $ — $ 1,500 $ — $ 1,500 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following, in thousands: As of June 30, 2017 As of December 31, 2016 Accrued compensation and benefits $ 6,745 $ 12,976 Accrued instructional 3,686 3,811 Accrued vacation 2,358 1,111 Accrued invoices 9,349 11,252 Other (1) 2,162 2,152 Total $ 24,300 $ 31,302 (1) "Other" consists primarily of the current portion of deferred rent, customer deposits, and other miscellaneous accruals. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure | Commitments and Contingencies Operating Leases The Company leases its office facilities and certain office equipment under various noncancelable operating leases. On August 5, 2016 , the Company entered into an amendment of its lease with Minneapolis 225 Holdings, LLC pursuant to which the Company renewed and extended its existing lease for premises at 225 South Sixth Street in Minneapolis, Minnesota through October 31, 2028 . Renewal terms under the amended lease agreement include a reduction in the area of leased space occupied by the Company of approximately 64,000 square feet and provide for lease incentives of approximately $13.6 million . The lease incentives, which were paid in cash to the Company by the lessor upon closing, are included within deferred rent and accrued liabilities within the Consolidated Balance Sheet and will be recognized ratably as a reduction of rent expense over the term of the lease. The agreement allows the Company to extend the lease for up to two additional five -year terms. The following presents the Company's future minimum lease commitments as of June 30, 2017 , in thousands: 2017 $ 3,873 2018 6,712 2019 5,668 2020 5,233 2021 4,681 2022 and thereafter 32,879 Total $ 59,046 The Company recognizes rent expense on a straight-line basis over the term of the lease, although the lease may include escalation clauses providing for lower payments at the beginning of the lease term and higher payments at the end of the lease term. Cash or lease incentives received from lessors are recognized on a straight-line basis as a reduction to rent expense from the date the Company takes possession of the property through the end of the lease term. The Company includes the short-term and long-term components of the unamortized portion of the lease incentives within accrued liabilities and deferred rent, respectively, on the Consolidated Balance Sheets. Revolving Credit Facility On December 18, 2015 , the Company entered into a secured revolving credit facility (the Facility) with Bank of America, N.A., and certain other lenders. The Facility provides the Company with a committed $100.0 million of borrowing capacity with an increase option of an additional $50.0 million . The Company's obligations under the Facility are guaranteed by all existing material domestic subsidiaries and secured by substantially all assets of the Company and such subsidiaries. The Facility expires on December 18, 2020 . Borrowings under the Credit Agreement bear interest at a rate equal to the London Interbank Offered Rate (LIBOR) plus an applicable rate of 1.75% to 2.25% based on the Company’s consolidated leverage ratio or, at the Company’s option, an alternative base rate (defined as the higher of (a) the federal funds rate plus 0.5% ; (b) Bank of America’s prime rate; or (c) the one-month LIBOR plus 1.0% ) plus an applicable rate of 0.75% to 1.25% based on the Company’s consolidated leverage ratio. The Credit Agreement requires payment of a commitment fee, based on the Company’s consolidated leverage ratio, charged on the unused credit facility. The Company recorded commitment fee expenses of $0.1 million and $0.2 million in other income, net, for the three months ended June 30, 2017 and 2016 , and the six months ended June 30, 2017 and 2016 , respectively. Outstanding letters of credit are also charged a fee, based on the Company’s consolidated leverage ratio. The Company capitalized approximately $0.8 million of debt issuance costs related to the December 18, 2015 credit facility, and these costs are being amortized on a straight-line basis over a period of five years. Charges related to the Facility are included in other income, net. The Credit Agreement contains certain covenants that, among other things, require maintenance of certain financial ratios, as defined in the agreement. Failure to comply with the covenants contained in the Credit Agreement will constitute an event of default and could result in termination of the agreement and require payment of all outstanding borrowings. As of June 30, 2017 and December 31, 2016 , there were no borrowings under the Facility, and the Company was in compliance with all debt covenants. Litigation In the ordinary conduct of business, the Company is subject to various lawsuits and claims covering a wide range of matters including, but not limited to, claims involving learners or graduates and routine employment matters. While the outcome of these matters is uncertain, the Company does not believe there are any significant matters as of June 30, 2017 that are probable and estimable, for which the outcome could have a material adverse impact on its consolidated financial position or results of operations. |
Share Repurchase Program and Di
Share Repurchase Program and Dividends | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Share Repurchase Program and Dividends | Share Repurchase Program and Dividends Share Repurchase Program The Company announced its current share repurchase program in July 2008. The Board of Directors authorizes repurchases of outstanding shares of common stock from time to time depending on market conditions and other considerations. A summary of the Company’s comprehensive share repurchase activity from the program's commencement through June 30, 2017 , all of which was part of its publicly announced program, is presented below, in thousands: Board authorizations: July 2008 $ 60,000 August 2010 60,662 February 2011 65,000 December 2011 50,000 August 2013 50,000 December 2015 50,000 Total amount authorized 335,662 Total value of shares repurchased 305,231 Residual authorization $ 30,431 The following table summarizes shares repurchased, in thousands: Six Months Ended June 30, 2017 2016 Shares repurchased — 308 Total consideration, excluding commissions $ — $ 15,000 As of June 30, 2017 , the Company had purchased an aggregate of 6.6 million shares under the program’s outstanding authorizations at an average price per share of $46.12 totaling $305.2 million , excluding commissions. Dividends During the six months ended June 30, 2017 , the Company declared the following cash dividends, in thousands except per share amounts: Declaration Date Record Date Payment Date Dividend per Share Total Dividend Amount February 22, 2017 March 10, 2017 April 13, 2017 $ 0.41 $ 4,813 May 2, 2017 May 24, 2017 July 14, 2017 $ 0.41 $ 4,847 Of the total dividend amount declared in the current quarter, $4.8 million is attributable to shares of common stock outstanding as of the record date and restricted stock units (RSUs) expected to vest in the next twelve months. This amount, along with the portion of dividends declared in prior quarters related to unvested RSUs, is included within dividends payable in the Company's consolidated balance sheet as of June 30, 2017 . The remaining balance is attributable to dividends declared on restricted stock units expected to vest subsequent to the next twelve months and is classified as other liabilities in the Company's consolidated balance sheet as of June 30, 2017 . Dividends declared on RSUs are forfeitable prior to vesting. All future dividends are subject to declaration by the Company's Board of Directors and may be adjusted due to future business needs or other factors deemed relevant by the Board of Directors. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Share-Based Compensation The table below reflects the Company’s share-based compensation expense recognized in the consolidated statements of income, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Instructional costs and services $ 240 $ 163 $ 428 $ 371 Marketing and promotional 257 206 468 389 Admissions advisory 12 14 25 27 General and administrative 1,696 1,236 2,558 3,645 Share-based compensation expense included in operating income 2,205 1,619 3,479 4,432 Tax benefit from share-based compensation expense 864 611 1,350 1,674 Share-based compensation expense, net of tax $ 1,341 $ 1,008 $ 2,129 $ 2,758 |
Other Investments
Other Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Other Investments | Other Investments At June 30, 2017 , the Company held a $3.3 million investment in a limited partnership that invests in innovative companies in the health care field, with a commitment to invest up to an additional $1.3 million through February 2024. At December 31, 2016 , the Company's investment in the limited partnership was $2.9 million . During the six months ended June 30, 2017 and 2016 , the Company made investments totaling $0.4 million and $0.1 million , respectively, in the partnership. The Company's investment comprises less than 3% of the total partnership interest; accordingly, the Company designated the investment as a cost method investment and classified it within other assets in the consolidated balance sheets as of June 30, 2017 and December 31, 2016 . At June 30, 2017 , the Company held a $3.1 million investment in a limited partnership that invests in education and education-related technology companies, with a commitment to invest up to an additional $1.7 million through December 2025. At December 31, 2016 , the Company's investment in the limited partnership was $3.1 million . During the six months ended June 30, 2017 , there were no investments in the limited partnership, and during the six months ended June 30, 2016 , the Company made investments totaling $3.1 million in the partnership. The Company's investment comprises less than 5% of the total partnership interest, and the Company designated the investment as a cost method investment and classified it within other assets in the consolidated balance sheets as of June 30, 2017 and December 31, 2016 . In June 2017, the Company committed to invest up to $2.3 million in a limited partnership that invests in education and education-related technology companies through September 2027. As of June 30, 2017 , the Company had made no investments in the partnership. The fair value of the Company’s cost method investments is not estimated if there are no identified events or changes in circumstances that management considers to have a significant adverse impact on the fair value of the partnership investments. During the six months ended June 30, 2017 and 2016 , no events or changes in circumstances which could have a significant adverse impact on the fair value of the partnership investments were identified. When measured on a nonrecurring basis, if changes in circumstances are identified, the Company’s other investments classified as cost method investments are considered to be Level 3 in the fair value hierarchy due to the use of unobservable inputs to measure fair value. During the six months ended June 30, 2017 and 2016 , no impairment charges were recorded related to the Company’s cost method investments. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On April 22, 2016 , the Company acquired 100 percent of the share capital of Sutter Studios, Inc. d/b/a Hackbright Academy, Inc. (Hackbright) for $18.0 million in cash paid at closing. Hackbright is a leading software engineering school for women, with a mission to increase female representation in the technology sector. Hackbright, headquartered in San Francisco, offers in-person, immersive 12-week full-time educational programs in software engineering as well as part-time programs. Upon acquisition, the Company changed the official corporate name of Hackbright to Hackbright Academy, Inc. On May 4, 2016 , the Company acquired 100 percent of the membership interests in DevMountain, LLC (DevMountain). DevMountain is a leading software development school with a mission to be the most impactful coding school in the country by offering affordable, high-quality, leading-edge software coding education. The purchase price of the DevMountain acquisition consisted of $15.0 million in cash paid at closing, and up to an additional $5.0 million in contingent consideration to be paid at the end of three successive, non-cumulative periods based upon the achievement of established revenue and operating performance targets. The liability associated with the expected payment of the contingent consideration obligation was preliminarily valued at $1.5 million at the acquisition date. During the third quarter of 2016, the Company recorded a measurement period adjustment to reduce the fair value of the contingent consideration to zero based on our revised assessment of the timing of cash flows as of the acquisition date. This measurement period adjustment was reflected as a corresponding decrease to goodwill as of the acquisition date. The fair value of the contingent consideration liability was determined using a discounted cash flow valuation methodology utilizing significant unobservable inputs. Hackbright and DevMountain's core competencies of providing the 21st Century workforce with job-ready skills in a highly competitive market are consistent with the Company's strategy to expand its addressable market and offer working adults the most direct path between learning and employment. The Company incurred approximately $1.4 million of transaction costs in connection with the acquisitions of Hackbright and DevMountain, and these costs are included in general and administrative expenses within the the Consolidated Statements of Income for the three and six months ended June 30, 2016 . The Company accounted for these acquisitions as business combinations, with the net assets acquired recognized at fair value at the date of acquisition. The results of operations of Hackbright and DevMountain are included in the Consolidated Statements of Income beginning on their respective dates of acquisition and within the Job-Ready Skills reportable segment for segment reporting purposes. The Company has not provided pro forma information or the revenues and operating results of the acquired entities because the revenues and results of operations are not material to the Company's consolidated revenues or consolidated results of operations. A reconciliation of the assets acquired and liabilities assumed to the net cash paid to acquire Hackbright and DevMountain on the acquisition date is shown in the table below, in thousands: Hackbright DevMountain Cash and cash equivalents $ 499 $ 336 Other assets 407 745 Intangibles: Trade Name 4,500 3,400 Customer Relationships 800 — Course Content 900 200 Goodwill 12,659 10,672 Deferred tax asset (liability) (988 ) 12 Liabilities assumed (788 ) (418 ) Total assets acquired and liabilities assumed, net 17,989 14,947 Less: Fair value of contingent consideration — — Less: Cash acquired (499 ) (336 ) Cash paid for acquisition, net of cash acquired $ 17,490 $ 14,611 The Company determined the fair value of assets acquired and liabilities assumed based on assumptions that reasonable market participants would use while employing the concept of highest and best use of the assets and liabilities. The Company utilized the following assumptions, some of which include significant unobservable inputs which would qualify the valuations as Level 3 measurements, and valuation methodologies to determine fair value: • Intangible assets - The Company used income approaches to value the acquired intangibles. The trade names were valued using the relief-from-royalty method, which represents the benefit of owning these intangible assets rather than paying royalties for their use. Course content was valued using the differential income method, and the customer relationships were valued using the excess earnings method. • Deferred revenue - The Company estimated the fair value of deferred revenue using the cost build-up method, which represents the cost to deliver the services, plus a normal profit margin. Deferred revenue is included in liabilities assumed within the schedule of assets acquired and liabilities assumed above. • Contingent consideration liability - The fair value of the contingent consideration was determined using a discounted cash flow model encompassing significant unobservable inputs, including the discount rate and probability weighted cash flows over the performance period. • Other current and noncurrent assets and liabilities - The carrying value of all other assets and liabilities approximated fair value at the time of acquisition. The Company assigned an indefinite useful life to the trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic or other factors to limit the useful life of the trade name intangibles. All acquired intangible assets other than trade names were determined to be finite-lived and are being amortized on a straight-line basis, which is consistent with the expected use of economic benefits associated with these assets. The weighted-average useful life of the acquired finite-lived intangible assets is 2.7 years. Goodwill recorded in connection with the acquisitions is primarily attributable to the expected future earnings potential of the Company as a result of the enhanced opportunity to expand the Company's addressable market and drive enrollment growth. The goodwill recognized in connection with the acquisitions has been allocated to the Job-Ready Skills reportable segment and will be evaluated for impairment (along with the indefinite-lived trade names intangible assets) as of the first day of the fourth quarter consistent with the Company's existing impairment policy. Goodwill recognized from the Hackbright acquisition is not deductible for tax purposes, and goodwill related to DevMountain is deductible for tax purposes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table summarizes the components of accumulated other comprehensive loss, in thousands: Foreign Currency Translation Loss Unrealized Gain (Loss) on Marketable Securities Accumulated Other Comprehensive Loss (1) Beginning balance, December 31, 2016 $ (6 ) $ (87 ) $ (93 ) Other comprehensive income (loss) 3 87 90 Ending balance, June 30, 2017 $ (3 ) $ — $ (3 ) (1) Accumulated other comprehensive loss is presented net of tax of $52 thousand as of December 31, 2016 . There were no reclassifications out of accumulated other comprehensive loss to net income for the three and six months ended June 30, 2017 and 2016 . |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Capella Education Company is an educational services company that provides access to high-quality education through online postsecondary degree programs and job-ready skills offerings in high-demand markets. Capella’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. Our only operating segment that meets the quantitative thresholds to qualify as a reportable segment is the Post-Secondary segment, which consists of the Capella University and Sophia businesses. None of our other operating segments meet the quantitative thresholds to qualify as reportable segments; therefore, these other operating segments are combined and presented below as Job-Ready Skills. The Job-Ready Skills reportable segment is comprised of the CLS, Hackbright, and DevMountain businesses. Revenue and operating expenses are generally directly attributed to our segments. Inter-segment revenues are not presented separately, as these amounts are immaterial. Our Chief Operating Decision Maker does not evaluate operating segments using asset information. A summary of financial information by reportable segment (in thousands) for the three and six months ended June 30, 2017 and 2016 is presented in the following table. Beginning in the first quarter of 2016 through the date of the sale of the business, Arden University was considered to be held for sale, and because Arden's results of operations are presented as discontinued operations within our Consolidated Statements of Income, the summary of financial information by reportable segment below excludes the results of operations of Arden University for all periods presented. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues Post-Secondary $ 106,974 $ 105,789 $ 216,455 $ 211,216 Job-Ready Skills 2,610 936 4,917 957 Consolidated Revenues $ 109,584 $ 106,725 $ 221,372 $ 212,173 Operating income (loss) Post-Secondary $ 17,754 $ 21,566 $ 38,005 $ 39,285 Job-Ready Skills (2,383 ) (3,494 ) (5,033 ) (4,686 ) Consolidated operating income 15,371 18,072 32,972 34,599 Other income, net 56 42 163 33 Income from continuing operations before income taxes $ 15,427 $ 18,114 $ 33,135 $ 34,632 |
Regulatory Supervision And Over
Regulatory Supervision And Oversight | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Supervision And Oversight [Abstract] | |
Regulatory Supervision And Oversight | Regulatory Supervision and Oversight Political and budgetary concerns can significantly affect the Title IV Programs. Congress reauthorizes the Higher Education Act ( HEA) and other laws governing Title IV Programs approximately every five to eight years. The last reauthorization of the HEA was completed in August 2008. Additionally, Congress reviews and determines appropriations for Title IV programs on an annual basis through the budget and appropriations processes. As of June 30, 2017 , Title IV programs in which the University's learners participate are operative and sufficiently funded. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company, the University, Sophia, CLS, Hackbright, DevMountain, and Arden University after elimination of intercompany accounts and transactions. Arden University was divested during the third quarter of 2016, and prior to the date of sale was presented as discontinued operations within the financial statements and corresponding footnotes. Arden operates on a fiscal year ending October 31, and prior to the date of sale, this was also the date used for consolidation. Refer to Footnote 4, Discontinued Operations, for further information related to the divestiture of Arden University. During the second quarter of 2016, the Company acquired Hackbright and DevMountain. The Company accounted for these acquisitions as business combinations as of the close of each transaction. The assets acquired and liabilities assumed in conjunction with the acquisitions were recorded at fair value as of the respective acquisition dates, with the results of operations reflected in the Consolidated Statements of Income from the acquisition dates going forward. Refer to Footnote 13, Acquisitions, for further information related to these acquisitions. |
Reclassifications | Reclassifications During the first quarter of 2017, we reclassified our variable rate demand notes from cash and cash equivalents to marketable securities, current within the Consolidated Balance Sheet to better reflect the nature of these assets. Prior periods have not been restated to conform to the updated classification as marketable securities because the variable rate demand notes were not material to the Company's financial statements as of December 31, 2016 . |
Share-based Compensation | Share-Based Compensation The Company measures and recognizes compensation expense for share-based payment awards made to employees and directors, including employee stock options, restricted stock units (RSUs), performance-based restricted stock units, and market stock units (MSUs) based on estimated fair values of the share award on the date of grant. During the first quarter of 2017, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting . Refer to Footnote 3 - Recent Accounting Pronouncements, for discussion of the impact of adoption of this standard. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company's consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 ( 2016 Annual Report on Form 10-K). |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make certain estimates, assumptions, and judgments that affect the reported amounts in the consolidated financial statements and accompanying footnotes. Actual results could differ from those estimates. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet and Income Statement | A reconciliation of the line items comprising the results of operations of the Arden University business to the income (loss) from discontinued operations through the date of sale presented in the Consolidated Statements of Income for the three and six months ended June 30, 2017 and 2016 , in thousands, is included in the following table: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues $ — $ 3,425 $ — $ 6,695 Costs and expenses: Instructional costs and services — 1,650 — 3,311 Marketing and promotional — 1,263 — 2,555 Admissions advisory — 240 — 513 General and administrative — 1,968 — 2,921 Total costs and expenses — 5,121 — 9,300 Operating loss — (1,696 ) — (2,605 ) Gain on sale of Arden — — 149 — Other income (expense), net — 35 — (34 ) Income (loss) before income taxes — (1,661 ) 149 (2,639 ) Income tax expense (benefit) — (282 ) 54 (282 ) Income (loss) from discontinued operations, net of tax $ — $ (1,379 ) $ 95 $ (2,357 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share | The following table presents a reconciliation of the numerator and denominator in the basic and diluted net income per common share calculation, in thousands, except per share data: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Income from continuing operations $ 10,755 $ 11,074 $ 21,926 $ 21,350 Income (loss) from discontinued operations, net of tax — (1,379 ) 95 (2,357 ) Net income $ 10,755 $ 9,695 $ 22,021 $ 18,993 Denominator: Denominator for basic net income per common share— weighted average shares outstanding 11,644 11,648 11,602 11,701 Effect of dilutive stock options, restricted stock, and market stock units 348 224 363 211 Denominator for diluted net income per common share— weighted average shares outstanding 11,992 11,872 11,965 11,912 Basic net income (loss) per common share: Continuing operations $ 0.92 $ 0.95 $ 1.89 $ 1.82 Discontinued operations — (0.12 ) 0.01 (0.20 ) Basic net income per common share $ 0.92 $ 0.83 $ 1.90 $ 1.62 Diluted net income (loss) per common share: Continuing operations $ 0.90 $ 0.93 $ 1.83 $ 1.79 Discontinued operations — (0.11 ) 0.01 (0.20 ) Diluted net income per common share $ 0.90 $ 0.82 $ 1.84 $ 1.59 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Options to purchase common shares were outstanding, but not included in the computation of diluted net income per common share on both a continuing and discontinued basis, because their effect would be anti-dilutive. The following table summarizes these securities, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive securities excluded from diluted earnings per share calculation, for both continuing and discontinued operations 121 415 106 451 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Marketable Securities [Abstract] | |
Summary Of Available-For-Sale Securities | The following is a summary of available-for-sale securities, in thousands: As of June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 42,627 $ 16 $ (30 ) $ 42,613 Corporate debt securities 6,966 14 — 6,980 Variable rate demand notes 11,930 — — 11,930 Total $ 61,523 $ 30 $ (30 ) $ 61,523 As of December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 63,113 $ 2 $ (152 ) $ 62,963 Corporate debt securities 5,804 13 (2 ) 5,815 Total $ 68,917 $ 15 $ (154 ) $ 68,778 |
Summary Of Remaining Contractual Maturities Of Marketable Securities | The following table summarizes the maturities of the Company’s marketable securities, in thousands: As of June 30, 2017 As of December 31, 2016 Due within one year $ 42,940 $ 45,458 Due after one year through five years 18,583 23,320 Total $ 61,523 $ 68,778 |
Proceeds From Maturities Of Available-For-Sale Securities | The following table summarizes the proceeds from the maturities of available-for-sale securities, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Maturities of marketable securities $ 25,455 $ 3,065 $ 35,995 $ 13,625 Total $ 25,455 $ 3,065 $ 35,995 $ 13,625 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize certain information for assets and liabilities measured at fair value on a recurring basis, in thousands: Fair Value Measurements as of June 30, 2017 Using Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents: Cash $ 28,976 $ 28,976 $ — $ — Money market 89,047 89,047 — — Marketable securities: Tax-exempt municipal securities 42,613 — 42,613 — Corporate debt securities 6,980 — 6,980 — Variable rate demand notes 11,930 — 11,930 — Total assets at fair value on a recurring basis $ 179,546 $ 118,023 $ 61,523 $ — Fair Value Measurements as of December 31, 2016 Using Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents: Cash $ 24,658 $ 24,658 $ — $ — Money market 68,237 68,237 — — Variable rate demand notes 675 — 675 — Marketable securities: Tax-exempt municipal securities 62,963 — 62,963 — Corporate debt securities 5,815 — 5,815 — Total assets at fair value on a recurring basis $ 162,348 $ 92,895 $ 69,453 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation of the fair value of the DevMountain contingent consideration, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance, beginning of period $ — $ — $ — $ — Initial fair value of contingent consideration — 1,500 — 1,500 Balance, end of period $ — $ 1,500 $ — $ 1,500 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities consist of the following, in thousands: As of June 30, 2017 As of December 31, 2016 Accrued compensation and benefits $ 6,745 $ 12,976 Accrued instructional 3,686 3,811 Accrued vacation 2,358 1,111 Accrued invoices 9,349 11,252 Other (1) 2,162 2,152 Total $ 24,300 $ 31,302 (1) "Other" consists primarily of the current portion of deferred rent, customer deposits, and other miscellaneous accruals. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following presents the Company's future minimum lease commitments as of June 30, 2017 , in thousands: 2017 $ 3,873 2018 6,712 2019 5,668 2020 5,233 2021 4,681 2022 and thereafter 32,879 Total $ 59,046 |
Share Repurchase Program and 30
Share Repurchase Program and Dividends (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Comprehensive Stock Repurchase Activity | A summary of the Company’s comprehensive share repurchase activity from the program's commencement through June 30, 2017 , all of which was part of its publicly announced program, is presented below, in thousands: Board authorizations: July 2008 $ 60,000 August 2010 60,662 February 2011 65,000 December 2011 50,000 August 2013 50,000 December 2015 50,000 Total amount authorized 335,662 Total value of shares repurchased 305,231 Residual authorization $ 30,431 |
Schedule of Shares Repurchased | The following table summarizes shares repurchased, in thousands: Six Months Ended June 30, 2017 2016 Shares repurchased — 308 Total consideration, excluding commissions $ — $ 15,000 |
Cash Dividends Declared | During the six months ended June 30, 2017 , the Company declared the following cash dividends, in thousands except per share amounts: Declaration Date Record Date Payment Date Dividend per Share Total Dividend Amount February 22, 2017 March 10, 2017 April 13, 2017 $ 0.41 $ 4,813 May 2, 2017 May 24, 2017 July 14, 2017 $ 0.41 $ 4,847 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Share-Based Compensation Expense | The table below reflects the Company’s share-based compensation expense recognized in the consolidated statements of income, in thousands: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Instructional costs and services $ 240 $ 163 $ 428 $ 371 Marketing and promotional 257 206 468 389 Admissions advisory 12 14 25 27 General and administrative 1,696 1,236 2,558 3,645 Share-based compensation expense included in operating income 2,205 1,619 3,479 4,432 Tax benefit from share-based compensation expense 864 611 1,350 1,674 Share-based compensation expense, net of tax $ 1,341 $ 1,008 $ 2,129 $ 2,758 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | A reconciliation of the assets acquired and liabilities assumed to the net cash paid to acquire Hackbright and DevMountain on the acquisition date is shown in the table below, in thousands: Hackbright DevMountain Cash and cash equivalents $ 499 $ 336 Other assets 407 745 Intangibles: Trade Name 4,500 3,400 Customer Relationships 800 — Course Content 900 200 Goodwill 12,659 10,672 Deferred tax asset (liability) (988 ) 12 Liabilities assumed (788 ) (418 ) Total assets acquired and liabilities assumed, net 17,989 14,947 Less: Fair value of contingent consideration — — Less: Cash acquired (499 ) (336 ) Cash paid for acquisition, net of cash acquired $ 17,490 $ 14,611 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the components of accumulated other comprehensive loss, in thousands: Foreign Currency Translation Loss Unrealized Gain (Loss) on Marketable Securities Accumulated Other Comprehensive Loss (1) Beginning balance, December 31, 2016 $ (6 ) $ (87 ) $ (93 ) Other comprehensive income (loss) 3 87 90 Ending balance, June 30, 2017 $ (3 ) $ — $ (3 ) (1) Accumulated other comprehensive loss is presented net of tax of $52 thousand as of December 31, 2016 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | A summary of financial information by reportable segment (in thousands) for the three and six months ended June 30, 2017 and 2016 is presented in the following table. Beginning in the first quarter of 2016 through the date of the sale of the business, Arden University was considered to be held for sale, and because Arden's results of operations are presented as discontinued operations within our Consolidated Statements of Income, the summary of financial information by reportable segment below excludes the results of operations of Arden University for all periods presented. Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues Post-Secondary $ 106,974 $ 105,789 $ 216,455 $ 211,216 Job-Ready Skills 2,610 936 4,917 957 Consolidated Revenues $ 109,584 $ 106,725 $ 221,372 $ 212,173 Operating income (loss) Post-Secondary $ 17,754 $ 21,566 $ 38,005 $ 39,285 Job-Ready Skills (2,383 ) (3,494 ) (5,033 ) (4,686 ) Consolidated operating income 15,371 18,072 32,972 34,599 Other income, net 56 42 163 33 Income from continuing operations before income taxes $ 15,427 $ 18,114 $ 33,135 $ 34,632 |
Nature Of Business Nature of Bu
Nature Of Business Nature of Business (Details) | Aug. 18, 2016 |
Sale of Arden [Abstract] | |
Disposal Date | Aug. 18, 2016 |
Percentage of shares sold | 100.00% |
Recent Accounting Pronounceme36
Recent Accounting Pronouncements Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Incremental tax benefit (deficiency) recognized in income tax expense | $ 1.6 |
Retained Earnings [Member] | |
Retained Earnings Adjustments [Line Items] | |
Net cumulative reduction of retained earnings from change in forfeiture policy | $ (0.2) |
Discontinued Operations (Detail
Discontinued Operations (Details) £ in Thousands, $ in Thousands | Aug. 18, 2016GBP (£) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Sep. 30, 2016USD ($) | Sep. 30, 2016GBP (£) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017GBP (£) | Jun. 30, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Disposal Date | Aug. 18, 2016 | |||||||||
Percentage of shares sold | 100.00% | |||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ (1,379) | $ 95 | $ (2,357) | ||||||
Arden University [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Disposal Date | Aug. 18, 2016 | |||||||||
Percentage of shares sold | 100.00% | |||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||
Revenues | 0 | 3,425 | 0 | 6,695 | ||||||
Instructional costs and services | 0 | 1,650 | 0 | 3,311 | ||||||
Marketing and promotional | 0 | 1,263 | 0 | 2,555 | ||||||
Admissions advisory | 0 | 240 | 0 | 513 | ||||||
General and administrative | 0 | 1,968 | 0 | 2,921 | ||||||
Total costs and expenses | 0 | 5,121 | 0 | 9,300 | ||||||
Operating loss | 0 | (1,696) | 0 | (2,605) | ||||||
Gain on sale of Arden | 0 | 0 | 149 | 0 | ||||||
Other income (expense), net | 0 | 35 | 0 | (34) | ||||||
Gain (loss) before income taxes | 0 | (1,661) | 149 | (2,639) | ||||||
Income tax expense (benefit) | 0 | (282) | 54 | (282) | ||||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ (1,379) | 95 | $ (2,357) | ||||||
United Kingdom, Pounds | Arden University [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash proceeds from sale of Arden | £ | £ 1,000 | £ 11,500 | £ 2,500 | |||||||
Consideration for Arden divestiture | £ | £ 15,000 | |||||||||
United States of America, Dollars | Arden University [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash proceeds from sale of Arden | $ 1,300 | $ 13,900 | $ 3,200 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 10,755 | $ 11,074 | $ 21,926 | $ 21,350 |
Income (loss) from discontinued operations, net of tax | 0 | (1,379) | 95 | (2,357) |
Net Income | $ 10,755 | $ 9,695 | $ 22,021 | $ 18,993 |
Weighted average shares outstanding - Basic | 11,644 | 11,648 | 11,602 | 11,701 |
Effect of dilutive stock options, restricted stock, and market stock units | 348 | 224 | 363 | 211 |
Weighted average shares outstanding - Diluted | 11,992 | 11,872 | 11,965 | 11,912 |
Basic net income per share - continuing operations | $ 0.92 | $ 0.95 | $ 1.89 | $ 1.82 |
Basic net income (loss) per share - discontinued operations | 0 | (0.12) | 0.01 | (0.20) |
Basic net income per common share | 0.92 | 0.83 | 1.90 | 1.62 |
Diluted net income per share - continuing operations | 0.90 | 0.93 | 1.83 | 1.79 |
Diluted net income (loss) per share - discontinued operations | 0 | (0.11) | 0.01 | (0.20) |
Diluted net income per common share | $ 0.90 | $ 0.82 | $ 1.84 | $ 1.59 |
Anti-dilutive securities excluded from diluted earnings per share calculation | 121 | 415 | 106 | 451 |
Marketable Securities (Summary
Marketable Securities (Summary Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 61,523 | $ 68,917 |
Gross unrealized gains | 30 | 15 |
Gross unrealized (losses) | (30) | (154) |
Marketable Securities | 61,523 | 68,778 |
Tax-Exempt Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 42,627 | 63,113 |
Gross unrealized gains | 16 | 2 |
Gross unrealized (losses) | (30) | (152) |
Marketable Securities | 42,613 | 62,963 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,966 | 5,804 |
Gross unrealized gains | 14 | 13 |
Gross unrealized (losses) | 0 | (2) |
Marketable Securities | 6,980 | $ 5,815 |
Variable Rate Demand Obligation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 11,930 | |
Gross unrealized gains | 0 | |
Gross unrealized (losses) | 0 | |
Marketable Securities | $ 11,930 |
Marketable Securities (Summar40
Marketable Securities (Summary Of Remaining Contractual Maturities Of Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Marketable Securities [Abstract] | ||
Due within one year | $ 42,940 | $ 45,458 |
Due after one year through five years | 18,583 | 23,320 |
Marketable Securities | $ 61,523 | $ 68,778 |
Marketable Securities (Proceeds
Marketable Securities (Proceeds From The Sale And Maturities Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Marketable Securities [Abstract] | ||||
Maturities of marketable securities | $ 25,455 | $ 3,065 | $ 35,995 | $ 13,625 |
Total | $ 25,455 | $ 3,065 | $ 35,995 | $ 13,625 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost | $ 61,523 | $ 61,523 | $ 68,917 | ||
Other-than-temporary impairment charges | 0 | $ 0 | 0 | $ 0 | |
Gross realized gains | 0 | 0 | 0 | 0 | |
Gross realized losses | $ 0 | 0 | $ 0 | 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 0 | 0 | |||
Proceeds from sales of marketable securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Minimum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Contractual Maturity Period of VRDNs | 9 years | ||||
Effective Maturity Period of VRDNs | 1 day | ||||
Maximum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Contractual Maturity Period of VRDNs | 31 years | ||||
Effective Maturity Period of VRDNs | 7 days | ||||
Variable Rate Demand Obligation [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost | $ 11,930 | $ 11,930 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 179,546 | $ 162,348 | |
Fair Value, Measurements, Recurring [Member] | Cash [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 28,976 | 24,658 | |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 89,047 | 68,237 | |
Fair Value, Measurements, Recurring [Member] | Tax-Exempt Municipal Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 42,613 | 62,963 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 6,980 | 5,815 | |
Fair Value, Measurements, Recurring [Member] | Variable Rate Demand Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 675 | ||
Available-for-sale Securities, Fair Value Disclosure | 11,930 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 118,023 | 92,895 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 28,976 | 24,658 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 89,047 | 68,237 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Tax-Exempt Municipal Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Variable Rate Demand Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | ||
Available-for-sale Securities, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 61,523 | 69,453 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Tax-Exempt Municipal Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 42,613 | 62,963 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 6,980 | 5,815 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Variable Rate Demand Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 675 | ||
Available-for-sale Securities, Fair Value Disclosure | 11,930 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Tax-Exempt Municipal Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Variable Rate Demand Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | ||
Available-for-sale Securities, Fair Value Disclosure | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | May 04, 2016 | Dec. 31, 2016 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Payment of contingent consideration | $ 0 | |||||||
Fair Value, Inputs, Level 3 [Member] | DevMountain Contingent Consideration [Member] | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Maximum potential cash payment for contingent consideration | $ 5,000 | |||||||
Fair value of contingent consideration | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,500 | $ 0 | $ 0 | |
Contingent consideration measurement period | 3 years |
Fair Value Measurements (Fair45
Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - DevMountain Contingent Consideration [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Contingent consideration balance, beginning of period | $ 0 | $ 0 | $ 0 | $ 0 |
Initial fair value of contingent consideration | 0 | 1,500 | 0 | 1,500 |
Contingent consideration balance, end of period | $ 0 | $ 1,500 | $ 0 | $ 1,500 |
Accrued Liabilities (Schedule o
Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Accrued Liabilities [Abstract] | |||
Accrued compensation and benefits | $ 6,745 | $ 12,976 | |
Accrued instructional | 3,686 | 3,811 | |
Accrued vacation | 2,358 | 1,111 | |
Accrued invoices | 9,349 | 11,252 | |
Other Accrued Liabilities, Current | [1] | 2,162 | 2,152 |
Accrued Liabilities | $ 24,300 | $ 31,302 | |
[1] | "Other" consists primarily of the current portion of deferred rent, customer deposits, and other miscellaneous accruals. |
Commitments And Contingencies47
Commitments And Contingencies (Tables) (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 3,873 |
2,018 | 6,712 |
2,019 | 5,668 |
2,020 | 5,233 |
2,021 | 4,681 |
2022 and thereafter | 32,879 |
Total | $ 59,046 |
Commitments And Contingencies48
Commitments And Contingencies (Narrative) (Details) | Aug. 05, 2016USD ($)ft² | Dec. 18, 2015 | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Lease Expiration Date | Oct. 31, 2028 | ||||||
ReductioninSquareFootageofLeasedProperty | ft² | 64,000 | ||||||
Lease Incentive | $ 13,600,000 | ||||||
Number Of Lease Extension Terms | 2 | ||||||
Lease Extension Term | 5 years | ||||||
Line of Credit Facility [Line Items] | |||||||
Lease Inception Date | Aug. 5, 2016 | ||||||
Line of Credit Facility, Initiation Date | Dec. 18, 2015 | ||||||
Line of credit | $ 100,000,000 | $ 100,000,000 | |||||
Option for additional borrowing | $ 50,000,000 | ||||||
Line of credit facility, expiration date | Dec. 18, 2020 | ||||||
Line of credit facility, commitment fee expense | 100,000 | $ 100,000 | $ 200,000 | $ 200,000 | |||
Capitalized transaction costs related to credit facility | $ 800,000 | ||||||
Amortization period of transaction costs, years | 5 | ||||||
Borrowings under the line of credit | $ 0 | $ 0 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate | 2.25% | ||||||
Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate | 1.00% | ||||||
Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate | 0.75% | ||||||
Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate | 1.25% | ||||||
Base Rate [Member] | Federal Funds Rate [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, interest rate | 0.50% |
Share Repurchase Program and 49
Share Repurchase Program and Dividends (Tables) (Details) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | $ 335,662 | |
Total value of shares repurchased | 305,231 | |
Residual authorization | $ 30,431 | |
Repurchase of common stock, shares | 0 | 308 |
Value of stock repurchased during period, excluding commissions | $ 0 | $ 15,000 |
July 2008 [Member] | ||
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | 60,000 | |
August 2010 [Member] | ||
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | 60,662 | |
February 2011 [Member] | ||
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | 65,000 | |
December 2011 [Member] | ||
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | 50,000 | |
August 2013 [Member] | ||
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | 50,000 | |
December 2015 [Member] | ||
Share Repurchase Program Authorizations [Line Items] | ||
Stock repurchase program, authorized amount | $ 50,000 |
Share Repurchase Program and 50
Share Repurchase Program and Dividends (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |||||
Number of aggregate shares repurchased under programs | 6.6 | 6.6 | |||
Shares repurchased, average price per share | $ 46.12 | ||||
Aggregate consideration for shares repurchased | $ 305.2 | ||||
Declaration date | May 2, 2017 | Feb. 22, 2017 | |||
Cash dividends declared per common share | $ 0.41 | $ 0.41 | $ 0.39 | $ 0.82 | $ 0.78 |
Dividend declaration, current payable | $ 4.8 | $ 4.8 |
Share Repurchase Program and 51
Share Repurchase Program and Dividends Schedule of Cash Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |||||
Declaration date | May 2, 2017 | Feb. 22, 2017 | |||
Record date | May 24, 2017 | Mar. 10, 2017 | |||
Payment date | Jul. 14, 2017 | Apr. 13, 2017 | |||
Cash dividends declared per common share | $ 0.41 | $ 0.41 | $ 0.39 | $ 0.82 | $ 0.78 |
Total dividend declaration amount | $ 4,847 | $ 4,813 |
Share-Based Compensation (Tab52
Share-Based Compensation (Tables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense included in operating income | $ 2,205 | $ 1,619 | $ 3,479 | $ 4,432 |
Tax benefit from share-based compensation expense | 864 | 611 | 1,350 | 1,674 |
Share-based compensation expense, net of tax | 1,341 | 1,008 | 2,129 | 2,758 |
Instructional costs and services [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense included in operating income | 240 | 163 | 428 | 371 |
Marketing and promotional [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense included in operating income | 257 | 206 | 468 | 389 |
Admissions advisory [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense included in operating income | 12 | 14 | 25 | 27 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense included in operating income | $ 1,696 | $ 1,236 | $ 2,558 | $ 3,645 |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Other Commitments [Line Items] | |||
Impairment of other investments | $ 0 | $ 0 | |
Health Care Commitment [Member] | |||
Other Commitments [Line Items] | |||
Cost Method Investments | 3,300 | $ 2,900 | |
Limited partnership remaining commitment amount | 1,300 | ||
Payments to acquire other investments | $ 400 | 100 | |
Limited Partner Ownership Interest | 3.00% | ||
Education Commitment [Member] | |||
Other Commitments [Line Items] | |||
Cost Method Investments | $ 3,100 | $ 3,100 | |
Limited partnership remaining commitment amount | 1,700 | ||
Payments to acquire other investments | $ 0 | $ 3,100 | |
Limited Partner Ownership Interest | 5.00% | ||
New Markets [Member] | |||
Other Commitments [Line Items] | |||
Limited partnership remaining commitment amount | $ 2,300 | ||
Payments to acquire other investments | $ 0 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | May 04, 2016 | Apr. 22, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Business Acquisition [Line Items] | ||||
Transaction costs | $ 1,400 | |||
Weighted-average useful life of acquired intangibles | 2 years 8 months 2 days | |||
Hackbright [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of shares acquired | 100.00% | |||
Cash payments to acquire businesses | $ 18,000 | |||
DevMountain contingent consideration liability | $ 0 | |||
DevMountain [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of shares acquired | 100.00% | |||
Cash payments to acquire businesses | $ 15,000 | |||
Maximum potential cash payment for contingent consideration | $ 5,000 | |||
Contingent consideration measurement period | 3 years | |||
DevMountain contingent consideration liability | $ 0 | $ 0 | $ 1,500 |
Acquisitions (Schedule of Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | May 04, 2016 | Apr. 22, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 23,331 | $ 23,310 | |||
Cash paid for acquisitions, net of cash acquired | 0 | $ 32,118 | |||
Hackbright [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 499 | ||||
Other assets | 407 | ||||
Goodwill | 12,659 | ||||
Deferred tax liability | (988) | ||||
Liabilities assumed | (788) | ||||
Total assets acquired and liabilities assumed, net | 17,989 | ||||
Less: Fair value of contingent consideration | 0 | ||||
Less: Cash acquired | (499) | ||||
Cash paid for acquisitions, net of cash acquired | 17,490 | ||||
Hackbright [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangibles, net | 800 | ||||
Hackbright [Member] | Course Content [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangibles, net | 900 | ||||
DevMountain [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 336 | ||||
Other assets | 745 | ||||
Goodwill | 10,672 | ||||
Deferred Tax Assets | 12 | ||||
Liabilities assumed | (418) | ||||
Total assets acquired and liabilities assumed, net | 14,947 | ||||
Less: Fair value of contingent consideration | 0 | $ 0 | $ 1,500 | ||
Less: Cash acquired | (336) | ||||
Cash paid for acquisitions, net of cash acquired | 14,611 | ||||
DevMountain [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangibles, net | 0 | ||||
DevMountain [Member] | Course Content [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangibles, net | 200 | ||||
Trade Name [Member] | Hackbright [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangibles | $ 4,500 | ||||
Trade Name [Member] | DevMountain [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangibles | $ 3,400 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance, net of tax | [1] | $ (93) | ||||
Other comprehensive income (loss) | 90 | |||||
Reclassification out of accumulated other comprehensive income (loss) to net income | $ 0 | $ 0 | 0 | $ 0 | ||
Accumulated other comprehensive income (loss), ending balance, net of tax | [1] | (3) | (3) | $ (93) | ||
Tax expense (benefit) included in AOCI | 52 | |||||
Foreign Currency Translation Loss [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance, net of tax | (6) | |||||
Other comprehensive income (loss) | 3 | |||||
Accumulated other comprehensive income (loss), ending balance, net of tax | (3) | (3) | (6) | |||
Unrealized Gain (Loss) on Marketable Securities [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Accumulated other comprehensive income (loss), beginning balance, net of tax | (87) | |||||
Other comprehensive income (loss) | 87 | |||||
Accumulated other comprehensive income (loss), ending balance, net of tax | $ 0 | $ 0 | $ (87) | |||
[1] | Accumulated other comprehensive loss is presented net of tax of $52 thousand as of December 31, 2016 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting [Line Items] | ||||
Revenues | $ 109,584 | $ 106,725 | $ 221,372 | $ 212,173 |
Operating income (loss) | 15,371 | 18,072 | 32,972 | 34,599 |
Other income (expense), net | 56 | 42 | 163 | 33 |
Income from continuing operations before income taxes | 15,427 | 18,114 | 33,135 | 34,632 |
Post-Secondary [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenues | 106,974 | 105,789 | 216,455 | 211,216 |
Operating income (loss) | 17,754 | 21,566 | 38,005 | 39,285 |
Job-Ready Skills [Member] | ||||
Segment Reporting [Line Items] | ||||
Revenues | 2,610 | 936 | 4,917 | 957 |
Operating income (loss) | $ (2,383) | $ (3,494) | $ (5,033) | $ (4,686) |
Regulatory Supervision And Ov58
Regulatory Supervision And Oversight (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Maximum [Member] | |
Schedule Of Regulatory Supervision And Oversight [Line Items] | |
Reauthorization of the Higher Education Act And Other Laws Governing Title IV Programs Approximate Period | 8 |
Minimum [Member] | |
Schedule Of Regulatory Supervision And Oversight [Line Items] | |
Reauthorization of the Higher Education Act And Other Laws Governing Title IV Programs Approximate Period | 5 |