13 unchanged sentences
(LOPE), Houghton Mifflin Harcourt Company (HMHC), Stride Inc.
−Removed: (LRN), Laureate Education, Inc.
+Added: (formerly K12, Inc.) (LRN), Laureate Education, Inc.
(LAUR), Pearson PLC (PSO), Perdoceo Education Corporation (PRDO), and Zovio, Inc.
−Removed: The peer group no longer includes American Public Education, Inc.
−Removed: is still included in the peer group but under its new name Stride, Inc.
At present, there is no comparative index for the education industry.
−Removed: This graph is not deemed to be “soliciting material” or to be filed with the SEC or subject to the SEC’s proxy rules or to the liabilities of Section 18 of the Securities Exchange Act, and the graph shall not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act or the Securities Exchange Act.
+Added: This graph is not deemed to be “soliciting material” or to be filed with the SEC or subject to the SEC’s proxy rules or to the liabilities of Section 18 of the Exchange Act, and the graph shall not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act or the Exchange Act.
Comparison of 60 Month Cumulative Total Return*
30 unchanged sentences
2020 1,769 139.78 0.2
−Removed: Total 5,704,223 $ 124.25 $ 708.7
−Removed: During the three months ended March 31, 2020, we invested $0.2 million to repurchase shares of common stock under
−Removed: our repurchase program.
−Removed: We did not make any open market share repurchases in 2014 through 2019 or in the remainder of 2020.
−Removed: In 2020, we withheld 39,323 shares of restricted stock, at an average price per share of $161.88 and in 2019, we withheld 37,596 shares of restricted stock, at an average price per share of $154.06, to satisfy tax obligations related to restricted stock awards.
−Removed: Selected Financial Data
−Removed: The following table sets forth, for the periods and at the dates indicated, selected consolidated financial and operating data.
−Removed: The financial information has been derived from our consolidated financial statements.
−Removed: Our results of operations include the results of ANZ and CEC from November 3, 2020 and August 1, 2018, respectively, and prior periods do not include the financial results of ANZ and CEC prior to November 3, 2020 and August 1, 2018, respectively.
−Removed: The information set forth below is qualified by reference to and should be read in conjunction with our consolidated financial statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other information included elsewhere or incorporated by reference in this Annual Report on Form 10-K.
−Removed: Year Ended December 31,
2021 76,969 76.72 5.9
−Removed: (Dollar and share amounts in thousands, except per share data)
−Removed: Income Statement Data:
−Removed: Revenues $ 441,088 $ 454,851 $ 634,185 $ 997,137 $ 1,027,653
−Removed: Costs and expenses:
−Removed: Instructional and support costs 259,931 268,943 371,542 530,604 532,661
−Removed: General and administration 126,898 129,332 194,035 272,411 295,231
−Removed: Amortization of intangible assets — — 25,694 61,667 64,225
−Removed: Merger and integration costs — 11,879 45,745 21,923 13,770
−Removed: Restructuring costs — — — — 12,382
−Removed: Fair value adjustments and impairment of intangible assets (3,213) (7,512) 19,909 — —
−Removed: Total costs and expenses 383,616 402,642 656,925 886,605 918,269
−Removed: Income (loss) from operations 57,472 52,209 (22,740) 110,532 109,384
−Removed: Other income (expense) (180) 437 3,601 13,192 4,573
−Removed: Income (loss) before income taxes 57,292 52,646 (19,139) 123,724 113,957
−Removed: Provision (benefit) for income taxes 22,490 32,034 (3,468) 42,586 27,689
−Removed: Net income (loss) $ 34,802 $ 20,612 $ (15,671) $ 81,138 $ 86,268
−Removed: Net income (loss) per share:
−Removed: Basic $ 3.28 $ 1.93 $ (1.03) $ 3.73 $ 3.81
−Removed: Diluted $ 3.21 $ 1.84 $ (1.03) $ 3.67 $ 3.77
−Removed: Weighted average shares outstanding:
−Removed: Basic 10,610 10,678 15,190 21,725 22,633
−Removed: 10,845 11,199 15,190 22,097 22,860
−Removed: Depreciation and amortization $ 17,817 $ 18,733 $ 54,543 $ 104,861 $ 109,154
−Removed: Stock-based compensation expense $ 10,767 $ 11,627 $ 15,532 $ 12,160 $ 14,610
−Removed: Capital expenditures $ 13,161 $ 18,051 $ 27,547 $ 38,689 $ 46,812
−Removed: Cash dividends per common share (paid) $ — $ 1.00 $ 1.50 $ 2.10 $ 2.40
−Removed: Average enrollment (b)
−Removed: 40,260 42,748 62,196 90,597 95,889
−Removed: Strayer University Campuses (c)
−Removed: 74 71 72 77 64
−Removed: Full-time employees (d)
−Removed: 1,542 1,389 3,017 3,076 3,679
−Removed: At December 31,
−Removed: 2016 2017 2018 2019 2020
−Removed: (In thousands)
−Removed: Balance Sheet Data:
−Removed: Cash, cash equivalents, and marketable securities $ 129,245 $ 155,933 $ 386,531 $ 491,200 $ 225,336
−Removed: Working capital (e)
−Removed: 100,704 121,282 295,230 367,346 86,070
−Removed: Total assets 298,696 321,278 1,661,029 1,789,408 2,295,807
−Removed: Long-term debt — — — — 141,823
−Removed: Other long-term liabilities 50,483 43,015 110,674 169,950 205,613
−Removed: Total liabilities 110,322 112,081 235,805 326,698 547,488
−Removed: Total stockholders’ equity 188,374 209,197 1,425,224 1,462,710 1,748,319
−Removed: __________________________________________________________________________
−Removed: (a) Diluted weighted average shares outstanding include common shares issued and outstanding, and the dilutive impact of restricted stock, restricted stock units, and outstanding stock options using the Treasury Stock Method.
−Removed: (b) Reflects average student enrollment for Strayer University for the four academic terms for each year indicated, for Capella University since August 1, 2018, and for ANZ since November 3, 2020.
−Removed: (c) Reflects number of Strayer University campuses offering classes as of December 31 of each year indicated.
−Removed: (d) Reflects full-time employees, including full-time faculty, as of December 31 of each year indicated.
−Removed: (e) Working capital is calculated by subtracting current liabilities from current assets.
+Added: Total 5,781,192 $ 123.61 $ 714.6
+Added: We did not make any share repurchases in 2014 through 2019 or during the three months ended December 31, 2021 under our repurchase program.
+Added: In 2021, 2020 and 2019, we withheld 32,619, 39,323, and 37,596 shares of restricted stock, respectively, at an average price per share of $86.07, $161.88, and $154.06, respectively, to satisfy tax obligations related to restricted stock awards.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.