Co n s o l i d a t e d S t a t eme n t s o f C a s h F l ows J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 ($ in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: 2023 2022 Change in net assets $ 73,241 $ (11,934) Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation expense and amortization of finance lease right-of-use assets 46,237 48,231 Amortization of premiums and issuance costs related to bonds payable (2,055) (2,106) Noncash lease expense 21,815 17,082 Provision for doubtful accounts 6,547 2,868 Loss on disposal of equipment and buildings 507 717 Net realized loss (gain) on sale of securities 1,173 (5,105) Net unrealized (gain) loss on securities (24,357) 78,487 Contributions for investment and capital purchases (12,384) (4,270) Decrease (increase) in assets from prior year: Tuition and other receivables (8,603) (10,005) Pledges receivable (2,987) 8,492 Prepaid expenses and other current assets (1,513) (579) Foundation assets 7,085 1,757 Contributions receivable from remainder trust and scholarship funds held in trust by others 9 59 Other assets (2,137) 3,002 Increase (decrease) in liabilities from prior year: Accounts payable and accrued liabilities (9,932) (3,167) Accrued insurance costs and other current liabilities 7,122 5,059 Deferred revenue 2,314 5,870 Operating lease liabilities (22,679) (17,552) Other liabilities (1,527) 744 Due to beneficiaries under remainder trusts and annuities (6) (6) Net cash provided by operating activities 77,870 117,644 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (42,007) (25,945) Sales and maturities of investments 512,587 251,122 Purchases of investments (557,003) (500,101) Net cash used in investing activities (86,423) (274,924) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt - 150,000 Repayment of debt (13,460) (13,525) Decrease in bond deposits with trustees (13) 1,374 Lease payments (1,346) (1,257) Financing costs - (1,389) Contributions for investment and capital purchases 12,384 4,270 Net cash (used in) provided by financing activities (2,435) 139,473 Net (decrease) in cash, cash equivalents, and restricted cash (10,988) (17,807) Cash, cash equivalents, and restricted cash, beginning of year 66,382 84,189 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR $55,394 $66,382 Supplemental information: Interest paid, net of amounts capitalized $ 26,345 $ 19,587 Accrued capital expenditures $ 3,335 $ 3,418 See accompanying notes to consolidated financial statements. 15
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