Consolidated Statements of Cash Flows June 30, 2024 and 2023 ($ in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: 2024 2023 Change in net assets $ 97,685 $ 73,241 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 45,530 46,237 Amortization of premiums and issuance costs related to bonds payable (2,080) (2,055) Noncash lease expense 22,293 21,815 Provision for doubtful accounts 8,802 6,547 Loss on disposal of equipment and buildings 325 507 Gain on sale of land (675) - Net realized (gain) loss on sale of investments (15,553) 1,173 Net unrealized gain on investments (31,307) (24,357) Contributions for investment and capital purchases (19,917) (12,384) Decrease (increase) in assets from prior year: Tuition and other receivables (9,318) (8,603) Pledges receivable (1,023) (2,987) Prepaid expenses and other current assets (433) (1,513) Foundation assets - 7,085 Contributions receivable from remainder trust and scholarship funds held in trust by others 1 9 Other assets 917 (2,137) Increase (decrease) in liabilities from prior year: Accounts payable and accrued liabilities (983) (9,932) Accrued insurance costs and other current liabilities 100 7,122 Deferred revenue 7,123 2,314 Operating lease liabilities (22,427) (22,679) Other liabilities (2,700) (1,527) Due to beneficiaries under remainder trusts and annuities (3) (6) Net cash provided by operating activities 76,357 77,870 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (56,592) (42,007) Sale of land 1,768 - Sales and maturities of investments 658,346 512,587 Purchases of investments (688,681) (557,003) Net cash used in investing activities (85,159) (86,423) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of debt (13,940) (13,460) Decrease in bond deposits with trustees - (13) Lease payments (1,656) (1,346) Contributions for investment and capital purchases 19,917 12,384 Net cash provided by (used in) financing activities 4,321 (2,435) Net (decrease) in cash, cash equivalents, and restricted cash (4,481) (10,988) Cash, cash equivalents, and restricted cash, beginning of year 55,394 66,382 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR $ 50,913 $ 55,394 Supplemental information: Interest paid, net of amounts capitalized $ 24,600 $ 26,345 Accrued capital expenditures $ 8,217 $ 3,335 See accompanying notes to consolidated financial statements. 15
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