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 2 a n d 2 0 2 1 ($ in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: 2022 2021 Change in net assets $ (11,934) $ 126,327 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 48,231 58,392 Amortization of premiums and issuance costs related to bonds payable (2,106) (2,310) Noncash lease expense 17,082 14,200 Provision for doubtful accounts 2,868 4,471 Loss on disposal of equipment and buildings 717 349 Net realized gain on sale of securities (5,105) (3,975) Net unrealized loss (gain) on securities 78,487 (37,060) Contributions for investment and capital purchases (4,270) (27,704) Decrease (increase) in assets from prior year: Tuition and other receivables (10,005) (1,635) Pledges receivable 8,492 (9,161) Prepaid expenses and other current assets (579) 3,087 Foundation assets 1,757 (1,986) Contributions receivable from remainder trust and scholarship funds held in trust by others 59 (36) Other assets 3,002 (683) Increase (decrease) in liabilities from prior year: Accounts payable and accrued liabilities (3,167) 15,481 Accrued insurance costs and other current liabilities 5,059 (6,397) Deferred revenue 5,870 241 Operating lease liabilities (17,552) (10,643) Other liabilities 744 (2,328) Due to beneficiaries under remainder trusts and annuities (6) (19) Net cash provided by operating activities 117,644 118,611 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (25,945) (27,107) Sales and maturities of investments 251,122 346,002 Purchases of investments (500,101) (440,895) Net cash used in investing activities (274,924) (122,000) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt 150,000 - Repayment of debt (13,525) (12,260) Decrease in bond deposits with trustees 1,374 3,401 Lease payments (1,257) (1,314) Financing costs (1,389) - Contributions for investment and capital purchases 4,270 27,704 Net cash provided by financing activities 139,473 17,531 Net (decrease) increase in cash, cash equivalents, and restricted cash (17,807) 14,142 Cash, cash equivalents, and restricted cash, beginning of year 84,189 70,047 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR $ 66,382 $ 84,189 Supplemental information: Interest paid, net of amounts capitalized $ 19,587 $ 17,816 Accrued capital expenditures $ 3,418 $ 2,814 See accompanying notes to consolidated financial statements. 15
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