The University generated $84.1 million in cash from operating activities in fiscal year 2010 compared to $61.2 million in 2009. Cash provided by operations in 2010 and 2009 resulted from net income plus non cash charges for provision for bad debts, depreciation and amortization, settlement losses, exit costs, share-based compensation and improvement in working capital management. Capital expenditures in 2010 of $62.6 million were primarily related to the expansion of our physical campus and significant investments in technology innovation to support our students and staff. In 2010, the University completed construction on a 55,000 square foot recreation center for both student-athletes and on-campus students, a new dormitory that can hold up to 600 students, and a new College of Education classroom building. The University started development on a 140,000 square foot arena that will open in September 2011, and a new 500 bed dormitory and a food court each of which that will be completed in August 2011. During 2009, cash used in investing activities was primarily related to the acquisition of our campus land and buildings in the amount of $35.5 million. Other capital expenditures in 2009 were $24.8 million and primarily consisted of purchases of computer equipment, leasehold improvements, infrastructure licenses to facilitate our transition from Datatel to CampusVue and Great Plains, and office furniture and fixtures to support our increasing employee headcounts, and a significant increase in internal use software development. Cash used in financing activities in 2010 of $1.2 million primarily represented principal payments on notes payable and capital leases partially offset by proceeds from option exercises. Cash provided by financing activities for the year ended December 31, 2009 was $24.7 million which was primarily driven from proceeds from our secondary offering of $14.9 million net of issuance costs and proceeds from debt financing associated with the acquisition of our campus land and buildings of $25.5 million, partially offset by the repurchase of shares of our common stock of $14.5 million. 

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