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Finance and Operating Leases | 12 Months Ended
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Jun. 30, 2026
Finance and Operating Leases |
Finance and Operating Leases | 6. Finance and Operating Leases Finance Leases The Company is a lessee under finance leases for computers and peripherals under agreements with Banc of America Leasing & Capital, LLC (“BALC”) and CSI Leasing, Inc. (“CSI Leasing”). As of June 30, 2026 and 2025, the finance lease liability was $116.9 million and $86.9 million, respectively, with lease interest rates ranging from 4.12% to 6.72%. As of June 30, 2026 and 2025, the balance of the associated right-of-use assets was $95.3 million and $69.5 million, respectively. The right-of-use asset is recorded within property and equipment, net on the consolidated balance sheets. Lease amortization expense associated with the Company’s finance leases is recorded within both instructional costs and services and selling, general, and administrative expenses on the consolidated statements of operations. The Company entered into agreements with BALC and CSI Leasing in April 2020 and August 2022, respectively, to provide financing for its computers and peripherals. Individual leases with BALC include 36-month payment terms, fixed rates ranging from 4.75% to 6.72%, and a $1 purchase option at the end of each lease term. The Company has pledged the assets financed to secure the outstanding leases. Individual leases under the agreement with CSI Leasing include 36-month payment terms, but do not include a stated interest rate. The Company uses its incremental borrowing rate as the implied interest rate and the total lease payments to calculate its lease liability. ​ The following is a summary, as of June 30, 2026 and 2025, respectively, of the present value of the net minimum lease payments under the Company’s finance leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ | 2026 | ​ | 2025
2026 | ​ | $ | — | ​ | $ | 45,781
2027 | ​ | ​ | 64,471 | ​ | ​ | 33,864
2028 | ​ | ​ | 42,580 | ​ | ​ | 12,095
2029 | ​ | ​ | 15,356 | ​ | ​ | 297
2030 | ​ | ​ | 373 | ​ | ​ | —
Total minimum payments | ​ | ​ | 122,780 | ​ | ​ | 92,037
Less: imputed interest | ​ | ​ | (5,848) | ​ | ​ | (5,154)
Finance lease liability | ​ | ​ | 116,932 | ​ | ​ | 86,883
Less: current portion of finance lease liability | ​ | ​ | (60,477) | ​ | ​ | (42,316)
Long-term finance lease liability | ​ | $ | 56,455 | ​ | $ | 44,567
​ Operating Leases The Company is a lessee under operating leases for various facilities to support the Company’s operations. As of June 30, 2026 and 2025, the operating lease liability was $11.1 million and $46.6 million, respectively. As of June 30, 2026 and 2025, the balance of the associated right-of-use assets was $7.3 million and $16.0 million, respectively. The right-of-use asset is recorded within deposits and other assets on the consolidated balance sheets. Lease expense associated with the Company’s operating leases is recorded within both instructional costs and services and selling, general, and administrative expenses on the consolidated statements of operations. ​ Individual operating leases range in terms of 1 to 7 years and expire on various dates through fiscal year 2034 and the minimum lease payments are discounted using the Company’s incremental borrowing rate. The following is a summary as of June 30, 2026 and 2025, respectively, of the present value of the minimum lease payments under the Company’s operating leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ | 2026 | ​ | 2025
​ | ​ | (in thousands)
2026 | ​ | $ | — | ​ | $ | 12,957
2027 | ​ | ​ | 3,128 | ​ | ​ | 8,942
2028 | ​ | ​ | 2,066 | ​ | ​ | 7,957
2029 | ​ | ​ | 1,684 | ​ | ​ | 7,776
2030 | ​ | ​ | 1,590 | ​ | ​ | 7,878
2031 | ​ | ​ | 1,406 | ​ | ​ | 4,748
Thereafter | ​ | ​ | 2,443 | ​ | ​ | —
Total minimum payments | ​ | ​ | 12,317 | ​ | ​ | 50,258
Less: imputed interest | ​ | ​ | (1,264) | ​ | ​ | (3,703)
Operating lease liability | ​ | ​ | 11,053 | ​ | ​ | 46,555
Less: current portion of operating lease liability | ​ | ​ | (2,737) | ​ | ​ | (11,391)
Long-term operating lease liability | ​ | $ | 8,316 | ​ | $ | 35,164
​ The Company was subleasing one of its facilities through December 2025. Sublease income is recorded as an offset to the related lease expense within both instructional costs and services and selling, general, and administrative expenses on the consolidated statements of operations. In December 2025, the Company signed an agreement with the landlord of its San Francisco lease to terminate the lease prior its expiration date and recorded a lease termination gain of $14.3 million as a result of eliminating its remaining lease liability and right-of-use asset. The lease termination gain is recorded within instructional costs and services within the consolidated statements of operations. ​ The following is a summary of the Company’s lease cost, weighted-average remaining lease term, weighted-average discount rate and certain other cash flows as it relates to its operating and finance leases for the years ended June 30, 2026, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended June 30, | ​
​ | ​ | 2026 | ​ | 2025 | ​ | 2024 | ​
​ | ​ | (in thousands) | ​
Lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instructional costs and services: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 52,326 | ​ | $ | 37,400 | ​ | $ | 31,099 | ​
Selling, general, and administrative expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 918 | ​ | $ | 237 | ​ | $ | — | ​
Interest on lease liabilities | ​ | ​ | 5,686 | ​ | ​ | 4,280 | ​ | ​ | 2,639 | ​
Operating lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Instructional costs and services: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | ​ | 3,867 | ​ | ​ | 9,154 | ​ | ​ | 9,605 | ​
Short-term lease cost | ​ | ​ | 82 | ​ | ​ | 83 | ​ | ​ | 56 | ​
Sublease income | ​ | ​ | (126) | ​ | ​ | (262) | ​ | ​ | (328) | ​
Selling, general, and administrative expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | ​ | 1,318 | ​ | ​ | 4,077 | ​ | ​ | 6,019 | ​
Short-term lease cost | ​ | ​ | 94 | ​ | ​ | 93 | ​ | ​ | 150 | ​
Sublease income | ​ | ​ | — | ​ | ​ | (149) | ​ | ​ | (491) | ​
Total lease cost | ​ | $ | 64,165 | ​ | $ | 54,913 | ​ | $ | 48,749 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other information | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | (16,943) | ​ | $ | (12,396) | ​ | $ | (14,990) | ​
Financing cash flows from finance leases | ​ | ​ | (56,856) | ​ | ​ | (41,469) | ​ | ​ | (40,919) | ​
Right-of-use assets obtained in exchange for new finance lease liabilities | ​ | ​ | 82,500 | ​ | ​ | 68,995 | ​ | ​ | 35,652 | ​
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | ​ | 1,325 | ​ | ​ | 1,012 | ​ | ​ | 864 | ​
Weighted-average remaining lease term - finance leases | ​ | ​ | 2.00 | yrs. | ​ | 2.07 | yrs. | ​ | 2.02 | yrs.
Weighted-average remaining lease term - operating leases | ​ | ​ | 5.58 | yrs. | ​ | 5.13 | yrs. | ​ | 5.66 | yrs.
Weighted-average discount rate - finance leases | ​ | ​ | 4.71 | % | ​ | 5.34 | % | ​ | 5.62 | %
Weighted-average discount rate - operating leases | ​ | ​ | 4.05 | % | ​ | 2.95 | % | ​ | 2.92 | %
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