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Leases

3 Months Ended

Mar. 31, 2021

8. Leases

The Company has operating leases for classroom site locations, office space, office equipment, and optical fiber communication lines. These leases have terms that range from 10 months to 10 years. At lease inception, we determine the lease term by assuming no exercises of renewal options, due to the Company’s constantly changing geographical needs for its university partners. Leases with an initial term of 12 months or less are not recorded in the consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. The

Company had operating lease costs of $2,435 and $1,441 for the three-month periods ended March 31, 2021 and 2020, respectively.

As of March 31, 2021, the Company had no non-cancelable operating lease commitments that had not yet commenced. The Company’s weighted-average remaining lease term relating to its operating leases is 8.36 years, with a weighted-average discount rate of 3.21%. As of March 31, 2021, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at March 31, 2021, by year and in the aggregate, are as follows:


Year Ending December 31,	Amount
Remainder of 2021	$	7,092
2022		8,992
2023		8,469
2024		7,967
2025		7,645
Thereafter		31,106
Total lease payments	$	71,271
Less interest		8,688
Present value of lease liabilities	$	62,583