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Leases

6 Months Ended

Jun. 30, 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 7 months to 9.7 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 $4,862 and $3,055 for the six-month periods ended June 30, 2021 and 2020, respectively.

As of June 30, 2021, the Company had $4,183 of non-cancelable operating lease commitments for a classroom site location, that had not yet commenced. The Company’s weighted-average remaining lease term relating to its operating leases is 8.13 years, with a weighted-average discount rate of 3.17%. As of June 30, 2021, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at June 30, 2021, by year and in the aggregate, are as follows:


Year Ending December 31,	Amount
Remainder of 2021	$	4,556
2022		9,330
2023		8,851
2024		8,359
2025		8,047
Thereafter		31,727
Total lease payments	$	70,870
Less interest		8,346
Present value of lease liabilities	$	62,524