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Leases

12 Months Ended

Dec. 31, 2021

9. Leases

The Company has operating leases for off-campus classroom and laboratory site locations, office space, office equipment, and optical fiber communication lines. These leases have terms that range from 4 months to 10.75 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 has operating lease costs of $9,723, $7,594 and $4,084 for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021, the Company had $5,672 of non-cancelable operating lease commitments for two off-campus classroom and laboratory sites that had not yet commenced. The Company’s weighted-average remaining lease term relating to its operating leases is 7.95 years, with a weighted-average discount rate of 3.06%. As of December 31, 2021, the Company had no financing leases.

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


Year Ending December 31,	Amount
2022	$	9,085
2023		8,931
2024		8,439
2025		8,128
2026		8,012
Thereafter		26,294
Total lease payments	$	68,889
Less interest		7,708
Present value of lease liabilities	$	61,181