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Leases

3 Months Ended

Mar. 31, 2024

7. Leases

The Company has operating leases for off-campus classroom and laboratory sites, office space, office equipment, and optical fiber communication lines. These leases have remaining lease terms that range from two months to 10 years and one month. 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 $3,877 and $3,018 for the three-month periods ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, the Company had $29,578 of non-cancelable operating lease commitments for five 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 7.79 years, with a weighted-average discount rate of 3.9%. The cash paid for operating lease liabilities was $3,541 and $2,600 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at March 31, 2024, by year and in the aggregate, are as follows:


Year Ending December 31,	Amount
2024	$	11,025
2025		14,808
2026		14,808
2027		14,080
2028		13,835
Thereafter		45,261
Total lease payments	$	113,817
Less interest		16,520
Present value of lease liabilities	$	97,297