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Leases

6 Months Ended

Jun. 30, 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 one month to 10 years and 8 months. 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 $8,037 and $6,170 for the six-month periods ended June 30, 2024 and 2023, respectively.

As of June 30, 2024, the Company had $18,281 of non-cancelable operating lease commitments for three 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 7.93 years, with a weighted-average discount rate of 4.14%. The cash paid for operating lease liabilities was $7,279 and $5,389 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at June 30, 2024, by year and in the aggregate, are as follows:


Year Ending December 31,	Amount
2024	$	7,580
2025		16,557
2026		16,748
2027		16,067
2028		15,870
Thereafter		57,191
Total lease payments	$	130,013
Less interest		20,534
Present value of lease liabilities	$	109,479