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Leases

3 Months Ended

Mar. 31, 2025

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 three 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 $4,339 and $3,877 for the three-month periods ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the Company had $17,029 of non-cancelable operating lease commitments for four 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 7.44 years, with a weighted-average discount rate of 4.24%. The cash paid for operating lease liabilities was $4,053 and $3,541 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at March 31, 2025, by year and in the aggregate, are as follows:


Year Ending December 31,	Amount
2025	$	12,902
2026		17,093
2027		16,575
2028		16,414
2029		16,556
Thereafter		44,477
Total lease payments	$	124,017
Less interest		18,703
Present value of lease liabilities	$	105,314