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Leases

9 Months Ended

Sep. 30, 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 four months to 11 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 $13,306 and $12,350 for the nine-month periods ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, the Company had a $6,472 of non-cancelable operating lease commitments for one 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 7.43 years, with a weighted-average discount rate of 4.43%. The cash paid for operating lease liabilities was $12,720 and $11,054 for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at September 30, 2025, by year and in the aggregate, are as follows:


Year Ending December 31,	Amount
2025	$	4,391
2026		18,750
2027		18,151
2028		17,475
2029		17,363
Thereafter		55,137
Total lease payments	$	131,267
Less interest		20,739
Present value of lease liabilities	$	110,528