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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 109,130 $ 118,009
Restricted cash 22,623 1,012
Total cash, cash equivalents and restricted cash 131,753 119,021
Short-term investments 459,795 485,135
Total cash and cash equivalents, restricted cash and short-term investments 591,548 604,156
Student receivables, gross 63,925 64,011
Allowance for credit losses (41,118) (34,613)
Student receivables, net 22,807 29,398
Receivables, other 5,330 4,539
Prepaid expenses 16,910 11,712
Inventories 3,388 5,004
Other current assets 171 155
Total current assets 640,154 654,964
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $67,492 and $58,785 as of December 31, 2024 and 2023, respectively [1] 95,508 21,371
Right of use assets, net - operating 50,099 19,096
Right of use assets, net - finance 15,375  
Goodwill 258,012 241,162
Intangible assets, net of amortization of $27,725 and $23,612 as of December 31, 2024 and 2023, respectively 95,006 36,219
Student receivables, gross 8,597 7,028
Allowance for credit losses (2,402) (3,169)
Student receivables, net 6,195 3,859
Deferred income tax assets, net 68,774 23,804
Other assets 7,911 6,841
TOTAL ASSETS [2] 1,237,034 1,007,316
CURRENT LIABILITIES:    
Lease liabilities - operating 7,792 5,701
Lease liabilities - finance 5,466  
Accounts payable 12,805 10,766
Accrued expenses:    
Payroll and related benefits 35,059 32,684
Advertising and marketing costs 8,135 7,196
Income taxes 4,926 3,974
Other 21,239 13,503
Deferred revenue 36,740 37,215
Total current liabilities 132,162 111,039
NON-CURRENT LIABILITIES:    
Lease liabilities - operating 50,224 21,346
Lease liabilities - finance 11,555  
Construction financing 56,500  
Other liabilities 27,057 33,510
Total non-current liabilities 145,336 54,856
Commitments and Contingencies (Note 12)
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized; 91,023,660 and 90,270,306 shares issued, 65,719,224 and 65,544,539 shares outstanding as of December 31, 2024 and 2023, respectively 910 903
Additional paid-in capital 707,212 694,798
Accumulated other comprehensive income (loss) 166 (666)
Retained earnings 595,672 480,606
Treasury stock, at cost, 25,304,436 and 24,725,767 shares as of December 31, 2024 and 2023, respectively (344,424) (334,220)
Total stockholders' equity 959,536 841,421
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,237,034 $ 1,007,316
[1] Property and equipment which were fully depreciated and no longer in use by the Company were retired during the years ended December 31, 2024 and 2023; therefore, both the cost of the asset and the related accumulated depreciation balances were reduced to zero for these assets.
[2] Total assets are presented on a consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.