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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 159,470 $ 109,130
Restricted cash 21,309 22,623
Total cash, cash equivalents and restricted cash 180,779 131,753
Short-term investments 487,843 459,795
Total cash and cash equivalents, restricted cash and short-term investments 668,622 591,548
Student receivables, gross 80,724 63,925
Allowance for credit losses (39,422) (41,118)
Student receivables, net 41,302 22,807
Receivables, other 6,148 5,330
Prepaid expenses 15,877 16,910
Inventories 4,016 3,388
Other current assets 188 171
Total current assets 736,153 640,154
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $82,711 and $67,492 as of September 30, 2025 and December 31 2024, respectively 85,194 95,508
Right of use asset, net - operating 45,050 50,099
Right of use asset, net - finance 11,538 15,375
Goodwill 258,191 258,012
Intangible assets, net of amortization of $40,611 and $27,725 as of September 30, 2025 and December 31,2024, respectively 82,120 95,006
Student receivables, gross 9,358 8,597
Allowance for credit losses (4,490) (2,402)
Student receivables, net 4,868 6,195
Deferred income tax assets, net 68,774 68,774
Other assets 7,496 7,911
TOTAL ASSETS [1] 1,299,384 1,237,034
CURRENT LIABILITIES:    
Lease liability-operating 5,750 7,792
Lease liability-finance 5,334 5,466
Accounts payable 20,218 12,805
Accrued expenses:    
Payroll and related benefits 38,989 35,059
Advertising and marketing costs 7,588 8,135
Income taxes 10,670 4,926
Other 16,295 21,239
Deferred revenue 59,796 36,740
Total current liabilities 164,640 132,162
NON-CURRENT LIABILITIES:    
Lease liability-operating 46,014 50,224
Lease liability-finance 7,518 11,555
Sale lease-back financing 56,878  
Construction financing   56,500
Other liabilities 26,483 27,057
Total non-current liabilities 136,893 145,336
Commitments and Contingencies (Note 9)
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; 92,070,138 and 91,023,660 shares issued, 64,322,476 and 65,719,224 shares outstanding as of September 30, 2025 and December 31, 2024 respectively 921 910
Additional paid-in capital 717,385 707,212
Accumulated other comprehensive income 1,230 166
Retained earnings 692,761 595,672
Treasury stock, at cost; 27,747,662 and 25,304,436 shares as of September 30, 2025 and December 31, 2024,respectively (414,446) (344,424)
Total stockholders' equity 997,851 959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,299,384 $ 1,237,034
[1] Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between segments and corporate and other.