Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Cash, Cash Equivalents, and Restricted Cash

The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of September 30, 2020 and 2021 (in thousands):


	As of September 30,
	2020		2021
Cash and cash equivalents	$	717,804	$	274,774
Restricted cash included in other current assets	347		11,559
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	718,651	$	286,833

Schedule of Tuition Receivable and Allowance for Credit Losses

The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2020 and September 30, 2021 (in thousands):


	December 31, 2020		September 30, 2021
Tuition receivable	$	99,942	$	136,401
Allowance for credit losses	(49,773)		(49,278)
Tuition receivable, net	$	50,169	$	87,123

Schedule of Allowance for Credit Losses

The following table illustrates changes in the Company’s allowance for credit losses for the three and nine months ended September 30, 2020 and 2021 (in thousands).


	For the three months ended September 30,				For the nine months ended September 30,
	2020		2021		2020		2021
Allowance for credit losses, beginning of period	$	42,956	$	49,591	$	30,931	$	49,773
Impact of adopting ASC 326	—		—		4,571		—
Additions charged to expense	11,169		10,291		34,316		30,850
Write-offs, net of recoveries	(9,268)		(10,604)		(24,961)		(31,345)
Allowance for credit losses, end of period	$	44,857	$	49,278	$	44,857	$	49,278

Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Earnings per Share

Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2021 (in thousands):


	For the three months ended September 30,		For the nine months ended September 30,
	2020	2021	2020	2021
Weighted average shares outstanding used to compute basic earnings per share	23,004	23,948	22,193	23,966
Incremental shares issuable upon the assumed exercise of stock options	12	4	16	5
Unvested restricted stock and restricted stock units	198	161	223	160
Shares used to compute diluted earnings per share	23,214	24,113	22,432	24,131

Anti-dilutive shares excluded from the diluted earnings per share calculation	123	377	42	293