XML 39 R28.htm IDEA: XBRL DOCUMENT v3.25.3
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
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, 2024 and 2025 (in thousands):
As of September 30,
20242025
Cash and cash equivalents$195,889 $151,460 
Restricted cash included in other current assets11,232 8,551 
Restricted cash included in other assets500 500 
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$207,621 $160,511 
Schedule of Restrictions on Cash and Cash Equivalents
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, 2024 and 2025 (in thousands):
As of September 30,
20242025
Cash and cash equivalents$195,889 $151,460 
Restricted cash included in other current assets11,232 8,551 
Restricted cash included in other assets500 500 
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$207,621 $160,511 
Schedule of Tuition Receivable and Allowance for Credit Losses
The Company’s current tuition receivable and allowance for credit losses were as follows as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Tuition receivable$127,012 $164,649 
Allowance for credit losses(50,885)(49,767)
Tuition receivable, net$76,127 $114,882 
Schedule of Allowance for Credit Losses
The following table illustrates changes in the Company’s current and non-current allowance for credit losses for the three and nine months ended September 30, 2024 and 2025 (in thousands).
For the three months ended September 30,
For the nine months ended September 30,
2024202520242025
Allowance for credit losses, beginning of period$46,787 $44,325 $47,605 $46,185 
Additions charged to expense13,793 14,967 39,418 40,547 
Write-offs, net of recoveries(15,044)(13,595)(41,487)(41,035)
Allowance for credit losses, end of period$45,536 $45,697 $45,536 $45,697 
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, 2024 and 2025 (in thousands):
For the three months ended September 30,
For the nine months ended September 30,
2024202520242025
Weighted average shares outstanding used to compute basic earnings per share23,422 22,584 23,418 22,937 
Incremental shares issuable upon the assumed exercise of stock options5 1 5 1 
Unvested restricted stock and restricted stock units746 624 714 659 
Shares used to compute diluted earnings per share24,173 23,209 24,137 23,597 
Anti-dilutive shares excluded from the diluted earnings per share calculation— 250 — 200