XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 66,590 $ 92,687
Restricted cash included in funds held by trustee 4,034 3,639
Accounts receivable, net of allowance for doubtful accounts of $515 as of March 31, 2024 and $511 as of December 31, 2023 19,683 22,206
Contract asset, net (note 10) 124 1,417
Inventory 6,095 6,786
Prepaid expenses and deposits 16,142 17,387
Derivative instrument asset (note 4) 571 2,277
Deferred costs of fulfillment, current portion (note 11) 100,346 95,649
Income taxes recoverable 346 709
Total current assets 213,931 242,757
Deferred costs of fulfillment, long-term portion (note 11) 15,741 15,419
Investments 2,012 2,012
Restricted cash included in secured notes reserve funds 8,760 8,652
Property and equipment, net 350,397 339,644
Right of use lease asset 28,504 27,467
Contract costs 2,618 2,581
Intangible assets, net (note 5) 27,899 29,484
Goodwill (note 5) 130,410 130,410
Total assets 780,272 798,426
Current liabilities:    
Accounts payable 12,770 12,676
Accrued liabilities 36,040 35,356
Customer deposits 17,780 19,335
Operating lease liability, current portion (note 12) 5,518 5,397
Deferred revenue, current portion (note 10) 133,363 126,733
Accreditation fees payable 687 609
Income taxes payable 2,036 1,235
Total current liabilities 208,194 201,341
Deferred revenue, long-term portion (note 10) 21,744 21,350
Operating lease liability, long-term portion (note 12) 18,908 18,255
Syndicated revolver (note 6) 205,001 210,354
Notes payable (note 7) 223,791 222,895
Deferred tax liability 2,966 2,966
Stockholders' deficit (note 14)    
Common stock - no par value, 250,000,000 shares authorized; 10,928,623 shares issued and outstanding as of March 31, 2024 and 10,903,405 shares issued and outstanding as of December 31, 2023 (note 14) 35,035 34,373
Additional paid-in capital 15,370 14,072
Accumulated deficit (66,782) (40,298)
Accumulated other comprehensive income (note 4) 433 1,728
Total stockholders' deficit (15,944) 9,875
Total liabilities and stockholders' deficit 780,272 798,426
Contingencies (note 20)
Series A Preferred Units [Member]    
Current liabilities:    
Total Redeemable preferred units $ 115,612 $ 111,390