v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 172,075 $ 109,130
Restricted cash 21,602 22,623
Total cash, cash equivalents and restricted cash 193,677 131,753
Short-term investments 465,912 459,795
Total cash and cash equivalents, restricted cash and short-term investments 659,589 591,548
Student receivables, gross 71,322 63,925
Allowance for credit losses (38,094) (41,118)
Student receivables, net 33,228 22,807
Receivables, other 9,171 5,330
Prepaid expenses 16,384 16,910
Inventories 2,635 3,388
Other current assets 200 171
Total current assets 721,207 640,154
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $78,231 and $67,492 as of June 30, 2025 and December 31, 2024, respectively 87,708 95,508
Right of use asset, net - operating 46,786 50,099
Right of use asset, net - finance 12,817 15,375
Goodwill 258,191 258,012
Intangible assets, net of amortization of $36,354 and $27,725 as of June 30, 2025 and December 31, 2024, respectively 86,377 95,006
Student receivables, gross 9,062 8,597
Allowance for credit losses (4,220) (2,402)
Student receivables, net 4,842 6,195
Deferred income tax assets, net 68,774 68,774
Other assets 7,685 7,911
TOTAL ASSETS [1] 1,294,387 1,237,034
CURRENT LIABILITIES:    
Lease liability-operating 5,442 7,792
Lease liability-finance 5,214 5,466
Accounts payable 16,644 12,805
Accrued expenses:    
Payroll and related benefits 31,356 35,059
Advertising and marketing costs 6,689 8,135
Income taxes 5,970 4,926
Other 15,785 21,239
Deferred revenue 81,699 36,740
Total current liabilities 168,799 132,162
NON-CURRENT LIABILITIES:    
Lease liability-operating 48,230 50,224
Lease liability-finance 8,886 11,555
Sale lease-back financing 56,766  
Construction financing   56,500
Other liabilities 27,075 27,057
Total non-current liabilities 140,957 145,336
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; 92,041,041 and 91,023,660 shares issued, 64,953,379 and 65,719,224 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 920 910
Additional paid-in capital 713,940 707,212
Accumulated other comprehensive income 722 166
Retained earnings 662,856 595,672
Treasury stock, at cost; 27,087 and 25,304,436 shares as of June 30, 2025 and December 31, 2024, respectively (393,807) (344,424)
Total stockholders' equity 984,631 959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,294,387 $ 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.