PROPERTY, EQUIPMENT AND FACILITIES

6 Months Ended

Jun. 30, 2025

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

6.	PROPERTY, EQUIPMENT AND FACILITIES

As of June 30, 2025 and December 31, 2024, property, equipment and facilities consisted of the following:

	Useful life (years)		June 30, 2025			December 31, 2024
Land		-	$	52		$	52
Buildings and improvements		1-25		133,551			104,081
Equipment, furniture and fixtures		1-7		100,704			84,352
Vehicles		3		1,906			1,556
Construction in progress		-		58,397			54,763
				294,610			244,804
Less accumulated depreciation and amortization				(145,468	)		(141,271	)
			$	149,142		$	103,533

Property, equipment and facilities are recorded at cost, with depreciation expense included in our educational services and facilities and selling, general and administrative expenses in our Condensed Consolidated Statements of Operations.

The increase in property, equipment and facilities was driven by several factors, including a $35.8 million investment relating to the build-out of the new campuses (Nashville, Tennessee; Levittown, Pennsylvania; Houston, Texas and Hicksville, New York); $5.0 million in new and expanded programs at various campuses; and $12.2 million of facilities upgrades including security and branding, with the remainder focusing on training materials and equipment. Depreciation and amortization expense of property, equipment and facilities was $4.7 million and $3.3 million for the three months ended June 30, 2025 and 2024 and $8.5 million and $6.3 million for the six months ended June 30, 2025 and 2024, respectively.