v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net (loss) income $ 31,557 $ 16,113 $ (47,286)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 16,148 19,303 27,816
Amortization and write-off of debt issuance costs 1,341 1,480 1,631
Stock-based compensation 8,352 7,668 7,740
Equity investment loss 0 4,407 5,236
Deferred income taxes 8,135 4,049 (16,005)
Loss on assets held for sale 1,527 1,618 2,425
Loss on disposal of long-lived assets 444 383 554
Loss on sale of subsidiary 2,550 0 0
Impairment of goodwill and intangible assets 0 0 64,000
Changes in operating assets and liabilities:      
Accounts receivable, net of allowance for bad debt (5,324) (11,492) (8,620)
Prepaid expenses (761) (716) (1,623)
Income tax receivable/payable (2,509) (475) 2,397
Operating lease assets, net 19 2,723 3,193
Other assets (1,167) (1,111) (259)
Accounts payable (1,852) (816) 4,855
Accrued compensation and benefits 1,926 3,835 1,701
Accrued liabilities (275) 2,259 (2,311)
Deferred revenue and student deposits 1,854 (356) 70
Net cash provided by operating activities 61,965 48,872 45,514
Investing activities      
Cash outlay from sale of subsidiary (2,294) 0 0
Capital expenditures (15,864) (21,082) (13,895)
Proceeds from the sale of real property 22,959 0 123
Net cash (used in) provided by investing activities 4,801 (21,082) (13,772)
Financing activities      
Cash paid for repurchase of common/restricted stock (4,262) (4,238) (10,739)
Preferred stock dividends paid (2,751) (6,056) (6,005)
Cash received from exercise of stock options 1,210 67 0
Cash paid for redemption of preferred stock (43,192) 0 0
Cash paid for principal on borrowings and finance leases (213) (2,964) (114)
Net cash used in financing activities (49,208) (13,191) (16,858)
Net increase in cash, cash equivalents, and restricted cash 17,558 14,599 14,884
Cash, cash equivalents, and restricted cash at beginning of period 158,941 144,342 129,458
Cash, cash equivalents, and restricted cash at end of period 176,499 158,941 144,342
Supplemental disclosures of cash flow information      
Interest paid 9,644 10,725 10,603
Income taxes paid $ 6,516 $ 6,304 $ 2,417