v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents, unrestricted $ 164,306 $ 110,970
Restricted cash 815 21,310
Total cash, cash equivalents and restricted cash 165,121 132,280
Short-term investments 514,840 511,211
Total cash and cash equivalents, restricted cash and short-term investments 679,961 643,491
Student receivables, gross 77,079 68,346
Allowance for credit losses (37,492) (41,149)
Student receivables, net 39,587 27,197
Receivables, other 6,958 5,037
Prepaid expenses 17,205 16,881
Inventories 3,277 4,049
Other current assets 357 208
Total current assets 747,345 696,863
NON-CURRENT ASSETS:    
Property and equipment, net of accumulated depreciation of $90,800 and $86,908 as of March 31, 2026 and December 31, 2025, respectively 80,990 83,314
Right of use asset, net - operating 41,518 43,290
Right of use asset, net - finance 8,980 10,259
Goodwill 265,697 265,697
Intangible assets, net of amortization of $48,961 and $44,786 as of March 31, 2026 and December 31, 2025, respectively 73,769 77,945
Student receivables, gross 9,182 9,073
Allowance for credit losses (4,242) (4,262)
Student receivables, net 4,940 4,811
Deferred income tax assets, net 57,438 57,438
Other assets 8,096 8,100
TOTAL ASSETS [1] 1,288,773 1,247,717
CURRENT LIABILITIES:    
Lease liability-operating 8,421 6,032
Lease liability-finance 5,584 5,458
Accounts payable 18,665 14,271
Accrued expenses:    
Payroll and related benefits 26,454 44,363
Advertising and marketing costs 7,095 7,838
Income taxes 19,751 5,627
Other 16,958 16,374
Deferred revenue 52,249 37,844
Total current liabilities 155,177 137,807
NON-CURRENT LIABILITIES:    
Lease liability-operating 41,499 43,752
Lease liability-finance 4,647 6,097
Sale lease-back financing 57,084 56,992
Other liabilities 30,457 30,657
Total non-current liabilities 133,687 137,498
Commitments and Contingencies (Note 8)
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; 92,825,317 and 92,072,703 shares issued, 62,703,133 and 62,478,373 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 928 921
Additional paid-in capital 724,243 720,574
Accumulated other comprehensive (loss) income (1,040) 1,070
Retained earnings 762,683 718,365
Treasury stock, at cost; 30,122,184 and 29,594,330 shares as of March 31, 2026 and December 31, 2025, respectively (486,905) (468,518)
Total stockholders' equity 999,909 972,412
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,288,773 $ 1,247,717
[1] Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.