v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,356 $ 1,944
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,214 3,345
Finance lease amortization 418 418
Amortization of deferred finance charges 35 40
Deferred income taxes   547
Loss (gain) on sale of assets 6 (220)
Fixed asset donations (93) (171)
Provision for credit losses 13,683 11,835
Stock-based compensation expense 1,444 1,205
(Increase) decrease in assets:    
Accounts receivable (17,951) (13,289)
Inventories 1,498 659
Prepaid income taxes 1,098  
Prepaid expenses and current assets 995 (3,243)
Other assets, net 725 1,230
Increase (decrease) in liabilities:    
Accounts payable 1,002 (8,070)
Accrued expenses (4,614) (3,137)
Unearned tuition (4,872) (1,785)
Income taxes payable   225
Other liabilities (378) 89
Total adjustments 210 (10,322)
Net cash provided by (used in) operating activities 4,566 (8,378)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (14,628) (19,889)
Proceeds from sale of property and equipment (6) 249
Net cash used in investing activities (14,634) (19,640)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings 33,000 0
Payments on borrowings (28,000) 0
Payment of deferred finance fees   (75)
Finance lease principal paid (101) (88)
Tenant allowance finance leases   1,196
Net share settlement for equity-based compensation (6,660) (3,633)
Net cash used in financing activities (1,761) (2,600)
NET DECREASE IN CASH AND CASH EQUIVALENTS (11,829) (30,618)
CASH AND CASH EQUIVALENTS —Beginning of period 28,519 59,273
CASH AND CASH EQUIVALENTS—End of period 16,690 28,655
Cash paid for:    
Interest 837 648
Income taxes 147 111
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Liabilities accrued for or noncash additions of fixed assets $ 5,178 $ 12,878