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us-gaap:CorporateNonSegmentMember 2026-01-01 2026-03-31 0001286613 us-gaap:CorporateNonSegmentMember 2025-01-01 2025-03-31 shares iso4217:USD iso4217:USD shares linc:Campus linc:State linc:Segment linc:Lease pure linc:Vote linc:Plan 10-Q true 2026-03-31 2026 false 000-51371 LINCOLN EDUCATIONAL SERVICES CORPORATION NJ 57-1150621 14 Sylvan Way, Suite A 07054 Parsippany NJ 973 736-9340 Common Stock, no par value per share LINC NASDAQ Yes Yes Accelerated Filer false false false 31720728 16690000 28519000 44971000 43975000 41734000 36929000 2488000 3986000 501000 1599000 8127000 8127000 6863000 7872000 76403000 87032000 154578000 148067000 179352000 171603000 25706000 26371000 20711000 21248000 267000 302000 21668000 21668000 151209000 154223000 24657000 25075000 10742000 10742000 1725000 1271000 230979000 234529000 486734000 493164000 39287000 44159000 28253000 27023000 13816000 18430000 10445000 10634000 498000 463000 92299000 100709000 160089000 162113000 30518000 30654000 5000000 0 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-4614000 -3137000 -4872000 -1785000 225000 -378000 89000 210000 -10322000 4566000 -8378000 14628000 19889000 -6000 249000 -14634000 -19640000 33000000 0 28000000 0 75000 -101000 -88000 1196000 6660000 3633000 -1761000 -2600000 -11829000 -30618000 28519000 59273000 16690000 28655000 837000 648000 147000 111000 5178000 12878000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">1.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt; color: rgb(0, 0, 0);"> <span style="font-weight: bold; font-style: italic;">Business Activities</span>— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, recently entered into leases for two new campuses: one in Hicksville, New York, with programs expected to begin by the end of 2026, and one in Rowlett, Texas, a northern suburb of Dallas, where the lease commenced in the fourth quarter of 2025, and programs are expected to begin in the first quarter of 2027. The Company offers programs in skilled trades,<span> automotive, health sciences and information technology</span>. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Most of the Company’s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (“the DOE”) and applicable state education agencies and accrediting commissions, which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc., which opened its first campus in Newark, New Jersey in 1946.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><b><i><span style="font-size: 10pt;">Basis of Presentation</span></i></b><span style="font-size: 10pt;"> – The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations. These financial statements, which should be read in conjunction with the December 31, 2025 audited Consolidated Financial Statements and notes thereto and related disclosures of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”), reflect all adjustments, consisting of normal recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods. The results of operations for the three months ended March 31, 2026<span>,</span> are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026.</span></div><div style="font-size: 10pt;"> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company’s business is organized into two reportable business segments: Campus Operations and Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of the campuses continuing in operation are classified in this segment. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out, in addition to campuses that are held-for sale. As of March 31, 2026, no campuses were classified in the Transitional segment.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Use of Estimates in the Preparation of Financial Statements</span><span style="color: rgb(0, 0, 0);"> – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans, stock-based compensation, and certain accruals. Actual results could differ from those estimates.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Start-up Costs</span><span style="color: rgb(0, 0, 0); font-weight: bold;">—</span><span style="color: rgb(0, 0, 0);">Costs related to the start of new campuses are expensed as incurred.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">New Accounting Pronouncements</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In November 2024, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (“ASU”) 2024-03, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220</span><span style="color: rgb(0, 0, 0);">): </span><span style="color: rgb(0, 0, 0); font-style: italic;">Disaggregation of Income Statement Expenses</span><span style="color: rgb(0, 0, 0);">, which requires additional disclosure of certain amounts included in the expense captions presented on the statements of operations, as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application for periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In September 2025, the FASB issued ASU 2025-06, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Intangibles Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. </span><span style="color: rgb(0, 0, 0);">The ASU amends the internal-use software cost capitalization model by eliminating stage-based rules and introduces new capitalization criteria based on management authorization and the probability of project completion. This ASU also clarifies the treatment of software development uncertainty and incorporates guidance on website development costs. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. We do not expect this ASU to have a material impact on our Condensed Consolidated Financial Statements.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> In December 2025, the FASB issued ASU 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, which clarifies the guidance in Topic 270 to improve the consistency and navigability of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events occurring since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim Condensed Consolidated Financial Statements and disclosures.</div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Income Taxes</span><span style="color: rgb(0, 0, 0);">— The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Income Taxes</span><span style="color: rgb(0, 0, 0);"> (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In accordance with ASC 740, the Company assesses its deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our Condensed Consolidated Financial Statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods.</span> </div> <div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the three months ended March 31, 2026<span>,</span> and 2025, we did not record any interest and penalties expense associated with uncertain tax positions, as we did not have any uncertain tax positions.</span></div><div style="font-size: 10pt;"> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">On July 4, 2025, the U.S. enacted legislation which generally extends the tax provisions enacted in 2017 that were set to expire at the end of 2025 and makes other changes to federal tax law for multinational corporations. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the financial results of operations for the current year.</span> </div> <div style="font-size: 10pt; color: rgb(0, 0, 0);"> <span style="font-weight: bold; font-style: italic;">Business Activities</span>— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, recently entered into leases for two new campuses: one in Hicksville, New York, with programs expected to begin by the end of 2026, and one in Rowlett, Texas, a northern suburb of Dallas, where the lease commenced in the fourth quarter of 2025, and programs are expected to begin in the first quarter of 2027. The Company offers programs in skilled trades,<span> automotive, health sciences and information technology</span>. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Most of the Company’s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (“the DOE”) and applicable state education agencies and accrediting commissions, which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc., which opened its first campus in Newark, New Jersey in 1946.</span> </div> 22 12 2 5 <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><b><i><span style="font-size: 10pt;">Basis of Presentation</span></i></b><span style="font-size: 10pt;"> – The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations. These financial statements, which should be read in conjunction with the December 31, 2025 audited Consolidated Financial Statements and notes thereto and related disclosures of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”), reflect all adjustments, consisting of normal recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods. The results of operations for the three months ended March 31, 2026<span>,</span> are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026.</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company’s business is organized into two reportable business segments: Campus Operations and Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of the campuses continuing in operation are classified in this segment. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out, in addition to campuses that are held-for sale. As of March 31, 2026, no campuses were classified in the Transitional segment.</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.</span> </div> 2 0 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Use of Estimates in the Preparation of Financial Statements</span><span style="color: rgb(0, 0, 0);"> – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans, stock-based compensation, and certain accruals. Actual results could differ from those estimates.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Start-up Costs</span><span style="color: rgb(0, 0, 0); font-weight: bold;">—</span><span style="color: rgb(0, 0, 0);">Costs related to the start of new campuses are expensed as incurred.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">New Accounting Pronouncements</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In November 2024, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (“ASU”) 2024-03, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220</span><span style="color: rgb(0, 0, 0);">): </span><span style="color: rgb(0, 0, 0); font-style: italic;">Disaggregation of Income Statement Expenses</span><span style="color: rgb(0, 0, 0);">, which requires additional disclosure of certain amounts included in the expense captions presented on the statements of operations, as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application for periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements.</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In September 2025, the FASB issued ASU 2025-06, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Intangibles Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. </span><span style="color: rgb(0, 0, 0);">The ASU amends the internal-use software cost capitalization model by eliminating stage-based rules and introduces new capitalization criteria based on management authorization and the probability of project completion. This ASU also clarifies the treatment of software development uncertainty and incorporates guidance on website development costs. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. We do not expect this ASU to have a material impact on our Condensed Consolidated Financial Statements.</span></div><div style="font-size: 10pt;"> In December 2025, the FASB issued ASU 2025-11, <span style="font-style: italic;">Interim Reporting (Topic 270): Narrow-Scope Improvements</span>, which clarifies the guidance in Topic 270 to improve the consistency and navigability of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events occurring since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim Condensed Consolidated Financial Statements and disclosures.</div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Income Taxes</span><span style="color: rgb(0, 0, 0);">— The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Income Taxes</span><span style="color: rgb(0, 0, 0);"> (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In accordance with ASC 740, the Company assesses its deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our Condensed Consolidated Financial Statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods.</span> </div><div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the three months ended March 31, 2026<span>,</span> and 2025, we did not record any interest and penalties expense associated with uncertain tax positions, as we did not have any uncertain tax positions.</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">On July 4, 2025, the U.S. enacted legislation which generally extends the tax provisions enacted in 2017 that were set to expire at the end of 2025 and makes other changes to federal tax law for multinational corporations. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the financial results of operations for the current year.</span> </div> 0 0 0 0 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">2.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">NET EARNINGS PER COMMON SHARE</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Basic and diluted earnings per share (“EPS”) are calculated in accordance with ASC 260, Earnings Per Share (“ASC 260”), which specifies the computation, presentation and disclosure requirements for EPS. Under ASC 260, basic EPS excludes all dilutive Common Stock equivalents. It is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution from employee incentive plans during the period.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">The weighted average number of common shares used to compute basic and diluted earnings per share for the three months ended March 31, 2026<span>,</span> and 2025 were as follows:</span></div><div style="font-size: 10pt;"> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center; width: 1%;"> </td><td colspan="6" style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three Months Ended <br/><span style="text-decoration-thickness: initial; float: none; display: inline !important;">March 31,</span></span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center; width: 1%;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center; width: 1%;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Weighted average shares outstanding - basic </div> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">31,129,929</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">30,809,306</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Dilutive effect of Restricted Stock </div> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">202,022</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">264,398</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Weighted average shares outstanding - diluted </div> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">31,331,951</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">31,073,704</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">The weighted average number of common shares used to compute basic and diluted earnings per share for the three months ended March 31, 2026<span>,</span> and 2025 were as follows:</span></div><div style="font-size: 10pt;"> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center; width: 1%;"> </td><td colspan="6" style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three Months Ended <br/><span style="text-decoration-thickness: initial; float: none; display: inline !important;">March 31,</span></span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center; width: 1%;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; text-align: center; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center; width: 1%;"> <span style="font-weight: bold;">2025</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Weighted average shares outstanding - basic </div> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">31,129,929</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">30,809,306</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Dilutive effect of Restricted Stock </div> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">202,022</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">264,398</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Weighted average shares outstanding - diluted </div> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">31,331,951</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">31,073,704</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 31129929 30809306 202022 264398 31331951 31073704 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">3.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">REVENUE RECOGNITION</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Substantially all of our revenues are considered to be revenues from contracts with students. We determine standalone selling price based on the price at which the distinct services or goods are sold separately. The related accounts receivable balances are recorded in our balance sheets as student accounts receivable. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our unearned tuition. We record revenue for students who withdraw from our schools only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. In addition, to reduce the amount of outstanding accounts receivable balances due from our students, the Company employs a continuous collection effort. Unearned tuition represents contract liabilities primarily related to our tuition revenue. We have elected not to provide disclosure about transaction prices allocated to unsatisfied performance obligations if the original contract durations are less than one-year, or if we have the right to consideration from a student in an amount that corresponds directly with the value provided to the student for performance obligations completed to date in accordance with ASC Topic 606, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Revenue from Contracts with Customers</span><span style="color: rgb(0, 0, 0);">. We have assessed the costs incurred to obtain a contract with a student and determined them to be immaterial.</span></div> <div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">Unearned tuition in the amount of $39.3 million and $44.2 million is recorded in the current liabilities section of the accompanying Condensed Consolidated Balance Sheets as of March 31, 2026<span>,</span> and December 31, 2025, respectively. The change in this contract liability balance during the three months ended March 31, 2026, is the result of payments received in advance of satisfying performance obligations, offset by revenue recognized during that period. Revenue recognized for the three months ended March 31, 2026, that was included in the contract liability balance at the beginning of the year was $38.8 million.</span></div><div style="font-size: 10pt;"> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following table depicts the timing of revenue recognition:</span> </div> <div style="font-size: 10pt;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended<br/> March 31, 2026</span> </td><td style="vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Campus</span> <span style="font-weight: bold;"><br/>Operations</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"><br/></td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; width: 1%; vertical-align: bottom;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated</span></td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Timing of Revenue Recognition</span> </div> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: middle;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Services transferred at a point in time </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8,944</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8,944</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Services transferred over time </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">135,013</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">135,013</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Total revenues</span> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143,957</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143,957</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 0px; font-size: 0px;"> <td style="vertical-align: middle; font-size: 0px; width: 76%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended <br/>March 31, 2025</span> </td><td style="vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; width: 1%; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Campus</span> <br/> <span style="font-weight: bold;">Operations</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">Consolidated</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Timing of Revenue Recognition</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Services transferred at a point in time </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">7,001</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">7,001</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Services transferred over time </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">110,505</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">110,505</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Total revenues</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">117,506</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">117,506</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 39300000 44200000 38800000 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following table depicts the timing of revenue recognition:</span> </div> <div style="font-size: 10pt;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended<br/> March 31, 2026</span> </td><td style="vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Campus</span> <span style="font-weight: bold;"><br/>Operations</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"><br/></td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; width: 1%; vertical-align: bottom;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated</span></td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Timing of Revenue Recognition</span> </div> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align: middle;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Services transferred at a point in time </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8,944</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">8,944</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Services transferred over time </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">135,013</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">135,013</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Total revenues</span> </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143,957</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">143,957</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 0px; font-size: 0px;"> <td style="vertical-align: middle; font-size: 0px; width: 76%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended <br/>March 31, 2025</span> </td><td style="vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; width: 1%; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Campus</span> <br/> <span style="font-weight: bold;">Operations</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%; text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">Consolidated</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Timing of Revenue Recognition</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Services transferred at a point in time </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">7,001</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">7,001</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Services transferred over time </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">110,505</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">110,505</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Total revenues</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">117,506</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">117,506</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 8944000 8944000 135013000 135013000 143957000 143957000 7001000 7001000 110505000 110505000 117506000 117506000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">4.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">LEASES</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company enters into contracts to utilize office space, educational facilities, and various items of equipment under lease agreements and accounts for them in accordance with ASC 842, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Leases </span><span style="color: rgb(0, 0, 0);">(“ASC 842”). To determine whether a contract contains a lease, the Company assesses whether there is an identified asset and whether the Company has the right to control its use throughout the period of use. The Company classifies leases as either operating or finance leases at lease commencement date in accordance with ASC 842. As required under ASC 842, the Company recognizes a ROU asset and a corresponding lease liability on the balance sheet, measured at the present value of lease payments over the term of the lease. An operating lease ROU asset represents the Company’s right to use the underlying asset during the lease term and the corresponding lease liability represents its obligation to make lease payments. Operating lease ROU assets and liabilities are amortized over the lease term, with lease expense recognized on a straight-line basis within operating expenses in the Condensed Consolidated Statement of Operations. Finance lease arrangements result in separate recognition of interest expense on the lease liability using the effective interest method and amortization expense of the ROU asset on a straight-line basis over the lease term, in addition to principal payments.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">As the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. We estimate the incremental borrowing rate based on a yield curve analysis, utilizing the interest rate derived from the fair value analysis of our credit facility and adjusting it for factors that appropriately reflect the profile of secured borrowing over the expected term of the lease. The operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Our leases have remaining lease terms of 1 year to 20 years. Lease terms may include options to extend the lease term used in determining the lease obligation when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term for operating leases.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following table presents components of lease cost and classification on the Condensed Consolidated Statements of Operations:</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 0px; font-size: 0px;"> <td style="vertical-align: middle; font-size: 0px; width: 39%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 36%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three Months Ended</span> <span style="font-weight: bold;"><br/>March 31,</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> <div> <span style="font-weight: bold;">in thousands</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> <div> <span style="font-weight: bold;">Consolidated Statement of <br/>Operations Classification</span> </div> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; width: 1%; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; width: 1%; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Operating lease cost </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Selling, general and administrative </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">5,819</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">4,989</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Finance lease cost </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Amortization of leased assets </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Educational services and facilities </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">418</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">418</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Interest on lease liabilities </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Interest expense </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">592</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">582</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Variable lease cost </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Selling, general and administrative </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">253</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">216</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">7,082</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">6,205</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">The net change in ROU asset and operating lease liability is included in the net change in other assets in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026<span>,</span> and 2025.</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The net change in ROU asset and finance lease liability is split between principal payments, interest expense and amortization expense. Principal payments are classified in the financing section, interest expense is included in net income and amortization expense is broken out separately in the operating section of the Consolidated Statements of Cash Flows.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Supplemental cash flow information and non-cash activity related to our leases are as follows:</span> </div> <div style="font-size: 10pt;">  </div><table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; white-space : nowrap; "> <td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="6" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended<br/> March 31,</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; vertical-align: middle;"> <div> <span style="font-weight: bold;">Cash flow information:</span> </div> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; vertical-align: middle;"> <div> Cash paid for amounts included in the measurement of lease liabilities </div> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: middle;"> <div> Operating Cash Flows - operating leases </div> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 5,019 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 4,783 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0px; vertical-align: middle;"> <div> Operating Cash Flows - finance leases </div> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 592 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 582 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: middle;"> <div> Financing Cash Flows - finance leases </div> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 102 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> (1,108 </td> <td style="padding: 0px; vertical-align: bottom;"> <div> ) </div> </td> </tr> </table><div> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">During the three months ended March 31, 2026, the Company did not enter into any new leases. There were no lease modifications during the three months ended March 31, 2026.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Weighted-average remaining lease term and discount rate for our leases are as follows: </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table style="border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 100%; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle; text-align: center;"><br/></td><td colspan="5" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: 700; float: none; display: inline !important;">As of<br/></span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> <td style="width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> <td style="width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Weighted-average remaining lease term </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0.25pt; vertical-align: middle;"> <div> Operating leases </div> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 13 years </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 13 years </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Finance leases </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 15 years </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 16 years </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Weighted-average discount rate </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0.25pt; vertical-align: middle;"> <div> Operating leases </div> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 6.62 </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> <div> % </div> </td> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 6.59 </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> <div> % </div> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Finance leases </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 7.67 </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> % </div> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 7.69 </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> % </div> </td> </tr> </table> <div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">Maturities of lease liabilities by fiscal year for our leases as of March 31, 2026<span>,</span> are as follows:</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="line-height: 0em; vertical-align: middle; padding-left: 20px;"> <div> </div> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; font-size: 0px; width: 1%; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">   <span style="font-size: 13.3333px; font-weight: 700; letter-spacing: normal; white-space: nowrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Operating <br/>Leases</span></td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"><span style="font-weight: 700; letter-spacing: normal; white-space: nowrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Finance<br/> Leases</span>   </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"><span style="letter-spacing: normal; text-decoration: underline; float: none; display: inline !important;">Year ending December 31,</span></td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: middle; text-align: left; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> 2026 (excluding the three months ending March 31, 2026) </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">16,180</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2,123</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> 2027 </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">21,416</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2,918</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> 2028 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">22,314</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,023</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> 2029 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">20,621</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,132</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> 2030 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">17,918</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,244</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> 2031 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">16,775</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,361</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Thereafter </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">140,886</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">36,813</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Total lease payments </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">256,110</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">54,614</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Less: imputed interest </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(85,576</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(23,598</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: middle; background-color: rgb(255, 255, 255);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Present value of lease liabilities</span></td> <td style="vertical-align: middle; border-bottom: 2px solid transparent; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;">$</td> <td style="vertical-align: middle; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">170,534</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; border-bottom: 2px solid transparent; width: 1%;"> </td> <td style="vertical-align: middle; border-bottom: 2px solid transparent; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;">$</td> <td style="vertical-align: middle; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">31,016</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; border-bottom: 2px solid transparent; width: 1%;"> </td> </tr> </table> P1Y P20Y <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following table presents components of lease cost and classification on the Condensed Consolidated Statements of Operations:</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 0px; font-size: 0px;"> <td style="vertical-align: middle; font-size: 0px; width: 39%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 36%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three Months Ended</span> <span style="font-weight: bold;"><br/>March 31,</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> <div> <span style="font-weight: bold;">in thousands</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle;"> <div> <span style="font-weight: bold;">Consolidated Statement of <br/>Operations Classification</span> </div> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; width: 1%; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; width: 1%; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Operating lease cost </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Selling, general and administrative </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">5,819</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">4,989</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Finance lease cost </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 9%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Amortization of leased assets </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Educational services and facilities </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">418</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">418</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Interest on lease liabilities </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Interest expense </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">592</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">582</td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Variable lease cost </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> <div> Selling, general and administrative </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">253</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">216</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">7,082</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">6,205</td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 5819000 4989000 418000 418000 592000 582000 253000 216000 7082000 6205000 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Supplemental cash flow information and non-cash activity related to our leases are as follows:</span> </div> <div style="font-size: 10pt;">  </div><table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align : top; white-space : nowrap; "> <td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="6" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended<br/> March 31,</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; vertical-align: middle;"> <div> <span style="font-weight: bold;">Cash flow information:</span> </div> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; vertical-align: middle;"> <div> Cash paid for amounts included in the measurement of lease liabilities </div> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: middle;"> <div> Operating Cash Flows - operating leases </div> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 5,019 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 4,783 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0px; vertical-align: middle;"> <div> Operating Cash Flows - finance leases </div> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 592 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 582 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0px; vertical-align: middle;"> <div> Financing Cash Flows - finance leases </div> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 102 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> (1,108 </td> <td style="padding: 0px; vertical-align: bottom;"> <div> ) </div> </td> </tr> </table> 5019000 4783000 592000 582000 -102000 1108000 0 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Weighted-average remaining lease term and discount rate for our leases are as follows: </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table style="border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 100%; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle; font-size: 0;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle; text-align: center;"><br/></td><td colspan="5" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: 700; float: none; display: inline !important;">As of<br/></span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">March 31,</span> </td><td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> <td style="width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> <td style="width: 9%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="width: 1%; border-width: medium; border-style: none; border-color: currentcolor; padding: 0.25pt 0.25pt 0.4pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Weighted-average remaining lease term </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0.25pt; vertical-align: middle;"> <div> Operating leases </div> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 13 years </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 13 years </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Finance leases </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 15 years </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 16 years </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Weighted-average discount rate </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 9%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding: 0.25pt; vertical-align: middle;"> <div> Operating leases </div> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 6.62 </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> <div> % </div> </td> <td style="padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 6.59 </td> <td style="width: 1%; padding: 0.25pt; vertical-align: middle;"> <div> % </div> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> Finance leases </div> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 7.67 </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> % </div> </td> <td style="padding: 0; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> </td> <td style="width: 9%; padding: 0.25pt; vertical-align: middle; text-align: right;"> 7.69 </td> <td style="padding: 0; width: 1%; padding-top: 0.25pt; padding-bottom: 0.25pt; padding-left: 0.25pt; padding-right: 0.25pt; vertical-align: middle;"> <div> % </div> </td> </tr> </table> P13Y P13Y P15Y P16Y 0.0662 0.0659 0.0767 0.0769 <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">Maturities of lease liabilities by fiscal year for our leases as of March 31, 2026<span>,</span> are as follows:</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="line-height: 0em; vertical-align: middle; padding-left: 20px;"> <div> </div> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; font-size: 0px; width: 1%; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">   <span style="font-size: 13.3333px; font-weight: 700; letter-spacing: normal; white-space: nowrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Operating <br/>Leases</span></td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"><span style="font-weight: 700; letter-spacing: normal; white-space: nowrap; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Finance<br/> Leases</span>   </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"><span style="letter-spacing: normal; text-decoration: underline; float: none; display: inline !important;">Year ending December 31,</span></td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: middle; text-align: left; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"> <div> 2026 (excluding the three months ending March 31, 2026) </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">16,180</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2,123</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom;"> <div> 2027 </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">21,416</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">2,918</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> 2028 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">22,314</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,023</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> 2029 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">20,621</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,132</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> 2030 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">17,918</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,244</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> 2031 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">16,775</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">3,361</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Thereafter </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">140,886</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">36,813</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Total lease payments </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">256,110</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">54,614</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Less: imputed interest </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(85,576</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(23,598</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: middle; background-color: rgb(255, 255, 255);"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Present value of lease liabilities</span></td> <td style="vertical-align: middle; border-bottom: 2px solid transparent; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;">$</td> <td style="vertical-align: middle; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">170,534</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; border-bottom: 2px solid transparent; width: 1%;"> </td> <td style="vertical-align: middle; border-bottom: 2px solid transparent; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;">$</td> <td style="vertical-align: middle; text-align: right; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">31,016</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; text-align: left; border-bottom: 2px solid transparent; width: 1%;"> </td> </tr> </table> 16180000 2123000 21416000 2918000 22314000 3023000 20621000 3132000 17918000 3244000 16775000 3361000 140886000 36813000 256110000 54614000 85576000 23598000 170534000 31016000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">5.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">GOODWILL AND LONG-LIVED ASSETS</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company reviews the carrying value of its long-lived assets and identifiable intangibles annually, or more frequently if necessary, for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. For other long-lived assets, including ROU lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated are less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">When we perform the quantitative impairment test for long-lived assets, we examine estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values.</span></div> <div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">During the three months ended March 31, 2026<span>,</span> and 2025, there were no impairments of goodwill or long-lived assets.</span></div><div style="font-size: 10pt;"> Changes in the carrying amount of goodwill during the three months ended March 31, 2026 are as follows: </div> <div style="font-size: 10pt;">   </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Gross<br/>Goodwill<br/>Balance</span></td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Accumulated<br/>Impairment<br/>Losses</span></td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Net<br/>Goodwill<br/>Balance</span></td> <td style="vertical-align: middle; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Balance as of December 31, 2025 </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">117,176</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">(106,434</td> <td style="vertical-align: middle; width: 1%; text-align: left;">)</td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">10,742</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Adjustments </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">-</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">-</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;"> -</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Balance as of March 31, 2026 </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">117,176</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">(106,434</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double transparent;">)</td> <td style="vertical-align: middle; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">10,742</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"></td> </tr> </table> 0 0 0 0 <div style="font-size: 10pt;"> Changes in the carrying amount of goodwill during the three months ended March 31, 2026 are as follows: </div> <div style="font-size: 10pt;">   </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Gross<br/>Goodwill<br/>Balance</span></td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Accumulated<br/>Impairment<br/>Losses</span></td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td colspan="2" style="vertical-align: middle; width: 1%; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Net<br/>Goodwill<br/>Balance</span></td> <td style="vertical-align: middle; width: 1%;"> </td> </tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Balance as of December 31, 2025 </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">117,176</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">(106,434</td> <td style="vertical-align: middle; width: 1%; text-align: left;">)</td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">10,742</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Adjustments </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">-</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">-</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;"> -</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Balance as of March 31, 2026 </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">117,176</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">(106,434</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double transparent;">)</td> <td style="vertical-align: middle; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">10,742</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"></td> </tr> </table> 117176000 106434000 10742000 0 0 117176000 106434000 10742000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">6.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">PROPERTY, EQUIPMENT AND FACILITIES</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">As of March 31, 2026<span>,</span> and December 31, 2025, property, equipment and facilities consisted of the following:</span></div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 64%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.5pt solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">Useful life<br/> (years)</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.5pt solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">March 31,<br/> 2026</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.5pt solid rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">December 31,<br/> 2025</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Land </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;">-</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">52</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">52</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Buildings and improvements </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;">1-25</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 185,868 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 183,770 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Equipment, furniture and fixtures </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;"> 1-7</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 123,308 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 119,681 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Vehicles </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;">3</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,979</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,979</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Construction in progress </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;"> -</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">22,723</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">14,188</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">333,930</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">319,670</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Less accumulated depreciation and amortization </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(154,578</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(148,067</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">179,352</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">171,603</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">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.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The increase in property, equipment and facilities was driven by several factors, including an $8.6 million investment relating to the build-out of the new campuses in Houston, Texas, Rowlett, Texas and Hicksville, New York; $0.4 million in new and expanded programs at various campuses; and $5.4 million of facilities upgrades including security and campus upgrades/refurbishments, with the remainder relating to training materials and equipment. Depreciation and amortization expense of property, equipment and facilities was $7.6 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively, which includes amortization of finance leases of $0.4 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.</span></div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;">As of March 31, 2026<span>,</span> and December 31, 2025, property, equipment and facilities consisted of the following:</span></div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 64%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.5pt solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">Useful life<br/> (years)</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.5pt solid rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">March 31,<br/> 2026</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 1.5pt solid rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">December 31,<br/> 2025</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Land </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;">-</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">52</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">52</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Buildings and improvements </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;">1-25</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 185,868 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 183,770 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Equipment, furniture and fixtures </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;"> 1-7</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 123,308 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> 119,681 </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Vehicles </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;">3</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,979</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">1,979</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Construction in progress </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: center;"> -</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">22,723</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">14,188</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">333,930</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">319,670</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Less accumulated depreciation and amortization </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(154,578</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(148,067</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">179,352</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">171,603</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 52000 52000 P1Y P25Y 185868000 183770000 P1Y P7Y 123308000 119681000 P3Y 1979000 1979000 22723000 14188000 333930000 319670000 154578000 148067000 179352000 171603000 8600000 400000 5400000 7600000 3800000 400000 400000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">7.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">LONG-TERM DEBT</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Credit Facility</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">On February 16, 2024, the Company entered into a secured credit agreement (the “Credit Agreement”) with Fifth Third Bank, National Association<span style="text-decoration: underline;">,</span> pursuant to which the Company, as borrower, obtained a revolving credit facility in the aggregate principal amount of $40.0 million, including a $10.0 million letter of credit sublimit and a $20.0 million accordion feature (the “Facility”), the proceeds of which are to be used for working capital, general corporate and certain other permitted purposes. The initial term of the Facility was 36 months, maturing on February 16, 2027. </span></div><div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">On July 18, 2024, the Company entered into a first amendment (the “First Amendment”) to the Credit Agreement. Among other things, the First Amendment effected certain modifications to (i) clarify certain representations and affirmative covenants of the Company, (ii) clarify certain conditions to each advance, (iii) clarify and/or replace certain events of default and (iv) delete or revise certain definitions in order to harmonize them with the other modifications made. The First Amendment also contained customary releases, representations, warranties, and reaffirmations consistent with the original terms of the Credit Agreement. Except as set forth above, the First Amendment did not materially alter the Credit Agreement.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">On March 11, 2025, the Company entered into a second amendment (the “Second Amendment”) to the Credit Agreement, which increased the aggregate principal amount available under the Facility from $40.0 million to $60.0 million. The Second Amendment also expanded the accordion feature from $20.0 million to $25.0 million and extended the maturity date of the Facility from February 16, 2027 to March 7, 2028. Except as set forth above, the Second Amendment did not materially alter the Credit Agreement.</span></div><div> On April 13, 2026, the Company entered into an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) with the lenders referred to therein (the “Lenders”), including Fifth Third Bank, National Association as lender and as administrative agent, joint lead arranger, and joint bookrunner (the “Bank”), and Flagstar Bank, N.A., Provident Bank and Santander Bank, N.A. as lenders and as joint lead arrangers and joint bookrunners. The Amended and Restated Credit Agreement, which replaces the Credit Agreement, provides the Company, as borrower, with a revolving credit facility in the aggregate principal amount of $125 million, with a $10 million letter of credit sublimit and a $25 million accordion feature, and extends the maturity date from March 7, 2028<span style="text-decoration:underline; text-underline:single; color:green; ">,</span> to April 11, 2031<span style="text-decoration:underline; text-underline:single; color:green; "> </span>(the “Amended and Restated Facility”). The proceeds of the Amended and Restated Facility may be used for working capital, general corporate and certain other permitted purposes.</div><div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The Amended and Restated Facility is guaranteed by the Company’s wholly-owned subsidiaries and is secured by a first-priority lien in favor of <span>Fifth Third</span> Bank<span>, National Association</span>, for the benefit of the Lenders, on substantially all of the personal property owned by the Company and its subsidiaries pursuant to an amended and restated guaranty and security agreement, dated as of April 13, 2026.  </span></div><div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Each advance under the Amended and Restated Facility will bear interest on the outstanding principal amount thereof from the date when made at an interest rate determined, at the election of the Company, at either the tranche rate (which is the forward-looking Secured Overnight Financing Rate (SOFR) for one or three months), or the base rate (which is a variable per annum rate, as of any date of determination, equal to the prime rate), plus an applicable margin. The applicable margin is determined pursuant to a pricing grid, which for loans subject to the tranche rate varies from 1.50% to 2.25%, and, for loans subject to the base rate varies from 0.50% to 1.25%. The applicable margin may change quarterly based on the total leverage ratio at such time. The total leverage ratio is determined with respect to the Company and its subsidiaries on a consolidated basis for an applicable quarterly period by dividing the aggregate principal amount of various forms of borrowed indebtedness as of the last day of a determination period by EBITDA (earnings before interest expense, taxes, depreciation and amortization) for such period.  Interest is payable in arrears, either quarterly or monthly, depending on the Company’s interest rate election, with the principal due at maturity.</span></div><div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Amended and Restated Credit Agreement contains various customary representations, warranties and affirmative, negative and financial covenants, as well as events of default customary for facilities of this type.</span></div> <div style="font-size: 10pt;"> </div> <div style="margin: 0in; font-size: 12pt; color: rgb(0, 0, 0);"><span style="font-size: 10pt;"><span>In connection with the</span> Credit Agreement, the Company has incurred a total of approximately $0.6 million in bank and legal fees consisting of approximately $0.5 million to execute the <span>Facility</span> and an additional $0.1 million relating to the Second Amendment.  Currently, these fees have been capitalized and are being amortized over the term of the Second Amendment to the Credit Agreement. Similarly, any additional bank and legal fees incurred in connection with the execution of the Amended and Restated Credit Agreement as well as previously capitalized costs will be capitalized and amortized over the term of the Amended and Restated Credit Agreement.</span></div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">For the three months ended March 31, 2026, interest paid in connection with the Credit Agreement was approximately $0.2 million and was not material for the three months ended March 31, 2025.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt;mso-bidi-font-size:12.0pt"> </span></div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">As of March 31, 2026, the Company had $5.0 million outstanding under the Facility, which has now been repaid in connection with the replacement of the Facility by the Amended and Restated Facility.</span></div> 40000000 10000000 20000000 P36M 40000000 60000000 20000000 25000000 125000000 10000000 25000000 P1M P3M 0.015 0.0225 0.005 0.0125 quarterly or monthly 600000 500000 100000 200000 5000000 <table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="padding: 0; width: 27pt;"> <div> <span style="color: rgb(0, 0, 0); font-weight: bold;">8.</span> </div> </td> <td style="padding: 0;"> <div> <span style="color: rgb(0, 0, 0); font-weight: bold;">STOCKHOLDERS’ EQUITY</span> </div> </td> </tr> </table> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">As of March 31, 2026, the Company had 100,000,000 shares of Common Stock authorized of which 31,696,582 shares were issued and outstanding. Holders of our Common Stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. The Company has not declared or paid any cash dividends on our Common Stock since the Company’s Board of Directors discontinued our quarterly cash dividend program in February 2015. The Company currently has no intentions of resuming the payment of cash dividends in the foreseeable future.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Long-Term Incentive Plan</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company currently maintains one active stock incentive plan, the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan (the “LTIP”).</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">On March 26, 2020, the Board of Directors adopted the LTIP to provide an incentive to certain directors, officers and employees of the Company to align their interests in the Company’s success with those of its shareholders through the grant of equity-based awards. On June 16, 2020, the shareholders of the Company approved the LTIP. The LTIP is administered by the Compensation Committee of the Board of Directors, or such other qualified committee appointed by the Board of Directors, which, among other duties, has the full power and authority to take all actions and make all determinations required or provided for under the LTIP. Pursuant to the LTIP, the Company may grant options, share appreciation rights, restricted shares, restricted share units, incentive stock options, and nonqualified stock options. Under the LTIP, employees may surrender shares to satisfy applicable income tax withholding on the vested Restricted Stock. The LTIP has a duration of 10 years. On February 23, 2023, the Board of Directors approved, subject to shareholder approval, an amendment of the LTIP to increase the aggregate number of shares available under the LTIP from 2,000,000 shares to 4,000,000 shares. The amendment was approved and adopted by the shareholders at the Annual Meeting of Shareholders held on May 5, 2023.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Time-Based and Performance-Based Restricted Stock Awards</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">We provide stock-based compensation to employees, officers and directors in the form of awards of restricted stock (the “Restricted Stock Awards”) under our LTIP, which are conditioned upon either continued service (the “Time-Based Restricted Stock Awards”) or both continued service and achievement of performance goals (the “Performance-Based Restricted Stock Awards” or “Performance-Based Restricted Stock Shares”). Performance-Based Restricted Stock Shares granted prior to 2025, are eligible to vest only upon achievement of at least 100% of the performance target, with no shares vesting unless the target is met. In 2025, the Company granted Performance-Based Restricted Stock Shares to employees, officers, and directors that vest based on the percentage of Adjusted EBITDA achieved for the year. Under such grants, no shares vest in the event that less than 80% of the target is achieved; vesting begins at 25% for 80% achievement and increases on a linear scale up to 200% vesting for achievement of 120% or more of the target. In 2025, the Company also granted Performance-Based Restricted Stock Shares to certain executives that vest based on the achievement of a specified percentage of target Adjusted EBITDA for fiscal year 2027. Under such grants, no shares vest in the event that less than 90% of the target is achieved; vesting begins at 25% for 90% achievement and increases on a linear scale up to 100% vesting for achievement of 100% or more of the target.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Compensation Committee believes that a combination of Time-Based Restricted Stock Awards and Performance-Based Restricted Stock Awards, of which performance-based awards comprise 50% of the total, is well-designed to align the interests of directors, officers and employees with those of shareholders by tying compensation to the achievement of the Company’s long-term performance goals.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company accounts for Restricted Stock Awards in accordance with ASC 718 - </span><span style="color: rgb(0, 0, 0); font-style: italic;">Compensation-Stock Compensation</span><span style="color: rgb(0, 0, 0);">, recognizing compensation expense based on the grant-date fair value of our Common Stock. Expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period, and for performance-based awards, only to the extent that it is probable the performance conditions will be achieved.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The expense related to Restricted Stock Awards for the three months ended March 31, 2026 and 2025 was $1.5 million and $1.2 million, respectively. The unrecognized Restricted stock expense as of March 31, 2026 and December 31, 2025, was $11.7 million and $6.0 million, respectively. As of March 31, 2026, the outstanding Restricted Stock Awards under the LTIP had an aggregate intrinsic value of $25.2 million compared to $12.9 million in the prior year comparable period.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">For the three months ended March 31, 2026, the Company completed a net share settlement of 184,834 shares, compared to 197,973 restricted shares for the three months ended March 31, 2025. The net share settlement was performed on behalf of certain employees that participate in the LTIP upon the vesting of the restricted shares pursuant to the terms of the LTIP. The net share settlement was in connection with income taxes incurred on restricted shares that vested and were transferred to the employees during 2026, creating taxable income for the employees. At the employees’ request, the Company paid these taxes on behalf of the employees in exchange for the employees returning an equivalent value of restricted shares to the Company. These transactions resulted in a decrease of $6.7 million and $3.6 million for the three months ended March 31, 2026, and 2025, respectively, to equity on the Condensed Consolidated Balance Sheets as the cash payment of the taxes effectively was a repurchase of the restricted shares granted in previous years.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following is a summary of transactions pertaining to Restricted Stock:</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align : top; white-space : nowrap; "> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; width: 9%; vertical-align: bottom;"> <span style="font-weight: bold;">Shares</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Weighted <br/>Average<br/>Grant <br/>Date<br/>Fair Value<br/></span> <span style="font-weight: bold;">Per Share</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Nonvested Restricted Stock outstanding at December 31, 2025 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">809,376</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">12.94</td> <td style="vertical-align: middle; width: 1%; text-align: left;"></td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Granted </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">228,917</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">31.13</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Canceled </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;"> -</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">-</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Vested </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(417,686</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">10.5</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Nonvested Restricted Stock outstanding at March 31, 2026 </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">620,607</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">21.29</td> <td style="vertical-align: middle; width: 1%; text-align: left;"></td> </tr> </table><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Share Repurchase Program</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">On May 24, 2022, the Company announced that its Board of Directors had authorized a share repurchase program of up to $30.0 million of the Company’s outstanding Common Stock. The repurchase program was authorized for 12 months. Pursuant to the program, purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Board of Directors subsequently authorized the repurchase of an additional $10.0 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases, and extended the share repurchase program for additional 12-month periods, most recently through May 24, 2027.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares under the share repurchase program. As of March 31, 2026, the Company had approximately $29.7 million remaining for additional repurchases under the program. Since inception of the program, the Company has made repurchases of approximately $1.7 million shares of the Company’s Common Stock at an average share price of $5.95 for an aggregate expenditure of approximately $10.3 million.</span> </div> 100000000 31696582 31696582 1 0 1 P10Y 2000000 4000000 1 0 0 0.80 0.25 0.80 2 1.20 0 0.90 0.25 0.90 1 1 0.50 1500000 1200000 11700000 6000000 25200000 12900000 184834 197973 6700000 3600000 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following is a summary of transactions pertaining to Restricted Stock:</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align : top; white-space : nowrap; "> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; width: 9%; vertical-align: bottom;"> <span style="font-weight: bold;">Shares</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%;"> </td> <td style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Weighted <br/>Average<br/>Grant <br/>Date<br/>Fair Value<br/></span> <span style="font-weight: bold;">Per Share</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Nonvested Restricted Stock outstanding at December 31, 2025 </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">809,376</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">12.94</td> <td style="vertical-align: middle; width: 1%; text-align: left;"></td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Granted </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">228,917</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">31.13</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Canceled </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;"> -</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">-</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Vested </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(417,686</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">10.5</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Nonvested Restricted Stock outstanding at March 31, 2026 </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">620,607</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">21.29</td> <td style="vertical-align: middle; width: 1%; text-align: left;"></td> </tr> </table> 809376 12.94 228917 31.13 0 0 417686 10.5 620607 21.29 30000000 P12M 10000000 30600000 P12M 0 0 29700000 1700000 5.95 10300000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">9.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">COMMITMENTS AND CONTINGENCIES</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Legal Proceedings</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">There are no material developments relating to previously disclosed legal proceedings. See the “Legal Proceedings” section of the Company’s Form 10-K and previous Form 10-Qs for information regarding existing legal proceedings. Additionally, see the “Regulatory Updates” section of this Form 10-Q for additional information concerning the status of Borrower Defense to Repayment applications. </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt;mso-bidi-font-size:12.0pt"> </span></div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">In the ordinary conduct of our business, we are subject to additional periodic lawsuits, investigations, regulatory proceedings and other claims, including, but not limited to, claims involving students or graduates, routine employment matters and business disputes. We cannot predict the ultimate resolution of these lawsuits, investigations, regulatory proceedings and other claims asserted against us, but we do not believe that any of these matters will have a material adverse effect on our business, financial condition, results of operations, or cash flows.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Student Financing Plans</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">As of March 31, 2026, the Company had outstanding net financing commitments to its students to assist them in financing their education of approximately $59.2 million, net of interest.</span> </div> 59200000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">10.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">SEGMENT REPORTING</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company manages its business, evaluates performance and allocates resources based on two reportable business segments, Campus Operations and Transitional.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Campus Operations – </span><span style="color: rgb(0, 0, 0);">The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of our campuses continuing in operation are classified in this segment. All of our campuses offer programs across various areas of study.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Transitional –</span><span style="color: rgb(0, 0, 0);"> The Transitional segment refers to campuses that are marked for closure and are currently being taught out, in addition to campuses that are held-for-sale. As of March 31, 2026, none of our campuses were classified in the Transitional segment.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The individual operating segments have been aggregated into the two main reportable segments based on the method by which our Chief Operating Decision Maker (“CODM”) 1) evaluates performance and allocates resources and 2) as a result of the Company’s judgment, that the reporting units have similar products, production processes, types of customers, methods of distribution, regulatory environment, and economic characteristics. The Company’s CODM is comprised of a team of executives deemed the “Executive Committee,” which is made up of the following individuals:</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">1. Scott M. Shaw – Chief Executive Officer and Director</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">2. Brian Meyers – Executive Vice President, Chief Financial Officer, and Treasurer</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The CODM assesses segment financial performance by reviewing segment revenue and segment operating income, which includes certain Corporate overhead allocations relating directly to the segments disclosed. Some of the allocated costs include the centralization of the Company’s financial aid process, national sales and receivables, and default costs. The CODM will make decisions to allocate resources based on the review of monthly, quarterly, and annual financial information categorized by segment. The financial information is presented to the CODM using actual-to-actual results and budget-to-actual results.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Summary financial information by reporting segment is as follows:</span></div> <div style="font-size: 10pt;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px; background-color: rgb(204, 238, 255);"> <td style="width: 28%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> </table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 28%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="22" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended March 31,</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Consolidated</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Campus Operations</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Corporate</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> REVENUE </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143,957</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">117,506</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143,957</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">117,506</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="font-weight: bold; vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 2px solid black;"> -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="font-weight: bold; vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 2px solid black;"> -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> COSTS AND EXPENSES: </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Instructional </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">27,624</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,015</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">27,624</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,015</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Books and tools </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">9,830</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,709</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">9,830</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,709</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Facilities </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,438</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,085</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,438</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,085</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Depreciation and amortization </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">7,500</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,600</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">7,500</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,600</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Educational services and facilities </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">58,392</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">47,409</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">58,392</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">47,409</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Sales and marketing </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,898</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">19,701</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,898</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">19,701</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Student services </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,356</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6,237</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,356</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6,237</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Provision for credit losses </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,683</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">11,835</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,701</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">11,799</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(18</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">36</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Administrative </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">34,083</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">28,969</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12,873</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">10,943</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">21,210</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">18,026</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Depreciation and amortization </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">132</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">162</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">132</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">162</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Selling, general and administrative </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">79,152</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">66,904</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">57,828</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">48,680</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,324</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">18,224</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Loss (gain) on sale of assets </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">6</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(220</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">6</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(254</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">34</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; padding-left: 20px;"> <div> Total costs and expenses </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">137,550</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">114,093</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">116,226</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">95,835</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,324</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">18,258</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> OPERATING INCOME (LOSS) </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,407</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">3,413</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">27,731</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">21,671</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(21,324</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(18,258</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double transparent;">) </td> </tr> </table> 2 0 0 2 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Summary financial information by reporting segment is as follows:</span></div> <div style="font-size: 10pt;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px; background-color: rgb(204, 238, 255);"> <td style="width: 28%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> </table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 28%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="22" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Three Months Ended March 31,</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Consolidated</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Campus Operations</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="6" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Corporate</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> REVENUE </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143,957</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">117,506</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">143,957</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">117,506</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="font-weight: bold; vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 2px solid black;"> -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="font-weight: bold; vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%; border-bottom: 2px solid black;"> -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> COSTS AND EXPENSES: </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Instructional </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">27,624</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,015</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">27,624</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,015</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Books and tools </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">9,830</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,709</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">9,830</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,709</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; font-weight: bold; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Facilities </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,438</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,085</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,438</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,085</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Depreciation and amortization </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">7,500</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,600</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">7,500</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3,600</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Educational services and facilities </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">58,392</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">47,409</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">58,392</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">47,409</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Sales and marketing </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,898</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">19,701</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">23,898</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">19,701</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Student services </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,356</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6,237</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">7,356</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">6,237</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Provision for credit losses </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,683</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">11,835</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">13,701</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">11,799</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(18</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">36</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Administrative </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">34,083</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">28,969</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">12,873</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">10,943</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">21,210</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">18,026</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> Depreciation and amortization </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">132</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">162</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">132</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">162</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Selling, general and administrative </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">79,152</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">66,904</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">57,828</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">48,680</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,324</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">18,224</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; padding-left: 10px;"> <div> Loss (gain) on sale of assets </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">6</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(220</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">6</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(254</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">  -  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">34</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; padding-left: 20px;"> <div> Total costs and expenses </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">137,550</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">114,093</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">116,226</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">95,835</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">21,324</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">18,258</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div style="text-indent: -9pt; padding-left: 9pt;"> OPERATING INCOME (LOSS) </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">6,407</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">3,413</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">27,731</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">21,671</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(21,324</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(18,258</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double transparent;">) </td> </tr> </table> 143957000 117506000 143957000 117506000 0 0 27624000 23015000 27624000 23015000 0 0 9830000 7709000 9830000 7709000 0 0 13438000 13085000 13438000 13085000 0 0 7500000 3600000 7500000 3600000 0 0 58392000 47409000 58392000 47409000 0 0 23898000 19701000 23898000 19701000 0 0 7356000 6237000 7356000 6237000 0 0 13683000 11835000 13701000 11799000 -18000 36000 34083000 28969000 12873000 10943000 21210000 18026000 132000 162000 0 0 132000 162000 79152000 66904000 57828000 48680000 21324000 18224000 -6000 220000 -6000 254000 0 -34000 137550000 114093000 116226000 95835000 21324000 18258000 6407000 3413000 27731000 21671000 -21324000 -18258000 <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">11. </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">FAIR VALUE</span> </div> </div> <div style="clear: both; font-size: 10pt;">  </div> <div style="text-align: justify; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers:</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-style: italic;">Level 1:</span><span style="color: rgb(0, 0, 0);">  Defined as quoted market prices in active markets for identical assets or liabilities.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-style: italic;">Level 2:</span><span style="color: rgb(0, 0, 0);">  Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-style: italic;">Level 3:</span><span style="color: rgb(0, 0, 0);">  Defined as unobservable inputs that are not corroborated by market data.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt; color: rgb(0, 0, 0);"> The Company' financial instruments measured at fair value on a recurring basis consists of Level 1 cash equivalents, including money market funds, which were not material as of March 31, 2026, and December 31, 2025. </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, prepaid expenses and other current assets, accrued expenses, and other short-term liabilities, approximates fair value due to the short-term nature of these items.</span> </div> <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">12.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">STUDENT RECEIVABLES</span> </div> </div> <div style="clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our Condensed Consolidated Balance Sheets as components of both current and non-current assets.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, Veterans Administration and other military funding and grants, private and institutional scholarships and cash payments. Cash receipts from government-related sources are typically received during the current academic term. Students who have not applied for any type of financial aid generally set up a payment plan with the institution and make payments on a monthly basis as per the terms of the payment plan. A student receivable balance is written off when deemed uncollectable, which is typically once a student is out of school and there has been no payment activity on the account for 150 days. If, however, the student does remit a payment during this time period, the 150-day policy for write-off starts again until either (1) the student continues making payments, or (2) the student does not make any additional payments after which the student receivable balance is written off after 150 days. In an effort to reduce the risk for writing off a student’s account, the Company employs a continuous collection effort to minimize exposure from outstanding receivables.</span></div> <div style="font-size: 10pt;"> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Students enrolled in the Company’s programs are provided with a variety of funding resources, including financial aid, grants, scholarships and private loans. After exhausting all fund options, if the student is still in need of additional financing, the Company may offer an institutional loan as a lender of last resort. </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Our standard student receivable allowance is based on an estimate of lifetime expected credit losses on student receivables that considers vintages of receivables to determine a loss rate. In considering lifetime credit losses, if the expected life goes beyond the Company’s reasonable ability to forecast, the Company then reverts back to historical loss experience as an indicator of collections. In determining the expected credit losses for the period, student receivables were disaggregated and pooled into two different categories to refine the calculation. Other information considered included external factors outside the Company’s control. Given that collection history during the COVID-19 pandemic was not considered to be a reliable indicator of a student’s repayment history, the Company adjusted the historical loss calculation by normalizing the financial data relating to that time period. Our estimation methodology further considered a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, student status, changes in the current economic condition, legislative or regulatory environments, internal cash collection forecasts, and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance.</span> </div><div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">Student Receivables</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company has student receivables that are due greater than 12 months from the date of our Condensed Consolidated Balance Sheets. As of March 31, 2026, and December 31, 2025, the amount of non-current student receivables under payment plans that are longer than 12 months in duration, net of allowance for credit losses, was $20.7 million and $21.2 million, respectively.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following table presents the amortized cost basis of student receivables as of March 31, 2026, by year of origination.</span> </div> <div style="font-size: 10pt;"> </div><table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 23%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td><td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="9" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">March 31, 2026</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">Year</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; vertical-align: bottom;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Student</span> <br/> <span style="font-weight: bold;">Receivables (1)</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three<br/> Months<br/> Ended</span> <br/> <span style="font-weight: bold;">Write-Off's (2)</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2026 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 50,274 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2026 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> - </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2025 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 51,829 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2025 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 11,319 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2024 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 14,027 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2024 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 1,496 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2023 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,392 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2023 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 305 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2022 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 3,412 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2022 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 138 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> Prior </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 2,802 </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: middle; text-align: center;"> Prior </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 94 </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> Total </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 129,736</td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: middle; text-align: center;"> Total </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 13,352 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> </table><div style="font-size: 10pt;"> </div> <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">(1)</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the student's accounts but not yet received from the government. Also, it excludes all receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.</span> </div> </div> <div style="text-indent: -27pt; padding-left: 27pt; clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">(2)</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Write-off amounts are based on the student's school departure year.</span> </div> </div> <div style="margin-left: 27pt; clear: both; font-size: 10pt;">  </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The Company does not utilize or maintain data pertaining to student credit information.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">Allowance for Credit Losses</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">We define student receivables as a portfolio segment under ASU 2016-13, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="color: rgb(0, 0, 0);"> (“ASC 326”). Changes in our current and non-current allowance for credit losses related to our student receivable portfolio were calculated in accordance with ASC 326 for the three months ended March 31, 2026, and 2025, respectively.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 0px; font-size: 0px;"> <td style="vertical-align: middle; font-size: 0px; width: 76%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center;"><br/></td><td colspan="6" style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three Months Ended <br/>March 31,</span> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Balance, beginning of period </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">70,346</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;">$</td><td style="vertical-align: middle; text-align: right; width: 9%;">65,572</td> <td style="vertical-align: middle; font-size: 0px; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Provision for credit losses </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">13,683</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">11,835</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Write-off's </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(13,352</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(6,750</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Balance, at end of period </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">70,677</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">70,657</td> <td style="vertical-align: middle; font-size: 0px; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div style="font-size: 10pt;">  </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">Fair Value Measurements</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;"> </span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The carrying amount reported in our Condensed Consolidated Balance Sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments, as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available and no reasonable estimation methodology exists.</span> </div> P150D P150D P150D 20700000 21200000 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">The following table presents the amortized cost basis of student receivables as of March 31, 2026, by year of origination.</span> </div> <div style="font-size: 10pt;"> </div><table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 25%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 23%;"> </td></tr><tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td><td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="9" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">March 31, 2026</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align : top; white-space : nowrap; "> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; vertical-align: bottom;"> <span style="font-weight: bold;">Year</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); text-align: center; vertical-align: bottom;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Student</span> <br/> <span style="font-weight: bold;">Receivables (1)</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: middle;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td colspan="2" style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three<br/> Months<br/> Ended</span> <br/> <span style="font-weight: bold;">Write-Off's (2)</span> </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2026 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 50,274 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2026 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> - </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2025 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 51,829 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2025 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 11,319 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2024 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 14,027 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2024 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 1,496 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2023 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 7,392 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2023 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 305 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> 2022 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 3,412 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: center;"> 2022 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom; text-align: right;"> 138 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> Prior </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 2,802 </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: middle; text-align: center;"> Prior </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 94 </td> <td style="padding: 0; vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; text-align: center;"> </td><td style="padding: 0px; vertical-align: middle; text-align: center;"> Total </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 129,736</td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: middle; text-align: center;"> Total </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; vertical-align: bottom;"> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom;"> <div> $ </div> </td> <td style="padding: 0px; border-width: medium medium 4px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: bottom; text-align: right;"> 13,352 </td> <td style="padding: 0px; vertical-align: bottom;"> </td> </tr> </table><div style="font-size: 10pt;"> </div> <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">(1)</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the student's accounts but not yet received from the government. Also, it excludes all receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.</span> </div> </div> <div style="text-indent: -27pt; padding-left: 27pt; clear: both; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);"> </span> </div> <div style="text-indent: -27pt; padding-left: 27pt;"> <div style="float: left; width: 27pt; white-space: nowrap; font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">(2)</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">Write-off amounts are based on the student's school departure year.</span> </div> </div> 50274000 0 51829000 11319000 14027000 1496000 7392000 305000 3412000 138000 2802000 94000 129736000 13352000 <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0);">We define student receivables as a portfolio segment under ASU 2016-13, </span><span style="color: rgb(0, 0, 0); font-style: italic;">Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="color: rgb(0, 0, 0);"> (“ASC 326”). Changes in our current and non-current allowance for credit losses related to our student receivable portfolio were calculated in accordance with ASC 326 for the three months ended March 31, 2026, and 2025, respectively.</span> </div> <div style="font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-weight: bold;"> </span> </div> <table cellpadding="0" style="margin-left: 0.25pt; border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 0px; font-size: 0px;"> <td style="vertical-align: middle; font-size: 0px; width: 76%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td><td style="vertical-align: middle; font-size: 0px; width: 9%;"> </td> <td style="vertical-align: middle; font-size: 0px; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td><td style="vertical-align: middle; font-size: 0px;"> </td> <td style="vertical-align: middle; font-size: 0px;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center;"><br/></td><td colspan="6" style="vertical-align: middle; text-align: center; border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Three Months Ended <br/>March 31,</span> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2026</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: center;"> </td><td colspan="2" style="border-width: medium medium 2px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-width: medium; border-style: none; border-color: currentcolor; vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Balance, beginning of period </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">70,346</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;">$</td><td style="vertical-align: middle; text-align: right; width: 9%;">65,572</td> <td style="vertical-align: middle; font-size: 0px; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Provision for credit losses </div> </td> <td style="vertical-align: middle; width: 1%;"> </td><td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">13,683</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"> </td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">11,835</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Write-off's </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(13,352</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 2px solid black;">(6,750</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: middle;"> <div> Balance, at end of period </div> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; margin-left: 0.25pt; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">70,677</td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double black;">70,657</td> <td style="vertical-align: middle; font-size: 0px; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 70346000 65572000 13683000 11835000 13352000 6750000 70677000 70657000 false false false false 0001286613 false Q1 --12-31 Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the student's accounts but not yet received from the government. Also, it excludes all receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets. Write-off amounts are based on the student's school departure year.