4. Property and Equipment and Capitalized Software and Curriculum

Property and equipment consists of the following at:

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The Company recorded depreciation expense related to property and equipment reflected in selling, general, and administrative expenses of $3.0 million, $2.8 million and $3.8 million during the years ended June 30, 2026, 2025 and 2024, respectively. Depreciation expense of $54.6 million, $39.3 million and $32.9 million related to property and equipment is reflected in instructional costs and services during the years ended June 30, 2026, 2025 and 2024, respectively.

The Company incurs maintenance and repair expenses, which are expensed as incurred, and are generally recorded in selling, general, and administrative expenses.

Capitalized software costs consist of the following at:

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The Company recorded amortization expense of $29.8 million, $35.6 million and $34.4 million related to capitalized software reflected in instructional costs and services and $13.0 million, $9.5 million and $7.9 million reflected in selling, general, and administrative expenses during the years ended June 30, 2026, 2025 and 2024, respectively.

Capitalized curriculum development costs consist of the following at:

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The Company recorded amortization expense of $18.9 million, $17.5 million and $17.7 million related to

capitalized curriculum development costs reflected in instructional costs and services during the years ended June 30, 2026, 2025 and 2024, respectively.