Years Ended June 30,

2026

2025

2024

(in thousands)

Lease cost

Finance lease cost:

Instructional costs and services:

Amortization of right-of-use assets

$

52,326

$

37,400

$

31,099

Selling, general, and administrative expenses:

Amortization of right-of-use assets

$

918

$

237

$

—

Interest on lease liabilities

5,686

4,280

2,639

Operating lease cost:

Instructional costs and services:

Operating lease cost

3,867

9,154

9,605

Short-term lease cost

82

83

56

Sublease income

(126)

(262)

(328)

Selling, general, and administrative expenses:

Operating lease cost

1,318

4,077

6,019

Short-term lease cost

94

93

150

Sublease income

—

(149)

(491)

Total lease cost

$

64,165

$

54,913

$

48,749

Other information

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases

$

(16,943)

$

(12,396)

$

(14,990)

Financing cash flows from finance leases

(56,856)

(41,469)

(40,919)

Right-of-use assets obtained in exchange for new finance lease liabilities

82,500

68,995

35,652

Right-of-use assets obtained in exchange for new operating lease liabilities

1,325

1,012

864

Weighted-average remaining lease term - finance leases

2.00

yrs.

2.07

yrs.

2.02

yrs.

Weighted-average remaining lease term - operating leases

5.58

yrs.

5.13

yrs.

5.66

yrs.

Weighted-average discount rate - finance leases

4.71

%

5.34

%

5.62

%

Weighted-average discount rate - operating leases

4.05

%

2.95

%

2.92

%