v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash, cash equivalents, and restricted cash (Note 2) $ 146,548 $ 176,499
Short-term investments (Note 3) 76,256 0
Accounts receivable, net of allowance of $21,754 in 2026 and $21,113 in 2025 35,512 65,662
Prepaid expenses 20,068 14,197
Income tax receivable 4,136 3,458
Total current assets 282,520 259,816
Property and equipment, net 69,534 70,598
Operating lease assets, net (Note 5) 55,390 57,686
Deferred income taxes 36,613 39,176
Intangible assets, net (Note 6) 28,221 28,221
Goodwill (Note 6) 59,593 59,593
Other assets, net 5,875 6,328
Total assets 537,746 521,418
Current liabilities:    
Accounts payable 5,148 4,822
Accrued compensation and benefits 20,797 22,463
Accrued liabilities 20,349 13,375
Deferred revenue and student deposits 23,928 23,016
Lease liabilities, current (Note 5) 11,109 11,374
Long-term debt, current (Note 8) 5,625 0
Total current liabilities 86,956 75,050
Lease liabilities, long-term (Note 5) 55,098 56,921
Long-term debt, net (Note 8) 81,635 94,665
Total liabilities 223,689 226,636
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, $.01 par value; 100,000,000 shares authorized; 18,367,887 and 18,125,860; issued and outstanding in 2026 and 2025 183 181
Additional paid-in capital 307,878 311,119
Accumulated other comprehensive loss (7) (18)
Retained earnings (deficit) 6,003 (16,500)
Total stockholders’ equity 314,057 294,782
Total liabilities and stockholders’ equity $ 537,746 $ 521,418