Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Cash, Cash Equivalents, and Restricted Cash

The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of June 30, 2022 and 2023 (in thousands):


	As of June 30,
	2022		2023
Cash and cash equivalents	$	262,941	$	181,024
Restricted cash included in other current assets	12,916		16,558
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	276,357	$	198,082

Schedule of Tuition Receivable and Allowance for Credit Losses

The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2022 and June 30, 2023 (in thousands):


	December 31, 2022		June 30, 2023
Tuition receivable	$	110,066	$	128,250
Allowance for credit losses	(47,113)		(45,877)
Tuition receivable, net	$	62,953	$	82,373

Schedule of Allowance for Credit Losses

The following table illustrates changes in the Company’s allowance for credit losses for the three and six months ended June 30, 2022 and 2023 (in thousands).


	For the three months ended June 30,				For the six months ended June 30,
	2022		2023		2022		2023
Allowance for credit losses, beginning of period	$	44,892	$	45,286	$	48,783	$	47,113
Additions charged to expense	8,787		12,604		16,004		22,258
Write-offs, net of recoveries	(10,172)		(12,013)		(21,280)		(23,494)
Allowance for credit losses, end of period	$	43,507	$	45,877	$	43,507	$	45,877

Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Earnings per Share

Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2023 (in thousands):


	For the three months ended June 30,		For the six months ended June 30,
	2022	2023	2022	2023
Weighted average shares outstanding used to compute basic earnings per share	23,796	23,450	23,872	23,440
Incremental shares issuable upon the assumed exercise of stock options	3	4	2	5
Unvested restricted stock and restricted stock units	264	510	215	548
Shares used to compute diluted earnings per share	24,063	23,964	24,089	23,993

Anti-dilutive shares excluded from the diluted earnings per share calculation	15	272	218	190