Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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 September 30, 2023 and 2024 (in thousands):

	As of September 30,
	2023		2024
Cash and cash equivalents	$	167,707	$	195,889
Restricted cash included in other current assets	13,238		11,232
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	181,445	$	207,621

Schedule of Restrictions on Cash and Cash Equivalents

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 September 30, 2023 and 2024 (in thousands):

	As of September 30,
	2023		2024
Cash and cash equivalents	$	167,707	$	195,889
Restricted cash included in other current assets	13,238		11,232
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	181,445	$	207,621

Schedule of Tuition Receivable and Allowance for Credit Losses

The Company’s current tuition receivable and allowance for credit losses were as follows as of December 31, 2023 and September 30, 2024 (in thousands):

	December 31, 2023		September 30, 2024
Tuition receivable	$	123,357	$	156,068
Allowance for credit losses	(47,255)		(50,273)
Tuition receivable, net	$	76,102	$	105,795

Schedule of Allowance for Credit Losses

The following table illustrates changes in the Company’s current and non-current allowance for credit losses for the three and nine months ended September 30, 2023 and 2024 (in thousands).

	For the three months ended September 30,				For the nine months ended September 30,
	2023		2024		2023		2024
Allowance for credit losses, beginning of period	$	46,284	$	46,787	$	47,586	$	47,605
Additions charged to expense	14,880		13,793		37,138		39,418
Write-offs, net of recoveries	(12,469)		(15,044)		(36,029)		(41,487)
Allowance for credit losses, end of period	$	48,695	$	45,536	$	48,695	$	45,536

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 nine months ended September 30, 2023 and 2024 (in thousands):

	For the three months ended September 30,		For the nine months ended September 30,
	2023	2024	2023	2024
Weighted average shares outstanding used to compute basic earnings per share	23,365	23,422	23,415	23,418
Incremental shares issuable upon the assumed exercise of stock options	3	5	4	5
Unvested restricted stock and restricted stock units	502	746	533	714
Shares used to compute diluted earnings per share	23,870	24,173	23,952	24,137
Anti-dilutive shares excluded from the diluted earnings per share calculation	276	—	219	—