Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents, unrestricted		$ 110,970	$ 109,130
Restricted cash		21,310	22,623
Total cash, cash equivalents and restricted cash		132,280	131,753
Short-term investments		511,211	459,795
Total cash and cash equivalents, restricted cash and short-term investments		643,491	591,548
Student receivables, gross		68,346	63,925
Allowance for credit losses		(41,149)	(41,118)
Student receivables, net		27,197	22,807
Receivables, other		5,037	5,330
Prepaid expenses		16,881	16,910
Inventories		4,049	3,388
Other current assets		208	171
Total current assets		696,863	640,154
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $86,908 and $67,492 as of December 31, 2025 and 2024, respectively	[1]	83,314	95,508
Right of use assets, net - operating		43,290	50,099
Right of use assets, net - finance		10,259	15,375
Goodwill		265,697	258,012
Intangible assets, net of amortization of $44,786 and $27,725 as of December 31, 2025 and 2024, respectively		77,945	95,006
Student receivables, gross		9,073	8,597
Allowance for credit losses		(4,262)	(2,402)
Student receivables, net		4,811	6,195
Deferred income tax assets, net		57,438	68,774
Other assets		8,100	7,911
TOTAL ASSETS	[2]	1,247,717	1,237,034
CURRENT LIABILITIES:
Lease liabilities - operating		6,032	7,792
Lease liabilities - finance		5,458	5,466
Accounts payable		14,271	12,805
Accrued expenses:
Payroll and related benefits		44,363	35,059
Advertising and marketing costs		7,838	8,135
Income taxes		5,627	4,926
Other		16,374	21,239
Deferred revenue		37,844	36,740
Total current liabilities		137,807	132,162
NON-CURRENT LIABILITIES:
Lease liabilities - operating		43,752	50,224
Lease liabilities - finance		6,097	11,555
Sale lease-back financing		56,992
Construction financing			56,500
Other liabilities		30,657	27,057
Total non-current liabilities		137,498	145,336
Commitments and Contingencies (Note 11)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized; 92,072,703 and 91,023,660 shares issued, 62,478,373 and 65,719,224 shares outstanding as of December 31, 2025 and 2024, respectively		921	910
Additional paid-in capital		720,574	707,212
Accumulated other comprehensive income		1,070	166
Retained earnings		718,365	595,672
Treasury stock, at cost, 29,594,330 and 25,304,436 shares as of December 31, 2025 and 2024, respectively		(468,518)	(344,424)
Total stockholders' equity		972,412	959,536
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 1,247,717	$ 1,237,034

[1] Property and equipment which were fully depreciated and no longer in use by the Company were retired during the years ended December 31, 2025 and 2024; therefore, both the cost of the asset and the related accumulated depreciation balances were reduced to zero for these assets.

[2] Total assets are presented on a consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.