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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash, cash equivalents, and restricted cash (Note 2) $ 136,161 $ 129,458
Accounts receivable, net of allowance of $14,068 in 2023 and $13,328 in 2022 37,073 42,353
Prepaid expenses 17,434 11,409
Income tax receivable 5,189 2,871
Total current assets 195,857 186,091
Property and equipment, net 100,285 100,892
Operating lease assets, net 108,048 108,870
Deferred income taxes 34,667 35,355
Goodwill 112,593 112,593
Intangible assets, net 50,790 54,734
Other assets, net 16,282 16,521
Total assets 618,522 615,056
Current liabilities:    
Accounts payable 6,797 3,808
Accrued compensation and benefits 16,363 15,010
Accrued liabilities 13,783 13,784
Deferred revenue and student deposits 28,866 23,760
Lease liabilities, current 13,517 14,396
Total current liabilities 79,326 70,758
Lease liabilities, long-term 102,726 101,420
Long-term debt, net 93,557 93,151
Total liabilities 275,609 265,329
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $.01 par value; 10,000,000 shares authorized; 400 shares issued and outstanding in 2023 and 2022, respectively. ($151,905 and $155,587 liquidation preference per share, $60,762 and $62,235 in aggregate, for 2023 and 2022, respectively) (Note 12) 39,691 39,691
Common stock, $.01 par value; 100,000,000 shares authorized; 18,978,406 issued and outstanding in 2023; 18,892,791 issued and outstanding in 2022 190 189
Additional paid-in capital 294,082 292,854
Accumulated other comprehensive income 2,627 3,102
Retained earnings 6,323 13,891
Total stockholders’ equity 342,913 349,727
Total liabilities and stockholders’ equity $ 618,522 $ 615,056