Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 176,499	$ 158,941
Accounts receivable, net of allowance of $19,280 in 2024 and $21,113 in 2025	65,662	62,465
Prepaid expenses	14,197	13,748
Income tax receivable	3,458	949
Assets held for sale (Note 5)	0	24,469
Total current assets	259,816	260,572
Property and equipment, net	70,598	73,383
Operating lease assets, net	57,686	94,776
Deferred income taxes	39,176	47,311
Intangible assets, net	28,221	28,221
Goodwill	59,593	59,593
Other assets, net	6,328	6,247
Total assets	521,418	570,103
Current liabilities:
Accounts payable	4,822	7,847
Accrued compensation and benefits	22,463	20,546
Accrued liabilities	13,375	13,735
Deferred revenue and student deposits	23,016	23,474
Lease liabilities, current	11,374	13,553
Total current liabilities	75,050	79,155
Lease liabilities, long term	56,921	93,645
Long-term debt, net	94,665	93,424
Total liabilities	226,636	266,224
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred Stock, $.01 par value; authorized shares – 10,000,000; Series A Senior Preferred Stock, 400 shares issued or outstanding in 2024, respectively. ($117,439 liquidation preference per share, $46,976 in aggregate, for 2024, respectively) (Note 12)	0	39,691
Common Stock, $.01 par value; authorized shares – 100,000,000; 17,712,575 issued and outstanding in 2024; 18,125,860 issued and outstanding in 2025	181	177
Additional paid-in capital	311,119	305,823
Accumulated other comprehensive loss	(18)	(7)
Accumulated deficit	(16,500)	(41,805)
Total stockholders’ equity	294,782	303,879
Total liabilities and stockholders’ equity	$ 521,418	$ 570,103