Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents, and restricted cash (Note 2)	$ 220,998	$ 176,499
Accounts receivable, net of allowance of $21,820 in 2026 and $21,113 in 2025	38,710	65,662
Prepaid expenses	19,152	14,197
Income tax receivable	3,267	3,458
Total current assets	282,127	259,816
Property and equipment, net	68,800	70,598
Operating lease assets, net	54,925	57,686
Deferred income taxes	38,247	39,176
Intangible assets, net	28,221	28,221
Goodwill	59,593	59,593
Other assets, net	6,001	6,328
Total assets	537,914	521,418
Current liabilities:
Accounts payable	8,138	4,822
Accrued compensation and benefits	22,317	22,463
Accrued liabilities	22,643	13,375
Deferred revenue and student deposits	25,193	23,016
Lease liabilities, current	11,182	11,374
Long-term debt, current	5,063	0
Total current liabilities	94,536	75,050
Lease liabilities, long-term	54,010	56,921
Long-term debt, net	83,203	94,665
Total liabilities	231,749	226,636
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $.01 par value; 100,000,000 shares authorized; 18,411,154 issued and outstanding in 2026; 18,125,860 issued and outstanding in 2025	184	181
Additional paid-in capital	305,750	311,119
Accumulated other comprehensive gain	0	(18)
Accumulated earnings (deficit)	231	(16,500)
Total stockholders’ equity	306,165	294,782
Total liabilities and stockholders’ equity	$ 537,914	$ 521,418