PROPERTY, EQUIPMENT AND FACILITIES

3 Months Ended

Mar. 31, 2025

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

6. PROPERTY, EQUIPMENT AND FACILITIES

Property, equipment and facilities consist of the following:

	Useful life (years)		March 31, 2025			December 31, 2024
Land		-	$	52		$	52
Buildings and improvements		1-25		123,756			104,081
Equipment, furniture and fixtures		1-7		92,169			84,352
Vehicles		3		1,827			1,556
Construction in progress		-		52,093			54,763
				269,897			244,804
Less accumulated depreciation and amortization				(144,251	)		(141,271	)
			$	125,646		$	103,533

Property, equipment and facilities are recorded at cost, with depreciation expense included in our educational services and facilities and selling, general and administrative expenses in our Condensed Consolidated Statements of Operations.

The increase in property, equipment and facilities was driven by several factors, including a $18.0 million investment relating to the build-out of the new Nashville, Tennessee, Levittown, Pennsylvania and Houston Texas campuses, $3.5 million in new and expanded programs at various campuses, expansions and additional programs focused on Welding, Electrical and Electronic Systems Technology (“EEST”), Heating Ventilation and Air Conditioning (“HVAC”), and Auto and Medical Assistant (“MA”), and $3.8 million of facilities upgrades including security and branding, with the remainder focusing on training materials and equipment.  Depreciation and amortization expense of property, equipment and facilities was $3.8 million and $3.0 million for the three months ended March 31, 2025 and 2024, respectively.