CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,298	$ 3,057
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	12,680	8,312
Finance lease amortization	1,253	1,204
Amortization of deferred finance charges	107	95
Deferred income taxes	547	455
(Gain) loss on sale of assets	(466)	901
Gain on insurance proceeds	0	(2,794)
Proceeds from insurance	0	2,794
Fixed asset donations	(197)	(245)
Provision for credit losses	42,584	40,823
Stock-based compensation expense	4,081	3,354
(Increase) decrease in assets:
Accounts receivable	(53,919)	(60,542)
Inventories	(40)	237
Prepaid income taxes	(1,431)	(2,006)
Prepaid expenses and current assets	(3,802)	1,580
Other assets, net	1,950	1,159
Increase (decrease) in liabilities:
Accounts payable	(2,856)	8,868
Accrued expenses	4,813	(1,397)
Unearned tuition	2,854	(3,927)
Income taxes payable	(1,072)	(2,832)
Other liabilities	1,419	(89)
Total adjustments	8,505	(4,050)
Net cash provided by (used in) operating activities	15,803	(993)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(68,127)	(32,094)
Proceeds from sale of property and equipment	494	9,895
Net cash used in investing activities	(67,633)	(22,199)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	45,000	0
Payments on borrowings	(37,000)	0
Payment of deferred finance fees	(121)	(456)
Finance lease principal paid	(266)	(169)
Tenant allowance finance leases	2,212	762
Net share settlement for equity-based compensation	(3,788)	(3,252)
Net cash provided by (used in) financing activities	6,037	(3,115)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(45,793)	(26,307)
CASH AND CASH EQUIVALENTS —Beginning of period	59,273	80,269
CASH AND CASH EQUIVALENTS—End of period	13,480	53,962
Cash paid for:
Interest	2,347	1,731
Income taxes	4,857	5,480
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash additions of fixed assets	$ 5,593	$ 1,515