Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

8. Leases

The Company has operating leases for off-campus classroom and laboratory sites, office space, office equipment, and optical fiber communication lines. These leases have terms that range from one month to 10.3 years. At lease inception, we determine the lease term by assuming no exercises of renewal options, due to the Company’s constantly changing geographical needs for its university partners. Leases with an initial term of 12 months or less are not recorded in the consolidated balance sheets and we recognize lease expense for these leases on a straight-line basis over the lease term. The Company had operating lease costs of $2,396 and $2,435 for the three-month periods ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, the Company had $14,871 of non-cancelable operating lease commitments for three off-campus classroom and laboratory sites and an office equipment lease that had not yet commenced. The Company’s weighted-average remaining lease term relating to its operating leases is 7.75 years, with a weighted-average discount rate of 3.06%. As of March 31, 2022, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at March 31, 2022, by year and in the aggregate, are as follows:

Year Ending December 31,	Amount
Remainder of 2022	$	6,836
2023		8,931
2024		8,440
2025		8,128
2026		8,012
Thereafter		26,294
Total lease payments	$	66,641
Less interest		7,261
Present value of lease liabilities	$	59,380