Leases

6 Months Ended

Jun. 30, 2025

Leases

Leases

7. 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 remaining lease terms that range from seven months to 10 years and six months. 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 $8,749 and $8,037 for the six-month periods ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, the Company had $16,545 of non-cancelable operating lease commitments for three off-campus classroom and laboratory sites that had not yet commenced. The Company’s weighted-average remaining lease term relating to its operating leases is 7.35 years, with a weighted-average discount rate of 4.32%. The cash paid for operating lease liabilities was $8,358 and $7,279 for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company had no financing leases.

Future payment obligations with respect to the Company’s operating leases, which were existing at June 30, 2025, by year and in the aggregate, are as follows:

Year Ending December 31,	Amount
2025	$	8,750
2026		17,863
2027		17,485
2028		17,212
2029		17,272
Thereafter		48,698
Total lease payments	$	127,280
Less interest		19,447
Present value of lease liabilities	$	107,833