−Removed: Except for one campus facility which we own, our campus and administrative facilities are leased.
+Added: All of our campus and administrative facilities are leased.
The Company’s corporate headquarters is located at 2303 Dulles Station Blvd., Herndon, VA 20171.
3 unchanged sentences
We evaluate current utilization of our facilities and anticipated enrollment to determine facility needs.
−Removed: We did not open any new campuses in the U.S.
−Removed: Any new locations in the U.S.
−Removed: will continue to incorporate a smaller cost-efficient design intended to service a student body that values a brick and mortar presence, even while taking an increasing number of their courses online.
+Added: We did not open any net new campuses during 2025;
+Added: however, certain existing campuses were relocated to new leased facilities during the year.
Our leases generally range from three to fifteen years with one to two renewal options for extended terms.
As of December 31, 2025, the Company leased approximately 60 campus and administrative facilities in the United States consisting of approximately 0.5 million square feet, and approximately 10 campuses in Australia and New Zealand.
−Removed: In 2024, we reduced our leased and owned facility footprint in the United States by approximately 37,000 square feet, primarily due to lease terms expiring or by reducing the size of existing facilities at the time of lease renewal.
−Removed: The facility that we own consists of approximately 20,000 square feet.
+Added: In 2025, we reduced our leased and owned facility footprint in the United States by approximately 200,000 square feet, primarily due to lease expirations, reductions in space at the time of renewal, and the sale of our last owned campuses.
For more information regarding our ongoing lease commitments, see Note 7, Leases, in the consolidated financial statements appearing in Part II, Item 8 of this report.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.