Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue by Major Source

The following tables disaggregate our revenue by major source for the quarters and years to date ended June 30, 2023 and 2022 (dollars in thousands):

	For the Quarter Ended June 30, 2023								For the Quarter Ended June 30, 2022
	CTU (3)		AIUS (4)		Corporate and Other		Total		CTU		AIUS		Corporate and Other		Total
Tuition, net (1)	$	112,864	$	63,136	$	-	$	176,000	$	94,828	$	63,083	$	-	$	157,911
Technology and miscellaneous fees		5,420		3,100		-		8,520		4,921		3,064		-		7,985
Total tuition and fees, net		118,284		66,236		-		184,520		99,749		66,147		-		165,896
Other revenue (2)		1,008		826		210		2,044		712		773		303		1,788
Total revenue	$	119,292	$	67,062	$	210	$	186,564	$	100,461	$	66,920	$	303	$	167,684
	For the Year to Date Ended June 30, 2023								For the Year to Date Ended June 30, 2022
	CTU (3)		AIUS (4)		Corporate and Other		Total		CTU		AIUS		Corporate and Other		Total
Tuition, net (1)	$	230,862	$	129,781	$	-	$	360,643	$	201,755	$	128,534	$	-	$	330,289
Technology and miscellaneous fees		10,843		6,353		-		17,196		10,545		6,389		-		16,934
Total tuition and fees, net		241,705		136,134		-		377,839		212,300		134,923		-		347,223
Other revenue (2)		2,079		1,768		476		4,323		1,309		1,529		582		3,420
Total revenue	$	243,784	$	137,902	$	476	$	382,162	$	213,609	$	136,452	$	582	$	350,643

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(1)Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs.

(2)Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.

(3)CTU includes revenue related to an acquisition completed on December 1, 2022.

(4)AIUS includes revenue related to an acquisition completed on July 1, 2022.

Summary of Deferred Revenue Balances Offset with Contract Assets

The amount of deferred revenue balances which are being offset with contract assets balances as of June 30, 2023 and December 31, 2022 were as follows (dollars in thousands):

	As of
	June 30, 2023			December 31, 2022
Gross deferred revenue	$	104,703		$	107,200
Gross contract assets		(37,789	)		(35,610	)
Deferred revenue, net	$	66,914		$	71,590

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2023 and 2022 were as follows (dollars in thousands):

	For the Quarter Ended June 30, 2023									For the Quarter Ended June 30, 2022
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, April 1	$	42,372		$	23,460		$	65,832		$	39,343		$	28,507		$	67,850
Revenue earned from prior balances		(32,859	)		(19,609	)		(52,468	)		(33,358	)		(23,850	)		(57,208	)
Billings during period(1)		148,118			74,318			222,436			88,990			76,034			165,024
Revenue earned for new billings during the period		(85,425	)		(46,627	)		(132,052	)		(66,391	)		(42,297	)		(108,688	)
Other adjustments		496			459			955			273			234			507
Gross deferred revenue, June 30	$	72,702		$	32,001		$	104,703		$	28,857		$	38,628		$	67,485
	For the Year to Date Ended June 30, 2023									For the Year to Date Ended June 30, 2022
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, January 1	$	67,245		$	39,955		$	107,200		$	64,674		$	49,045		$	113,719
Revenue earned from prior balances		(58,404	)		(32,495	)		(90,899	)		(55,433	)		(38,066	)		(93,499	)
Billings during period(1)		248,130			127,450			375,580			175,611			124,609			300,220
Revenue earned for new billings during the period		(183,301	)		(103,639	)		(286,940	)		(156,867	)		(96,857	)		(253,724	)
Other adjustments		(968	)		730			(238	)		872			(103	)		769
Gross deferred revenue, June 30	$	72,702		$	32,001		$	104,703		$	28,857		$	38,628		$	67,485

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(1)Billings during period includes adjustments for prior billings.