Revenue Recognition (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and 2022 (dollars in thousands):

	For the Quarter Ended September 30, 2023								For the Quarter Ended September 30, 2022
	CTU (3)		AIUS (4)		Corporate and Other		Total		CTU		AIUS (4)		Corporate and Other		Total
Tuition, net (1)	$	114,104	$	56,212	$	-	$	170,316	$	91,765	$	66,621	$	-	$	158,386
Technology and miscellaneous fees		5,269		2,674		-		7,943		4,826		3,225		-		8,051
Total tuition and fees, net		119,373		58,886		-		178,259		96,591		69,846		-		166,437
Other revenue (2)		1,179		340		145		1,664		971		736		276		1,983
Total revenue	$	120,552	$	59,226	$	145	$	179,923	$	97,562	$	70,582	$	276	$	168,420
	For the Year to Date Ended September 30, 2023								For the Year to Date Ended September 30, 2022
	CTU (3)		AIUS (4)		Corporate and Other		Total		CTU		AIUS (4)		Corporate and Other		Total
Tuition, net (1)	$	344,966	$	185,993	$	-	$	530,959	$	293,520	$	195,155	$	-	$	488,675
Technology and miscellaneous fees		16,112		9,027		-		25,139		15,371		9,614		-		24,985
Total tuition and fees, net		361,078		195,020		-		556,098		308,891		204,769		-		513,660
Other revenue (2)		3,258		2,108		621		5,987		2,280		2,265		858		5,403
Total revenue	$	364,336	$	197,128	$	621	$	562,085	$	311,171	$	207,034	$	858	$	519,063

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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 September 30, 2023 and December 31, 2022 were as follows (dollars in thousands):

	As of
	September 30, 2023			December 31, 2022
Gross deferred revenue	$	78,740		$	107,200
Gross contract assets		(40,036	)		(35,610	)
Deferred revenue, net	$	38,704		$	71,590

Changes in Deferred Revenue Balances

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

	For the Quarter Ended September 30, 2023									For the Quarter Ended September 30, 2022
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, July 1	$	72,702		$	32,001		$	104,703		$	28,857		$	38,628		$	67,485
Business acquisitions, beginning balance		-			-			-			-			2,419			2,419
Revenue earned from prior balances		(59,047	)		(25,736	)		(84,783	)		(23,765	)		(31,375	)		(55,140	)
Billings during period(1)		95,064			59,427			154,491			142,580			53,254			195,834
Revenue earned for new billings during the period		(60,326	)		(33,150	)		(93,476	)		(72,826	)		(38,471	)		(111,297	)
Other adjustments		(1,283	)		(912	)		(2,195	)		(1,003	)		410			(593	)
Gross deferred revenue, September 30	$	47,110		$	31,630		$	78,740		$	73,843		$	24,865		$	98,708
	For the Year to Date Ended September 30, 2023									For the Year to Date Ended September 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
Business acquisitions, beginning balance		-			-			-			-			2,419			2,419
Revenue earned from prior balances		(59,458	)		(33,166	)		(92,624	)		(56,274	)		(39,219	)		(95,493	)
Billings during period(1)		343,194			186,877			530,071			318,191			177,863			496,054
Revenue earned for new billings during the period		(301,620	)		(161,854	)		(463,474	)		(252,617	)		(165,550	)		(418,167	)
Other adjustments		(2,251	)		(182	)		(2,433	)		(131	)		307			176
Gross deferred revenue, September 30	$	47,110		$	31,630		$	78,740		$	73,843		$	24,865		$	98,708

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