Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

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 ended March 31, 2024 and 2023 (dollars in thousands):

	For the Quarter Ended March 31, 2024								For the Quarter Ended March 31, 2023
	CTU		AIUS		Corporate and Other		Total		CTU		AIUS		Corporate and Other		Total
Tuition, net (1)	$	107,440	$	51,829	$	-	$	159,269	$	117,998	$	66,645	$	-	$	184,643
Technology and other fees		5,340		2,389		-		7,729		5,423		3,253		-		8,676
Total tuition and fees, net		112,780		54,218		-		166,998		123,421		69,898		-		193,319
Other revenue (2)		789		287		190		1,266		1,071		942		266		2,279
Total revenue	$	113,569	$	54,505	$	190	$	168,264	$	124,492	$	70,840	$	266	$	195,598

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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.

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 March 31, 2024 and December 31, 2023 were as follows (dollars in thousands):

	As of
	March 31, 2024			December 31, 2023
Gross deferred revenue	$	118,939		$	63,970
Gross contract assets	$	(57,441	)		(26,755	)
Deferred revenue, net	$	61,498		$	37,215

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters ended March 31, 2024 and 2023 were as follows (dollars in thousands):

	For the Quarter Ended March 31, 2024									For the Quarter Ended March 31, 2023
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, January 1	$	42,531		$	21,439		$	63,970		$	67,245		$	39,955		$	107,200
Revenue earned from prior balances		(35,052	)		(17,695	)		(52,747	)		(54,712	)		(29,753	)		(84,465	)
Billings during period(1)		152,877			69,777			222,654			100,012			53,132			153,144
Revenue earned for new billings during the period		(77,728	)		(36,523	)		(114,251	)		(68,709	)		(40,145	)		(108,854	)
Other adjustments		(308	)		(379	)		(687	)		(1,464	)		271			(1,193	)
Gross deferred revenue, March 31	$	82,320		$	36,619		$	118,939		$	42,372		$	23,460		$	65,832

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