Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Revenue by Major Source

	For the Quarter Ended March 31, 2022								For the Quarter Ended March 31, 2021
	CTU ⁽⁴⁾		AIUS ⁽⁵⁾		Corporate and Other⁽⁶⁾		Total		CTU		AIUS		Corporate and Other⁽⁶⁾		Total
Tuition, net ⁽¹⁾	$	106,927	$	65,451	$	-	$	172,378	$	99,605	$	74,498	$	-	$	174,103
Technology fees		5,442		3,110		-		8,552		5,483		2,795		-		8,278
Other miscellaneous fees ⁽²⁾		182		215		-		397		292		158		-		450
Total tuition and fees, net		112,551		68,776		-		181,327		105,380		77,451		-		182,831
Other revenue ⁽³⁾		597		756		279		1,632		442		26		339		807
Total revenue	$	113,148	$	69,532	$	279	$	182,959	$	105,822	$	77,477	$	339	$	183,638

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(1)

Tuition includes revenue earned for degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings related to the DigitalCrafts and Hippo acquisitions from the date of acquisitions.

(2)

Other miscellaneous fees primarily include graduation fees.

(3)

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

(4)

CTU includes revenue related to the Hippo acquisition commencing on the September 10, 2021 date of acquisition.

(5)

AIUS includes revenue related to the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.

(6)

Revenue recorded within Corporate and Other relates to 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, 2022 and December 31, 2021 were as follows (dollars in thousands):

	As of
	March 31, 2022			December 31, 2021
Gross deferred revenue	$	67,850		$	113,719
Gross contract assets		(28,742	)		(43,106	)
Deferred revenue, net	$	39,108		$	70,613

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters ended March 31, 2022 and 2021 were as follows (dollars in thousands):

	For the Quarter Ended March 31, 2022									For the Quarter Ended March 31, 2021
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, January 1	$	64,674		$	49,045		$	113,719		$	28,522		$	56,880		$	85,402
Revenue earned from prior balances		(53,952	)		(36,987	)		(90,939	)		(25,689	)		(42,403	)		(68,092	)
Billings during period⁽¹⁾		86,621			48,575			135,196			101,784			52,561			154,345
Revenue earned for new billings during the period		(58,599	)		(31,789	)		(90,388	)		(79,691	)		(35,048	)		(114,739	)
Other adjustments		599			(337	)		262			210			896			1,106
Gross deferred revenue, March 31	$	39,343		$	28,507		$	67,850		$	25,136		$	32,886		$	58,022

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(1)

Billings during period includes adjustments for prior billings.