Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue From Contract With Customer [Abstract]

Summary of Disaggregation of Revenue by Major Source

	For the Quarter Ended June 30, 2022								For the Quarter Ended June 30, 2021
	CTU ⁽⁴⁾		AIUS ⁽⁵⁾		Corporate and Other⁽⁶⁾		Total		CTU		AIUS		Corporate and Other⁽⁶⁾		Total
Tuition, net ⁽¹⁾	$	94,828	$	63,083	$	-	$	157,911	$	95,723	$	70,123	$	-	$	165,846
Technology fees		4,658		2,929		-		7,587		5,530		2,873		-		8,403
Other miscellaneous fees ⁽²⁾		263		135		-		398		389		166		-		555
Total tuition and fees, net		99,749		66,147		-		165,896		101,642		73,162		-		174,804
Other revenue ⁽³⁾		712		773		303		1,788		393		61		281		735
Total revenue	$	100,461	$	66,920	$	303	$	167,684	$	102,035	$	73,223	$	281	$	175,539

	For the Year to Date Ended June 30, 2022								For the Year to Date Ended June 30, 2021
	CTU ⁽⁴⁾		AIUS ⁽⁵⁾		Corporate and Other⁽⁶⁾		Total		CTU		AIUS		Corporate and Other⁽⁶⁾		Total
Tuition, net ⁽¹⁾	$	201,755	$	128,534	$	-	$	330,289	$	195,328	$	144,621	$	-	$	339,949
Technology fees		10,100		6,039		-		16,139		11,013		5,668		-		16,681
Other miscellaneous fees ⁽²⁾		445		350		-		795		681		324		-		1,005
Total tuition and fees, net		212,300		134,923		-		347,223		207,022		150,613		-		357,635
Other revenue ⁽³⁾		1,309		1,529		582		3,420		835		87		620		1,542
Total revenue	$	213,609	$	136,452	$	582	$	350,643	$	207,857	$	150,700	$	620	$	359,177

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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.

(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 an acquisition completed on September 10, 2021.

(5)

AIUS includes revenue related to an acquisition completed on August 2, 2021.

(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 June 30, 2022 and December 31, 2021 were as follows (dollars in thousands):

	As of
	June 30, 2022			December 31, 2021
Gross deferred revenue	$	67,485		$	113,719
Gross contract assets		(31,918	)		(43,106	)
Deferred revenue, net	$	35,567		$	70,613

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2022 and 2021 were as follows (dollars in thousands):

	For the Quarter Ended June 30, 2022									For the Quarter Ended June 30, 2021
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, April 1	$	39,343		$	28,507		$	67,850		$	25,136		$	32,886		$	58,022
Revenue earned from prior balances		(33,358	)		(23,850	)		(57,208	)		(22,814	)		(26,977	)		(49,791	)
Billings during period⁽¹⁾		88,990			76,034			165,024			155,861			83,904			239,765
Revenue earned for new billings during the period		(66,391	)		(42,297	)		(108,688	)		(78,828	)		(46,185	)		(125,013	)
Other adjustments		273			234			507			(1,537	)		21			(1,516	)
Gross deferred revenue, June 30	$	28,857		$	38,628		$	67,485		$	77,818		$	43,649		$	121,467

	For the Year to Date Ended June 30, 2022									For the Year to Date Ended June 30, 2021
	CTU			AIU			Total			CTU			AIU			Total
Gross deferred revenue, January 1	$	64,674		$	49,045		$	113,719		$	28,522		$	56,880		$	85,402
Revenue earned from prior balances		(55,433	)		(38,066	)		(93,499	)		(25,698	)		(44,809	)		(70,507	)
Billings during period⁽¹⁾		175,611			124,609			300,220			257,645			136,465			394,110
Revenue earned for new billings during the period		(156,867	)		(96,857	)		(253,724	)		(181,324	)		(105,804	)		(287,128	)
Other adjustments		872			(103	)		769			(1,327	)		917			(410	)
Gross deferred revenue, June 30	$	28,857		$	38,628		$	67,485		$	77,818		$	43,649		$	121,467

______________

(1)

Billings during period includes adjustments for prior billings.