Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Goodwill

The following tables present the changes in the carrying amount of goodwill by reportable segment on the Company’s condensed consolidated balance sheets for the periods indicated.

		Balance as of December 31, 2023		Impairment Charges*		Foreign Currency Translation Adjustments		Balance as of June 30, 2024
	(in thousands)
Degree Program Segment
Gross goodwill		$	192,459	$	—	$	—	$	192,459
Accumulated impairments		—		—		—		—
Net goodwill		192,459		—		—		192,459
Alternative Credential Segment
Gross goodwill		$	687,880	$	—	$	314	$	688,194
Accumulated impairments		(228,841)		(339,928)		—		(568,769)
Net goodwill		459,039		(339,928)		314		119,425
Total
Gross goodwill		$	880,339	$	—	$	314	$	880,653
Accumulated impairments		(228,841)		(339,928)		—		(568,769)
Net goodwill		$	651,498	$	(339,928)	$	314	$	311,884

* Refer to Note 2 for further information about the goodwill impairment charges.

Schedule Of Amortizable Intangible Assets

The following table presents the components of intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated.

		June 30, 2024						December 31, 2023
	Estimated Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization and Impairments*		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization and Impairments		Net Carrying Amount
		(in thousands)
Capitalized technology	3-5	$	244,002	$	(173,765)	$	70,237	$	245,867	$	(159,155)	$	86,712
Capitalized content development	4-5	228,337		(182,199)		46,138		233,592		(176,374)		57,218
University client relationships	9-10	176,677		(86,036)		90,641		208,823		(75,849)		132,974
Enterprise client relationships	10	14,300		(3,754)		10,546		14,300		(3,039)		11,261
Trade names and domain names*	5-25	278,072		(201,981)		76,091		284,810		(201,777)		83,033
Total intangible assets		$	941,388	$	(647,735)	$	293,653	$	987,392	$	(616,194)	$	371,198

*

During the three and six months ended June 30, 2024, the Company recorded impairment charges of $10.3 million to capitalized technology, $2.4 million to capitalized content development, $32.2 million to university client relationships, and $4.4 million to trade names and domain names.

**

The Company concluded that due to changes in facts and circumstances, the edX trade name, which was classified as indefinite-lived as of June 30, 2023, is now finite-lived. In the third quarter of 2023, the Company began amortizing the trade name on a straight-line basis over its estimated useful life. The gross carrying amount of the edX trade name was $255.0 million as of both June 30, 2024 and December 31, 2023. Accumulated amortization and impairments include $181.1 million and $176.7 million of impairment charges related to the edX trade name as June 30, 2024 and December 31, 2023, respectively. Refer to Note 2 for further information about these impairment charges.

Schedule Of Estimated Future Amortization Expense For Amortizable Intangible Assets

The following table presents the estimated future amortization expense of the Company’s amortizable intangible assets placed in service as of June 30, 2024.

	Future Amortization Expense
	(in thousands)
Remainder of 2024	$	30,641
2025	52,452
2026	38,076
2027	26,542
2028	19,766
Thereafter	86,813
Total	$	254,290