Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of impact of accounting standards update adoption

The impact of adoption of ASC 326 on the Company's balance sheet was as follows (in thousands):

	As of January 1, 2020
	As Reported Under ASC 326		Pre-ASC 326 Adoption		Impact of ASC 326 Adoption
Tuition receivable, net	$	46,952	$	51,523	$	(4,571)
Deferred income tax liabilities	$	46,681	$	47,942	$	(1,261)
Retained earnings	$	149,509	$	152,819	$	(3,310)

Schedule of cash, cash equivalents, and restricted cash

The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of December 31, 2019 and 2020 (in thousands):

	As of December 31,
	2019		2020
Cash and cash equivalents	$	419,693	$	187,509
Restricted cash included in other current assets	304		14,011
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	420,497	$	202,020

Schedule of tuition receivable and allowance for credit losses

The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2019 and 2020 (in thousands):

	December 31, 2019		December 31, 2020
Tuition receivable	$	82,454	$	99,942
Allowance for credit losses	(30,931)		(49,773)
Tuition receivable, net	$	51,523	$	50,169

Schedule of allowance for credit losses

The following table illustrates changes in the Company’s allowance for credit losses for each of the three years ended December 31, 2020 (in thousands):

	2018		2019		2020
Allowance for credit losses, beginning of period	$	12,687	$	28,457	$	30,931
Impact of adopting ASC 326	—		—		4,571
Additions charged to expense	37,704		49,072		49,130
Additions from merger	6,601		2,207		3,503
Write-offs, net of recoveries	(28,535)		(48,805)		(38,362)
Allowance for credit losses, end of period	$	28,457	$	30,931	$	49,773

Schedule of reconciliation of shares used to calculate basic and diluted earnings (loss) per share

Set forth below is a reconciliation of shares used to calculate basic and diluted earnings (loss) per share for each of the three years ended December 31, 2020 (in thousands):

	2018	2019	2020
Weighted average shares outstanding used to compute basic earnings per share	15,190	21,725	22,633
Incremental shares issuable upon the assumed exercise of stock options	—	54	14
Unvested restricted stock and restricted stock units	—	318	213
Shares used to compute diluted earnings (loss) per share	15,190	22,097	22,860
Anti-dilutive shares excluded from the diluted earnings per share calculation	611	16	63