Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 (dollars in thousands):

	For the Quarter Ended March 31, 2023								For the Quarter Ended March 31, 2022
	CTU (3)		AIUS (4)		Corporate and Other		Total		CTU		AIUS		Corporate and Other		Total
Tuition, net (1)	$	117,998	$	66,645	$	-	$	184,643	$	106,927	$	65,451	$	-	$	172,378
Technology and miscellaneous fees		5,423		3,253		-		8,676		5,624		3,325		-		8,949
Total tuition and fees, net		123,421		69,898		-		193,319		112,551		68,776		-		181,327
Other revenue (2)		1,071		942		266		2,279		597		756		279		1,632
Total revenue	$	124,492	$	70,840	$	266	$	195,598	$	113,148	$	69,532	$	279	$	182,959

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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.

(3)CTU includes revenue related to an acquisition completed on December 1, 2022.

(4)AIUS includes revenue related to an acquisition completed on July 1, 2022.

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, 2023 and December 31, 2022 were as follows (dollars in thousands):

	As of
	March 31, 2023			December 31, 2022
Gross deferred revenue	$	65,832		$	107,200
Gross contract assets		(21,122	)		(35,610	)
Deferred revenue, net	$	44,710		$	71,590

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters ended March 31, 2023 and 2022 were as follows (dollars in thousands):

	For the Quarter Ended March 31, 2023									For the Quarter Ended March 31, 2022
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, January 1	$	67,245		$	39,955		$	107,200		$	64,674		$	49,045		$	113,719
Revenue earned from prior balances		(54,712	)		(29,753	)		(84,465	)		(53,952	)		(36,987	)		(90,939	)
Billings during period(1)		100,012			53,132			153,144			86,621			48,575			135,196
Revenue earned for new billings during the period		(68,709	)		(40,145	)		(108,854	)		(58,599	)		(31,789	)		(90,388	)
Other adjustments		(1,464	)		271			(1,193	)		599			(337	)		262
Gross deferred revenue, March 31	$	42,372		$	23,460		$	65,832		$	39,343		$	28,507		$	67,850

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