Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

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 and years to date ended June 30, 2024 and 2023 (dollars in thousands):

	For the Quarter Ended June 30, 2024								For the Quarter Ended June 30, 2023
	CTU		AIUS		Corporate and Other		Total		CTU		AIUS		Corporate and Other		Total
Tuition, net (1)	$	106,978	$	50,966	$	-	$	157,944	$	112,864	$	63,136	$	-	$	176,000
Technology and other fees		4,998		2,462		-		7,460		5,420		3,100		-		8,520
Total tuition and fees, net		111,976		53,428		-		165,404		118,284		66,236		-		184,520
Other revenue (2)		852		294		190		1,336		1,008		826		210		2,044
Total revenue	$	112,828	$	53,722	$	190	$	166,740	$	119,292	$	67,062	$	210	$	186,564
	For the Year to Date Ended June 30, 2024								For the Year to Date Ended June 30, 2023
	CTU		AIUS		Corporate and Other		Total		CTU		AIUS		Corporate and Other		Total
Tuition, net (1)	$	214,418	$	102,795	$	-	$	317,213	$	230,862	$	129,781	$	-	$	360,643
Technology and other fees		10,338		4,851		-		15,189		10,843		6,353		-		17,196
Total tuition and fees, net		224,756		107,646		-		332,402		241,705		136,134		-		377,839
Other revenue (2)		1,641		581		380		2,602		2,079		1,768		476		4,323
Total revenue	$	226,397	$	108,227	$	380	$	335,004	$	243,784	$	137,902	$	476	$	382,162

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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.

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, 2024 and December 31, 2023 were as follows (dollars in thousands):

	As of
	June 30, 2024			December 31, 2023
Gross deferred revenue	$	90,785		$	63,970
Gross contract assets	$	(35,395	)		(26,755	)
Deferred revenue, net	$	55,390		$	37,215

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2024 and 2023 were as follows (dollars in thousands):

	For the Quarter Ended June 30, 2024									For the Quarter Ended June 30, 2023
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, April 1	$	82,320		$	36,619		$	118,939		$	42,372		$	23,460		$	65,832
Revenue earned from prior balances		(69,946	)		(29,510	)		(99,456	)		(32,859	)		(19,609	)		(52,468	)
Billings during period(1)		97,465			39,022			136,487			148,118			74,318			222,436
Revenue earned for new billings during the period		(42,030	)		(23,918	)		(65,948	)		(85,425	)		(46,627	)		(132,052	)
Other adjustments		71			692			763			496			459			955
Gross deferred revenue, June 30	$	67,880		$	22,905		$	90,785		$	72,702		$	32,001		$	104,703
	For the Year to Date Ended June 30, 2024									For the Year to Date Ended June 30, 2023
	CTU			AIUS			Total			CTU			AIUS			Total
Gross deferred revenue, January 1	$	42,531		$	21,439		$	63,970		$	67,245		$	39,955		$	107,200
Revenue earned from prior balances		(37,248	)		(19,653	)		(56,901	)		(58,404	)		(32,495	)		(90,899	)
Billings during period(1)		250,342			108,799			359,141			248,130			127,450			375,580
Revenue earned for new billings during the period		(187,508	)		(87,993	)		(275,501	)		(183,301	)		(103,639	)		(286,940	)
Other adjustments		(237	)		313			76			(968	)		730			(238	)
Gross deferred revenue, June 30	$	67,880		$	22,905		$	90,785		$	72,702		$	32,001		$	104,703

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