Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and 2024 (dollars in thousands):

	For the Quarter Ended March 31, 2025										For the Quarter Ended March 31, 2024
	CTU		AIUS		USAHS (3)		Corporate and Other		Total		CTU		AIUS		USAHS (3)		Corporate and Other		Total
Tuition, net (1)	$	113,658	$	51,492	$	37,164	$	-	$	202,314	$	107,440	$	51,829	$	-	$	-	$	159,269
Technology and other fees		5,179		2,338		2,017		-		9,534		5,340		2,389		-		-		7,729
Total tuition and fees, net		118,837		53,830		39,181		-		211,848		112,780		54,218		-		-		166,998
Other revenue (2)		742		229		2		183		1,156		789		287		-		190		1,266
Total revenue	$	119,579	$	54,059	$	39,183	$	183	$	213,004	$	113,569	$	54,505	$	-	$	190	$	168,264

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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)USAHS includes revenue beginning on the acquisition date of December 2, 2024.

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, 2025 and December 31, 2024 were as follows (dollars in thousands):

	As of
	March 31, 2025			December 31, 2024
Gross deferred revenue	$	141,491		$	61,291
Gross contract assets		(78,644	)		(24,551	)
Deferred revenue, net	$	62,847		$	36,740

Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters ended March 31, 2025 and 2024 were as follows (dollars in thousands):

	For the Quarter Ended March 31, 2025												For the Quarter Ended March 31, 2024
	CTU			AIUS			USAHS (2)			Total			CTU			AIUS			USAHS (2)		Total
Gross deferred revenue, January 1	$	40,082		$	19,641		$	1,568		$	61,291		$	42,531		$	21,439		$	-	$	63,970
Revenue earned from prior balances		(32,869	)		(16,691	)		(863	)		(50,423	)		(35,052	)		(17,695	)		-		(52,747	)
Billings during period(1)		178,628			62,472			52,387			293,487			152,877			69,777			-		222,654
Revenue earned for new billings during the period		(85,968	)		(37,139	)		(38,318	)		(161,425	)		(77,728	)		(36,523	)		-		(114,251	)
Other adjustments		(1,032	)		65			(472	)		(1,439	)		(308	)		(379	)		-		(687	)
Gross deferred revenue, March 31	$	98,841		$	28,348		$	14,302		$	141,491		$	82,320		$	36,619		$	-	$	118,939

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

(2)USAHS includes deferred revenue starting from the acquisition date on December 2, 2024.