Revenue Recognition (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

	For the Year Ended December 31, 2025
	CTU (3)		AIUS (3)		USAHS (4)		Corporate and Other		Total
Tuition and fees, net (1)	$	458,645	$	225,188	$	157,569	$	-	$	841,402
Other revenue(2)		2,957		1,032		7		698		4,694
Total revenue	$	461,602	$	226,220	$	157,576	$	698	$	846,096
	For the Year Ended December 31, 2024
	CTU (3)		AIUS (3)		USAHS (4)		Corporate and Other		Total
Tuition and fees, net (1)	$	440,183	$	225,852	$	10,036	$	-	$	676,071
Other revenue(2)		3,191		1,220		5		776		5,192
Total revenue	$	443,374	$	227,072	$	10,041	$	776	$	681,263
	For the Year Ended December 31, 2023
	CTU (3)		AIUS (3)		USAHS (4)		Corporate and Other		Total
Tuition and fees, net (1)	$	452,063	$	250,857	$	-	$	-	$	702,920
Other revenue(2)		4,106		2,200		-		778		7,084
Total revenue	$	456,169	$	253,057	$	-	$	778	$	710,004

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(1)Tuition and fees, net, 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)The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.

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

	As of December 31,
	2025			2024
Gross deferred revenue	$	80,290		$	61,291
Gross contract assets		(42,446	)		(24,551	)
Deferred revenue, net	$	37,844		$	36,740

Changes in Deferred Revenue Balances

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

	For the Year Ended December 31, 2025
	CTU (2)			AIUS (2)			USAHS (3)			Total
Gross deferred revenue, January 1, 2025	$	33,168		$	26,555		$	1,568		$	61,291
Revenue earned from prior balances		(29,814	)		(25,599	)		(455	)		(55,868	)
Billings during period (1)		463,059			240,197			157,510			860,766
Revenue earned for new billings during the period		(428,831	)		(199,589	)		(157,114	)		(785,534	)
Other adjustments		(162	)		(91	)		(112	)		(365	)
Gross deferred revenue, December 31, 2025	$	37,420		$	41,473		$	1,397		$	80,290
	For the Year Ended December 31, 2024
	CTU (2)			AIUS (2)			USAHS (3)			Total
Gross deferred revenue, January 1, 2024	$	36,409		$	27,561		$	-		$	63,970
Business acquisition, beginning balance		-			-			10,137			10,137
Revenue earned from prior balances		(33,472	)		(26,976	)		(10,036	)		(70,484	)
Billings during period (1)		437,961			224,813			-			662,774
Revenue earned for new billings during the period		(406,711	)		(198,876	)		-			(605,587	)
Other adjustments		(1,019	)		33			1,467			481
Gross deferred revenue, December 31, 2024	$	33,168		$	26,555		$	1,568		$	61,291

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

(2)The prior period amounts for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.

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