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Segment and Geographic Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company has two reportable segments: the Degree Program Segment and the Alternative Credential Segment. The Company’s reportable segments are determined based on (i) financial information reviewed by the chief operating decision maker, the Chief Executive Officer (“CEO”), (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions. The Company’s Degree Program Segment includes the technology and services provided to nonprofit colleges and universities to enable the online delivery of degree programs. The Company’s Alternative Credential Segment includes the premium online executive education programs and technical skills-based boot camps provided through relationships with nonprofit colleges and universities.
Significant Customers
For the three and six months ended June 30, 2022 and June 30, 2021, no university clients accounted for 10% or more of the Company’s consolidated revenue.
As of June 30, 2022, one university client in the Degree Program Segment accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, with $6.9 million, or approximately 10% of the Company’s consolidated accounts receivable, net balance. As of December 31, 2021, two university clients in the Degree Program Segment each accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, with $9.8 million and $8.8 million, or approximately 14% and 13% of the Company’s consolidated accounts receivable, net balance, respectively.
Segment Performance
The following table presents financial information regarding each of the Company’s reportable segment’s results of operations for each of the periods indicated.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
 (dollars in thousands)
Revenue by segment*  
Degree Program Segment$143,090 $146,214 $297,257 $292,089 
Alternative Credential Segment98,374 90,995 197,536 177,593 
Total revenue$241,464 $237,209 $494,793 $469,682 
Segment profitability**  
Degree Program Segment$39,539 $27,973 $75,357 $53,861 
Alternative Credential Segment(17,637)(10,861)(41,175)(23,001)
Total segment profitability$21,902 $17,112 $34,182 $30,860 
Segment profitability margin***  
Degree Program Segment27.6 %19.1 %25.4 %18.4 %
Alternative Credential Segment(17.9)(11.9)(20.8)(13.0)
Total segment profitability margin9.1 %7.2 %6.9 %6.6 %
*
The Company has excluded immaterial amounts of intersegment revenues from each of the three and six months ended June 30, 2022 and 2021.
**
The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), other income (expense), net, taxes, depreciation and amortization expense, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, impairment charges, losses on debt extinguishment, and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period.
***
The Company defines segment profitability margin as segment profitability as a percentage of the respective segment’s revenue.

The following table presents a reconciliation of the Company’s total segment profitability to net loss for each of the periods indicated.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
 (in thousands)(in thousands)
Net loss$(62,852)$(21,831)$(188,632)$(67,395)
Adjustments:
Stock-based compensation expense22,349 24,776 46,773 49,723 
Other (income) expense, net1,367 (24,070)2,397 (23,155)
Net interest expense13,665 7,836 27,298 15,355 
Income tax benefit(164)(127)(415)(129)
Depreciation and amortization expense31,342 26,422 65,757 51,409 
Impairment charges— — 58,782 — 
Loss on debt extinguishment— 1,101 — 1,101 
Restructuring charges16,753 1,334 17,540 1,819 
Other*(558)1,671 4,682 2,132 
Total adjustments84,754 38,943 222,814 98,255 
Total segment profitability$21,902 $17,112 $34,182 $30,860 
*
Includes (i) transaction and integration expense of $1.0 million and $1.7 million for the three months ended June 30, 2022 and 2021, respectively, and $3.4 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, and (ii) stockholder activism and litigation-related (recoveries) expense of $(1.6) million and zero for the three months ended June 30, 2022 and 2021, respectively, and $1.3 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively.
The following table presents the Company’s total assets by segment as of each of the dates indicated.
 June 30,
2022		December 31,
2021
 (in thousands)
Total assets  
Degree Program Segment
$525,076 $546,572 
Alternative Credential Segment1,508,158 1,562,434 
Total assets$2,033,234 $2,109,006 
Geographical Information
The Company’s non-U.S. revenue is based on the currency of the country in which the university client primarily operates. The Company’s non-U.S. revenue was $27.2 million and $26.3 million for the three months ended June 30, 2022 and 2021, respectively. The Company’s non-U.S. revenue was $55.3 million and $49.4 million for the six months ended June 30, 2022 and 2021, respectively. Substantially all of the Company’s non-U.S. revenue for each of the aforementioned periods was sourced from the Alternative Credential Segment’s operations outside of the U.S. The Company’s long-lived tangible assets in non-U.S. countries as of June 30, 2022 and December 31, 2021 totaled approximately $3.5 million and $3.3 million, respectively.