XML 94 R38.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Summarizes the Unaudited Quarterly Results of Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2019
​ |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Service revenue | ​ | $ | 197,287 | ​ | $ | 174,820 | ​ | $ | 193,289 | ​ | $ | 213,247
Net revenue | ​ |  | 197,287 | ​ |  | 174,820 | ​ |  | 193,289 | ​ |  | 213,247
Costs and expenses: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Technology and academic services | ​ |  | 18,625 | ​ |  | 22,528 | ​ |  | 24,231 | ​ |  | 25,128
Counseling services and support | ​ |  | 53,093 | ​ |  | 54,299 | ​ |  | 56,249 | ​ |  | 59,957
Marketing and communication | ​ |  | 35,967 | ​ |  | 35,726 | ​ |  | 37,340 | ​ |  | 33,863
General and administrative | ​ |  | 11,397 | ​ |  | 9,216 | ​ |  | 13,556 | ​ |  | 10,148
Amortization of intangible assets | ​ | ​ | 1,686 | ​ | ​ | 2,179 | ​ | ​ | 2,179 | ​ | ​ | 2,179
Loss on transaction | ​ |  | 4,088 | ​ |  | (122) | ​ |  | — | ​ |  | —
Total costs and expenses | ​ |  | 124,856 | ​ |  | 123,826 | ​ |  | 133,555 | ​ |  | 131,275
Operating income | ​ |  | 72,431 | ​ |  | 50,994 | ​ |  | 59,734 | ​ |  | 81,972
Interest income on Secured Note | ​ |  | 13,735 | ​ |  | 14,482 | ​ |  | 16,208 | ​ |  | 14,872
Interest expense | ​ |  | (2,586) | ​ |  | (2,907) | ​ |  | (2,875) | ​ |  | (2,943)
Investment interest and other | ​ |  | 1,119 | ​ |  | 2,668 | ​ |  | 255 | ​ |  | 343
Income before income taxes | ​ |  | 84,699 | ​ |  | 65,237 | ​ |  | 73,322 | ​ |  | 94,244
Income tax expense | ​ |  | 11,456 | ​ |  | 14,125 | ​ |  | 15,171 | ​ |  | 17,575
Net income | ​ | $ | 73,243 | ​ | $ | 51,112 | ​ | $ | 58,151 | ​ | $ | 76,669
Earnings per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic income per share(1) | ​ | $ | 1.54 | ​ | $ | 1.07 | ​ | $ | 1.21 | ​ | $ | 1.61
Diluted income per share(1) | ​ | $ | 1.52 | ​ | $ | 1.06 | ​ | $ | 1.20 | ​ | $ | 1.59
Basic weighted average shares outstanding | ​ |  | 47,699 | ​ |  | 47,851 | ​ |  | 47,920 | ​ |  | 47,758
Diluted weighted average shares outstanding | ​ |  | 48,274 | ​ |  | 48,313 | ​ |  | 48,337 | ​ |  | 48,112
| (1) | The sum of quarterly income per share may not equal annual income per share due to rounding.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2018
​ |  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Service revenue | ​ | $ | — | ​ | $ | — | ​ | $ | 155,454 | ​ | $ | 177,548
University related revenue | ​ |  | 275,681 | ​ |  | 236,818 | ​ |  | — | ​ |  | —
Net revenue | ​ |  | 275,681 | ​ |  | 236,818 | ​ |  | 155,454 | ​ |  | 177,548
Costs and expenses: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Technology and academic services | ​ |  | 10,697 | ​ |  | 10,678 | ​ |  | 11,101 | ​ |  | 11,098
Counseling services and support | ​ |  | 50,747 | ​ |  | 50,838 | ​ |  | 51,116 | ​ |  | 51,989
Marketing and communication | ​ |  | 28,527 | ​ |  | 30,095 | ​ |  | 31,546 | ​ |  | 27,252
General and administrative | ​ |  | 7,419 | ​ |  | 5,762 | ​ |  | 10,092 | ​ |  | 6,695
University related expenses | ​ |  | 87,649 | ​ |  | 79,517 | ​ |  | 6,569 | ​ |  | (405)
Loss on transaction | ​ |  | 550 | ​ |  | 1,440 | ​ |  | 15,610 | ​ |  | 770
Total costs and expenses | ​ |  | 185,589 | ​ |  | 178,330 | ​ |  | 126,034 | ​ |  | 97,399
Operating income | ​ |  | 90,092 | ​ |  | 58,488 | ​ |  | 29,420 | ​ |  | 80,149
Interest income on Secured Note | ​ |  | — | ​ |  | — | ​ |  | 13,248 | ​ |  | 13,699
Interest expense | ​ |  | (346) | ​ |  | (57) | ​ |  | (558) | ​ |  | (575)
Investment interest and other | ​ |  | 981 | ​ |  | 1,567 | ​ |  | 371 | ​ |  | 521
Income before income taxes | ​ |  | 90,727 | ​ |  | 59,998 | ​ |  | 42,481 | ​ |  | 93,794
Income tax expense | ​ |  | 17,046 | ​ |  | 13,960 | ​ |  | 8,720 | ​ |  | 18,263
Net income | ​ | $ | 73,681 | ​ | $ | 46,038 | ​ | $ | 33,761 | ​ | $ | 75,531
Earnings per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic income per share(1) | ​ | $ | 1.55 | ​ | $ | 0.97 | ​ | $ | 0.71 | ​ | $ | 1.58
Diluted income per share(1) | ​ | $ | 1.52 | ​ | $ | 0.95 | ​ | $ | 0.70 | ​ | $ | 1.56
Basic weighted average shares outstanding | ​ |  | 47,432 | ​ |  | 47,604 | ​ |  | 47,682 | ​ |  | 47,708
Diluted weighted average shares outstanding | ​ |  | 48,397 | ​ |  | 48,411 | ​ |  | 48,422 | ​ |  | 48,422
| (1) | The sum of quarterly income per share may not equal annual income per share due to rounding.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
Name: | us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration