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Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2019
Revenue From Contract With Customer [Abstract]  
Summary of Disaggregation of Revenue by Major Source

The following tables disaggregate our revenue by major source (dollars in thousands):

 

 

 

For the Quarter Ended September 30, 2019

 

 

For the Quarter Ended September 30, 2018

 

 

 

CTU

 

 

AIU

 

 

Corporate and Other(3)

 

 

Total

 

 

CTU

 

 

AIU

 

 

Corporate and Other(3)

 

 

Total

 

Tuition

 

$

90,256

 

 

$

56,383

 

 

$

-

 

 

$

146,639

 

 

$

89,121

 

 

$

50,349

 

 

$

64

 

 

$

139,534

 

Technology fees

 

 

4,789

 

 

 

2,360

 

 

 

-

 

 

 

7,149

 

 

 

2,823

 

 

 

1,953

 

 

 

-

 

 

 

4,776

 

Other miscellaneous fees(1)

 

 

384

 

 

 

119

 

 

 

-

 

 

 

503

 

 

 

426

 

 

 

145

 

 

 

1

 

 

 

572

 

    Total tuition and fees

 

 

95,429

 

 

 

58,862

 

 

 

-

 

 

 

154,291

 

 

 

92,370

 

 

 

52,447

 

 

 

65

 

 

 

144,882

 

Other revenue(2)

 

 

609

 

 

 

45

 

 

 

14

 

 

 

668

 

 

 

745

 

 

 

57

 

 

 

6

 

 

 

808

 

Total revenue

 

$

96,038

 

 

$

58,907

 

 

$

14

 

 

$

154,959

 

 

$

93,115

 

 

$

52,504

 

 

$

71

 

 

$

145,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year to Date Ended September 30, 2019

 

 

For the Year to Date Ended September 30, 2018

 

 

 

CTU

 

 

AIU

 

 

Corporate and Other(3)

 

 

Total

 

 

CTU

 

 

AIU

 

 

Corporate and Other(3)

 

 

Total

 

Tuition

 

$

273,777

 

 

$

171,954

 

 

$

-

 

 

$

445,731

 

 

$

269,146

 

 

$

148,134

 

 

$

555

 

 

$

417,835

 

Technology fees

 

 

12,828

 

 

 

7,129

 

 

 

-

 

 

 

19,957

 

 

 

8,554

 

 

 

5,577

 

 

 

-

 

 

 

14,131

 

Other miscellaneous fees(1)

 

 

1,271

 

 

 

339

 

 

 

-

 

 

 

1,610

 

 

 

1,415

 

 

 

335

 

 

 

20

 

 

 

1,770

 

    Total tuition and fees

 

 

287,876

 

 

 

179,422

 

 

 

-

 

 

 

467,298

 

 

 

279,115

 

 

 

154,046

 

 

 

575

 

 

 

433,736

 

Other revenue(2)

 

 

1,774

 

 

 

137

 

 

 

44

 

 

 

1,955

 

 

 

1,873

 

 

 

158

 

 

 

24

 

 

 

2,055

 

Total revenue

 

$

289,650

 

 

$

179,559

 

 

$

44

 

 

$

469,253

 

 

$

280,988

 

 

$

154,204

 

 

$

599

 

 

$

435,791

 

__________________

 

(1)

Other miscellaneous fees include graduation fees and activity fees.

 

(2)

Other revenue primarily includes contract training revenue and bookstore and laptop sales.

 

(3)

Revenue recorded within Corporate and Other relates to closed campuses which are now reported within this category.

 
Summary of Contract Assets Offset with Deferred Revenue Balances

The amount of contract assets which are being offset with deferred revenue balances as of September 30, 2019 and December 31, 2018 were as follows (dollars in thousands):

 

 

As of

 

 

 

September 30, 2019

 

 

December 31, 2018

 

Gross deferred revenue

 

$

35,611

 

 

$

51,694

 

Gross contract assets

 

 

(11,827

)

 

 

(19,343

)

Deferred revenue, net

 

$

23,784

 

 

$

32,351

 
Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2019 and 2018 were as follows (dollars in thousands):

 

 

 

For the Quarter Ended September 30, 2019

 

 

For the Quarter Ended September 30, 2018

 

 

 

CTU

 

 

AIU

 

 

Corporate and Other(2)

 

 

Total

 

 

CTU

 

 

AIU

 

 

Corporate and Other(2)

 

 

Total

 

Gross deferred revenue, July 1,

 

$

25,825

 

 

$

19,976

 

 

$

-

 

 

$

45,801

 

 

$

23,754

 

 

$

13,436

 

 

$

70

 

 

$

37,260

 

Revenue earned from balances existing as of July 1,

 

 

(23,375

)

 

 

(16,970

)

 

 

-

 

 

 

(40,345

)

 

 

(21,533

)

 

 

(11,341

)

 

 

(47

)

 

 

(32,921

)

Billings during period(1)

 

 

96,863

 

 

 

47,310

 

 

 

-

 

 

 

144,173

 

 

 

93,277

 

 

 

73,852

 

 

 

63

 

 

 

167,192

 

Revenue earned for new billings during the period

 

 

(72,054

)

 

 

(41,892

)

 

 

-

 

 

 

(113,946

)

 

 

(70,837

)

 

 

(41,106

)

 

 

(18

)

 

 

(111,961

)

Other adjustments

 

 

(146

)

 

 

74

 

 

 

-

 

 

 

(72

)

 

 

(266

)

 

 

(500

)

 

 

(25

)

 

 

(791

)

Gross deferred revenue, September 30,

 

$

27,113

 

 

$

8,498

 

 

$

-

 

 

$

35,611

 

 

$

24,395

 

 

$

34,341

 

 

$

43

 

 

$

58,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year to Date Ended September 30, 2019

 

 

For the Year to Date Ended September 30, 2018

 

 

 

CTU

 

 

AIU

 

 

Corporate and Other(2)

 

 

Total

 

 

CTU

 

 

AIU

 

 

Corporate and Other(2)

 

 

Total

 

Gross deferred revenue, January 1,

 

$

24,250

 

 

$

27,444

 

 

$

-

 

 

$

51,694

 

 

$

23,933

 

 

$

15,507

 

 

$

104

 

 

$

39,544

 

Revenue earned from balances existing as of January 1,

 

 

(22,289

)

 

 

(21,779

)

 

 

-

 

 

 

(44,068

)

 

 

(22,192

)

 

 

(14,310

)

 

 

(104

)

 

 

(36,606

)

Billings during period(1)

 

 

289,803

 

 

 

159,711

 

 

 

-

 

 

 

449,514

 

 

 

279,374

 

 

 

173,244

 

 

 

558

 

 

 

453,176

 

Revenue earned for new billings during the period

 

 

(265,587

)

 

 

(157,643

)

 

 

-

 

 

 

(423,230

)

 

 

(256,923

)

 

 

(139,736

)

 

 

(471

)

 

 

(397,130

)

Other adjustments

 

 

936

 

 

 

765

 

 

 

-

 

 

 

1,701

 

 

 

203

 

 

 

(364

)

 

 

(44

)

 

 

(205

)

Gross deferred revenue, September 30,

 

$

27,113

 

 

$

8,498

 

 

$

-

 

 

$

35,611

 

 

$

24,395

 

 

$

34,341

 

 

$

43

 

 

$

58,779

 

______________

 

(1)

Billings during period includes adjustments for prior billings.

 

(2)

Revenue recorded within Corporate and Other relates to closed campuses which are now reported within this category.