XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenue Recognition (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Revenue From Contract With Customer [Abstract] |
Summary of Disaggregation of Revenue by Major Source |
|  | For the Quarter Ended June 30, 2021 |  |  | For the Quarter Ended June 30, 2020 |
|  | CTU |  |  | AIU |  |  | Corporate and Other(3) |  |  | Total |  |  | CTU |  |  | AIU |  |  | Corporate and Other(3) |  |  | Total |
Tuition |  | $ | 95,723 |  |  | $ | 70,123 |  |  | $ | - |  |  | $ | 165,846 |  |  | $ | 94,204 |  |  | $ | 73,004 |  |  | $ | - |  |  | $ | 167,208 |
Technology fees |  |  | 5,530 |  |  |  | 2,873 |  |  |  | - |  |  |  | 8,403 |  |  |  | 5,162 |  |  |  | 2,633 |  |  |  | - |  |  |  | 7,795 |
Other miscellaneous fees(1) |  |  | 389 |  |  |  | 166 |  |  |  | - |  |  |  | 555 |  |  |  | 323 |  |  |  | 173 |  |  |  | - |  |  |  | 496 |
Total tuition and fees |  |  | 101,642 |  |  |  | 73,162 |  |  |  | - |  |  |  | 174,804 |  |  |  | 99,689 |  |  |  | 75,810 |  |  |  | - |  |  |  | 175,499 |
Other revenue(2) |  |  | 393 |  |  |  | 61 |  |  |  | 281 |  |  |  | 735 |  |  |  | 504 |  |  |  | 25 |  |  |  | 7 |  |  |  | 536 |
Total revenue |  | $ | 102,035 |  |  | $ | 73,223 |  |  | $ | 281 |  |  | $ | 175,539 |  |  | $ | 100,193 |  |  | $ | 75,835 |  |  | $ | 7 |  |  | $ | 176,035 |
|  | For the Year to Date Ended June 30, 2021 |  |  | For the Year to Date Ended June 30, 2020 |
|  | CTU |  |  | AIU |  |  | Corporate and Other(3) |  |  | Total |  |  | CTU |  |  | AIU |  |  | Corporate and Other(3) |  |  | Total |
Tuition |  | $ | 195,328 |  |  | $ | 144,621 |  |  | $ | - |  |  | $ | 339,949 |  |  | $ | 191,755 |  |  | $ | 137,549 |  |  | $ | - |  |  | $ | 329,304 |
Technology fees |  |  | 11,013 |  |  |  | 5,668 |  |  |  | - |  |  |  | 16,681 |  |  |  | 10,282 |  |  |  | 5,290 |  |  |  | - |  |  |  | 15,572 |
Other miscellaneous fees(1) |  |  | 681 |  |  |  | 324 |  |  |  | - |  |  |  | 1,005 |  |  |  | 695 |  |  |  | 322 |  |  |  | - |  |  |  | 1,017 |
Total tuition and fees |  |  | 207,022 |  |  |  | 150,613 |  |  |  | - |  |  |  | 357,635 |  |  |  | 202,732 |  |  |  | 143,161 |  |  |  | - |  |  |  | 345,893 |
Other revenue(2) |  |  | 835 |  |  |  | 87 |  |  |  | 620 |  |  |  | 1,542 |  |  |  | 1,049 |  |  |  | 70 |  |  |  | 17 |  |  |  | 1,136 |
Total revenue |  | $ | 207,857 |  |  | $ | 150,700 |  |  | $ | 620 |  |  | $ | 359,177 |  |  | $ | 203,781 |  |  | $ | 143,231 |  |  | $ | 17 |  |  | $ | 347,029 |
__________________
| (1) | Other miscellaneous fees include student activity fees and graduation fees.
| (2) | Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.
| (3) | Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue.
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 June 30, 2021 and December 31, 2020 were as follows (dollars in thousands):
|  | As of |
|  | June 30, 2021 |  |  | December 31, 2020 |
Gross deferred revenue |  | $ | 121,467 |  |  | $ | 85,402 |
Gross contract assets |  |  | (76,253 | ) |  |  | (50,868 | )
Deferred revenue, net |  | $ | 45,214 |  |  | $ | 34,534 |
Changes in Deferred Revenue Balances | Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2021 and 2020 were as follows (dollars in thousands):
|  | For the Quarter Ended June 30, 2021 |  |  | For the Quarter Ended June 30, 2020 |
|  | CTU |  |  | AIU |  |  | Total |  |  | CTU |  |  | AIU |  |  | Total |
Gross deferred revenue, April 1 |  | $ | 25,136 |  |  | $ | 32,886 |  |  | $ | 58,022 |  |  | $ | 27,986 |  |  | $ | 28,934 |  |  | $ | 56,920 |
Revenue earned from prior balances |  |  | (22,814 | ) |  |  | (26,977 | ) |  |  | (49,791 | ) |  |  | (25,238 | ) |  |  | (22,929 | ) |  |  | (48,167 | )
Billings during period(1) |  |  | 155,861 |  |  |  | 83,904 |  |  |  | 239,765 |  |  |  | 99,464 |  |  |  | 86,343 |  |  |  | 185,807 |
Revenue earned for new billings during the period |  |  | (78,828 | ) |  |  | (46,185 | ) |  |  | (125,013 | ) |  |  | (74,451 | ) |  |  | (52,881 | ) |  |  | (127,332 | )
Other adjustments |  |  | (1,537 | ) |  |  | 21 |  |  |  | (1,516 | ) |  |  | 331 |  |  |  | 258 |  |  |  | 589 |
Gross deferred revenue, June 30 |  | $ | 77,818 |  |  | $ | 43,649 |  |  | $ | 121,467 |  |  | $ | 28,092 |  |  | $ | 39,725 |  |  | $ | 67,817 |
|  | For the Year to Date Ended June 30, 2021 |  |  | For the Year to Date Ended June 30, 2020 |
|  | CTU |  |  | AIU |  |  | Total |  |  | CTU |  |  | AIU |  |  | Total |
Gross deferred revenue, January 1 |  | $ | 28,522 |  |  | $ | 56,880 |  |  | $ | 85,402 |  |  | $ | 27,845 |  |  | $ | 35,359 |  |  | $ | 63,204 |
Business acquisition, beginning balance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,395 |  |  |  | 13,395 |
Revenue earned from prior balances |  |  | (25,698 | ) |  |  | (44,809 | ) |  |  | (70,507 | ) |  |  | (24,367 | ) |  |  | (39,533 | ) |  |  | (63,900 | )
Billings during period(1) |  |  | 257,645 |  |  |  | 136,465 |  |  |  | 394,110 |  |  |  | 202,508 |  |  |  | 132,991 |  |  |  | 335,499 |
Revenue earned for new billings during the period |  |  | (181,324 | ) |  |  | (105,804 | ) |  |  | (287,128 | ) |  |  | (178,365 | ) |  |  | (103,628 | ) |  |  | (281,993 | )
Other adjustments |  |  | (1,327 | ) |  |  | 917 |  |  |  | (410 | ) |  |  | 471 |  |  |  | 1,141 |  |  |  | 1,612 |
Gross deferred revenue, June 30 |  | $ | 77,818 |  |  | $ | 43,649 |  |  | $ | 121,467 |  |  | $ | 28,092 |  |  | $ | 39,725 |  |  | $ | 67,817 |
______________
| 1) | Billings during period includes adjustments for prior billings.

X
- Definition Changes in deferred revenue balances. + References No definition available. + Details
Name: | prdo_ChangesInDeferredRevenueBalancesTableTextBlock
Namespace Prefix: | prdo_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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