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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2024
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 quarters and years to date ended June 30, 2024 and 2023 (dollars in thousands):
|  | For the Quarter Ended June 30, 2024 |  |  | For the Quarter Ended June 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |
Tuition, net (1) |  | $ | 106,978 |  |  | $ | 50,966 |  |  | $ | - |  |  | $ | 157,944 |  |  | $ | 112,864 |  |  | $ | 63,136 |  |  | $ | - |  |  | $ | 176,000 |
Technology and other fees |  |  | 4,998 |  |  |  | 2,462 |  |  |  | - |  |  |  | 7,460 |  |  |  | 5,420 |  |  |  | 3,100 |  |  |  | - |  |  |  | 8,520 |
Total tuition and fees, net |  |  | 111,976 |  |  |  | 53,428 |  |  |  | - |  |  |  | 165,404 |  |  |  | 118,284 |  |  |  | 66,236 |  |  |  | - |  |  |  | 184,520 |
Other revenue (2) |  |  | 852 |  |  |  | 294 |  |  |  | 190 |  |  |  | 1,336 |  |  |  | 1,008 |  |  |  | 826 |  |  |  | 210 |  |  |  | 2,044 |
Total revenue |  | $ | 112,828 |  |  | $ | 53,722 |  |  | $ | 190 |  |  | $ | 166,740 |  |  | $ | 119,292 |  |  | $ | 67,062 |  |  | $ | 210 |  |  | $ | 186,564 |
|  | For the Year to Date Ended June 30, 2024 |  |  | For the Year to Date Ended June 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |
Tuition, net (1) |  | $ | 214,418 |  |  | $ | 102,795 |  |  | $ | - |  |  | $ | 317,213 |  |  | $ | 230,862 |  |  | $ | 129,781 |  |  | $ | - |  |  | $ | 360,643 |
Technology and other fees |  |  | 10,338 |  |  |  | 4,851 |  |  |  | - |  |  |  | 15,189 |  |  |  | 10,843 |  |  |  | 6,353 |  |  |  | - |  |  |  | 17,196 |
Total tuition and fees, net |  |  | 224,756 |  |  |  | 107,646 |  |  |  | - |  |  |  | 332,402 |  |  |  | 241,705 |  |  |  | 136,134 |  |  |  | - |  |  |  | 377,839 |
Other revenue (2) |  |  | 1,641 |  |  |  | 581 |  |  |  | 380 |  |  |  | 2,602 |  |  |  | 2,079 |  |  |  | 1,768 |  |  |  | 476 |  |  |  | 4,323 |
Total revenue |  | $ | 226,397 |  |  | $ | 108,227 |  |  | $ | 380 |  |  | $ | 335,004 |  |  | $ | 243,784 |  |  | $ | 137,902 |  |  | $ | 476 |  |  | $ | 382,162 |
__________________ (1) Tuition 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.
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, 2024 and December 31, 2023 were as follows (dollars in thousands):
|  | As of |
|  | June 30, 2024 |  |  | December 31, 2023 |
Gross deferred revenue |  | $ | 90,785 |  |  | $ | 63,970 |
Gross contract assets |  | $ | (35,395 | ) |  |  | (26,755 | )
Deferred revenue, net |  | $ | 55,390 |  |  | $ | 37,215 |
Changes in Deferred Revenue Balances | Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2024 and 2023 were as follows (dollars in thousands):
|  | For the Quarter Ended June 30, 2024 |  |  | For the Quarter Ended June 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Total |
Gross deferred revenue, April 1 |  | $ | 82,320 |  |  | $ | 36,619 |  |  | $ | 118,939 |  |  | $ | 42,372 |  |  | $ | 23,460 |  |  | $ | 65,832 |
Revenue earned from prior balances |  |  | (69,946 | ) |  |  | (29,510 | ) |  |  | (99,456 | ) |  |  | (32,859 | ) |  |  | (19,609 | ) |  |  | (52,468 | )
Billings during period(1) |  |  | 97,465 |  |  |  | 39,022 |  |  |  | 136,487 |  |  |  | 148,118 |  |  |  | 74,318 |  |  |  | 222,436 |
Revenue earned for new billings during the period |  |  | (42,030 | ) |  |  | (23,918 | ) |  |  | (65,948 | ) |  |  | (85,425 | ) |  |  | (46,627 | ) |  |  | (132,052 | )
Other adjustments |  |  | 71 |  |  |  | 692 |  |  |  | 763 |  |  |  | 496 |  |  |  | 459 |  |  |  | 955 |
Gross deferred revenue, June 30 |  | $ | 67,880 |  |  | $ | 22,905 |  |  | $ | 90,785 |  |  | $ | 72,702 |  |  | $ | 32,001 |  |  | $ | 104,703 |
|  | For the Year to Date Ended June 30, 2024 |  |  | For the Year to Date Ended June 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Total |
Gross deferred revenue, January 1 |  | $ | 42,531 |  |  | $ | 21,439 |  |  | $ | 63,970 |  |  | $ | 67,245 |  |  | $ | 39,955 |  |  | $ | 107,200 |
Revenue earned from prior balances |  |  | (37,248 | ) |  |  | (19,653 | ) |  |  | (56,901 | ) |  |  | (58,404 | ) |  |  | (32,495 | ) |  |  | (90,899 | )
Billings during period(1) |  |  | 250,342 |  |  |  | 108,799 |  |  |  | 359,141 |  |  |  | 248,130 |  |  |  | 127,450 |  |  |  | 375,580 |
Revenue earned for new billings during the period |  |  | (187,508 | ) |  |  | (87,993 | ) |  |  | (275,501 | ) |  |  | (183,301 | ) |  |  | (103,639 | ) |  |  | (286,940 | )
Other adjustments |  |  | (237 | ) |  |  | 313 |  |  |  | 76 |  |  |  | (968 | ) |  |  | 730 |  |  |  | (238 | )
Gross deferred revenue, June 30 |  | $ | 67,880 |  |  | $ | 22,905 |  |  | $ | 90,785 |  |  | $ | 72,702 |  |  | $ | 32,001 |  |  | $ | 104,703 |
______________ (1) Billings during period includes adjustments for prior billings.

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