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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and 2023 (dollars in thousands):
|  | For the Quarter Ended September 30, 2024 |  |  | For the Quarter Ended September 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |
Tuition, net (1) |  | $ | 109,730 |  |  | $ | 51,174 |  |  | $ | - |  |  | $ | 160,904 |  |  | $ | 114,104 |  |  | $ | 56,212 |  |  | $ | - |  |  | $ | 170,316 |
Technology and other fees |  |  | 5,107 |  |  |  | 2,431 |  |  |  | - |  |  |  | 7,538 |  |  |  | 5,269 |  |  |  | 2,674 |  |  |  | - |  |  |  | 7,943 |
Total tuition and fees, net |  |  | 114,837 |  |  |  | 53,605 |  |  |  | - |  |  |  | 168,442 |  |  |  | 119,373 |  |  |  | 58,886 |  |  |  | - |  |  |  | 178,259 |
Other revenue (2) |  |  | 905 |  |  |  | 282 |  |  |  | 199 |  |  |  | 1,386 |  |  |  | 1,179 |  |  |  | 340 |  |  |  | 145 |  |  |  | 1,664 |
Total revenue |  | $ | 115,742 |  |  | $ | 53,887 |  |  | $ | 199 |  |  | $ | 169,828 |  |  | $ | 120,552 |  |  | $ | 59,226 |  |  | $ | 145 |  |  | $ | 179,923 |
|  | For the Year to Date Ended September 30, 2024 |  |  | For the Year to Date Ended September 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Corporate and Other |  |  | Total |
Tuition, net (1) |  | $ | 324,148 |  |  | $ | 153,969 |  |  | $ | - |  |  | $ | 478,117 |  |  | $ | 344,966 |  |  | $ | 185,993 |  |  | $ | - |  |  | $ | 530,959 |
Technology and other fees |  |  | 15,445 |  |  |  | 7,282 |  |  |  | - |  |  |  | 22,727 |  |  |  | 16,112 |  |  |  | 9,027 |  |  |  | - |  |  |  | 25,139 |
Total tuition and fees, net |  |  | 339,593 |  |  |  | 161,251 |  |  |  | - |  |  |  | 500,844 |  |  |  | 361,078 |  |  |  | 195,020 |  |  |  | - |  |  |  | 556,098 |
Other revenue (2) |  |  | 2,546 |  |  |  | 863 |  |  |  | 579 |  |  |  | 3,988 |  |  |  | 3,258 |  |  |  | 2,108 |  |  |  | 621 |  |  |  | 5,987 |
Total revenue |  | $ | 342,139 |  |  | $ | 162,114 |  |  | $ | 579 |  |  | $ | 504,832 |  |  | $ | 364,336 |  |  | $ | 197,128 |  |  | $ | 621 |  |  | $ | 562,085 |
__________________ (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 September 30, 2024 and December 31, 2023 were as follows (dollars in thousands):
|  | As of |
|  | September 30, 2024 |  |  | December 31, 2023 |
Gross deferred revenue |  | $ | 82,207 |  |  | $ | 63,970 |
Gross contract assets |  |  | (32,860 | ) |  |  | (26,755 | )
Deferred revenue, net |  | $ | 49,347 |  |  | $ | 37,215 |
Changes in Deferred Revenue Balances | Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2024 and 2023 were as follows (dollars in thousands):
|  | For the Quarter Ended September 30, 2024 |  |  | For the Quarter Ended September 30, 2023 |
|  | CTU |  |  | AIUS |  |  | Total |  |  | CTU |  |  | AIUS |  |  | Total |
Gross deferred revenue, July 1 |  | $ | 67,880 |  |  | $ | 22,905 |  |  | $ | 90,785 |  |  | $ | 72,702 |  |  | $ | 32,001 |  |  | $ | 104,703 |
Revenue earned from prior balances |  |  | (57,850 | ) |  |  | (18,951 | ) |  |  | (76,801 | ) |  |  | (59,047 | ) |  |  | (25,736 | ) |  |  | (84,783 | )
Billings during period(1) |  |  | 100,352 |  |  |  | 59,775 |  |  |  | 160,127 |  |  |  | 95,064 |  |  |  | 59,427 |  |  |  | 154,491 |
Revenue earned for new billings during the period |  |  | (56,987 | ) |  |  | (34,654 | ) |  |  | (91,641 | ) |  |  | (60,326 | ) |  |  | (33,150 | ) |  |  | (93,476 | )
Other adjustments |  |  | (162 | ) |  |  | (101 | ) |  |  | (263 | ) |  |  | (1,283 | ) |  |  | (912 | ) |  |  | (2,195 | )
Gross deferred revenue, September 30 |  | $ | 53,233 |  |  | $ | 28,974 |  |  | $ | 82,207 |  |  | $ | 47,110 |  |  | $ | 31,630 |  |  | $ | 78,740 |
|  | For the Year to Date Ended September 30, 2024 |  |  | For the Year to Date Ended September 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 |  |  | (38,122 | ) |  |  | (20,431 | ) |  |  | (58,553 | ) |  |  | (59,458 | ) |  |  | (33,166 | ) |  |  | (92,624 | )
Billings during period(1) |  |  | 350,694 |  |  |  | 168,574 |  |  |  | 519,268 |  |  |  | 343,194 |  |  |  | 186,877 |  |  |  | 530,071 |
Revenue earned for new billings during the period |  |  | (301,471 | ) |  |  | (140,820 | ) |  |  | (442,291 | ) |  |  | (301,620 | ) |  |  | (161,854 | ) |  |  | (463,474 | )
Other adjustments |  |  | (399 | ) |  |  | 212 |  |  |  | (187 | ) |  |  | (2,251 | ) |  |  | (182 | ) |  |  | (2,433 | )
Gross deferred revenue, September 30 |  | $ | 53,233 |  |  | $ | 28,974 |  |  | $ | 82,207 |  |  | $ | 47,110 |  |  | $ | 31,630 |  |  | $ | 78,740 |
______________ (1) Billings during period includes adjustments for prior billings.

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