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Revenue Recognition (Tables)
 9 Months Ended
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.