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Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31, 2024, 2023 and 2022 (dollars in thousands):

 

 

For the Year Ended December 31, 2024

 

 

 

CTU (3)

 

 

AIUS (4)

 

USAHS (5)

 

 

Corporate and Other

 

 

Total

 

Tuition, net (1)

 

$

433,051

 

 

$

202,790

 

$

9,578

 

 

$

-

 

 

$

645,419

 

Technology and other fees

 

 

20,599

 

 

 

9,595

 

 

458

 

 

 

-

 

 

 

30,652

 

      Total tuition and fees, net

 

 

453,650

 

 

 

212,385

 

 

10,036

 

 

 

-

 

 

 

676,071

 

Other revenue(2)

 

 

3,249

 

 

 

1,162

 

 

5

 

 

 

776

 

 

 

5,192

 

Total revenue

 

$

456,899

 

 

$

213,547

 

$

10,041

 

 

$

776

 

 

$

681,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2023

 

 

 

CTU (3)

 

 

AIUS (4)

 

USAHS (5)

 

 

Corporate and Other

 

 

Total

 

Tuition, net (1)

 

$

443,971

 

 

$

227,099

 

$

-

 

 

$

-

 

 

$

671,070

 

Technology and other fees

 

 

20,849

 

 

 

11,001

 

 

-

 

 

 

-

 

 

 

31,850

 

      Total tuition and fees, net

 

 

464,820

 

 

 

238,100

 

 

-

 

 

 

-

 

 

 

702,920

 

Other revenue(2)

 

 

4,106

 

 

 

2,200

 

 

-

 

 

 

778

 

 

 

7,084

 

Total revenue

 

$

468,926

 

 

$

240,300

 

$

-

 

 

$

778

 

 

$

710,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

CTU (3)

 

 

AIUS (4)

 

USAHS (5)

 

 

Corporate and Other

 

 

Total

 

Tuition, net (1)

 

$

396,093

 

 

$

258,667

 

$

-

 

 

$

-

 

 

$

654,760

 

Technology and other fees

 

 

20,270

 

 

 

12,642

 

 

-

 

 

 

-

 

 

 

32,912

 

      Total tuition and fees, net

 

 

416,363

 

 

 

271,309

 

 

-

 

 

 

-

 

 

 

687,672

 

Other revenue(2)

 

 

3,254

 

 

 

3,170

 

 

-

 

 

 

1,112

 

 

 

7,536

 

Total revenue

 

$

419,617

 

 

$

274,479

 

$

-

 

 

$

1,112

 

 

$

695,208

 

__________________

(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.
(3)
CTU includes revenue from Coding Dojo beginning on the acquisition date of December 1, 2022.
(4)
AIUS includes revenue from CalSouthern beginning on the acquisition date of July 1, 2022.
(5)
USAHS includes revenue beginning on the acquisition date of December 2, 2024.
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 December 31, 2024 and 2023 were as follows (dollars in thousands):

As of December 31,

 

 

2024

 

 

2023

 

Gross deferred revenue

$

61,291

 

 

$

63,970

 

Gross contract assets

 

(24,551

)

 

 

(26,755

)

Deferred revenue, net

 

$

36,740

 

 

$

37,215

 
Changes in Deferred Revenue Balances

Changes in our deferred revenue balances for the years ended December 31, 2024 and 2023 were as follows (dollars in thousands):

 

For the Year Ended December 31, 2024

 

 

CTU

 

 

AIUS

 

USAHS (2)

 

 

Total

 

Gross deferred revenue, January 1, 2024

$

42,531

 

 

$

21,439

 

 

$

-

 

 

$

63,970

 

Business acquisition, beginning balance

 

 

-

 

 

 

-

 

 

 

10,137

 

 

 

10,137

 

Revenue earned from prior balances

 

(39,594

)

 

 

(20,854

)

 

 

(10,036

)

 

 

(70,484

)

Billings during period (1)

 

452,205

 

 

 

210,569

 

 

 

-

 

 

 

662,774

 

Revenue earned for new billings during the period

 

 

(414,056

)

 

 

(191,531

)

 

 

-

 

 

 

(605,587

)

Other adjustments

 

(1,004

)

 

 

18

 

 

 

1,467

 

 

 

481

 

Gross deferred revenue, December 31, 2024

$

40,082

 

 

$

19,641

 

$

1,568

 

 

$

61,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2023

 

 

CTU

 

 

AIUS

 

USAHS (2)

 

 

Total

 

Gross deferred revenue, January 1, 2023

$

67,245

 

 

$

39,955

 

$

-

 

 

$

107,200

 

Revenue earned from prior balances

 

(60,232

)

 

 

(33,294

)

 

-

 

 

 

(93,526

)

Billings during period (1)

 

443,022

 

 

 

218,821

 

 

-

 

 

 

661,843

 

Revenue earned for new billings during the period

 

 

(404,588

)

 

 

(204,806

)

 

-

 

 

 

(609,394

)

Other adjustments

 

(2,916

)

 

 

763

 

 

-

 

 

 

(2,153

)

Gross deferred revenue, December 31, 2023

$

42,531

 

 

$

21,439

 

$

-

 

 

$

63,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_______________

(1)
Billings during period includes adjustments for prior billings.
(2)
USAHS includes deferred revenue starting from the acquisition date on December 2, 2024.