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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Reconciliation of Changes in Carrying Value of Goodwill

A reconciliation of the changes in the carrying value of goodwill during the years ended December 31, 2024 and 2023 is as follows (dollars in thousands):

 

 

CTU

 

 

AIUS

 

 

USAHS (2)

 

 

Total

 

Balance as of December 31, 2022

 

$

133,133

 

 

$

110,407

 

 

$

-

 

 

$

243,540

 

Business acquisition (1)

 

 

(2,378

)

 

 

-

 

 

 

-

 

 

 

(2,378

)

Balance as of December 31, 2023

 

 

130,755

 

 

 

110,407

 

 

 

-

 

 

 

241,162

 

Business acquisition

 

 

-

 

 

 

-

 

 

 

16,850

 

 

 

16,850

 

Balance as of December 31, 2024

 

$

130,755

 

 

$

110,407

 

 

$

16,850

 

 

$

258,012

 

___________________

(1) The negative adjustment for the year ended December 31, 2023 relates to purchase accounting adjustments finalized during the period.

(2) See Note 3 "Business Acquisition" for further details on acquired intangible assets.

Schedule of Net Book Value of Intangible Assets Other Than Goodwill

As of December 31, 2024 and 2023, the net book value of intangible assets other than goodwill are as follows (dollars in thousands):

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

Cost

 

 

Accumulated Amortization

 

 

Accumulated Impairments

 

 

Net Book Value

 

 

Cost

 

 

Accumulated Amortization

 

 

Accumulated Impairments

 

 

Net Book Value

 

 

Amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Course curriculum

 

$

18,290

 

 

$

(2,418

)

 

$

-

 

 

$

15,872

 

 

$

2,790

 

 

$

(1,817

)

 

$

-

 

 

$

973

 

 

Customer relationships

 

 

52,090

 

 

 

(19,068

)

 

 

(111

)

 

 

32,911

 

 

 

38,090

 

 

 

(15,502

)

 

 

(111

)

 

 

22,477

 

 

Developed technology

 

 

8,820

 

 

 

(2,980

)

 

 

(5,513

)

 

 

327

 

 

 

8,820

 

 

 

(2,490

)

 

 

(5,513

)

 

 

817

 

 

Trade names

 

 

11,660

 

 

 

(3,085

)

 

 

(5,205

)

 

 

3,370

 

 

 

13,060

 

 

 

(3,803

)

 

 

(5,205

)

 

 

4,052

 

 

Accreditation rights

 

 

25,000

 

 

 

(174

)

 

 

-

 

 

 

24,826

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Net book value, amortizable intangible
   assets:

 

$

115,860

 

 

$

(27,725

)

 

$

(10,829

)

 

$

77,306

 

 

$

62,760

 

 

$

(23,612

)

 

$

(10,829

)

 

$

28,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-amortizable intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accreditation rights

 

 

 

 

 

 

 

 

 

 

$

1,000

 

 

 

 

 

 

 

 

 

 

 

$

1,000

 

 

Trade names

 

 

 

 

 

 

 

 

 

 

 

16,700

 

 

 

 

 

 

 

 

 

 

 

 

6,900

 

 

Non-amortizable intangible assets

 

 

 

 

 

 

 

 

 

 

 

17,700

 

 

 

 

 

 

 

 

 

 

 

 

7,900

 

 

Intangible assets, net

 

 

 

 

 

 

 

 

 

 

$

95,006

 

 

 

 

 

 

 

 

 

 

 

$

36,219

 

 

 
Schedule of Future Amortization Associated with Amortizable Assets

Future amortization associated with amortizable assets as of December 31, 2024 are as follows (dollars in thousands):

 

 

For the Twelve Months Ended

 

December 31, 2025

$

17,061

 

December 31, 2026

 

16,118

 

December 31, 2027

 

9,562

 

December 31, 2028

 

8,429

 

December 31, 2029

 

3,534

 

December 31, 2030 and thereafter

 

22,602

 

        Total

$

77,306