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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 and 2024 (dollars in thousands):
|  | For the Quarter Ended June 30, 2025 |  |  | For the Quarter Ended June 30, 2024 |
|  | CTU |  |  | AIUS |  |  | USAHS (3) |  |  | Corporate and Other |  |  | Total |  |  | CTU |  |  | AIUS |  |  | USAHS (3) |  |  | Corporate and Other |  |  | Total |
Tuition and fees, net (1) |  | $ | 117,188 |  |  | $ | 54,492 |  |  | $ | 36,695 |  |  | $ | - |  |  | $ | 208,375 |  |  | $ | 111,976 |  |  | $ | 53,428 |  |  | $ | - |  |  | $ | - |  |  | $ | 165,404 |
Other revenue (2) |  |  | 782 |  |  |  | 231 |  |  |  | 2 |  |  |  | 191 |  |  |  | 1,206 |  |  |  | 852 |  |  |  | 294 |  |  |  | - |  |  |  | 190 |  |  |  | 1,336 |
Total revenue |  | $ | 117,970 |  |  | $ | 54,723 |  |  | $ | 36,697 |  |  | $ | 191 |  |  | $ | 209,581 |  |  | $ | 112,828 |  |  | $ | 53,722 |  |  | $ | - |  |  | $ | 190 |  |  | $ | 166,740 |
|  | For the Year to Date Ended June 30, 2025 |  |  | For the Year to Date Ended June 30, 2024 |
|  | CTU |  |  | AIUS |  |  | USAHS (3) |  |  | Corporate and Other |  |  | Total |  |  | CTU |  |  | AIUS |  |  | USAHS (3) |  |  | Corporate and Other |  |  | Total |
Tuition and fees, net (1) |  | $ | 236,025 |  |  | $ | 108,322 |  |  | $ | 75,876 |  |  | $ | - |  |  | $ | 420,223 |  |  | $ | 224,756 |  |  | $ | 107,646 |  |  | $ | - |  |  | $ | - |  |  | $ | 332,402 |
Other revenue (2) |  |  | 1,524 |  |  |  | 460 |  |  |  | 4 |  |  |  | 374 |  |  |  | 2,362 |  |  |  | 1,641 |  |  |  | 581 |  |  |  | - |  |  |  | 380 |  |  |  | 2,602 |
Total revenue |  | $ | 237,549 |  |  | $ | 108,782 |  |  | $ | 75,880 |  |  | $ | 374 |  |  | $ | 422,585 |  |  | $ | 226,397 |  |  | $ | 108,227 |  |  | $ | - |  |  | $ | 380 |  |  | $ | 335,004 |
__________________ (1) Tuition and fees, net, 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) 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 June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):
|  | As of |
|  | June 30, 2025 |  |  | December 31, 2024 |
Gross deferred revenue |  | $ | 113,585 |  |  | $ | 61,291 |
Gross contract assets |  |  | (31,886 | ) |  |  | (24,551 | )
Deferred revenue, net |  | $ | 81,699 |  |  | $ | 36,740 |
Changes in Deferred Revenue Balances | Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2025 and 2024 were as follows (dollars in thousands):
|  | For the Quarter Ended June 30, 2025 |  |  | For the Quarter Ended June 30, 2024 |
|  | CTU |  |  | AIUS |  |  | USAHS (2) |  |  | Total |  |  | CTU |  |  | AIUS |  |  | USAHS (2) |  |  | Total |
Gross deferred revenue, April 1 |  | $ | 98,841 |  |  | $ | 28,348 |  |  | $ | 14,302 |  |  | $ | 141,491 |  |  | $ | 82,320 |  |  | $ | 36,619 |  |  | $ | - |  |  | $ | 118,939 |
Revenue earned from prior balances |  |  | (88,396 | ) |  |  | (24,150 | ) |  |  | (12,889 | ) |  |  | (125,435 | ) |  |  | (69,946 | ) |  |  | (29,510 | ) |  |  | - |  |  |  | (99,456 | )
Billings during period(1) |  |  | 87,979 |  |  |  | 42,132 |  |  |  | 49,143 |  |  |  | 179,254 |  |  |  | 97,465 |  |  |  | 39,022 |  |  |  | - |  |  |  | 136,487 |
Revenue earned for new billings during the period |  |  | (28,792 | ) |  |  | (30,342 | ) |  |  | (23,806 | ) |  |  | (82,940 | ) |  |  | (42,030 | ) |  |  | (23,918 | ) |  |  | - |  |  |  | (65,948 | )
Other adjustments |  |  | 1,234 |  |  |  | 258 |  |  |  | (277 | ) |  |  | 1,215 |  |  |  | 71 |  |  |  | 692 |  |  |  | - |  |  |  | 763 |
Gross deferred revenue, June 30 |  | $ | 70,866 |  |  | $ | 16,246 |  |  | $ | 26,473 |  |  | $ | 113,585 |  |  | $ | 67,880 |  |  | $ | 22,905 |  |  | $ | - |  |  | $ | 90,785 |
|  | For the Year to Date Ended June 30, 2025 |  |  | For the Year to Date Ended June 30, 2024 |
|  | CTU |  |  | AIUS |  |  | USAHS (2) |  |  | Total |  |  | CTU |  |  | AIUS |  |  | USAHS (2) |  |  | Total |
Gross deferred revenue, January 1 |  | $ | 40,082 |  |  | $ | 19,641 |  |  | $ | 1,568 |  |  | $ | 61,291 |  |  | $ | 42,531 |  |  | $ | 21,439 |  |  | $ | - |  |  | $ | 63,970 |
Revenue earned from prior balances |  |  | (34,980 | ) |  |  | (17,819 | ) |  |  | (455 | ) |  |  | (53,254 | ) |  |  | (37,248 | ) |  |  | (19,653 | ) |  |  | - |  |  |  | (56,901 | )
Billings during period(1) |  |  | 266,607 |  |  |  | 104,604 |  |  |  | 101,530 |  |  |  | 472,741 |  |  |  | 250,342 |  |  |  | 108,799 |  |  |  | - |  |  |  | 359,141 |
Revenue earned for new billings during the period |  |  | (201,045 | ) |  |  | (90,503 | ) |  |  | (75,421 | ) |  |  | (366,969 | ) |  |  | (187,508 | ) |  |  | (87,993 | ) |  |  | - |  |  |  | (275,501 | )
Other adjustments |  |  | 202 |  |  |  | 323 |  |  |  | (749 | ) |  |  | (224 | ) |  |  | (237 | ) |  |  | 313 |  |  |  | - |  |  |  | 76 |
Gross deferred revenue, June 30 |  | $ | 70,866 |  |  | $ | 16,246 |  |  | $ | 26,473 |  |  | $ | 113,585 |  |  | $ | 67,880 |  |  | $ | 22,905 |  |  | $ | - |  |  | $ | 90,785 |
______________ (1) Billings during period includes adjustments for prior billings. (2) USAHS includes deferred revenue starting from the acquisition date on December 2, 2024.

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