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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 and 2024 (dollars in thousands):
|  | For the Quarter Ended September 30, 2025 |  |  | For the Quarter Ended September 30, 2024 |
|  | CTU (3) |  |  | AIUS (3) |  |  | USAHS (4) |  |  | Corporate and Other |  |  | Total |  |  | CTU (3) |  |  | AIUS (3) |  |  | USAHS (4) |  |  | Corporate and Other |  |  | Total |
Tuition and fees, net (1) |  | $ | 116,311 |  |  | $ | 56,394 |  |  | $ | 37,969 |  |  | $ | - |  |  | $ | 210,674 |  |  | $ | 111,379 |  |  | $ | 57,063 |  |  | $ | - |  |  | $ | - |  |  | $ | 168,442 |
Other revenue (2) |  |  | 758 |  |  |  | 273 |  |  |  | 2 |  |  |  | 165 |  |  |  | 1,198 |  |  |  | 896 |  |  |  | 291 |  |  |  | - |  |  |  | 199 |  |  |  | 1,386 |
Total revenue |  | $ | 117,069 |  |  | $ | 56,667 |  |  | $ | 37,971 |  |  | $ | 165 |  |  | $ | 211,872 |  |  | $ | 112,275 |  |  | $ | 57,354 |  |  | $ | - |  |  | $ | 199 |  |  | $ | 169,828 |
|  | For the Year to Date Ended September 30, 2025 |  |  | For the Year to Date Ended September 30, 2024 |
|  | CTU (3) |  |  | AIUS (3) |  |  | USAHS (4) |  |  | Corporate and Other |  |  | Total |  |  | CTU (3) |  |  | AIUS (3) |  |  | USAHS (4) |  |  | Corporate and Other |  |  | Total |
Tuition and fees, net (1) |  | $ | 345,376 |  |  | $ | 171,676 |  |  | $ | 113,845 |  |  | $ | - |  |  | $ | 630,897 |  |  | $ | 329,631 |  |  | $ | 171,213 |  |  | $ | - |  |  | $ | - |  |  | $ | 500,844 |
Other revenue (2) |  |  | 2,246 |  |  |  | 769 |  |  |  | 6 |  |  |  | 539 |  |  |  | 3,560 |  |  |  | 2,506 |  |  |  | 903 |  |  |  | - |  |  |  | 579 |  |  |  | 3,988 |
Total revenue |  | $ | 347,622 |  |  | $ | 172,445 |  |  | $ | 113,851 |  |  | $ | 539 |  |  | $ | 634,457 |  |  | $ | 332,137 |  |  | $ | 172,116 |  |  | $ | - |  |  | $ | 579 |  |  | $ | 504,832 |
__________________ (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) The prior period operating results for CTU and AIUS were recast to reflect the transition of the Hippo Education institution from CTU to AIUS. (4) USAHS includes revenue beginning on the acquisition date of December 2, 2024.
Summary of Deferred Revenue Balances Offset with Contract Asset | The amount of deferred revenue balances which are being offset with contract asset balances as of September 30, 2025 and December 31, 2024 were as follows (dollars in thousands):
|  | As of |
|  | September 30, 2025 |  |  | December 31, 2024 |
Gross deferred revenue |  | $ | 124,920 |  |  | $ | 61,291 |
Gross contract assets |  |  | (65,124 | ) |  |  | (24,551 | )
Deferred revenue, net |  | $ | 59,796 |  |  | $ | 36,740 |
Changes in Deferred Revenue Balances | Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2025 and 2024 were as follows (dollars in thousands):
|  | For the Quarter Ended September 30, 2025 |  |  | For the Quarter Ended September 30, 2024 |
|  | CTU (2) |  |  | AIUS (2) |  |  | USAHS (3) |  |  | Total |  |  | CTU (2) |  |  | AIUS (2) |  |  | USAHS (3) |  |  | Total |
Gross deferred revenue, July 1 |  | $ | 64,396 |  |  | $ | 22,716 |  |  | $ | 26,473 |  |  | $ | 113,585 |  |  | $ | 61,297 |  |  | $ | 29,488 |  |  | $ | - |  |  | $ | 90,785 |
Revenue earned from prior balances |  |  | (59,163 | ) |  |  | (16,104 | ) |  |  | (25,713 | ) |  |  | (100,980 | ) |  |  | (54,925 | ) |  |  | (21,876 | ) |  |  | - |  |  |  | (76,801 | )
Billings during period(1) |  |  | 101,912 |  |  |  | 64,006 |  |  |  | 56,204 |  |  |  | 222,122 |  |  |  | 97,256 |  |  |  | 62,871 |  |  |  | - |  |  |  | 160,127 |
Revenue earned for new billings during the period |  |  | (57,148 | ) |  |  | (40,290 | ) |  |  | (12,256 | ) |  |  | (109,694 | ) |  |  | (56,454 | ) |  |  | (35,187 | ) |  |  | - |  |  |  | (91,641 | )
Other adjustments |  |  | (524 | ) |  |  | (322 | ) |  |  | 733 |  |  |  | (113 | ) |  |  | (152 | ) |  |  | (111 | ) |  |  | - |  |  |  | (263 | )
Gross deferred revenue, September 30 |  | $ | 49,473 |  |  | $ | 30,006 |  |  | $ | 45,441 |  |  | $ | 124,920 |  |  | $ | 47,022 |  |  | $ | 35,185 |  |  | $ | - |  |  | $ | 82,207 |
|  | For the Year to Date Ended September 30, 2025 |  |  | For the Year to Date Ended September 30, 2024 |
|  | CTU (2) |  |  | AIUS (2) |  |  | USAHS (3) |  |  | Total |  |  | CTU (2) |  |  | AIUS (2) |  |  | USAHS (3) |  |  | Total |
Gross deferred revenue, January 1 |  | $ | 33,168 |  |  | $ | 26,555 |  |  | $ | 1,568 |  |  | $ | 61,291 |  |  | $ | 36,409 |  |  | $ | 27,561 |  |  | $ | - |  |  | $ | 63,970 |
Revenue earned from prior balances |  |  | (29,825 | ) |  |  | (25,022 | ) |  |  | (455 | ) |  |  | (55,302 | ) |  |  | (32,389 | ) |  |  | (26,164 | ) |  |  | - |  |  |  | (58,553 | )
Billings during period(1) |  |  | 361,969 |  |  |  | 175,160 |  |  |  | 157,734 |  |  |  | 694,863 |  |  |  | 340,676 |  |  |  | 178,592 |  |  |  | - |  |  |  | 519,268 |
Revenue earned for new billings during the period |  |  | (315,551 | ) |  |  | (146,654 | ) |  |  | (113,390 | ) |  |  | (575,595 | ) |  |  | (297,242 | ) |  |  | (145,049 | ) |  |  | - |  |  |  | (442,291 | )
Other adjustments |  |  | (288 | ) |  |  | (33 | ) |  |  | (16 | ) |  |  | (337 | ) |  |  | (432 | ) |  |  | 245 |  |  |  | - |  |  |  | (187 | )
Gross deferred revenue, September 30 |  | $ | 49,473 |  |  | $ | 30,006 |  |  | $ | 45,441 |  |  | $ | 124,920 |  |  | $ | 47,022 |  |  | $ | 35,185 |  |  | $ | - |  |  | $ | 82,207 |
______________ (1) Billings during period includes adjustments for prior billings. (2) The prior period amounts for CTU and AIUS were recast to reflect the transition of the Hippo Education institution from CTU to AIUS. (3) USAHS includes deferred revenue starting from the acquisition date on December 2, 2024.

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