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Revenue Recognition (Tables)
 9 Months Ended
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.