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Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Financial Information by Reportable Segment | A summary of financial information by reportable segment for the year ended December 31, 2022 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 770,979 |  |  | $ | 230,747 |  |  | $ | 63,754 |  |  | $ | 1,065,480 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 676,895 |  |  | 177,657 |  |  | 40,876 |  |  | 895,428 |
Enterprise shared services allocation | 55,479 |  |  | 22,617 |  |  | 3,614 |  |  | 81,710 |
Segment income from operations | $ | 38,605 |  |  | $ | 30,473 |  |  | $ | 19,264 |  |  | $ | 88,342 |
Unallocated expenses |  |  |  |  |  |  |
Amortization of intangible assets |  |  |  |  |  |  | (14,350) |
Merger and integration costs |  |  |  |  |  |  | (1,117) |
Restructuring costs |  |  |  |  |  |  | (2,115) |
Consolidated income from operations |  |  |  |  |  |  | $ | 70,760 |
Other expense |  |  |  |  |  |  | (1,191) |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 69,569 |
A summary of financial information by reportable segment for the year ended December 31, 2023 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 818,953 |  |  | $ | 233,518 |  |  | $ | 80,453 |  |  | $ | 1,132,924 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 703,035 |  |  | 178,922 |  |  | 47,283 |  |  | 929,240 |
Enterprise shared services allocation | 56,290 |  |  | 18,734 |  |  | 4,082 |  |  | 79,106 |
Segment income from operations | $ | 59,628 |  |  | $ | 35,862 |  |  | $ | 29,088 |  |  | $ | 124,578 |
Unallocated expenses |  |  |  |  |  |  |
Amortization of intangible assets |  |  |  |  |  |  | (11,457) |
Merger and integration costs |  |  |  |  |  |  | (1,544) |
Restructuring costs |  |  |  |  |  |  | (16,256) |
Consolidated income from operations |  |  |  |  |  |  | $ | 95,321 |
Other income |  |  |  |  |  |  | 5,405 |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 100,726 |
A summary of financial information by reportable segment for the year ended December 31, 2024 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 857,890 |  |  | $ | 257,119 |  |  | $ | 104,921 |  |  | $ | 1,219,930 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 719,214 |  |  | 200,776 |  |  | 57,910 |  |  | 977,900 |
Enterprise shared services allocation | 61,511 |  |  | 18,949 |  |  | 4,294 |  |  | 84,754 |
Segment income from operations | $ | 77,165 |  |  | $ | 37,394 |  |  | $ | 42,717 |  |  | $ | 157,276 |
Unallocated expenses |  |  |  |  |  |  |
Amortization of intangible assets |  |  |  |  |  |  | — |
Merger and integration costs |  |  |  |  |  |  | — |
Restructuring costs |  |  |  |  |  |  | (1,648) |
Consolidated income from operations |  |  |  |  |  |  | $ | 155,628 |
Other income |  |  |  |  |  |  | 5,804 |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 161,432 |
The following table presents a schedule of significant non-cash items included in segment income from operations by reportable segment for the years ended December 31, 2022, 2023, and 2024 (in thousands):
| 2022 |  | 2023 |  | 2024
Depreciation and amortization |  |  |  |  |
U.S. Higher Education | $ | 35,863 |  |  | $ | 33,655 |  |  | $ | 31,663 |
Australia/New Zealand | 8,842 |  |  | 8,954 |  |  | 9,065 |
Education Technology Services | 1,589 |  |  | 2,526 |  |  | 3,468 |
Amortization of intangible assets | 14,350 |  |  | 11,457 |  |  | — |
Merger and integration costs | — |  |  | 336 |  |  | — |
Restructuring costs | 2,480 |  |  | 385 |  |  | 182 |
Consolidated depreciation and amortization | $ | 63,124 |  |  | $ | 57,313 |  |  | $ | 44,378 |
Stock-based compensation |  |  |  |  |
U.S. Higher Education | $ | 19,572 |  |  | $ | 17,653 |  |  | $ | 19,337 |
Australia/New Zealand | 1,073 |  |  | (117) |  |  | 3,951 |
Education Technology Services | 1,147 |  |  | 1,729 |  |  | 1,940 |
Restructuring costs | — |  |  | 507 |  |  | 343 |
Consolidated stock-based compensation | $ | 21,792 |  |  | $ | 19,772 |  |  | $ | 25,571 |
Schedule of Revenue by Geographic Areas | The Company’s revenues by geographic area, which are primarily generated by students enrolled at institutions in those areas, for the years ended December 31, 2022, 2023, and 2024 were as follows (in thousands):
| 2022 |  | 2023 |  | 2024
United States | $ | 834,733 |  |  | $ | 899,406 |  |  | $ | 962,811 |
Australia/New Zealand | 230,747 |  |  | 233,518 |  |  | 257,119 |
Schedule of Long-lived Assets by Geographic Areas | The Company’s long-lived assets by geographic area as of December 31, 2023 and 2024 were as follows (in thousands):
| December 31, 2023 |  | December 31, 2024
United States | $ | 115,453 |  |  | $ | 108,418 |
Australia/New Zealand | 122,278 |  |  | 106,502 |

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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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