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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Financial Information by Reportable Segment | A summary of financial information by reportable segment for the three months ended September 30, 2024 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 207,709 |  |  | $ | 71,948 |  |  | $ | 26,301 |  |  | $ | 305,958 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 181,663 |  |  | 52,386 |  |  | 14,511 |  |  | 248,560 |
Enterprise shared services allocation | 14,600 |  |  | 4,716 |  |  | 998 |  |  | 20,314 |
Segment income from operations | $ | 11,446 |  |  | $ | 14,846 |  |  | $ | 10,792 |  |  | $ | 37,084 |
Unallocated expenses |  |  |  |  |  |  |
Restructuring costs |  |  |  |  |  |  | (758) |
Consolidated income from operations |  |  |  |  |  |  | $ | 36,326 |
Other income |  |  |  |  |  |  | 2,264 |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 38,590 |
A summary of financial information by reportable segment for the three months ended September 30, 2025 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 213,067 |  |  | $ | 68,589 |  |  | $ | 38,293 |  |  | $ | 319,949 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 176,811 |  |  | 50,639 |  |  | 20,873 |  |  | 248,323 |
Enterprise shared services allocation | 13,403 |  |  | 5,465 |  |  | 1,465 |  |  | 20,333 |
Segment income from operations | $ | 22,853 |  |  | $ | 12,485 |  |  | $ | 15,955 |  |  | $ | 51,293 |
Unallocated expenses |  |  |  |  |  |  |
Restructuring costs |  |  |  |  |  |  | (14,251) |
Consolidated income from operations |  |  |  |  |  |  | $ | 37,042 |
Other expense |  |  |  |  |  |  | (273) |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 36,769 |
A summary of financial information by reportable segment for the nine months ended September 30, 2024 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 643,558 |  |  | $ | 190,453 |  |  | $ | 74,463 |  |  | $ | 908,474 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 539,346 |  |  | 150,044 |  |  | 40,416 |  |  | 729,806 |
Enterprise shared services allocation | 44,928 |  |  | 13,758 |  |  | 3,133 |  |  | 61,819 |
Segment income from operations | $ | 59,284 |  |  | $ | 26,651 |  |  | $ | 30,914 |  |  | $ | 116,849 |
Unallocated expenses |  |  |  |  |  |  |
Restructuring costs |  |  |  |  |  |  | 2,757 |
Consolidated income from operations |  |  |  |  |  |  | $ | 119,606 |
Other income |  |  |  |  |  |  | 3,935 |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 123,541 |
A summary of financial information by reportable segment for the nine months ended September 30, 2025 is presented in the following table (in thousands):
| U.S. Higher Education |  | Australia/New Zealand |  | Education Technology Services |  | Total
Revenues | $ | 649,710 |  |  | $ | 185,993 |  |  | $ | 109,307 |  |  | $ | 945,010 |
Segment expenses |  |  |  |  |  |  |
Direct segment expenses | 532,189 |  |  | 146,763 |  |  | 59,630 |  |  | 738,582 |
Enterprise shared services allocation | 43,953 |  |  | 16,085 |  |  | 4,846 |  |  | 64,884 |
Segment income from operations | $ | 73,568 |  |  | $ | 23,145 |  |  | $ | 44,831 |  |  | $ | 141,544 |
Unallocated expenses |  |  |  |  |  |  |
Restructuring costs |  |  |  |  |  |  | (18,948) |
Consolidated income from operations |  |  |  |  |  |  | $ | 122,596 |
Other income |  |  |  |  |  |  | 1,623 |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 124,219 |
The following table presents a schedule of significant non-cash items included in segment income from operations by reportable segment for the three and nine months ended September 30, 2024 and 2025 (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2024 |  | 2025 |  | 2024 |  | 2025
Depreciation and amortization |  |  |  |  |  |  |
U.S. Higher Education | $ | 7,981 |  |  | $ | 6,442 |  |  | $ | 23,607 |  |  | $ | 21,692 |
Australia/New Zealand | 1,937 |  |  | 2,394 |  |  | 6,946 |  |  | 7,218 |
Education Technology Services | 888 |  |  | 1,340 |  |  | 2,480 |  |  | 3,693 |
Restructuring costs | — |  |  | 1,786 |  |  | — |  |  | 2,557 |
Consolidated depreciation and amortization | $ | 10,806 |  |  | $ | 11,962 |  |  | $ | 33,033 |  |  | $ | 35,160 |
Stock-based compensation |  |  |  |  |  |  |
U.S. Higher Education | $ | 5,259 |  |  | $ | 4,648 |  |  | $ | 14,278 |  |  | $ | 13,683 |
Australia/New Zealand | 1,061 |  |  | 462 |  |  | 2,871 |  |  | 1,224 |
Education Technology Services | 498 |  |  | 718 |  |  | 1,366 |  |  | 2,100 |
Restructuring costs | 69 |  |  | 40 |  |  | 274 |  |  | 188 |
Consolidated stock-based compensation | $ | 6,887 |  |  | $ | 5,868 |  |  | $ | 18,789 |  |  | $ | 17,195 |

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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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