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Segment Reporting (Tables)

9 Months Ended

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

X

- 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

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X

- References

No definition available.

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