16. Quarterly Financial Information (Unaudited)

The following tables set forth certain unaudited quarterly financial data for 2017 and 2016. This unaudited information has been prepared on the same basis as the audited information included elsewhere in this Annual Report and includes all adjustments necessary to present fairly the information set forth therein. The operating results are not necessarily indicative of results for any future period.

	Three Months Ended
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
	(in thousands, except share and per share amounts)
Revenue	$	64,829		$	64,995		$	70,250		$	86,678
Costs and expenses
Curriculum and teaching		—			—			1,792			4,817
Servicing and support		10,925			13,458			12,939			13,445
Technology and content development		9,205			11,140			12,735			12,846
Marketing and sales		34,670			37,242			41,311			37,700
General and administrative		13,664			13,930			17,227			17,844

Total costs and expenses		68,464			75,770			86,004			86,652

Income (loss) from operations		(3,635	)		(10,775	)		(15,754	)		26
Interest income		196			53			18			104
Interest expense		—			(1	)		(36	)		(50	)
Other income (expense), net		—			(1,031	)		59			106

Income (loss) before income taxes		(3,439	)		(11,754	)		(15,713	)		186
Income tax benefit (expense)		—			—			974			323

Net income (loss)	$	(3,439	)	$	(11,754	)	$	(14,739	)	$	509


Net income (loss) per share, basic	$	(0.07	)	$	(0.25	)	$	(0.30	)	$	0.01


Net income (loss) per share, diluted	$	(0.07	)	$	(0.25	)	$	(0.30	)	$	0.01


Weighted-average shares used in computing net income (loss) per share, basic		47,237,341			47,668,397			48,961,914			52,330,067


Weighted-average shares used in computing net income (loss) per share, diluted		47,237,341			47,668,397			48,961,914			56,593,108

	Three Months Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
	(in thousands, except share and per share amounts)
Revenue	$	47,444		$	49,110		$	51,960		$	57,350
Costs and expenses
Servicing and support		9,512			10,260			10,351			10,859
Technology and content development		7,275			8,842			8,670			8,496
Marketing and sales		23,656			27,483			28,165			27,306
General and administrative		10,447			10,944			11,569			13,061

Total costs and expenses		50,890			57,529			58,755			59,722

Loss from operations		(3,446	)		(8,419	)		(6,795	)		(2,372	)
Interest income		92			91			37			163
Interest expense		(26	)		(9	)		—			—
Loss before income taxes		(3,380	)		(8,337	)		(6,758	)		(2,209	)
Income tax benefit (expense)		—			—			—			—

Net loss	$	(3,380	)	$	(8,337	)	$	(6,758	)	$	(2,209	)


Net loss per share, basic and diluted	$	(0.07	)	$	(0.18	)	$	(0.14	)	$	(0.05	)


Weighted-average shares used in computing net loss per share, basic and diluted		45,953,082			46,494,464			46,903,628			47,075,167