| Schedule of unaudited quarterly results |
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|