Segment and Geographic Information (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Segment and Geographic Information |
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| Schedule of revenue, segment profitability and segment profitability margin by segment |
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
(dollars in thousands)
|
|
|
Revenue by segment*
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|
|
|
|
|
|
Graduate Program Segment
|
|
$
|
80,559
|
|
$
|
64,829
|
|
|
Short Course Segment**
|
|
11,729
|
|
—
|
|
|
|
|
|
|
|
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Total revenue
|
|
$
|
92,288
|
|
$
|
64,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Segment profitability**
|
|
|
|
|
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Graduate Program Segment
|
|
$
|
(274
|
)
|
$
|
3,908
|
|
|
Short Course Segment
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|
(1,248
|
)
|
—
|
|
|
|
|
|
|
|
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Total segment profitability
|
|
$
|
(1,522
|
)
|
$
|
3,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Segment profitability margin***
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|
|
|
|
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Graduate Program Segment
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|
(0.3
|
)%
|
6.0
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%
|
|
Short Course Segment
|
|
(1.3
|
)
|
—
|
|
|
|
|
|
|
|
|
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Total segment profitability margin
|
|
(1.6
|
)%
|
6.0
|
%
|
|
|
|
|
|
|
|
* The Company did not have any material intersegment revenues for any periods presented.
** The Company evaluates segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization, foreign currency gains or losses, acquisition-related gains or losses and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period.
*** The Company defines segment profitability margin as segment profitability as a percentage of consolidated revenue.
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| Schedule of reconciliation of net loss to total segment profitability |
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|
|
Three Months Ended
March 31,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
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(in thousands)
|
|
|
Net loss
|
|
$
|
(14,871
|
)
|
$
|
(3,439
|
)
|
|
Adjustments:
|
|
|
|
|
|
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Interest income
|
|
(342
|
)
|
(196
|
)
|
|
Interest expense
|
|
27
|
|
—
|
|
|
Foreign currency loss
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|
395
|
|
—
|
|
|
Depreciation and amortization expense
|
|
7,375
|
|
3,648
|
|
|
Income tax benefit
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|
(1,228
|
)
|
—
|
|
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Stock-based compensation expense
|
|
7,122
|
|
3,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total adjustments
|
|
13,349
|
|
7,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total segment profitability
|
|
$
|
(1,522
|
)
|
$
|
3,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Schedule of total assets by segment |
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|
|
March 31,
2018
|
|
December 31,
2017
|
|
|
|
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(in thousands)
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|
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Total assets
|
|
|
|
|
|
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Graduate Program Segment
|
|
$
|
372,405
|
|
$
|
359,597
|
|
|
Short Course Segment
|
|
131,703
|
|
122,465
|
|
|
|
|
|
|
|
|
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Total assets
|
|
$
|
504,108
|
|
$
|
482,062
|
|
|
|
|
|
|
|
|
|
|
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| Schedule of contract assets and liabilities |
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|
|
March 31,
2018
|
|
December 31,
2017
|
|
|
|
|
(in thousands)
|
|
|
Contract assets
|
|
|
|
|
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|
Graduate Program Segment accounts receivable, net
|
|
$
|
32,766
|
|
$
|
12,520
|
|
|
Graduate Program Segment unbilled revenue
|
|
6,130
|
|
666
|
|
|
Short Course Segment accounts receivable, net
|
|
1,350
|
|
988
|
|
|
|
|
|
|
|
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Total contract assets
|
|
$
|
40,246
|
|
$
|
14,174
|
|
|
|
|
|
|
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|
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|
|
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Contract liabilities
|
|
|
|
|
|
|
Graduate Program Segment deferred revenue
|
|
$
|
12,931
|
|
$
|
2,523
|
|
|
Short Course Segment deferred revenue
|
|
8,694
|
|
4,501
|
|
|
|
|
|
|
|
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Total contract liabilities
|
|
$
|
21,625
|
|
$
|
7,024
|
|
|
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