Segment and Geographic Information (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Segment and Geographic Information |
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| Schedule of revenue, segment profitability and segment profitability margin by segment |
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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2018
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2017
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2018
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2017
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(in thousands)
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Revenue by segment*
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Graduate Program Segment
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$
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81,209
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$
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64,995
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$
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161,768
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$
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129,824
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Short Course Segment
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16,214
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—
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27,943
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—
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Total revenue
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$
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97,423
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$
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64,995
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$
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189,711
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$
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129,824
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Segment profitability**
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Graduate Program Segment
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$
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(5,905
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)
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$
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(1,497
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)
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$
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(6,179
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)
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$
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2,411
|
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Short Course Segment
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350
|
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—
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(898
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)
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—
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Total segment profitability
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$
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(5,555
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)
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$
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(1,497
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)
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$
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(7,077
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)
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$
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2,411
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Segment profitability margin***
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Graduate Program Segment
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(6.1
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)%
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(2.3
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)%
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(3.2
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)%
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1.9
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%
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Short Course Segment
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0.4
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—
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(0.5
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)
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—
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Total segment profitability margin
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(5.7
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)%
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(2.3
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)%
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(3.7
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)%
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1.9
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%
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* 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
June 30,
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Six Months Ended
June 30,
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2018
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2017
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2018
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2017
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(in thousands)
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Net loss
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$
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(18,347
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)
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$
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(11,754
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)
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$
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(33,218
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)
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$
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(15,193
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)
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Adjustments:
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Interest income
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(912
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)
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(53
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)
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(1,254
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)
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(249
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)
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Interest expense
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27
|
|
1
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|
54
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1
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Foreign currency loss
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825
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1,031
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1,220
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1,031
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Depreciation and amortization expense
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7,408
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3,783
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14,783
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7,431
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Income tax benefit
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(3,565
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)
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—
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(4,793
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)
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—
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Stock-based compensation expense
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9,009
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5,495
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16,131
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9,390
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Total adjustments
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12,792
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10,257
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26,141
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17,604
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Total segment profitability
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$
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(5,555
|
)
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$
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(1,497
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)
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$
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(7,077
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)
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$
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2,411
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| Schedule of total assets by segment |
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June 30,
2018
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December 31,
2017
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(in thousands)
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Total assets
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Graduate Program Segment
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$
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711,291
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$
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359,597
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Short Course Segment
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114,173
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122,465
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Total assets
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$
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825,464
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$
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482,062
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| Schedule of contract assets and liabilities |
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June 30,
2018
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December 31,
2017
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(in thousands)
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Contract assets
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Graduate Program Segment accounts receivable, net
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$
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34,758
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$
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12,520
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Graduate Program Segment unbilled revenue
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13,776
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|
666
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Short Course Segment accounts receivable, net
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1,277
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|
988
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Total contract assets
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$
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49,811
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$
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14,174
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Contract liabilities
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Graduate Program Segment deferred revenue
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$
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22,829
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$
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2,523
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Short Course Segment deferred revenue
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8,033
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4,501
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Total contract liabilities
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$
|
30,862
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$
|
7,024
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