Segment and Geographic Information (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Segment Reporting [Abstract] |
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| Schedule of revenue, segment profitability and segment profitability margin by segment |
The following table summarizes financial information regarding each reportable segment’s results of operations for the periods presented: | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2018 | | 2017 | | 2018 | | 2017 | | (in thousands) | Revenue by segment* | |
| | |
| | |
| | |
| Graduate Program Segment | $ | 89,719 |
| | $ | 65,924 |
| | $ | 251,487 |
| | $ | 195,748 |
| Short Course Segment | 17,244 |
| | 4,326 |
| | 45,187 |
| | 4,326 |
| Total revenue | $ | 106,963 |
|
| $ | 70,250 |
|
| $ | 296,674 |
|
| $ | 200,074 |
| | | | | | | | | Segment profitability** | |
| | |
| | |
| | |
| Graduate Program Segment | $ | 5,564 |
| | $ | (718 | ) | | $ | (615 | ) | | $ | 1,693 |
| Short Course Segment | (889 | ) | | (3,002 | ) | | (1,787 | ) | | (3,002 | ) | Total segment profitability | $ | 4,675 |
|
| $ | (3,720 | ) |
| $ | (2,402 | ) |
| $ | (1,309 | ) | | | | | | | | | Segment profitability margin*** | |
| | |
| | |
| | |
| Graduate Program Segment | 5.2 | % | | (1.0 | )% | | (0.2 | )% | | 0.8 | % | Short Course Segment | (0.8 | ) | | (4.3 | ) | | (0.6 | ) | | (1.5 | ) | Total segment profitability margin | 4.4 | % |
| (5.3 | )% |
| (0.8 | )% |
| (0.7 | )% |
| | * | The Company has excluded approximately $44,000 of intersegment revenues from the three and nine months ended September 30, 2018. |
| | ** | The Company defines 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 |
The following table reconciles net loss to total segment profitability: | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2018 | | 2017 | | 2018 | | 2017 | | (in thousands) | Net loss | $ | (9,944 | ) | | $ | (14,739 | ) | | $ | (43,162 | ) | | $ | (29,932 | ) | Adjustments: | | | | | | | | Interest income | (1,799 | ) | | (18 | ) | | (3,053 | ) | | (267 | ) | Interest expense | 27 |
| | 36 |
| | 81 |
| | 37 |
| Foreign currency loss (gain) | 273 |
| | (59 | ) | | 1,493 |
| | 972 |
| Depreciation and amortization expense | 8,599 |
| | 5,887 |
| | 23,382 |
| | 13,318 |
| Income tax benefit | (414 | ) | | (974 | ) | | (5,207 | ) | | (974 | ) | Stock-based compensation expense | 7,933 |
| | 6,147 |
| | 24,064 |
| | 15,537 |
| Total adjustments | 14,619 |
|
| 11,019 |
|
| 40,760 |
|
| 28,623 |
| Total segment profitability | $ | 4,675 |
|
| $ | (3,720 | ) |
| $ | (2,402 | ) |
| $ | (1,309 | ) |
|
| Schedule of total assets by segment |
The Company’s total assets by segment are as follows: | | | | | | | | | | September 30,
2018 | | December 31,
2017 | | (in thousands) | Total assets | |
| | |
| Graduate Program Segment | $ | 700,978 |
| | $ | 359,597 |
| Short Course Segment | 110,513 |
| | 122,465 |
| Total assets | $ | 811,491 |
|
| $ | 482,062 |
|
|
| Schedule of contract assets and liabilities |
The Company’s trade accounts receivable and contract liabilities in each segment are as follows: | | | | | | | | | | September 30,
2018 | | December 31,
2017 | | (in thousands) | Trade accounts receivable | |
| | |
| Graduate Program Segment accounts receivable, net | $ | 22,397 |
| | $ | 12,520 |
| Graduate Program Segment unbilled revenue | 25,583 |
| | 666 |
| Short Course Segment accounts receivable, net | 1,435 |
| | 988 |
| Total trade accounts receivable | $ | 49,415 |
| | $ | 14,174 |
| | | | | Contract liabilities | |
| | |
| Graduate Program Segment deferred revenue | $ | 9,607 |
| | $ | 2,523 |
| Short Course Segment deferred revenue | 9,346 |
| | 4,501 |
| Total contract liabilities | $ | 18,953 |
|
| $ | 7,024 |
|
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