The following tables set forth certain unaudited quarterly financial data for 2019 and 2018. 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, 2019			June 30, 2019			September 30, 2019			December 31, 2019
	(in thousands, except share and per share amounts)
Revenue	$	122,234		$	135,461		$	153,798		$	163,178
Costs and expenses
Curriculum and teaching	6,701			13,308			21,336			21,925
Servicing and support	20,174			23,993			27,351			27,372
Technology and content development	19,794			26,043			34,132			35,504
Marketing and sales	76,961			89,749			93,521			82,164
General and administrative	23,023			28,408			42,040			37,549
Impairment charge	—			—			70,379			—
Total costs and expenses	146,653			181,501			288,759			204,514
Loss from operations	(24,419		)	(46,040		)	(134,961		)	(41,336		)
Interest income	2,349			1,814			924			713
Interest expense	(55		)	(2,424		)	(5,651		)	(5,289		)
Other income (expense), net	(370		)	(13		)	(710		)	386
Loss before income taxes	(22,495		)	(46,663		)	(140,398		)	(45,526		)
Income tax benefit (expense)	941			18,691			(714		)	942
Net loss	$	(21,554	)	$	(27,972	)	$	(141,112	)	$	(44,584	)
Net loss per share, basic and diluted	$	(0.37	)	$	(0.46	)	$	(2.23	)	$	(0.70	)
Weighted-average shares used in computing net loss per share, basic and diluted	58,138,692			60,516,662			63,358,890			63,481,130



	Three Months Ended
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
	(in thousands, except share and per share amounts)
Revenue	$	92,288		$	97,423		$	106,963		$	115,095
Costs and expenses
Curriculum and teaching	4,307			6,007			6,351			6,625
Servicing and support	15,233			17,297			16,586			18,087
Technology and content development	13,840			15,235			16,361			18,376
Marketing and sales	53,058			58,376			60,548			49,033
General and administrative	21,869			22,480			18,974			19,666
Total costs and expenses	108,307			119,395			118,820			111,787
Income (loss) from operations	(16,019		)	(21,972		)	(11,857		)	3,308
Interest income	342			912			1,799			2,120
Interest expense	(27		)	(27		)	(27		)	(27		)
Other expense, net	(395		)	(825		)	(273		)	(229		)
Income (loss) before income taxes	(16,099		)	(21,912		)	(10,358		)	5,172
Income tax benefit (expense)	1,228			3,565			414			(340		)
Net income (loss)	$	(14,871	)	$	(18,347	)	$	(9,944	)	$	4,832
Net income (loss) per share, basic	$	(0.28	)	$	(0.33	)	$	(0.17	)	$	0.08
Net income (loss) per share, diluted	$	(0.28	)	$	(0.33	)	$	(0.17	)	$	0.08
Weighted-average shares used in computing net income (loss) per share, basic	52,687,299			54,981,192			57,663,361			57,924,666
Weighted-average shares used in computing net income (loss) per share, diluted	52,687,299			54,981,192			57,663,361			60,666,682