v3.20.2
Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Schedule of revenue, segment profitability and segment profitability margin by segment The following table presents financial information regarding each of the Company’s reportable segment’s results of operations for each of the periods indicated.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2020201920202019
 (dollars in thousands)
Revenue by segment*  
Graduate Program Segment$115,685  $101,403  $234,142  $205,577  
Alternative Credential Segment67,002  34,058  124,024  52,118  
Total revenue$182,687  $135,461  $358,166  $257,695  
Segment profitability**  
Graduate Program Segment$4,703  $(8,049) $11,163  $(7,339) 
Alternative Credential Segment(6,790) (6,926) (17,554) (10,842) 
Total segment profitability$(2,087) $(14,975) $(6,391) $(18,181) 
Segment profitability margin***  
Graduate Program Segment4.1 %(7.9)%4.8 %(3.6)%
Alternative Credential Segment(10.1) (20.3) (14.2) (20.8) 
Total segment profitability margin(1.1)%(11.1)%(1.8)%(7.0)%
*The Company has excluded immaterial amounts of intersegment revenues from the three- and six-month periods ended June 30, 2020 and 2019.
** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, foreign currency gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, impairment charges, losses on debt extinguishment, and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period.
*** The Company defines segment profitability margin as segment profitability as a percentage of the respective segment’s revenue.
Schedule of reconciliation of net loss to total segment profitability The following table presents a reconciliation of the Company’s net loss to total segment profitability for each of the periods indicated.
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2020201920202019
 (in thousands)
Net loss$(66,167) $(27,972) $(126,273) $(49,526) 
Adjustments:
Net interest expense (income)6,364  610  11,344  (1,684) 
Foreign currency (gain) loss(570) 13  1,701  383  
Income tax benefit(363) (18,691) (1,418) (19,632) 
Depreciation and amortization expense23,985  14,653  47,470  24,351  
Deferred revenue fair value adjustment—  3,352  —  3,352  
Transaction and integration costs359  3,093  1,083  5,024  
Restructuring-related costs196  —  484  —  
Stockholder activism costs1,347  —  5,586  —  
Stock-based compensation expense21,091  9,967  41,961  19,551  
Loss on debt extinguishment11,671  —  11,671  —  
Total adjustments64,080  12,997  119,882  31,345  
Total segment profitability$(2,087) $(14,975) $(6,391) $(18,181) 
Schedule of total assets by segment The following table presents the Company’s total assets by segment as of each of the dates indicated.
 June 30,
2020		December 31,
2019
 (in thousands)
Total assets  
Graduate Program Segment$560,137  $507,187  
Alternative Credential Segment672,423  679,643  
Total assets$1,232,560  $1,186,830  
Schedule of contract assets and liabilities The following table presents the Company’s trade accounts receivable and contract liabilities in each segment as of each of the dates indicated.
 June 30,
2020		December 31,
2019
 (in thousands)
Trade accounts receivable  
Graduate Program Segment accounts receivable
$17,185  $3,454  
Graduate Program Segment unbilled revenue27,777  12,123  
Alternative Credential Segment accounts receivable
29,158  19,408  
Provision for credit losses(2,540) (1,330) 
Total trade accounts receivable$71,580  $33,655  
Contract liabilities  
Graduate Program Segment deferred revenue$15,112  $2,210  
Alternative Credential Segment deferred revenue61,959  46,623  
Total contract liabilities$77,071  $48,833