v3.20.2

Segment and Geographic Information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (dollars in thousands) |  |  |  |  |  |
Revenue by segment* |  |  |  |  |  |  |
Graduate Program Segment | $ | 122,036 |  |  | $ | 103,393 |  |  | $ | 356,178 |  |  | $ | 308,970 |
Alternative Credential Segment | 79,037 |  |  | 50,405 |  |  | 203,061 |  |  | 102,523 |
Total revenue | $ | 201,073 |  |  | $ | 153,798 |  |  | $ | 559,239 |  |  | $ | 411,493 |
Segment profitability** |  |  |  |  |  |  |
Graduate Program Segment | $ | 9,713 |  |  | $ | 1,213 |  |  | $ | 20,876 |  |  | $ | (6,126) |
Alternative Credential Segment | (6,001) |  |  | (11,936) |  |  | (23,555) |  |  | (22,778) |
Total segment profitability | $ | 3,712 |  |  | $ | (10,723) |  |  | $ | (2,679) |  |  | $ | (28,904) |
Segment profitability margin*** |  |  |  |  |  |  |
Graduate Program Segment | 8.0 | % |  | 1.2 | % |  | 5.9 | % |  | (2.0) | %
Alternative Credential Segment | (7.6) |  |  | (23.7) |  |  | (11.6) |  |  | (22.2) |
Total segment profitability margin | 1.8 | % |  | (7.0) | % |  | (0.5) | % |  | (7.0) | %
* The Company has excluded immaterial amounts of intersegment revenues from the three- and nine-month periods ended September 30, 2020 and 2019. ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), foreign currency gains or losses, taxes, depreciation and amortization expense, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain litigation and other proceedings, 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 September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in thousands) |  |  |  |  |  |
Net loss | $ | (52,554) |  |  | $ | (141,112) |  |  | $ | (178,827) |  |  | $ | (190,638) |
Adjustments: |  |  |  |  |  |  |
Stock-based compensation expense | 22,001 |  |  | 16,535 |  |  | 63,962 |  |  | 36,086 |
Foreign currency (gain) loss | (42) |  |  | 710 |  |  | 1,659 |  |  | 1,093 |
Net interest expense | 6,851 |  |  | 4,727 |  |  | 18,195 |  |  | 3,043 |
Income tax (benefit) expense | (162) |  |  | 714 |  |  | (1,580) |  |  | (18,918) |
Depreciation and amortization expense | 23,936 |  |  | 22,288 |  |  | 71,406 |  |  | 46,639 |
Loss on debt extinguishment | — |  |  | — |  |  | 11,671 |  |  | — |
Impairment charge | — |  |  | 70,379 |  |  | — |  |  | 70,379 |
Other* | 3,682 |  |  | 15,036 |  |  | 10,835 |  |  | 23,412 |
Total adjustments | 56,266 |  |  | 130,389 |  |  | 176,148 |  |  | 161,734 |
Total segment profitability | $ | 3,712 |  |  | $ | (10,723) |  |  | $ | (2,679) |  |  | $ | (28,904) |
*Includes (i) transaction and integration costs of $0.4 million and $2.5 million in the three months ended September 30, 2020 and 2019, respectively and $1.5 million and $7.0 million in the nine months ended September 30, 2020 and 2019, respectively, (ii) restructuring-related costs of $2.7 million and $6.6 million in the three months ended September 30, 2020 and 2019, respectively and $3.2 million and $7.2 million in the nine months ended September 30, 2020 and 2019, respectively, (iii) stockholder activism costs of $5.6 million in the nine months ended September 30, 2020, (iv) litigation-related costs of $0.6 million in each of the three- and nine-month periods ended September 30, 2020, and (v) deferred revenue fair value adjustments of $5.9 million and $9.3 million in the three and nine months ended September 30, 2019, respectively.
Schedule of total assets by segment | The following table presents the Company’s total assets by segment as of each of the dates indicated.
| September 30, 2020 |  | December 31, 2019
| (in thousands) |  |
Total assets |  |  |
Graduate Program Segment | $ | 852,350 |  |  | $ | 507,187 |
Alternative Credential Segment | 700,428 |  |  | 679,643 |
Total assets | $ | 1,552,778 |  |  | $ | 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.
| September 30, 2020 |  | December 31, 2019
| (in thousands) |  |
Trade accounts receivable |  |  |
Graduate Program Segment accounts receivable | $ | 27,118 |  |  | $ | 3,454 |
Graduate Program Segment unbilled revenue | 35,199 |  |  | 12,123 |
Alternative Credential Segment accounts receivable | 37,035 |  |  | 19,408 |
Provision for credit losses | (3,640) |  |  | (1,330) |
Total trade accounts receivable | $ | 95,712 |  |  | $ | 33,655 |
Contract liabilities |  |  |
Graduate Program Segment deferred revenue | $ | 7,851 |  |  | $ | 2,210 |
Alternative Credential Segment deferred revenue | 83,932 |  |  | 46,623 |
Total contract liabilities | $ | 91,783 |  |  | $ | 48,833 |

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