v3.24.2.u1

Segment and Geographic Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (dollars in thousands)
Revenue by segment* |  |  |  |  |  |  |
Degree Program Segment | $ | 101,978 |  |  | $ | 119,494 |  |  | $ | 213,524 |  |  | $ | 259,974 |
Alternative Credential Segment | 78,705 |  |  | 102,595 |  |  | 165,536 |  |  | 200,619 |
Total revenue | $ | 180,683 |  |  | $ | 222,089 |  |  | $ | 379,060 |  |  | $ | 460,593 |
Segment profitability** |  |  |  |  |  |  |
Degree Program Segment | $ | 28,655 |  |  | $ | 33,111 |  |  | $ | 60,640 |  |  | $ | 80,315 |
Alternative Credential Segment | (9,260) |  |  | (11,319) |  |  | (23,950) |  |  | (28,332) |
Total segment profitability | $ | 19,395 |  |  | $ | 21,792 |  |  | $ | 36,690 |  |  | $ | 51,983 |
Segment profitability margin*** |  |  |  |  |  |  |
Degree Program Segment | 28.1 | % |  | 27.7 | % |  | 28.4 | % |  | 30.9 | %
Alternative Credential Segment | (11.8) |  |  | (11.0) |  |  | (14.5) |  |  | (14.1) |
Total segment profitability margin | 10.7 | % |  | 9.8 | % |  | 9.7 | % |  | 11.3 | %
* |  | The Company has excluded immaterial amounts of intersegment revenues from each of the three and six months ended June 30, 2024 and 2023.
** |  | The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), other income (expense), net, taxes, depreciation and amortization expense, transaction costs, integration costs, professional fees associated with the Chapter 11 Cases, performance improvement initiative implementation expense, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, impairment charges, debt modification expense and 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 total segment profitability to net loss for each of the periods indicated.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Net loss | $ | (452,440) |  |  | $ | (173,654) |  |  | $ | (507,089) |  |  | $ | (227,716) |
Adjustments: |  |  |  |  |  |  |
Stock-based compensation expense | 4,511 |  |  | 10,983 |  |  | 9,835 |  |  | 25,546 |
Other expense (income), net | 1,428 |  |  | (227) |  |  | 9,832 |  |  | (834) |
Net interest expense | 19,012 |  |  | 17,545 |  |  | 37,702 |  |  | 35,137 |
Income tax (benefit) expense | (40) |  |  | 210 |  |  | 193 |  |  | 323 |
Depreciation and amortization expense | 24,886 |  |  | 27,328 |  |  | 49,572 |  |  | 57,348 |
Impairment charges | 396,149 |  |  | 134,117 |  |  | 396,149 |  |  | 134,117 |
Debt modification expense and loss on debt extinguishment | — |  |  | — |  |  | — |  |  | 16,735 |
Restructuring charges | 8,406 |  |  | 3,622 |  |  | 13,133 |  |  | 8,497 |
Other* | 17,483 |  |  | 1,868 |  |  | 27,363 |  |  | 2,830 |
Total adjustments | 471,835 |  |  | 195,446 |  |  | 543,779 |  |  | 279,699 |
Total segment profitability | $ | 19,395 |  |  | $ | 21,792 |  |  | $ | 36,690 |  |  | $ | 51,983 |
* |  | Includes (i) transaction and integration costs of $0.0 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively, (ii) litigation-related costs of $1.6 million and $1.8 million for the three months ended June 30, 2024 and 2023, respectively, and $4.2 million and $2.6 million for the six months ended June 30, 2024 and 2023, respectively, and (iii) professional fees associated with the Chapter 11 Cases and performance improvement initiative implementation expense of $15.9 million and $0.0 million for the three months ended June 30, 2024 and 2023, respectively, and $22.9 million and $0.0 million for the six months ended June 30, 2024 and 2023, 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.
| June 30, 2024 |  | December 31, 2023
| (in thousands)
Total assets |  |  |
Degree Program Segment | $ | 283,664 |  |  | $ | 377,395 |
Alternative Credential Segment | 640,650 |  |  | 1,082,288 |
Total assets | $ | 924,314 |  |  | $ | 1,459,683 |

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