| Summary of Disaggregation of Revenue by Major Source |
The following tables disaggregate our revenue by major source for the quarters and years to date ended June 30, 2025 and 2024 (dollars in thousands):
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For the Quarter Ended June 30, 2025 |
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For the Quarter Ended June 30, 2024 |
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CTU |
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AIUS |
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USAHS (3) |
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Corporate and Other |
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Total |
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CTU |
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AIUS |
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USAHS (3) |
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Corporate and Other |
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Total |
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Tuition and fees, net (1) |
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$ |
117,188 |
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$ |
54,492 |
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$ |
36,695 |
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$ |
- |
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$ |
208,375 |
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$ |
111,976 |
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$ |
53,428 |
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$ |
- |
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$ |
- |
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$ |
165,404 |
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Other revenue (2) |
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782 |
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|
231 |
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2 |
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|
191 |
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1,206 |
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|
852 |
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|
294 |
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- |
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|
190 |
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|
1,336 |
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Total revenue |
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$ |
117,970 |
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$ |
54,723 |
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$ |
36,697 |
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$ |
191 |
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$ |
209,581 |
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$ |
112,828 |
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$ |
53,722 |
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$ |
- |
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$ |
190 |
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$ |
166,740 |
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For the Year to Date Ended June 30, 2025 |
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For the Year to Date Ended June 30, 2024 |
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CTU |
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AIUS |
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USAHS (3) |
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Corporate and Other |
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Total |
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CTU |
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AIUS |
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USAHS (3) |
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Corporate and Other |
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Total |
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Tuition and fees, net (1) |
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$ |
236,025 |
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$ |
108,322 |
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$ |
75,876 |
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$ |
- |
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$ |
420,223 |
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$ |
224,756 |
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$ |
107,646 |
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$ |
- |
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$ |
- |
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$ |
332,402 |
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Other revenue (2) |
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1,524 |
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460 |
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4 |
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374 |
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2,362 |
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1,641 |
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|
581 |
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- |
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|
380 |
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|
2,602 |
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Total revenue |
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$ |
237,549 |
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$ |
108,782 |
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$ |
75,880 |
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$ |
374 |
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$ |
422,585 |
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$ |
226,397 |
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$ |
108,227 |
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$ |
- |
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$ |
380 |
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$ |
335,004 |
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__________________ (1)Tuition and fees, net, includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs. (2)Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. (3)USAHS includes revenue beginning on the acquisition date of December 2, 2024.
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| Summary of Deferred Revenue Balances Offset with Contract Assets |
The amount of deferred revenue balances which are being offset with contract assets balances as of June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):
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As of |
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June 30, 2025 |
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December 31, 2024 |
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Gross deferred revenue |
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$ |
113,585 |
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$ |
61,291 |
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Gross contract assets |
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(31,886 |
) |
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(24,551 |
) |
Deferred revenue, net |
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$ |
81,699 |
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$ |
36,740 |
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| Changes in Deferred Revenue Balances |
Changes in our deferred revenue balances for the quarters and years to date ended June 30, 2025 and 2024 were as follows (dollars in thousands):
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For the Quarter Ended June 30, 2025 |
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For the Quarter Ended June 30, 2024 |
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CTU |
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AIUS |
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USAHS (2) |
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Total |
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CTU |
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AIUS |
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USAHS (2) |
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Total |
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Gross deferred revenue, April 1 |
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$ |
98,841 |
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$ |
28,348 |
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$ |
14,302 |
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$ |
141,491 |
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$ |
82,320 |
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$ |
36,619 |
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$ |
- |
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$ |
118,939 |
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Revenue earned from prior balances |
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(88,396 |
) |
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(24,150 |
) |
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(12,889 |
) |
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(125,435 |
) |
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(69,946 |
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(29,510 |
) |
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- |
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(99,456 |
) |
Billings during period(1) |
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87,979 |
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42,132 |
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49,143 |
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179,254 |
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97,465 |
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39,022 |
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- |
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136,487 |
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Revenue earned for new billings during the period |
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(28,792 |
) |
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(30,342 |
) |
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(23,806 |
) |
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(82,940 |
) |
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(42,030 |
) |
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(23,918 |
) |
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- |
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(65,948 |
) |
Other adjustments |
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1,234 |
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|
258 |
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(277 |
) |
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1,215 |
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|
71 |
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|
692 |
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- |
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|
763 |
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Gross deferred revenue, June 30 |
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$ |
70,866 |
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$ |
16,246 |
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$ |
26,473 |
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$ |
113,585 |
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$ |
67,880 |
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$ |
22,905 |
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$ |
- |
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$ |
90,785 |
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For the Year to Date Ended June 30, 2025 |
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For the Year to Date Ended June 30, 2024 |
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CTU |
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AIUS |
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USAHS (2) |
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Total |
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CTU |
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AIUS |
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USAHS (2) |
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Total |
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Gross deferred revenue, January 1 |
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$ |
40,082 |
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$ |
19,641 |
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$ |
1,568 |
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$ |
61,291 |
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$ |
42,531 |
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$ |
21,439 |
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$ |
- |
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$ |
63,970 |
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Revenue earned from prior balances |
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(34,980 |
) |
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(17,819 |
) |
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(455 |
) |
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(53,254 |
) |
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(37,248 |
) |
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(19,653 |
) |
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- |
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(56,901 |
) |
Billings during period(1) |
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266,607 |
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|
104,604 |
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|
101,530 |
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|
472,741 |
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250,342 |
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|
108,799 |
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- |
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|
359,141 |
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Revenue earned for new billings during the period |
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(201,045 |
) |
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(90,503 |
) |
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(75,421 |
) |
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(366,969 |
) |
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(187,508 |
) |
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(87,993 |
) |
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- |
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(275,501 |
) |
Other adjustments |
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|
202 |
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|
323 |
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(749 |
) |
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(224 |
) |
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(237 |
) |
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|
313 |
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- |
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|
76 |
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Gross deferred revenue, June 30 |
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$ |
70,866 |
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$ |
16,246 |
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$ |
26,473 |
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$ |
113,585 |
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$ |
67,880 |
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$ |
22,905 |
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$ |
- |
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$ |
90,785 |
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______________ (1)Billings during period includes adjustments for prior billings. (2)USAHS includes deferred revenue starting from the acquisition date on December 2, 2024.
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