| Summary of Disaggregation of Revenue by Major Source |
The following tables disaggregate our revenue by major source for the quarters ended March 31, 2026 and 2025 (dollars in thousands):
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For the Quarter Ended March 31, 2026 |
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For the Quarter Ended March 31, 2025 |
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CTU |
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AIUS |
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USAHS |
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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 |
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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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$ |
120,012 |
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$ |
57,602 |
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$ |
43,008 |
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$ |
- |
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$ |
220,622 |
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$ |
115,347 |
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$ |
57,320 |
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$ |
39,181 |
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$ |
- |
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$ |
211,848 |
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Other revenue (2) |
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744 |
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214 |
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- |
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163 |
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1,121 |
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727 |
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244 |
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2 |
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183 |
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1,156 |
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Total revenue |
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$ |
120,756 |
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$ |
57,816 |
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$ |
43,008 |
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$ |
163 |
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$ |
221,743 |
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$ |
116,074 |
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$ |
57,564 |
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$ |
39,183 |
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$ |
183 |
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$ |
213,004 |
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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.
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| Summary of Deferred Revenue Balances Offset with Contract Asset |
The amount of deferred revenue balances which are being offset with contract asset balances as of March 31, 2026 and December 31, 2025 were as follows (dollars in thousands):
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As of |
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March 31, 2026 |
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December 31, 2025 |
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Gross deferred revenue |
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$ |
64,342 |
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$ |
80,290 |
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Gross contract assets |
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(12,093 |
) |
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(42,446 |
) |
Deferred revenue, net |
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$ |
52,249 |
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$ |
37,844 |
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| Changes in Deferred Revenue Balances |
Changes in our deferred revenue balances for the quarters ended March 31, 2026 and 2025 were as follows (dollars in thousands):
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For the Quarter Ended March 31, 2026 |
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For the Quarter Ended March 31, 2025 |
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CTU |
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AIUS |
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USAHS |
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Total |
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CTU |
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AIUS |
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USAHS |
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Total |
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Gross deferred revenue, January 1 |
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$ |
37,420 |
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$ |
41,473 |
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$ |
1,397 |
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$ |
80,290 |
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$ |
33,168 |
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$ |
26,555 |
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$ |
1,568 |
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$ |
61,291 |
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Revenue earned from prior balances |
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(34,923 |
) |
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(31,160 |
) |
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(1,397 |
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(67,480 |
) |
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(29,888 |
) |
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(19,672 |
) |
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(863 |
) |
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(50,423 |
) |
Billings during period(1) |
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102,755 |
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45,354 |
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56,681 |
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204,790 |
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175,585 |
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65,515 |
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52,387 |
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293,487 |
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Revenue earned for new billings during the period |
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(85,089 |
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(26,442 |
) |
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(41,611 |
) |
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(153,142 |
) |
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(85,459 |
) |
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(37,648 |
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(38,318 |
) |
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(161,425 |
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Other adjustments |
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335 |
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411 |
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(862 |
) |
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(116 |
) |
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(1,020 |
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53 |
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(472 |
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(1,439 |
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Gross deferred revenue, March 31 |
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$ |
20,498 |
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$ |
29,636 |
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$ |
14,208 |
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$ |
64,342 |
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$ |
92,386 |
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$ |
34,803 |
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$ |
14,302 |
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$ |
141,491 |
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______________ (1)Billings during period includes adjustments for prior billings.
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