v3.26.1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue from Contracts with Customers
The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the three and six months ended June 30, 2025 and 2026 (in thousands):
For the three months ended June 30,
For the six months ended June 30,
2025202620252026
U.S. Higher Education Segment
Tuition, net of discounts, grants and scholarships$206,714 $207,340 $418,460 $410,154 
 Other(1)
8,921 13,186 18,183 22,963 
Total U.S. Higher Education Segment215,635 220,526 436,643 433,117 
Australia/New Zealand Segment
Tuition, net of discounts, grants and scholarships67,849 73,407 114,295 124,491 
 Other(1)
1,295 977 3,109 1,713 
Total Australia/New Zealand Segment69,144 74,384 117,404 126,204 
Education Technology Services Segment(2)
36,692 42,354 71,014 83,871 
Consolidated revenue$321,471 $337,264 $625,061 $643,192 
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(1)Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other non-tuition revenue streams.
(2)Education Technology Services revenue is primarily derived from tuition revenue and administrative fees.
Schedule of Learn and Earn Liability and Tuition Cap
The table below presents activity in the contract liability related to the Learn and Earn Scholarship (in thousands):
For the six months ended June 30,
20252026
Balance at beginning of period$37,118 $38,125 
Revenue deferred10,883 9,841 
Benefit redeemed(9,603)(9,404)
Balance at end of period$38,398 $38,562 
The table below presents activity in the contract liability related to Tuition Cap (in thousands):
For the six months ended June 30,
20252026
Balance at beginning of period$14,672 $18,483 
Revenue deferred2,986 5,126 
Benefit redeemed(1,385)(2,113)
Balance at end of period$16,273 $21,496