v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable Segment
A summary of financial information by reportable segment for the three months ended June 30, 2025 is presented in the following table (in thousands):
 U.S. Higher EducationAustralia/New ZealandEducation Technology ServicesTotal
Revenues$215,635 $69,144 $36,692 $321,471 
Segment expenses
Direct segment expenses179,840 50,873 19,949 250,662 
Enterprise shared services allocation15,036 5,515 1,715 22,266 
Segment income from operations$20,759 $12,756 $15,028 $48,543 
Unallocated expenses
Restructuring costs(2,783)
Consolidated income from operations$45,760 
Other expense(315)
Consolidated income before income taxes$45,445 
A summary of financial information by reportable segment for the three months ended June 30, 2026 is presented in the following table (in thousands):
 U.S. Higher Education
Australia/New Zealand(1)
Education Technology ServicesTotal
Revenues$220,526 $74,384 $42,354 $337,264 
Segment expenses
Direct segment expenses174,122 67,834 20,883 262,839 
Enterprise shared services allocation14,029 5,548 1,903 21,480 
Segment income from operations$32,375 $1,002 $19,568 $52,945 
Unallocated expenses
Restructuring costs(2,465)
Consolidated income from operations$50,480 
Other income1,351 
Consolidated income before income taxes$51,831 
________________________________________
(1)Australia/New Zealand direct segment expenses and segment income from operations for the three months ended June 30, 2026 include a $13.9 million charge related to a casual academic employee back-pay reserve. Refer to Note 16 for additional information on the reserve.
A summary of financial information by reportable segment for the six months ended June 30, 2025 is presented in the following table (in thousands):
 U.S. Higher EducationAustralia/New ZealandEducation Technology ServicesTotal
Revenues$436,643 $117,404 $71,014 $625,061 
Segment expenses
Direct segment expenses355,378 96,124 38,757 490,259 
Enterprise shared services allocation30,550 10,620 3,381 44,551 
Segment income from operations$50,715 $10,660 $28,876 $90,251 
Unallocated expenses
Restructuring costs(4,697)
Consolidated income from operations$85,554 
Other income1,896 
Consolidated income before income taxes$87,450 
A summary of financial information by reportable segment for the six months ended June 30, 2026 is presented in the following table (in thousands):
 U.S. Higher Education
Australia/New Zealand(1)
Education Technology ServicesTotal
Revenues$433,117 $126,204 $83,871 $643,192 
Segment expenses
Direct segment expenses345,741 116,150 40,591 502,482 
Enterprise shared services allocation29,499 11,059 4,020 44,578 
Segment income (loss) from operations$57,877 $(1,005)$39,260 $96,132 
Unallocated expenses
Restructuring costs(4,567)
Consolidated income from operations$91,565 
Other income2,556 
Consolidated income before income taxes$94,121 
________________________________________
(1)Australia/New Zealand direct segment expenses and segment loss from operations for the six months ended June 30, 2026 include a $13.9 million charge related to a casual academic employee back-pay reserve. Refer to Note 16 for additional information on the reserve.
The following table presents a schedule of significant non-cash items included in segment income (loss) from operations by reportable segment 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
Depreciation and amortization
U.S. Higher Education$7,625 $7,204 $15,250 $14,319 
Australia/New Zealand2,486 2,208 4,824 4,423 
Education Technology Services1,239 1,494 2,353 2,918 
Restructuring costs653 289 771 461 
Consolidated depreciation and amortization$12,003 $11,195 $23,198 $22,121 
Stock-based compensation
U.S. Higher Education$4,655 $4,630 $9,035 $9,234 
Australia/New Zealand407 (453)762 (212)
Education Technology Services753 696 1,382 1,141 
Restructuring costs41 — 148 96 
Consolidated stock-based compensation$5,856 $4,873 $11,327 $10,259