Strategic Education (STRA) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 16, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	0-21039
Entity Registrant Name	Strategic Education, Inc.
Entity Central Index Key	0001013934
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1975978
Entity Address, Address Line One	2303 Dulles Station Boulevard
Entity Address, City or Town	Herndon,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
City Area Code	703
Local Phone Number	247-2500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	STRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,651,205

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 238,290	$ 187,509
Marketable securities	6,455	7,557
Tuition receivable, net	63,469	50,169
Income taxes receivable	0	1,429
Other current assets	44,714	39,458
Total current assets	352,928	286,122
Property and equipment, net	164,277	158,854
Right-of-use lease assets	142,998	120,687
Marketable securities, non-current	29,280	30,270
Intangible assets, net	308,190	326,420
Goodwill	1,311,487	1,318,526
Other assets	60,282	54,928
Total assets	2,369,442	2,295,807
Current liabilities:
Accounts payable and accrued expenses	97,448	104,742
Income taxes payable	11,350	0
Contract liabilities	108,073	60,501
Lease liabilities	32,886	34,809
Total current liabilities	249,757	200,052
Long-term debt	141,798	141,823
Deferred income tax liabilities	44,264	53,407
Lease liabilities, non-current	152,981	106,151
Other long-term liabilities	44,717	46,055
Total liabilities	633,517	547,488
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01; 32,000,000 shares authorized; 24,418,939 and 24,651,205 shares issued and outstanding at December 31, 2020 and March 31, 2021, respectively	247	244
Additional paid-in capital	1,521,145	1,519,549
Accumulated other comprehensive income	40,064	48,880
Retained earnings	174,469	179,646
Total stockholders’ equity	1,735,925	1,748,319
Total liabilities and stockholders’ equity	$ 2,369,442	$ 2,295,807

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	32,000,000	32,000,000
Common stock, shares issued (in shares)	24,651,205	24,418,939
Common stock, shares outstanding (in shares)	24,651,205	24,418,939

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 290,336	$ 265,302
Costs and expenses:
Instructional and support costs	152,805	132,936
General and administration	86,845	69,226
Amortization of intangible assets	19,407	15,417
Merger and integration costs	1,012	3,764
Restructuring costs	18,267	0
Total costs and expenses	278,336	221,343
Income from operations	12,000	43,959
Other income	2,167	2,123
Income before income taxes	14,167	46,082
Provision for income taxes	4,590	10,843
Net income	$ 9,577	$ 35,239
Earnings per share:
Basic (in dollars per share)	$ 0.40	$ 1.62
Diluted (in dollars per share)	$ 0.40	$ 1.60
Weighted average shares outstanding:
Basic (in shares)	23,974	21,810
Diluted (in shares)	24,153	22,071

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 9,577	$ 35,239
Other comprehensive income:
Foreign currency translation adjustment	(8,712)	0
Unrealized gains (losses) on marketable securities, net of tax	(104)	20
Comprehensive income	$ 761	$ 35,259

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Cumulative Effect Period of Adoption Adjustment	Cumulative Effect Period of Adoption AdjustmentRetained Earnings
Beginning balance (in shares) at Dec. 31, 2019		21,964,809
Beginning balance at Dec. 31, 2019	$ 1,462,710	$ 220	$ 1,309,438	$ 152,819	$ 233	$ (3,311)	$ (3,311)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,025		3,025
Exercise of stock options, net (in shares)		14,315
Exercise of stock options, net	847		847
Issuance of restricted stock, net (in shares)		236,232
Issuance of restricted stock, net	(25,797)	$ 2	(25,799)
Repurchase of common stock (in shares)		(1,769)
Repurchase of common stock	(247)		(105)	(142)
Common stock dividends	(13,339)			(13,339)
Foreign currency translation adjustment	0
Unrealized gains (losses) on marketable securities, net of tax	20				20
Net income	35,239			35,239
Ending balance (in shares) at Mar. 31, 2020		22,213,587
Ending balance at Mar. 31, 2020	1,459,147	$ 222	1,287,406	171,266	253
Beginning balance (in shares) at Dec. 31, 2020		24,418,939
Beginning balance at Dec. 31, 2020	1,748,319	$ 244	1,519,549	179,646	48,880
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,900		3,868	32
Exercise of stock options, net (in shares)		799
Exercise of stock options, net	70		70
Issuance of restricted stock, net (in shares)		231,467
Issuance of restricted stock, net	(2,339)	$ 3	(2,342)
Common stock dividends	(14,786)			(14,786)
Foreign currency translation adjustment	(8,712)				(8,712)
Unrealized gains (losses) on marketable securities, net of tax	(104)				(104)
Net income	9,577			9,577
Ending balance (in shares) at Mar. 31, 2021		24,651,205
Ending balance at Mar. 31, 2021	$ 1,735,925	$ 247	$ 1,521,145	$ 174,469	$ 40,064

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.60	$ 0.60	$ 0.60

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 9,577	$ 35,239
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs	138	83
Amortization of investment discount/premium	24	65
Depreciation and amortization	34,571	25,733
Deferred income taxes	(8,898)	(2,108)
Stock-based compensation	3,900	3,025
Impairment of right-of-use lease assets	14,388	453
Changes in assets and liabilities:
Tuition receivable, net	(13,417)	3,553
Other assets	(9,897)	(3,090)
Accounts payable and accrued expenses	(10,276)	(7,028)
Income taxes payable and income taxes receivable	12,777	12,314
Contract liabilities	46,872	1,901
Other liabilities	(978)	(1,445)
Net cash provided by operating activities	78,781	68,695
Cash flows from investing activities:
Purchases of property and equipment	(12,650)	(14,258)
Purchases of marketable securities	0	(1,863)
Proceeds from marketable securities	1,930	9,905
Other investments	(72)	(118)
Net cash used in investing activities	(10,792)	(6,334)
Cash flows from financing activities:
Common dividends paid	(14,778)	(13,327)
Net payments for stock awards	(2,326)	(25,089)
Repurchase of common stock	0	(247)
Net cash used in financing activities	(17,104)	(38,663)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(866)	0
Net increase in cash, cash equivalents, and restricted cash	50,019	23,698
Cash, cash equivalents, and restricted cash — beginning of period	202,020	420,497
Cash, cash equivalents, and restricted cash — end of period	252,039	444,195
Noncash transactions:
Non-cash additions to property and equipment	7,526	1,392
Right-of-use lease assets obtained in exchange for operating lease liabilities	$ 46,147	$ 3,504

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Strategic Education, Inc. (“Strategic Education” or the “Company”), a Maryland corporation, is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. As discussed in Note 2 and Note 3, the Company completed its acquisition of Torrens University and associated assets in Australia and New Zealand ("ANZ") on November 3, 2020. As discussed in Note 15, beginning in the first quarter of 2021 the Company changed the way management accounts for and reports financial information relied on by the Chief Operating Decision Maker ("CODM") to evaluate performance and allocate the resources of the Company. The Company's revised organizational structure includes the following three operating and reportable segments: (1) U.S. Higher Education, which is primarily comprised of the Company's previous Strayer University and Capella University segments and is focused on providing flexible and affordable certificate and degree programs to working adults; (2) Alternative Learning, a new segment that is primarily focused on developing and maintaining relationships with large employers to build employee education benefits programs; and (3) Australia/New Zealand, which provides certificate and degree programs in Australia and New Zealand. The Australia/New Zealand segment was not changed as a result of the Company's reorganization. Financial reporting under the new structure began in the first quarter of 2021. Prior period segment disclosures have been restated to conform to the current period presentation.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. On November 3, 2020, the Company completed its acquisition of ANZ, whereby the Company was deemed the acquirer in the business combination for accounting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, the financial results of the Company as of and for any periods ended prior to November 3, 2020 do not include the financial results of ANZ and therefore are not directly comparable. All information as of March 31, 2020 and 2021, and for the three months ended March 31, 2020 and 2021 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated financial position, results of operations, and cash flows of the Company. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date. Certain amounts in the prior period financial statements have been reclassified to conform to the current period's presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year. Below is a description of the nature of the costs included in the Company’s operating expense categories. Instructional and support costs ("I&SC") generally contain items of expense directly attributable to activities that support students. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs. General and administration ("G&A") expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions. Amortization of intangible assets consists of amortization and depreciation expense related to intangible assets and software assets acquired through the Company's merger with Capella Education Company ("CEC") and the Company's acquisition of ANZ. Merger and integration costs include integration expenses associated with the Company's merger with CEC, and transaction and integration expenses associated with the Company's acquisition of ANZ. Restructuring costs include severance and other personnel-related expenses from voluntary and involuntary employee terminations, as well as early lease termination costs and impairments of right-of-use lease assets and fixed assets associated with vacating leased space in connection with the Company's restructuring plans. See Note 5 for additional information. Foreign Currency Translation and Transaction Gains and Losses The United States Dollar ("USD") is the functional currency of the Company and its subsidiaries operating in the United States. The financial statements of its foreign subsidiaries are maintained in their functional currencies. The functional currency of each of the foreign subsidiaries is the currency of the economic environment in which the subsidiary primarily does business. Financial statements of foreign subsidiaries are translated into USD using the exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated into USD using the period-end spot foreign exchange rates. Income and expenses are translated at the weighted-average exchange rates in effect during the period. Equity accounts are translated at historical exchange rates. The effects of these translation adjustments are reported as a component of accumulated other comprehensive income within shareholders’ equity. For any transaction that is in a currency different from the entity’s functional currency, the Company records a net gain or loss based on the difference between the exchange rate at the transaction date and the exchange rate at the transaction settlement date (or rate at period end, if unsettled), in the unaudited condensed consolidated statements of income. Restricted Cash In the United States, a significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from Strayer University or Capella University during the academic term. The Company had approximately $0.1 million and $0.3 million of these unpaid obligations as of December 31, 2020 and March 31, 2021, respectively. In Australia and New Zealand, advance tuition payments from international students are required to be restricted until that student commences his or her course. In addition, a portion of tuition prepayments from students enrolled in a vocational education and training program are held in trust by a third party law firm to adhere to tuition protection requirements. As of December 31, 2020 and March 31, 2021, the Company had approximately $13.9 million and $12.9 million, respectively, of restricted cash related to these requirements in Australia and New Zealand. These balances are recorded as restricted cash and included in other current assets in the unaudited condensed consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company is required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account, which is included in other assets. The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of March 31, 2020 and 2021 (in thousands): As of March 31, 2020 2021 Cash and cash equivalents $ 442,845 $ 238,290 Restricted cash included in other current assets 850 13,249 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 444,195 $ 252,039 Tuition Receivable and Allowance for Credit Losses The Company adopted Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC 326") on January 1, 2020, which revised the accounting requirements related to the measurement of credit losses and requires organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectability. The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Company's student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for credit losses is established based upon historical collection rates by age of receivable and adjusted for reasonable expectations of future collection performance, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status, likelihood of future enrollment, degree mix trends and changes in the overall economic environment. In the event that current collection trends differ from historical trends, an adjustment is made to the allowance for credit losses and bad debt expense. The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Tuition receivable $ 99,942 $ 112,648 Allowance for credit losses (49,773) (49,179) Tuition receivable, net $ 50,169 $ 63,469 Approximately $3.6 million and $3.4 million of tuition receivable are included in other assets as of December 31, 2020 and March 31, 2021, respectively, because these amounts are expected to be collected after 12 months. The following table illustrates changes in the Company’s allowance for credit losses for the three months ended March 31, 2020 and 2021 (in thousands). For the three months ended March 31, 2020 2021 Allowance for credit losses, beginning of period $ 30,931 $ 49,773 Impact of adopting ASC 326 4,571 — Additions charged to expense 11,171 10,822 Write-offs, net of recoveries (8,579) (11,416) Allowance for credit losses, end of period $ 38,094 $ 49,179 Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely. Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components. Finite-lived intangible assets that are acquired in business combinations are recorded at fair value on their acquisition dates and are amortized on a straight-line basis over the estimated useful life of the asset. Finite-lived intangible assets consist of student relationships. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets. Authorized Stock The Company has authorized 32,000,000 shares of common stock, par value $0.01, of which 24,418,939 and 24,651,205 shares were issued and outstanding as of December 31, 2020 and March 31, 2021, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock. In February 2021, the Company’s Board of Directors declared a regular, quarterly cash dividend of $0.60 per share of common stock. The dividend was paid on March 15, 2021. Net Income Per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options, and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Weighted average shares outstanding used to compute basic earnings per share 21,810 23,974 Incremental shares issuable upon the assumed exercise of stock options 21 7 Unvested restricted stock and restricted stock units 240 172 Shares used to compute diluted earnings per share 22,071 24,153 Anti-dilutive shares excluded from the diluted earnings per share calculation 3 118 Comprehensive Income Comprehensive income includes net income and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of unrealized gains and losses on available-for-sale marketable securities, net of tax, and foreign currency translation adjustments. As of December 31, 2020 and March 31, 2021, the balance of accumulated other comprehensive income was $48.9 million, net of tax of $0.3 million and $40.1 million, net of tax of $0.3 million, respectively. There were no reclassifications out of accumulated other comprehensive income to net income for the three months ended March 31, 2021. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. During the three months ended March 31, 2020 and 2021, management estimates also include potential impacts the COVID-19 pandemic will have on student enrollment, tuition pricing, and collections in future periods. The duration and severity of the COVID-19 pandemic and its impact on the Company’s condensed consolidated financial statements is subject to uncertainty. Actual results could differ from those estimates. Recently Issued Accounting Standards Not Yet Adopted ASUs recently issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.

Acquisition of Torrens Universi

Acquisition of Torrens University and Associated Assets in Australia and New Zealand	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisition of Torrens University and Associated Assets in Australia and New Zealand	Acquisition of Torrens University and Associated Assets in Australia and New Zealand On November 3, 2020, the Company completed its acquisition of Torrens University and associated assets in Australia and New Zealand pursuant to the sale and purchase agreement dated July 29, 2020 (the "Purchase Agreement"). The acquired operations include Torrens University Australia, Think Education, and Media Design School, which together provide diversified student curricula to over 19,000 students across five industry verticals, including business, hospitality, health, education, creative technology and design. Pursuant to the Purchase Agreement, the aggregate consideration paid was approximately $658.4 million in cash, which reflected the original agreed upon purchase price of $642.7 million, plus a $15.7 million adjustment reflecting an estimated $11.0 million of net cash at close, and an estimated $4.7 million related to higher net working capital. These estimated adjustments are subject to a final true-up of net cash and net working capital, based on the closing accounts to be finalized by both parties. The Company applied the acquisition method of accounting to ANZ, whereby the excess of the acquisition date fair value of consideration transferred over the fair value of identifiable net assets was allocated to goodwill. Goodwill reflects workforce and synergies expected from cost savings, operations, and revenue enhancements of the combined company that are expected to result from the acquisition. The goodwill recorded as part of the acquisition was allocated to the Australia/New Zealand reportable segment in the amount of $546.3 million, and is not deductible for tax purposes. Through March 31, 2021, the Company has incurred $8.1 million of acquisition-related costs which have been recognized in Merger and integration costs in the unaudited condensed consolidated statements of income. These costs were primarily attributable to legal, financial, and accounting support services incurred by the Company in connection with the acquisition. The preliminary opening balance sheet is subject to adjustment based on final assessment of the fair values of certain acquired assets and liabilities, primarily intangible assets and income taxes. As the Company finalizes its assessment of the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. The Company reflects measurement period adjustments in the period in which the adjustments occur. During the first quarter of 2021, the Company recorded a measurement period adjustment that reduced Property and equipment, net by $0.3 million and increased goodwill by $0.3 million. The preliminary fair value of assets acquired and liabilities assumed as well as a reconciliation to consideration transferred is presented in the table below (in thousands): Cash and cash equivalents $ 16,082 Tuition receivable 24,447 Other current assets 17,713 Property and equipment, net 41,508 Right-of-use lease assets 44,229 Intangible assets 103,161 Goodwill 546,315 Other assets 2,799 Total assets acquired 796,254 Accounts payable and accrued expenses (33,876) Income taxes payable (229) Contract liabilities (33,309) Lease liabilities (9,685) Deferred income taxes (18,712) Lease liabilities, non-current (34,544) Other long-term liabilities (7,520) Total liabilities assumed (137,875) Total consideration $ 658,379 The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets: Fair Value Weighted Average Trade names $ 68,774 Indefinite Student relationships 34,387 3 $ 103,161 The Company determined the fair value of assets acquired and liabilities assumed based on assumptions that reasonable market participants would use while employing the concept of highest and best use of the assets and liabilities. The Company utilized the following assumptions, some of which include significant unobservable inputs which would qualify the valuations as Level 3 measurements, and valuation methodologies to determine fair value: • Intangible assets ▪ Trade names - to determine the fair value of the trade names, the Company used the relief from royalty approach, which involved the use of estimates and assumptions with respect to the timing and amounts of future cash flows, revenue growth rates, royalty rate, and discount rate. Key assumptions used in the valuation included revenue growth rates ranging from 2.5% to 6.3% per year, a royalty rate of 2.5% and a discount rate of 11%. ▪ Student relationships - to determine the fair value of the student relationships, the Company used the excess earnings method, which involved the use of estimates and assumptions with respect to the timing and amounts of future cash flows, earnings before interest and taxes margins, annual attrition rate, and discount rate. Key assumptions used in the valuation included an annual attrition rate of 60% and a discount rate of 11%. • Property and equipment - Included in property and equipment is course content of $10.0 million. To determine the fair value of course content, the Company used the relief from royalty approach, which involved the use of estimates and assumptions with respect to the timing and amounts of future cash flows, revenue growth rates, royalty rate, and discount rate. Key assumptions used in the valuation included revenue growth rates ranging from 5.6% to 6.2%, a royalty rate of 3% and a discount rate of 11%. The course content will be amortized over 3 years. All other property and equipment was valued at estimated cost. • Contract liabilities - The Company estimated the fair value of contract liabilities using the cost build-up method, which represents the cost to deliver the services plus a normal profit margin. Based on this method, fair value of contract liabilities were estimated to be 70% of carrying value as of the acquisition date. • Other current and noncurrent assets and liabilities - The carrying value of all other assets and liabilities approximated fair value at the time of acquisition.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues primarily consist of tuition revenue arising from educational services provided in the form of classroom instruction and online courses. Tuition revenue is deferred and recognized ratably over the period of instruction, which varies depending on the course format and chosen program of study. Strayer University’s educational programs and Capella University’s GuidedPath classes typically are offered on a quarterly basis, and such periods coincide with the Company’s quarterly financial reporting periods, while Capella University’s FlexPath courses are delivered over a twelve-week subscription period. Torrens University offers the majority of its education programs on a trimester system having three primary academic terms, which all occur within the calendar year. The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the three months ended March 31, 2020 and 2021 (in thousands): For the three months March 31, 2020 2021 U.S. Higher Education Segment Tuition, net of discounts, grants and scholarships $ 245,320 $ 217,477 Other (1) 10,193 9,070 Total U.S. Higher Education Segment 255,513 226,547 Australia/New Zealand Segment Tuition, net of discounts, grants and scholarships — 50,222 Other (1) — 1,043 Total Australia/New Zealand Segment — 51,265 Alternative Learning Segment (2) 9,789 12,524 Consolidated revenue $ 265,302 $ 290,336 _________________________________________ (1) Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other non-tuition revenue streams. (2) Alternative Learning revenue is primarily derived from tuition revenue. Revenues are recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods and services. The Company applies the five-step revenue model under ASC 606 to determine when revenue is earned and recognized. Arrangements with students may have multiple performance obligations. For such arrangements, the Company allocates net tuition revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers and observable market prices. The standalone selling price of material rights to receive free classes in the future is estimated based on class tuition prices and likelihood of redemption based on historical student attendance and completion behavior. At the start of each academic term or program, a contract liability is recorded for academic services to be provided, and a tuition receivable is recorded for the portion of the tuition not paid in advance. Any cash received prior to the start of an academic term or program is recorded as a contract liability. Some students may be eligible for scholarship awards, the estimated value of which will be realized in the future and is deducted from revenue when earned, based on historical student attendance and completion behavior. Contract liabilities are recorded as a current or long-term liability in the unaudited condensed consolidated balance sheets based on when the benefit is expected to be realized. Course materials available through Capella University enable students to access electronically all required materials for courses in which they enroll during the quarter. Revenue derived from course materials is recognized ratably over the duration of the course as the Company provides the student with continuous access to these materials during the term. For sales of certain other course materials, the Company is considered the agent in the transaction, and as such, the Company recognizes revenue net of amounts owed to the vendor at the time of sale. Revenues also include certain academic fees recognized within the quarter of instruction, and certificate revenue and licensing revenue, which are recognized as the services are provided. Contract Liabilities – Graduation Fund Strayer University offers the Graduation Fund, which allows undergraduate and graduate students to earn tuition credits that are redeemable in the final year of a student’s course of study if he or she successfully remains in the program. Students registering in credit-bearing courses in any undergraduate or graduate degree program receive one free course for every three courses that the student successfully completes. To be eligible, students must meet all of Strayer University’s admission requirements and must be enrolled in a bachelor’s or master's degree program. The Company’s employees and their dependents are not eligible for the program. Students who have more than one consecutive term of non-attendance lose any Graduation Fund credits earned to date, but may earn and accumulate new credits if the student is reinstated or readmitted by Strayer University in the future. In response to the COVID-19 pandemic, Strayer University is temporarily allowing students to miss two consecutive terms without losing their Graduation Fund credits. Revenue from students participating in the Graduation Fund is recorded in accordance with ASC 606. The Company defers the value of the related performance obligation associated with the credits estimated to be redeemed in the future based on the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company’s estimate of the benefits that will be redeemed in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates, and to date, any adjustments to the estimates have not been material. The amount estimated to be redeemed in the next 12 months is $21.9 million and is included as a current contract liability in the unaudited condensed consolidated balance sheets. The remainder is expected to be redeemed within two The table below presents activity in the contract liability related to the Graduation Fund (in thousands): For the three months ended March 31, 2020 2021 Balance at beginning of period $ 49,641 $ 53,314 Revenue deferred 7,179 6,516 Benefit redeemed (5,608) (5,421) Balance at end of period $ 51,212 $ 54,409 Unbilled receivables – Student tuition Academic materials may be shipped to certain new undergraduate students in advance of the term of enrollment. Under ASC 606, the materials represent a performance obligation to which the Company allocates revenue based on the fair value of the materials relative to the total fair value of all performance obligations in the arrangement with the student. When control of the materials passes to the student in advance of the term of enrollment, an unbilled receivable and related revenue are recorded. The balance of unbilled receivables related to such materials was $0.6 million as of March 31, 2021, and is included in tuition receivable. Costs to Obtain a Contract Certain commissions earned by third party international agents are considered incremental and recoverable costs of obtaining a contract with customers of ANZ. These costs are deferred and then amortized over the period of benefit which ranges from one year to two years.

Restructuring and Related Charg

Restructuring and Related Charges	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Restructuring and Related Charges In 2018 and 2019, the Company incurred personnel-related restructuring charges due to cost reduction efforts and management changes. These changes related to the integration of CEC in order to establish an efficient ongoing cost structure for the Company. The severance and other employee separation costs incurred in connection with the integration of CEC are included in Merger and integration costs on the unaudited condensed consolidated statements of income. In the third quarter of 2020, the Company began implementing a restructuring plan in an effort to reduce the ongoing operating costs of the Company to align with changes in enrollment following the COVID-19 pandemic. Under this plan, the Company incurred severance and other employee separation costs related to voluntary and involuntary employee terminations. The following details the changes in the Company’s severance and other employee separation costs restructuring liabilities during the three months ended March 31, 2020 and 2021 (in thousands): CEC 2020 Total Balance at December 31, 2019 $ 8,283 $ — $ 8,283 Restructuring and other charges — — — Payments (2,708) — (2,708) Adjustments — — — Balance at March 31, 2020 $ 5,575 $ — $ 5,575 Balance at December 31, 2020 (1) $ 1,835 $ 1,287 $ 3,122 Restructuring and other charges — 1,190 1,190 Payments (733) (2,123) (2,856) Adjustments — — — Balance at March 31, 2021 (1) $ 1,102 $ 354 $ 1,456 _____________________________________ (1) The current portion of restructuring liabilities was $3.1 million and $1.5 million as of December 31, 2020 and March 31, 2021, respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities. In addition, the 2020 restructuring plan included an evaluation of the Company's owned and leased real estate portfolio, which resulted in the closure of underutilized campus and corporate offices. During the three months ended March 31, 2021, the Company recorded right-of-use lease asset and fixed asset impairment charges of approximately $14.4 million and $2.0 million, respectively, related to the campus and corporate locations closed as a result of the restructuring plan. All severance and other employee separation charges and right-of-use lease asset and fixed asset impairment charges related to the 2020 Restructuring Plan are included in Restructuring costs on the unaudited condensed consolidated statements of income.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The following is a summary of available-for-sale securities as of March 31, 2021 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 18,917 $ 324 $ — $ 19,241 Corporate debt securities 16,139 355 — 16,494 Total $ 35,056 $ 679 $ — $ 35,735 The following is a summary of available-for-sale securities as of December 31, 2020 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 19,924 $ 365 $ — $ 20,289 Corporate debt securities 17,086 452 — 17,538 Total $ 37,010 $ 817 $ — $ 37,827 The unrealized gains on the Company’s investments in corporate debt and municipal securities as of December 31, 2020 and March 31, 2021 were caused by changes in market values primarily due to interest rate changes. As of March 31, 2021, there were no securities in an unrealized loss position for a period longer than twelve months. The Company has no allowance for credit losses related to its available-for-sale securities as all investments are in investment grade securities. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No impairment charges were recorded during the three months ended March 31, 2020 and 2021. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Due within one year $ 7,557 $ 6,455 Due after one year through five years 30,270 29,280 Total $ 37,827 $ 35,735 The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Maturities of marketable securities $ 9,905 $ 1,930 Sales of marketable securities — — Total $ 9,905 $ 1,930 The Company did not record any gross realized gains or losses in net income during the three months ended March 31, 2020 and 2021.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Assets and liabilities measured at fair value on a recurring basis consist of the following as of March 31, 2021 (in thousands): Fair Value Measurements at Reporting Date Using March 31, 2021 Quoted Prices in Significant Significant Assets: Money market funds $ 4,941 $ 4,941 $ — $ — Marketable securities: Tax-exempt municipal securities 19,241 — 19,241 — Corporate debt securities 16,494 — 16,494 — Total assets at fair value on a recurring basis $ 40,676 $ 4,941 $ 35,735 $ — Liabilities: Deferred payments $ 1,346 $ — $ — $ 1,346 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2020 (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2020 Quoted Prices in Significant Significant Assets: Money market funds $ 2,841 $ 2,841 $ — $ — Marketable securities: Tax-exempt municipal securities 20,289 — 20,289 — Corporate debt securities 17,538 — 17,538 — Total assets at fair value on a recurring basis $ 40,668 $ 2,841 $ 37,827 $ — Liabilities: Deferred payments $ 1,658 $ — $ — $ 1,658 The Company measures the above items on a recurring basis at fair value as follows: • Money market funds – Classified in Level 1 is excess cash the Company holds in both taxable and tax-exempt money market funds, which are included in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. The Company records any net unrealized gains and losses for changes in fair value as a component of accumulated other comprehensive income in stockholders' equity. The Company's cash and cash equivalents held at December 31, 2020 and March 31, 2021 approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments. • Marketable securities – Classified in Level 2 and valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets. The Company does not hold securities in inactive markets. • Deferred payments – The Company acquired certain assets and entered into deferred payment arrangements with the sellers in transactions that occurred in 2011. The deferred payments are classified within Level 3 as there is no liquid market for similarly priced instruments and are valued using discounted cash flow models that encompass significant unobservable inputs. The assumptions used to prepare the discounted cash flows include estimates for interest rates, enrollment growth, retention rates, and pricing strategies. These assumptions are subject to change as the underlying data sources evolve and the programs mature. The short-term portion of deferred payments was $1.3 million as of March 31, 2021 and is included in accounts payable and accrued expense. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and did not transfer assets or liabilities between levels of the fair value hierarchy during the three months ended March 31, 2020 and 2021. Changes in the fair value of the Company’s Level 3 liabilities during the three months ended March 31, 2020 and 2021 are as follows (in thousands): As of March 31, 2020 2021 Balance as of the beginning of period $ 3,257 $ 1,658 Amounts paid (808) (730) Other adjustments to fair value 282 418 Balance at end of period $ 2,731 $ 1,346

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill During the three months ended March 31, 2021, the Company reallocated a portion of its goodwill to the Alternative Learning segment based on a relative fair value analysis performed using several probability weighted scenarios. The following table presents changes in the carrying value of goodwill by segment for the three months ended March 31, 2021 (in thousands): U.S. Higher Education Australia / Alternative Learning Total Balance as of December 31, 2020 $ 732,075 $ 586,451 $ — $ 1,318,526 Reporting unit reallocation (1) (100,000) — 100,000 — Additions — — — — Impairments — — — — Currency translation adjustments — (7,301) — (7,301) Adjustments to prior acquisitions (2) — 262 — 262 Balance as of March 31, 2021 $ 632,075 $ 579,412 $ 100,000 $ 1,311,487 _____________________________________ (1) Represents the reallocation of goodwill as a result of the Company reorganizing its segments in the first quarter of 2021. (2) Represents a measurement period adjustment recorded in the first quarter of 2021, as discussed in Note 3. The Company assesses goodwill at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. In connection with the reallocation of goodwill to the Alternative Learning segment, management performed an assessment and determined that no events or circumstances occurred in the three months ended March 31, 2021 to indicate an impairment to goodwill at any of its segments. There were no impairment charges related to goodwill recorded during the three month periods ended March 31, 2020 and 2021. Intangible Assets The following table represents the balance of the Company’s intangible assets as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Subject to amortization Student relationships $ 202,861 $ (135,703) $ 67,158 $ 202,477 $ (152,627) $ 49,850 Not subject to amortization Trade names 259,262 — 259,262 258,340 — 258,340 Total $ 462,123 $ (135,703) $ 326,420 $ 460,817 $ (152,627) $ 308,190 The Company’s finite-lived intangible assets are comprised of student relationships, which are being amortized on a straight-line basis over a three year useful life. Straight-line amortization expense for finite-lived intangible assets reflects the pattern in which the economic benefits of the assets are consumed over their estimated useful lives. Amortization expense related to finite-lived intangible assets was $13.8 million and $16.9 million for the three months ended March 31, 2020 and 2021, respectively. Indefinite-lived intangible assets not subject to amortization consist of trade names. The Company assigned an indefinite useful life to its trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic, or other factors to limit the useful life of the trade name intangibles. The Company assesses indefinite-lived intangible assets at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. No events or circumstances occurred in the three months ended March 31, 2021 to indicate an impairment to indefinite-lived intangible assets. There was no impairment charge related to indefinite-lived intangible assets recorded during the three months ended March 31, 2020 and 2021.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Prepaid expenses, net of current portion $ 22,418 $ 22,247 Equity method investments 15,795 17,879 Cloud computing arrangements 6,385 7,330 Other investments 2,527 2,527 Other 7,803 10,299 Other assets $ 54,928 $ 60,282 Prepaid Expenses Long-term prepaid expenses primarily relate to payments that have been made for future services to be provided after one year. In the fourth quarter of 2020, pursuant to the terms of the perpetual license agreement associated with the Jack Welch Management Institute ("JWMI"), the Company made a final one-time cash payment of approximately $25.3 million for the right to continue to use the Jack Welch name and likeness. As of March 31, 2021, $20.3 million of this payment is included in the prepaid expenses, net of current portion balance, as the payment is being amortized over an estimated useful life of 15 years. Equity Method Investments The Company holds investments in certain limited partnerships that invest in various innovative companies in the health care and education-related technology fields. The Company has commitments to invest up to an additional $1.7 million across these partnerships through 2027. The Company's investments range from 3%-5% of any partnership’s interest and are accounted for under the equity method. The following table illustrates changes in the Company’s limited partnership investments for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Limited partnership investments, beginning of period $ 15,795 $ 15,795 Capital contributions 118 72 Pro-rata share in the net income of limited partnerships 232 2,714 Distributions (340) (702) Limited partnership investments, end of period $ 15,805 $ 17,879 Cloud Computing Arrangements The Company defers implementation costs incurred in cloud computing arrangements and amortizes these costs over the term of the arrangement. Other Investments

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Trade payables $ 64,049 $ 54,727 Accrued compensation and benefits 33,160 33,220 Accrued student obligations 4,017 4,536 Real estate liabilities 668 638 Other 2,848 4,327 Accounts payable and accrued expenses $ 104,742 $ 97,448

Long Term Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long-Term Debt On November 3, 2020, the Company entered into an amended credit facility ("Amended Credit Facility"), which provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of up to $350 million. The Amended Credit Facility provides the Company with an option, subject to obtaining additional loan commitments and satisfaction of certain conditions, to increase the commitments under the Revolving Credit Facility or establish one or more incremental term loans (each, an “Incremental Facility”) in the future in an aggregate amount of up to the sum of (x) the greater of (A) $300 million and (B) 100% of the Company’s consolidated EBITDA (earnings before interest, taxes, depreciation, amortization, and noncash charges, such as stock-based compensation) calculated on a trailing four-quarter basis and on a pro forma basis, and (y) if such Incremental Facility is incurred in connection with a permitted acquisition or other permitted investment, any amounts so long as the Company's leverage ratio (calculated on a trailing four-quarter basis) on a pro forma basis will be no greater than 1.75:1.00. In addition, the Amended Credit Facility provides for a subfacility for borrowings in certain foreign currencies in an amount equal to the U.S. dollar equivalent of $150 million. The maturity date of the Amended Credit Facility is November 3, 2025. The Company paid approximately $1.9 million in debt financing costs associated with the Amended Credit Facility, and these costs are being amortized on a straight-line basis over the five-year term of the Amended Credit Facility. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to LIBOR or a base rate, plus a margin ranging from 1.50% to 2.00% depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.20% to 0.30% per annum depending on the Company’s leverage ratio, times the daily unused amount under the Revolving Credit Facility. The Amended Credit Facility is guaranteed by all domestic subsidiaries, subject to certain exceptions, and secured by substantially all of the assets of the Company and its subsidiary guarantors. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default, and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including: • A leverage ratio of not greater than 2.00 to 1.00. Leverage ratio is defined as the ratio of total debt (net of unrestricted cash in an amount not to exceed $150 million) to trailing four-quarter EBITDA. • A coverage ratio of not less than 1.75 to 1.00. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense. • A U.S. Department of Education (the “Department” or "Department of Education") Financial Responsibility Composite Score of not less than 1.0 for any fiscal year and not less than 1.5 for any two consecutive fiscal years. The Company was in compliance with all the terms of the Amended Credit Facility as of March 31, 2021. As of December 31, 2020 and March 31, 2021, the Company had approximately $141.8 million outstanding under the Revolving Credit Facility. Approximately $3.8 million was denominated in Australian dollars as of December 31, 2020 and March 31, 2021. During the three months ended March 31, 2020 and 2021, the Company paid $0.1 million and $0.7 million, respectively, of interest and unused commitment fees related to its Revolving Credit Facility.

Other Long-Term Liabilities

Other Long-Term Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities, Noncurrent [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consist of the following as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Contract liabilities, net of current portion $ 34,866 $ 33,217 Asset retirement obligations 7,647 8,623 Deferred payments related to acquisitions 715 — Other 2,827 2,877 Other long-term liabilities $ 46,055 $ 44,717 Contract Liabilities As discussed in Note 4, in connection with its student tuition contracts, the Company has an obligation to provide free classes in the future should certain eligibility conditions be maintained (the Graduation Fund). Long-term contract liabilities represent the amount of revenue under these arrangements that the Company expects will be realized after one year. Asset Retirement Obligations Certain of the Company's lease agreements require the leased premises to be returned in a predetermined condition. As of December 31, 2020 and March 31, 2021, approximately $5.8 million and $6.9 million, respectively, relate to asset retirement obligations for the Company's Australia and New Zealand leases. Deferred Payments Related to Acquisitions In connection with previous acquisitions, the Company acquired certain assets and entered into deferred payment arrangements with the sellers.

Equity Awards

Equity Awards	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Awards	Equity Awards The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Instructional and support costs $ 1,030 $ 1,225 General and administration 1,995 2,675 Stock-based compensation expense included in operating expense 3,025 3,900 Tax benefit 777 1,000 Stock-based compensation expense, net of tax $ 2,248 $ 2,900 During the three months ended March 31, 2020 and 2021, the Company recognized a windfall tax benefit related to share-based payment arrangements of approximately $2.7 million and $0.1 million, respectively, which was recorded as an adjustment to the provision for income taxes.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2020 and 2021, the Company recorded income tax expense of $10.8 million and $4.6 million, reflecting an effective tax rate of 23.5% and 32.4%, respectively. The Company had $0.3 million of unrecognized tax benefits as of December 31, 2020 and March 31, 2021. Interest and penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the unaudited condensed consolidated statements of income. The Company paid $0.7 million and $0.4 million in income taxes during the three months ended March 31, 2020 and 2021, respectively. The tax years since 2017 remain open for Federal tax examination and the tax years since 2016 remain open to examination by state and local taxing jurisdictions in which the Company is subject to taxation.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Strategic Education is an educational services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. In the first quarter of 2021, the Company changed the way management accounts for and reports financial information relied on by the Chief Operating Decision Maker (“CODM”) to evaluate performance and allocate the resources of the Company. The Company’s revised organizational structure includes three operating and reportable segments: U.S. Higher Education (“USHE”), which is primarily comprised of the Company's previous Strayer University and Capella University segments, Alternative Learning, and Australia/New Zealand. Financial reporting under the new organizational structure began in the first quarter of 2021. Prior period segment disclosures have been recast to conform to the current period presentation. The USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Strayer University and Capella University, including the Jack Welch Management Institute MBA, which is a unit of Strayer University. USHE also operates non-degree web and mobile application development courses through Hackbright Academy and DevMountain, the latter being a unit of Strayer University. The Alternative Learning segment is primarily focused on developing and maintaining relationships with large employers to build employee education benefits programs that provide employees with access to affordable and industry relevant training, certificate, and degree programs. The employer relationships developed by the Alternative Learning division are an important source of student enrollment for Capella University and Strayer University, and the majority of the revenue attributed to the Alternative Learning division is driven by the volume of enrollment derived from these employer relationships. Alternative Learning also generates revenue through Workforce Edge, a platform which provides employers a full-service education benefits administration solution. Lastly, Alternative Learning generates revenue through Sophia Learning, a provider of low-cost online general education courses recommended by the American Council on Education for transfer credit to other colleges and universities, and Digital Enablement Partnerships, which provide online course delivery and support capabilities related to online course delivery to other higher education institutions. The Australia/New Zealand segment is comprised of Torrens University, Think Education and Media Design School in Australia and New Zealand, which collectively offer certificate and degree programs in business, design, education, hospitality, healthcare, and technology through campuses in Australia, New Zealand, and online. Revenue and operating expenses are generally directly attributable to the segments. Inter-segment revenues are not presented separately, as these amounts are immaterial. The Company’s CODM does not evaluate operating segments using asset information. A summary of financial information by reportable segment for the three months ended March 31, 2020 and 2021 is presented in the following table (in thousands): For the three months ended March 31, 2020 2021 Revenues U.S. Higher Education $ 255,513 $ 226,547 Australia/New Zealand — 51,265 Alternative Learning 9,789 12,524 Consolidated revenues $ 265,302 $ 290,336 Income (loss) from operations U.S. Higher Education $ 56,743 $ 47,754 Australia/New Zealand — (2,949) Alternative Learning 6,397 5,881 Amortization of intangible assets (15,417) (19,407) Merger and integration costs (3,764) (1,012) Restructuring costs — (18,267) Consolidated income from operations $ 43,959 $ 12,000

Litigation

Litigation	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation	LitigationThe Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. From time to time, certain matters may arise that are other than ordinary and routine. The outcome of such matters is uncertain, and the Company may incur costs in the future to defend, settle, or otherwise resolve them. The Company currently believes that the ultimate outcome of such matters will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could materially affect future results of operations in a particular period.

Regulation

Regulation	3 Months Ended
	Mar. 31, 2021
Regulation [Abstract]
Regulation	Regulation United States Regulation American Rescue Plan Act of 2021 On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021. Similar to previous stimulus packages, this legislation provided additional funding for the Higher Education Emergency Relief Fund. A small portion of the $39.6 billion allocated for institutions of higher education will be available for student emergency aid for students at for-profit institutions. The Department has not yet released additional information on institutional allocation of funds, including any funding for which Capella University or Strayer University may qualify. The legislation also amends the “90/10 Rule” to include “all federal education assistance” in the “90” side of the ratio calculation. See “Item 1. Business – Regulation – U.S. Regulatory Environment – The 90/10 Rule” of the Company’s Annual Report on Form 10-K for a description of the 90/10 Rule. The legislation requires the Department to conduct a negotiated rulemaking process to modify related Department regulations. This rulemaking process may result in a definition of “federal education assistance” that will include tuition assistance programs offered by the U.S. Department of Defense and U.S. Department of Veterans Affairs, in addition to the Title IV programs already covered by the 90/10 Rule. Under the legislation, these revisions to the 90/10 Rule would apply to institutional fiscal years beginning on or after January 1, 2023. Further legislation has been introduced in both chambers of Congress that seek to modify the 90/10 Rule further, including proposals to change the ratio requirement to 85/15 (federal to nonfederal revenue). We cannot predict whether Congress will pass any of these legislative proposals . Consolidated Appropriations Act, 2021 On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act of 2021. Among other things, this package funded the government through September 2021, provides additional COVID-related relief, and made a number of U.S. higher education changes. The legislation includes a number of tax provisions, including replacing the tuition deduction with an expanded Lifetime Learning Credit, which now shares the higher income limitations of the American Opportunity Tax Credit; and extends until January 1, 2026 expanded employer-provided educational assistance permitting employers to pay up to $5,250 toward an employee’s federal student loans as a tax-free benefit. The legislation also includes a number of higher education-related provisions, including: eliminating the “expected family contribution” from the Free Application for Federal Student Aid (“FAFSA”) and replacing it with a “Student Aid Index;” expanding eligibility for Pell Grants; restoring Pell Grant eligibility for incarcerated students attending non-profit institutions; restoring quarters/semesters of Pell eligibility to students who have successfully asserted a borrower defense to repayment; repealing the limitation on lifetime subsidized loan eligibility (known as “Subsidized Usage Limit Applies,” or SULA); and significantly simplifying the FAFSA form. The Department is expected to provide, but has not yet provided, institutions with guidance on the higher education provisions included in the Consolidated Appropriations Act of 2021, which take effect on July 1, 2023. Additionally, the bill provides $22.7 billion for higher education institutions and students impacted by COVID-19, including $680.9 million (3 percent of the total) for student emergency aid for students at for-profit institutions. In January 2021, the Department released a table of institutional allocation of funds which indicates that Capella University is eligible for $328,602 and Strayer University is eligible for $5,831,606, all of which will be disbursed to students with the highest need, in the form of direct grants. Veterans Health Care and Benefits Improvement Act of 2020 On January 5, 2021, President Trump signed into law the Veterans Health Care and Benefits Improvement Act of 2020, which expands student veterans’ protections. Among other things, the legislation requires a risk-based review of schools if an institution is operating under Heightened Cash Monitoring 2 or provisional approval status by the Department of Education, is subject to any punitive action by a federal or state entity, faces the loss or risk of loss of accreditation, or has converted from for-profit to non-profit status. The legislation also restores veterans benefits to students whose school closed, as long as the student transferred fewer than 12 credits from the closed school or program; protects students from debt collection by the Department of Veterans Affairs for overpaid tuition benefits; and establishes a number of institutional requirements, including: providing clear disclosures about cost, loan debt, graduation and job placement rates, and acceptance of transfer credit; ensuring institutions are accommodating short absences due to service; prohibiting same-day recruitment and registration; and prohibiting more than three unsolicited recruiting contacts. The legislation will require guidance from the Department of Veterans Affairs, and most provisions are effective August 1, 2021. CARES Act On March 27, 2020, Congress passed and President Trump signed into law the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. Among other things, the $2.2 trillion bill established some flexibilities related to the processing of federal student financial aid, established a higher education emergency fund, and created relief for some federal student loan borrowers. Through the CARES Act, Congress provided institutions of higher education relief from conducting a return to Title IV (R2T4) calculation in cases where the student withdrew because of COVID-19, including removing the requirement that the institution return unearned funds to the Department of Education and providing loan cancellation for the portion of the Direct Loan associated with a payment period that the student did not complete due to COVID-19. The CARES Act also allows institutions to exclude from satisfactory academic progress calculations any attempted credits that the student did not complete due to COVID-19, without requiring an appeal from the student. Additionally, under the legislation, institutions are permitted to transfer up to 100% of Federal Work Study funds into their Federal Supplemental Educational Opportunity Grant allocation and are granted a waiver of the 2019/2020 and 2020/2021 non-federal share institutional match. Institutions may continue to make Federal Work Study payments to student employees who are unable to meet their employment obligations due to COVID-19. The CARES Act also suspended payments and interest accrual on federal student loans until September 30, 2020, in addition to suspending involuntary collections such as wage garnishment, tax refund reductions, and reductions of federal benefits like Social Security benefits during the same timeframe. On August 8, 2020, President Trump issued a memorandum directing the Secretary of Education to take action to extend CARES Act student loan relief through December 31, 2020. On December 4, 2020, the Secretary of Education extended CARES Act student loan relief through January 31, 2021. On January 20, 2021, the Secretary of Education extended CARES Act student loan relief through September 30, 2021. On March 30, 2021, the Secretary of Education extended student loan relief to Federal Family Education Loans that are in default. The Department issued and will continue to issue sub-regulatory guidance to institutions regarding implementation of the provisions included in the CARES Act. Finally, the CARES Act allocated $14 billion to higher education through the creation of the Education Stabilization Fund. Fifty percent of the emergency funds received by institutions must go directly to students in the form of emergency financial aid grants to cover expenses related to the disruption of campus operations due to COVID-19. Students who were previously enrolled in exclusively online courses prior to March 13, 2020 are not eligible for these grants. Institutions may use remaining emergency funds not given to students on costs associated with significant changes to the delivery of instruction due to COVID-19, as long as such costs do not include payment to contractors for the provision of pre-enrollment recruitment activities, including marketing and advertising; endowments; or capital outlays associated with facilities related to athletics, sectarian instruction, or religious worship. Institutions receive funds under the Education Stabilization Fund based on a formula that factors in their relative percentage of full-time, Federal Pell Grant-eligible students who were not exclusively enrolled in online education prior to the emergency period. On April 9, 2020, the Department published guidance and funding levels for the Education Stabilization Fund, indicating that Strayer University was eligible to receive $5,792,122. Given that Strayer University is predominantly online, and very few students take only on-ground classes, Strayer declined to accept the funds allocated to it because most students would not have expenses related to the disruption of campus operations. Instead, Strayer University provided a $500 tuition grant for all students who had enrolled in on-ground classes for the Spring term, prior to the classes being converted to online. Because Capella University’s students are exclusively online, Capella was ineligible for Education Stabilization funding. Gainful Employment Under the Higher Education Act ("HEA"), a proprietary institution offering programs of study other than a baccalaureate degree in liberal arts (for which there is a limited statutory exception) must prepare students for gainful employment in a recognized occupation. The Department of Education published final regulations related to gainful employment that went into effect on July 1, 2015, with the additional disclosure requirements that became effective January 1, 2017 and July 1, 2019 (the “2015 Regulations”). On July 1, 2019, the Department of Education released final gainful employment regulations, which contained a full repeal of the 2015 Regulations and became effective on July 1, 2020. Both Capella University and Strayer University implemented the July 2019 regulations early, by means permitted by the Secretary, and accordingly were not required to report gainful employment data for the 2018-2019 award year. For the period between July 2019 and July 1, 2020, Capella University and Strayer University were not required to comply with gainful employment disclosure and template publication requirements and were not required to comply with the regulation’s certification requirements with respect to programmatic accreditation and program satisfaction of prerequisites for professional licensure/state certification. We cannot predict how recent changes in the administration and Congress might affect the likelihood that gainful employment regulations would be reissued or re-enacted in their previous or in an altered form. Borrower Defenses to Repayment On September 23, 2019, the Department published final Borrower Defense to Repayment regulations (the “2019 BDTR Rule”), which governs borrower defense to repayment claims in connection with loans first disbursed on or after July 1, 2020, the date the 2019 BDTR Rule became effective. The 2019 BDTR Rule supplants the 2016 Borrower Defense to Repayment rule. Under the 2019 BDTR Rule, an individual borrower can assert a defense to repayment and be eligible for relief if she or he establishes, by a preponderance of the evidence, that (1) the institution at which the borrower enrolled made a misrepresentation of material fact upon which the borrower reasonably relied in deciding to obtain a Direct Loan or a loan repaid by a Direct Consolidation Loan; (2) the misrepresentation directly and clearly related to the borrower’s enrollment or continuing enrollment at the institution or the institution’s provision of education services for which the loan was made; and (3) the borrower was financially harmed by the misrepresentation. The Department will grant forbearance on all loans related to a claim at the time the claim is made. The 2019 BDTR Rule defines “financial harm” as the amount of monetary loss that a borrower incurs as a consequence of a misrepresentation. The Department will determine financial harm based upon individual earnings and circumstances, which must include consideration of the individual borrower’s career experience subsequent to enrollment and may include, among other factors, evidence of program-level median or mean earnings. “Financial harm” does not include damages for non-monetary loss, and the act of taking out a Direct Loan, alone, does not constitute evidence of financial harm. Financial harm also cannot be predominantly due to intervening local, regional, national economic or labor market conditions, nor can it arise from the borrower’s voluntary change in occupation or decision to pursue less than full-time work or decision not to work. The 2019 BDTR Rule contains certain limitations and procedural protections. Among the most prominent of these restrictions, the regulation contains a three-year limitation period of claims, measured from the student’s separation from the institution, does not permit claims to be filed on behalf of groups, and requires that institutions receive access to any evidence in the Department’s possession to inform its response. The 2019 BDTR Rule permits the usage of pre-dispute arbitration agreements and class action waivers as conditions of enrollment, so long as the institution provides plain-language disclosures to students and the disclosures are placed on the institution’s website. The regulations also allow for a borrower to choose whether to apply for a closed school loan discharge or accept a teach-out opportunity. In addition, the closed school discharge window is expanded from 120 days to 180 days prior to the school’s closure, though the final rule does not allow for an automatic closed school loan discharge. Institutions are required to accept responsibility for the repayment of amounts discharged by the Secretary pursuant to the borrower defense to repayment, closed school discharge, false certification discharge, and unpaid refund discharge regulations. If the Secretary discharges a loan in whole or in part, the Department of Education may require the school to repay the amount of the discharged loan. On December 10, 2019, the Secretary of Education released a formula to calculate the amount of relief a borrower may receive for a successful BDTR application. This formula analyzed a borrower’s earnings as compared to median earnings of comparable programs to determine the amount of loans that would be discharged. Under this formula, even successful BDTR applicants may only receive a partial loan discharge. On March 11, 2020, the 116th Congress passed a joint resolution providing for Congressional disapproval of the 2019 BDTR Rule. President Trump vetoed the joint resolution on May 29, 2020, and the House subsequently failed to override the veto during a vote on June 26, 2020. On March 18, 2021, the Department revised its BDTR review process and repealed the previous administration’s partial relief formula. Under the new BDTR procedures, the Department will grant full loan relief to borrowers with approved BDTR applications. Additionally, the Department has eliminated certain evidentiary requirements for borrowers who have received a loan cancellation due to total or permanent disability. These borrowers will no longer be required to provide proof of insufficient income for the relief program for the three years after discharge of their loans. We cannot predict whether or how the recent changes in Administration and Congress will affect the borrower defense to repayment rules. Accrediting Agencies and State Authorization On November 1, 2019, the Department of Education published final rules amending regulations governing the recognition of accrediting agencies, certain student assistance provisions including state authorization rules, and institutional eligibility. Among other changes, the final rules revise the definition of “state authorization reciprocity agreement” such that member states may enforce their own general-purpose state laws and regulations, but may not impose additional requirements related to state authorization of distance education directed at all or a subgroup of educational institutions. The regulations also clarify that state authorization requirements related to distance education courses are based on the state where a student is “located,” as determined by the institution, and not the state of the student’s “residence.” In addition, the final rules remove certain disclosure requirements related to programs offered solely through distance education, and they replace those requirements with certain disclosure requirements applicable to all programs that lead to professional licensure or certification, regardless of the delivery modality of those programs. The Department’s new rules also refine the process for recognition and review of accrediting agencies, the criteria used by the Department to recognize accrediting agencies, and the Department’s requirements for accrediting agencies in terms of their oversight of accredited institutions and programs. The final regulations became effective on July 1, 2020, excepting certain provisions which were eligible to be implemented early by institutions, and certain provisions relating to recognition of accrediting agencies effective January 1 or July 1, 2021. Neither Capella University nor Strayer University opted for early implementation. On July 29, 2020, the National Advisory Committee on Institutional Quality and Integrity (“NACIQI”) held a meeting to review compliance by the Higher Learning Commission (“HLC”) with Department of Education requirements for recognized accrediting agencies. HLC is the institutional accreditor for Capella University. On June 30, 2020, the Department released a staff report that outlined HLC’s alleged noncompliance with its own policies and the Department’s regulations with regard to a change of ownership approval process for the acquisition of the Art Institute of Colorado and the Illinois Institute of Art, by Dream Center Educational Holdings. The staff report noted noncompliance in the areas of due process, consistency in decision making, and proper appeals procedures. The staff report proposed a one-year prohibition on HLC accrediting new institutions and a required compliance report on HLC’s remedial actions. NACIQI voted 9-2 to reject the staff report’s proposed sanctions, but NACIQI’s recommendation was non-binding. On October 26, 2020, a Senior Department Official ("SDO") found HLC non-compliant, in part. While the SDO required that HLC submit periodic reporting for twelve months, the SDO did not restrict HLC's scope of accreditation or ability to accredit new institutions. HLC did not appeal the Secretary's decision. Distance Education and Innovation On August 24, 2020, the Department of Education published final rules related to distance education and innovation to amend the sections of the institutional eligibility regulations issued under the HEA regarding establishing eligibility, maintaining eligibility, and losing eligibility. Among other changes, the final rules establish an updated definition of distance education; amend the existing definition of the credit hour; create a definition of academic engagement; and update eligibility and program design, for programs offered through the direct assessment of learning. The final rules also make operational changes to several financial aid awarding, disbursing and refunding rules, including how aid can be delivered to students enrolled in subscription period programs, such as Capella’s FlexPath offerings. The final rule will become effective July 1, 2021, with the option for early implementation. Both Capella University and Strayer University opted to implement the final rules early in December 2020. Title IX On May 6, 2020, the Department of Education published final rules related to implementation of Title IX of the Education Amendments of 1972 (“Title IX”), which prohibits discrimination on the basis of sex in education programs that receive funding from the federal government. The final rules define what constitutes sexual harassment for purposes of Title IX in the administrative enforcement context, describe what actions trigger an institution’s obligation to respond to incidents of alleged sexual harassment, and specify how an institution must respond to allegations of sexual harassment. Among other things, the new rules include a requirement for live hearings on Title IX sexual harassment claims, which includes direct and cross-examination of parties, university-provided advisors (in the event a student or party does not provide an advisor), rulings on questions of relevance by decision-makers, and the creation and maintenance of a record of the live hearing proceedings. The final rule became effective August 14, 2020. On March 8, 2021, President Biden signed an executive order that requires the Secretary of Education and the Attorney General to review the previous administration’s rulemakings and guidance documents related to Title IX. As a result of this review the Department may take further rulemaking actions with regard to Title IX. Compliance Reviews Strayer University and Capella University are subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department, its Office of Inspector General, state licensing agencies, guaranty agencies, and accrediting agencies. In June 2019, the Department conducted an announced, on-site program review at Capella University, focused on Capella University’s FlexPath program. The review covered the 2017-2018 and 2018-2019 federal student financial aid years. The Department issued its preliminary report on November 13, 2020, and Capella University responded to the report. On February 9, 2021, Capella University received the Department’s Final Program Review Determination, which closed the Program Review without further action required on the part of Capella University. On March 17, 2021, the Department informed Strayer University that it planned to conduct an announced, remote program review. The review commenced on April 19, 2021 and covers the 2019-2020 and 2020-2021 federal student financial aid years. In general, after the Department conducts its site visit and reviews data supplied by a university, it sends the university a program review report. The university has the opportunity to respond to any findings in the report. The Department of Education then issues a final program review determination letter, which identifies any liabilities. The institution may appeal any monetary liabilities specified in the final program review determination letter. Program Participation Agreement Each institution participating in Title IV programs must enter into a Program Participation Agreement with the Department. Under the agreement, the institution agrees to follow the Department’s rules and regulations governing Title IV programs. On October 11, 2017, the Department and Strayer University executed a new Program Participation Agreement, approving Strayer University’s continued participation in Title IV programs with full certification through June 30, 2021. Strayer University applied for recertification by March 31, 2021, as required by the Department. As a result of the August 1, 2018 merger, Capella University experienced a change of ownership, with the Company as its new owner. On January 18, 2019, consistent with standard procedure upon a Title IV institution’s change of ownership, the Department and Capella University executed a new Provisional Program Participation Agreement, approving Capella’s continued participation in Title IV programs with provisional certification through December 31, 2022. As is typical, the Provisional Program Participation Agreement subjects Capella University to certain requirements during the period of provisional certification, including that Capella must apply for and receive approval from the Department in connection with new locations or the addition of new Title IV-eligible educational programs. Capella will be required to apply for recertification by September 30, 2022. Australian Regulation The Company operates two post-secondary educational institutions in Australia, Torrens University Australia Limited (“Torrens”) and Think: Colleges Pty Ltd (“Think”). In Australia, a distinction is made between higher education and vocational education organizations. Higher education providers consist of public and private universities, Australian branches of overseas universities and other higher education providers. Higher education qualifications consist of undergraduate awards (bachelor’s degrees, associate degrees and diplomas) and postgraduate awards (graduate certificates and diplomas, master’s degrees and doctoral degrees). The regulation of higher education providers is undertaken at a national level by the Tertiary Education Quality and Standards Agency (“TEQSA”). All organizations that offer higher education qualifications in or from Australia must be registered by TEQSA. Higher education providers that have not been granted self-accrediting status must also have their courses of study accredited by TEQSA. Registration as a higher education provider is for a fixed period of up to seven years. TEQSA regularly reviews the conduct and operation of accredited higher education providers. The vocational education and training (“VET”) sector consists of technical and further education institutes, agricultural colleges, adult and community education providers, community organizations, industry skill centers and private providers. VET qualifications include certificates, diplomas and advanced diplomas. The regulation of VET providers is undertaken at a national level by the Australian Skills Quality Authority (“ASQA”). Organizations providing VET courses in Australia must be registered by ASQA as a Registered Training Organisation (“RTO”). Courses offered by RTOs need to be accredited by ASQA. Registration as an RTO is for a fixed period of up to seven years. ASQA regularly reviews the conduct and operations of RTOs. Torrens is one of 43 universities in Australia. It is a for-profit entity and registered as a university by TEQSA. As a self-accrediting university, it is not required to have its courses of study accredited by TEQSA. Torrens is also registered by ASQA as an RTO and is thus entitled to offer vocational and training courses. Think is one of approximately 5,000 RTOs in Australia and in that capacity is regulated by ASQA. It is also registered as a higher education provider by TEQSA. Its higher education courses require, and have received, accreditation by TEQSA. Australia also maintains a Commonwealth Register of Institutions and Courses for Overseas Students (“CRICOS”) for Australian education providers that recruit, enroll and teach overseas students. Registration in CRICOS allows providers to offer courses to overseas students studying on Australian student visas. Both Torrens and Think are so registered. The Commonwealth government has established income-contingent loan schemes that assist eligible fee-paying students to pay all or part of their tuition fees (separate schemes exist for higher education and vocational courses). Under the schemes, the relevant fees are paid directly to the institutions. A corresponding obligation then exists from the participating student to the Commonwealth government. Neither Torrens nor Think have any responsibility in connection with the repayment of these loans by students and, generally, this assistance is not available to international students. Both Torrens and Think are registered for the purposes of these plans (a precondition to their students being eligible to receive such loans). New Zealand Regulation The Company operates a post-secondary educational institution in New Zealand, Media Design School Limited (“MDS”). MDS is a Private Training Establishment (“PTE”); a private organization offering education or training. It is a globally renowned and specialist provider of design and creative technology education with qualifications ranging from diplomas to postgraduate degrees. MDS also has access to New Zealand Government student finance where study loans are offered to students who are New Zealand citizens or ordinarily resident in New Zealand, subject to certain conditions.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. On November 3, 2020, the Company completed its acquisition of ANZ, whereby the Company was deemed the acquirer in the business combination for accounting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Accordingly, the financial results of the Company as of and for any periods ended prior to November 3, 2020 do not include the financial results of ANZ and therefore are not directly comparable. All information as of March 31, 2020 and 2021, and for the three months ended March 31, 2020 and 2021 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated financial position, results of operations, and cash flows of the Company. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date. Certain amounts in the prior period financial statements have been reclassified to conform to the current period's presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year. Below is a description of the nature of the costs included in the Company’s operating expense categories. Instructional and support costs ("I&SC") generally contain items of expense directly attributable to activities that support students. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs. General and administration ("G&A") expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions. Amortization of intangible assets consists of amortization and depreciation expense related to intangible assets and software assets acquired through the Company's merger with Capella Education Company ("CEC") and the Company's acquisition of ANZ. Merger and integration costs include integration expenses associated with the Company's merger with CEC, and transaction and integration expenses associated with the Company's acquisition of ANZ. Restructuring costs include severance and other personnel-related expenses from voluntary and involuntary employee terminations, as well as early lease termination costs and impairments of right-of-use lease assets and fixed assets associated with vacating leased space in connection with the Company's restructuring plans. See Note 5 for additional information.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses The United States Dollar ("USD") is the functional currency of the Company and its subsidiaries operating in the United States. The financial statements of its foreign subsidiaries are maintained in their functional currencies. The functional currency of each of the foreign subsidiaries is the currency of the economic environment in which the subsidiary primarily does business. Financial statements of foreign subsidiaries are translated into USD using the exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated into USD using the period-end spot foreign exchange rates. Income and expenses are translated at the weighted-average exchange rates in effect during the period. Equity accounts are translated at historical exchange rates. The effects of these translation adjustments are reported as a component of accumulated other comprehensive income within shareholders’ equity.
Restricted Cash	Restricted Cash In the United States, a significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from Strayer University or Capella University during the academic term. The Company had approximately $0.1 million and $0.3 million of these unpaid obligations as of December 31, 2020 and March 31, 2021, respectively. In Australia and New Zealand, advance tuition payments from international students are required to be restricted until that student commences his or her course. In addition, a portion of tuition prepayments from students enrolled in a vocational education and training program are held in trust by a third party law firm to adhere to tuition protection requirements. As of December 31, 2020 and March 31, 2021, the Company had approximately $13.9 million and $12.9 million, respectively, of restricted cash related to these requirements in Australia and New Zealand. These balances are recorded as restricted cash and included in other current assets in the unaudited condensed consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company is required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account, which is included in other assets.
Tuition Receivable and Allowance for Credit Losses	Tuition Receivable and Allowance for Credit Losses The Company adopted Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC 326") on January 1, 2020, which revised the accounting requirements related to the measurement of credit losses and requires organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectability.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely. Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components. Finite-lived intangible assets that are acquired in business combinations are recorded at fair value on their acquisition dates and are amortized on a straight-line basis over the estimated useful life of the asset. Finite-lived intangible assets consist of student relationships. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets.
Authorized Stock	Authorized Stock The Company has authorized 32,000,000 shares of common stock, par value $0.01, of which 24,418,939 and 24,651,205 shares were issued and outstanding as of December 31, 2020 and March 31, 2021, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock. In February 2021, the Company’s Board of Directors declared a regular, quarterly cash dividend of $0.60 per share of common stock. The dividend was paid on March 15, 2021.
Net Income Per Share	Net Income Per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options, and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period.
Comprehensive Income	Comprehensive Income Comprehensive income includes net income and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of unrealized gains and losses on available-for-sale marketable securities, net of tax, and foreign currency translation adjustments. As of December 31, 2020 and March 31, 2021, the balance of accumulated other comprehensive income was $48.9 million, net of tax of $0.3 million and $40.1 million, net of tax of $0.3 million, respectively. There were no reclassifications out of accumulated other comprehensive income to net income for the three months ended March 31, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. During the three months ended March 31, 2020 and 2021, management estimates also include potential impacts the COVID-19 pandemic will have on student enrollment, tuition pricing, and collections in future periods. The duration and severity of the COVID-19 pandemic and its impact on the Company’s condensed consolidated financial statements is subject to uncertainty. Actual results could differ from those estimates.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted ASUs recently issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of cash, cash equivalents, and restricted cash	The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of March 31, 2020 and 2021 (in thousands): As of March 31, 2020 2021 Cash and cash equivalents $ 442,845 $ 238,290 Restricted cash included in other current assets 850 13,249 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 444,195 $ 252,039
Schedule of tuition receivable and allowance for credit losses	The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Tuition receivable $ 99,942 $ 112,648 Allowance for credit losses (49,773) (49,179) Tuition receivable, net $ 50,169 $ 63,469
Schedule of allowance for credit losses	The following table illustrates changes in the Company’s allowance for credit losses for the three months ended March 31, 2020 and 2021 (in thousands). For the three months ended March 31, 2020 2021 Allowance for credit losses, beginning of period $ 30,931 $ 49,773 Impact of adopting ASC 326 4,571 — Additions charged to expense 11,171 10,822 Write-offs, net of recoveries (8,579) (11,416) Allowance for credit losses, end of period $ 38,094 $ 49,179
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share	Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Weighted average shares outstanding used to compute basic earnings per share 21,810 23,974 Incremental shares issuable upon the assumed exercise of stock options 21 7 Unvested restricted stock and restricted stock units 240 172 Shares used to compute diluted earnings per share 22,071 24,153 Anti-dilutive shares excluded from the diluted earnings per share calculation 3 118

Acquisition of Torrens Univer_2

Acquisition of Torrens University and Associated Assets in Australia and New Zealand (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of preliminary fair value of assets and liabilities assumed	The preliminary fair value of assets acquired and liabilities assumed as well as a reconciliation to consideration transferred is presented in the table below (in thousands): Cash and cash equivalents $ 16,082 Tuition receivable 24,447 Other current assets 17,713 Property and equipment, net 41,508 Right-of-use lease assets 44,229 Intangible assets 103,161 Goodwill 546,315 Other assets 2,799 Total assets acquired 796,254 Accounts payable and accrued expenses (33,876) Income taxes payable (229) Contract liabilities (33,309) Lease liabilities (9,685) Deferred income taxes (18,712) Lease liabilities, non-current (34,544) Other long-term liabilities (7,520) Total liabilities assumed (137,875) Total consideration $ 658,379
Schedule of intangible assets acquired and weighted average useful lives	The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets: Fair Value Weighted Average Trade names $ 68,774 Indefinite Student relationships 34,387 3 $ 103,161

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary 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 months ended March 31, 2020 and 2021 (in thousands): For the three months March 31, 2020 2021 U.S. Higher Education Segment Tuition, net of discounts, grants and scholarships $ 245,320 $ 217,477 Other (1) 10,193 9,070 Total U.S. Higher Education Segment 255,513 226,547 Australia/New Zealand Segment Tuition, net of discounts, grants and scholarships — 50,222 Other (1) — 1,043 Total Australia/New Zealand Segment — 51,265 Alternative Learning Segment (2) 9,789 12,524 Consolidated revenue $ 265,302 $ 290,336 _________________________________________ (1) Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other non-tuition revenue streams. (2) Alternative Learning revenue is primarily derived from tuition revenue.
Schedule of Graduation Fund liability	The table below presents activity in the contract liability related to the Graduation Fund (in thousands): For the three months ended March 31, 2020 2021 Balance at beginning of period $ 49,641 $ 53,314 Revenue deferred 7,179 6,516 Benefit redeemed (5,608) (5,421) Balance at end of period $ 51,212 $ 54,409

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of restructuring liability by type of cost	The following details the changes in the Company’s severance and other employee separation costs restructuring liabilities during the three months ended March 31, 2020 and 2021 (in thousands): CEC 2020 Total Balance at December 31, 2019 $ 8,283 $ — $ 8,283 Restructuring and other charges — — — Payments (2,708) — (2,708) Adjustments — — — Balance at March 31, 2020 $ 5,575 $ — $ 5,575 Balance at December 31, 2020 (1) $ 1,835 $ 1,287 $ 3,122 Restructuring and other charges — 1,190 1,190 Payments (733) (2,123) (2,856) Adjustments — — — Balance at March 31, 2021 (1) $ 1,102 $ 354 $ 1,456 _____________________________________ (1) The current portion of restructuring liabilities was $3.1 million and $1.5 million as of December 31, 2020 and March 31, 2021, respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities. In addition, the 2020 restructuring plan included an evaluation of the Company's owned and leased real estate portfolio, which resulted in the closure of underutilized campus and corporate offices. During the three months ended March 31, 2021, the Company recorded right-of-use lease asset and fixed asset impairment charges of approximately $14.4 million and $2.0 million, respectively, related to the campus and corporate locations closed as a result of the restructuring plan. All severance and other employee separation charges and right-of-use lease asset and fixed asset impairment charges related to the 2020 Restructuring Plan are included in Restructuring costs on the unaudited condensed consolidated statements of income.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule for available-for-sale securities	The following is a summary of available-for-sale securities as of March 31, 2021 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 18,917 $ 324 $ — $ 19,241 Corporate debt securities 16,139 355 — 16,494 Total $ 35,056 $ 679 $ — $ 35,735 The following is a summary of available-for-sale securities as of December 31, 2020 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Tax-exempt municipal securities $ 19,924 $ 365 $ — $ 20,289 Corporate debt securities 17,086 452 — 17,538 Total $ 37,010 $ 817 $ — $ 37,827
Schedule of maturities of marketable securities	The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Due within one year $ 7,557 $ 6,455 Due after one year through five years 30,270 29,280 Total $ 37,827 $ 35,735
Schedule of proceeds from the maturities of available-for-sale securities	The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Maturities of marketable securities $ 9,905 $ 1,930 Sales of marketable securities — — Total $ 9,905 $ 1,930

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value	Assets and liabilities measured at fair value on a recurring basis consist of the following as of March 31, 2021 (in thousands): Fair Value Measurements at Reporting Date Using March 31, 2021 Quoted Prices in Significant Significant Assets: Money market funds $ 4,941 $ 4,941 $ — $ — Marketable securities: Tax-exempt municipal securities 19,241 — 19,241 — Corporate debt securities 16,494 — 16,494 — Total assets at fair value on a recurring basis $ 40,676 $ 4,941 $ 35,735 $ — Liabilities: Deferred payments $ 1,346 $ — $ — $ 1,346 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2020 (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2020 Quoted Prices in Significant Significant Assets: Money market funds $ 2,841 $ 2,841 $ — $ — Marketable securities: Tax-exempt municipal securities 20,289 — 20,289 — Corporate debt securities 17,538 — 17,538 — Total assets at fair value on a recurring basis $ 40,668 $ 2,841 $ 37,827 $ — Liabilities: Deferred payments $ 1,658 $ — $ — $ 1,658
Schedule of changes in fair value of level 3 liability	Changes in the fair value of the Company’s Level 3 liabilities during the three months ended March 31, 2020 and 2021 are as follows (in thousands): As of March 31, 2020 2021 Balance as of the beginning of period $ 3,257 $ 1,658 Amounts paid (808) (730) Other adjustments to fair value 282 418 Balance at end of period $ 2,731 $ 1,346

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The following table presents changes in the carrying value of goodwill by segment for the three months ended March 31, 2021 (in thousands): U.S. Higher Education Australia / Alternative Learning Total Balance as of December 31, 2020 $ 732,075 $ 586,451 $ — $ 1,318,526 Reporting unit reallocation (1) (100,000) — 100,000 — Additions — — — — Impairments — — — — Currency translation adjustments — (7,301) — (7,301) Adjustments to prior acquisitions (2) — 262 — 262 Balance as of March 31, 2021 $ 632,075 $ 579,412 $ 100,000 $ 1,311,487 _____________________________________ (1) Represents the reallocation of goodwill as a result of the Company reorganizing its segments in the first quarter of 2021. (2) Represents a measurement period adjustment recorded in the first quarter of 2021, as discussed in Note 3.
Schedule of intangible assets	The following table represents the balance of the Company’s intangible assets as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Subject to amortization Student relationships $ 202,861 $ (135,703) $ 67,158 $ 202,477 $ (152,627) $ 49,850 Not subject to amortization Trade names 259,262 — 259,262 258,340 — 258,340 Total $ 462,123 $ (135,703) $ 326,420 $ 460,817 $ (152,627) $ 308,190

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	Other assets consist of the following as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Prepaid expenses, net of current portion $ 22,418 $ 22,247 Equity method investments 15,795 17,879 Cloud computing arrangements 6,385 7,330 Other investments 2,527 2,527 Other 7,803 10,299 Other assets $ 54,928 $ 60,282
Changes in company's limited partnership investments	The following table illustrates changes in the Company’s limited partnership investments for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Limited partnership investments, beginning of period $ 15,795 $ 15,795 Capital contributions 118 72 Pro-rata share in the net income of limited partnerships 232 2,714 Distributions (340) (702) Limited partnership investments, end of period $ 15,805 $ 17,879

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of accounts payables and accrued expenses	Accounts payable and accrued expenses consist of the following as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Trade payables $ 64,049 $ 54,727 Accrued compensation and benefits 33,160 33,220 Accrued student obligations 4,017 4,536 Real estate liabilities 668 638 Other 2,848 4,327 Accounts payable and accrued expenses $ 104,742 $ 97,448

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities, Noncurrent [Abstract]
Schedule of other long-term liabilities	Other long-term liabilities consist of the following as of December 31, 2020 and March 31, 2021 (in thousands): December 31, 2020 March 31, 2021 Contract liabilities, net of current portion $ 34,866 $ 33,217 Asset retirement obligations 7,647 8,623 Deferred payments related to acquisitions 715 — Other 2,827 2,877 Other long-term liabilities $ 46,055 $ 44,717

Equity Awards (Tables)

Equity Awards (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the three months ended March 31, 2020 and 2021 (in thousands): For the three months ended March 31, 2020 2021 Instructional and support costs $ 1,030 $ 1,225 General and administration 1,995 2,675 Stock-based compensation expense included in operating expense 3,025 3,900 Tax benefit 777 1,000 Stock-based compensation expense, net of tax $ 2,248 $ 2,900

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of financial information by reportable segment	A summary of financial information by reportable segment for the three months ended March 31, 2020 and 2021 is presented in the following table (in thousands): For the three months ended March 31, 2020 2021 Revenues U.S. Higher Education $ 255,513 $ 226,547 Australia/New Zealand — 51,265 Alternative Learning 9,789 12,524 Consolidated revenues $ 265,302 $ 290,336 Income (loss) from operations U.S. Higher Education $ 56,743 $ 47,754 Australia/New Zealand — (2,949) Alternative Learning 6,397 5,881 Amortization of intangible assets (15,417) (19,407) Merger and integration costs (3,764) (1,012) Restructuring costs — (18,267) Consolidated income from operations $ 43,959 $ 12,000

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting segments	3
Number of operating segments	3

Significant Accounting Polici_4

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2003
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	$ 13,249		$ 850
Minimum protective endowment held in an interest-bearing account	500		500		$ 500
Restricted cash
Cash and cash equivalents	238,290	$ 187,509	442,845
Restricted cash included in other current assets	13,249		850
Restricted cash included in other assets	500		500		$ 500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	252,039	202,020	$ 444,195	$ 420,497
UNITED STATES
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	300	100
Restricted cash
Restricted cash included in other current assets	300	100
Australia and New Zealand
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in other current assets	12,900	13,900
Restricted cash
Restricted cash included in other current assets	$ 12,900	$ 13,900

Significant Accounting Polici_5

Significant Accounting Policies - Tuition Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Tuition receivable	$ 112,648	$ 99,942
Allowance for credit losses	(49,179)	(49,773)
Tuition receivable, net	63,469	50,169
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Tuition receivable, noncurrent	$ 3,400	$ 3,600

Significant Accounting Polici_6

Significant Accounting Policies - Additional Information (Details) - USD ($)	Mar. 15, 2021	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Common stock, shares authorized (in shares)			32,000,000		32,000,000
Common stock, par value (in dollars per share)			$ 0.01		$ 0.01
Common stock, shares issued (in shares)			24,651,205		24,418,939
Common stock, shares outstanding (in shares)			24,651,205		24,418,939
Preferred stock, shares authorized (in shares)			8,000,000		8,000,000
Issued shares of preferred stock			0		0
Outstanding shares of preferred stock			0		0
Common stock dividends declared (in dollars per share)		$ 0.60	$ 0.60	$ 0.60
Common stock dividends paid (in dollars per share)	$ 0.60
Accumulated other comprehensive income net of tax			$ 40,064,000		$ 48,880,000
Tax from unrealized gains and losses on marketable securities			300,000		$ 300,000
Reclassifications from AOCI			$ 0

Significant Accounting Polici_7

Significant Accounting Policies - Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
After Adoption of ASC 326 [Roll Forward]
Allowance for credit losses, beginning of period	$ 49,773	$ 30,931
Additions charged to expense	10,822	11,171
Write-offs, net of recoveries	(11,416)	(8,579)
Allowance for credit losses, end of period	$ 49,179	38,094
Cumulative Effect Period of Adoption Adjustment
After Adoption of ASC 326 [Roll Forward]
Allowance for credit losses, beginning of period		$ 4,571

Significant Accounting Polici_8

Significant Accounting Policies - Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share
Weighted average shares outstanding used to compute basic earnings per share	23,974	21,810
Incremental shares issuable upon the assumed exercise of stock options	7	21
Unvested restricted stock and restricted stock units	172	240
Shares used to compute diluted earnings per share	24,153	22,071
Anti-dilutive shares excluded from the diluted earnings per share calculation	118	3

Acquisition of Torrens Univer_3

Acquisition of Torrens University and Associated Assets in Australia and New Zealand (Details) student in Thousands, $ in Thousands	Nov. 03, 2020USD ($)studentindustry	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Goodwill		$ 1,311,487	$ 1,318,526
Measurement period adjustment, goodwill		262
Torrens University and Related Assets in Australia and New Zealand (ANZ)
Business Acquisition [Line Items]
Number of students | student	19
Number of industries | industry	5
Purchase price paid in cash at closing	$ 658,400
Value of business acquisition agreement	642,700
Purchase price adjustment	15,700
Net cash increase at closing	11,000
Working capital increase at closing	4,700
Goodwill	$ 546,315
Acquisition related costs		8,100
Measurement period adjustment, property and equipment		300
Measurement period adjustment, goodwill		$ 300

Acquisition of Torrens Univer_4

Acquisition of Torrens University and Associated Assets in Australia and New Zealand - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Nov. 03, 2020
Preliminary fair value of assets and liabilities
Goodwill	$ 1,311,487	$ 1,318,526
Torrens University and Related Assets in Australia and New Zealand (ANZ)
Preliminary fair value of assets and liabilities
Cash and cash equivalents			$ 16,082
Tuition receivable			24,447
Other current assets			17,713
Property and equipment, net			41,508
Right-of-use lease assets			44,229
Intangible assets			103,161
Goodwill			546,315
Other assets			2,799
Total assets acquired			796,254
Accounts payable and accrued expenses			(33,876)
Income taxes payable			(229)
Contract liabilities			(33,309)
Lease liabilities			(9,685)
Deferred income taxes			(18,712)
Lease liabilities, non-current			(34,544)
Other long-term liabilities			(7,520)
Total liabilities assumed			(137,875)
Total consideration			$ 658,379

Acquisition of Torrens Univer_5

Acquisition of Torrens University and Associated Assets in Australia and New Zealand - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Nov. 03, 2020	Mar. 31, 2021
Business Acquisition [Line Items]
Weighted Average Useful Life in Years		3 years
Torrens University and Related Assets in Australia and New Zealand (ANZ)
Business Acquisition [Line Items]
Total intangible assets	$ 103,161
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Student relationships
Business Acquisition [Line Items]
Finite-lived intangible assets, fair value	$ 34,387
Weighted Average Useful Life in Years	3 years
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Trade names
Business Acquisition [Line Items]
Indefinite lived intangible assets, fair value	$ 68,774

Acquisition of Torrens Univer_6

Acquisition of Torrens University and Associated Assets in Australia and New Zealand - Valuation Methodology (Details) - USD ($) $ in Thousands	Nov. 03, 2020	Mar. 31, 2021
Business Acquisition [Line Items]
Weighted Average Useful Life in Years		3 years
Torrens University and Related Assets in Australia and New Zealand (ANZ)
Business Acquisition [Line Items]
Property and equipment, net	$ 41,508
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Course Content
Business Acquisition [Line Items]
Property and equipment, net	$ 10,000
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Long-term Revenue Growth Rate | Course Content | Minimum
Business Acquisition [Line Items]
Property, plant and equipment, measurement input	5.60%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Long-term Revenue Growth Rate | Course Content | Maximum
Business Acquisition [Line Items]
Property, plant and equipment, measurement input	6.20%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Long-term Revenue Growth Rate | Trade names | Minimum
Business Acquisition [Line Items]
Indefinite-lived intangible asset, measurement input	2.50%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Long-term Revenue Growth Rate | Trade names | Maximum
Business Acquisition [Line Items]
Indefinite-lived intangible asset, measurement input	6.30%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Royalty Rate | Course Content
Business Acquisition [Line Items]
Property, plant and equipment, measurement input	3.00%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Royalty Rate | Trade names
Business Acquisition [Line Items]
Indefinite-lived intangible asset, measurement input	2.50%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Discount Rate | Course Content
Business Acquisition [Line Items]
Property, plant and equipment, measurement input	11.00%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Measurement Input, Discount Rate | Trade names
Business Acquisition [Line Items]
Indefinite-lived intangible asset, measurement input	11.00%
Torrens University and Related Assets in Australia and New Zealand (ANZ) | Valuation, Cost Approach
Business Acquisition [Line Items]
Contract liabilities fair value, percentage of carrying value	70.00%
Student relationships | Torrens University and Related Assets in Australia and New Zealand (ANZ)
Business Acquisition [Line Items]
Weighted Average Useful Life in Years	3 years
Student relationships | Torrens University and Related Assets in Australia and New Zealand (ANZ) | Relief From Royalty Approach Valuation Technique | Course Content
Business Acquisition [Line Items]
Weighted Average Useful Life in Years	3 years
Student relationships | Torrens University and Related Assets in Australia and New Zealand (ANZ) | Valuation Technique, Excess Earnings Method | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Finite-lived intangible asset, measurement input	11.00%
Student relationships | Torrens University and Related Assets in Australia and New Zealand (ANZ) | Valuation Technique, Excess Earnings Method | Measurement Input, Annual Attrition Rate
Business Acquisition [Line Items]
Finite-lived intangible asset, measurement input	60.00%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 290,336	$ 265,302
U.S. Higher Education Segment
Disaggregation of Revenue [Line Items]
Revenues	226,547	255,513
U.S. Higher Education Segment | Tuition, net of discounts, grants and scholarships
Disaggregation of Revenue [Line Items]
Revenues	217,477	245,320
U.S. Higher Education Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	9,070	10,193
Australia/New Zealand Segment
Disaggregation of Revenue [Line Items]
Revenues	51,265	0
Australia/New Zealand Segment | Tuition, net of discounts, grants and scholarships
Disaggregation of Revenue [Line Items]
Revenues	50,222	0
Australia/New Zealand Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	1,043	0
Alternative Learning
Disaggregation of Revenue [Line Items]
Revenues	$ 12,524	$ 9,789

Revenue Recognition - Graduatio

Revenue Recognition - Graduation Fund (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Graduation Fund [Roll Forward]
Balance at beginning of period	$ 53,314	$ 49,641
Revenue deferred	6,516	7,179
Benefit redeemed	(5,421)	(5,608)
Balance at end of period	$ 54,409	$ 51,212

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)courseterm
Graduation Fund [Line Items]
Number of free courses | course	1
Number of successfully completed courses | course	3
Consecutive terms of non attendance in which Graduation Fund credits will be lost | term	1
Expected collection period of current tuition receivable	12 months
Graduation fund estimated to be redeemed | $	$ 21.9
Unbilled receivables | $	$ 0.6
Minimum
Graduation Fund [Line Items]
Expected collection period of noncurrent tuition receivable	2 years
Deferred acquisition costs, amortization period	1 year
Maximum
Graduation Fund [Line Items]
Expected collection period of noncurrent tuition receivable	4 years
Deferred acquisition costs, amortization period	2 years

Restructuring and Related Cha_3

Restructuring and Related Charges - Restructuring liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of restructuring liability
Beginning balance	$ 3,122	$ 8,283
Restructuring and other charges	1,190	0
Payments	(2,856)	(2,708)
Adjustments	0	0
Ending balance	1,456	5,575
Accounts payable and accrued expenses
Schedule of restructuring liability
Restructuring liabilities	1,500		$ 3,100
Severance And Other Employee Separation Costs | CEC Integration Plan
Schedule of restructuring liability
Beginning balance	1,835	8,283
Restructuring and other charges	0	0
Payments	(733)	(2,708)
Adjustments	0	0
Ending balance	1,102	5,575
Severance And Other Employee Separation Costs | 2020 Restructuring Plan
Schedule of restructuring liability
Beginning balance	1,287	0
Restructuring and other charges	1,190	0
Payments	(2,123)	0
Adjustments	0	0
Ending balance	$ 354	$ 0

Restructuring and Related Cha_4

Restructuring and Related Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Impairment of right-of-use lease assets	$ 14,388	$ 453
Impairment of fixed asset impairment charges	$ 2,000

Marketable Securities - Availab

Marketable Securities - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available-For-Sale Securities
Amortized Cost	$ 35,056	$ 37,010
Gross Unrealized Gain	679	817
Gross Unrealized (Losses)	0	0
Estimated Fair Value	35,735	37,827
Tax-exempt municipal securities
Available-For-Sale Securities
Amortized Cost	18,917	19,924
Gross Unrealized Gain	324	365
Gross Unrealized (Losses)	0	0
Estimated Fair Value	19,241	20,289
Corporate debt securities
Available-For-Sale Securities
Amortized Cost	16,139	17,086
Gross Unrealized Gain	355	452
Gross Unrealized (Losses)	0	0
Estimated Fair Value	$ 16,494	$ 17,538

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position for a period longer than twelve months	$ 0
Allowance for credit losses	0
Impairment charges	0	$ 0
Gross realized gain related to the sale of marketable securities	$ 0	$ 0

Marketable Securities - Maturit

Marketable Securities - Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Summary of maturities of marketable securities
Due within one year	$ 6,455	$ 7,557
Due after one year through five years	29,280	30,270
Total	$ 35,735	$ 37,827

Marketable Securities - Proceed

Marketable Securities - Proceeds From Maturities of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Maturities of marketable securities	$ 1,930	$ 9,905
Sales of marketable securities	0	0
Total	$ 1,930	$ 9,905

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets:
Money market funds	$ 238,290	$ 187,509	$ 442,845
Marketable securities:	35,735	37,827
Liabilities:
Deferred payments	97,448	104,742
Recurring
Assets:
Total assets at fair value on a recurring basis	40,676	40,668
Money market funds | Recurring
Assets:
Money market funds	4,941	2,841
Tax-exempt municipal securities
Assets:
Marketable securities:	19,241	20,289
Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	19,241	20,289
Corporate debt securities
Assets:
Marketable securities:	16,494	17,538
Corporate debt securities | Recurring
Assets:
Marketable securities:	16,494	17,538
Deferred payments | Recurring
Liabilities:
Deferred payments	1,346	1,658
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Recurring
Assets:
Total assets at fair value on a recurring basis	4,941	2,841
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Money market funds | Recurring
Assets:
Money market funds	4,941	2,841
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Corporate debt securities | Recurring
Assets:
Marketable securities:	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Deferred payments | Recurring
Liabilities:
Deferred payments	0	0
Significant Other Observable Inputs (Level 2) | Recurring
Assets:
Total assets at fair value on a recurring basis	35,735	37,827
Significant Other Observable Inputs (Level 2) | Money market funds | Recurring
Assets:
Money market funds	0	0
Significant Other Observable Inputs (Level 2) | Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	19,241	20,289
Significant Other Observable Inputs (Level 2) | Corporate debt securities | Recurring
Assets:
Marketable securities:	16,494	17,538
Significant Other Observable Inputs (Level 2) | Deferred payments | Recurring
Liabilities:
Deferred payments	0	0
Significant Unobservable Inputs (Level 3) | Recurring
Assets:
Total assets at fair value on a recurring basis	0	0
Significant Unobservable Inputs (Level 3) | Money market funds | Recurring
Assets:
Money market funds	0	0
Significant Unobservable Inputs (Level 3) | Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	0	0
Significant Unobservable Inputs (Level 3) | Corporate debt securities | Recurring
Assets:
Marketable securities:	0	0
Significant Unobservable Inputs (Level 3) | Deferred payments | Recurring
Liabilities:
Deferred payments	$ 1,346	$ 1,658

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Accounts Payable and Accrued Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term portion of deferred payments	$ 1.3

Fair Value Measurement - Change

Fair Value Measurement - Change in Fair Value of Level 3 Liability (Details) - Deferred payments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of period	$ 1,658	$ 3,257
Amounts paid	(730)	(808)
Other adjustments to fair value	418	282
Balance at end of period	$ 1,346	$ 2,731

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in carrying amount
Balance, beginning of period	$ 1,318,526,000
Reporting unit reallocation	0
Additions	0
Impairments	0	$ 0
Currency translation adjustments	(7,301,000)
Adjustments to prior acquisitions	262,000
Balance, end of period	1,311,487,000
U.S. Higher Education
Changes in carrying amount
Balance, beginning of period	732,075,000
Reporting unit reallocation	(100,000,000)
Additions	0
Impairments	0
Currency translation adjustments	0
Adjustments to prior acquisitions	0
Balance, end of period	632,075,000
Australia / New Zealand
Changes in carrying amount
Balance, beginning of period	586,451,000
Reporting unit reallocation	0
Additions	0
Impairments	0
Currency translation adjustments	(7,301,000)
Adjustments to prior acquisitions	262,000
Balance, end of period	579,412,000
Alternative Learning
Changes in carrying amount
Balance, beginning of period	0
Reporting unit reallocation	100,000,000
Additions	0
Impairments	0
Currency translation adjustments	0
Adjustments to prior acquisitions	0
Balance, end of period	$ 100,000,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Goodwill (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Subject to amortization
Accumulated amortization	$ (152,627)	$ (135,703)
Total
Intangible assets, gross	460,817	462,123
Intangible assets, net	308,190	326,420
Trade names
Not Subject to amortization
Indefinite-lived intangible assets	258,340	259,262
Student relationships
Subject to amortization
Gross carrying amount	202,477	202,861
Accumulated amortization	(152,627)	(135,703)
Net	$ 49,850	$ 67,158

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful life - acquired	3 years
Amortization expenses	$ 19,407,000	$ 15,417,000
Trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	0	0
Student relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortization expenses	$ 16,900,000	$ 13,800,000

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses, net of current portion	$ 22,247	$ 22,418
Equity method investments	17,879	15,795	$ 15,805	$ 15,795
Cloud computing arrangements	7,330	6,385
Other investments	2,527	2,527
Other	10,299	7,803
Other assets	$ 60,282	$ 54,928

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2027	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Other Assets [Line Items]
Prepaid expenses, net of current portion		$ 22,247		$ 22,418
Capital contributions		$ 72	$ 118
Scenario, Forecast
Schedule of Other Assets [Line Items]
Capital contributions	$ 1,700
Minimum
Schedule of Other Assets [Line Items]
Ownership percentage		3.00%
Maximum
Schedule of Other Assets [Line Items]
Ownership percentage		5.00%
Jack Welch Management Institute
Schedule of Other Assets [Line Items]
Commitment for future services under the perpetual license agreement				$ 25,300
Prepaid expenses, net of current portion		$ 20,300
Prepaid expense, amortization period		15 years

Other Assets - Schedule of Chan

Other Assets - Schedule of Changes in Company's Limited Partnership Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Method Investment Summarized Financial Information Assets [Roll Forward]
Limited partnership investments	$ 15,795	$ 15,795
Capital contributions	72	118
Pro-rata share in the net income of limited partnerships	2,714	232
Distributions	(702)	(340)
Limited partnership investments	$ 17,879	$ 15,805

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Trade payables	$ 54,727	$ 64,049
Accrued compensation and benefits	33,220	33,160
Accrued student obligations	4,536	4,017
Real estate liabilities	638	668
Other	4,327	2,848
Accounts payable and accrued expenses	$ 97,448	$ 104,742

Long Term Debt (Details)

Long Term Debt (Details) - USD ($)	Nov. 03, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Money market funds		$ 238,290,000	$ 442,845,000	$ 187,509,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, outstanding		141,800,000		141,800,000
Interest paid		700,000	$ 100,000
Revolving Credit Facility | Australia, Dollars
Debt Instrument [Line Items]
Revolving credit facility, outstanding		$ 3,800,000		$ 3,800,000
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Margin rate	1.50%
Unused commitment fee	0.20%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Margin rate	2.00%
Unused commitment fee	0.30%
Amended Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 350,000,000
Maximum aggregate incremental term loans	$ 300,000,000
Percentage of consolidated EBITDA to be funded	100.00%
Maximum leverage ratio allowed in order to increase obligation	1.75
Debt financing costs	$ 1,900,000
Debt instrument term	5 years
Maximum total leverage ratio	2
Money market funds	$ 150,000,000
Minimum coverage ratio	1.75
Minimum department of education financial composite score	1
Minimum department of education financial composite score for two consecutive fiscal years	1.5
Amendment to the Credit Facility, Subfacility for Borrowings in Foreign Currencies | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 150,000,000

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities, Noncurrent [Abstract]
Contract liabilities, net of current portion	$ 33,217	$ 34,866
Asset retirement obligations	8,623	7,647
Deferred payments related to acquisitions	0	715
Other	2,877	2,827
Other long-term liabilities	$ 44,717	$ 46,055

Other Long-Term Liabilities - A

Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Asset retirement obligations	$ 8,623	$ 7,647
Australia / New Zealand
Business Acquisition [Line Items]
Asset retirement obligations	$ 6,900	$ 5,800

Equity Awards - Stock-based com

Equity Awards - Stock-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 3,900	$ 3,025
Tax benefit	1,000	777
Stock-based compensation expense, net of tax	2,900	2,248
Instructional and support costs
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	1,225	1,030
General and administration
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 2,675	$ 1,995

Equity Awards - Additional Info

Equity Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Tax windfall related to share-based payment arrangements	$ 0.1	$ 2.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,590	$ 10,843
Effective income tax rate	32.40%	23.50%
Unrecognized tax benefits	$ 300		$ 300
Cash payments for income taxes	$ 400	$ 700

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reporting segments	3

Segment Reporting - Financial I

Segment Reporting - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Revenues	$ 290,336	$ 265,302
Income (loss) from operations
Income (loss) from operations	12,000	43,959
Amortization of intangible assets	(19,407)	(15,417)
Merger and integration costs	(1,012)	(3,764)
Restructuring costs	(18,267)	0
U.S. Higher Education
Revenues
Revenues	226,547	255,513
Income (loss) from operations
Income (loss) from operations	47,754	56,743
Australia / New Zealand
Revenues
Revenues	51,265	0
Income (loss) from operations
Income (loss) from operations	(2,949)	0
Alternative Learning
Revenues
Revenues	12,524	9,789
Income (loss) from operations
Income (loss) from operations	$ 5,881	$ 6,397

Regulation (Details)

Regulation (Details)	Mar. 31, 2021educational_institution	Jan. 31, 2021USD ($)	Apr. 09, 2020USD ($)
Capella University
Unusual or Infrequent Item, or Both [Line Items]
Consolidation Appropriations Act of 2021, eligible grant		$ 328,602
Strayer University
Unusual or Infrequent Item, or Both [Line Items]
Consolidation Appropriations Act of 2021, eligible grant		$ 5,831,606
Education stabilization grant			$ 5,792,122
Tuition grant			$ 500
AUSTRALIA
Unusual or Infrequent Item, or Both [Line Items]
Number of operating post-secondary educational institutions | educational_institution	2