Perdoceo Education (PRDO) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	PRDO
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity Registrant Name	PERDOCEO EDUCATION CORP
Entity Central Index Key	0001046568
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		67,170,455
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-23245
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3932190
Entity Address, Address Line One	1750 E. Golf Road
Entity Address, City or Town	Schaumburg
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60173
City Area Code	847
Local Phone Number	781-3600
Former Address [Member]
Document Information [Line Items]
Entity Address, Address Line One	231 N. Martingale Road
Entity Address, City or Town	Schaumburg
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60173

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents, unrestricted		$ 147,120	$ 319,982
Restricted cash		2,191	5,196
Total cash, cash equivalents and restricted cash		149,311	325,178
Short-term investments		375,871	174,213
Total cash and cash equivalents, restricted cash and short-term investments		525,182	499,391
Student receivables, gross		83,850	79,418
Allowance for credit losses		(40,791)	(36,385)
Student receivables, net		43,059	43,033
Receivables, other		2,261	1,692
Prepaid expenses		9,251	6,919
Inventories		2,041	904
Other current assets		521	2,514
Total current assets		582,315	554,453
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $119,178 and $113,711 as of September 30, 2022 and December 31, 2021, respectively		26,290	28,355
Right of use asset, net		30,313	36,664
Goodwill		184,135	162,579
Intangible assets, net of amortization of $14,008 and $8,662 as of September 30, 2022 and December 31, 2021, respectively		44,262	32,208
Student receivables, gross		4,226	4,242
Allowance for credit losses		(2,898)	(2,870)
Student receivables, net		1,328	1,372
Deferred income tax assets, net		24,015	25,114
Other assets		6,545	6,688
TOTAL ASSETS	[1]	899,203	847,433
CURRENT LIABILITIES:
Lease liability-operating		5,963	9,400
Accounts payable		13,285	10,838
Accrued expenses:
Payroll and related benefits		26,733	25,312
Advertising and marketing costs		9,550	8,690
Income taxes		8,082	211
Other		14,813	15,180
Deferred revenue		61,978	70,613
Total current liabilities		140,404	140,244
NON-CURRENT LIABILITIES:
Lease liability-operating		30,385	35,549
Other liabilities		22,192	21,530
Total non-current liabilities		52,577	57,079
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 300,000,000 shares authorized; 89,365,126 and 88,724,438 shares issued, 67,144,419 and 68,748,662 shares outstanding as of September 30, 2022 and December 31, 2021, respectively		894	887
Additional paid-in capital		681,385	674,242
Accumulated other comprehensive loss		(6,317)	(96)
Retained earnings		331,884	251,972
Treasury stock, at cost; 22,220,707 and 19,975,776 shares as of September 30, 2022 and December 31, 2021, respectively		(301,624)	(276,895)
Total stockholders' equity		706,222	650,110
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 899,203	$ 847,433
[1] Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 119,178	$ 113,711
Intangible assets, amortization	$ 14,008	$ 8,662
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	89,365,126	88,724,438
Common stock, shares outstanding	67,144,419	68,748,662
Treasury stock, shares	22,220,707	19,975,776

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE:
Total revenue		$ 168,420	$ 173,998	$ 519,063	$ 533,175
OPERATING EXPENSES:
Educational services and facilities		30,149	25,961	85,506	83,467
General and administrative		103,882	106,289	311,510	323,466
Depreciation and amortization		5,065	3,887	14,856	11,802
Asset impairment				228
Total operating expenses		139,096	136,137	412,100	418,735
Operating income		29,324	37,861	106,963	114,440
OTHER INCOME (EXPENSE):
Interest income		2,270	154	3,697	835
Interest expense		(96)	(572)	(298)	(961)
Miscellaneous expense		(206)	(117)	(521)	(22)
Total other income (expense)		1,968	(535)	2,878	(148)
PRETAX INCOME		31,292	37,326	109,841	114,292
Provision for income taxes		9,225	9,557	29,929	29,121
NET INCOME		$ 22,067	$ 27,769	$ 79,912	$ 85,171
NET INCOME PER SHARE - BASIC:		$ 0.33	$ 0.40	$ 1.17	$ 1.21
NET INCOME PER SHARE - DILUTED:		$ 0.32	$ 0.39	$ 1.16	$ 1.19
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		67,506	70,089	68,193	70,179
Diluted		68,550	71,466	69,131	71,649
Tuition and Fees [Member]
REVENUE:
Total revenue		$ 166,437	$ 172,595	$ 513,660	$ 530,230
Other [Member]
REVENUE:
Total revenue	[1]	$ 1,983	$ 1,403	$ 5,403	$ 2,945
[1] Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
NET INCOME	$ 22,067	$ 27,769	$ 79,912	$ 85,171
OTHER COMPREHENSIVE LOSS, net of tax:
Foreign currency translation adjustments	(138)	(74)	(383)	(175)
Unrealized (loss) gain on investments	(3,005)	51	(5,838)	(192)
Total other comprehensive loss	(3,143)	(23)	(6,221)	(367)
COMPREHENSIVE INCOME	$ 18,924	$ 27,746	$ 73,691	$ 84,804

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]
BALANCE at Dec. 31, 2020	$ 555,907	$ 873	$ (246,088)	$ 658,423	$ 364	$ 142,335
BALANCE, shares at Dec. 31, 2020		87,265,000
BALANCE, shares at Dec. 31, 2020			(17,203,000)
Net income	85,171					85,171
Foreign currency translation	(175)				(175)
Unrealized gain (loss) on investments, net of tax	(192)				(192)
Treasury stock purchased	(5,372)		$ (5,372)
Treasury stock purchased, shares			(440,000)
Share-based compensation expense	11,287			11,287
Common stock issued	(1,241)	$ 6	$ (2,034)	787
Common stock issued, shares		643,000	(160,000)
BALANCE at Sep. 30, 2021	645,385	$ 879	$ (253,494)	670,497	(3)	227,506
BALANCE, shares at Sep. 30, 2021		87,908,000
BALANCE, shares at Sep. 30, 2021			(17,803,000)
BALANCE at Jun. 30, 2021	613,612	$ 879	$ (253,494)	666,470	20	199,737
BALANCE, shares at Jun. 30, 2021		87,885,000
BALANCE, shares at Jun. 30, 2021			(17,803,000)
Net income	27,769					27,769
Foreign currency translation	(74)				(74)
Unrealized gain (loss) on investments, net of tax	51				51
Share-based compensation expense	3,857			3,857
Common stock issued	170			170
Common stock issued, shares		23,000
BALANCE at Sep. 30, 2021	645,385	$ 879	$ (253,494)	670,497	(3)	227,506
BALANCE, shares at Sep. 30, 2021		87,908,000
BALANCE, shares at Sep. 30, 2021			(17,803,000)
BALANCE at Dec. 31, 2021	$ 650,110	$ 887	$ (276,895)	674,242	(96)	251,972
BALANCE, shares at Dec. 31, 2021	88,724,438	88,724,000
BALANCE, shares at Dec. 31, 2021	(19,975,776)		(19,976,000)
Net income	$ 79,912					79,912
Foreign currency translation	(383)				(383)
Unrealized gain (loss) on investments, net of tax	(5,838)				(5,838)
Treasury stock purchased	(23,117)		$ (23,117)
Treasury stock purchased, shares			(2,099,000)
Share-based compensation expense	6,234			6,234
Common stock issued	(696)	$ 7	$ (1,612)	909
Common stock issued, shares		641,000	(146,000)
BALANCE at Sep. 30, 2022	$ 706,222	$ 894	$ (301,624)	681,385	(6,317)	331,884
BALANCE, shares at Sep. 30, 2022	89,365,126	89,365,000
BALANCE, shares at Sep. 30, 2022	(22,220,707)		(22,221,000)
BALANCE at Jun. 30, 2022	$ 692,760	$ 894	$ (294,177)	679,400	(3,174)	309,817
BALANCE, shares at Jun. 30, 2022		89,359,000
BALANCE, shares at Jun. 30, 2022			(21,602,000)
Net income	22,067					22,067
Foreign currency translation	(138)				(138)
Unrealized gain (loss) on investments, net of tax	(3,005)				(3,005)
Treasury stock purchased	(7,447)		$ (7,447)
Treasury stock purchased, shares			(619,000)
Share-based compensation expense	1,918			1,918
Common stock issued	67			67
Common stock issued, shares		6,000
BALANCE at Sep. 30, 2022	$ 706,222	$ 894	$ (301,624)	$ 681,385	$ (6,317)	$ 331,884
BALANCE, shares at Sep. 30, 2022	89,365,126	89,365,000
BALANCE, shares at Sep. 30, 2022	(22,220,707)		(22,221,000)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 79,912	$ 85,171
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment	228
Depreciation and amortization expense	14,856	11,802
Bad debt expense	32,284	36,360
Compensation expense related to share-based awards	6,234	11,287
Deferred income taxes	1,099	9,938
Changes in operating assets and liabilities	(26,973)	(10,352)
Net cash provided by operating activities	107,640	144,206
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments	(410,493)	(269,739)
Sales of available-for-sale investments	202,927	357,280
Purchases of property and equipment	(9,105)	(6,276)
Business acquisitions, net of cash acquired	(39,037)	(56,947)
Net cash (used in) provided by investing activities	(255,708)	24,318
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	916	793
Purchase of treasury stock	(23,117)	(5,372)
Payments of employee tax associated with stock compensation	(1,612)	(2,034)
Release of cash held in escrow	(3,986)
Net cash used in financing activities	(27,799)	(6,613)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(175,867)	161,911
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	325,178	109,684
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	149,311	271,595
Supplemental non-cash disclosure:
Amounts placed in escrow during the period to secure indemnification obligations from business acquisitions	$ 1,000	$ 1,210

Description of the Company

Description of the Company	9 Months Ended
	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of the Company	1. DESCRIPTION OF THE COMPANY Perdoceo’s academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Our accredited institutions – Colorado Technical University (“CTU”) and the American InterContinental University System (“AIUS” or “AIU System”) – provide degree programs from associate through doctoral level as well as non-degree professional development and continuing education offerings. Our universities offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today’s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intelli path ® learning platform and using data analytics and technology to support students and enhance learning. Perdoceo is committed to providing quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce. As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “Perdoceo” and “PEC” refer to Perdoceo Education Corporation and our wholly-owned subsidiaries.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the quarter and year to date ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. The unaudited condensed consolidated financial statements presented herein include the accounts of Perdoceo Education Corporation and our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Our reporting segments are determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 – Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment represents a postsecondary education provider that offers a variety of academic programs. We organize our business across two reporting segments: CTU and AIUS. As of January 1, 2022, the Company began recording loss from discontinued operations within other miscellaneous expense on its unaudited condensed consolidated statements of income as future amounts will be immaterial and infrequent. Prior period amounts are also immaterial and have been recast to maintain comparability. On July 1, 2022, the Company acquired substantially all of the assets of California Southern University (" CalSouthern" and the "CalSouthern acquisition" ). CalSouthern's operations were brought within the AIUS segment, preserving the 'California Southern University' name and programs as part of AIUS' operations. Results of operations related to the CalSouthern acquisition are not material to our consolidated results of operations and are included in the unaudited condensed consolidated financial statements from the date of acquisition. See Note 3 "Business Acquisition" for further information.

Business Acquisition

Business Acquisition	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Business Acquisition	3. BUSINESS ACQUISITION On July 1, 2022, the Company acquired substantially all of the assets of California Southern University. Founded in 1978, CalSouthern has been educating learners through online educational opportunities, primarily in the areas of behavioral sciences and business management. CalSouthern is now part of AIUS, with programs offered under the 'California Southern University' name. The preliminary purchase price of $ 40.0 million was funded with cash from operations and a prior cash advance deposit made during the first quarter of 2022. Pursuant to the terms of the acquisition agreement, $ 1.0 million of this payment was set aside in an escrow account to secure indemnification obligations of the seller after closing and is reflected as restricted cash on our condensed consolidated balance sheets. The preliminary purchase price of $ 40.0 million was allocated to estimated fair values of acquired tangible and identifiable intangible assets of $ 42.5 million and assumed liabilities of $ 2.4 million as of July 1, 2022. Provisional intangible assets acquired include customer relationships with an estimated fair value of approximately $ 14.5 million and an estimated useful life of 15 years, a trade name with an estimated fair value of approximately $ 1.5 million and an estimated useful life of 10 years and course curriculum with an estimated fair value of $ 1.4 million and an estimated useful life of 5 years. Based on our preliminary purchase price allocation, we have recorded goodwill of $ 21.6 million. Goodwill reflects the revenue growth opportunities following the acquisition. We expect substantially all of this goodwill balance to be deductible for income tax reporting purposes. Subsequent adjustments may be made to the purchase price allocation once the fair values of acquired assets and liabilities are finalized. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of July 1, 2022 (dollars in thousands): CalSouthern Assets: July 1, 2022 Student receivables $ 3,214 Prepaid assets 290 Intangible assets subject to amortization Customer relationships 14,530 Trade name 1,480 Course curriculum 1,390 Goodwill 21,556 Total assets acquired $ 42,460 Liabilities: Accounts payable 4 Deferred revenue 2,419 Total liabilities assumed $ 2,423 Net assets acquired $ 40,037 The purchase price allocation is preliminary because the evaluations necessary to assess the fair values of the net assets acquired are still in process. Pro forma financial information relating to the CalSouthern acquisition is not presented because the acquisition is not deemed material to the Company.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	4. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting guidance to be adopted in 2023 In June 2022, the Financial Accounting Standards Board ( “FASB” ) issued Accounting Standards Update ( “ASU” ) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. For all public business entities, ASU 2022-03 is effective for annual periods and interim periods beginning after December 15, 2024; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The amendments in this ASU eliminate the Troubled Debt Restructuring (“ TDR ”) recognition and measurement guidance and, instead, require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan (consistent with the accounting for other loan modifications). The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For all public business entities, ASU 2022-02 is effective for annual periods and interim periods beginning after December 15, 2022; early adoption is permitted. We are currently evaluating this guidance and believe the adoption will not significantly impact the presentation of our financial condition, results of operations and disclosures.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments	. FINANCIAL INSTRUMENTS Investments consist of the following as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 3,026 $ - $ ( 26 ) $ 3,000 Non-governmental debt securities 211,819 - ( 3,418 ) 208,401 Treasury and federal agencies 167,021 3 ( 2,554 ) 164,470 Total short-term investments (available for sale) $ 381,866 $ 3 $ ( 5,998 ) $ 375,871 December 31, 2021 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 5,028 $ - $ ( 1 ) $ 5,027 Non-governmental debt securities 168,623 27 ( 184 ) 168,466 Treasury and federal agencies 720 - - 720 Total short-term investments (available for sale) $ 174,371 $ 27 $ ( 185 ) $ 174,213 In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year . Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities. Fair Value Measurements FASB ASC Topic 820 – Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2022, we held investments that are required to be measured at fair value on a recurring basis. These investments (available for sale) consist of municipal bonds, non-governmental debt securities and treasury and federal agencies securities. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. All of our available for sale investments were measured under Level 2 as of September 30, 2022 and December 31, 2021. Additionally, money market funds of $ 54.5 million and $ 225.3 million included within cash and cash equivalents on our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively, were measured under Level 1, and commercial paper of $ 5.8 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of September 30, 2022 were measured under Level 2. Equity Method Investment Our investment in an equity affiliate, which is recorded within other noncurrent assets on our condensed consolidated balance sheets, represents an international investment in a private company. As of September 30, 2022, our investment in an equity affiliate equated to 30.7 %, or $ 2.3 million. During the quarters ended September 30, 2022 and 2021, we recorded approximately $ 0.2 million of loss and $ 0.1 million of loss, respectively, and during the years to date ended September 30, 2022 and 2021, we recorded approximately $ 0.5 million of loss and $ 0.1 million of gain, respectively, related to our equity affiliate within miscellaneous expense on our unaudited condensed consolidated statements of income. We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2022 and 2021 were as follows (dollars in thousands): Maintenance Fee Payments For the quarter ended September 30, 2022 $ 374 For the quarter ended September 30, 2021 $ 442 For the year to date ended September 30, 2022 $ 1,201 For the year to date ended September 30, 2021 $ 1,301 Credit Agreement On September 8, 2021, the Company and the subsidiary guarantors thereunder entered into a credit agreement with Wintrust Bank N.A. (“ Wintrust ”), in its capacities as the sole lead arranger, sole bookrunner, administrative agent and letter of credit issuer for the lenders from time to time parties thereto. The credit agreement provides the Company with the benefit of a $ 125.0 million senior secured revolving credit facility. The $ 125.0 million revolving credit facility under the credit agreement is scheduled to mature on September 8, 2024 . So long as no default has occurred and other conditions have been met, the Company may request an increase in the aggregate commitment in an amount not to exceed $ 50.0 million. The loans and letter of credit obligations under the credit agreement are secured by substantially all assets of the Company and the subsidiary guarantors. The credit agreement and the ancillary documents executed in connection therewith contain customary affirmative, negative and financial maintenance covenants. The Company is required to maintain unrestricted cash, cash equivalents and short-term investments in domestic accounts in an amount at least equal to the aggregate loan commitments then in effect. Acquisitions to be undertaken by the Company must meet certain criteria, and the Company’s ability to make restricted payments, including payments in connection with a repurchase of shares of our common stock, is subject to an aggregate maximum of $ 100.0 million per fiscal year. Upon the occurrence of certain regulatory events or if the Company’s unrestricted cash, cash equivalents and short term investments are less than 125 % of the aggregate amount of the loan commitments then in effect, the Company is required to maintain cash in a segregated, restricted account in an amount not less than the aggregate loan commitments then in effect. The credit agreement also contains customary representations and warranties, events of default, and rights and remedies upon the occurrence of any event of default thereunder, including rights to accelerate the loans, terminate the commitments and realize upon the collateral securing the obligations under the credit agreement. Under the credit agreement, outstanding principal amounts bear annual interest at a fluctuating rate equal to 1.0 % less than the administrative agent’s prime commercial rate, subject to a 3.0 % minimum rate. A higher rate may apply to late payments or if any event of default exists. As of September 30, 2022 and December 31, 2021, there were no outstanding borrowings under the revolving credit facility.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
Revenue Recognition	6 . REVENUE RECOGNITION The current quarter and year to date revenue decreased by 3.2 % or $ 5.6 million and 2.6 % or $ 14.1 million, respectively, as compared to the prior year periods. These declines were driven by the lag impact on revenue of the overall decline in total student enrollments over the past several quarters along with an increase in the number of student enrollments related to corporate partnerships. Typically, total student enrollment balances at the end of any given quarter have a lag impact on revenue in the subsequent quarter. Disaggregation of Revenue The following tables disaggregate our revenue by major source for the quarters and years to date ended September 30, 2022 and 2021 (dollars in thousands): For the Quarter Ended September 30, 2022 For the Quarter Ended September 30, 2021 CTU (4) AIUS (5) Corporate and Other (6) Total CTU (4) AIUS (5) Corporate and Other (6) Total Tuition, net (1) $ 91,765 $ 66,621 $ - $ 158,386 $ 98,730 $ 65,101 $ - $ 163,831 Technology fees 4,630 2,856 - 7,486 5,339 2,962 - 8,301 Other miscellaneous fees (2) 196 369 - 565 278 185 - 463 Total tuition and fees, net 96,591 69,846 - 166,437 104,347 68,248 - 172,595 Other revenue (3) 971 736 276 1,983 441 700 262 1,403 Total revenue $ 97,562 $ 70,582 $ 276 $ 168,420 $ 104,788 $ 68,948 $ 262 $ 173,998 For the Year to Date Ended September 30, 2022 For the Year to Date Ended September 30, 2021 CTU (4) AIUS (5) Corporate and Other (6) Total CTU (4) AIUS (5) Corporate and Other (6) Total Tuition, net (1) $ 293,520 $ 195,155 $ - $ 488,675 $ 294,058 $ 209,722 $ - $ 503,780 Technology fees 14,730 8,895 - 23,625 16,352 8,630 - 24,982 Other miscellaneous fees (2) 641 719 - 1,360 959 509 - 1,468 Total tuition and fees, net 308,891 204,769 - 513,660 311,369 218,861 - 530,230 Other revenue (3) 2,280 2,265 858 5,403 1,276 787 882 2,945 Total revenue $ 311,171 $ 207,034 $ 858 $ 519,063 $ 312,645 $ 219,648 $ 882 $ 533,175 __________________ (1) Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings. (2) Other miscellaneous fees primarily include graduation fees. (3) Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. (4) CTU includes revenue related to an acquisition completed on September 10, 2021. (5) AIUS includes revenue relat ed to an acquisition completed on July 1, 2022 and an acquisition completed on August 2, 2021. (6) Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. Performance Obligations Our revenue, which is derived primarily from academic programs taught to students who attend our universities, is generally segregated into two categories: (1) tuition and fees, and (2) other. Tuition and fees represent costs to our students for educational services provided by our universities and are reflected net of scholarships and tuition discounts. Our universities charge tuition and fees at varying amounts, depending on the university, the type of program and specific curriculum. Our universities bill students a single charge that covers tuition, certain fees and required program materials, such as textbooks and supplies, which we treat as a single performance obligation. Generally, we bill student tuition at the beginning of each academic term for our degree programs and recognize the tuition as revenue on a straight-line basis over the academic term. As part of a student’s course of instruction, certain fees, such as technology fees and graduation fees, are billed separately to students. These fees are generally earned over the applicable term and are not considered separate performance obligations. We bill student tuition upon enrollment for our non-degree professional development and continuing education offerings and recognize the tuition as revenue on a straight-line basis over the length of the offering. Other revenue, which consists of contract training revenue, bookstore sales and miscellaneous non-student related revenue, is billed and recognized as goods are delivered or services are performed. Our institutions’ academic year is generally at least 30 weeks in length but varies both by institution and program of study and is divided by academic terms. Academic terms are determined by regulatory requirements mandated by the federal government and/or applicable accrediting body, which also vary by university and program. Academic terms are determined by start dates, which vary by university and program and are generally 8 - 12 weeks in length. Our non-degree professional development and continuing education offerings are available via subscription –based access for up to 52 weeks or online courses which are generally 12 - 18 weeks in length. Contract Assets For each term, the portion of tuition and fee payments received from students but not yet earned is recorded as deferred revenue and reported as a current liability on our condensed consolidated balance sheets, as we expect to earn these revenues within the next year. A contract asset is recorded for each student for the current term for which they are enrolled for the amount charged for the current term that has not yet been received as payment and to which we do not have the unconditional right to receive payment because the student has not reached the point in the student’s current academic term at which the amount billed is no longer refundable to the student. On a student by student basis, the contract asset is offset against the deferred revenue balance for the current term and the net deferred revenue balance is reflected within current liabilities on our condensed consolidated balance sheets. For AIUS’ Trident and DigitalCrafts programs and CTU’s Hippo programs, students are billed as they enroll in courses, including courses related to future periods. Any billings for future periods would meet the definition of a contract asset as we do not have the unconditional right to receive payment as the course has not yet started. Contract assets related to future periods are offset against the respective deferred revenue associated with the future period. Due to the short-term nature of our academic terms, the contract asset balance which exists at the beginning of each quarter will no longer be a contract asset at the end of that quarter, with the exception of the contract assets associated with future periods. The decrease in contract asset balances are a result of one of the following: it becomes a student receivable balance once a student reaches the point in a student’s academic term where the amount billed is no longer refundable to the student; a refund is made to withdrawn students for the portion entitled to be refunded under each institutions’ refund policy; we receive funds to apply against the contract asset balance; or a student makes a change to the number of classes they are enrolled in which may cause an adjustment to their previously billed amount. As of the end of each quarter, a new contract asset is determined on a student by student basis based on the most recently started term and a student’s progress within that term as compared to the date at which the student is no longer entitled to a refund under each institution’s refund policy. Contract assets associated with future periods remain as contract assets until the course begins and the student reaches the point in that course that they are no longer entitled to a refund. The amount of deferred revenue balances which are being offset with contract assets balances as of September 30, 2022 and December 31, 2021 were as follows (dollars in thousands): As of September 30, 2022 December 31, 2021 Gross deferred revenue $ 98,708 $ 113,719 Gross contract assets ( 36,730 ) ( 43,106 ) Deferred revenue, net $ 61,978 $ 70,613 Deferred Revenue Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2022 and 2021 were as follows (dollars in thousands): For the Quarter Ended September 30, 2022 For the Quarter Ended September 30, 2021 CTU AIUS Total CTU AIUS Total Gross deferred revenue, July 1 $ 28,857 $ 38,628 $ 67,485 $ 77,818 $ 43,649 $ 121,467 Business acquisitions, beginning balance - 2,419 2,419 3,952 1,404 5,356 Revenue earned from prior balances ( 23,765 ) ( 31,375 ) ( 55,140 ) ( 66,878 ) ( 32,623 ) ( 99,501 ) Billings during period (1) 142,580 53,254 195,834 90,662 46,547 137,209 Revenue earned for new billings during the period ( 72,826 ) ( 38,471 ) ( 111,297 ) ( 37,469 ) ( 35,625 ) ( 73,094 ) Other adjustments ( 1,003 ) 410 ( 593 ) 951 ( 301 ) 650 Gross deferred revenue, September 30 $ 73,843 $ 24,865 $ 98,708 $ 69,036 $ 23,051 $ 92,087 For the Year to Date Ended September 30, 2022 For the Year to Date Ended September 30, 2021 CTU AIUS Total CTU AIUS Total Gross deferred revenue, January 1 $ 64,674 $ 49,045 $ 113,719 $ 28,522 $ 56,880 $ 85,402 Business acquisitions, beginning balance - 2,419 2,419 3,952 1,404 5,356 Revenue earned from prior balances ( 56,274 ) ( 39,219 ) ( 95,493 ) ( 26,183 ) ( 46,020 ) ( 72,203 ) Billings during period (1) 318,191 177,863 496,054 348,307 183,012 531,319 Revenue earned for new billings during the period ( 252,617 ) ( 165,550 ) ( 418,167 ) ( 285,186 ) ( 172,841 ) ( 458,027 ) Other adjustments ( 131 ) 307 176 ( 376 ) 616 240 Gross deferred revenue, September 30 $ 73,843 $ 24,865 $ 98,708 $ 69,036 $ 23,051 $ 92,087 ______________ (1) Billings during period includes adjustments for prior billings. Cash Receipts Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, employer reimbursement, Veterans’ Administration and other military funding and grants, private and institutional scholarships and cash payments, as well as private loans. Cash receipts from government related sources are typically received during the current academic term. We typically receive funds after the end of an academic term for students who receive employer reimbursements. Students who have not applied for any type of financial aid generally set up a payment plan with the university and make payments on a monthly basis per the terms of the payment plan. If a student withdraws from one of our universities prior to the completion of the academic term, we refund the portion of tuition and fees already paid that, pursuant to our refund policy and applicable federal and state law and accrediting agency standards, we are not entitled to retain. Generally, the amount to be refunded to a student is calculated based upon the percent of the term attended and the amount of tuition and fees paid by the student as of their withdrawal date. In certain circumstances, we have recognized revenue for students who have withdrawn that we are not entitled to retain. We have estimated a reserve for these limited circumstances based on historical evidence in the amount of $ 2.4 million and $ 2.1 million as of September 30, 2022 and December 31, 2021, respectively. Students are typically entitled to a partial refund until approximately halfway through their term. Pursuant to each university’s policy, once a student reaches the point in the term where no refund is given, the student would not have a refund due if withdrawing from the university subsequent to that date. Management reassesses collectability when a student withdraws from the university and has unpaid tuition charges for the current term which the university is entitled to retain per the applicable refund policy. Certain unpaid charges do not meet the threshold of reasonably collectible and are recognized as revenue in accordance with ASC Topic 606 when cash is received and the contract is terminated and neither party has further performance obligations. We have no remaining performance obligations for students who have withdrawn from our universities, and once the refund calculation is performed and funds are returned to the student, if applicable under our refund policy, no further consideration is due back to the student. We recognized $ 0.4 million and $ 0.3 million of revenue for the quarters ended September 30, 2022 and 2021, respectively, and $ 1.1 million and $ 1.2 million for the years to date ended September 30, 2022 and 2021, respectively, for payments received from withdrawn students.

Student Receivables

Student Receivables	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Student Receivables	7. STUDENT RECEIVABLES Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our condensed consolidated balance sheets as components of both current and non-current assets. We do not charge interest on any of our payment plans. Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, employer reimbursement, Veterans’ Administration and other military funding and grants, private and institutional scholarships and cash payments, as well as private loans. Cash receipts from government related sources are typically received during the current academic term. We typically receive funds after the end of an academic term for students who receive employer reimbursements. Students who have not applied for any type of financial aid generally set up a payment plan with the institution and make payments on a monthly basis per the terms of the payment plan. For those balances that are not received during the academic term, the balance is typically due within the current academic year which is approximately 30 weeks in length. Generally, a student receivable balance is written off once a student is out of school and it reaches greater than 90 days past due. Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trend analysis and comparing estimated and actual performance. We have an immaterial amount of student receivables that are due greater than 12 months from the date of our condensed consolidated balance sheets. As of September 30, 2022 and December 31, 2021, the amount of non-current student receivables under payment plans that are longer than 12 months in duration, net of allowance for credit losses, was $ 1.3 million and $ 1.4 million, respectively. Allowance for Credit Losses We define student receivables as a portfolio segment under ASC Topic 326 – Financial Instruments – Credit Losses. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio in accordance with the guidance under ASU 2016-13 for the quarters and years to date ended September 30, 2022 and 2021 were as follows (dollars in thousands): For the Quarter Ended September 30, For the Year to Date Ended September 30, 2022 2021 2022 2021 Balance, beginning of period $ 43,786 $ 42,876 $ 39,255 $ 42,147 Provision for credit losses 7,905 10,192 32,284 36,364 Amounts written-off ( 8,610 ) ( 13,802 ) ( 30,132 ) ( 41,122 ) Recoveries 608 756 2,282 2,633 Balance, end of period $ 43,689 $ 40,022 $ 43,689 $ 40,022 Fair Value Measurements The carrying amount reported in our condensed consolidated balance sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available, and no reasonable estimation methodology exists.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	8. LEASES We lease most of our administrative and educational facilities under non-cancelable operating leases expiring at various dates through 2032 . Lease terms generally range from five to ten years with one to four renewal options for extended terms. In most cases, we are required to make additional payments under facility operating leases for taxes, insurance and other operating expenses incurred during the operating lease period, which are typically variable in nature. We determine if a contract contains a lease when the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Upon identification and commencement of a lease, we establish a right of use (“ROU”) asset and a lease liability. Quantitative information related to leases is presented in the following table (dollars in thousands): For the Quarter Ended September 30, 2022 For the Year to Date Ended September 30, 2022 Lease expenses (1) Fixed lease expenses - operating $ 2,729 $ 8,191 Variable lease expenses - operating 1,091 2,985 Sublease income ( 271 ) ( 816 ) Total lease expenses $ 3,549 $ 10,360 Other information Gross operating cash flows for operating leases (2) $ ( 4,567 ) $ ( 13,385 ) Operating cash flows from subleases (2) $ 285 $ 838 For the Quarter Ended September 30, 2021 For the Year to Date Ended September 30, 2021 Lease expenses (1) Fixed lease expenses - operating $ 2,813 $ 8,634 Variable lease expenses - operating 561 3,313 Sublease income ( 263 ) ( 1,097 ) Total lease expenses $ 3,111 $ 10,850 Other information Gross operating cash flows for operating leases (2) $ ( 4,443 ) $ ( 13,977 ) Operating cash flows from subleases (2) $ 271 $ 1,154 As of September 30, 2022 As of September 30, 2021 Weighted average remaining lease term (in months) – operating leases 66 71 Weighted average discount rate – operating leases 4.8 % 4.9 % __________________ (1) Lease expense and sublease income represent the amount recorded within our unaudited condensed consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period. (2) Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs. Subleases Historically, for certain of our leased locations we have vacated the facility and have fully or partially subleased the space. As of September 30, 2022, we have one sublease with a remaining term of eight months , for which we remain the guarantor under the lease and therefore become the intermediate lessor. We have recognized sublease income of $ 0.3 million for each of the quarters ended September 30, 2022 and 2021 and $ 0.8 million and $ 1.1 million for the years to date ended September 30, 2022 and 2021, respectively, as an offset to lease expense on our unaudited condensed consolidated statements of income.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
Loss Contingency [Abstract]
Contingencies	9. CONTINGENCIES An accrual for estimated legal fees of $ 2.0 million and $ 1.1 million at September 30, 2022 and December 31, 2021, respectively, is presented within other current liabilities on our condensed consolidated balance sheets. We record a liability when we believe that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. We evaluate, at least quarterly, developments in our legal matters that could affect the amount of liability that was previously accrued and make adjustments as further information develops, circumstances change or contingencies are resolved. Significant judgment is required to determine both probability and the estimated amount. We may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (1) if the damages sought are indeterminate; (2) if the proceedings are in early stages; (3) if there is uncertainty as to the outcome of pending appeals, motions or settlements; (4) if there are significant factual issues to be determined or resolved; and (5) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. On April 8, 2022, the Company received a Civil Investigative Demand (“ CID ”) from the Department of Justice (“ DOJ ”). The CID requests information and documentation from CTU regarding compliance with federal financial aid credit hour requirements for five of its entry-level courses as well as information regarding CTU’s learning management system. The information sought covers the time period from January 1, 2017 to the present. On October 27, 2022 we learned that the allegations underlying this inquiry were made as part of a civil qui tam complaint filed by an individual and brought pursuant to the federal False Claims Act. The case remains under seal in the United States District Court for the district of Colorado and includes the same allegations against both CTU and AIU which use the same learning management system. The Company is cooperating with the DOJ with a view towards resolving this inquiry as promptly as possible. We receive from time-to-time requests from state attorneys general, federal and state government agencies and accreditors relating to our institutions, to specific complaints they have received from students or former students or to student loan forgiveness claims which seek information about students, our programs, and other matters relating to our activities. These requests can be broad and time consuming to respond to, and there is a risk that they could expand and/or lead to a formal action or claims of non-compliance. We are subject to a variety of other claims, lawsuits, arbitrations and investigations that arise from time to time out of the conduct of our business, including, but not limited to, matters involving prospective students, students or former students, alleged violations of the Telephone Consumer Protection Act, both individually and on behalf of a putative class, and employment matters. Periodically matters arise that we consider outside the scope of ordinary routine litigation incidental to our business. While we currently believe that these matters, individually or in aggregate, will not have a material adverse impact on our financial position, cash flows or results of operations, these matters are subject to inherent uncertainties, and management’s view of these matters may change in the future. Were an unfavorable outcome to occur in any one or more of these matters, there exists the possibility of a material adverse impact on our business, reputation, financial position and cash flows. Contingent Consideration for Business Acquisitions We have an accrual for contingent consideration amounts related to the DigitalCrafts and Hippo acquisitions in the aggregate fair value amount of $ 3.2 million as of September 30, 2022. Pursuant to the acquisition agreements, post-closing contingent consideration payments are expected to be paid in early 2024 based upon the achievement of certain financial metrics, with an aggregate maximum amount of $ 6.5 million.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES The determination of the annual effective tax rate is based upon a number of significant estimates and judgments, including the estimated annual pretax income in each tax jurisdiction in which we operate and the ongoing development of tax planning strategies during the year. In addition, our provision for income taxes can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The following is a summary of our provision for income taxes and effective tax rate: For the Quarter Ended September 30, For the Year to Date Ended September 30, (Dollars in Thousands) 2022 2021 2022 2021 Pretax income $ 31,292 $ 37,326 $ 109,841 $ 114,292 Provision for income taxes $ 9,225 $ 9,557 $ 29,929 $ 29,121 Effective rate 29.5 % 25.6 % 27.2 % 25.5 % As of December 31, 2021 and through June 30, 2022, a valuation allowance of $ 32.2 million was maintained with respect to our foreign tax credits not supported by an Overall Domestic Loss (“ODL”) account balance, state net operating losses, and capital loss carryforward based on a consideration at the end of each period of both positive and negative evidence related to the realization of the deferred tax assets. During the quarter ended September 30, 2022, the Company re-evaluated the character of the loss incurred on the elimination of a wholly-owned subsidiary during the prior year. Based on additional analysis, the Company has re-categorized this transaction as an ordinary loss attributable to the stock of a worthless subsidiary in its 2021 tax returns. Additionally, the Company has determined that a full valuation allowance is needed with respect to select combined state net operating losses which are anticipated to go unused based on current expectations. As a result of our assessment, the $ 3.1 million deferred tax asset and offsetting valuation allowance with respect to the capital loss carryforward has been eliminated and the valuation allowance maintained against our state net operating losses, after considering expired loss carryforwards, has been increased by $ 1.0 million. The net effect of these items reduced the overall valuation allowance from $ 32.2 million to $ 30.1 million. We have determined that it is necessary to continue to maintain a $ 30.1 million valuation allowance against our non-ODL supported foreign tax credits and state net operating losses as of September 30, 2022 based on a consideration of both positive and negative evidence related to the realization of the deferred tax assets. The effective tax rate for the quarter and year to date ended September 30, 2022 reflects a $ 1.4 million valuation allowance increase related to the select combined state net operating losses discussed above, which increased the effective tax rate for the quarter and year to date by 4.6 % and 1.3 % respectively. The effective tax rate for the quarter and year to date ended September 30, 2022 was impacted by federal and state tax credits claimed for the 2021 tax return, which decreased the effective tax rate for the quarter and year to date by 0.3 % and 0.1 %, respectively. Additionally, the tax effect of stock-based compensation and the release of previously recorded tax reserves for the year to date ended September 30, 2022 tax rate reflects a 0.2 % net benefit. The effective tax rate for the quarter and year to date ended September 30, 2021 was impacted by federal and state tax credits claimed for the 2020 tax return, which decreased the effective tax rate for the quarter and year to date by 0.6 % and 0.2 %, respectively. The tax effect of stock-based compensation and the release of previously recorded tax reserves for the 2021 year to date tax rate reflects a 0.5 % net benefit. We estimate that it is reasonably possible that the gross liability for unrecognized tax benefits for a variety of uncertain tax positions will decrease by up to $ 6.1 million in the next twelve months as a result of the completion of efforts related to supporting the worthless subsidiary stock deduction discussed above and various tax audits currently in process as well as the expiration of the statute of limitations in several jurisdictions. The income tax rate for the quarter and year to date ended September 30, 2022 does not take into account the possible reduction of the liability for unrecognized tax benefits. The impact of a reduction to the liability will be treated as a discrete item in the period the reduction occurs. We recognize interest and penalties related to unrecognized tax benefits in tax expense. As of September 30, 2022, we had accrued $ 2.2 million as an estimate for reasonably possible interest and accrued penalties. Our tax returns are routinely examined by federal, state and local tax authorities and these audits are at various stages of completion at any given time. The Internal Revenue Service has completed its examination of our U.S. income tax returns through our tax year ended December 31, 2014.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	11. SHARE-BASED COMPENSATION Overview The Perdoceo Education Corporation Amended and Restated 2016 Incentive Compensation Plan (the “ 2016 Plan ”) became effective (as the Career Education Corporation 2016 Incentive Compensation Plan) on May 24, 2016, and the amendment and restatement of the 2016 Plan became effective on June 3, 2021, upon its approval by the Company’s stockholders. Under the 2016 Plan, Perdoceo may grant to eligible participants awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, annual incentive awards, and substitute awards, which generally may be settled in cash or shares of our common stock. The vesting of all types of awards is subject to possible acceleration in certain circumstances. If a plan participant terminates employment for any reason other than by death or disability during the vesting period, the right to unvested awards is generally forfeited. Restricted Stock Units For the years to date ended September 30, 2022 and 2021, the Company granted approximately 0.4 million restricted stock units in each period which are not “performance-based” and which have a grant-date fair value of approximately $ 3.7 million and $ 4.4 million, respectively. Additionally, for the years to date ended September 30, 2022 and 2021, the Company granted approximately 0.4 million restricted stock units in each period which are “performance-based” and which have a grant-date fair value of approximately $ 4.0 million and $ 4.2 million, respectively. The performance-based restricted stock units are subject to performance conditions which are determined at the time of grant and typically cover a three-year performance period. These performance conditions may result in all units being forfeited even if the requisite service period is met. There were no restricted stock units granted during each of the quarters ended September 30, 2022 and 2021. All restricted stock units granted in 2022 and 2021 are to be settled in shares of our common stock. Stock Options There were no stock options granted during each of the quarters or years to date ended September 30, 2022 and 2021. Share-Based Compensation Expense Total share-based compensation expense for the quarters and years to date ended September 30, 2022 and 2021 for all types of awards was as follows (dollars in thousands): For the Quarter Ended September 30, For the Year to Date Ended September 30, Award Type 2022 2021 2022 2021 Stock options $ - $ 101 $ 89 $ 357 Restricted stock units settled in stock 1,914 3,752 6,134 10,917 Total share-based compensation expense $ 1,914 $ 3,853 $ 6,223 $ 11,274 As of September 30, 2022, we estimate that total compensation expense of approximately $ 15.0 million will be recognized over the next four years for all unvested share-based awards that have been granted to participants. This amount excludes any estimates of forfeitures.

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
	Sep. 30, 2022
Stockholders Equity Note [Abstract]
Stock Repurchase Program	12. STOCK REPURCHASE PROGRAM On January 27, 2022, the Board of Directors of the Company approved a new stock repurchase program for up to $ 50.0 million which commenced March 1, 2022 and expires September 30, 2023 . The other terms of the new stock repurchase program are consistent with the Company’s previous stock repurchase program which expired February 28, 2022 . The timing of purchases and the number of shares repurchased under the program will be determined by the Company’s management and will depend on a variety of factors including stock price, trading volume and other general market and economic conditions, its assessment of alternative uses of capital, regulatory requirements and other factors. Repurchases will be made in open market transactions, including block purchases, conducted in accordance with Rule 10b-18 under the Exchange Act as well as may be made pursuant to trading plans established under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The stock repurchase program does not obligate the Company to purchase shares and the Company may, in its discretion, begin, suspend or terminate repurchases at any time, without any prior notice. During the year to date ended September 30, 2022, we repurchased 2.1 million shares of our common stock for approximately $ 23.1 million at an average price of $ 11.02 per share, of which 0.6 million shares of common stock were repurchased for $ 7.4 million at an average price of $ 12.04 per share during the quarter ended September 30, 2022. For the year to date ended September 30, 2021, we repurchased 0.4 million shares of our common stock for approximately $ 5.4 million at an average price of $ 12.23 per share. As of September 30, 2022, approximately $ 26.8 million was available under our authorized stock repurchase program to repurchase outstanding shares of our common stock. Shares of stock repurchased under the program are held as treasury shares. These repurchased shares have reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations.

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted Average Common Shares	13. WEIGHTED AVERAGE COMMON SHARES Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock Method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock units were settled for common shares during the period. The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2022 and 2021 were as follows (shares in thousands): For the Quarter Ended September 30, For the Year to Date Ended September 30, 2022 2021 2022 2021 Basic common shares outstanding 67,506 70,089 68,193 70,179 Common stock equivalents 1,044 1,377 938 1,470 Diluted common shares outstanding 68,550 71,466 69,131 71,649 For the quarters and years to date ended September 30, 2022 and 2021, certain unexercised stock option awards are excluded from our computations of diluted earnings per share, as these shares were out-of-the-money and their effect would have been anti-dilutive. The anti-dilutive options that were excluded from our computations of diluted earnings per share were 0.3 million shares for each of the quarters ended September 30, 2022 and 2021, and 0.3 million and 0.4 million shares for the years to date ended September 30, 2022 and 2021, respectively.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	14. SEGMENT REPORTING Our segments are determined in accordance with FASB ASC Topic 280— Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment is comprised of an accredited postsecondary education institution that offers a variety of academic programs. As of September 30, 2022, our two segments are: ♦ Colorado Technical University ( CTU ) is committed to providing quality and industry-relevant higher education to a diverse student population through innovative technology and experienced faculty, enabling the pursuit of personal and professional goals. CTU is focused on serving adult, non-traditional students seeking career advancement, as well as addressing employer’s needs for a well-educated workforce. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2022, students enrolled at CTU represented approximately 64 % of our total enrollments. Approximately 97 % of CTU’s students are enrolled in programs offered fully online. Students at CTU’s ground-based campuses take both in-person and virtual classes. ♦ The American InterContinental University System ( AIUS or AIU System ) is committed to providing quality and accessible higher education opportunities for a diverse student population, including adult and other non-traditional learners and the military community. AIUS places emphasis on the educational, professional and personal growth of each student. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, education, health sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2022, students enrolled at AIUS represented approximately 36 % of our total enrollments. Approximately 97 % of AIUS’ students are enrolled in programs offered fully online. Students at AIUS’ ground-based campus take both in-person and virtual classes. Summary financial information by reporting segment is as follows (dollars in thousands): For the Quarter Ended September 30, Revenue Operating Income (Loss) 2022 % of Total 2021 % of Total 2022 2021 CTU (1) $ 97,562 57.9 % $ 104,788 60.2 % $ 31,506 $ 41,217 AIUS (2) 70,582 41.9 % 68,948 39.6 % 9,590 8,334 Corporate and Other (3) 276 0.2 % 262 0.2 % ( 11,772 ) ( 11,690 ) Total $ 168,420 100.0 % $ 173,998 100.0 % $ 29,324 $ 37,861 For the Year to Date Ended September 30, Revenue Operating Income (Loss) 2022 % of Total 2021 % of Total 2022 2021 CTU (1) $ 311,171 59.9 % $ 312,645 58.6 % $ 107,540 $ 112,758 AIUS (2) 207,034 39.9 % 219,648 41.2 % 29,846 28,875 Corporate and Other (3) 858 0.2 % 882 0.2 % ( 30,423 ) ( 27,193 ) Total $ 519,063 100.0 % $ 533,175 100.0 % $ 106,963 $ 114,440 Total Assets as of (4) September 30, 2022 December 31, 2021 CTU $ 159,627 $ 153,072 AIUS 185,727 151,407 Corporate and Other (3) 553,849 542,954 Total $ 899,203 $ 847,433 (1) CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition. (2) AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition and the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition. (3) Corporate and Other includes results of operations and total assets for closed campuses. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. (4) Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.

Business Acquisition (Tables)

Business Acquisition (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of July 1, 2022 (dollars in thousands): CalSouthern Assets: July 1, 2022 Student receivables $ 3,214 Prepaid assets 290 Intangible assets subject to amortization Customer relationships 14,530 Trade name 1,480 Course curriculum 1,390 Goodwill 21,556 Total assets acquired $ 42,460 Liabilities: Accounts payable 4 Deferred revenue 2,419 Total liabilities assumed $ 2,423 Net assets acquired $ 40,037

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Investments	Investments consist of the following as of September 30, 2022 and December 31, 2021 (dollars in thousands): September 30, 2022 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 3,026 $ - $ ( 26 ) $ 3,000 Non-governmental debt securities 211,819 - ( 3,418 ) 208,401 Treasury and federal agencies 167,021 3 ( 2,554 ) 164,470 Total short-term investments (available for sale) $ 381,866 $ 3 $ ( 5,998 ) $ 375,871 December 31, 2021 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 5,028 $ - $ ( 1 ) $ 5,027 Non-governmental debt securities 168,623 27 ( 184 ) 168,466 Treasury and federal agencies 720 - - 720 Total short-term investments (available for sale) $ 174,371 $ 27 $ ( 185 ) $ 174,213
Schedule of Maintenance Fee Payment to CCKF	We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters and years to date ended September 30, 2022 and 2021 were as follows (dollars in thousands): Maintenance Fee Payments For the quarter ended September 30, 2022 $ 374 For the quarter ended September 30, 2021 $ 442 For the year to date ended September 30, 2022 $ 1,201 For the year to date ended September 30, 2021 $ 1,301

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue by Major Source	For the Quarter Ended September 30, 2022 For the Quarter Ended September 30, 2021 CTU (4) AIUS (5) Corporate and Other (6) Total CTU (4) AIUS (5) Corporate and Other (6) Total Tuition, net (1) $ 91,765 $ 66,621 $ - $ 158,386 $ 98,730 $ 65,101 $ - $ 163,831 Technology fees 4,630 2,856 - 7,486 5,339 2,962 - 8,301 Other miscellaneous fees (2) 196 369 - 565 278 185 - 463 Total tuition and fees, net 96,591 69,846 - 166,437 104,347 68,248 - 172,595 Other revenue (3) 971 736 276 1,983 441 700 262 1,403 Total revenue $ 97,562 $ 70,582 $ 276 $ 168,420 $ 104,788 $ 68,948 $ 262 $ 173,998 For the Year to Date Ended September 30, 2022 For the Year to Date Ended September 30, 2021 CTU (4) AIUS (5) Corporate and Other (6) Total CTU (4) AIUS (5) Corporate and Other (6) Total Tuition, net (1) $ 293,520 $ 195,155 $ - $ 488,675 $ 294,058 $ 209,722 $ - $ 503,780 Technology fees 14,730 8,895 - 23,625 16,352 8,630 - 24,982 Other miscellaneous fees (2) 641 719 - 1,360 959 509 - 1,468 Total tuition and fees, net 308,891 204,769 - 513,660 311,369 218,861 - 530,230 Other revenue (3) 2,280 2,265 858 5,403 1,276 787 882 2,945 Total revenue $ 311,171 $ 207,034 $ 858 $ 519,063 $ 312,645 $ 219,648 $ 882 $ 533,175 __________________ (1) Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings. (2) Other miscellaneous fees primarily include graduation fees. (3) Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. (4) CTU includes revenue related to an acquisition completed on September 10, 2021. (5) AIUS includes revenue relat ed to an acquisition completed on July 1, 2022 and an acquisition completed on August 2, 2021. (6) Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue.
Summary of Deferred Revenue Balances Offset with Contract Assets	The amount of deferred revenue balances which are being offset with contract assets balances as of September 30, 2022 and December 31, 2021 were as follows (dollars in thousands): As of September 30, 2022 December 31, 2021 Gross deferred revenue $ 98,708 $ 113,719 Gross contract assets ( 36,730 ) ( 43,106 ) Deferred revenue, net $ 61,978 $ 70,613
Changes in Deferred Revenue Balances	Changes in our deferred revenue balances for the quarters and years to date ended September 30, 2022 and 2021 were as follows (dollars in thousands): For the Quarter Ended September 30, 2022 For the Quarter Ended September 30, 2021 CTU AIUS Total CTU AIUS Total Gross deferred revenue, July 1 $ 28,857 $ 38,628 $ 67,485 $ 77,818 $ 43,649 $ 121,467 Business acquisitions, beginning balance - 2,419 2,419 3,952 1,404 5,356 Revenue earned from prior balances ( 23,765 ) ( 31,375 ) ( 55,140 ) ( 66,878 ) ( 32,623 ) ( 99,501 ) Billings during period (1) 142,580 53,254 195,834 90,662 46,547 137,209 Revenue earned for new billings during the period ( 72,826 ) ( 38,471 ) ( 111,297 ) ( 37,469 ) ( 35,625 ) ( 73,094 ) Other adjustments ( 1,003 ) 410 ( 593 ) 951 ( 301 ) 650 Gross deferred revenue, September 30 $ 73,843 $ 24,865 $ 98,708 $ 69,036 $ 23,051 $ 92,087 For the Year to Date Ended September 30, 2022 For the Year to Date Ended September 30, 2021 CTU AIUS Total CTU AIUS Total Gross deferred revenue, January 1 $ 64,674 $ 49,045 $ 113,719 $ 28,522 $ 56,880 $ 85,402 Business acquisitions, beginning balance - 2,419 2,419 3,952 1,404 5,356 Revenue earned from prior balances ( 56,274 ) ( 39,219 ) ( 95,493 ) ( 26,183 ) ( 46,020 ) ( 72,203 ) Billings during period (1) 318,191 177,863 496,054 348,307 183,012 531,319 Revenue earned for new billings during the period ( 252,617 ) ( 165,550 ) ( 418,167 ) ( 285,186 ) ( 172,841 ) ( 458,027 ) Other adjustments ( 131 ) 307 176 ( 376 ) 616 240 Gross deferred revenue, September 30 $ 73,843 $ 24,865 $ 98,708 $ 69,036 $ 23,051 $ 92,087 ______________ (1) Billings during period includes adjustments for prior billings.

Student Receivables (Tables)

Student Receivables (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Changes in Current and Non-Current Receivables Allowance	We define student receivables as a portfolio segment under ASC Topic 326 – Financial Instruments – Credit Losses. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio in accordance with the guidance under ASU 2016-13 for the quarters and years to date ended September 30, 2022 and 2021 were as follows (dollars in thousands): For the Quarter Ended September 30, For the Year to Date Ended September 30, 2022 2021 2022 2021 Balance, beginning of period $ 43,786 $ 42,876 $ 39,255 $ 42,147 Provision for credit losses 7,905 10,192 32,284 36,364 Amounts written-off ( 8,610 ) ( 13,802 ) ( 30,132 ) ( 41,122 ) Recoveries 608 756 2,282 2,633 Balance, end of period $ 43,689 $ 40,022 $ 43,689 $ 40,022

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Quantitative Information and Other Information Related to Leases	Quantitative information related to leases is presented in the following table (dollars in thousands): For the Quarter Ended September 30, 2022 For the Year to Date Ended September 30, 2022 Lease expenses (1) Fixed lease expenses - operating $ 2,729 $ 8,191 Variable lease expenses - operating 1,091 2,985 Sublease income ( 271 ) ( 816 ) Total lease expenses $ 3,549 $ 10,360 Other information Gross operating cash flows for operating leases (2) $ ( 4,567 ) $ ( 13,385 ) Operating cash flows from subleases (2) $ 285 $ 838 For the Quarter Ended September 30, 2021 For the Year to Date Ended September 30, 2021 Lease expenses (1) Fixed lease expenses - operating $ 2,813 $ 8,634 Variable lease expenses - operating 561 3,313 Sublease income ( 263 ) ( 1,097 ) Total lease expenses $ 3,111 $ 10,850 Other information Gross operating cash flows for operating leases (2) $ ( 4,443 ) $ ( 13,977 ) Operating cash flows from subleases (2) $ 271 $ 1,154 As of September 30, 2022 As of September 30, 2021 Weighted average remaining lease term (in months) – operating leases 66 71 Weighted average discount rate – operating leases 4.8 % 4.9 % __________________ (1) Lease expense and sublease income represent the amount recorded within our unaudited condensed consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period. (2) Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Summary of Provision for Income Taxes and Effective Tax Rate	The following is a summary of our provision for income taxes and effective tax rate: For the Quarter Ended September 30, For the Year to Date Ended September 30, (Dollars in Thousands) 2022 2021 2022 2021 Pretax income $ 31,292 $ 37,326 $ 109,841 $ 114,292 Provision for income taxes $ 9,225 $ 9,557 $ 29,929 $ 29,121 Effective rate 29.5 % 25.6 % 27.2 % 25.5 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Total Stock Based Compensation Expense	Total share-based compensation expense for the quarters and years to date ended September 30, 2022 and 2021 for all types of awards was as follows (dollars in thousands): For the Quarter Ended September 30, For the Year to Date Ended September 30, Award Type 2022 2021 2022 2021 Stock options $ - $ 101 $ 89 $ 357 Restricted stock units settled in stock 1,914 3,752 6,134 10,917 Total share-based compensation expense $ 1,914 $ 3,853 $ 6,223 $ 11,274

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Summary of Weighted Average Numbers of Common Shares Used to Compute Basic and Diluted Net Income Per Share	The weighted average number of common shares used to compute basic and diluted net income per share for the quarters and years to date ended September 30, 2022 and 2021 were as follows (shares in thousands): For the Quarter Ended September 30, For the Year to Date Ended September 30, 2022 2021 2022 2021 Basic common shares outstanding 67,506 70,089 68,193 70,179 Common stock equivalents 1,044 1,377 938 1,470 Diluted common shares outstanding 68,550 71,466 69,131 71,649

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary Financial Information by Reporting Segment	Summary financial information by reporting segment is as follows (dollars in thousands): For the Quarter Ended September 30, Revenue Operating Income (Loss) 2022 % of Total 2021 % of Total 2022 2021 CTU (1) $ 97,562 57.9 % $ 104,788 60.2 % $ 31,506 $ 41,217 AIUS (2) 70,582 41.9 % 68,948 39.6 % 9,590 8,334 Corporate and Other (3) 276 0.2 % 262 0.2 % ( 11,772 ) ( 11,690 ) Total $ 168,420 100.0 % $ 173,998 100.0 % $ 29,324 $ 37,861 For the Year to Date Ended September 30, Revenue Operating Income (Loss) 2022 % of Total 2021 % of Total 2022 2021 CTU (1) $ 311,171 59.9 % $ 312,645 58.6 % $ 107,540 $ 112,758 AIUS (2) 207,034 39.9 % 219,648 41.2 % 29,846 28,875 Corporate and Other (3) 858 0.2 % 882 0.2 % ( 30,423 ) ( 27,193 ) Total $ 519,063 100.0 % $ 533,175 100.0 % $ 106,963 $ 114,440 Total Assets as of (4) September 30, 2022 December 31, 2021 CTU $ 159,627 $ 153,072 AIUS 185,727 151,407 Corporate and Other (3) 553,849 542,954 Total $ 899,203 $ 847,433 (1) CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition. (2) AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition and the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition. (3) Corporate and Other includes results of operations and total assets for closed campuses. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. (4) Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reporting segments	2

Business Acquisition - Addition

Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 184,135	$ 162,579
California Southern University [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 40,000
Fair values of acquired tangible and identifiable intangible assets	42,460
Fair values of assumed liabilities	2,423
Goodwill	21,556
California Southern University [Member] | Goodwill [Member]
Business Acquisition [Line Items]
Goodwill	21,600
California Southern University [Member] | Customer Relationship [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 14,530
Acquired Finite Lived Intangible Assets Weighted Average Useful Life	15 years
California Southern University [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 1,480
Acquired Finite Lived Intangible Assets Weighted Average Useful Life	10 years
California Southern University [Member] | Course Curriculum [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 1,390
Acquired Finite Lived Intangible Assets Weighted Average Useful Life	5 years
California Southern University [Member] | Restricted Cash [Member]
Business Acquisition [Line Items]
Amount set aside in escrow account	$ 1,000
California Southern University [Member] | Fair Value [Member]
Business Acquisition [Line Items]
Fair values of acquired tangible and identifiable intangible assets	42,500
Fair values of assumed liabilities	2,400
California Southern University [Member] | Fair Value [Member] | Customer Relationship [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	14,500
California Southern University [Member] | Fair Value [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 1,500

Business Acquisitions - Summary

Business Acquisitions - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jul. 01, 2022	Dec. 31, 2021
Intangible assets subject to amortization
Goodwill	$ 184,135		$ 162,579
California Southern University [Member]
Business Acquisition [Line Items]
Student receivables		$ 3,214
Prepaid assets		290
Intangible assets subject to amortization
Goodwill		21,556
Total assets acquired		42,460
Accounts payable		4
Deferred revenue		2,419
Total liabilities assumed		2,423
Net assets acquired		40,037
Customer Relationship [Member] | California Southern University [Member]
Intangible assets subject to amortization
Fair value of intangible assets		14,530
Trade Names [Member] | California Southern University [Member]
Intangible assets subject to amortization
Fair value of intangible assets		1,480
Course Curriculum | California Southern University [Member]
Intangible assets subject to amortization
Fair value of intangible assets		$ 1,390

Financial Instruments - Summary

Financial Instruments - Summary of Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Short-term, Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	$ 3,026	$ 5,028
Total short-term investments (available for sale), Gross Unrealized (Loss)	(26)	(1)
Total short-term investments (available for sale), Fair value	3,000	5,027
Short-term, Non-governmental Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	211,819	168,623
Total short-term investments (available for sale), Gross Unrealized Gain		27
Total short-term investments (available for sale), Gross Unrealized (Loss)	(3,418)	(184)
Total short-term investments (available for sale), Fair value	208,401	168,466
Short-term, Treasury and Federal Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	167,021	720
Total short-term investments (available for sale), Gross Unrealized Gain	3
Total short-term investments (available for sale), Gross Unrealized (Loss)	(2,554)
Total short-term investments (available for sale), Fair value	164,470	720
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	381,866	174,371
Total short-term investments (available for sale), Gross Unrealized Gain	3	27
Total short-term investments (available for sale), Gross Unrealized (Loss)	(5,998)	(185)
Total short-term investments (available for sale), Fair value	$ 375,871	$ 174,213

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financial Instruments [Line Items]
Period cash equivalents and short-term investments have been in continuous unrealized gain (loss) position, years, maximum			1 year
Aggregate maximum payments of repurchases of common stock			$ 23,117,000	$ 5,372,000
Cash and cash equivalents, unrestricted	$ 147,120,000		$ 147,120,000		$ 319,982,000
Credit Agreement | Revolving Credit Facility | Wintrust Bank N A
Financial Instruments [Line Items]
Revolving credit facility maturity date			Sep. 08, 2024
Revolving credit facility	125,000,000		$ 125,000,000
Credit facility borrowings	$ 0		$ 0		0
Credit facility,interest rate			1%
Credit Agreement | Revolving Credit Facility | Wintrust Bank N A | Maximum [Member]
Financial Instruments [Line Items]
Aggregate commitment amount			$ 50,000,000
Aggregate maximum payments of repurchases of common stock			$ 100,000,000
Percentage of aggregate amount of loan commitments			125%
Credit Agreement | Revolving Credit Facility | Wintrust Bank N A | Minimum [Member]
Financial Instruments [Line Items]
Credit facility,interest rate			3%
CCKF [Member]
Financial Instruments [Line Items]
Percentage of investment in equity affiliate	30.70%		30.70%
Non controlling interest	$ 2,300,000		$ 2,300,000
Gain (loss) from investment in affiliate	(200,000)	$ (100,000)	(500,000)	$ 100,000
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments [Line Items]
Total short-term investments (available for sale), Fair value	54,500,000		54,500,000		$ 225,300,000
Federal Agencies Debt Securities within Cash and Cash Equivalents [Member] | Level 2 [Member]
Financial Instruments [Line Items]
Total short-term investments (available for sale), Fair value	$ 5,800,000		$ 5,800,000

Financial Instruments - Schedul

Financial Instruments - Schedule of Maintenance Fee Payment to CCKF (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions [Abstract]
Maintenance Fee Payments	$ 374	$ 442	$ 1,201	$ 1,301

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue by Major Source (Detail) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Total revenue		$ 168,420		$ 173,998		$ 519,063		$ 533,175
University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		97,562	[1]	104,788	[2]	311,171	[1],[2]	312,645	[2]
University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		70,582	[3]	68,948	[4]	207,034	[3],[4]	219,648	[4]
Corporate and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[5]	276		262	[6]	858	[6]	882	[6]
Tuition [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[7]	158,386		163,831		488,675		503,780
Tuition [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[7]	91,765	[1]	98,730		293,520	[1]	294,058
Tuition [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[7]	66,621	[3]	65,101		195,155	[3]	209,722
Technology Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		7,486		8,301		23,625		24,982
Technology Fees [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		4,630	[1]	5,339		14,730	[1]	16,352
Technology Fees [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		2,856	[3]	2,962		8,895	[3]	8,630
Other Miscellaneous Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[8]	565		463		1,360		1,468
Other Miscellaneous Fees [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[8]	196	[1]	278		641	[1]	959
Other Miscellaneous Fees [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[8]	369	[3]	185		719	[3]	509
Tuition and Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		166,437		172,595		513,660		530,230
Tuition and Fees [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		96,591	[1]	104,347		308,891	[1]	311,369
Tuition and Fees [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		69,846	[3]	68,248		204,769	[3]	218,861
Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[9]	1,983		1,403		5,403		2,945
Other [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[9]	971	[1]	441		2,280	[1]	1,276
Other [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[9]	736	[3]	700		2,265	[3]	787
Other [Member] | Corporate and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[5],[9]	$ 276		$ 262		$ 858		$ 882
[1] CTU includes revenue related to an acquisition completed on September 10, 2021. CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition. AIUS includes revenue relat ed to an acquisition completed on July 1, 2022 and an acquisition completed on August 2, 2021. AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition and the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. Corporate and Other includes results of operations and total assets for closed campuses. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings. Other miscellaneous fees primarily include graduation fees. Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue.

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue Recognition [Line Items]
Length of academic year			210 days
Revenue recognized estimated reserve based on historical evidence	$ 2.4		$ 2.4		$ 2.1
Decrease in revenue	$ 5.6		$ 14.1
Percentage of decrease in revenue	3.20%		2.60%
ASC Topic 606 [Member]
Revenue Recognition [Line Items]
Revenue recognized for payments received from withdrawn students	$ 0.4	$ 0.3	$ 1.1	$ 1.2
Minimum [Member]
Revenue Recognition [Line Items]
Length of academic terms			56 days
Maximum [Member]
Revenue Recognition [Line Items]
Length of academic terms			84 days
Online Courses [Member] | Minimum [Member]
Revenue Recognition [Line Items]
Length of Non-Degree Professional Programs			84 days
Online Courses [Member] | Maximum [Member]
Revenue Recognition [Line Items]
Length of Non-Degree Professional Programs			126 days
Subscription Based Access [Member] | Maximum [Member]
Revenue Recognition [Line Items]
Length of Non-Degree Professional Programs			364 days

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Deferred Revenue Balances Offset with Contract Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Gross deferred revenue	$ 98,708	$ 67,485	$ 113,719	$ 92,087	$ 121,467	$ 85,402
Gross contract assets	(36,730)		(43,106)
Deferred revenue, net	$ 61,978		$ 70,613

Revenue Recognition - Changes i

Revenue Recognition - Changes in Deferred Revenue Balances (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		$ 67,485	$ 121,467	$ 113,719	$ 85,402
Business acquisition, beginning balance		2,419	5,356	2,419	5,356
Revenue earned from prior balances		(55,140)	(99,501)	(95,493)	(72,203)
Billings during period	[1]	195,834	137,209	496,054	531,319
Revenue earned for new billings during the period		(111,297)	(73,094)	(418,167)	(458,027)
Other adjustments		(593)	650	176	240
Gross deferred revenue, ending balance		98,708	92,087	98,708	92,087
University Group [Member] | CTU [Member]
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		28,857	77,818	64,674	28,522
Business acquisition, beginning balance			3,952		3,952
Revenue earned from prior balances		(23,765)	(66,878)	(56,274)	(26,183)
Billings during period	[1]	142,580	90,662	318,191	348,307
Revenue earned for new billings during the period		(72,826)	(37,469)	(252,617)	(285,186)
Other adjustments		(1,003)	951	(131)	(376)
Gross deferred revenue, ending balance		73,843	69,036	73,843	69,036
University Group [Member] | AIUS [Member]
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		38,628	43,649	49,045	56,880
Business acquisition, beginning balance		2,419	1,404	2,419	1,404
Revenue earned from prior balances		(31,375)	(32,623)	(39,219)	(46,020)
Billings during period	[1]	53,254	46,547	177,863	183,012
Revenue earned for new billings during the period		(38,471)	(35,625)	(165,550)	(172,841)
Other adjustments		410	(301)	307	616
Gross deferred revenue, ending balance		$ 24,865	$ 23,051	$ 24,865	$ 23,051
[1] Billings during period includes adjustments for prior billings.

Student Receivables - Additiona

Student Receivables - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due [Line Items]
Approximate length of current academic year	210 days
Student receivables, net of allowance for doubtful accounts	$ 1.3	$ 1.4
Minimum [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Student receivables write-off period, days past due	90 days

Student Receivables - Changes i

Student Receivables - Changes in Current and Non-Current Receivables Allowance (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Receivables [Abstract]
Balance, Beginning of Period	$ 43,786	$ 42,876	$ 39,255	$ 42,147
Provision for credit losses	7,905	10,192	32,284	36,364
Amounts Written-off	(8,610)	(13,802)	(30,132)	(41,122)
Recoveries	608	756	2,282	2,633
Balance, End of Period	$ 43,689	$ 40,022	$ 43,689	$ 40,022

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Lease	Sep. 30, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating leases expiration date				2032
Number of subleases | Lease				1
Sublease income | $	[1]	$ 271	$ 263	$ 816	$ 1,097
Minimum [Member]
Lessee Lease Description [Line Items]
Lease term range, years		5 years		5 years
Number of renewal options for extended terms		1 year		1 year
Operating sublease term				8 months
Maximum [Member]
Lessee Lease Description [Line Items]
Lease term range, years		10 years		10 years
Number of renewal options for extended terms		4 years		4 years
[1] Lease expense and sublease income represent the amount recorded within our unaudited condensed consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period.

Leases - Schedule of Quantitati

Leases - Schedule of Quantitative Information Related to Leases (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease expenses
Fixed lease expenses - operating	[1]	$ 2,729	$ 2,813	$ 8,191	$ 8,634
Variable lease expenses - operating	[1]	1,091	561	2,985	3,313
Sublease income	[1]	(271)	(263)	(816)	(1,097)
Total lease expenses	[1]	3,549	3,111	10,360	10,850
Other information
Gross operating cash flows for operating leases	[2]	(4,567)	(4,443)	(13,385)	(13,977)
Operating cash flows from subleases	[2]	$ 285	$ 271	$ 838	$ 1,154
Weighted average remaining lease term (in months) – operating leases		66 months	71 months	66 months	71 months
Weighted average discount rate – operating leases		4.80%	4.90%	4.80%	4.90%
[1] Lease expense and sublease income represent the amount recorded within our unaudited condensed consolidated statements of income. Variable lease amounts represent expenses recognized as incurred which are not included in the lease liability. Fixed lease expenses and sublease income are recorded on a straight-line basis over the lease term and therefore are not necessarily representative of cash payments during the same period. Cash flows are presented on a consolidated basis and represent cash payments for fixed and variable lease costs.

Contingencies - Additional Info

Contingencies - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Contingent Consideration [Member] | Digicraft And Hippo Acquisition [Member]
Loss Contingencies [Line Items]
Aggregate fair value amount	$ 3.2
Contingent Consideration Payment	$ 6.5
Contingent consideration year of expected payment	2024
Other Accrued Expenses [Member]
Loss Contingencies [Line Items]
Accrual for legal fees	$ 2	$ 1.1

Income Taxes - Summary of Provi

Income Taxes - Summary of Provision for Income Taxes and Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Pretax income	$ 31,292	$ 37,326	$ 109,841	$ 114,292
Provision for income taxes	$ 9,225	$ 9,557	$ 29,929	$ 29,121
Effective rate	29.50%	25.60%	27.20%	25.50%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Deferred tax assets valuation allowance	$ 30.1		$ 30.1		$ 32.2	$ 32.2
Effective tax rate impact associated with State NOL	4.60%		1.30%
Increase in valuation allowance against State NOL	$ 1.4		$ 1.4
Valuation allowance related to capital loss	$ 3.1		$ 3.1
Decrease in effective tax rate due to federal and state tax credits	(0.30%)	(0.60%)	(0.10%)	(0.20%)
Net benefit effective tax rate impact associated with stock-based compensation and prior tax reserves			0.20%	0.50%
Decrease in unrecognized tax positions	$ 6.1		$ 6.1
Interest and penalties	2.2		2.2
State [Member]
Valuation Allowance [Line Items]
Deferred tax assets valuation allowance	$ 30.1		30.1		$ 32.2
Increase in valuation allowance against State NOL			$ 1

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	0	0	0	0
Estimated total compensation expense	$ 15		$ 15
Expiration period in years			4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	0	0	400,000	400,000
Granted, Units fair value			$ 3.7	$ 4.4
Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)			400,000	400,000
Granted, Units fair value			$ 4	$ 4.2
Service period in years			3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Total Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,914	$ 3,853	$ 6,223	$ 11,274
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense		101	89	357
Restricted Stock Units Settled in Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,914	$ 3,752	$ 6,134	$ 10,917

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended	9 Months Ended
	Jan. 27, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Stockholders Equity Note [Abstract]
Stock repurchase authorized amount	$ 50,000,000
Expiration Date	Feb. 28, 2022
Expiration Date	Sep. 30, 2023
Shares repurchased under stock repurchase program		0.6	2.1	0.4
Shares repurchased during period		$ 7,400,000	$ 23,100,000	$ 5,400,000
Average price of repurchased stock		$ 12.04	$ 11.02	$ 12.23
Available authorized repurchase amount		$ 26,800,000	$ 26,800,000

Weighted Average Common Share_2

Weighted Average Common Shares - Summary of Weighted Average Numbers of Common Shares Used to Compute Basic and Diluted Net Income Per Share (Detail) - shares shares in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic common shares outstanding	67,506	70,089	70,089	68,193	70,179
Common stock equivalents	1,044	1,377		938	1,470
Diluted common shares outstanding	68,550	71,466		69,131	71,649

Weighted Average Common Share_3

Weighted Average Common Shares - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Stock Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive awards excluded from computations of diluted earnings per share	0.3	0.3	0.3	0.4

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting Information [Line Items]
Number of reporting segments	2
CTU [Member]
Segment Reporting Information [Line Items]
Students enrolled expressed as percentage of enrollment	64%
CTU [Member] | Fully Online [Member]
Segment Reporting Information [Line Items]
Percentage of enrollment	97%
AIUS [Member]
Segment Reporting Information [Line Items]
Students enrolled expressed as percentage of enrollment	36%
AIUS [Member] | Fully Online [Member]
Segment Reporting Information [Line Items]
Percentage of enrollment	97%

Segment Reporting - Summary Fin

Segment Reporting - Summary Financial Information by Reporting Segment (Detail) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2022		Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021		Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue		$ 168,420		$ 173,998		$ 519,063		$ 533,175
Percentage of total revenue		100%		100%		100%		100%
Operating Income (Loss)		$ 29,324		$ 37,861		$ 106,963		$ 114,440
Total Assets	[1]	899,203				899,203				$ 847,433
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	$ 276		$ 262	[3]	$ 858	[3]	$ 882	[3]
Percentage of total revenue	[3]	0.20%		0.20%		0.20%		0.20%
Operating Income (Loss)	[3]	$ (11,772)		$ (11,690)		$ (30,423)		$ (27,193)
Total Assets	[1],[3]	553,849				553,849				542,954
CTU [Member] | University Group [Member]
Segment Reporting Information [Line Items]
Revenue		$ 97,562	[4]	$ 104,788	[5]	$ 311,171	[4],[5]	$ 312,645	[5]
Percentage of total revenue	[5]	57.90%		60.20%		59.90%		58.60%
Operating Income (Loss)	[5]	$ 31,506		$ 41,217		$ 107,540		$ 112,758
Total Assets	[1]	159,627				159,627				153,072
AIUS [Member] | University Group [Member]
Segment Reporting Information [Line Items]
Revenue		$ 70,582	[6]	$ 68,948	[7]	$ 207,034	[6],[7]	$ 219,648	[7]
Percentage of total revenue	[7]	41.90%		39.60%		39.90%		41.20%
Operating Income (Loss)	[7]	$ 9,590		$ 8,334		$ 29,846		$ 28,875
Total Assets	[1]	$ 185,727				$ 185,727				$ 151,407
[1] Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. Corporate and Other includes results of operations and total assets for closed campuses. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue. CTU includes revenue related to an acquisition completed on September 10, 2021. CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition. AIUS includes revenue relat ed to an acquisition completed on July 1, 2022 and an acquisition completed on August 2, 2021. AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition and the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.

Segment Reporting - Summary F_2

Segment Reporting - Summary Financial Information by Reporting Segment (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2022
CTU [Member] | Hippo [Member]
Segment Reporting Information [Line Items]
Acquisition date	Sep. 10, 2021
AIUS [Member] | DigitalCrafts [Member]
Segment Reporting Information [Line Items]
Acquisition date	Aug. 02, 2021
AIUS [Member] | CalSouthern [Member]
Segment Reporting Information [Line Items]
Acquisition date	Jul. 01, 2022