Perdoceo Education (PRDO) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		67,477,996
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents, unrestricted		$ 89,845	$ 109,408
Restricted cash		9,476	9,476
Total cash, cash equivalents and restricted cash		99,321	118,884
Short-term investments		420,943	399,315
Total cash and cash equivalents, restricted cash and short-term investments		520,264	518,199
Student receivables, gross		84,901	81,197
Allowance for credit losses		(39,912)	(38,646)
Student receivables, net		44,989	42,551
Receivables, other		4,309	3,457
Prepaid expenses		11,383	8,411
Inventories		3,765	1,904
Other current assets		735	597
Total current assets		585,445	575,119
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $56,702 and $54,238 as of March 31, 2023 and December 31, 2022, respectively		25,752	26,038
Right of use asset, net		24,277	26,156
Goodwill		243,941	243,540
Intangible assets, net of amortization of $18,604 and $15,981 as of March 31, 2023 and December 31, 2022, respectively		50,941	53,564
Student receivables, gross		5,499	6,345
Allowance for credit losses		(4,032)	(4,495)
Student receivables, net		1,467	1,850
Deferred income tax assets, net		24,309	24,613
Other assets		6,880	6,488
TOTAL ASSETS	[1]	963,012	957,368
CURRENT LIABILITIES:
Lease liability-operating		6,043	6,555
Accounts payable		15,178	13,518
Accrued expenses:
Payroll and related benefits		22,448	40,306
Advertising and marketing costs		7,654	8,977
Income taxes		20,079	7,814
Other		19,027	14,621
Deferred revenue		44,710	71,590
Total current liabilities		135,139	163,381
NON-CURRENT LIABILITIES:
Lease liability-operating		25,837	27,286
Other liabilities		40,864	40,856
Total non-current liabilities		66,701	68,142
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; 89,923,857 and 89,396,192 shares issued, 67,477,996 and 67,175,485 shares outstanding as of March 31, 2023 and December 31, 2022, respectively		899	894
Additional paid-in capital		686,719	684,183
Accumulated other comprehensive loss		(4,121)	(5,447)
Retained earnings		382,323	347,839
Treasury stock, at cost; 22,445,861 and 22,220,707 shares as of March 31, 2023 and December 31, 2022, respectively		(304,648)	(301,624)
Total stockholders' equity		761,172	725,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 963,012	$ 957,368
[1] Total assets are presented on a condensed consolidated basis and 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	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 56,702	$ 54,238
Intangible assets, amortization	$ 18,604	$ 15,981
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	89,923,857	89,396,192
Common stock, shares outstanding	67,477,996	67,175,485
Treasury stock, shares	22,445,861	22,220,707

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Total revenue		$ 195,598	$ 182,959
OPERATING EXPENSES:
Educational services and facilities		33,851	28,088
General and administrative		112,686	106,296
Depreciation and amortization		5,155	4,882
Asset impairment		570
Total operating expenses		152,262	139,266
Operating income		43,336	43,693
OTHER INCOME:
Interest income		3,818	333
Interest expense		(95)	(103)
Miscellaneous expense		(6)	(89)
Total other income		3,717	141
PRETAX INCOME		47,053	43,834
Provision for income taxes		12,569	11,756
NET INCOME		$ 34,484	$ 32,078
NET INCOME PER SHARE - BASIC:		$ 0.51	$ 0.47
NET INCOME PER SHARE - DILUTED:		$ 0.50	$ 0.46
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		67,235	68,746
Diluted		68,514	69,567
Tuition and Fees, Net [Member]
REVENUE:
Total revenue		$ 193,319	$ 181,327
Other [Member]
REVENUE:
Total revenue	[1]	$ 2,279	$ 1,632
[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
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
NET INCOME	$ 34,484	$ 32,078
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Foreign currency translation adjustments	26	(81)
Unrealized gain (loss) on investments	1,300	(1,364)
Total other comprehensive income (loss)	1,326	(1,445)
COMPREHENSIVE INCOME	$ 35,810	$ 30,633

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 (Loss) Income [Member]	Retained Earnings [Member]
BALANCE at Dec. 31, 2021	$ 650,110	$ 887	$ (276,895)	$ 674,242	$ (96)	$ 251,972
BALANCE, shares at Dec. 31, 2021		88,724,000
BALANCE, shares at Dec. 31, 2021			(19,976,000)
Net income	32,078					32,078
Foreign currency translation	(81)				(81)
Unrealized gain (loss) on investments, net of tax	(1,364)				(1,364)
Treasury stock purchased	(3,828)		$ (3,828)
Treasury stock purchased, shares			(363,000)
Share-based compensation expense	2,416			2,416
Common stock issued	(951)	$ 6	$ (1,610)	653
Common stock issued, shares		540,000	(146,000)
BALANCE at Mar. 31, 2022	678,380	$ 893	$ (282,333)	677,311	(1,541)	284,050
BALANCE, shares at Mar. 31, 2022		89,264,000
BALANCE, shares at Mar. 31, 2022			(20,485,000)
BALANCE at Dec. 31, 2022	$ 725,845	$ 894	$ (301,624)	684,183	(5,447)	347,839
BALANCE, shares at Dec. 31, 2022	89,396,192	89,396,000
BALANCE, shares at Dec. 31, 2022	(22,220,707)		(22,221,000)
Net income	$ 34,484					34,484
Foreign currency translation	26				26
Unrealized gain (loss) on investments, net of tax	1,300				1,300
Treasury stock purchased	(815)		$ (815)
Treasury stock purchased, shares			(60,000)
Share-based compensation expense	2,294			2,294
Common stock issued	(1,962)	$ 5	$ (2,209)	242
Common stock issued, shares		528,000	(165,000)
BALANCE at Mar. 31, 2023	$ 761,172	$ 899	$ (304,648)	$ 686,719	$ (4,121)	$ 382,323
BALANCE, shares at Mar. 31, 2023	89,923,857	89,924,000
BALANCE, shares at Mar. 31, 2023	(22,445,861)		(22,446,000)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 34,484	$ 32,078
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment	570
Depreciation and amortization expense	5,155	4,882
Bad debt expense	10,757	13,715
Compensation expense related to share-based awards	2,294	2,416
Deferred income taxes	304	986
Changes in operating assets and liabilities	(48,992)	(31,923)
Net cash provided by operating activities	4,572	22,154
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments	(83,777)	(194,997)
Sales of available-for-sale investments	64,344	59,825
Purchases of property and equipment	(1,925)	(4,742)
Business acquisition		(7,000)
Net cash used in investing activities	(21,358)	(146,914)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	247	659
Purchase of treasury stock	(815)	(3,828)
Payments of employee tax associated with stock compensation	(2,209)	(1,610)
Release of cash held in escrow		(3,986)
Net cash used in financing activities	(2,777)	(8,765)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(19,563)	(133,525)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	118,884	325,178
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	$ 99,321	$ 191,653

Description of the Company

Description of the Company	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of the Company	1. DESCRIPTION OF THE COMPANY Perdoceo’s accredited academic institutions offer a quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. The Company’s academic institutions – Colorado Technical University (“ CTU ”) and the American InterContinental University System (“ AIUS ” or “ AIU System ”) – provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions 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 intellipath® learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. 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	3 Months Ended
	Mar. 31, 2023
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 ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. 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.

Business Acquisition

Business Acquisition	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Business Acquisition	3. BUSINESS ACQUISITION On December 1, 2022, the Company acquired substantially all of the assets of Coding Dojo. Founded in 2013, Coding Dojo offers computer programming and general technology upskilling and reskilling development opportunities supported by its quality technology platform and in-demand courses including software development, data science and cybersecurity. Coding Dojo is reported within the CTU segment. The preliminary purchase price of $ 64.9 million includes an initial $ 52.8 million cash payment funded with cash from operations as well as an estimate of the fair value of contingent consideration of $ 12.7 million and estimated post-closing working capital adjustments. Pursuant to the purchase agreement, a portion of the post-closing contingent consideration payment will be made in early 2024 , with the remainder to be paid in early 2025 up to total maximum payments of $ 15.0 million, with the final payment amounts to be based upon achievement of certain financial metrics. Additionally, pursuant to the terms of the acquisition agreement, $ 7.5 million of the initial cash payment was set aside in escrow accounts to secure indemnification obligations of the seller after closing and fund any post-closing working capital adjustments and is reflected as restricted cash on our unaudited condensed consolidated balance sheets. The preliminary purchase price of $ 64.9 million was allocated to estimated fair values of acquired tangible and identifiable intangible assets of $ 78.5 million and assumed liabilities of $ 13.6 million as of December 1, 2022. Intangible assets acquired include customer relationships with an estimated fair value of approximately $ 1.3 million and an estimated useful life of 1 year, a trade name with an estimated fair value of approximately $ 5.1 million and an estimated useful life of 10 years and developed technology with an estimated fair value of $ 6.0 million and an estimated useful life of 5 years. Based on our preliminary purchase price allocation, we have recorded goodwill of $ 59.8 million. Goodwill reflects the revenue growth opportunities following the acquisition. Substantially all of this goodwill balance will not 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, as well as the fair value of contingent consideration, are finalized. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of December 1, 2022 (dollars in thousands): (Preliminary) Coding Dojo Assets: December 1, 2022 Student receivables, net $ 5,344 Prepaid and other assets 408 Property, equipment and ROU assets 552 Intangible assets subject to amortization Trade name 5,100 Customer relationships 1,260 Developed technology 6,030 Goodwill 59,806 Total assets acquired $ 78,500 Liabilities: Accounts payable and other accrued liabilities 2,069 Deferred revenue 10,324 Deferred tax liability, net 1,221 Total liabilities assumed $ 13,614 Net assets acquired $ 64,886 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 Coding Dojo acquisition is not presented because the acquisition is not deemed material to the Company.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	4. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting guidance not yet adopted In June 2022, the 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.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments	5. FINANCIAL INSTRUMENTS Investments consist of the following as of March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, 2023 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 3,005 $ - $ ( 8 ) $ 2,997 Non-governmental debt securities 216,958 53 ( 2,255 ) 214,756 Treasury and federal agencies 205,023 43 ( 1,876 ) 203,190 Total short-term investments (available for sale) $ 424,986 $ 96 $ ( 4,139 ) $ 420,943 December 31, 2022 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 3,016 $ - $ ( 22 ) $ 2,994 Non-governmental debt securities 222,575 37 ( 2,880 ) 219,732 Treasury and federal agencies 179,068 6 ( 2,485 ) 176,589 Total short-term investments (available for sale) $ 404,659 $ 43 $ ( 5,387 ) $ 399,315 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022. Additionally, money market funds of $ 33.1 million and $ 40.1 million included within cash and cash equivalents on our condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively, were measured under Level 1, and commercial paper of $ 3.0 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of March 31, 2023 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 March 31, 2023, our investment in an equity affiliate equated to 30.7 %, or $ 1.2 million. During each of the quarters ended March 31, 2023 and 2022, we recorded less than $ 0.1 million of loss 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 ended March 31, 2023 and 2022 were as follows (dollars in thousands): Maintenance Fee Payments For the quarter ended March 31, 2023 $ 431 For the quarter ended March 31, 2022 $ 433 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 March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the revolving credit facility.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Revenue Recognition	6 . REVENUE RECOGNITION Disaggregation of Revenue The following tables disaggregate our revenue by major source for the quarters ended March 31, 2023 and 2022 (dollars in thousands): For the Quarter Ended March 31, 2023 For the Quarter Ended March 31, 2022 CTU (3) AIUS (4) Corporate and Other Total CTU AIUS Corporate and Other Total Tuition, net (1) $ 117,998 $ 66,645 $ - $ 184,643 $ 106,927 $ 65,451 $ - $ 172,378 Technology and miscellaneous fees 5,423 3,253 - 8,676 5,624 3,325 - 8,949 Total tuition and fees, net 123,421 69,898 - 193,319 112,551 68,776 - 181,327 Other revenue (2) 1,071 942 266 2,279 597 756 279 1,632 Total revenue $ 124,492 $ 70,840 $ 266 $ 195,598 $ 113,148 $ 69,532 $ 279 $ 182,959 __________________ (1) Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs. (2) Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. (3) CTU includes revenue related to an acquisition completed on December 1, 2022. (4) AIUS includes revenue relat ed to an acquisition completed on July 1, 2022. 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 generally bill student tuition upon enrollment for our non-degree professional development programs and recognize the tuition as revenue on a straight-line basis over the length of the offering. Other revenue, which primarily consists of contract training revenue 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. Ou r non-degree professional development programs are av ailable 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 certain of our institutions, 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 March 31, 2023 and December 31, 2022 were as follows (dollars in thousands): As of March 31, 2023 December 31, 2022 Gross deferred revenue $ 65,832 $ 107,200 Gross contract assets ( 21,122 ) ( 35,610 ) Deferred revenue, net $ 44,710 $ 71,590 Deferred Revenue Changes in our deferred revenue balances for the quarters ended March 31, 2023 and 2022 were as follows (dollars in thousands): For the Quarter Ended March 31, 2023 For the Quarter Ended March 31, 2022 CTU AIUS Total CTU AIUS Total Gross deferred revenue, January 1 $ 67,245 $ 39,955 $ 107,200 $ 64,674 $ 49,045 $ 113,719 Revenue earned from prior balances ( 54,712 ) ( 29,753 ) ( 84,465 ) ( 53,952 ) ( 36,987 ) ( 90,939 ) Billings during period (1) 100,012 53,132 153,144 86,621 48,575 135,196 Revenue earned for new billings during the period ( 68,709 ) ( 40,145 ) ( 108,854 ) ( 58,599 ) ( 31,789 ) ( 90,388 ) Other adjustments ( 1,464 ) 271 ( 1,193 ) 599 ( 337 ) 262 Gross deferred revenue, March 31 $ 42,372 $ 23,460 $ 65,832 $ 39,343 $ 28,507 $ 67,850 ______________ (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 academic institutions 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 $ 2.5 million as of March 31, 2023 and December 31, 2022, 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.

Student Receivables

Student Receivables	3 Months Ended
	Mar. 31, 2023
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 session for students who receive employer reimbursements. Students who have not applied for any type of financial aid or students whose financial aid may not fully cover the cost of their tuition and fees 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 March 31, 2023 and December 31, 2022, 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 $ 1.5 million and $ 1.9 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 ended March 31, 2023 and 2022 were as follows (dollars in thousands): For the Quarter Ended March 31, 2023 2022 Balance, beginning of period $ 43,141 $ 39,255 Provision for credit losses 10,757 13,715 Amounts written-off ( 10,528 ) ( 10,264 ) Recoveries 574 951 Balance, end of period $ 43,944 $ 43,657 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 For the Quarter Ended March 31, 2022 Lease expenses (1) Fixed lease expenses - operating $ 1,696 $ 2,767 Variable lease expenses - operating 581 815 Sublease income ( 311 ) ( 276 ) Total lease expenses $ 1,966 $ 3,306 Other information Gross operating cash flows for operating leases (2) $ ( 2,866 ) $ ( 4,555 ) Operating cash flows from subleases (2) $ 292 $ 274 As of March 31, 2023 As of March 31, 2022 Weighted average remaining lease term (in months) – operating leases 61 68 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 March 31, 2023, we have one sublease with a remaining term of two 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 March 31, 2023 and 2022, as an offset to lease expense on our unaudited condensed consolidated statements of income.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
Loss Contingency [Abstract]
Contingencies	9. CONTINGENCIES An accrual for estimated legal fees of $ 4.9 million and $ 1.7 million at March 31, 2023 and December 31, 2022, 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 Coding Dojo acquisition in the aggregate fair value amount of $ 12.7 million as of March 31, 2023. Pursuant to the acquisition agreement, post-closing contingent consideration payments are expected to be paid in January 2024 and January 2025 , based upon the achievement of certain financial metrics, with an aggregate maximum for the two payments of $ 15.0 million. The determination of the estimated fair value of contingent consideration requires significant estimates and assumptions, and as such, this fair value measurement is categorized as Level 3 per ASC Topic 820. These estimates and assumptions primarily include, but are not limited to, operating cash flow projections, discount rate and volatility rate. Due to the inherent uncertainty involved in deriving those estimates, actual results could differ from those estimates.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 March 31, (Dollars in Thousands) 2023 2022 Pretax income $ 47,053 $ 43,834 Provision for income taxes $ 12,569 $ 11,756 Effective rate 26.7 % 26.8 % As of December 31, 2022, a valuation allowance o f $ 22.5 m illion was maintained with respect to our foreign tax credits not supported by an Overall Domestic Loss (“ODL”) account balance, equity investment, available for sale short-term investments and state net operating losses. Due to a reduction in the cumulative unrealized holding loss on available for sale short-term investments that is reflected in total other comprehensive income (loss), the deferred tax asset and valuation allowance with respect to this item was reduced from $ 1.3 million to $ 1.0 million during the current quarter. After considering both positive and negative evidence related to the realization of the deferred tax assets, we have determined that it is necessary to continue to main tain a $ 22.2 milli on valuation allowance against our non-ODL supported foreign tax credits, equity investment, available for sale short-term investments and state net operating losses as of March 31, 2023. The effective tax rate for the quarter ended March 31, 2023 was impacted by the tax effect of share-based compensation and the release of previously recorded tax reserves. The net effect of these discrete items decreased the effective tax rate by 0.8 %. The effective tax rate for the quarter ended March 31, 2022 was impacted by the tax effect of share-based compensation and the release of previously recorded tax reserves, the net effect of which increased the effective tax rate by 0.5 %. 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 $ 6.4 milli on in the next twelve months as a result of the completion of various tax audits currently in process and the expiration of the statute of limitations in several jurisdictions. The income tax rate for the quarter ended March 31, 2023 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 March 31, 2023, we had a ccrued $ 2.6 m illion 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	3 Months Ended
	Mar. 31, 2023
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 quarters ended March 31, 2023 and 2022, the Company granted approximately 0.4 million and 0.3 million restricted stock units, respectively, which are not “performance-based” and which have a grant-date fair value of approximately $ 5.3 million and $ 2.9 million, respectively. Additionally, for the quarters ended March 31, 2023 and 2022, the Company granted approximately 0.3 million and 0.4 million restricted stock units, respectively, which are “performance-based” and which have a grant-date fair value of approximately $ 4.1 million and $ 4.0 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. All restricted stock units granted in 2023 and 2022 are to be settled in shares of our common stock. Stock Options There were no stock options granted during each of the quarters ended March 31, 2023 and 2022. Share-Based Compensation Expense Total share-based compensation expense for the quarters ended March 31, 2023 and 2022 for all types of awards was as follows (dollars in thousands): For the Quarter Ended March 31, Award Type 2023 2022 Stock options $ - $ 89 Restricted stock units settled in stock 2,291 2,323 Total share-based compensation expense $ 2,291 $ 2,412 As of March 31, 2023, we estimate that total compensation expense of approximately $ 21.0 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	3 Months Ended
	Mar. 31, 2023
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 quarter ended March 31, 2023, we repurchased less than 0.1 million shares of our common stock for approximately $ 0.8 million at an average price of $ 13.61 per share and during the quarter ended March 31, 2022, we repurchased 0.4 million shares of our common stock for approximately $ 3.8 million at an average price of $ 10.56 per share. As of March 31, 2023, approximately $ 26.0 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	3 Months Ended
	Mar. 31, 2023
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 ended March 31, 2023 and 2022 were as follows (shares in thousands): For the Quarter Ended March 31, 2023 2022 Basic common shares outstanding 67,235 68,746 Common stock equivalents 1,279 821 Diluted common shares outstanding 68,514 69,567 For the quarters ended March 31, 2023 and 2022, 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 0.1 million and 0.3 million shares for the quarters ended March 31, 2023 and 2022, respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 March 31, 2023, students enrolled at CTU represented approximately 62 % 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 March 31, 2023, students enrolled at AIUS represented approximately 38 % 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 March 31, Revenue Operating Income (Loss) 2023 % of Total 2022 % of Total 2023 2022 CTU (1) $ 124,492 63.7 % $ 113,148 61.8 % $ 43,690 $ 43,026 AIUS (2) 70,840 36.2 % 69,532 38.0 % 12,003 9,523 Corporate and Other 266 0.1 % 279 0.2 % ( 12,357 ) ( 8,856 ) Total $ 195,598 100.0 % $ 182,959 100.0 % $ 43,336 $ 43,693 Total Assets as of (3) March 31, 2023 December 31, 2022 CTU $ 254,454 $ 247,510 AIUS 192,092 185,943 Corporate and Other 516,466 523,915 Total $ 963,012 $ 957,368 (1) CTU results of operations include the Coding Dojo acquisition commencing on the December 1, 2022 date of acquisition. (2) AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition. (3) Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
	Mar. 31, 2023
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 December 1, 2022 (dollars in thousands): (Preliminary) Coding Dojo Assets: December 1, 2022 Student receivables, net $ 5,344 Prepaid and other assets 408 Property, equipment and ROU assets 552 Intangible assets subject to amortization Trade name 5,100 Customer relationships 1,260 Developed technology 6,030 Goodwill 59,806 Total assets acquired $ 78,500 Liabilities: Accounts payable and other accrued liabilities 2,069 Deferred revenue 10,324 Deferred tax liability, net 1,221 Total liabilities assumed $ 13,614 Net assets acquired $ 64,886

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Investments	Investments consist of the following as of March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, 2023 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 3,005 $ - $ ( 8 ) $ 2,997 Non-governmental debt securities 216,958 53 ( 2,255 ) 214,756 Treasury and federal agencies 205,023 43 ( 1,876 ) 203,190 Total short-term investments (available for sale) $ 424,986 $ 96 $ ( 4,139 ) $ 420,943 December 31, 2022 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 3,016 $ - $ ( 22 ) $ 2,994 Non-governmental debt securities 222,575 37 ( 2,880 ) 219,732 Treasury and federal agencies 179,068 6 ( 2,485 ) 176,589 Total short-term investments (available for sale) $ 404,659 $ 43 $ ( 5,387 ) $ 399,315
Schedule of Maintenance Fee Payment to our equity affiliate	We make periodic operating maintenance payments to our equity affiliate. The total fees recorded during the quarters ended March 31, 2023 and 2022 were as follows (dollars in thousands): Maintenance Fee Payments For the quarter ended March 31, 2023 $ 431 For the quarter ended March 31, 2022 $ 433

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue by Major Source	The following tables disaggregate our revenue by major source for the quarters ended March 31, 2023 and 2022 (dollars in thousands): For the Quarter Ended March 31, 2023 For the Quarter Ended March 31, 2022 CTU (3) AIUS (4) Corporate and Other Total CTU AIUS Corporate and Other Total Tuition, net (1) $ 117,998 $ 66,645 $ - $ 184,643 $ 106,927 $ 65,451 $ - $ 172,378 Technology and miscellaneous fees 5,423 3,253 - 8,676 5,624 3,325 - 8,949 Total tuition and fees, net 123,421 69,898 - 193,319 112,551 68,776 - 181,327 Other revenue (2) 1,071 942 266 2,279 597 756 279 1,632 Total revenue $ 124,492 $ 70,840 $ 266 $ 195,598 $ 113,148 $ 69,532 $ 279 $ 182,959 __________________ (1) Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs. (2) Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. (3) CTU includes revenue related to an acquisition completed on December 1, 2022. (4) AIUS includes revenue relat ed to an acquisition completed on July 1, 2022.
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 March 31, 2023 and December 31, 2022 were as follows (dollars in thousands): As of March 31, 2023 December 31, 2022 Gross deferred revenue $ 65,832 $ 107,200 Gross contract assets ( 21,122 ) ( 35,610 ) Deferred revenue, net $ 44,710 $ 71,590
Changes in Deferred Revenue Balances	Changes in our deferred revenue balances for the quarters ended March 31, 2023 and 2022 were as follows (dollars in thousands): For the Quarter Ended March 31, 2023 For the Quarter Ended March 31, 2022 CTU AIUS Total CTU AIUS Total Gross deferred revenue, January 1 $ 67,245 $ 39,955 $ 107,200 $ 64,674 $ 49,045 $ 113,719 Revenue earned from prior balances ( 54,712 ) ( 29,753 ) ( 84,465 ) ( 53,952 ) ( 36,987 ) ( 90,939 ) Billings during period (1) 100,012 53,132 153,144 86,621 48,575 135,196 Revenue earned for new billings during the period ( 68,709 ) ( 40,145 ) ( 108,854 ) ( 58,599 ) ( 31,789 ) ( 90,388 ) Other adjustments ( 1,464 ) 271 ( 1,193 ) 599 ( 337 ) 262 Gross deferred revenue, March 31 $ 42,372 $ 23,460 $ 65,832 $ 39,343 $ 28,507 $ 67,850 ______________ (1) Billings during period includes adjustments for prior billings.

Student Receivables (Tables)

Student Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
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 ended March 31, 2023 and 2022 were as follows (dollars in thousands): For the Quarter Ended March 31, 2023 2022 Balance, beginning of period $ 43,141 $ 39,255 Provision for credit losses 10,757 13,715 Amounts written-off ( 10,528 ) ( 10,264 ) Recoveries 574 951 Balance, end of period $ 43,944 $ 43,657

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 For the Quarter Ended March 31, 2022 Lease expenses (1) Fixed lease expenses - operating $ 1,696 $ 2,767 Variable lease expenses - operating 581 815 Sublease income ( 311 ) ( 276 ) Total lease expenses $ 1,966 $ 3,306 Other information Gross operating cash flows for operating leases (2) $ ( 2,866 ) $ ( 4,555 ) Operating cash flows from subleases (2) $ 292 $ 274 As of March 31, 2023 As of March 31, 2022 Weighted average remaining lease term (in months) – operating leases 61 68 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, (Dollars in Thousands) 2023 2022 Pretax income $ 47,053 $ 43,834 Provision for income taxes $ 12,569 $ 11,756 Effective rate 26.7 % 26.8 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Total Stock Based Compensation Expense	Total share-based compensation expense for the quarters ended March 31, 2023 and 2022 for all types of awards was as follows (dollars in thousands): For the Quarter Ended March 31, Award Type 2023 2022 Stock options $ - $ 89 Restricted stock units settled in stock 2,291 2,323 Total share-based compensation expense $ 2,291 $ 2,412

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2023
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 ended March 31, 2023 and 2022 were as follows (shares in thousands): For the Quarter Ended March 31, 2023 2022 Basic common shares outstanding 67,235 68,746 Common stock equivalents 1,279 821 Diluted common shares outstanding 68,514 69,567

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, Revenue Operating Income (Loss) 2023 % of Total 2022 % of Total 2023 2022 CTU (1) $ 124,492 63.7 % $ 113,148 61.8 % $ 43,690 $ 43,026 AIUS (2) 70,840 36.2 % 69,532 38.0 % 12,003 9,523 Corporate and Other 266 0.1 % 279 0.2 % ( 12,357 ) ( 8,856 ) Total $ 195,598 100.0 % $ 182,959 100.0 % $ 43,336 $ 43,693 Total Assets as of (3) March 31, 2023 December 31, 2022 CTU $ 254,454 $ 247,510 AIUS 192,092 185,943 Corporate and Other 516,466 523,915 Total $ 963,012 $ 957,368 (1) CTU results of operations include the Coding Dojo acquisition commencing on the December 1, 2022 date of acquisition. (2) AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition. (3) Total assets are presented on a condensed consolidated basis and 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)	3 Months Ended
	Mar. 31, 2023 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		3 Months Ended
	Dec. 01, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 243,941	$ 243,540
Coding Dojo [Member]
Business Acquisition [Line Items]
Preliminary purchase price	$ 64,900	64,900
Payments to Acquire Businesses, Gross	52,800
Contingent Consideration Fair Value	12,700	12,700
Fair values of acquired tangible and identifiable intangible assets	78,500
Fair values of assumed liabilities	13,614
Goodwill	$ 59,806
Coding Dojo [Member] | Contingent Consideration [Member]
Business Acquisition [Line Items]
Post-closing contingent consideration year of expected payment	2024
Remaining contingent consideration year of expected payment	2025
Contingent consideration payment	$ 15,000	$ 15,000
Coding Dojo [Member] | Goodwill [Member]
Business Acquisition [Line Items]
Goodwill	59,800
Coding Dojo [Member] | Trade Name [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 5,100
Intangible assets subject to amortization, useful life	10 years
Coding Dojo [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 1,260
Intangible assets subject to amortization, useful life	1 year
Coding Dojo [Member] | Developed Technology [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 6,030
Intangible assets subject to amortization, useful life	5 years
Coding Dojo [Member] | Restricted Cash [Member]
Business Acquisition [Line Items]
Amount set aside in escrow account	$ 7,500
Coding Dojo [Member] | Fair Value [Member]
Business Acquisition [Line Items]
Fair values of acquired tangible and identifiable intangible assets	78,500
Fair values of assumed liabilities	13,600
Coding Dojo [Member] | Fair Value [Member] | Trade Name [Member]
Business Acquisition [Line Items]
Fair values of assumed liabilities	5,100
Coding Dojo [Member] | Fair Value [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	1,300
Coding Dojo [Member] | Fair Value [Member] | Developed Technology [Member]
Business Acquisition [Line Items]
Fair value of intangible assets	$ 6,000

Business Acquisition - Summary

Business Acquisition - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 01, 2022
Assets:
Goodwill	$ 243,941	$ 243,540
Coding Dojo [Member]
Assets:
Student receivables, net			$ 5,344
Prepaid and other assets			408
Property, equipment and ROU assets			552
Goodwill			59,806
Total assets acquired			78,500
Liabilities:
Accounts payable and other accrued liabilities			2,069
Deferred revenue			10,324
Deferred tax liability, net			1,221
Total liabilities assumed			13,614
Net assets acquired			64,886
Trade Name [Member] | Coding Dojo [Member]
Assets:
Fair value of intangible assets			5,100
Customer Relationship [Member] | Coding Dojo [Member]
Assets:
Fair value of intangible assets			1,260
Developed Technology [Member] | Coding Dojo [Member]
Assets:
Fair value of intangible assets			$ 6,030

Financial Instruments - Summary

Financial Instruments - Summary of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Short-term, Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	$ 3,005	$ 3,016
Total short-term investments (available for sale), Gross Unrealized (Loss)	(8)	(22)
Total short-term investments (available for sale), Fair value	2,997	2,994
Short-term, Non-governmental Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	216,958	222,575
Total short-term investments (available for sale), Gross Unrealized Gain	53	37
Total short-term investments (available for sale), Gross Unrealized (Loss)	(2,255)	(2,880)
Total short-term investments (available for sale), Fair value	214,756	219,732
Short-term, Treasury and Federal Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	205,023	179,068
Total short-term investments (available for sale), Gross Unrealized Gain	43	6
Total short-term investments (available for sale), Gross Unrealized (Loss)	(1,876)	(2,485)
Total short-term investments (available for sale), Fair value	203,190	176,589
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	424,986	404,659
Total short-term investments (available for sale), Gross Unrealized Gain	96	43
Total short-term investments (available for sale), Gross Unrealized (Loss)	(4,139)	(5,387)
Total short-term investments (available for sale), Fair value	$ 420,943	$ 399,315

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Sep. 08, 2021
Financial Instruments [Line Items]
Period cash equivalents and short-term investments have been in continuous unrealized gain (loss) position, years, maximum	1 year
Non controlling interest	$ 1,200,000
Aggregate maximum payments of repurchases of common stock	815,000	$ 3,828,000
Cash and cash equivalents, unrestricted	89,845,000		$ 109,408,000
Maximum [Member]
Financial Instruments [Line Items]
Gain (loss) from investment in affiliate	$ (100,000)	$ (100,000)
Credit Agreement | Wintrust Bank [Member]
Financial Instruments [Line Items]
Discount interest rate to prime	1%
Credit Agreement | Wintrust Bank [Member] | Minimum [Member] | Prime [Member]
Financial Instruments [Line Items]
Line of credit facility, interest rate	3%
Credit Agreement | Revolving Credit Facility | Wintrust Bank [Member]
Financial Instruments [Line Items]
Credit facility borrowings	$ 0		0
Credit Agreement | Revolving Credit Facility [Member] | Wintrust Bank [Member]
Financial Instruments [Line Items]
Revolving credit facility maturity date	Sep. 08, 2024
Revolving credit facility				$ 125,000,000
Credit Agreement | Revolving Credit Facility [Member] | Wintrust Bank [Member] | 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%
Equity Affiliate [Member]
Financial Instruments [Line Items]
Percentage of investment in equity affiliate	30.70%
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments [Line Items]
Total short-term investments (available for sale), Fair value	$ 33,100,000		$ 40,100,000
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	$ 3,000,000

Financial Instruments - Schedul

Financial Instruments - Schedule of Maintenance Fee Payment to Our Equity Affiliate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Maintenance Fee Payments	$ 431	$ 433

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue by Major Source (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenue		$ 195,598		$ 182,959
Tuition, Net [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	184,643		172,378
Technology and Miscellaneous Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		8,676		8,949
Tuition and Fees, Net [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		193,319		181,327
Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[2]	2,279		1,632
University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[3]	124,492	[4]	113,148
University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[5],[6]	70,840		69,532
University Group [Member] | Tuition, Net [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	117,998	[4]	106,927
University Group [Member] | Tuition, Net [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	66,645	[6]	65,451
University Group [Member] | Technology and Miscellaneous Fees [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		5,423	[4]	5,624
University Group [Member] | Technology and Miscellaneous Fees [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		3,253	[6]	3,325
University Group [Member] | Tuition and Fees, Net [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		123,421	[4]	112,551
University Group [Member] | Tuition and Fees, Net [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		69,898	[6]	68,776
University Group [Member] | Other [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[2]	1,071	[4]	597
University Group [Member] | Other [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[2]	942	[6]	756
Corporate and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		266		279
Corporate and Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[2]	$ 266		$ 279
[1] Tuition includes revenue earned for all degree-granting programs as well as revenue earned for non-degree and professional development programs. Other revenue primarily includes contract training revenue and miscellaneous non-student related revenue. CTU results of operations include the Coding Dojo acquisition commencing on the December 1, 2022 date of acquisition. CTU includes revenue related to an acquisition completed on December 1, 2022. AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition. AIUS includes revenue relat ed to an acquisition completed on July 1, 2022.

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue Recognition [Line Items]
Length of academic year	210 days
Term of non degree professional development and continuing education offerings through subscription based access	364 days
Revenue recognized estimated reserve based on historical evidence	$ 2.4	$ 2.5
Minimum [Member]
Revenue Recognition [Line Items]
Length of academic terms	56 days
Term of non degree professional development and continuing education offerings through online courses	84 days
Maximum [Member]
Revenue Recognition [Line Items]
Length of academic terms	84 days
Term of non degree professional development and continuing education offerings through online courses	126 days

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Deferred Revenue Balances Offset with Contract Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Revenue Recognition [Abstract]
Gross deferred revenue	$ 65,832	$ 107,200	$ 67,850	$ 113,719
Gross contract assets	(21,122)	(35,610)
Deferred revenue, net	$ 44,710	$ 71,590

Revenue Recognition - Changes i

Revenue Recognition - Changes in Deferred Revenue Balances (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		$ 107,200	$ 113,719
Revenue earned from prior balances		(84,465)	(90,939)
Billings during period	[1]	153,144	135,196
Revenue earned for new billings during the period		(108,854)	(90,388)
Other adjustments		(1,193)	262
Gross deferred revenue, ending balance		65,832	67,850
University Group [Member] | CTU [Member]
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		67,245	64,674
Revenue earned from prior balances		(54,712)	(53,952)
Billings during period	[1]	100,012	86,621
Revenue earned for new billings during the period		(68,709)	(58,599)
Other adjustments		(1,464)	599
Gross deferred revenue, ending balance		42,372	39,343
University Group [Member] | AIUS [Member]
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		39,955	49,045
Revenue earned from prior balances		(29,753)	(36,987)
Billings during period	[1]	53,132	48,575
Revenue earned for new billings during the period		(40,145)	(31,789)
Other adjustments		271	(337)
Gross deferred revenue, ending balance		$ 23,460	$ 28,507
[1] Billings during period includes adjustments for prior billings.

Student Receivables - Additiona

Student Receivables - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Approximate length of current academic year	210 days
Student receivables, net of allowance for doubtful accounts	$ 1,467	$ 1,850
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 Allowance For Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Balance, Beginning of Period	$ 43,141	$ 39,255
Provision for credit losses	10,757	13,715
Amounts written-off	(10,528)	(10,264)
Recoveries	574	951
Balance, End of Period	$ 43,944	$ 43,657

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands		3 Months Ended
		Mar. 31, 2023 USD ($) Lease	Mar. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating leases expiration date		2032
Number of subleases | Lease		1
Sublease income | $	[1]	$ 311	$ 276
Minimum [Member]
Lessee Lease Description [Line Items]
Lease term range, years		5 years
Number of renewal options for extended terms		1 year
Operating sublease term		2 months
Maximum [Member]
Lessee Lease Description [Line Items]
Lease term range, years		10 years
Number of renewal options for extended terms		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
		Mar. 31, 2023	Mar. 31, 2022
Lease expenses
Fixed lease expenses - operating	[1]	$ 1,696	$ 2,767
Variable lease expenses - operating	[1]	581	815
Sublease income	[1]	(311)	(276)
Total lease expenses	[1]	1,966	3,306
Other information
Gross operating cash flows for operating leases	[2]	(2,866)	(4,555)
Operating cash flows from subleases	[2]	$ 292	$ 274
Weighted average remaining lease term (in months) – operating leases		61 months	68 months
Weighted average discount rate – operating leases		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		3 Months Ended
	Dec. 01, 2022	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Contingent consideration year of expected payment year and month one		2024-01
Contingent consideration year of expected payment year and month two		2025-01
Dojo [Member]
Loss Contingencies [Line Items]
Aggregate fair value amount	$ 12.7	$ 12.7
Contingent Consideration [Member] | Dojo [Member]
Loss Contingencies [Line Items]
Contingent consideration payment	$ 15	15
Other Accrued Expenses [Member]
Loss Contingencies [Line Items]
Accrual for legal fees		$ 4.9	$ 1.7

Income Taxes - Summary of Provi

Income Taxes - Summary of Provision for Income Taxes and Effective Tax Rate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Pretax income	$ 47,053	$ 43,834
Provision for income taxes	$ 12,569	$ 11,756
Effective rate	26.70%	26.80%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax [Line Items]
Deferred tax assets, valuation allowance	$ 22.2		$ 22.5
Decrease in unrecognized tax positions	6.4
Valuation allowance attributable to the unrealized holding loss on available for sale short-term investments	$ 1		$ 1.3
Effective tax rate impact associated with stock-based compensation and previously recorded tax reserves	0.80%	0.50%
Interest and penalties	$ 2.6

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	0	0
Estimated total compensation expense	$ 21
Expiration period in years	4 years
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	400,000	300,000
Granted, Units fair value	$ 5.3	$ 2.9
Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	300,000	400,000
Granted, Units fair value	$ 4.1	$ 4
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
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,291	$ 2,412
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense		89
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	$ 2,291	$ 2,323

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($)		3 Months Ended
	Jan. 27, 2022	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchase authorized amount	$ 50,000,000
Expiration Date	Feb. 28, 2022
Expiration Date	Sep. 30, 2023
Shares repurchased under stock repurchase program			400,000
Shares repurchased during period		$ 800,000	$ 3,800,000
Average price of repurchased stock		$ 13.61	$ 10.56
Available authorized repurchase amount		$ 26,000,000
Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased under stock repurchase program		100,000

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
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic common shares outstanding	67,235	68,746
Common stock equivalents	1,279	821
Diluted common shares outstanding	68,514	69,567

Weighted Average Common Share_3

Weighted Average Common Shares - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	0.1	0.3

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 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	62%
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	38%
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
		Mar. 31, 2023		Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue		$ 195,598		$ 182,959
Percentage of total revenue		100%		100%
Operating Income (Loss)		$ 43,336		$ 43,693
Total Assets	[1]	963,012			$ 957,368
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenue		$ 266		$ 279
Percentage of total revenue		0.10%		0.20%
Operating Income (Loss)		$ (12,357)		$ (8,856)
Total Assets	[1]	516,466			523,915
CTU [Member] | University Group [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	$ 124,492	[3]	$ 113,148
Percentage of total revenue	[2]	63.70%		61.80%
Operating Income (Loss)	[2]	$ 43,690		$ 43,026
Total Assets	[1]	254,454			247,510
AIUS [Member] | University Group [Member]
Segment Reporting Information [Line Items]
Revenue	[4],[5]	$ 70,840		$ 69,532
Percentage of total revenue	[4]	36.20%		38%
Operating Income (Loss)	[4]	$ 12,003		$ 9,523
Total Assets	[1]	$ 192,092			$ 185,943
[1] Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries. CTU results of operations include the Coding Dojo acquisition commencing on the December 1, 2022 date of acquisition. CTU includes revenue related to an acquisition completed on December 1, 2022. AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition. AIUS includes revenue relat ed to an acquisition completed on July 1, 2022.

Segment Reporting - Summary F_2

Segment Reporting - Summary Financial Information by Reporting Segment (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2023
Dojo [Member] | CTU [Member]
Segment Reporting Information [Line Items]
Acquisition date	Dec. 01, 2022
CalSouthern [Member] | AIUS [Member]
Segment Reporting Information [Line Items]
Acquisition date	Jul. 01, 2022