Perdoceo Education (PRDO) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
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		68,779,291
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	231 N. Martingale 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, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents, unrestricted		$ 190,443	$ 319,982
Restricted cash		1,210	5,196
Total cash, cash equivalents and restricted cash		191,653	325,178
Short-term investments		307,620	174,213
Total cash and cash equivalents, restricted cash and short-term investments		499,273	499,391
Student receivables, gross		74,869	79,418
Allowance for credit losses		(40,765)	(36,385)
Student receivables, net		34,104	43,033
Receivables, other		8,845	1,692
Prepaid expenses		9,874	6,919
Inventories		1,405	904
Other current assets		2,702	2,514
Total current assets		556,203	554,453
NON-CURRENT ASSETS:
Property and equipment, net of accumulated depreciation of $116,927 and $113,711 as of March 31, 2022 and December 31, 2021, respectively		27,956	28,355
Right of use asset, net		34,535	36,664
Goodwill		162,579	162,579
Intangible assets, net of amortization of $10,328 and $8,662 as of March 31, 2022 and December 31, 2021, respectively		30,542	32,208
Student receivables, gross		4,206	4,242
Allowance for credit losses		(2,892)	(2,870)
Student receivables, net		1,314	1,372
Deferred income tax assets, net		24,128	25,114
Other assets		6,570	6,688
TOTAL ASSETS	[1]	843,827	847,433
CURRENT LIABILITIES:
Lease liability-operating		8,355	9,400
Accounts payable		12,135	10,838
Accrued expenses:
Payroll and related benefits		17,648	25,312
Advertising and marketing costs		9,971	8,690
Income taxes		10,982	211
Other		12,148	15,180
Deferred revenue		39,108	70,613
Total current liabilities		110,347	140,244
NON-CURRENT LIABILITIES:
Lease liability-operating		33,757	35,549
Other liabilities		21,343	21,530
Total non-current liabilities		55,100	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; 89,264,034 and 88,724,438 shares issued, 68,779,291 and 68,748,662 shares outstanding as of March 31, 2022 and December 31, 2021, respectively		893	887
Additional paid-in capital		677,311	674,242
Accumulated other comprehensive loss		(1,541)	(96)
Retained earnings		284,050	251,972
Treasury stock, at cost; 20,484,743 and 19,975,776 shares as of March 31, 2022 and December 31, 2021, respectively		(282,333)	(276,895)
Total stockholders' equity		678,380	650,110
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 843,827	$ 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	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 116,927	$ 113,711
Intangible assets, amortization	$ 10,328	$ 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	89,264,034	88,724,438
Common stock, shares outstanding	68,779,291	68,748,662
Treasury stock, shares	20,484,743	19,975,776

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
REVENUE:
Total revenue		$ 182,959	$ 183,638
OPERATING EXPENSES:
Educational services and facilities		28,088	28,974
General and administrative		106,296	110,045
Depreciation and amortization		4,882	4,002
Total operating expenses		139,266	143,021
Operating income		43,693	40,617
OTHER INCOME:
Interest income		333	359
Interest expense		(103)	(109)
Miscellaneous (expense) income		(89)	131
Total other income		141	381
PRETAX INCOME		43,834	40,998
Provision for income taxes		11,756	10,245
NET INCOME		$ 32,078	$ 30,753
NET INCOME PER SHARE - BASIC:		$ 0.47	$ 0.44
NET INCOME PER SHARE - DILUTED:		$ 0.46	$ 0.43
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		68,746	70,149
Diluted		69,567	71,482
Tuition and Fees [Member]
REVENUE:
Total revenue		$ 181,327	$ 182,831
Other [Member]
REVENUE:
Total revenue	[1]	$ 1,632	$ 807
[1]	Other revenue primarily includes contract training revenue and miscellaneous

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
NET INCOME	$ 32,078	$ 30,753
OTHER COMPREHENSIVE LOSS, net of tax:
Foreign currency translation adjustments	(81)	(129)
Unrealized loss on investments	(1,364)	(221)
Total other comprehensive loss	(1,445)	(350)
COMPREHENSIVE INCOME	$ 30,633	$ 30,403

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	30,753					30,753
Foreign currency translation	(129)				(129)
Unrealized loss on investments, net of tax	(221)				(221)
Share-based compensation expense	3,753			3,753
Common stock issued	(1,718)	$ 5	$ (2,032)	309
Common stock issued, shares		530,000	(160,000)
BALANCE at Mar. 31, 2021	588,345	$ 878	$ (248,120)	662,485	14	173,088
BALANCE, shares at Mar. 31, 2021		87,795,000
BALANCE, shares at Mar. 31, 2021			(17,363,000)
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	$ 32,078					32,078
Foreign currency translation	(81)				(81)
Unrealized 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	89,264,034	89,264,000
BALANCE, shares at Mar. 31, 2022	(20,484,743)		(20,485,000)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 32,078	$ 30,753
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,882	4,002
Bad debt expense	13,715	13,719
Compensation expense related to share-based awards	2,416	3,753
Deferred income taxes	986	4,767
Changes in operating assets and liabilities	(31,923)	(12,286)
Net cash provided by operating activities	22,154	44,708
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments	(194,997)	(126,009)
Sales of available-for-sale investments	59,825	64,408
Purchases of property and equipment	(4,742)	(1,042)
Payments for potential business acquisition	(7,000)
Net cash used in investing activities	(146,914)	(62,643)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	659	314
Purchase of treasury stock	(3,828)
Payments of employee tax associated with stock compensation	(1,610)	(2,032)
Release of cash held in escrow	(3,986)
Net cash used in financing activities	(8,765)	(1,718)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(133,525)	(19,653)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period	325,178	109,684
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period	$ 191,653	$ 90,031

Description of the Company

Description of the Company	3 Months Ended
	Mar. 31, 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 blend ed 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. path ® 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, 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”) 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”) (“ASC”) Segment Reporting As of January 1, 2022, the Company began recording income (loss) from discontinued operations within other miscellaneous income (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. During the first quarter of 2022, the Company paid an advance deposit related to a potential acquisition which is reflected within other current receivables on its unaudited condensed consolidated balance sheets and as a cash outflow from investing activities on its unaudited condensed consolidated statements of cash flows. The fair value of this note receivable approximates carrying value due to its short term nature and is expected to be offset against the final purchase price should the acquisition close.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	3. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting guidance to be adopted in 2023 In March 2022, the Financial Accounting Standards Board (“ FASB ASU Troubled Debt Restructurings and Vintage Disclosures TDR

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments	4. FINANCIAL INSTRUMENTS Investments consist of the following as of March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 5,000 $ - $ - $ 5,000 Non-governmental debt securities 208,401 3 (1,192 ) 207,212 Treasury and federal agencies 95,737 - (329 ) 95,408 Total short-term investments (available for sale) $ 309,138 $ 3 $ (1,521 ) $ 307,620 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. We do not intend to sell our investments in these securities prior to maturity and it is not likely that we will be required to sell these investments before recovery of the amortized cost basis. Fair Value Measurements FASB ASC Topic 820 – Fair Value Measurements As of March 31, 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 March 31, 2022 and December 31, 2021. Additionally, money market funds of $51.8 million and $225.3 million included within cash and cash equivalents on our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively, were measured under Level 1, and commercial paper and treasury bills of $63.9 million included within cash and cash equivalents on our unaudited condensed consolidated balance sheets as of March 31, 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 March 31, 2022, our investment in an equity affiliate equated to a 30.7%, or $3.0 million, non-controlling interest in CCKF, a Dublin-based educational technology company providing intelligent systems to power the delivery of individualized and personalized learning. During the quarters ended March 31, 2022 and 2021, we recorded approximately $0.1 million of loss and approximately $0.2 million of gain, respectively, related to our proportionate investment in CCKF within miscellaneous (expense) income on our unaudited condensed consolidated statements of income. We make periodic operating maintenance payments to CCKF related to proprietary rights that we use in our intelli path ® Maintenance Fee Payments For the quarter ended March 31, 2022 $ 433 For the quarter ended March 31, 2021 $ 423 Credit Agreement On September 8, 2021, the Company and the subsidiary guarantors thereunder entered into a credit agreement with Wintrust Bank N.A. (“ Wintrust 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, 2022 and December 31, 2021, there were no outstanding borrowings under the revolving credit facility.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue Recognition	5 . Disaggregation of Revenue The following tables disaggregate our revenue by major source for the quarters ended March 31, 2022 and 2021 (dollars in thousands): For the Quarter Ended March 31, 2022 For the Quarter Ended March 31, 2021 CTU (4) AIUS (5) Corporate and Other (6) Total CTU AIUS Corporate and Other (6) Total Tuition, net (1) $ 106,927 $ 65,451 $ - $ 172,378 $ 99,605 $ 74,498 $ - $ 174,103 Technology fees 5,442 3,110 - 8,552 5,483 2,795 - 8,278 Other miscellaneous fees (2) 182 215 - 397 292 158 - 450 Total tuition and fees, net 112,551 68,776 - 181,327 105,380 77,451 - 182,831 Other revenue (3) 597 756 279 1,632 442 26 339 807 Total revenue $ 113,148 $ 69,532 $ 279 $ 182,959 $ 105,822 $ 77,477 $ 339 $ 183,638 __________________ (1) Tuition includes revenue earned for degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings related to the DigitalCrafts and Hippo acquisitions from the date of acquisitions. ( 2 ) Other miscellaneous fees primarily include graduation fees. ( 3 ) Other revenue primarily includes contract training revenue and miscellaneous ( 4 ) CTU includes revenue related to the Hippo acquisition commencing on the September 10, 2021 date of acquisition. ( 5 ) AIUS includes revenue related to the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition. ( 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, 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 to students. These fees are 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 Our institutions’ academic year is generally at least 30 weeks 8-12 weeks 16-52 weeks 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 March 31, 2022 and December 31, 2021 were as follows (dollars in thousands): As of March 31, 2022 December 31, 2021 Gross deferred revenue $ 67,850 $ 113,719 Gross contract assets (28,742 ) (43,106 ) Deferred revenue, net $ 39,108 $ 70,613 Deferred Revenue Changes in our deferred revenue balances for the quarters ended March 31, 2022 and 2021 were as follows (dollars in thousands): For the Quarter Ended March 31, 2022 For the Quarter Ended March 31, 2021 CTU AIUS Total CTU AIUS Total Gross deferred revenue, January 1 $ 64,674 $ 49,045 $ 113,719 $ 28,522 $ 56,880 $ 85,402 Revenue earned from prior balances (53,952 ) (36,987 ) (90,939 ) (25,689 ) (42,403 ) (68,092 ) Billings during period (1) 86,621 48,575 135,196 101,784 52,561 154,345 Revenue earned for new billings during the period (58,599 ) (31,789 ) (90,388 ) (79,691 ) (35,048 ) (114,739 ) Other adjustments 599 (337 ) 262 210 896 1,106 Gross deferred revenue, March 31 $ 39,343 $ 28,507 $ 67,850 $ 25,136 $ 32,886 $ 58,022 ______________ ( 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 for our non-degree programs. 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 $2.3 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 of revenue for each of the quarters ended March 31, 2022 and 2021, for payments received from withdrawn students.

Student Receivables

Student Receivables	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Student Receivables	6. 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 for our non-degree programs. 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 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, 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. For the Quarter Ended March 31, 2022 2021 Balance, beginning of period $ 39,255 $ 42,147 Provision for credit losses 13,715 13,724 Amounts written-off (10,264 ) (13,067 ) Recoveries 951 981 Balance, end of period $ 43,657 $ 43,785 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, 2022
Leases [Abstract]
Leases	7. 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”) Quantitative information related to leases is presented in the following table (dollars in thousands): For the Quarter Ended March 31, 2022 For the Quarter Ended March 31, 2021 Lease expenses (1) Fixed lease expenses - operating $ 2,767 $ 3,015 Variable lease expenses - operating 815 1,513 Sublease income (276 ) (499 ) Total lease expenses $ 3,306 $ 4,029 Other information Gross operating cash flows for operating leases (2) $ (4,555 ) $ (5,221 ) Operating cash flows from subleases (2) $ 274 $ 530 As of March 31, 2022 As of March 31, 2021 Weighted average remaining lease term (in months) – operating leases 68 73 Weighted average discount rate – operating leases 4.9 % 5.0 % __________________ (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, 2022, we have one sublease with a remaining term of 13 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 and $0.5 million for the quarters ended March 31, 2022 and 2021, respectively, as an offset to lease expense on our unaudited condensed consolidated statements of income.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Loss Contingency [Abstract]
Contingencies	8. CONTINGENCIES An accrual for estimated legal fees and settlements of $1.8 million and $1.1 million at March 31, 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 DOJ 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 March 31, 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	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	9. 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) 2022 2021 Pretax income $ 43,834 $ 40,998 Provision for income taxes $ 11,756 $ 10,245 Effective rate 26.8 % 25.0 % As of December 31, 2021, a valuation allowance of $32.2 million was maintained with respect to our foreign tax credits not supported by an Overall Domestic Loss (“ ODL The effective tax rate for the quarter ended March 31, 2022 was impacted by the tax effect of stock-based compensation and the release of previously recorded tax reserves. The net effect of these discrete items increased the effective tax rate by 0.5%. The effective tax rate for the quarter ended March 31, 2021 was benefitted by the release of previously recorded tax reserves, which reduced the effective tax rate by 1.3%. 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 $1.6 million 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, 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 March 31, 2022, we had accrued $2.0 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	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	10. SHARE-BASED COMPENSATION Overview The Perdoceo Education Corporation Amended and Restated 2016 Incentive Compensation Plan (the “ 2016 Plan Restricted Stock Units For the quarters ended March 31, 2022 and 2021, the Company granted approximately 0.3 million restricted stock units in each period which are not “performance-based” and which have a grant-date fair value of approximately $2.9 million and $3.6 million, respectively. Additionally, for the quarters ended March 31, 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 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 ended March 31, 2022 and 2021. Share-Based Compensation Expense Total share-based compensation expense for the quarters ended March 31, 2022 and 2021 for all types of awards was as follows (dollars in thousands): For the Quarter Ended March 31, Award Type 2022 2021 Stock options $ 89 $ 160 Restricted stock units settled in stock 2,323 3,588 Total share-based compensation expense $ 2,412 $ 3,748 As of March 31, 2022, we estimate that total compensation expense of approximately $17.0 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, 2022
Stockholders Equity Note [Abstract]
Stock Repurchase Program	11. 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, 2022, we repurchased 0.4 As of March 31, 2022, approximately $46.2 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, 2022
Earnings Per Share [Abstract]
Weighted Average Common Shares	12. 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, 2022 and 2021 were as follows (shares in thousands): For the Quarter Ended March 31, 2022 2021 Basic common shares outstanding 68,746 70,149 Common stock equivalents 821 1,333 Diluted common shares outstanding 69,567 71,482 For the quarters ended March 31, 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 and 0.5 million shares for the quarters ended March 31, 2022 and 2021, respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	13. SEGMENT REPORTING Our segments are determined in accordance with FASB ASC Topic 280— Segment Reporting ♦ 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, 2022, students enrolled at CTU represented approximately 63% of our total enrollments. Approximately 95% of CTU’s students are enrolled in programs offered fully online. Beginning in the first quarter of 2022, CTU’s ground-based campuses began to offer in-person instruction to students with the option to remain virtual. ♦ The American InterContinental University System ( AIUS or AIU System ) is comprised of two universities: American InterContinental University (“ AIU ”) and Trident University International (“ Trident” or “TUI ”). AIUS 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, 2022, students enrolled at AIUS represented approximately 37% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS’ ground-based campus are offered the opportunity to return to campus-based instruction or remain virtual. Summary financial information by reporting segment is as follows (dollars in thousands): For the Quarter Ended March 31, Revenue Operating Income (Loss) 2022 % of Total 2021 % of Total 2022 2021 CTU (1) $ 113,148 61.8 % $ 105,822 57.6 % $ 43,026 $ 36,143 AIUS (2) 69,532 38.0 % 77,477 42.2 % 9,523 11,323 Corporate and Other (3) 279 0.2 % 339 0.2 % (8,856 ) (6,849 ) Total $ 182,959 100.0 % $ 183,638 100.0 % $ 43,693 $ 40,617 Total Assets as of (4) March 31, 2022 December 31, 2021 CTU $ 152,252 $ 153,072 AIUS 138,730 151,407 Corporate and Other (3) 552,845 542,954 Total $ 843,827 $ 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 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.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Investments	Investments consist of the following as of March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 Gross Unrealized Cost Gain (Loss) Fair Value Short-term investments (available for sale): Municipal bonds $ 5,000 $ - $ - $ 5,000 Non-governmental debt securities 208,401 3 (1,192 ) 207,212 Treasury and federal agencies 95,737 - (329 ) 95,408 Total short-term investments (available for sale) $ 309,138 $ 3 $ (1,521 ) $ 307,620 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 CCKF related to proprietary rights that we use in our intelli path ® Maintenance Fee Payments For the quarter ended March 31, 2022 $ 433 For the quarter ended March 31, 2021 $ 423

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Summary of Disaggregation of Revenue by Major Source	For the Quarter Ended March 31, 2022 For the Quarter Ended March 31, 2021 CTU (4) AIUS (5) Corporate and Other (6) Total CTU AIUS Corporate and Other (6) Total Tuition, net (1) $ 106,927 $ 65,451 $ - $ 172,378 $ 99,605 $ 74,498 $ - $ 174,103 Technology fees 5,442 3,110 - 8,552 5,483 2,795 - 8,278 Other miscellaneous fees (2) 182 215 - 397 292 158 - 450 Total tuition and fees, net 112,551 68,776 - 181,327 105,380 77,451 - 182,831 Other revenue (3) 597 756 279 1,632 442 26 339 807 Total revenue $ 113,148 $ 69,532 $ 279 $ 182,959 $ 105,822 $ 77,477 $ 339 $ 183,638 __________________ (1) Tuition includes revenue earned for degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings related to the DigitalCrafts and Hippo acquisitions from the date of acquisitions. ( 2 ) Other miscellaneous fees primarily include graduation fees. ( 3 ) Other revenue primarily includes contract training revenue and miscellaneous ( 4 ) CTU includes revenue related to the Hippo acquisition commencing on the September 10, 2021 date of acquisition. ( 5 ) AIUS includes revenue related to the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition. ( 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 March 31, 2022 and December 31, 2021 were as follows (dollars in thousands): As of March 31, 2022 December 31, 2021 Gross deferred revenue $ 67,850 $ 113,719 Gross contract assets (28,742 ) (43,106 ) Deferred revenue, net $ 39,108 $ 70,613
Changes in Deferred Revenue Balances	Changes in our deferred revenue balances for the quarters ended March 31, 2022 and 2021 were as follows (dollars in thousands): For the Quarter Ended March 31, 2022 For the Quarter Ended March 31, 2021 CTU AIUS Total CTU AIUS Total Gross deferred revenue, January 1 $ 64,674 $ 49,045 $ 113,719 $ 28,522 $ 56,880 $ 85,402 Revenue earned from prior balances (53,952 ) (36,987 ) (90,939 ) (25,689 ) (42,403 ) (68,092 ) Billings during period (1) 86,621 48,575 135,196 101,784 52,561 154,345 Revenue earned for new billings during the period (58,599 ) (31,789 ) (90,388 ) (79,691 ) (35,048 ) (114,739 ) Other adjustments 599 (337 ) 262 210 896 1,106 Gross deferred revenue, March 31 $ 39,343 $ 28,507 $ 67,850 $ 25,136 $ 32,886 $ 58,022 ______________ ( 1) Billings during period includes adjustments for prior billings.

Student Receivables (Tables)

Student Receivables (Tables)	3 Months Ended
	Mar. 31, 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. For the Quarter Ended March 31, 2022 2021 Balance, beginning of period $ 39,255 $ 42,147 Provision for credit losses 13,715 13,724 Amounts written-off (10,264 ) (13,067 ) Recoveries 951 981 Balance, end of period $ 43,657 $ 43,785

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2022 For the Quarter Ended March 31, 2021 Lease expenses (1) Fixed lease expenses - operating $ 2,767 $ 3,015 Variable lease expenses - operating 815 1,513 Sublease income (276 ) (499 ) Total lease expenses $ 3,306 $ 4,029 Other information Gross operating cash flows for operating leases (2) $ (4,555 ) $ (5,221 ) Operating cash flows from subleases (2) $ 274 $ 530 As of March 31, 2022 As of March 31, 2021 Weighted average remaining lease term (in months) – operating leases 68 73 Weighted average discount rate – operating leases 4.9 % 5.0 % __________________ (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, 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 March 31, (Dollars in Thousands) 2022 2021 Pretax income $ 43,834 $ 40,998 Provision for income taxes $ 11,756 $ 10,245 Effective rate 26.8 % 25.0 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021 for all types of awards was as follows (dollars in thousands): For the Quarter Ended March 31, Award Type 2022 2021 Stock options $ 89 $ 160 Restricted stock units settled in stock 2,323 3,588 Total share-based compensation expense $ 2,412 $ 3,748

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 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 ended March 31, 2022 and 2021 were as follows (shares in thousands): For the Quarter Ended March 31, 2022 2021 Basic common shares outstanding 68,746 70,149 Common stock equivalents 821 1,333 Diluted common shares outstanding 69,567 71,482

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 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 March 31, Revenue Operating Income (Loss) 2022 % of Total 2021 % of Total 2022 2021 CTU (1) $ 113,148 61.8 % $ 105,822 57.6 % $ 43,026 $ 36,143 AIUS (2) 69,532 38.0 % 77,477 42.2 % 9,523 11,323 Corporate and Other (3) 279 0.2 % 339 0.2 % (8,856 ) (6,849 ) Total $ 182,959 100.0 % $ 183,638 100.0 % $ 43,693 $ 40,617 Total Assets as of (4) March 31, 2022 December 31, 2021 CTU $ 152,252 $ 153,072 AIUS 138,730 151,407 Corporate and Other (3) 552,845 542,954 Total $ 843,827 $ 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 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)	3 Months Ended
	Mar. 31, 2022Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reporting segments	2

Financial Instruments - Summary

Financial Instruments - Summary of Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 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	$ 5,000	$ 5,028
Total short-term investments (available for sale), Gross Unrealized (Loss)		(1)
Total short-term investments (available for sale), Fair value	5,000	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	208,401	168,623
Total short-term investments (available for sale), Gross Unrealized Gain	3	27
Total short-term investments (available for sale), Gross Unrealized (Loss)	(1,192)	(184)
Total short-term investments (available for sale), Fair value	207,212	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	95,737	720
Total short-term investments (available for sale), Gross Unrealized (Loss)	(329)
Total short-term investments (available for sale), Fair value	95,408	720
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Total short-term investments (available for sale), Cost	309,138	174,371
Total short-term investments (available for sale), Gross Unrealized Gain	3	27
Total short-term investments (available for sale), Gross Unrealized (Loss)	(1,521)	(185)
Total short-term investments (available for sale), Fair value	$ 307,620	$ 174,213

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 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	$ 3,828,000
Cash and cash equivalents, unrestricted	$ 190,443,000		$ 319,982,000
Credit Agreement | Revolving Credit Facility | Wintrust Bank N A
Financial Instruments [Line Items]
Revolving credit facility maturity date	Sep. 8, 2024
Revolving credit facility	$ 125,000,000
Credit facility borrowings	$ 0		0
Credit facility,interest rate	1.00%
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	125.00%
Credit Agreement | Revolving Credit Facility | Wintrust Bank N A | Minimum [Member]
Financial Instruments [Line Items]
Credit facility,interest rate	3.00%
CCKF [Member]
Financial Instruments [Line Items]
Percentage of investment in equity affiliate	30.70%
Non controlling interest	$ 3,000,000
Gain (loss) from investment in affiliate	(100,000)	$ 200,000
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Instruments [Line Items]
Total short-term investments (available for sale), Fair value	51,800,000		$ 225,300,000
Certificate Of Deposit Commercial Paper And Treasury Bills [Member] | Level 2 [Member]
Financial Instruments [Line Items]
Total short-term investments (available for sale), Fair value	$ 63,900,000

Financial Instruments - Schedul

Financial Instruments - Schedule of Maintenance Fee Payment to CCKF (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Maintenance Fee Payments	$ 433	$ 423

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue by Major Source (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Total revenue		$ 182,959		$ 183,638
University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[2]	113,148	[1]	105,822
University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[4]	69,532	[3]	77,477
Corporate and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[5],[6]	279		339
Tuition [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[7]	172,378		174,103
Tuition [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[7]	106,927	[1]	99,605
Tuition [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[7]	65,451	[3]	74,498
Technology Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		8,552		8,278
Technology Fees [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		5,442	[1]	5,483
Technology Fees [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		3,110	[3]	2,795
Other Miscellaneous Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[8]	397		450
Other Miscellaneous Fees [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[8]	182	[1]	292
Other Miscellaneous Fees [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[8]	215	[3]	158
Tuition and Fees [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		181,327		182,831
Tuition and Fees [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		112,551	[1]	105,380
Tuition and Fees [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		68,776	[3]	77,451
Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[9]	1,632		807
Other [Member] | University Group [Member] | CTU [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[9]	597	[1]	442
Other [Member] | University Group [Member] | AIUS [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[9]	756	[3]	26
Other [Member] | Corporate and Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	[6],[9]	$ 279		$ 339
[1]	CTU includes revenue related to the Hippo acquisition commencing on the September 10, 2021 date of acquisition.
[2]	CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition.
[3]	AIUS includes revenue related to the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.
[4]	AIUS results of operations include the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.
[5]	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.
[6]	Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue.
[7]	Tuition includes revenue earned for degree-granting programs as well as revenue earned for non-degree professional development and continuing education offerings related to the DigitalCrafts and Hippo acquisitions from the date of acquisitions
[8]	Other miscellaneous fees primarily include graduation fees.
[9]	Other revenue primarily includes contract training revenue and miscellaneous

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue Recognition [Line Items]
Length of academic year	210 days
Revenue recognized estimated reserve based on historical evidence	$ 2.3		$ 2.1
ASC Topic 606 [Member]
Revenue Recognition [Line Items]
Revenue recognized for payments received from withdrawn students	$ 0.4	$ 0.4
Minimum [Member]
Revenue Recognition [Line Items]
Length of academic terms	56 days
Length of Non-Degree Professional Programs	112 days
Maximum [Member]
Revenue Recognition [Line Items]
Length of academic terms	84 days
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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Gross deferred revenue	$ 67,850	$ 113,719	$ 58,022	$ 85,402
Gross contract assets	(28,742)	(43,106)
Deferred revenue, net	$ 39,108	$ 70,613

Revenue Recognition - Changes i

Revenue Recognition - Changes in Deferred Revenue Balances (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		$ 113,719	$ 85,402
Revenue earned from prior balances		(90,939)	(68,092)
Billings during period	[1]	135,196	154,345
Revenue earned for new billings during the period		(90,388)	(114,739)
Other adjustments		262	1,106
Gross deferred revenue, ending balance		67,850	58,022
University Group [Member] | CTU [Member]
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		64,674	28,522
Revenue earned from prior balances		(53,952)	(25,689)
Billings during period	[1]	86,621	101,784
Revenue earned for new billings during the period		(58,599)	(79,691)
Other adjustments		599	210
Gross deferred revenue, ending balance		39,343	25,136
University Group [Member] | AIUS [Member]
Deferred Revenue Arrangement [Line Items]
Gross deferred revenue, beginning balance		49,045	56,880
Revenue earned from prior balances		(36,987)	(42,403)
Billings during period	[1]	48,575	52,561
Revenue earned for new billings during the period		(31,789)	(35,048)
Other adjustments		(337)	896
Gross deferred revenue, ending balance		$ 28,507	$ 32,886
[1]	Billings during period includes adjustments for prior billings.

Student Receivables - Additiona

Student Receivables - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 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
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Balance, Beginning of Period	$ 39,255	$ 42,147
Provision for credit losses	13,715	13,724
Amounts Written-off	(10,264)	(13,067)
Recoveries	951	981
Balance, End of Period	$ 43,657	$ 43,785

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands		3 Months Ended
		Mar. 31, 2022USD ($)Lease	Mar. 31, 2021USD ($)
Lessee Lease Description [Line Items]
Operating leases expiration date		2032
Number of subleases | Lease		1
Sublease income | $	[1]	$ 276	$ 499
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		13 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, 2022	Mar. 31, 2021
Lease expenses
Fixed lease expenses - operating	[1]	$ 2,767	$ 3,015
Variable lease expenses - operating	[1]	815	1,513
Sublease income	[1]	(276)	(499)
Total lease expenses	[1]	3,306	4,029
Other information
Gross operating cash flows for operating leases	[2]	(4,555)	(5,221)
Operating cash flows from subleases	[2]	$ 274	$ 530
Weighted average remaining lease term (in months) - operating leases		68 months	73 months
Weighted average discount rate - operating leases		4.90%	5.00%
[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.

Contingencies - Additional Info

Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 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 and settlements	$ 1.8	$ 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
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Pretax income	$ 43,834	$ 40,998
Provision for income taxes	$ 11,756	$ 10,245
Effective rate	26.80%	25.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets valuation allowance	$ 32.2		$ 32.2
Effective tax rate impact associated with stock-based compensation and or prior reserves	0.50%	(1.30%)
Decrease in unrecognized tax positions	$ 1.6
Interest and penalties	$ 2

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	0	0
Estimated total compensation expense	$ 17
Expiration period in years	4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted ( in shares)	300,000	300,000
Granted, Units fair value	$ 2.9	$ 3.6
Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Units fair value	$ 4	$ 4.2
Granted ( in shares)	400,000	400,000
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, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,412	$ 3,748
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	89	160
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	$ 2,323	$ 3,588

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($)	Jan. 27, 2022	Mar. 31, 2022	Mar. 31, 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		400,000	0
Shares repurchased during period		$ 3,800,000
Average price of repurchased stock		$ 10.56
Available authorized repurchase amount		$ 46,200,000

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, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic common shares outstanding	68,746	70,149
Common stock equivalents	821	1,333
Diluted common shares outstanding	69,567	71,482

Weighted Average Common Share_3

Weighted Average Common Shares - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 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	0.5

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022SegmentUniversity
Segment Reporting Information [Line Items]
Number of reporting segments | Segment	2
CTU [Member]
Segment Reporting Information [Line Items]
Students enrolled expressed as percentage of enrollment	63.00%
CTU [Member] | Fully Online [Member]
Segment Reporting Information [Line Items]
Percentage of enrollment	95.00%
AIUS [Member]
Segment Reporting Information [Line Items]
Students enrolled expressed as percentage of enrollment	37.00%
Number of Universities | University	2
AIUS [Member] | Fully Online [Member]
Segment Reporting Information [Line Items]
Percentage of enrollment	97.00%

Segment Reporting - Summary Fin

Segment Reporting - Summary Financial Information by Reporting Segment (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022		Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue		$ 182,959		$ 183,638
Percentage of total revenue		100.00%		100.00%
Operating Income (Loss)		$ 43,693		$ 40,617
Total Assets	[1]	843,827			$ 847,433
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenue	[2],[3]	$ 279		$ 339
Percentage of total revenue	[2]	0.20%		0.20%
Operating Income (Loss)	[2]	$ (8,856)		$ (6,849)
Total Assets	[1],[2]	552,845			542,954
CTU [Member] | University Group [Member]
Segment Reporting Information [Line Items]
Revenue	[5]	$ 113,148	[4]	$ 105,822
Percentage of total revenue	[5]	61.80%		57.60%
Operating Income (Loss)	[5]	$ 43,026		$ 36,143
Total Assets	[1]	152,252			153,072
AIUS [Member] | University Group [Member]
Segment Reporting Information [Line Items]
Revenue	[7]	$ 69,532	[6]	$ 77,477
Percentage of total revenue	[7]	38.00%		42.20%
Operating Income (Loss)	[7]	$ 9,523		$ 11,323
Total Assets	[1]	$ 138,730			$ 151,407
[1]	Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.
[2]	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.
[3]	Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue.
[4]	CTU includes revenue related to the Hippo acquisition commencing on the September 10, 2021 date of acquisition.
[5]	CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition.
[6]	AIUS includes revenue related to the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.
[7]	AIUS results of operations include 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)	3 Months Ended
	Mar. 31, 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. 2, 2021