2U (TWOUQ) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36376
Entity Registrant Name	2U, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2335939
Entity Address, Address Line One	7900 Harkins Road
Entity Address, City or Town	Lanham,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20706
City Area Code	301
Local Phone Number	892-4350
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	TWOU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,403,712
Entity Central Index Key	0001459417
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 194,803	$ 170,593
Restricted cash	18,228	19,276
Accounts receivable, net	71,580	33,655
Prepaid expenses and other assets	40,378	37,424
Total current assets	324,989	260,948
Property and equipment, net	55,066	57,643
Right-of-use assets	49,813	43,401
Goodwill	406,340	418,350
Amortizable intangible assets, net	320,559	333,075
University payments and other assets, non-current	75,793	73,413
Total assets	1,232,560	1,186,830
Current liabilities
Accounts payable and accrued expenses	84,541	65,381
Accrued compensation and related benefits	29,090	21,885
Deferred revenue	77,071	48,833
Lease liability	8,484	7,320
Other current liabilities	13,785	12,535
Total current liabilities	212,971	155,954
Long-term debt	263,129	246,620
Deferred tax liabilities, net	2,424	5,133
Lease liability, non-current	73,592	66,974
Other liabilities, non-current	1,073	899
Total liabilities	553,189	475,580
Commitments and contingencies (Note 6)
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized, 64,300,599 shares issued and outstanding as of June 30, 2020; 63,569,109 shares issued and outstanding as of December 31, 2019	64	63
Additional paid-in capital	1,306,483	1,197,379
Accumulated deficit	(605,661)	(479,388)
Accumulated other comprehensive loss	(21,515)	(6,804)
Total stockholders’ equity	679,371	711,250
Total liabilities and stockholders’ equity	$ 1,232,560	$ 1,186,830

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	64,300,599	63,569,109
Common stock, outstanding (in shares)	64,300,599	63,569,109

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 182,687	$ 135,461	$ 358,166	$ 257,695
Costs and expenses
Curriculum and teaching	26,256	13,308	46,734	20,009
Servicing and support	30,294	23,993	60,827	44,167
Technology and content development	37,307	26,043	72,817	45,837
Marketing and sales	98,341	89,749	197,556	166,710
General and administrative	39,554	28,408	83,207	51,431
Total costs and expenses	231,752	181,501	461,141	328,154
Loss from operations	(49,065)	(46,040)	(102,975)	(70,459)
Interest income	154	1,814	667	4,163
Interest expense	(6,518)	(2,424)	(12,011)	(2,479)
Loss on debt extinguishment	(11,671)	0	(11,671)	0
Other income (expense), net	570	(13)	(1,701)	(383)
Loss before income taxes	(66,530)	(46,663)	(127,691)	(69,158)
Income tax benefit	363	18,691	1,418	19,632
Net loss	$ (66,167)	$ (27,972)	$ (126,273)	$ (49,526)
Net loss per share, basic and diluted (in dollars per share)	$ (1.03)	$ (0.46)	$ (1.98)	$ (0.83)
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	64,075,405	60,516,662	63,850,869	59,334,246
Other comprehensive loss
Foreign currency translation adjustments, net of tax of $0 for all periods presented	$ 1,404	$ 2,243	$ (14,711)	$ 1,871
Comprehensive loss	$ (64,763)	$ (25,729)	$ (140,984)	$ (47,655)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other comprehensive loss
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2018		57,968,493
Beginning balance at Dec. 31, 2018	$ 705,009	$ 58	$ 957,631	$ (244,166)	$ (8,514)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		9,319
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	0
Exercise of stock options (in shares)		211,506
Exercise of stock options	1,928		1,928
Stock-based compensation expense	9,584		9,584
Net loss	(21,554)			(21,554)
Foreign currency translation adjustment	(372)				(372)
Ending balance (in shares) at Mar. 31, 2019		58,189,318
Ending balance at Mar. 31, 2019	694,595	$ 58	969,143	(265,720)	(8,886)
Beginning balance (in shares) at Dec. 31, 2018		57,968,493
Beginning balance at Dec. 31, 2018	705,009	$ 58	957,631	(244,166)	(8,514)
Increase (Decrease) in Stockholders' Equity
Net loss	(49,526)
Foreign currency translation adjustment	1,871
Ending balance (in shares) at Jun. 30, 2019		63,231,376
Ending balance at Jun. 30, 2019	861,049	$ 63	1,161,321	(293,692)	(6,643)
Beginning balance (in shares) at Mar. 31, 2019		58,189,318
Beginning balance at Mar. 31, 2019	694,595	$ 58	969,143	(265,720)	(8,886)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		348,418
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(2,558)		(2,558)
Issuance of common stock in connection with business combination, net of offering costs (in shares)		4,608,101
Issuance of common stock in connection with business combination, net of offering costs	184,322	$ 5	184,317
Exercise of stock options (in shares)		85,539
Exercise of stock options	452		452
Stock-based compensation expense	9,967		9,967
Net loss	(27,972)			(27,972)
Foreign currency translation adjustment	2,243				2,243
Ending balance (in shares) at Jun. 30, 2019		63,231,376
Ending balance at Jun. 30, 2019	$ 861,049	$ 63	1,161,321	(293,692)	(6,643)
Beginning balance (in shares) at Dec. 31, 2019	63,569,109	63,569,109
Beginning balance at Dec. 31, 2019	$ 711,250	$ 63	1,197,379	(479,388)	(6,804)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		96,683
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	0	$ 1	(1)
Exercise of stock options (in shares)		37,275
Exercise of stock options	384		384
Stock-based compensation expense	20,870		20,870
Net loss	(60,106)			(60,106)
Foreign currency translation adjustment	(16,115)				(16,115)
Ending balance (in shares) at Mar. 31, 2020		63,703,067
Ending balance at Mar. 31, 2020	$ 656,283	$ 64	1,218,632	(539,494)	(22,919)
Beginning balance (in shares) at Dec. 31, 2019	63,569,109	63,569,109
Beginning balance at Dec. 31, 2019	$ 711,250	$ 63	1,197,379	(479,388)	(6,804)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with employee stock purchase plan (in shares)		83,573
Issuance of common stock in connection with employee stock purchase plan		$ 1,800
Net loss	(126,273)
Foreign currency translation adjustment	$ (14,711)
Ending balance (in shares) at Jun. 30, 2020	64,300,599	64,300,599
Ending balance at Jun. 30, 2020	$ 679,371	$ 64	1,306,483	(605,661)	(21,515)
Beginning balance (in shares) at Mar. 31, 2020		63,703,067
Beginning balance at Mar. 31, 2020	656,283	$ 64	1,218,632	(539,494)	(22,919)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)		355,506
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(463)		(463)
Exercise of stock options (in shares)		158,453
Exercise of stock options	1,441		1,441
Issuance of common stock in connection with employee stock purchase plan (in shares)		83,573
Issuance of common stock in connection with employee stock purchase plan	1,771		1,771
Equity component of convertible senior notes, net of issuance costs	114,551		114,551
Purchases of capped calls in connection with convertible senior notes	(50,540)		(50,540)
Stock-based compensation expense	21,091		21,091
Net loss	(66,167)			(66,167)
Foreign currency translation adjustment	$ 1,404				1,404
Ending balance (in shares) at Jun. 30, 2020	64,300,599	64,300,599
Ending balance at Jun. 30, 2020	$ 679,371	$ 64	$ 1,306,483	$ (605,661)	$ (21,515)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net loss	$ (126,273)	$ (49,526)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest expense	5,675	520
Depreciation and amortization expense	47,470	24,351
Stock-based compensation expense	41,961	19,551
Non-cash lease expense	7,299	5,264
Provision for credit losses	1,267	993
Loss on debt extinguishment	11,671	0
Changes in operating assets and liabilities, net of assets and liabilities acquired:
Accounts receivable, net	(39,521)	(25,548)
Payments to university clients	4,354	(20,060)
Prepaid expenses and other assets	(8,774)	(8,796)
Accounts payable and accrued expenses	19,606	18,081
Accrued compensation and related benefits	7,383	(5,964)
Deferred revenue	28,843	15,849
Other liabilities, net	(9,299)	(23,056)
Other	1,694	392
Net cash used in operating activities	(6,644)	(47,949)
Cash flows from investing activities
Purchase of a business, net of cash acquired	(949)	(387,815)
Additions of amortizable intangible assets	(32,497)	(32,430)
Purchases of property and equipment	(4,254)	(8,135)
Purchase of investments	0	(5,000)
Proceeds from maturities of investments	0	25,000
Advances made to university clients	0	(100)
Advances repaid by university clients	275	200
Net cash used in investing activities	(37,425)	(408,280)
Cash flows from financing activities
Proceeds from debt	371,708	243,726
Payments on debt	(250,409)	0
Payment of debt issuance costs	(3,419)	(1,953)
Purchases of capped calls in connection with issuance of convertible senior notes	(50,540)	0
Prepayment premium on extinguishment of senior secured term loan facility	(2,528)	0
Proceeds from exercise of stock options	1,825	2,380
Tax withholding payments associated with settlement of restricted stock units	(464)	(2,558)
Proceeds from employee stock purchase plan share purchases	1,771	0
Payments for acquisition of amortizable intangible assets	0	(1,283)
Net cash provided by financing activities	67,944	240,312
Effect of exchange rate changes on cash	(713)	(371)
Net increase (decrease) in cash, cash equivalents and restricted cash	23,162	(216,288)
Cash, cash equivalents and restricted cash, beginning of period	189,869	449,772
Cash, cash equivalents and restricted cash, end of period	$ 213,031	$ 233,484

Organization

Organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 2U, Inc. (together with its subsidiaries, the “Company”) is a leading provider of education technology for nonprofit colleges and universities. The Company builds, delivers, and supports more than 435 digital and in-person educational offerings, including graduate and undergraduate degrees, professional certificates, boot camps, and short courses, across the Career Curriculum Continuum. The Company has two reportable segments: the Graduate Program Segment and the Alternative Credential Segment. The Company’s Graduate Program Segment includes the technology and services provided to nonprofit colleges and universities to enable the online delivery of degree programs. Students enrolled in these programs are generally seeking an undergraduate or graduate degree of the same quality they would receive on campus. The Company’s Alternative Credential Segment includes the premium online short courses and technical, skills-based boot camps provided through relationships with nonprofit colleges and universities. Students enrolled in these offerings are generally working professionals seeking career advancement through skills attainment.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements, which include the assets, liabilities, results of operations and cash flows of the Company have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the Securities and Exchange Commission (the “SEC”). As permitted under such rules, certain notes and other financial information normally required by U.S. GAAP have been condensed or omitted. The Company believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2020 and 2019 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2019 was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions are inherent in the analysis and the measurement of provisions for credit losses, acquired intangible assets, the recoverability of goodwill and deferred tax assets. Due to the inherent uncertainty involved in making estimates, particularly in light of the COVID-19 pandemic, actual results reported in future periods may be affected by changes in those estimates. The Company evaluates its estimates and assumptions on an ongoing basis. Accounts Receivable, Contract Assets and Liabilities Balance sheet items related to contracts consist of accounts receivable, net and deferred revenue on the Company’s condensed consolidated balance sheets. Included in accounts receivable, net are trade accounts receivable, which are comprised of billed and unbilled revenue. Accounts receivable, net is stated at amortized cost net of provision for credit losses. The Company’s methodology to measure the provision for credit losses requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include current market conditions, delinquency trends, aging behavior of receivables and credit and liquidity quality indicators for industry groups, customer classes or individual customers. The Company’s estimates are reviewed and revised periodically based on the ongoing evaluation of credit quality indicators. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. The Company recognizes unbilled revenue when revenue recognition occurs in advance of billings. Unbilled revenue is recognized in the Graduate Program Segment because billings to university clients do not occur until after the academic term has commenced and final enrollment information is available. The Company’s unbilled revenue represents contract assets. Unbilled accounts receivable is recognized in the Alternative Credential Segment once the presentation period commences for amounts to be invoiced to students under installment plans that are paid over the same presentation period. The following table presents the change in provision for credit losses on the Company’s consolidated balance sheets for the period indicated: Provision for Credit Losses (in thousands) Balance as of January 1, 2020 $ 1,330 Current period provision 1,267 Amounts written off (46) Balance as of June 30, 2020 $ 2,551 Deferred revenue represents the excess of amounts billed or received as compared to amounts recognized in revenue on the Company’s condensed consolidated statements of operations and comprehensive loss as of the end of the reporting period, and such amounts are reflected as a current liability on the Company’s condensed consolidated balance sheets. The Company generally receives payments from Graduate Program Segment university clients early in each academic term and from Alternative Credential Segment students, either in full upon registration for the course or in full before the end of the course based on a payment plan, prior to completion of the service period. These payments are recorded as deferred revenue until the services are delivered or until the Company’s obligations are otherwise met, at which time revenue is recognized. Convertible Senior Notes In April 2020, the Company issued 2.25% convertible senior notes due May 1, 2025 (the “Notes”) in an aggregate principal amount of $380 million, including the exercise by the initial purchasers of an option to purchase additional Notes, in a private offering. Refer to Note 8 for more information regarding the Notes. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options (“ASC 470-20”). Pursuant to ASC 470-20, issuers of certain convertible debt instruments, such as the Notes, that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the liability component of the instrument is computed by estimating the fair value of a similar liability without the conversion option using a market-based approach. The amount of the equity component is then calculated by deducting the fair value of the liability component from the principal amount of the instrument. The difference between the principal amount and the liability component represents a debt discount that is amortized to interest expense over the term of the Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Notes, the allocation of issuance costs incurred between the liability and equity components was based on their relative values. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU is intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, to ease the potential accounting and financial reporting burden associated with the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This ASU may be applied as of the beginning of any interim period that includes its effective date (i.e., March 12, 2020) through December 31, 2022. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements or related disclosures. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 . ASU No. 2020-01 was issued to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or discontinuing the equity method of accounting. The update regarding forward contracts and purchased options is not applicable as the Company does not have any forward contracts or purchased options. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the impact that this ASU will have on its condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in the accounting standards. The amendments in the ASU include removal of certain exceptions to the general principles in Topic 740 related to recognizing deferred taxes for investments, performing intraperiod tax allocation and calculating income taxes in an interim period. The ASU also clarifies and simplifies other aspects of the accounting for income taxes, including the recognition of deferred tax liabilities for outside basis differences. The amendments in this ASU are effective for annual and interim periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is evaluating the impact that this ASU will have on its condensed consolidated financial statements and related disclosures. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU No. 2019-04 provides corrections, updates and clarifications to the previously issued updates of ASU No. 2016-01, ASU No. 2016-13 and ASU No. 2017-12. Various areas of the ASC were impacted by the update. This standard follows the effective dates of the previously issued ASUs, unless an entity has already early adopted the previous ASUs, in which case the effective date will vary according to each specific ASU adoption. The Company adopted the amendments related to ASU Nos. 2016-01 and 2016-13 on January 1, 2020 under the modified retrospective transition method, with the exception of the amendments related to equity securities without readily determinable fair values for which an entity elects the measurement alternative, which have been adopted prospectively. Adoption of these amendments did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Refer below for further discussion of ASU No. 2016-13. The amendments to ASU No. 2017-12 are not applicable to the Company. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Subsequently, the FASB has issued the following standards related to ASU No. 2016-13: ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief ; ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ; and ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Business Combination	Business Combination On May 22, 2019, the Company completed its acquisition of Trilogy pursuant to an Agreement and Plan of Merger and Reorganization, dated as of April 7, 2019 (the “Merger Agreement”), for a net purchase price of $608.6 million in cash and stock consideration, subject to final adjustments related to working capital and indebtedness. These final adjustments to the purchase price were paid in the first quarter of 2020. Under the terms of the Merger Agreement, the Company has issued restricted stock units for shares of its common stock, par value $0.001 per share, to certain employees and officers of Trilogy. These awards were issued pursuant to the Company’s 2014 Equity Incentive Plan, are subject to future service requirements and will primarily vest over an 18-month period. In addition, a portion of the purchase price held in escrow was recognized as compensation expense in the third quarter of 2019 as the service requirements of certain key employees was determined to be fulfilled. The net assets and results of operations of Trilogy are included on the Company’s condensed consolidated financial statements within the Alternative Credential Segment as of May 22, 2019. The unaudited pro forma combined financial information below is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combination occurred as of the date indicated or what the results would be for any future periods. The following table presents the Company’s unaudited pro forma combined revenue, pro forma combined net loss and pro forma combined net loss per share for the three and six months ended June 30, 2019, as if the acquisition of Trilogy had occurred on January 1, 2019: Three Months Ended Six Months Ended (in thousands, except per share amounts) Pro forma revenue $ 157,865 $ 311,174 Pro forma net loss (52,805) (110,169) Pro forma net loss per share, basic and diluted $ (0.87) $ (1.86)

Goodwill and Amortizable Intang

Goodwill and Amortizable Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Amortizable Intangible Assets	Goodwill and Amortizable Intangible Assets The following table presents the changes in the carrying amount of goodwill by reportable segment on the Company’s condensed consolidated balance sheets for the periods indicated. Graduate Alternative Total (in thousands) Balance as of December 31, 2019 $ — $ 418,350 $ 418,350 Foreign currency translation adjustments — (12,010) (12,010) Balance as of June 30, 2020 $ — $ 406,340 $ 406,340 The carrying amount of goodwill in the Alternative Credential Segment included accumulated impairment charges of $70.4 million as of both June 30, 2020 and December 31, 2019. The following table presents the components of amortizable intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2020 December 31, 2019 Estimated Gross Accumulated Net Gross Accumulated Net (in thousands) Capitalized technology 3-5 $ 153,588 $ (57,710) $ 95,878 $ 142,712 $ (41,106) $ 101,606 Capitalized content development 4-5 187,936 (70,492) 117,444 167,758 (54,736) 113,022 University client relationships 9-10 105,810 (16,570) 89,240 110,344 (12,419) 97,925 Trade names and domain names 5-10 25,315 (7,318) 17,997 26,462 (5,940) 20,522 Total amortizable intangible assets, net $ 472,649 $ (152,090) $ 320,559 $ 447,276 $ (114,201) $ 333,075 The amounts presented in the table above include $29.5 million and $30.7 million of in process capitalized technology and content development as of June 30, 2020 and December 31, 2019, respectively. The Company recorded amortization expense related to amortizable intangible assets of $20.8 million and $11.9 million for the three months ended June 30, 2020 and 2019, respectively. The Company recorded amortization expense related to amortizable intangible assets of $41.0 million and $18.9 million for the six months ended June 30, 2020 and 2019, respectively. The following table presents the estimated future amortization expense of the Company’s amortizable intangible assets placed in service as of June 30, 2020. Future Amortization Expense (in thousands) Remainder of 2020 $ 40,377 2021 76,013 2022 60,367 2023 42,876 2024 25,533 Thereafter 45,933 Total $ 291,099

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The following table presents the components of accounts payable and accrued expenses on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2020 December 31, 2019 (in thousands) Accrued university and instructional staff compensation $ 21,402 $ 23,419 Accrued marketing costs 26,900 22,055 Accrued transaction, integration and restructuring-related costs* 1,894 4,459 Accounts payable and other accrued expenses 34,345 15,448 Total accounts payable and accrued expenses $ 84,541 $ 65,381 * As of June 30, 2020 and December 31, 2019, accrued transaction, integration and restructuring-related costs included zero and $0.5 million, respectively, related to an employee termination benefits reserve for organizational restructuring. For the three and six months ended June 30, 2020 and 2019, expense related to the Company’s marketing and advertising efforts of its own brand were not material. In response to COVID-19, various government programs have been announced to provide financial relief for affected businesses. Most significantly, under the Coronavirus Aid, Relief, and Economic Security Act, which was enacted in the United States on March 27, 2020, the Company is allowed to defer payment of the employer’s share of Social Security taxes incurred from March 2020 through December 31, 2020. The Company currently estimates the amount of payroll taxes subject to deferred payment is approximately $3.9 million, which has been reflected within accrued compensation and related benefits on the Company’s condensed consolidated balance sheet as of June 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Contingencies The Company is involved in various claims and legal proceedings arising in the ordinary course of business. The Company accrues a liability when a loss is considered probable and the amount can be reasonably estimated. While the Company does not expect that the ultimate resolution of any existing claims and proceedings (other than the specific matter described below, if decided adversely), individually or in the aggregate, will have a material adverse effect on its financial position, an unfavorable outcome in some or all of these proceedings could have a material adverse impact on the results of operations or cash flows for a particular period. This assessment is based on the Company’s current understanding of relevant facts and circumstances. With respect to current legal proceedings, the Company does not believe it is probable a material loss exceeding amounts already recognized has been incurred as of the date of the balance sheets presented herein. As such, the Company’s view of these matters is subject to inherent uncertainties and may change in the future. In re 2U, Inc., Securities Class Action On August 7 and 9, 2019, Aaron Harper and Anne M. Chinn filed putative class action complaints against the Company, Christopher J. Paucek, the Company’s CEO, and Catherine A. Graham, the Company’s former CFO, in the United States District Court for the Southern District of New York, alleging violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder, based upon allegedly false and misleading statements regarding the Company’s business prospects and financial projections. The district court transferred the cases to the United States District Court for the District of Maryland, consolidated them under docket number 8:19-cv-3455 (D. Md.), and appointed Fiyyaz Pirani as the lead plaintiff in the consolidated action. On July 30, 2020, Mr. Pirani filed a consolidated class action complaint (“CAC”), adding Harsha Mokkarala, the Company’s former Chief Marketing Officer, as a defendant. The CAC also asserts claims under Sections 11, 12(A)(2), and 15 of the Securities Act of 1933, as amended, against Mr. Paucek, Ms. Graham, members of the Company’s Board of Directors, and the Company’s underwriters, based on allegations related to the Company’s secondary stock offering on May 23, 2018. The proposed class consists of all persons who acquired the Company’s securities between February 26, 2018 and July 30, 2019. The deadline for the defendants to file a motion to dismiss is September 29, 2020. The Company believes that the claims are without merit and it intends to vigorously defend against these claims. However, due to the complex nature of the legal and factual issues involved, the outcome of this matter is not presently determinable. Stockholder Derivative Suit On April 30, 2020, Richard Theis filed a stockholder derivative complaint purportedly on behalf of the Company and against Christopher J. Paucek, the Company’s CEO, Catherine A. Graham, the Company’s former CFO, and the Company’s board of directors in the United States District Court for the Southern District of New York, with docket number 20-cv-3360. The complaint alleges claims for breaches of fiduciary duty, insider sales and misappropriation of information, unjust enrichment, and violations of Section 14(a) of the Exchange Act based upon allegedly false and misleading statements regarding the Company’s business prospects and financial projections. On July 22, 2020, the court entered a joint stipulation staying the case pending resolution of the securities class action. Due to the complex nature of the legal and factual issues involved, the outcome of this matter is not presently determinable. Marketing and Sales Commitments Certain of the agreements entered into between the Company and its university clients in the Graduate Program Segment require the Company to commit to meet certain staffing and spending investment thresholds related to marketing and sales activities. In addition, certain of the agreements in the Graduate Program Segment require the Company to invest up to agreed-upon levels in marketing the programs to achieve specified program performance. The Company believes it is currently in compliance with all such commitments. Future Minimum Payments to University Clients Pursuant to certain of the Company’s contracts in the Graduate Program Segment, the Company has made, or is obligated to make, payments to university clients in exchange for contract extensions and various marketing and other rights. As of June 30, 2020, the future minimum payments due to university clients have not materially changed relative to the amounts provided in the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Contingent Payments The Company has entered into agreements with certain of its university clients in the Graduate Program Segment under which the Company would be obligated to make future minimum payments in the event that certain program metrics are not achieved on an annual basis. The Company recognizes any estimated contingent payments under these agreements as contra revenue over the period in which they relate, and records a liability in other current liabilities on the condensed consolidated balance sheets. The Company has entered into an agreement to make an investment in an education technology company with $5.0 million outstanding, upon demand by the investee.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The Company leases facilities under non-cancellable operating leases primarily in the United States, South Africa, the United Kingdom and Canada. The Company’s operating leases have remaining lease terms of between one The following table presents the components of lease expense on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Operating lease expense $ 3,721 $ 2,714 $ 7,341 $ 5,336 Short-term lease expense 121 154 234 390 Variable lease expense 1,211 1,091 2,671 2,005 Total lease expense $ 5,053 $ 3,959 $ 10,246 $ 7,731 As of June 30, 2020, for the Company’s operating leases, the weighted-average remaining lease term was 7.6 years and the weighted-average discount rate was 11.8%. For the six months ended June 30, 2020 and 2019, cash paid for amounts included in the measurement of operating lease liabilities was $8.3 million and $5.9 million, respectively. The following table presents the maturities of the Company’s operating lease liabilities as of the date indicated. June 30, 2020 (in thousands) Remainder of 2020 $ 8,834 2021 17,088 2022 16,354 2023 16,063 2024 15,603 Thereafter 52,166 Total lease payments 126,108 Less: imputed interest (44,032) Total lease liability $ 82,076 As of June 30, 2020, the Company has additional operating leases for facilities that have not yet commenced with future minimum lease payments of approximately $66.3 million. These operating leases will commence during fiscal years 2020 through 2021, with lease terms of between four

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The following table presents the components of outstanding long-term debt on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2020 December 31, 2019 (in thousands) Convertible senior notes $ 380,000 $ — Senior secured term loan facility — 250,000 Deferred government grant obligations 3,500 3,500 Other borrowings 1,798 998 Less: unamortized debt issuance costs (121,557) (7,238) Total debt 263,741 247,260 Less: current portion of long-term debt (612) (640) Total long-term debt $ 263,129 $ 246,620 The Company believes the carrying value of its long-term debt approximates the fair value of the debt as the terms and interest rates approximate the market rates, other than the convertible senior notes, which had an estimated fair value of $565.7 million as of June 30, 2020. Each of the Company’s long-term debt instruments were classified as Level 2 within the fair value hierarchy. Convertible Senior Notes In April 2020, the Company issued the Notes in an aggregate principal amount of $380 million, including the exercise by the initial purchasers of an option to purchase additional Notes, in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. The net proceeds from the offering of the Notes were approximately $369.6 million after deducting the initial purchasers’ discounts, commissions and offering expenses payable by the Company. The Notes are governed by an indenture (the “Indenture”) between the Company and Wilmington Trust, National Association, as trustee. The Notes bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2020. The Notes will mature on May 1, 2025, unless earlier repurchased, redeemed or converted. The interest expense related to the Notes for each of the three- and six-month periods ended June 30, 2020, including amortization of the debt discount and debt issuance costs, was $5.0 million. The associated effective interest rate of the Notes for each of the three- and six-month periods ended June 30, 2020 was approximately 10.3%. The Notes are the senior, unsecured obligations of the Company and are equal in right of payment with the Company’s senior unsecured indebtedness, senior in right of payment to the Company’s indebtedness that is expressly subordinated to the Notes, effectively subordinated to the Company’s senior secured indebtedness (including the Loans (as defined below)), to the extent of the value of the collateral securing that indebtedness, and structurally subordinated to all indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. In accounting for the issuance of the Notes, the Company separated the Notes into liability and equity components. The carrying amount of the liability component was calculated using a discount rate of 10.3%, which was determined by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option, excluding debt issuance costs, was $117.8 million and was determined by deducting the fair value of the liability component from the par value of the Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, is amortized to interest expense at an annual effective interest rate over the contractual term of the Notes. Holders may convert their Notes at their option in the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price per share of the Company’s common stock, exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; • during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day; • upon the occurrence of certain corporate events or distributions on the Company’s common stock, as provided in the Indenture; • if the Company calls such Notes for redemption; and • at any time from, and including, November 1, 2024 until the close of business on the second scheduled trading day immediately before the maturity date. The initial conversion rate for the Notes is 35.3773 shares of the Company’s common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $28.27 per share of the Company’s common stock, and is subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. Upon conversion, the Company will pay or deliver, as applicable, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. Upon the occurrence of a “make-whole fundamental change” (as defined in the Indenture), the Company will in certain circumstances increase the conversion rate for a specified period of time. In addition, upon the occurrence of a “fundamental change” (as defined in the Indenture), holders of the Notes may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any. The Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after May 5, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (ii) the trading day immediately before the date the Company sends such notice. In addition, calling any Note for redemption will constitute a “make-whole fundamental change” with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if such Note is converted after it is called for redemption. No sinking fund is provided for the Notes. In connection with the Notes, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain counterparties. The Capped Call Transactions are generally expected to reduce potential dilution to the Company’s common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the Capped Call Transactions. The cap price of the Capped Call Transactions is initially $44.34 per share. The cost of the Capped Call Transactions was approximately $50.5 million. In April 2020, the Company used a portion of the proceeds from the sale of the Notes to repay in full all amounts outstanding, and discharge all obligations in respect of, the Term Loan (as defined below). The Company intends to use the remaining net proceeds from the sale of the Notes for working capital or other general corporate purposes, which may include capital expenditures, potential acquisitions and strategic transactions. Credit Agreement On June 25, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain other lenders party thereto that provides for $50 million in revolving loans (the “Loans”). The Credit Agreement allows for incremental borrowings from time to time in an aggregate amount for all such incremental amounts not to exceed (i) the lesser of (x) $50 million and (y) an amount such that the aggregate principal amount of the lenders’ commitments under the revolving credit facility does not exceed $100 million, plus (ii) certain specified prepayments of indebtedness, plus (iii) an unlimited amount subject to satisfaction of a leverage ratio based compliance test. The Loans mature on December 26, 2023 and bear interest, at the Company’s option, at variable rates based on (i) a customary base rate plus an applicable margin of 2.75% or (ii) an adjusted LIBOR rate (with a floor of 0.00%) for the interest period relevant to such borrowing plus an applicable margin of 3.75%. The Credit Agreement contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability to incur indebtedness, grant liens, make investments and acquisitions, pay dividends, repurchase equity interests in the Company and enter into affiliate transactions and asset sales. The Credit Agreement also contains financial covenants that require the Company to (i) maintain minimum liquidity and minimum consolidated EBITDA (as defined in the Credit Agreement) through the Company’s fiscal quarter ending on December 31, 2021 and (ii) not exceed certain maximum leverage and fixed charge ratios for any period of four consecutive fiscal quarters ending after (but not including) December 31, 2021 through the maturity date. As of June 30, 2020, the Company’s borrowing capacity was $50.0 million and no amounts were outstanding under the Credit Agreement. Senior Secured Term Loan Facility The Company had a credit agreement with Owl Rock Capital Corporation, as administrative agent and collateral agent, and certain other lenders party thereto that provided for a $250 million senior secured term loan facility (the “Term Loan”). On April 23, 2020, the Company repaid its $250 million Term Loan in full, plus accrued interest of $1.3 million. In addition, the Company recognized a loss on debt extinguishment of $11.7 million, consisting of a write-off of previously capitalized deferred financing costs of $9.2 million and a prepayment premium of $2.5 million, and terminated the credit agreement with Owl Rock Capital Corporation. Deferred Government Grant Obligations The Company has a total of two outstanding conditional loan agreements with Prince George’s County, Maryland and the State of Maryland for an aggregate amount of $3.5 million, each bearing an interest rate of 3% per annum. These agreements are conditional loan obligations that may be forgiven provided that the Company attains certain conditions related to employment levels at 2U’s Lanham, Maryland headquarters. The conditional loan with the State of Maryland has a maturity date of December 31, 2026, and the conditional loan with Prince George’s County has a maturity date of June 22, 2027. On July 1, 2020, the Company amended its conditional loan agreement with Prince George’s County to extennd the date on which the Company must comply with the employment level thresholds. The interest expense related to these loans for the three and six months ended June 30, 2020 and 2019 was immaterial. As of June 30, 2020 and December 31, 2019, the Company’s combined accrued interest balance associated with the deferred government grant obligations was $0.3 million and $0.3 million, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provisions for all periods consist of federal, state and foreign income taxes. The income tax provisions for the three and six months ended June 30, 2020 and 2019 were based on estimated full-year effective tax rates, including the mix of income for the period between higher-taxed and lower-taxed jurisdictions, after giving effect to significant items related specifically to the interim periods, and loss-making entities for which it is not more likely than not that a tax benefit will be realized. The Company’s effective tax rate was approximately 1% and 40% for the three months ended June 30, 2020 and 2019, respectively. The Company’s effective tax rate was approximately 1% and 28% for the six months ended June 30, 2020 and 2019, respectively. The Company’s tax benefit of $1.4 million for the six months ended June 30, 2020 related to losses generated by operations and the amortization of acquired intangibles in the Alternative Credential Segment that are expected to be realized through future reversing taxable temporary differences. The Company’s tax benefit of $19.6 million for the six months ended June 30, 2019 related to the reversal of its tax valuation allowance that was no longer needed as a result of recognizing an additional net deferred tax liability due to the acquisition of Trilogy. The Company expects to continue to recognize a tax benefit in the future for the Alternative Credential Segment to the extent that this segment continues to generate pre-tax losses while carrying deferred tax liabilities that are in excess of deferred tax assets. To date, the Company has not been required to pay U.S. federal income taxes because of current and accumulated net operating losses.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of June 30, 2020, the Company was authorized to issue 205,000,000 total shares of capital stock, consisting of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of June 30, 2020, there were 64,300,599 shares of common stock outstanding, and the Company had reserved a total of 26,638,801 of its authorized shares of common stock for future issuance as follows: Shares Reserved for Future Issuance Outstanding restricted stock units 3,534,193 Outstanding performance restricted stock units 1,831,648 Outstanding stock options 4,132,718 Reserved for convertible senior notes 17,140,242 Total shares of common stock reserved for future issuance 26,638,801 Stock-Based Compensation The Company maintains two stock-based compensation plans: the Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”) and the 2008 Stock Incentive Plan (the “2008 Plan” and together with the 2014 Plan, the “Stock Plans”). Upon the effective date of the 2014 Plan in January 2014, the Company ceased using the 2008 Plan to grant new equity awards. The shares available for future issuance under the 2014 Plan increased by 3,175,011 and 2,896,365 on January 1, 2020 and 2019, respectively, pursuant to the automatic share reserve increase provision in the 2014 Plan. The Company also has a 2017 Employee Stock Purchase Plan (the “ESPP”). During the six months ended June 30, 2020, an aggregate of 83,573 shares of the Company’s common stock were purchased in accordance with the ESPP. Net proceeds from the issuance of these shares was $1.8 million. As of June 30, 2020, 729,391 shares remained available for purchase under the ESPP. The following table presents stock-based compensation expense related to the Stock Plans and the ESPP, contained on the following line items on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Curriculum and teaching $ 58 $ 5 $ 191 $ 8 Servicing and support 3,642 1,834 7,570 3,503 Technology and content development 2,936 1,648 6,105 3,504 Marketing and sales 1,853 1,487 5,086 2,743 General and administrative 12,602 4,993 23,009 9,793 Total stock-based compensation expense $ 21,091 $ 9,967 $ 41,961 $ 19,551 Restricted Stock Units The 2014 Plan provides for the issuance of restricted stock units (“RSUs”) to employees and certain non-employees. RSUs generally vest over a three Number of Weighted- Outstanding balance as of December 31, 2019 2,281,142 $ 40.49 Granted 1,865,348 20.11 Vested (476,317) 52.61 Forfeited (135,980) 32.13 Outstanding balance as of June 30, 2020 3,534,193 $ 28.42 Performance Restricted Stock Units The 2014 Plan provides for the issuance of performance restricted stock units (“PRSUs”) to employees and certain non-employees. PRSUs generally include both service conditions and market conditions related to total shareholder return targets relative to that of companies comprising the Russell 3000 Index. The following table presents a summary of the Company’s PRSU activity for the period indicated. Number of Weighted- Outstanding balance as of December 31, 2019 1,413,773 $ 28.12 Granted 653,879 22.46 Vested (444) 64.51 Forfeited (235,560) 52.91 Outstanding balance as of June 30, 2020 1,831,648 $ 22.90 Stock Options The Stock Plans provide for the issuance of stock options to employees and certain non-employees. Stock options issued under the Stock Plans generally are exercisable for periods not to exceed 10 years and generally vest over four years. The following table presents a summary of the Company’s stock option activity for the period indicated. Number of Weighted-Average Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding balance as of December 31, 2019 4,373,895 $ 34.24 5.88 $ 28,736 Granted 8,597 19.61 Exercised (195,728) 9.32 Forfeited (22,294) 57.38 Expired (31,752) 41.11 Outstanding balance as of June 30, 2020 4,132,718 35.22 5.54 58,683 Exercisable as of June 30, 2020 3,162,499 $ 25.87 4.72 $ 57,663 The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2020 and 2019 was $11.48 and $32.71 per share, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2020 and 2019 was $4.4 million and $13.2 million, respectively. The total unrecognized compensation cost related to the unvested stock options as of June 30, 2020 was $26.5 million and will be recognized over a weighted-average period of approximately 2.60 years.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were antidilutive, given the Company’s net loss. The following table presents a summary of the securities that have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is antidilutive for each of the periods indicated. Three and Six Months Ended 2020 2019 Stock options 4,132,718 4,325,728 Restricted stock units 3,534,193 1,208,112 Performance restricted stock units 1,831,648 199,636 Shares related to convertible senior notes 3,432,837 — Total antidilutive securities 12,931,396 5,733,476 The following table presents the calculation of the Company’s basic and diluted net loss per share for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator (in thousands): Net loss $ (66,167) $ (27,972) $ (126,273) $ (49,526) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 64,075,405 60,516,662 63,850,869 59,334,246 Net loss per share, basic and diluted $ (1.03) $ (0.46) $ (1.98) $ (0.83)

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company has two reportable segments: the Graduate Program Segment and the Alternative Credential Segment. The Company’s reportable segments are determined based on (i) financial information reviewed by the chief operating decision maker, the Chief Executive Officer (“CEO”), (ii) internal management and related reporting structure, and (iii) the basis upon which the CEO makes resource allocation decisions. The Company’s Graduate Program Segment includes the technology and services provided to nonprofit colleges and universities to enable the online delivery of degree programs. The Company’s Alternative Credential Segment includes the premium online short courses and technical skills-based boot camps provided through relationships with nonprofit colleges and universities. Graduate Program Segment For the three months ended June 30, 2020, one university client accounted for 10% or more of the Company’s consolidated revenue, contributing $18.8 million, or approximately 10% of the Company’s consolidated revenue. For the three months ended June 30, 2019, one university client accounted for 10% or more of the Company’s consolidated revenue, contributing $21.2 million, or approximately 16 % of the Company’s consolidated revenue. For the six months ended June 30, 2020, one university client accounted for 10% or more of the Company’s consolidated revenue, contributing $36.3 million, or approximately 10% of the Company’s consolidated revenue. For the six months ended June 30, 2019, one university client accounted for 10% or more of the Company’s consolidated revenue, contributing $43.8 million, or approximately 17% of the Company’s consolidated revenue. As of June 30, 2020, one university client accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, contributing $15.2 million, or approximately 21% of the Company’s consolidated accounts receivable, net balance. As of December 31, 2019, two university clients each accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, contributing $6.1 million and $4.9 million, or approximately 18% and 15% of the Company’s consolidated accounts receivable, net balance, respectively. Alternative Credential Segment For the three and six months ended June 30, 2020 and 2019, there were no customers or individual university clients that had associated offerings that accounted for 10% or more of the Company’s consolidated revenue. In addition, as of June 30, 2020 and December 31, 2019, no customers had accounts receivable, net balances that accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, as customers are individual students or third parties paying on their behalf, rather than university clients. For the three months ended June 30, 2020, offerings associated with one university client accounted for 10% or more of the segment’s revenue, contributing $9.2 million, or approximately 14% of the segment’s revenue. For the three months ended June 30, 2019, offerings associated with two university clients each accounted for 10% or more of the segment’s revenue, and when combined, accounted for approximately 37% of the segment’s revenue. For the six months ended June 30, 2020, offerings associated with one university client accounted for 10% or more of the segment’s revenue, contributing $17.1 million, or approximately 14% of the segment’s revenue. For the six months ended June 30, 2019, offerings associated with three university clients each accounted for 10% or more of the segment’s revenue, and when combined, accounted for approximately 56% of the segment’s revenue. Segment Performance The following table presents financial information regarding each of the Company’s reportable segment’s results of operations for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (dollars in thousands) Revenue by segment* Graduate Program Segment $ 115,685 $ 101,403 $ 234,142 $ 205,577 Alternative Credential Segment 67,002 34,058 124,024 52,118 Total revenue $ 182,687 $ 135,461 $ 358,166 $ 257,695 Segment profitability** Graduate Program Segment $ 4,703 $ (8,049) $ 11,163 $ (7,339) Alternative Credential Segment (6,790) (6,926) (17,554) (10,842) Total segment profitability $ (2,087) $ (14,975) $ (6,391) $ (18,181) Segment profitability margin*** Graduate Program Segment 4.1 % (7.9) % 4.8 % (3.6) % Alternative Credential Segment (10.1) (20.3) (14.2) (20.8) Total segment profitability margin (1.1) % (11.1) % (1.8) % (7.0) % * The Company has excluded immaterial amounts of intersegment revenues from the three- and six-month periods ended June 30, 2020 and 2019. ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, foreign currency gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, impairment charges, losses on debt extinguishment, and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period. *** The Company defines segment profitability margin as segment profitability as a percentage of the respective segment’s revenue. The following table presents a reconciliation of the Company’s net loss to total segment profitability for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Net loss $ (66,167) $ (27,972) $ (126,273) $ (49,526) Adjustments: Net interest expense (income) 6,364 610 11,344 (1,684) Foreign currency (gain) loss (570) 13 1,701 383 Income tax benefit (363) (18,691) (1,418) (19,632) Depreciation and amortization expense 23,985 14,653 47,470 24,351 Deferred revenue fair value adjustment — 3,352 — 3,352 Transaction and integration costs 359 3,093 1,083 5,024 Restructuring-related costs 196 — 484 — Stockholder activism costs 1,347 — 5,586 — Stock-based compensation expense 21,091 9,967 41,961 19,551 Loss on debt extinguishment 11,671 — 11,671 — Total adjustments 64,080 12,997 119,882 31,345 Total segment profitability $ (2,087) $ (14,975) $ (6,391) $ (18,181) The following table presents the Company’s total assets by segment as of each of the dates indicated. June 30, December 31, (in thousands) Total assets Graduate Program Segment $ 560,137 $ 507,187 Alternative Credential Segment 672,423 679,643 Total assets $ 1,232,560 $ 1,186,830 Trade Accounts Receivable and Contract Liabilities The following table presents the Company’s trade accounts receivable and contract liabilities in each segment as of each of the dates indicated. June 30, December 31, (in thousands) Trade accounts receivable Graduate Program Segment accounts receivable $ 17,185 $ 3,454 Graduate Program Segment unbilled revenue 27,777 12,123 Alternative Credential Segment accounts receivable 29,158 19,408 Provision for credit losses (2,540) (1,330) Total trade accounts receivable $ 71,580 $ 33,655 Contract liabilities Graduate Program Segment deferred revenue $ 15,112 $ 2,210 Alternative Credential Segment deferred revenue 61,959 46,623 Total contract liabilities $ 77,071 $ 48,833 For the Graduate Program Segment, no revenue recognized during each of the three months ended June 30, 2020 and 2019 was included in the deferred revenue balance at the beginning of each respective year. Revenue recognized in this segment during the six months ended June 30, 2020 and 2019 that was included in the deferred revenue balance at the beginning of each year was $2.2 million and $2.4 million, respectively. For the Alternative Credential Segment, revenue recognized during the three months ended June 30, 2020 and 2019 that was included in the deferred revenue balance at the beginning of each year was $12.2 million and zero, respectively. Revenue recognized in this segment during the six months ended June 30, 2020 and 2019 that was included in the deferred revenue balance at the beginning of each year was $46.6 million and $5.4 million, respectively. Contract Acquisition Costs The Graduate Program Segment had $0.5 million and $0.5 million of net capitalized contract acquisition costs recorded primarily within university payments and other assets, non-current on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019, respectively. Geographical Information The Company’s non-U.S. revenue is based on the currency of the country in which the university client primarily operates. The Company’s non-U.S. revenue was $17.2 million and $11.1 million for the three months ended June 30, 2020 and 2019, respectively. The Company’s non-U.S. revenue was $30.0 million and $18.9 million for the six months ended June 30, 2020 and 2019, respectively. Substantially all of the Company’s non-U.S. revenue for each of the aforementioned periods was sourced from the Alternative Credential Segment’s operations outside of the U.S. The Company’s long-lived tangible assets in non-U.S. countries as of June 30, 2020 and December 31, 2019 totaled $1.8 million and $2.7 million, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow InformationThe Company’s cash interest payments, net of amounts capitalized, were $6.2 million and $1.9 million for the six months ended June 30, 2020 and 2019, respectively. The Company’s accrued but unpaid capital expenditures were $1.1 million and $1.2 million for the six months ended June 30, 2020 and 2019, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements, which include the assets, liabilities, results of operations and cash flows of the Company have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the Securities and Exchange Commission (the “SEC”). As permitted under such rules, certain notes and other financial information normally required by U.S. GAAP have been condensed or omitted. The Company believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2020 and 2019 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2019 was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP on an annual reporting basis.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions are inherent in the analysis and the measurement of provisions for credit losses, acquired intangible assets, the recoverability of goodwill and deferred tax assets. Due to the inherent uncertainty involved in making estimates, particularly in light of the COVID-19 pandemic, actual results reported in future periods may be affected by changes in those estimates. The Company evaluates its estimates and assumptions on an ongoing basis.
Accounts Receivable, Contract Assets and Liabilities	Accounts Receivable, Contract Assets and Liabilities Balance sheet items related to contracts consist of accounts receivable, net and deferred revenue on the Company’s condensed consolidated balance sheets. Included in accounts receivable, net are trade accounts receivable, which are comprised of billed and unbilled revenue. Accounts receivable, net is stated at amortized cost net of provision for credit losses. The Company’s methodology to measure the provision for credit losses requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include current market conditions, delinquency trends, aging behavior of receivables and credit and liquidity quality indicators for industry groups, customer classes or individual customers.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU is intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, to ease the potential accounting and financial reporting burden associated with the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This ASU may be applied as of the beginning of any interim period that includes its effective date (i.e., March 12, 2020) through December 31, 2022. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements or related disclosures. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 . ASU No. 2020-01 was issued to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or discontinuing the equity method of accounting. The update regarding forward contracts and purchased options is not applicable as the Company does not have any forward contracts or purchased options. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company is evaluating the impact that this ASU will have on its condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in the accounting standards. The amendments in the ASU include removal of certain exceptions to the general principles in Topic 740 related to recognizing deferred taxes for investments, performing intraperiod tax allocation and calculating income taxes in an interim period. The ASU also clarifies and simplifies other aspects of the accounting for income taxes, including the recognition of deferred tax liabilities for outside basis differences. The amendments in this ASU are effective for annual and interim periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is evaluating the impact that this ASU will have on its condensed consolidated financial statements and related disclosures. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU No. 2019-04 provides corrections, updates and clarifications to the previously issued updates of ASU No. 2016-01, ASU No. 2016-13 and ASU No. 2017-12. Various areas of the ASC were impacted by the update. This standard follows the effective dates of the previously issued ASUs, unless an entity has already early adopted the previous ASUs, in which case the effective date will vary according to each specific ASU adoption. The Company adopted the amendments related to ASU Nos. 2016-01 and 2016-13 on January 1, 2020 under the modified retrospective transition method, with the exception of the amendments related to equity securities without readily determinable fair values for which an entity elects the measurement alternative, which have been adopted prospectively. Adoption of these amendments did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Refer below for further discussion of ASU No. 2016-13. The amendments to ASU No. 2017-12 are not applicable to the Company. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . Subsequently, the FASB has issued the following standards related to ASU No. 2016-13: ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief ; ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ; and ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	The following table presents the change in provision for credit losses on the Company’s consolidated balance sheets for the period indicated: Provision for Credit Losses (in thousands) Balance as of January 1, 2020 $ 1,330 Current period provision 1,267 Amounts written off (46) Balance as of June 30, 2020 $ 2,551

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of unaudited pro forma combined revenue and net loss	The following table presents the Company’s unaudited pro forma combined revenue, pro forma combined net loss and pro forma combined net loss per share for the three and six months ended June 30, 2019, as if the acquisition of Trilogy had occurred on January 1, 2019: Three Months Ended Six Months Ended (in thousands, except per share amounts) Pro forma revenue $ 157,865 $ 311,174 Pro forma net loss (52,805) (110,169) Pro forma net loss per share, basic and diluted $ (0.87) $ (1.86)

Goodwill and Amortizable Inta_2

Goodwill and Amortizable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The following table presents the changes in the carrying amount of goodwill by reportable segment on the Company’s condensed consolidated balance sheets for the periods indicated. Graduate Alternative Total (in thousands) Balance as of December 31, 2019 $ — $ 418,350 $ 418,350 Foreign currency translation adjustments — (12,010) (12,010) Balance as of June 30, 2020 $ — $ 406,340 $ 406,340
Schedule of amortizable intangible assets	The following table presents the components of amortizable intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2020 December 31, 2019 Estimated Gross Accumulated Net Gross Accumulated Net (in thousands) Capitalized technology 3-5 $ 153,588 $ (57,710) $ 95,878 $ 142,712 $ (41,106) $ 101,606 Capitalized content development 4-5 187,936 (70,492) 117,444 167,758 (54,736) 113,022 University client relationships 9-10 105,810 (16,570) 89,240 110,344 (12,419) 97,925 Trade names and domain names 5-10 25,315 (7,318) 17,997 26,462 (5,940) 20,522 Total amortizable intangible assets, net $ 472,649 $ (152,090) $ 320,559 $ 447,276 $ (114,201) $ 333,075
Schedule of estimated future amortization expense for amortizable intangible assets	The following table presents the estimated future amortization expense of the Company’s amortizable intangible assets placed in service as of June 30, 2020. Future Amortization Expense (in thousands) Remainder of 2020 $ 40,377 2021 76,013 2022 60,367 2023 42,876 2024 25,533 Thereafter 45,933 Total $ 291,099

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of accrued expenses	The following table presents the components of accounts payable and accrued expenses on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2020 December 31, 2019 (in thousands) Accrued university and instructional staff compensation $ 21,402 $ 23,419 Accrued marketing costs 26,900 22,055 Accrued transaction, integration and restructuring-related costs* 1,894 4,459 Accounts payable and other accrued expenses 34,345 15,448 Total accounts payable and accrued expenses $ 84,541 $ 65,381 * As of June 30, 2020 and December 31, 2019, accrued transaction, integration and restructuring-related costs included zero and $0.5 million, respectively, related to an employee termination benefits reserve for organizational restructuring.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of lease cost	The following table presents the components of lease expense on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Operating lease expense $ 3,721 $ 2,714 $ 7,341 $ 5,336 Short-term lease expense 121 154 234 390 Variable lease expense 1,211 1,091 2,671 2,005 Total lease expense $ 5,053 $ 3,959 $ 10,246 $ 7,731
Schedule of maturities of operating lease liabilities	The following table presents the maturities of the Company’s operating lease liabilities as of the date indicated. June 30, 2020 (in thousands) Remainder of 2020 $ 8,834 2021 17,088 2022 16,354 2023 16,063 2024 15,603 Thereafter 52,166 Total lease payments 126,108 Less: imputed interest (44,032) Total lease liability $ 82,076

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	The following table presents the components of outstanding long-term debt on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2020 December 31, 2019 (in thousands) Convertible senior notes $ 380,000 $ — Senior secured term loan facility — 250,000 Deferred government grant obligations 3,500 3,500 Other borrowings 1,798 998 Less: unamortized debt issuance costs (121,557) (7,238) Total debt 263,741 247,260 Less: current portion of long-term debt (612) (640) Total long-term debt $ 263,129 $ 246,620

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of shares of common stock reserved for future issuance	As of June 30, 2020, there were 64,300,599 shares of common stock outstanding, and the Company had reserved a total of 26,638,801 of its authorized shares of common stock for future issuance as follows: Shares Reserved for Future Issuance Outstanding restricted stock units 3,534,193 Outstanding performance restricted stock units 1,831,648 Outstanding stock options 4,132,718 Reserved for convertible senior notes 17,140,242 Total shares of common stock reserved for future issuance 26,638,801
Schedule of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss	The following table presents stock-based compensation expense related to the Stock Plans and the ESPP, contained on the following line items on the Company’s condensed consolidated statements of operations and comprehensive loss for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Curriculum and teaching $ 58 $ 5 $ 191 $ 8 Servicing and support 3,642 1,834 7,570 3,503 Technology and content development 2,936 1,648 6,105 3,504 Marketing and sales 1,853 1,487 5,086 2,743 General and administrative 12,602 4,993 23,009 9,793 Total stock-based compensation expense $ 21,091 $ 9,967 $ 41,961 $ 19,551
Schedule of restricted and performance restricted stock unit activity	The following table presents a summary of the Company’s RSU activity for the period indicated. Number of Weighted- Outstanding balance as of December 31, 2019 2,281,142 $ 40.49 Granted 1,865,348 20.11 Vested (476,317) 52.61 Forfeited (135,980) 32.13 Outstanding balance as of June 30, 2020 3,534,193 $ 28.42 Number of Weighted- Outstanding balance as of December 31, 2019 1,413,773 $ 28.12 Granted 653,879 22.46 Vested (444) 64.51 Forfeited (235,560) 52.91 Outstanding balance as of June 30, 2020 1,831,648 $ 22.90
Schedule of stock option activity	The following table presents a summary of the Company’s stock option activity for the period indicated. Number of Weighted-Average Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding balance as of December 31, 2019 4,373,895 $ 34.24 5.88 $ 28,736 Granted 8,597 19.61 Exercised (195,728) 9.32 Forfeited (22,294) 57.38 Expired (31,752) 41.11 Outstanding balance as of June 30, 2020 4,132,718 35.22 5.54 58,683 Exercisable as of June 30, 2020 3,162,499 $ 25.87 4.72 $ 57,663

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of potential dilutive securities that would have been anti-dilutive due to net loss	The following table presents a summary of the securities that have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is antidilutive for each of the periods indicated. Three and Six Months Ended 2020 2019 Stock options 4,132,718 4,325,728 Restricted stock units 3,534,193 1,208,112 Performance restricted stock units 1,831,648 199,636 Shares related to convertible senior notes 3,432,837 — Total antidilutive securities 12,931,396 5,733,476
Schedule of calculation of basic and diluted net loss per share	The following table presents the calculation of the Company’s basic and diluted net loss per share for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator (in thousands): Net loss $ (66,167) $ (27,972) $ (126,273) $ (49,526) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 64,075,405 60,516,662 63,850,869 59,334,246 Net loss per share, basic and diluted $ (1.03) $ (0.46) $ (1.98) $ (0.83)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of revenue, segment profitability and segment profitability margin by segment	The following table presents financial information regarding each of the Company’s reportable segment’s results of operations for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (dollars in thousands) Revenue by segment* Graduate Program Segment $ 115,685 $ 101,403 $ 234,142 $ 205,577 Alternative Credential Segment 67,002 34,058 124,024 52,118 Total revenue $ 182,687 $ 135,461 $ 358,166 $ 257,695 Segment profitability** Graduate Program Segment $ 4,703 $ (8,049) $ 11,163 $ (7,339) Alternative Credential Segment (6,790) (6,926) (17,554) (10,842) Total segment profitability $ (2,087) $ (14,975) $ (6,391) $ (18,181) Segment profitability margin*** Graduate Program Segment 4.1 % (7.9) % 4.8 % (3.6) % Alternative Credential Segment (10.1) (20.3) (14.2) (20.8) Total segment profitability margin (1.1) % (11.1) % (1.8) % (7.0) % * The Company has excluded immaterial amounts of intersegment revenues from the three- and six-month periods ended June 30, 2020 and 2019. ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, foreign currency gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, impairment charges, losses on debt extinguishment, and stock-based compensation expense. Some or all of these items may not be applicable in any given reporting period. *** The Company defines segment profitability margin as segment profitability as a percentage of the respective segment’s revenue.
Schedule of reconciliation of net loss to total segment profitability	The following table presents a reconciliation of the Company’s net loss to total segment profitability for each of the periods indicated. Three Months Ended Six Months Ended 2020 2019 2020 2019 (in thousands) Net loss $ (66,167) $ (27,972) $ (126,273) $ (49,526) Adjustments: Net interest expense (income) 6,364 610 11,344 (1,684) Foreign currency (gain) loss (570) 13 1,701 383 Income tax benefit (363) (18,691) (1,418) (19,632) Depreciation and amortization expense 23,985 14,653 47,470 24,351 Deferred revenue fair value adjustment — 3,352 — 3,352 Transaction and integration costs 359 3,093 1,083 5,024 Restructuring-related costs 196 — 484 — Stockholder activism costs 1,347 — 5,586 — Stock-based compensation expense 21,091 9,967 41,961 19,551 Loss on debt extinguishment 11,671 — 11,671 — Total adjustments 64,080 12,997 119,882 31,345 Total segment profitability $ (2,087) $ (14,975) $ (6,391) $ (18,181)
Schedule of total assets by segment	The following table presents the Company’s total assets by segment as of each of the dates indicated. June 30, December 31, (in thousands) Total assets Graduate Program Segment $ 560,137 $ 507,187 Alternative Credential Segment 672,423 679,643 Total assets $ 1,232,560 $ 1,186,830
Schedule of contract assets and liabilities	The following table presents the Company’s trade accounts receivable and contract liabilities in each segment as of each of the dates indicated. June 30, December 31, (in thousands) Trade accounts receivable Graduate Program Segment accounts receivable $ 17,185 $ 3,454 Graduate Program Segment unbilled revenue 27,777 12,123 Alternative Credential Segment accounts receivable 29,158 19,408 Provision for credit losses (2,540) (1,330) Total trade accounts receivable $ 71,580 $ 33,655 Contract liabilities Graduate Program Segment deferred revenue $ 15,112 $ 2,210 Alternative Credential Segment deferred revenue 61,959 46,623 Total contract liabilities $ 77,071 $ 48,833

Organization (Details)

Organization (Details)	6 Months Ended
	Jun. 30, 2020segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments (in segments)	2

Significant Accounting Polici_4

Significant Accounting Policies - Change in Provision for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of January 1, 2020	$ 1,330
Current period provision	1,267	$ 993
Amounts written off	(46)
Balance as of June 30, 2020	$ 2,551

Significant Accounting Polici_5

Significant Accounting Policies - Convertible Senior Notes (Details) - The Notes - Convertible senior notes	Apr. 23, 2020USD ($)
Debt Instrument [Line Items]
Interest rate	2.25%
Aggregate principal amount	$ 380,000,000

Business Combination - Addition

Business Combination - Additional Information (Details) - Trilogy Education Services, Inc. $ / shares in Units, $ in Millions	May 22, 2019USD ($)$ / shares
Acquisition
Consideration transferred | $	$ 608.6
Par value (in dollars per share) | $ / shares	$ 0.001
Equity Incentive Plan 2014
Acquisition
Vesting period	18 months

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Business Combinations [Abstract]
Pro forma revenue	$ 157,865	$ 311,174
Pro forma net loss	$ (52,805)	$ (110,169)
Pro forma net loss per share, basic and diluted (in dollars per share)	$ (0.87)	$ (1.86)

Goodwill and Amortizable Inta_3

Goodwill and Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning balance	$ 418,350
Foreign currency translation adjustments	(12,010)
Ending balance	406,340
Gross Carrying Amount	472,649	$ 447,276
Accumulated Amortization	(152,090)	(114,201)
Total	320,559	333,075
Graduate Program Segment
Goodwill [Roll Forward]
Beginning balance	0
Foreign currency translation adjustments	0
Ending balance	0
Alternative Credential Segment
Goodwill [Roll Forward]
Beginning balance	418,350
Foreign currency translation adjustments	(12,010)
Ending balance	406,340
Capitalized technology
Goodwill [Roll Forward]
Gross Carrying Amount	153,588	142,712
Accumulated Amortization	(57,710)	(41,106)
Total	$ 95,878	101,606
Capitalized technology | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	3 years
Capitalized technology | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
Capitalized content development
Goodwill [Roll Forward]
Gross Carrying Amount	$ 187,936	167,758
Accumulated Amortization	(70,492)	(54,736)
Total	$ 117,444	113,022
Capitalized content development | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	4 years
Capitalized content development | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
University client relationships
Goodwill [Roll Forward]
Gross Carrying Amount	$ 105,810	110,344
Accumulated Amortization	(16,570)	(12,419)
Total	$ 89,240	97,925
University client relationships | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	9 years
University client relationships | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	10 years
Trade names and domain names
Goodwill [Roll Forward]
Gross Carrying Amount	$ 25,315	26,462
Accumulated Amortization	(7,318)	(5,940)
Total	$ 17,997	$ 20,522
Trade names and domain names | Minimum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	5 years
Trade names and domain names | Maximum
Goodwill [Roll Forward]
Estimated Average Useful Life (in years)	10 years

Goodwill and Amortizable Inta_4

Goodwill and Amortizable Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	$ 320,559		$ 320,559		$ 333,075
Amortization expense	20,800	$ 11,900	41,000	$ 18,900
In Process Capitalized Technology and Content Development
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	29,500		29,500		30,700
Alternative Credential Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill, accumulated impairment loss	$ 70,400		$ 70,400		$ 70,400

Goodwill and Amortizable Inta_5

Goodwill and Amortizable Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Future amortization expense
Total	$ 320,559	$ 333,075
Excluding in process capitalized technology and content development
Future amortization expense
Remainder of 2020	40,377
2021	76,013
2022	60,367
2023	42,876
2024	25,533
Thereafter	45,933
Total	$ 291,099

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued university and instructional staff compensation	$ 21,402,000	$ 23,419,000
Accrued marketing costs	26,900,000	22,055,000
Accrued transaction, integration and restructuring-related costs	1,894,000	4,459,000
Accounts payable and other accrued expenses	34,345,000	15,448,000
Total accounts payable and accrued expenses	84,541,000	65,381,000
Employee termination benefits reserve	0	$ 500,000
Accrued payroll taxes, CARES Act	$ 3,900,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Additional investment in educational technology, contingent payment	$ 5

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Renewal term (in years)	5 years
Option to terminate, term (in years)	1 year
Weighted average remaining lease term (in years)	7 years 7 months 6 days
Weighted average discount rate	11.80%
Operating lease payments	$ 8.3	$ 5.9
Lease liability, leases not yet commenced	$ 66.3
Minimum
Lessee, Lease, Description [Line Items]
Contract term (in years)	1 year
Contract term, leases not yet commenced (in years)	4 years
Maximum
Lessee, Lease, Description [Line Items]
Contract term (in years)	11 years
Contract term, leases not yet commenced (in years)	12 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 3,721	$ 2,714	$ 7,341	$ 5,336
Short-term lease expense	121	154	234	390
Variable lease expense	1,211	1,091	2,671	2,005
Total lease expense	$ 5,053	$ 3,959	$ 10,246	$ 7,731

Leases - Operating Lease Liabil

Leases - Operating Lease Liabilities Due (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
Remainder of 2020	$ 8,834
2021	17,088
2022	16,354
2023	16,063
2024	15,603
Thereafter	52,166
Total lease payments	126,108
Less: imputed interest	(44,032)
Total lease liability	$ 82,076

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (121,557)	$ (7,238)
Total debt	263,741	247,260
Less: current portion of long-term debt	(612)	(640)
Long-term debt	263,129	246,620
Convertible senior notes
Debt Instrument [Line Items]
Long-term debt	380,000	0
Senior secured term loan facility
Debt Instrument [Line Items]
Long-term debt	0	250,000
Deferred government grant obligations
Debt Instrument [Line Items]
Long-term debt	3,500	3,500
Other borrowings
Debt Instrument [Line Items]
Long-term debt	$ 1,798	$ 998

Debt - Additional Information (

Debt - Additional Information (Details)	Jun. 25, 2020USD ($)	Apr. 23, 2020USD ($)day$ / shares	Jun. 30, 2020USD ($)agreement	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)agreement	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	May 22, 2019USD ($)
Debt Instrument [Line Items]
Proceeds from debt					$ 371,708,000	$ 243,726,000
Purchases of capped calls in connection with convertible senior notes			$ 50,540,000
Loss on debt extinguishment		$ 11,700,000	11,671,000	$ 0	11,671,000	$ 0
Deferred financing costs			$ 121,557,000		$ 121,557,000		$ 7,238,000
Number of contracts (in contracts) | agreement			2		2
Deferred government grant obligations			$ 3,500,000		$ 3,500,000
Prince George's County, Maryland
Debt Instrument [Line Items]
Interest rate			3.00%		3.00%
Deferred government grant obligations
Debt Instrument [Line Items]
Interest payable			$ 300,000		$ 300,000		$ 300,000
Convertible senior notes
Debt Instrument [Line Items]
Fair value			565,700,000		565,700,000
The Notes | Convertible senior notes
Debt Instrument [Line Items]
Aggregate principal amount		380,000,000
Proceeds from debt		$ 369,600,000
Interest rate		2.25%
Debt issuance costs			$ 5,000,000		$ 5,000,000
Debt instrument, interest rate, effective percentage			10.30%		10.30%
Debt instrument, convertible, carrying Amount		$ 117,800,000
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Debt instrument, convertible, threshold trading days | day		20
Debt instrument, convertible, threshold consecutive trading days | day		30
Debt instrument, convertible, threshold consecutive trading days, sale price per share | day		5
Debt instrument, convertible, measurement period | day		10
Debt instrument, threshold percentage of sales price per share		98.00%
Debt instrument, convertible, conversion ratio		0.0353773
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares		$ 28.27
Capped call, cap price (in dollars per share) | $ / shares		$ 44.34
Purchases of capped calls in connection with convertible senior notes		$ 50,500,000
The Notes | Convertible senior notes | Measurement Input, Discount Rate
Debt Instrument [Line Items]
Debt instrument, discount rate		0.103
Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Aggregate principal amount								$ 250,000,000
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000		$ 50,000,000
Debt instrument, principal amount of the lenders' commitments, maximum	$ 100,000,000
Outstanding amount under credit agreement			$ 0		$ 0
Repayments of Debt		$ 250,000,000
Interest payable		1,300,000
Deferred financing costs		9,200,000
Prepayment premium		$ 2,500,000
Credit Agreement | Letter of Credit | LIBOR
Debt Instrument [Line Items]
Variable rate, applicable margin	3.75%
Credit Agreement | Letter of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Variable rate, applicable margin	0.00%
Credit Agreement | Letter of Credit | Base rate
Debt Instrument [Line Items]
Variable rate, applicable margin	2.75%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	(1.00%)	(40.00%)	(1.00%)	(28.00%)
Income tax benefit	$ 363	$ 18,691	$ 1,418	$ 19,632

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock and Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Stockholders' Equity
Authorized shares of capital stock (in shares)	205,000,000	205,000,000
Authorized shares of common stock (in shares)	200,000,000	200,000,000			200,000,000
Authorized shares of preferred stock (in shares)	5,000,000	5,000,000			5,000,000
Common stock, outstanding (in shares)	64,300,599	64,300,599			63,569,109
Available shares of common stock reserved for future issuance (in shares)	26,638,801	26,638,801
Issuance of common stock in connection with employee stock purchase plan	$ 1,771
Common Stock
Stockholders' Equity
Common stock, outstanding (in shares)	64,300,599	64,300,599	63,703,067		63,569,109	63,231,376	58,189,318		57,968,493
Issuance of common stock in connection with employee stock purchase plan (in shares)	83,573	83,573
Issuance of common stock in connection with employee stock purchase plan		$ 1,800
Restricted Stock Units (RSUs)
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)	3,534,193	3,534,193
Performance restricted stock units
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)	1,831,648	1,831,648
Stock options
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)	4,132,718	4,132,718
Convertible debt securities
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)	17,140,242	17,140,242
Employee Stock
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)	729,391	729,391
Equity Incentive Plan 2014
Stockholders' Equity
Increase in shares in available for future issuance				3,175,011				2,896,365

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	$ 21,091	$ 9,967	$ 41,961	$ 19,551
Curriculum and teaching
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	58	5	191	8
Servicing and support
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	3,642	1,834	7,570	3,503
Technology and content development
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	2,936	1,648	6,105	3,504
Marketing and sales
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	1,853	1,487	5,086	2,743
General and administrative
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Stock-based compensation expense	$ 12,602	$ 4,993	$ 23,009	$ 9,793

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted and Performance Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted stock units
Restricted Stock Units [Roll Forward]
Outstanding balance at the beginning of the period (in shares) | shares	2,281,142
Granted (in shares) | shares	1,865,348
Vested (in shares) | shares	(476,317)
Forfeited (in shares) | shares	(135,980)
Outstanding balance at the end of the period (in shares) | shares	3,534,193
Grant Date Fair Value [Roll Forward]
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 40.49
Granted (in dollars per share) | $ / shares	20.11
Vested (in dollars per share) | $ / shares	52.61
Forfeited (in dollars per share) | $ / shares	32.13
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 28.42
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance restricted stock units
Restricted Stock Units [Roll Forward]
Outstanding balance at the beginning of the period (in shares) | shares	1,413,773
Granted (in shares) | shares	653,879
Vested (in shares) | shares	(444)
Forfeited (in shares) | shares	(235,560)
Outstanding balance at the end of the period (in shares) | shares	1,831,648
Grant Date Fair Value [Roll Forward]
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 28.12
Granted (in dollars per share) | $ / shares	22.46
Vested (in dollars per share) | $ / shares	64.51
Forfeited (in dollars per share) | $ / shares	52.91
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 22.90

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding balance at the end of the period (in shares)	4,132,718
Stock options
Stock-Based Compensation
Expiration period	10 years
Vesting period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding balance at the beginning of the period (in shares)	4,373,895
Granted (in shares)	8,597
Exercised (in shares)	(195,728)
Forfeited (in shares)	(22,294)
Expired (in shares)	(31,752)
Outstanding balance at the end of the period (in shares)			4,373,895
Exercisable at the end of the period (in shares)	3,162,499
Share-based Compensation Arrangement by Share-based Payment Award Options Outstanding Weighted Average Exercise Price [Roll Forward]
Outstanding balance at the beginning of the period (in dollars per share)	$ 34.24
Granted (in dollars per share)	19.61
Exercised (in dollars per share)	9.32
Forfeited (in dollars per share)	57.38
Expired (in dollars per share)	41.11
Outstanding balance at the end of the period (in dollars per share)	35.22		$ 34.24
Exercisable at the end of the period (in dollars per share)	$ 25.87
Weighted-Average Remaining Contractual Term
Outstanding balance	5 years 6 months 14 days		5 years 10 months 17 days
Weighted-average remaining contractual term of options exercisable at the end of the period (in years)	4 years 8 months 19 days
Share Based Compensation Arrangement By Share Based Payment Award Options Intrinsic Value [Abstract]
Outstanding balance at the end of the period	$ 58,683		$ 28,736
Exercisable at the end of the period	$ 57,663
Weighted average grant date fair value (in dollars per share)	$ 11.48	$ 32.71
Intrinsic value of options exercisable at the end of the period	$ 4,400	$ 13,200
Compensation cost related to the nonvested awards not yet recognized	$ 26,500
Weighted average period for recognition of compensation cost	2 years 7 months 6 days

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			12,931,396	5,733,476
Numerator:
Net loss	$ (66,167)	$ (27,972)	$ (126,273)	$ (49,526)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted (in shares)	64,075,405	60,516,662	63,850,869	59,334,246
Net loss per share, basic and diluted (in dollars per share)	$ (1.03)	$ (0.46)	$ (1.98)	$ (0.83)
Stock options
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			4,132,718	4,325,728
Restricted stock units
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			3,534,193	1,208,112
Performance restricted stock units
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			1,831,648	199,636
Convertible debt securities
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			3,432,837	0

Segment and Geographic Inform_3

Segment and Geographic Information - Concentration Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Information
Number of reportable segments (in segments) | segment			2
Revenue	$ 182,687	$ 135,461	$ 358,166	$ 257,695
Accounts receivable, net	71,580		71,580		$ 33,655
Graduate Program Segment
Segment Information
Revenue	115,685	101,403	234,142	205,577
Alternative Credential Segment
Segment Information
Revenue	67,002	34,058	124,024	52,118
University client A | Customer concentration risk | Sales Revenue, Net | Graduate Program Segment
Segment Information
Revenue	$ 18,800	$ 21,200	$ 36,300	$ 43,800
Percentage of concentration of credit risk	10.00%	16.00%	10.00%	17.00%
University client A | Customer concentration risk | Revenue segment | Alternative Credential Segment
Segment Information
Revenue	$ 9,200		$ 17,100
Percentage of concentration of credit risk	14.00%		14.00%
University client A | Credit concentration risk | Accounts receivable, net | Graduate Program Segment
Segment Information
Percentage of concentration of credit risk			21.00%		18.00%
Accounts receivable, net	$ 15,200		$ 15,200		$ 6,100
University client B | Customer concentration risk | Revenue segment | Alternative Credential Segment
Segment Information
Percentage of concentration of credit risk	37.00%
University client B | Credit concentration risk | Accounts receivable, net | Graduate Program Segment
Segment Information
Percentage of concentration of credit risk					15.00%
Accounts receivable, net					$ 4,900
University client C | Customer concentration risk | Revenue segment | Alternative Credential Segment
Segment Information
Percentage of concentration of credit risk			56.00%

Segment and Geographic Inform_4

Segment and Geographic Information - Revenue and Total Assets by Segment (Details) - USD ($)	Apr. 23, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Information
Revenue		$ 182,687,000		$ 135,461,000		$ 358,166,000	$ 257,695,000
Total segment profitability		$ (2,087,000)		$ (14,975,000)		$ (6,391,000)	$ (18,181,000)
Total segment profitability margin		(1.10%)		(11.10%)		(1.80%)	(7.00%)
Net loss		$ (66,167,000)	$ (60,106,000)	$ (27,972,000)	$ (21,554,000)	$ (126,273,000)	$ (49,526,000)
Adjustments
Net interest expense (income)		6,364,000		610,000		11,344,000	(1,684,000)
Foreign currency (gain) loss		(570,000)		13,000		1,701,000	383,000
Income tax benefit		(363,000)		(18,691,000)		(1,418,000)	(19,632,000)
Depreciation and amortization expense		23,985,000		14,653,000		47,470,000	24,351,000
Deferred revenue fair value adjustment		0		3,352,000		0	3,352,000
Transaction and integration costs		359,000		3,093,000		1,083,000	5,024,000
Restructuring-related costs		196,000		0		484,000	0
Stockholder activism costs		1,347,000		0		5,586,000	0
Stock-based compensation expense		21,091,000		9,967,000		41,961,000	19,551,000
Loss on debt extinguishment	$ 11,700,000	11,671,000		0		11,671,000	0
Total adjustments		64,080,000		12,997,000		119,882,000	31,345,000
Total assets		1,232,560,000				1,232,560,000		$ 1,186,830,000
Trade accounts receivable
Provision for credit losses		(2,540,000)				(2,540,000)		(1,330,000)
Total trade accounts receivable		71,580,000				71,580,000		33,655,000
Contract liabilities		77,071,000				77,071,000		48,833,000
Graduate Program Segment
Segment Information
Revenue		115,685,000		101,403,000		234,142,000	205,577,000
Total segment profitability		$ 4,703,000		$ (8,049,000)		$ 11,163,000	$ (7,339,000)
Total segment profitability margin		4.10%		(7.90%)		4.80%	(3.60%)
Adjustments
Total assets		$ 560,137,000				$ 560,137,000		507,187,000
Trade accounts receivable
Accounts receivable, net		17,185,000				17,185,000		3,454,000
Graduate Program Segment unbilled revenue		27,777,000				27,777,000		12,123,000
Contract liabilities		15,112,000				15,112,000		2,210,000
Contract with customer, liability, revenue recognized						2,200,000	$ 2,400,000
Alternative Credential Segment
Segment Information
Revenue		67,002,000		$ 34,058,000		124,024,000	52,118,000
Total segment profitability		$ (6,790,000)		$ (6,926,000)		$ (17,554,000)	$ (10,842,000)
Total segment profitability margin		(10.10%)		(20.30%)		(14.20%)	(20.80%)
Adjustments
Total assets		$ 672,423,000				$ 672,423,000		679,643,000
Trade accounts receivable
Accounts receivable, net		29,158,000				29,158,000		19,408,000
Contract liabilities		61,959,000				61,959,000		$ 46,623,000
Contract with customer, liability, revenue recognized		$ 12,200,000		$ 0		$ 46,600,000	$ 5,400,000

Segment and Geographic Inform_5

Segment and Geographic Information - Contract Acquisition Costs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Graduate Program Segment
Segment Information
Capitalized contract cost	$ 0.5	$ 0.5

Segment and Geographic Inform_6

Segment and Geographic Information - Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Geographical Information
Revenue	$ 182,687	$ 135,461	$ 358,166	$ 257,695
Assets	1,232,560		1,232,560		$ 1,186,830
Alternative Credential Segment
Geographical Information
Revenue	67,002	34,058	124,024	52,118
Assets	672,423		672,423		679,643
Alternative Credential Segment | Non-US
Geographical Information
Revenue	17,200	$ 11,100	30,000	$ 18,900
Assets	$ 1,800		$ 1,800		$ 2,700

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Cash interest payments	$ 6.2	$ 1.9
Unpaid capital expenditures	$ 1.1	$ 1.2