2U (TWOUQ) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		77,485,216
Entity Central Index Key	0001459417
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 220,807	$ 232,932
Restricted cash	16,978	16,977
Accounts receivable, net	69,844	67,287
Other receivables, net	30,938	29,439
Prepaid expenses and other assets	80,400	47,217
Total current assets	418,967	393,852
Other receivables, net, non-current	21,284	21,568
Property and equipment, net	50,731	48,650
Right-of-use assets	71,282	76,841
Goodwill	788,021	834,539
Intangible assets, net	611,886	665,523
Other assets, non-current	71,063	68,033
Total assets	2,033,234	2,109,006
Current liabilities
Accounts payable and accrued expenses	150,081	164,723
Deferred revenue	132,472	91,926
Lease liability	11,934	13,985
Accrued restructuring liability	16,385	1,735
Other current liabilities	93,089	61,138
Total current liabilities	403,961	333,507
Long-term debt	927,746	845,316
Deferred tax liabilities, net	1,142	1,726
Lease liability, non-current	94,094	98,666
Other liabilities, non-current	641	636
Total liabilities	1,427,584	1,279,851
Commitments and contingencies (Note 6)
Stockholders’ equity
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, 77,219,835 shares issued and outstanding as of June 30, 2022; 75,754,663 shares issued and outstanding as of December 31, 2021	77	76
Additional paid-in capital	1,668,282	1,735,628
Accumulated deficit	(1,046,453)	(890,638)
Accumulated other comprehensive loss	(16,256)	(15,911)
Total stockholders’ equity	605,650	829,155
Total liabilities and stockholders’ equity	$ 2,033,234	$ 2,109,006

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	77,219,835	75,754,663
Common stock, outstanding (in shares)	77,219,835	75,754,663

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Total revenue	$ 241,464	$ 237,209	$ 494,793	$ 469,682
Costs and expenses
Curriculum and teaching	32,145	34,788	65,375	67,936
Servicing and support	37,061	34,865	76,685	68,049
Technology and content development	45,616	42,509	96,673	85,433
Marketing and sales	116,350	114,644	247,332	227,881
General and administrative	41,523	46,160	91,758	92,787
Restructuring charges	16,753	1,334	17,540	1,819
Impairment charges	0	0	58,782	0
Total costs and expenses	289,448	274,300	654,145	543,905
Loss from operations	(47,984)	(37,091)	(159,352)	(74,223)
Interest income	241	352	498	714
Interest expense	(13,906)	(8,188)	(27,796)	(16,069)
Loss on debt extinguishment	0	(1,101)	0	(1,101)
Other income (expense), net	(1,367)	24,070	(2,397)	23,155
Loss before income taxes	(63,016)	(21,958)	(189,047)	(67,524)
Income tax benefit	164	127	415	129
Net loss	$ (62,852)	$ (21,831)	$ (188,632)	$ (67,395)
Net loss per share, basic (in dollars per share)	$ (0.82)	$ (0.29)	$ (2.46)	$ (0.91)
Net loss per share, diluted (in dollars per share)	$ (0.82)	$ (0.29)	$ (2.46)	$ (0.91)
Weighted-average shares of common stock outstanding, basic (in shares)	77,059,157	74,421,911	76,667,681	74,051,220
Weighted-average shares of common stock outstanding, diluted (in shares)	77,059,157	74,421,911	76,667,681	74,051,220
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of $0 for all periods presented	$ (7,674)	$ 2,977	$ (345)	$ 2,172
Comprehensive loss	$ (70,526)	$ (18,854)	$ (188,977)	$ (65,223)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other comprehensive income (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	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020			72,451,521
Beginning balance at Dec. 31, 2020	$ 940,990		$ 72	$ 1,646,574		$ (695,872)		$ (9,784)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)			1,404,971
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(12,613)		$ 2	(12,615)
Exercise of stock options (in shares)			181,716
Exercise of stock options	3,533			3,533
Stock-based compensation expense	24,947			24,947
Net loss	(45,564)					(45,564)
Foreign currency translation adjustment	(805)							(805)
Ending balance (in shares) at Mar. 31, 2021			74,038,208
Ending balance at Mar. 31, 2021	910,488		$ 74	1,662,439		(741,436)		(10,589)
Beginning balance (in shares) at Dec. 31, 2020			72,451,521
Beginning balance at Dec. 31, 2020	940,990		$ 72	1,646,574		(695,872)		(9,784)
Increase (Decrease) in Stockholders' Equity
Net loss	(67,395)
Foreign currency translation adjustment	2,172
Ending balance (in shares) at Jun. 30, 2021			74,507,853
Ending balance at Jun. 30, 2021	917,419		$ 75	1,688,223		(763,267)		(7,612)
Beginning balance (in shares) at Mar. 31, 2021			74,038,208
Beginning balance at Mar. 31, 2021	910,488		$ 74	1,662,439		(741,436)		(10,589)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)			390,976
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(1,501)		$ 1	(1,502)
Exercise of stock options (in shares)			28,263
Exercise of stock options	$ 737			737
Issuance of common stock in connection with employee stock purchase plan (in shares)	50,406
Issuance of common stock in connection with employee stock purchase plan	$ 1,773			1,773
Stock-based compensation expense	24,776			24,776
Net loss	(21,831)					(21,831)
Foreign currency translation adjustment	2,977							2,977
Ending balance (in shares) at Jun. 30, 2021			74,507,853
Ending balance at Jun. 30, 2021	$ 917,419		$ 75	1,688,223		(763,267)		(7,612)
Beginning balance (in shares) at Dec. 31, 2021	75,754,663		75,754,663
Beginning balance at Dec. 31, 2021	$ 829,155	$ (81,734)	$ 76	1,735,628	$ (114,551)	(890,638)	$ 32,817	(15,911)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)			577,416
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(919)		$ 1	(920)
Exercise of stock options (in shares)			284,455
Exercise of stock options	875			875
Stock-based compensation expense	24,424			24,424
Net loss	(125,780)					(125,780)
Foreign currency translation adjustment	7,329							7,329
Ending balance (in shares) at Mar. 31, 2022			76,616,534
Ending balance at Mar. 31, 2022	$ 653,350		$ 77	1,645,456		(983,601)		(8,582)
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Beginning balance (in shares) at Dec. 31, 2021	75,754,663		75,754,663
Beginning balance at Dec. 31, 2021	$ 829,155	$ (81,734)	$ 76	1,735,628	$ (114,551)	(890,638)	$ 32,817	(15,911)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	286,733
Net loss	$ (188,632)
Foreign currency translation adjustment	$ (345)
Ending balance (in shares) at Jun. 30, 2022	77,219,835		77,219,835
Ending balance at Jun. 30, 2022	$ 605,650		$ 77	1,668,282		(1,046,453)		(16,256)
Beginning balance (in shares) at Mar. 31, 2022			76,616,534
Beginning balance at Mar. 31, 2022	653,350		$ 77	1,645,456		(983,601)		(8,582)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings (in shares)			464,984
Issuance of common stock in connection with settlement of restricted stock units, net of withholdings	(822)			(822)
Exercise of stock options (in shares)			2,278
Exercise of stock options	17			17
Issuance of common stock in connection with employee stock purchase plan (in shares)			136,039
Issuance of common stock in connection with employee stock purchase plan	1,282			1,282
Stock-based compensation expense	22,349			22,349
Net loss	(62,852)					(62,852)
Foreign currency translation adjustment	$ (7,674)							(7,674)
Ending balance (in shares) at Jun. 30, 2022	77,219,835		77,219,835
Ending balance at Jun. 30, 2022	$ 605,650		$ 77	$ 1,668,282		$ (1,046,453)		$ (16,256)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (188,632)	$ (67,395)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Non-cash interest expense	5,664	11,447
Depreciation and amortization expense	65,757	51,409
Stock-based compensation expense	46,773	49,723
Non-cash lease expense	11,405	8,644
Provision for credit losses	4,610	3,551
Loss on debt extinguishment	0	1,101
Gain on sale of investment	0	(27,875)
Impairment charges	58,782	0
Other	2,920	1,759
Changes in operating assets and liabilities, net of assets and liabilities acquired:
Accounts receivable, net	(6,632)	(58,847)
Other receivables, net	(2,790)	(14,738)
Prepaid expenses and other assets	2,585	(1,030)
Accounts payable and accrued expenses	3,484	15,888
Deferred revenue	45,549	34,697
Other liabilities, net	(20,831)	(10,528)
Net cash provided by (used in) operating activities	28,644	(2,194)
Cash flows from investing activities
Purchase of a business, net of cash acquired	5,010	0
Additions of amortizable intangible assets	(34,854)	(29,867)
Purchases of property and equipment	(5,218)	(2,452)
Purchase of investment	0	(1,000)
Proceeds from sale of investment	0	37,875
Advances made to university clients	(310)	0
Advances repaid by university clients	200	200
Other	(7)	56
Net cash (used in) provided by investing activities	(35,179)	4,812
Cash flows from financing activities
Proceeds from debt	385	469,595
Payments on debt	(3,793)	(703)
Payment of debt issuance costs	0	(10,258)
Tax withholding payments associated with settlement of restricted stock units	(1,741)	(14,114)
Proceeds from exercise of stock options	892	4,270
Proceeds from employee stock purchase plan share purchases	1,282	1,773
Net cash (used in) provided by financing activities	(2,975)	450,563
Effect of exchange rate changes on cash	(2,614)	(713)
Net (decrease) increase in cash, cash equivalents and restricted cash	(12,124)	452,468
Cash, cash equivalents and restricted cash, beginning of period	249,909	518,866
Cash, cash equivalents and restricted cash, end of period	$ 237,785	$ 971,334

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 2U, Inc. (together with its subsidiaries, the “Company”) is an online education platform company. The Company’s mission is to expand access to high-quality educational opportunities that unlock human potential. On November 16, 2021, the Company completed the acquisition of edX (the “edX Acquisition”), including the edX brand, website, and marketplace. As a result of the edX Acquisition, the Company expanded its digital education offerings to include open courses and micro-credential offerings at the undergraduate and graduate levels and added an education consumer marketplace, edx.org, with over 45 million registered learners. Refer to Note 3 for further information about the edX Acquisition. The Company serves more than 230 top-ranked global universities and other leading institutions, and offers more than 4,000 high-quality online learning opportunities, including open courses, executive education offerings, boot camps, micro-credentials, professional certificates as well as undergraduate and graduate degree programs. edX is the primary brand for the Company’s products and services and edx.org operates as its global online learning marketplace. The Company is positioned as one of the world’s most comprehensive free-to-degree online learning platforms. The Company believes its platform and robust consumer marketplace provide clients with the digital infrastructure to launch world-class online education offerings and allow students to easily access high-quality, job-relevant education offerings without the barriers of cost or location. The Company has two reportable segments: the Degree Program Segment and the Alternative Credential Segment. The Company’s Degree Program Segment provides the technology and services 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.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 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, 2021. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Reclassifications The Company has reclassified prior period amounts in the condensed consolidated statements of cash flows to conform to the current period’s presentation of other receivables. The Company reclassified $14.7 million from changes in prepaid expenses and other assets to changes in other receivables. This reclassification had no impact on the previously reported operating cash flows. The Company has reclassified certain other prior period amounts in the consolidation statements of cash flows to conform to current period presentation. These reclassifications had no impact on previously reported operating, financing, or financing cash flows. The Company has reclassified prior period amounts in the condensed consolidated balance sheet and condensed consolidated statement of operations to conform to the current period’s presentation restructuring charges. The Company reclassified $1.7 million from accounts payable and accrued liabilities to accrued restructuring liability. In addition, the Company reclassified $1.3 million and $1.8 million from general and administrative expense to restructuring charges for the three and six months ended June 30, 2021, respectively. 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 items subject to such estimates include, but are not limited to, the measurement of provisions for credit losses, implied price concessions, acquired intangible assets, the recoverability of goodwill and indefinite-lived intangible assets, deferred tax assets, and the fair value of the convertible senior notes. 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. Fair Value Measurements The carrying amounts of certain assets and liabilities, including cash and cash equivalents, receivables, advances to university clients, accounts payable and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous, market for the specific asset or liability. U.S. GAAP provides for a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. Generally, assets are recorded at fair value on a non-recurring basis as a result of impairment charges. The Company remeasures non-financial assets such as goodwill, intangible assets and other long-lived assets at fair value when there is an indicator of impairment, and records them at fair value only when recognizing an impairment loss. The fair value hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. Refer to Note 4 for further discussion of assets measured at fair value on a nonrecurring basis. The three tiers are defined as follows: • Level 1 —Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 —Observable inputs, other than quoted prices in active markets, that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and • Level 3 —Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The Company has financial instruments, including cash deposits, receivables, accounts payable and debt. The carrying values for such financial instruments, other than than the Company’s convertible senior notes, each approximated their fair values as of June 30, 2022 and December 31, 2021. Refer to Note 9 for more information regarding the Company’s convertible senior notes. Business Combinations The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s condensed consolidated financial statements from the acquisition date. Goodwill and Other Indefinite-lived Intangible Assets The Company reviews goodwill and other indefinite-lived intangible assets for impairment annually, as of October 1, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of goodwill or an indefinite-lived asset below its carrying value. Goodwill Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s goodwill balance relates to its acquisitions of GetSmarter in July 2017, Trilogy in May 2019 and edX in November 2021. The Company tests goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform a quantitative goodwill impairment review. The Company reviews goodwill for impairment using a quantitative approach if it decides to bypass the qualitative assessment or determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value based on a qualitative assessment. Upon completion of a quantitative assessment, the Company may be required to recognize an impairment based on the difference between the carrying value and the fair value of the reporting unit. The Company determines the fair value of a reporting unit by utilizing a weighted combination of the income-based and market-based approaches. The income-based approach requires the Company to make significant assumptions and estimates. These assumptions and estimates primarily include, but are not limited to, the selection of appropriate peer group companies, discount rates, terminal growth rates, and forecasts of revenue, operating income, depreciation and amortization expense, capital expenditures and future working capital requirements. When determining these assumptions and preparing these estimates, the Company considers each reporting unit’s historical results and current operating trends, revenue, profitability, cash flow results and forecasts, and industry trends. These estimates can be affected by a number of factors including, but not limited to, general economic and regulatory conditions, market capitalization, the continued efforts of competitors to gain market share and prospective student enrollment patterns. In addition, the value of a reporting unit using the market-based approach is estimated by comparing the reporting unit to other publicly traded companies and/or to publicly-disclosed business mergers and acquisitions in similar lines of business. The value of a reporting unit is based on pricing multiples of certain financial parameters observed in the comparable companies. The Company also makes estimates and assumptions for market values to determine a reporting unit’s estimated fair value. Other Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible asset was acquired in November 2021 and represents the established edX trade name. Interim Impairment Assessment During the first quarter of 2022, the Company experienced a significant decline in its market capitalization, which management deemed a triggering event related to goodwill and its indefinite-lived intangible asset. As a result, the Company performed an interim impairment assessment as of March 1, 2022 and determined the carrying value for one of the reporting units within the Company’s Alternative Credential Segment and the carrying value of an indefinite-lived intangible asset exceeded their respective estimated fair values. As a result, during the three months ended March 31, 2022, the Company recorded impairment charges of $28.8 million and $30.0 million to goodwill and the indefinite-lived intangible asset, respectively, both within the Company’s Alternative Credential Segment. These charges are included within operating expense on the Company’s condensed consolidated statements of operations. The estimated fair values of the remaining reporting units exceeded their respective carrying values by approximately 10% or more. The Company utilized a weighted combination of the income-based approach and market-based approach to determine the fair value of each reporting unit and the income-based approach to determine the fair value of its long-lived intangible asset. Key assumptions used in the income-based approach included forecasts of revenue, operating income, depreciation and amortization expense, capital expenditures and future working capital requirements, terminal growth rates, and discount rates based upon each respective reporting unit’s or indefinite-lived intangible asset’s weighted-average cost of capital adjusted for the risk associated with the operations at the time of the assessment. The income-based approach largely relied on inputs that were not observable to active markets, which would be deemed “Level 3” fair value measurements, as defined in the Fair Value Measurements section above. Key assumptions used in the market-based approach included the selection of appropriate peer group companies. Changes in the estimates and assumptions used to estimate fair value could materially affect the determination of fair value and the impairment test result. Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts indexed to and potentially settled in an entity’s own equity. The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. As a result, in more cases, convertible debt will be accounted for as a single instrument. The guidance also removes certain conditions for equity classification related to contracts in an entity’s own equity and requires the application of the if-converted method for calculating diluted earnings per share. This ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted this ASU on a modified retrospective basis in the first quarter of 2022, effective as of January 1, 2022. As a result of the adoption, long-term debt increased $81.7 million, additional paid-in capital decreased $114.6 million, deferred tax liabilities decreased $22.1 million, and the Company recorded a cumulative-effect adjustment to opening accumulated deficit of $32.8 million. Adoption of this ASU requires the use of the if-converted method for all convertible notes in the diluted net income (loss) per share calculation and the inclusion of the effect of potential share settlement of the convertible notes, if the effective is more dilutive. There was no impact to the number of potentially dilutive shares as a result of the adoption. Adoption of this standard did not have a material impact on the Company’s liquidity or cash flows. 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 U.S. GAAP 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 will adopt this standard when LIBOR is discontinued and does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU No. 2021-10, Disclosures by Business Entities about Government Assistance . This ASU requires entities to disclose information about certain government assistance they receive, including the nature of the transactions and the related accounting policy, the line items on the balance sheet and statement of operations that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. The ASU is effective for fiscal years beginning after December 15, 2021 and the disclosure requirements are for annual periods only. The guidance under this ASU will be effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The Company is currently evaluating the impact of this guidance on the disclosures in its consolidated financial statements. In March 2022, the FASB issued ASU No 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures . This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13 and enhances the disclosure requirements for certain loan refinancings when borrowers are experiencing financial difficulty. In addition, the ASU requires the disclosure of current-period gross write-offs for financing receivables by year of origination in the vintage disclosures. This ASU is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination On November 16, 2021, pursuant to the Membership Interest Purchase Agreement, dated June 28, 2021 (the “Purchase Agreement”), by and among the Company, edX Inc., a Massachusetts nonprofit corporation (“edX Inc.”) and edX LLC (f/k/a Circuit Sub LLC), a Delaware limited liability company and a wholly owned subsidiary of edX Inc. (“edX”), edX Inc. contributed substantially all of its assets to edX and the Company acquired 100% of the outstanding membership interests of edX (the “edX Acquisition”) including the edX brand, website, and marketplace. The total preliminary purchase price was $773.0 million in cash consideration, of which $23.0 million was distributed to an escrow account to satisfy indemnification claims and purchase price adjustments, as applicable. During the six months ended June 30, 2022, the Company recorded working capital adjustments of $5.0 million, reducing the preliminary purchase price to $768.0 million. In addition, the Company adjusted its preliminary valuation of acquired assets and assumed liabilities based upon new information that was received pertaining to acquisition date fair values. The transaction was accounted for under the acquisition method of accounting and revenue. Under the acquisition method of accounting, the total preliminary purchase price was allocated to edX’s net tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of November 16, 2021. The allocation of the preliminary purchase price is pending the finalization of the fair value of acquired deferred revenue and other liabilities, deferred income tax assets and liabilities, and assumed non-income tax liabilities. The following table summarizes the preliminary purchase price allocation based on the estimated fair value of the assets acquired and liabilities assumed and reflects the measurement period adjustments recorded during the six months ended June 30, 2022: Estimated Purchase Price (in thousands) Cash and cash equivalents $ 11,901 Accounts receivable 6,608 Prepaid expenses and other assets 13,098 Property and equipment, net 529 Right-of-use assets 2,355 Other assets, non-current 572 Accounts payable and accrued expenses (16,095) Deferred revenue (10,962) Lease liability (2,512) Other liabilities (33,235) Intangible assets: Developed technology 3 15,400 University client relationships 10 104,000 Enterprise client relationships 10 14,300 Trade names indefinite 255,000 Goodwill 407,050 $ 768,009 The Company’s 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, 2021, as if the acquisition of edX had occurred on January 1, 2020. Three Months Ended Six Months Ended (in thousands) Pro forma revenue $ 247,175 $ 492,994 Pro forma net loss $ (49,729) $ (123,991) Pro forma net loss per share, basic and diluted $ (0.67) $ (1.67)

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and 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. Balance as of December 31, 2021 Allocations Adjustments Impairment Charges Foreign Currency Translation Adjustments Balance as of June 30, 2022 (in thousands) Degree Program Segment Gross goodwill $ — $ 198,378 $ (5,519) $ — $ — $ 192,859 Accumulated impairments — — — — — — Net goodwill — 198,378 (5,519) — — 192,859 Alternative Credential Segment Gross goodwill $ 481,366 $ 225,174 $ (10,983) $ — $ (1,234) $ 694,323 Accumulated impairments (70,379) — — (28,782) — (99,161) Net goodwill 410,987 225,174 (10,983) (28,782) (1,234) 595,162 Unallocated goodwill $ 423,552 $ (423,552) $ — $ — $ — $ — Total Gross goodwill $ 904,918 $ — $ (16,502) $ — $ (1,234) $ 887,182 Accumulated impairments (70,379) — — (28,782) — (99,161) Net goodwill $ 834,539 $ — $ (16,502) $ (28,782) $ (1,234) $ 788,021 During the first quarter of 2022, the Company completed the allocation of the preliminary goodwill balance resulting from the edX Acquisition to the Company’s reporting units. The goodwill was assigned to the reporting units that are expected to drive synergies from the acquisition, which is each of the Company’s four reporting units. In addition, during the six months ended June 30, 2022, the Company recorded working capital adjustments of $5.0 million, adjustments to the preliminary valuation of acquired assets and assumed liabilities of edX of $11.5 million, and a goodwill impairment charge of $28.8 million. Refer to Note 2 for further information about the goodwill impairment charge. The following tables present the components of intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2022 December 31, 2021 Estimated Gross Accumulated Net Gross Accumulated Net (in thousands) Definite-lived intangible assets Capitalized technology 3-5 $ 209,976 $ (117,948) $ 92,028 $ 199,766 $ (112,357) $ 87,409 Capitalized content development 4-5 258,285 (152,311) 105,974 243,687 (125,599) 118,088 University client relationships 9-10 211,171 (45,285) 165,886 211,680 (34,995) 176,685 Enterprise client relationships 10 14,300 (1,073) 13,227 14,300 (179) 14,121 Trade names and domain names 5-10 28,981 (19,210) 9,771 27,161 (12,941) 14,220 Total definite-lived intangible assets $ 722,713 $ (335,827) $ 386,886 $ 696,594 $ (286,071) $ 410,523 June 30, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net (in thousands) Indefinite-lived intangible assets Trade names $ 255,000 $ (30,000) $ 225,000 $ 255,000 $ — $ 255,000 Total indefinite-lived intangible assets $ 255,000 $ (30,000) $ 225,000 $ 255,000 $ — $ 255,000 * During the three months ended March 31, 2022, the Company recorded a $30.0 million impairment charge related to its indefinite-lived intangible asset. Refer to Note 2 for further information about this impairment charge. The amounts presented in the table above include $50.7 million and $46.3 million of in-process capitalized technology and content development as of June 30, 2022 and December 31, 2021, respectively. The Company recorded amortization expense related to amortizable intangible assets of $28.5 million and $23.2 million for the three months ended June 30, 2022 and 2021, respectively. The Company recorded amortization expense related to amortizable intangible assets of $59.9 million and $44.8 million for the six months ended June 30, 2022 and 2021, respectively. The following table presents the estimated future amortization expense of the Company’s amortizable intangible assets placed in service as of June 30, 2022. Future Amortization Expense (in thousands) Remainder of 2022 $ 49,109 2023 79,764 2024 59,764 2025 41,022 2026 28,016 Thereafter 78,575 Total $ 336,250

Other Balance Sheet Details

Other Balance Sheet Details	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Other Balance Sheet Details	Other Balance Sheet Details Prepaid expenses and other assets As of June 30, 2022 and December 31, 2021, the Company had balances of $23.6 million and $23.0 million, respectively, of prepaid assets within prepaid expenses and other assets on the condensed consolidated balance sheets. Other Assets, Non-current As of June 30, 2022 and December 31, 2021, the Company had balances of $8.6 million and $7.0 million, respectively, of deferred expenses incurred to integrate the software associated with its cloud computing arrangements, within other assets, non-current on the condensed consolidated balance sheets. Such expenses are subject to amortization over the remaining contractual term of the associated cloud computing arrangement, with a useful life of between three Accounts Payable and 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, 2022 December 31, 2021 (in thousands) Accrued university and instructional staff compensation $ 28,884 $ 36,806 Accrued marketing expenses 33,430 26,469 Accrued transaction and integration expenses 18,545 4,072 Accrued compensation and related benefits 40,549 49,143 Accounts payable and other accrued expenses 28,673 48,233 Total accounts payable and accrued expenses $ 150,081 $ 164,723 For each of the three and six months ended June 30, 2022 and 2021, expenses related to the Company’s marketing and advertising efforts of its own brands were not material. Other Current Liabilities As of June 30, 2022 and December 31, 2021, the Company had balances of $19.3 million and $21.9 million, respectively, within other current liabilities on the condensed consolidated balance sheets, which represents proceeds received from students enrolled in certain of the Company’s alternative credential offerings that are payable to an associated university client. In response to COVID-19, various government programs have been announced to provide financial relief for affected businesses. Under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES 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 27, 2020 through December 31, 2020. In addition, the CARES Act provides eligible employers with an employee retention tax credit for employees whose services were impacted by COVID-19. As of June 30, 2022, the amount of payroll taxes subject to deferred payment, net of employee retention tax credits of $0.5 million, was approximately $5.0 million. The balance is recorded within other current liabilities on the condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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 matters 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. On October 27, 2020, defendants filed a motion to dismiss. On August 5, 2021, the court largely denied the defendants’ motion to dismiss. On February 18, 2022, the court stayed discovery until April 19, 2022, pending mediation. On April 28, 2022, the parties informed the court that they had reached a settlement in principle. On June 2, 2022, Plaintiffs filed a motion for preliminary approval of the class action settlement and accompanying documents. On June 23, 2022, the Court entered an order preliminarily approving the settlement. The settlement payment is being fully funded by the Company's insurers. The $37.0 million payable under the proposed settlement and the related insurance proceeds are recorded within other current liabilities and prepaid expenses and other assets, respectively, on the condensed consolidated balance sheets. Stockholder Derivative Suits 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. On July 13, 2022, the Court granted the parties’ request to set a briefing schedule for defendants’ motion to dismiss. Defendants’ motion to dismiss is due on or before August 10, 2022. Plaintiff’s response is due on or before October 10, 2022. Defendants’ reply is due on or before November 9, 2022. Due to the complex nature of the legal and factual issues involved, the outcome of this matter is not presently determinable. On August 21, 2020, Thomas Lucey 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, Harsha Mokkarala, the Company’s former Chief Marketing Officer and the Company’s board of directors in the United States District Court for the District of Maryland, with docket number 1:20-cv-02424-GLR. The complaint alleges claims for breaches of fiduciary duty, insider trading, and contribution for alleged violations of Sections 10(b) and 21D of the Exchange Act, based upon allegedly false and misleading statements regarding the Company’s business prospects and financial projections. On September 3, 2020, the court entered a joint stipulation staying the case pending resolution of the securities class action. On June 30, 2022, the Court granted the parties’ request to set a briefing schedule for defendants’ motion to dismiss. Defendants’ motion to dismiss is due on or before August 10, 2022. Plaintiff’s response is due on or before October 10, 2022. Defendants’ reply is due on or before November 9, 2022. Due to the complex nature of the legal and factual issues involved, the outcome of this matter is not presently determinable. On November 30, 2020, Leo Shumacher 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, Harsha Mokkarala, the Company’s former Chief Marketing Officer, and the Company’s board of directors in the Court of Chancery of the State of Delaware, with docket number 2020-1019-AGB. The complaint alleges claims for breaches of fiduciary duty and unjust enrichment, based upon allegedly false and misleading statements regarding the Company’s business prospects and financial projections. On January 6, 2021, the court entered a joint stipulation staying the case pending resolution of the securities class action. On July 13, 2022, the Court granted the parties’ request to set a briefing schedule for defendants’ motion to dismiss. Defendants’ motion to dismiss is due on or before August 10, 2022. Plaintiff’s response is due on or before October 10, 2022. Defendants’ reply is due on or before November 9, 2022. 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 agreements entered into between the Company and its university clients in the Degree Program Segment require the Company to commit to meet certain staffing and spending investment thresholds related to marketing and sales activities. In addition, certain agreements in the Degree 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 Degree 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, 2022, 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, 2021. Contingent Payments The Company has entered into agreements with certain of its university clients in the Degree Program Segment that require the Company 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 to which they relate, and records a liability in other current liabilities on the condensed consolidated balance sheets. In the first quarter of 2019, the Company entered into an agreement to make investments in an education technology company of up to $15.0 million, upon demand by the investee. During the second quarter of 2021, the Company sold its investment in this education technology company and was released from any further obligation to make additional investments.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges 2022 Strategic Realignment Plan During the second quarter of 2022, the Company began implementing a plan to accelerate its transition to a platform company (the “2022 Strategic Realignment Plan”). The plan is designed to reorient the company around a single platform allowing us to pursue a portfolio-based marketing strategy that drives traffic to the edX marketplace. As part of the plan, the Company expects to optimize marketing spend, simplify the current executive structure to reduce silos, reduce employee headcount, and rationalize its real estate footprint. The Company anticipates the headcount reductions to be completed in the third quarter of 2022 while the remainder of the plan is expected to be completed by the end of 2022. The Company anticipates that we will incur restructuring charges associated with the 2022 Strategic Realignment Plan of approximately $35 million to $40 million. The Company recorded $15.8 million in restructuring charges related to the 2022 Strategic Realignment Plan for each of the three and six months ended June 30, 2022. The majority of the estimated remaining restructuring charges relate to planned office closures expected to be completed by December 31, 2022, and will be recognized as expense over the remaining lease terms ranging from 1 to 9 years. The following table presents restructuring charges by reportable segment on the Company’s condensed consolidated statements of operations for the periods indicated. Three Months Ended Six Months Ended Degree Program Segment Alternative Credential Segment Degree Program Segment Alternative Credential Segment 2022 Strategic Realignment Plan Severance and severance-related costs $ 8,772 $ 6,431 $ 8,772 $ 6,431 Professional and other fees relating to restructuring activities 554 — 554 — 9,326 6,431 9,326 6,431 Other restructuring charges* 926 70 1,615 168 Total restructuring charges $ 10,252 $ 6,501 $ 10,941 $ 6,599 * Includes severance and severance-related costs and costs associated with the exit of facilities The Company recorded restructuring charges of $1.3 million and $1.8 million for the three and six months ended June 30, 2021, respectively. Summary of Accrued Restructuring Liability The following table presents the additions and adjustments to the accrued restructuring liability on the Company’s condensed consolidated balance sheets for the periods indicated. Balance as of December 31, 2021 Additional Costs Cash Payments Balance as of June 30, 2022 (in thousands) 2022 Strategic Realignment Plan Severance and severance-related costs $ — $ 14,542 $ — $ 14,542 Professional and other fees relating to restructuring activities — 554 — 554 Other severance and severance-related costs 1,735 728 (1,174) 1,289 Total restructuring $ 1,735 $ 15,824 $ (1,174) $ 16,385

Leases

Leases	6 Months Ended
	Jun. 30, 2022
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 less than one In October 2020, the Company entered into an agreement with an unrelated party to sublease a portion of the Company’s office space in the United States. In October 2021, the Company entered into an agreement with the same party to sublease additional office space in the same facility. The agreements are coterminous. As of June 30, 2022, the subleases were classified as operating leases and each had a remaining term of 1.3 years, with scheduled annual rent increases and no option to extend or renew the sublease term. Sublease income is recognized on a straight-line basis over the term of the subleases as a reduction to expense incurred by the Company under the associated head lease. In August 2021, the Company entered into an agreement with an unrelated party to sublease a portion of the Company’s office space in Denver, Colorado, as part of its overall real estate management strategy. As of June 30, 2022, this sublease was classified as an operating lease and had a remaining term of 2.4 years with scheduled annual rent increases and no option to extend or renew the sublease term. Sublease income is recognized on a straight-line basis over the sublease term as a reduction to expense incurred by the Company under the associated master lease. In connection with the execution of this agreement, the Company recognized a non-cash loss on sublease of $4.8 million in the third quarter of 2021. 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 2022 2021 2022 2021 (in thousands) Operating lease expense $ 5,611 $ 4,345 $ 11,372 $ 8,627 Short-term lease expense 157 10 268 54 Variable lease expense 1,546 1,593 3,369 3,029 Sublease income (228) (56) (456) (110) Total lease expense $ 7,086 $ 5,892 $ 14,553 $ 11,600 As of June 30, 2022, for the Company’s operating leases, the weighted-average remaining lease term was 7.5 years and the weighted-average discount rate was 11.2%. For the six months ended June 30, 2022 and 2021, cash paid for amounts included in the measurement of operating lease liabilities was $13.1 million and $9.2 million, respectively. For each of the six months ended June 30, 2022 and 2021, lease liabilities arising from obtaining right-of use assets were $1.3 million and $11.3 million, respectively. The following table presents the maturities of the Company’s operating lease liabilities as of the date indicated, and excludes the impact of future sublease income totaling $4.0 million in aggregate. June 30, 2022 (in thousands) Remainder of 2022 $ 11,152 2023 21,960 2024 21,707 2025 17,890 2026 18,404 Thereafter 69,751 Total lease payments 160,864 Less: imputed interest (54,836) Total lease liability $ 106,028 As of June 30, 2022, the Company had additional operating leases for facilities that have not yet commenced with future minimum lease payments of approximately $17.5 million. Each of these operating leases will commence during the fiscal year ending 2022 and have lease terms of approximately 6 to 8 years.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 (in thousands) Term loan facilities $ 569,498 $ 572,374 Convertible senior notes 380,000 380,000 Deferred government grant obligations 3,500 3,500 Other borrowings 3,891 4,423 Less: unamortized debt discount and issuance costs (21,864) (107,777) Total debt 935,025 852,520 Less: current portion of long-term debt (7,279) (7,204) Total long-term debt $ 927,746 $ 845,316 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 2.25% convertible senior notes due 2025 (the “Notes”), which had an estimated fair value of $322.7 million and $403.3 million as of June 30, 2022 and December 31, 2021, respectively. Each of the Company’s long-term debt instruments were classified as Level 2 within the fair value hierarchy. Term Loan Credit and Guaranty Agreement The Company entered into a Term Loan Credit and Guaranty Agreement, dated June 28, 2021 (the “Term Loan Agreement”), among the Company, as borrower, the subsidiaries of the Company party thereto, as guarantors, the lenders party thereto, and Alter Domus (US) LLC as administrative agent and collateral agent. Pursuant to the Term Loan Agreement, the lenders thereunder made term loans to the Company on June 29, 2021 (the “Funding Date”) in the aggregate principal amount of $475 million (the “Term Loan Facilities”). The Term Loan Facilities have an initial maturity date of December 28, 2024 (the “Maturity Date”). Commencing on the Funding Date, loans under the Term Loan Facilities will bear interest at a per annum rate equal to a base rate or adjusted Eurodollar rate, as applicable, plus the applicable margin of 4.75% in the case of the base rate loans and 5.75% in the case of the Eurodollar loans. The Term Loan Agreement requires the Company to make quarterly principal repayments equal to 0.25% of the $475 million aggregate principal amount, beginning September 2021. If the loans under the Term Loan Facilities are prepaid prior to the second anniversary, subject to certain customary exceptions, the Company shall pay the Applicable Premium (as defined in the Term Loan Agreement) on the amount of the loans so prepaid. On November 4, 2021, the Company entered into a First Amendment to Term Loan Credit and Guaranty Agreement and a Joinder Agreement, which amended the Term Loan Agreement (collectively, the “Amended Term Loan Facility”) primarily to provide for an incremental facility to the Company in an original principal amount of $100 million. The Company is required to make quarterly principal repayments equal to 0.25% of this original principal amount beginning in December 2021. The proceeds of the Amended Term Loan Facility may be used for general corporate purposes. The associated effective interest rate of the Amended Term Loan Facility for each of the three and six months ended June 30, 2022 was approximately 8.00%. The associated interest expense was approximately $11.1 million and $22.2 million for the three and six months ended June 30, 2022, respectively. The obligations under the Term Loan Agreement are guaranteed by certain of the Company’s subsidiaries (the Company and the guarantors, collectively, the “Credit Parties”). The obligations under the Term Loan Agreement are secured, subject to customary permitted liens and other agreed-upon exceptions, by a perfected security interest in all tangible and intangible assets of the Credit Parties, except for certain customary excluded assets. The Term Loan Agreement contains customary affirmative covenants, including, among others, the provision of annual and quarterly financial statements and compliance certificates, maintenance of property, insurance, compliance with laws and environmental matters. The Term Loan Agreement contains customary negative covenants, including, among others, restrictions on the incurrence of indebtedness, granting of liens, making investments and acquisitions, paying dividends, repurchases of equity interests in the Company and entering into affiliate transactions and asset sales. The Term Loan Agreement contains a financial covenant that requires the Company to maintain minimum Recurring Revenues (as defined in the Term Loan Agreement) as of the last day of any period of four consecutive fiscal quarters of the Company commencing with fiscal quarter ending September 30, 2021 through the Maturity Date. The Term Loan Agreement also provides for customary events of default, including, among others: non-payment of obligations; bankruptcy or insolvency event; failure to comply with covenants; breach of representations or warranties; defaults on other material indebtedness; impairment of any lien on any material portion of the Collateral (as defined in the Term Loan Agreement); failure of any material provision of the Term Loan Agreement or any guaranty to remain in full force and effect; a change of control of the Company; and material judgment defaults. The occurrence of an event of default could result in the acceleration of obligations under the Term Loan Agreement. If an event of default under the Term Loan Agreement occurs and is continuing, then, at the request (or with the consent) of the lenders holding a majority of the commitments and loans under the Term Loan Agreement, upon notice by the administrative agent to the borrowers, the obligations under the Term Loan Agreement shall become immediately due and payable. In addition, if the Credit Parties become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Term Loan Agreement will automatically become immediately due and payable. 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 provided for $50 million in revolving loans (the “Loans”). The Credit Agreement allowed 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 bore 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%. In connection with entering into the Term Loan Agreement in June 2021, the Company terminated the Credit Agreement and recognized a loss on debt extinguishment of $1.1 million in connection with the write-off of previously capitalized deferred financing costs and associated fees. 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 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 indebtedness under the Term Loan Facilities), 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. The net carrying amount of the Notes consists of the following as of each of the dates indicated: June 30, 2022 December 31, 2021 (in thousands) Principal $ 380,000 $ 380,000 Unamortized debt discount for conversion option — (83,609) Unamortized issuance costs (5,940) (5,104) Net carrying amount $ 374,060 $ 291,287 Issuance costs are being amortized to interest expense over the contractual term of the Notes. Subsequent to the adoption of ASU 2020-06, the effective interest rate used to amortize the issuance costs was 2.9%. The interest expense related to the Notes for the three months ended June 30, 2022 and 2021 was $2.7 million and $7.6 million, respectively. The interest expense related to the Notes for the six months ended June 30, 2022 and 2021 was $5.3 million and $15.2 million, respectively. 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. In the event of the Company calling the Notes for redemption or the holders of the Notes electing to convert their Notes, the Company will determine whether to settle in cash, common stock or a combination thereof. 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. As of June 30, 2022, the if-converted value of the Notes did not exceed the principal amount. 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. As of June 30, 2022, the conditions allowing holders of the Notes to convert had not been met and the Company has the right under the Indenture to determine the method of settlement at the time of conversion. Therefore, the Notes are classified as non-current on the condensed consolidated balance sheets. 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 $250 million senior secured term loan facility. 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. Deferred Government Grant Obligations Government grants awarded to the Company in the form of forgivable loans are recorded within long-term debt on the Company’s condensed consolidated balance sheets until all contingencies are resolved and the grants are determined to be realized. 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. In July 2020, the Company amended its conditional loan agreement with Prince George’s County to modify the terms of the employment level thresholds. The conditional loan with Prince George’s County has a maturity date of June 22, 2027. In January 2021, the Company amended its conditional loan agreement with the State of Maryland to modify the terms of the employment level thresholds and extend the maturity date to June 30, 2028. The interest expense related to these loans for the three and six months ended June 30, 2022 and 2021 was immaterial. As of June 30, 2022 and December 31, 2021, the Company’s combined accrued interest balance associated with the deferred government grant obligations was $0.6 million and $0.5 million, respectively. Letters of Credit Certain of the Company’s operating lease agreements entered into require security deposits in the form of cash or an unconditional, irrevocable letter of credit. As of June 30, 2022, the Company has entered into standby letters of credit totaling $16.2 million as security deposits for the applicable leased facilities and in connection with the deferred government grant obligations. The Company maintains restricted cash as collateral for standby letters of credit for the Company’s leased facilities and in connection with the deferred government grant obligations. Future Principal Payments Future principal payments under the Amended Term Loan Facility, the Notes, and the government grants, as of the date indicated are as follows: June 30, 2022 (in thousands) Remainder of 2022 $ 2,876 2023 5,753 2024 560,869 2025 380,000 2026 — Thereafter* 3,500 Total future principal payments $ 952,998 * Amounts represent conditional loan obligations that may be forgiven, provided that the Company attains certain conditions related to employment levels at 2U’s Lanham, Maryland headquarters.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 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 for each of the three and six months ended June 30, 2022 and 2021 was less than 1%. The Company’s income tax benefit for the three months ended June 30, 2022 and 2021 was $0.2 million and $0.1 million, respectively. The Company’s income tax benefit for the six months ended June 30, 2022 and 2021 was $0.4 million and $0.1 million, respectively. The income tax benefit is 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. 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, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock As of June 30, 2022, 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, 2022, there were 77,219,835 shares of common stock outstanding, and the Company had reserved a total of 31,098,418 of its authorized shares of common stock for future issuance as follows: Shares Reserved for Future Issuance Outstanding restricted stock units 5,477,279 Outstanding performance restricted stock units 2,515,924 Outstanding stock options 5,964,973 Reserved for convertible senior notes 17,140,242 Total shares of common stock reserved for future issuance 31,098,418 On August 6, 2020, the Company sold 6,800,000 shares of the Company’s common stock to the public. The Company received net proceeds of $299.8 million, which the Company uses for working capital and other general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions. 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 3,782,719 and 3,619,344 on January 1, 2022 and 2021, 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”). As of June 30, 2022, 379,670 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 2022 2021 2022 2021 (in thousands) Curriculum and teaching $ 49 $ 17 $ 96 $ 33 Servicing and support 4,321 3,964 8,680 7,813 Technology and content development 2,635 3,095 6,497 6,369 Marketing and sales 1,722 1,672 3,848 3,173 General and administrative 13,622 16,028 27,652 32,335 Total stock-based compensation expense $ 22,349 $ 24,776 $ 46,773 $ 49,723 Restricted Stock Units The 2014 Plan provides for the issuance of restricted stock units (“RSUs”) to eligible participants. RSUs generally vest over a three Number of Weighted- Outstanding balance as of December 31, 2021 2,613,063 $ 32.29 Granted 4,176,272 10.63 Vested (1,081,341) 28.17 Forfeited (230,715) 22.68 Outstanding balance as of June 30, 2022 5,477,279 $ 16.99 The total compensation expense related to the unvested RSUs not yet recognized as of June 30, 2022 was $64.3 million, and will be recognized over a weighted-average period of approximately 2.0 years. Performance Restricted Stock Units The 2014 Plan allows for the grant of performance restricted stock units (“PRSUs”) to eligible participants. The right to earn the PRSUs is subject to achievement of the defined performance metrics and continuous employment service. The performance metrics are defined and approved by the compensation committee of our board of directors. Earned PRSUs may be subject to additional time-based vesting. During the first quarter of 2022, the PRSU awards granted as part of the Company’s 2020 annual equity award cycle with a performance period that began on January 1, 2021 and ended on December 31, 2021, which were subject to market-based vesting conditions, did not achieve the market-based targets for the second performance period, and 0% of the granted quantities vested. The PRSU awards granted as part of the Company’s 2021 annual equity award cycle with a performance period that began on January 1, 2021 and ended on December 31, 2021, which were subject to internal financial performance-based vesting targets, were earned at 112.7% of target. The following tables present a summary of (i) the assumptions used for estimating the fair values of the PRSUs subject to market-based vesting conditions and (ii) the Company’s PRSU activity for the period indicated. As of June 30, 2022 and December 31, 2021, there were 1.3 million and 1.0 million outstanding PRSUs for which the performance metrics had not been defined as of each respective date. Accordingly, such awards are not considered granted for accounting purposes as of June 30, 2022 and December 31, 2021, and have been excluded from the tables below. No PRSUs were granted during each of the three months ended June 30, 2022 and 2021. Six Months Ended 2022 2021 Risk-free interest rate 0.39% – 1.88% 0.10% – 0.26% Expected term (years) 1.00 – 3.00 1.00 – 3.00 Expected volatility 49% – 97% 85% – 89% Dividend yield 0% 0% Weighted-average grant date fair value per share $18.67 $61.33 Number of Weighted- Outstanding balance as of December 31, 2021 1,121,277 $ 48.62 Granted 2,081,647 16.63 Vested (3,106) 40.74 Forfeited (683,894) 52.98 Outstanding balance as of June 30, 2022 2,515,924 $ 21.46 The total compensation expense related to the unvested PRSUs not yet recognized as of June 30, 2022 was $23.8 million, and will be recognized over a weighted-average period of approximately 1.4 years. Stock Options The Stock Plans provide for the issuance of stock options to eligible participants. Stock options issued under the Stock Plans generally are exercisable for periods not to exceed 10 years and generally vest over a three The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the period presented. No stock options were granted during the six months ended June 30, 2021. Three Months Ended Six Months Ended Risk-free interest rate 2.8% - 3.0% 1.9% - 3.0% Expected term (years) 5.63 - 5.78 5.63 - 5.78 Expected volatility 75% - 77% 75% - 77% Dividend yield 0% 0% Weighted-average grant date fair value per share $7.03 $6.99 The following table presents a summary of the Company’s stock option activity for the period indicated. Number of Weighted-Average Weighted-Average Aggregate Outstanding balance as of December 31, 2021 3,477,439 $ 36.13 3.87 $ 16,246 Granted 3,043,789 10.76 8.86 Exercised (286,733) 3.12 0.02 Forfeited (227,384) 14.89 Expired (42,138) 60.02 Outstanding balance as of June 30, 2022 5,964,973 25.41 6.58 1,806 Exercisable as of June 30, 2022 3,187,768 $ 34.69 3.93 $ 1,802 The aggregate intrinsic value of options exercised during the six months ended June 30, 2022 and 2021 was $3.2 million and $5.2 million, respectively. The total compensation expense related to the unvested options not yet recognized as of June 30, 2022 was $21.8 million, and will be recognized over a weighted-average period of approximately 2.5 years.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2022
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 anti-dilutive, given the Company’s net loss. The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for each of the periods indicated. Three and Six Months Ended 2022 2021 Stock options 5,964,973 3,634,078 Restricted stock units 5,477,279 2,901,519 Performance restricted stock units 2,515,924 1,580,153 Shares related to convertible senior notes 13,443,374 13,443,374 Total antidilutive securities 27,401,550 21,559,124 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 2022 2021 2022 2021 Numerator (in thousands): Net loss $ (62,852) $ (21,831) $ (188,632) $ (67,395) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 77,059,157 74,421,911 76,667,681 74,051,220 Net loss per share, basic and diluted $ (0.82) $ (0.29) $ (2.46) $ (0.91)

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company has two reportable segments: the Degree 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 Degree 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 executive education programs and technical skills-based boot camps provided through relationships with nonprofit colleges and universities. Significant Customers For the three and six months ended June 30, 2022 and June 30, 2021, no university clients accounted for 10% or more of the Company’s consolidated revenue. As of June 30, 2022, one university client in the Degree Program Segment accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, with $6.9 million, or approximately 10% of the Company’s consolidated accounts receivable, net balance. As of December 31, 2021, two university clients in the Degree Program Segment each accounted for 10% or more of the Company’s consolidated accounts receivable, net balance, with $9.8 million and $8.8 million, or approximately 14% and 13% of the Company’s consolidated accounts receivable, net balance, respectively. 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 2022 2021 2022 2021 (dollars in thousands) Revenue by segment* Degree Program Segment $ 143,090 $ 146,214 $ 297,257 $ 292,089 Alternative Credential Segment 98,374 90,995 197,536 177,593 Total revenue $ 241,464 $ 237,209 $ 494,793 $ 469,682 Segment profitability** Degree Program Segment $ 39,539 $ 27,973 $ 75,357 $ 53,861 Alternative Credential Segment (17,637) (10,861) (41,175) (23,001) Total segment profitability $ 21,902 $ 17,112 $ 34,182 $ 30,860 Segment profitability margin*** Degree Program Segment 27.6 % 19.1 % 25.4 % 18.4 % Alternative Credential Segment (17.9) (11.9) (20.8) (13.0) Total segment profitability margin 9.1 % 7.2 % 6.9 % 6.6 % * The Company has excluded immaterial amounts of intersegment revenues from each of the three and six months ended June 30, 2022 and 2021. ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), other income (expense), net, taxes, depreciation and amortization expense, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, 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 total segment profitability to net loss for each of the periods indicated. Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) (in thousands) Net loss $ (62,852) $ (21,831) $ (188,632) $ (67,395) Adjustments: Stock-based compensation expense 22,349 24,776 46,773 49,723 Other (income) expense, net 1,367 (24,070) 2,397 (23,155) Net interest expense 13,665 7,836 27,298 15,355 Income tax benefit (164) (127) (415) (129) Depreciation and amortization expense 31,342 26,422 65,757 51,409 Impairment charges — — 58,782 — Loss on debt extinguishment — 1,101 — 1,101 Restructuring charges 16,753 1,334 17,540 1,819 Other* (558) 1,671 4,682 2,132 Total adjustments 84,754 38,943 222,814 98,255 Total segment profitability $ 21,902 $ 17,112 $ 34,182 $ 30,860 * Includes (i) transaction and integration expense of $1.0 million and $1.7 million for the three months ended June 30, 2022 and 2021, respectively, and $3.4 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, and (ii) stockholder activism and litigation-related (recoveries) expense of $(1.6) million and zero for the three months ended June 30, 2022 and 2021, respectively, and $1.3 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively. 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 Degree Program Segment $ 525,076 $ 546,572 Alternative Credential Segment 1,508,158 1,562,434 Total assets $ 2,033,234 $ 2,109,006 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 $27.2 million and $26.3 million for the three months ended June 30, 2022 and 2021, respectively. The Company’s non-U.S. revenue was $55.3 million and $49.4 million for the six months ended June 30, 2022 and 2021, 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, 2022 and December 31, 2021 totaled approximately $3.5 million and $3.3 million, respectively.

Receivables and Contract Liabil

Receivables and Contract Liabilities	6 Months Ended
	Jun. 30, 2022
Receivables And Contract Liabilities Disclosure [Abstract]
Receivables and Contract Liabilities	Receivables and Contract Liabilities Trade Accounts Receivable The Company’s trade accounts receivable balances relate to amounts due from students or customers occurring in the normal course of business. Trade accounts receivable balances have a term of less than one year and are included in accounts receivable, net on the Company’s condensed consolidated balance sheets. The following table presents the Company’s trade accounts receivable in each segment as of each of the dates indicated. June 30, December 31, (in thousands) Degree Program Segment accounts receivable $ 21,177 $ 31,762 Degree Program Segment unbilled revenue 19,048 4,440 Alternative Credential Segment accounts receivable 44,221 42,771 Total 84,446 78,973 Less: Provision for credit losses (14,602) (11,686) Trade accounts receivable, net $ 69,844 $ 67,287 The following table presents the change in provision for credit losses for trade accounts receivable on the Company’s condensed consolidated balance sheets for the period indicated. Provision for Credit Losses (in thousands) Balance as of December 31, 2021 $ 11,686 Current period provision 3,334 Foreign currency translation adjustments (16) Other (402) Balance as of June 30, 2022 $ 14,602 Other Receivables The Company’s other receivables are comprised of amounts due under tuition payment plans with extended payment terms from students enrolled in certain of the Company’s alternative credential offerings. These payment plans, which are managed and serviced by third-party providers, are designed to assist students with paying tuition costs after all other student financial assistance and scholarships have been applied. The associated receivables generally have payment terms that range from 12 to 42 months and are recorded net of any implied pricing concessions, which are determined based on collections history, market data and any time value of money component. There are no fees or origination costs included in these receivables. The carrying value of these receivable balances approximate their fair value. The following table presents the components of the Company’s other receivables, net, as of each of the dates indicated. June 30, December 31, (in thousands) Other receivables, amortized cost $ 54,919 $ 52,428 Less: Provision for credit losses (2,697) (1,421) Other receivables, net $ 52,222 $ 51,007 Other receivables, net, current $ 30,938 $ 29,439 Other receivables, net, non-current $ 21,284 $ 21,568 The following table presents the change in provision for credit losses for other receivables on the Company’s condensed consolidated balance sheets for the period indicated. Provision for Credit Losses (in thousands) Balance as of December 31, 2021 $ 1,421 Current period provision 1,276 Balance as of June 30, 2022 $ 2,697 The Company considers receivables to be past due when amounts contractually due under the extended payment plans have not been paid. As of June 30, 2022, 89% of other receivables, net due under extended payment plans were current. At the time of origination, the Company categorizes its other receivables using a credit quality indicator based on the credit tier rankings obtained from the third-party providers that manage and service the payment plans. The third-party providers utilize credit rating agency data to determine the credit tier rankings. The Company monitors the collectability of its other receivables on an ongoing basis. The adequacy of the allowance for credit losses is determined through analysis of multiple factors, including industry trends, portfolio performance, and delinquency rates. The following tables present other receivables, at amortized cost including interest accretion, by credit quality indicator and year of origination, as of the dates indicated. June 30, 2022 Year of Origination 2022 2021 2020 2019 2018 Total (in thousands) Credit Quality Tier High $ 12,263 $ 7,760 $ 64 $ 21 $ 115 $ 20,223 Mid 12,122 7,457 910 1,345 392 22,226 Low 4,557 4,239 1,429 1,915 330 12,470 Total $ 28,942 $ 19,456 $ 2,403 $ 3,281 $ 837 $ 54,919 December 31, 2021 Year of Origination 2021 2020 2019 2018 Total (in thousands) Credit Quality Tier High $ 18,466 $ 1,635 $ 24 $ 115 $ 20,240 Mid 14,352 2,992 1,312 392 19,048 Low 8,135 2,802 1,873 330 13,140 Total $ 40,953 $ 7,429 $ 3,209 $ 837 $ 52,428 Contract Liabilities The Company’s deferred revenue represents contract liabilities. The Company generally receives payments from Degree 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. The following table presents the Company’s contract liabilities in each segment as of each of the dates indicated. June 30, December 31, (in thousands) Degree Program Segment deferred revenue $ 38,303 $ 3,462 Alternative Credential Segment deferred revenue 94,169 88,464 Total contract liabilities $ 132,472 $ 91,926 For the Degree Program Segment, during the three months ended June 30, 2022 and 2021 the Company recognized $0.1 million and no revenue related to its deferred revenue balances that existed at the end of each preceding year. Revenue recognized in this segment during the six months ended June 30, 2022 and 2021 that was included in the deferred revenue balance that existed at the end of each preceding year was $1.4 million and $1.7 million, respectively. For the Alternative Credential Segment, during the three months ended June 30, 2022 and 2021 the Company recognized $16.3 million and $16.0 million related to its deferred revenue balances that existed at the end of each preceding year. Revenue recognized in this segment during the six months ended June 30, 2022 and 2021 that was included in the deferred revenue balance that existed at the end of each preceding year was $66.5 million and $71.9 million, respectively. Contract Acquisition Costs The Degree Program Segment had $0.5 million and $0.5 million of net capitalized contract acquisition costs recorded primarily within other assets, non-current on the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. For each of the six months ended June 30, 2022 and 2021, the Company capitalized an immaterial amount of contract acquisition costs and recorded an immaterial amount of associated amortization expense in the Degree Program Segment.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow InformationThe Company’s cash interest payments, net of amounts capitalized, were $23.5 million and $4.5 million for the six months ended June 30, 2022 and 2021, respectively. The Company’s accrued but unpaid capital expenditures were $4.7 million and $2.6 million for the six months ended June 30, 2022 and 2021, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 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, 2021. All significant intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the audited financial statements, but does not include all disclosures required by U.S. GAAP on an annual reporting basis.
Reclassifications	Reclassifications The Company has reclassified prior period amounts in the condensed consolidated statements of cash flows to conform to the current period’s presentation of other receivables. The Company reclassified $14.7 million from changes in prepaid
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 items subject to such estimates include, but are not limited to, the measurement of provisions for credit losses, implied price concessions, acquired intangible assets, the recoverability of goodwill and indefinite-lived intangible assets, deferred tax assets, and the fair value of the convertible senior notes. 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.
Fair Value Measurements	Fair Value Measurements The carrying amounts of certain assets and liabilities, including cash and cash equivalents, receivables, advances to university clients, accounts payable and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous, market for the specific asset or liability. U.S. GAAP provides for a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. Generally, assets are recorded at fair value on a non-recurring basis as a result of impairment charges. The Company remeasures non-financial assets such as goodwill, intangible assets and other long-lived assets at fair value when there is an indicator of impairment, and records them at fair value only when recognizing an impairment loss. The fair value hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. Refer to Note 4 for further discussion of assets measured at fair value on a nonrecurring basis. The three tiers are defined as follows: • Level 1 —Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 —Observable inputs, other than quoted prices in active markets, that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and • Level 3 —Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.
Business Combinations	Business Combinations The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s condensed consolidated financial statements from the acquisition date.
Goodwill	Goodwill Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s goodwill balance relates to its acquisitions of GetSmarter in July 2017, Trilogy in May 2019 and edX in November 2021. The Company tests goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform a quantitative goodwill impairment review. The Company reviews goodwill for impairment using a quantitative approach if it decides to bypass the qualitative assessment or determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value based on a qualitative assessment. Upon completion of a quantitative assessment, the Company may be required to recognize an impairment based on the difference between the carrying value and the fair value of the reporting unit. The Company determines the fair value of a reporting unit by utilizing a weighted combination of the income-based and market-based approaches. The income-based approach requires the Company to make significant assumptions and estimates. These assumptions and estimates primarily include, but are not limited to, the selection of appropriate peer group companies, discount rates, terminal growth rates, and forecasts of revenue, operating income, depreciation and amortization expense, capital expenditures and future working capital requirements. When determining these assumptions and preparing these estimates, the Company considers each reporting unit’s historical results and current operating trends, revenue, profitability, cash flow results and forecasts, and industry trends. These estimates can be affected by a number of factors including, but not limited to, general economic and regulatory conditions, market capitalization, the continued efforts of competitors to gain market share and prospective student enrollment patterns. In addition, the value of a reporting unit using the market-based approach is estimated by comparing the reporting unit to other publicly traded companies and/or to publicly-disclosed business mergers and acquisitions in similar lines of business. The value of a reporting unit is based on pricing multiples of certain financial parameters observed in the comparable companies. The Company also makes estimates and assumptions for market values to determine a reporting unit’s estimated fair value.
Other Indefinite-lived Intangible Assets	Other Indefinite-lived Intangible AssetsThe Company’s indefinite-lived intangible asset was acquired in November 2021 and represents the established edX trade name.
Interim Impairment Assessment	Interim Impairment Assessment During the first quarter of 2022, the Company experienced a significant decline in its market capitalization, which management deemed a triggering event related to goodwill and its indefinite-lived intangible asset. As a result, the Company performed an interim impairment assessment as of March 1, 2022 and determined the carrying value for one of the reporting units within the Company’s Alternative Credential Segment and the carrying value of an indefinite-lived intangible asset exceeded their respective estimated fair values. As a result, during the three months ended March 31, 2022, the Company recorded impairment charges of $28.8 million and $30.0 million to goodwill and the indefinite-lived intangible asset, respectively, both within the Company’s Alternative Credential Segment. These charges are included within operating expense on the Company’s condensed consolidated statements of operations. The estimated fair values of the remaining reporting units exceeded their respective carrying values by approximately 10% or more.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts indexed to and potentially settled in an entity’s own equity. The new guidance eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. As a result, in more cases, convertible debt will be accounted for as a single instrument. The guidance also removes certain conditions for equity classification related to contracts in an entity’s own equity and requires the application of the if-converted method for calculating diluted earnings per share. This ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted this ASU on a modified retrospective basis in the first quarter of 2022, effective as of January 1, 2022. As a result of the adoption, long-term debt increased $81.7 million, additional paid-in capital decreased $114.6 million, deferred tax liabilities decreased $22.1 million, and the Company recorded a cumulative-effect adjustment to opening accumulated deficit of $32.8 million. Adoption of this ASU requires the use of the if-converted method for all convertible notes in the diluted net income (loss) per share calculation and the inclusion of the effect of potential share settlement of the convertible notes, if the effective is more dilutive. There was no impact to the number of potentially dilutive shares as a result of the adoption. Adoption of this standard did not have a material impact on the Company’s liquidity or cash flows. 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 U.S. GAAP 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 will adopt this standard when LIBOR is discontinued and does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU No. 2021-10, Disclosures by Business Entities about Government Assistance . This ASU requires entities to disclose information about certain government assistance they receive, including the nature of the transactions and the related accounting policy, the line items on the balance sheet and statement of operations that are affected and the amounts applicable to each financial statement line item, and significant terms and conditions of the transactions. The ASU is effective for fiscal years beginning after December 15, 2021 and the disclosure requirements are for annual periods only. The guidance under this ASU will be effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The Company is currently evaluating the impact of this guidance on the disclosures in its consolidated financial statements. In March 2022, the FASB issued ASU No 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures . This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13 and enhances the disclosure requirements for certain loan refinancings when borrowers are experiencing financial difficulty. In addition, the ASU requires the disclosure of current-period gross write-offs for financing receivables by year of origination in the vintage disclosures. This ASU is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of estimated fair values of the assets acquired and liabilities assumed	The following table summarizes the preliminary purchase price allocation based on the estimated fair value of the assets acquired and liabilities assumed and reflects the measurement period adjustments recorded during the six months ended June 30, 2022: Estimated Purchase Price (in thousands) Cash and cash equivalents $ 11,901 Accounts receivable 6,608 Prepaid expenses and other assets 13,098 Property and equipment, net 529 Right-of-use assets 2,355 Other assets, non-current 572 Accounts payable and accrued expenses (16,095) Deferred revenue (10,962) Lease liability (2,512) Other liabilities (33,235) Intangible assets: Developed technology 3 15,400 University client relationships 10 104,000 Enterprise client relationships 10 14,300 Trade names indefinite 255,000 Goodwill 407,050 $ 768,009
Schedule of unaudited pro forma combined revenue and net loss	The Company’s 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, 2021, as if the acquisition of edX had occurred on January 1, 2020. Three Months Ended Six Months Ended (in thousands) Pro forma revenue $ 247,175 $ 492,994 Pro forma net loss $ (49,729) $ (123,991) Pro forma net loss per share, basic and diluted $ (0.67) $ (1.67)

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of 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. Balance as of December 31, 2021 Allocations Adjustments Impairment Charges Foreign Currency Translation Adjustments Balance as of June 30, 2022 (in thousands) Degree Program Segment Gross goodwill $ — $ 198,378 $ (5,519) $ — $ — $ 192,859 Accumulated impairments — — — — — — Net goodwill — 198,378 (5,519) — — 192,859 Alternative Credential Segment Gross goodwill $ 481,366 $ 225,174 $ (10,983) $ — $ (1,234) $ 694,323 Accumulated impairments (70,379) — — (28,782) — (99,161) Net goodwill 410,987 225,174 (10,983) (28,782) (1,234) 595,162 Unallocated goodwill $ 423,552 $ (423,552) $ — $ — $ — $ — Total Gross goodwill $ 904,918 $ — $ (16,502) $ — $ (1,234) $ 887,182 Accumulated impairments (70,379) — — (28,782) — (99,161) Net goodwill $ 834,539 $ — $ (16,502) $ (28,782) $ (1,234) $ 788,021
Schedule of amortizable intangible assets	The following tables present the components of intangible assets, net on the Company’s condensed consolidated balance sheets as of each of the dates indicated. June 30, 2022 December 31, 2021 Estimated Gross Accumulated Net Gross Accumulated Net (in thousands) Definite-lived intangible assets Capitalized technology 3-5 $ 209,976 $ (117,948) $ 92,028 $ 199,766 $ (112,357) $ 87,409 Capitalized content development 4-5 258,285 (152,311) 105,974 243,687 (125,599) 118,088 University client relationships 9-10 211,171 (45,285) 165,886 211,680 (34,995) 176,685 Enterprise client relationships 10 14,300 (1,073) 13,227 14,300 (179) 14,121 Trade names and domain names 5-10 28,981 (19,210) 9,771 27,161 (12,941) 14,220 Total definite-lived intangible assets $ 722,713 $ (335,827) $ 386,886 $ 696,594 $ (286,071) $ 410,523 June 30, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net (in thousands) Indefinite-lived intangible assets Trade names $ 255,000 $ (30,000) $ 225,000 $ 255,000 $ — $ 255,000 Total indefinite-lived intangible assets $ 255,000 $ (30,000) $ 225,000 $ 255,000 $ — $ 255,000 * During the three months ended March 31, 2022, the Company recorded a $30.0 million impairment charge related to its indefinite-lived intangible asset. Refer to Note 2 for further information about this impairment charge.
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, 2022. Future Amortization Expense (in thousands) Remainder of 2022 $ 49,109 2023 79,764 2024 59,764 2025 41,022 2026 28,016 Thereafter 78,575 Total $ 336,250

Other Balance Sheet Details (Ta

Other Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 (in thousands) Accrued university and instructional staff compensation $ 28,884 $ 36,806 Accrued marketing expenses 33,430 26,469 Accrued transaction and integration expenses 18,545 4,072 Accrued compensation and related benefits 40,549 49,143 Accounts payable and other accrued expenses 28,673 48,233 Total accounts payable and accrued expenses $ 150,081 $ 164,723

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges by Reportable Segment	The following table presents restructuring charges by reportable segment on the Company’s condensed consolidated statements of operations for the periods indicated. Three Months Ended Six Months Ended Degree Program Segment Alternative Credential Segment Degree Program Segment Alternative Credential Segment 2022 Strategic Realignment Plan Severance and severance-related costs $ 8,772 $ 6,431 $ 8,772 $ 6,431 Professional and other fees relating to restructuring activities 554 — 554 — 9,326 6,431 9,326 6,431 Other restructuring charges* 926 70 1,615 168 Total restructuring charges $ 10,252 $ 6,501 $ 10,941 $ 6,599 * Includes severance and severance-related costs and costs associated with the exit of facilities
Schedule of Adjustments to the Accrued Restructuring Liability	The following table presents the additions and adjustments to the accrued restructuring liability on the Company’s condensed consolidated balance sheets for the periods indicated. Balance as of December 31, 2021 Additional Costs Cash Payments Balance as of June 30, 2022 (in thousands) 2022 Strategic Realignment Plan Severance and severance-related costs $ — $ 14,542 $ — $ 14,542 Professional and other fees relating to restructuring activities — 554 — 554 Other severance and severance-related costs 1,735 728 (1,174) 1,289 Total restructuring $ 1,735 $ 15,824 $ (1,174) $ 16,385

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 (in thousands) Operating lease expense $ 5,611 $ 4,345 $ 11,372 $ 8,627 Short-term lease expense 157 10 268 54 Variable lease expense 1,546 1,593 3,369 3,029 Sublease income (228) (56) (456) (110) Total lease expense $ 7,086 $ 5,892 $ 14,553 $ 11,600
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, and excludes the impact of future sublease income totaling $4.0 million in aggregate. June 30, 2022 (in thousands) Remainder of 2022 $ 11,152 2023 21,960 2024 21,707 2025 17,890 2026 18,404 Thereafter 69,751 Total lease payments 160,864 Less: imputed interest (54,836) Total lease liability $ 106,028

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 (in thousands) Term loan facilities $ 569,498 $ 572,374 Convertible senior notes 380,000 380,000 Deferred government grant obligations 3,500 3,500 Other borrowings 3,891 4,423 Less: unamortized debt discount and issuance costs (21,864) (107,777) Total debt 935,025 852,520 Less: current portion of long-term debt (7,279) (7,204) Total long-term debt $ 927,746 $ 845,316 The net carrying amount of the Notes consists of the following as of each of the dates indicated: June 30, 2022 December 31, 2021 (in thousands) Principal $ 380,000 $ 380,000 Unamortized debt discount for conversion option — (83,609) Unamortized issuance costs (5,940) (5,104) Net carrying amount $ 374,060 $ 291,287
Schedule of maturities of long-term debt	Future principal payments under the Amended Term Loan Facility, the Notes, and the government grants, as of the date indicated are as follows: June 30, 2022 (in thousands) Remainder of 2022 $ 2,876 2023 5,753 2024 560,869 2025 380,000 2026 — Thereafter* 3,500 Total future principal payments $ 952,998 * Amounts represent conditional loan obligations that may be forgiven, provided that the Company attains certain conditions related to employment levels at 2U’s Lanham, Maryland headquarters.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of shares of common stock reserved for future issuance	As of June 30, 2022, there were 77,219,835 shares of common stock outstanding, and the Company had reserved a total of 31,098,418 of its authorized shares of common stock for future issuance as follows: Shares Reserved for Future Issuance Outstanding restricted stock units 5,477,279 Outstanding performance restricted stock units 2,515,924 Outstanding stock options 5,964,973 Reserved for convertible senior notes 17,140,242 Total shares of common stock reserved for future issuance 31,098,418
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 2022 2021 2022 2021 (in thousands) Curriculum and teaching $ 49 $ 17 $ 96 $ 33 Servicing and support 4,321 3,964 8,680 7,813 Technology and content development 2,635 3,095 6,497 6,369 Marketing and sales 1,722 1,672 3,848 3,173 General and administrative 13,622 16,028 27,652 32,335 Total stock-based compensation expense $ 22,349 $ 24,776 $ 46,773 $ 49,723
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, 2021 2,613,063 $ 32.29 Granted 4,176,272 10.63 Vested (1,081,341) 28.17 Forfeited (230,715) 22.68 Outstanding balance as of June 30, 2022 5,477,279 $ 16.99 Number of Weighted- Outstanding balance as of December 31, 2021 1,121,277 $ 48.62 Granted 2,081,647 16.63 Vested (3,106) 40.74 Forfeited (683,894) 52.98 Outstanding balance as of June 30, 2022 2,515,924 $ 21.46
Schedule of assumptions used for estimating the fair value of the stock options granted	The following tables present a summary of (i) the assumptions used for estimating the fair values of the PRSUs subject to market-based vesting conditions and (ii) the Company’s PRSU activity for the period indicated. As of June 30, 2022 and December 31, 2021, there were 1.3 million and 1.0 million outstanding PRSUs for which the performance metrics had not been defined as of each respective date. Accordingly, such awards are not considered granted for accounting purposes as of June 30, 2022 and December 31, 2021, and have been excluded from the tables below. No PRSUs were granted during each of the three months ended June 30, 2022 and 2021. Six Months Ended 2022 2021 Risk-free interest rate 0.39% – 1.88% 0.10% – 0.26% Expected term (years) 1.00 – 3.00 1.00 – 3.00 Expected volatility 49% – 97% 85% – 89% Dividend yield 0% 0% Weighted-average grant date fair value per share $18.67 $61.33 The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the period presented. No stock options were granted during the six months ended June 30, 2021. Three Months Ended Six Months Ended Risk-free interest rate 2.8% - 3.0% 1.9% - 3.0% Expected term (years) 5.63 - 5.78 5.63 - 5.78 Expected volatility 75% - 77% 75% - 77% Dividend yield 0% 0% Weighted-average grant date fair value per share $7.03 $6.99
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 Aggregate Outstanding balance as of December 31, 2021 3,477,439 $ 36.13 3.87 $ 16,246 Granted 3,043,789 10.76 8.86 Exercised (286,733) 3.12 0.02 Forfeited (227,384) 14.89 Expired (42,138) 60.02 Outstanding balance as of June 30, 2022 5,964,973 25.41 6.58 1,806 Exercisable as of June 30, 2022 3,187,768 $ 34.69 3.93 $ 1,802

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of potential dilutive securities that would have been anti-dilutive due to net loss	The following securities have been excluded from the calculation of weighted-average shares of common stock outstanding because the effect is anti-dilutive for each of the periods indicated. Three and Six Months Ended 2022 2021 Stock options 5,964,973 3,634,078 Restricted stock units 5,477,279 2,901,519 Performance restricted stock units 2,515,924 1,580,153 Shares related to convertible senior notes 13,443,374 13,443,374 Total antidilutive securities 27,401,550 21,559,124
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 2022 2021 2022 2021 Numerator (in thousands): Net loss $ (62,852) $ (21,831) $ (188,632) $ (67,395) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 77,059,157 74,421,911 76,667,681 74,051,220 Net loss per share, basic and diluted $ (0.82) $ (0.29) $ (2.46) $ (0.91)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 (dollars in thousands) Revenue by segment* Degree Program Segment $ 143,090 $ 146,214 $ 297,257 $ 292,089 Alternative Credential Segment 98,374 90,995 197,536 177,593 Total revenue $ 241,464 $ 237,209 $ 494,793 $ 469,682 Segment profitability** Degree Program Segment $ 39,539 $ 27,973 $ 75,357 $ 53,861 Alternative Credential Segment (17,637) (10,861) (41,175) (23,001) Total segment profitability $ 21,902 $ 17,112 $ 34,182 $ 30,860 Segment profitability margin*** Degree Program Segment 27.6 % 19.1 % 25.4 % 18.4 % Alternative Credential Segment (17.9) (11.9) (20.8) (13.0) Total segment profitability margin 9.1 % 7.2 % 6.9 % 6.6 % * The Company has excluded immaterial amounts of intersegment revenues from each of the three and six months ended June 30, 2022 and 2021. ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), other income (expense), net, taxes, depreciation and amortization expense, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, certain litigation-related costs, consisting of fees for certain non-ordinary course litigation and other proceedings, 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 total segment profitability to net loss for each of the periods indicated. Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) (in thousands) Net loss $ (62,852) $ (21,831) $ (188,632) $ (67,395) Adjustments: Stock-based compensation expense 22,349 24,776 46,773 49,723 Other (income) expense, net 1,367 (24,070) 2,397 (23,155) Net interest expense 13,665 7,836 27,298 15,355 Income tax benefit (164) (127) (415) (129) Depreciation and amortization expense 31,342 26,422 65,757 51,409 Impairment charges — — 58,782 — Loss on debt extinguishment — 1,101 — 1,101 Restructuring charges 16,753 1,334 17,540 1,819 Other* (558) 1,671 4,682 2,132 Total adjustments 84,754 38,943 222,814 98,255 Total segment profitability $ 21,902 $ 17,112 $ 34,182 $ 30,860 * Includes (i) transaction and integration expense of $1.0 million and $1.7 million for the three months ended June 30, 2022 and 2021, respectively, and $3.4 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively, and (ii) stockholder activism and litigation-related (recoveries) expense of $(1.6) million and zero for the three months ended June 30, 2022 and 2021, respectively, and $1.3 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively.
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 Degree Program Segment $ 525,076 $ 546,572 Alternative Credential Segment 1,508,158 1,562,434 Total assets $ 2,033,234 $ 2,109,006

Receivables and Contract Liab_2

Receivables and Contract Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables And Contract Liabilities Disclosure [Abstract]
Schedule of receivables	The following table presents the Company’s trade accounts receivable in each segment as of each of the dates indicated. June 30, December 31, (in thousands) Degree Program Segment accounts receivable $ 21,177 $ 31,762 Degree Program Segment unbilled revenue 19,048 4,440 Alternative Credential Segment accounts receivable 44,221 42,771 Total 84,446 78,973 Less: Provision for credit losses (14,602) (11,686) Trade accounts receivable, net $ 69,844 $ 67,287 June 30, December 31, (in thousands) Other receivables, amortized cost $ 54,919 $ 52,428 Less: Provision for credit losses (2,697) (1,421) Other receivables, net $ 52,222 $ 51,007 Other receivables, net, current $ 30,938 $ 29,439 Other receivables, net, non-current $ 21,284 $ 21,568
Schedule of accounts receivable, allowance for credit loss	The following table presents the change in provision for credit losses for trade accounts receivable on the Company’s condensed consolidated balance sheets for the period indicated. Provision for Credit Losses (in thousands) Balance as of December 31, 2021 $ 11,686 Current period provision 3,334 Foreign currency translation adjustments (16) Other (402) Balance as of June 30, 2022 $ 14,602
Schedule of other receivable, allowance for credit loss	The following table presents the change in provision for credit losses for other receivables on the Company’s condensed consolidated balance sheets for the period indicated. Provision for Credit Losses (in thousands) Balance as of December 31, 2021 $ 1,421 Current period provision 1,276 Balance as of June 30, 2022 $ 2,697
Other receivable credit quality indicators	The following tables present other receivables, at amortized cost including interest accretion, by credit quality indicator and year of origination, as of the dates indicated. June 30, 2022 Year of Origination 2022 2021 2020 2019 2018 Total (in thousands) Credit Quality Tier High $ 12,263 $ 7,760 $ 64 $ 21 $ 115 $ 20,223 Mid 12,122 7,457 910 1,345 392 22,226 Low 4,557 4,239 1,429 1,915 330 12,470 Total $ 28,942 $ 19,456 $ 2,403 $ 3,281 $ 837 $ 54,919 December 31, 2021 Year of Origination 2021 2020 2019 2018 Total (in thousands) Credit Quality Tier High $ 18,466 $ 1,635 $ 24 $ 115 $ 20,240 Mid 14,352 2,992 1,312 392 19,048 Low 8,135 2,802 1,873 330 13,140 Total $ 40,953 $ 7,429 $ 3,209 $ 837 $ 52,428
Contract liabilities by segment	The following table presents the Company’s contract liabilities in each segment as of each of the dates indicated. June 30, December 31, (in thousands) Degree Program Segment deferred revenue $ 38,303 $ 3,462 Alternative Credential Segment deferred revenue 94,169 88,464 Total contract liabilities $ 132,472 $ 91,926

Organization (Details)

Organization (Details) learner in Millions	6 Months Ended
	Jun. 30, 2022 university learningOpportunity learner segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of registered learners | learner	45
Number of universities the company serves | university	230
Number of learning opportunities offered | learningOpportunity	4,000
Number of reportable segments (in segments) | segment	2

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Property and Equipment, Net
Increase (decrease) in other receivables				$ 2,790	$ 14,738
Accrued restructuring liability	$ 16,385			16,385			$ 1,735
Restructuring charges	16,753		$ 1,334	17,540	$ 1,819
Goodwill impairment charge				28,782
Impairment of intangible assets, indefinite-lived (excluding goodwill)		$ 30,000
Long-term debt	935,025			935,025			852,520
Additional paid-in capital	(1,668,282)			(1,668,282)			(1,735,628)
Deferred tax liabilities, net	(1,142)			(1,142)			(1,726)
Accumulated deficit	$ (1,046,453)			$ (1,046,453)			$ (890,638)
Reporting Units Without Impairment
Property and Equipment, Net
Reporting units, percentage of fair value in excess of carrying amount	10%			10%
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
Property and Equipment, Net
Long-term debt						$ 81,700
Additional paid-in capital						114,600
Deferred tax liabilities, net						22,100
Accumulated deficit						$ 32,800

Business Combination - Narrativ

Business Combination - Narrative (Details) - edX - USD ($) $ in Thousands		6 Months Ended
	Nov. 16, 2021	Jun. 30, 2022
Business Acquisition [Line Items]
Membership Interests (in percent)	100%
Net purchase price	$ 773,000
Escrow deposit	23,000
Working capital adjustment		$ 5,000
Preliminary purchase price	$ 768,009

Business Combination - Estimate

Business Combination - Estimated Fair Value (Details) - USD ($) $ in Thousands		6 Months Ended
	Nov. 16, 2021	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 788,021	$ 834,539
Enterprise client relationships
Business Acquisition [Line Items]
Estimated Useful Life (in years)		10 years
edX
Business Acquisition [Line Items]
Cash and cash equivalents	$ 11,901
Accounts receivable	6,608
Prepaid expenses and other assets	13,098
Property and equipment, net	529
Right-of-use assets	2,355
Other assets, non-current	572
Accounts payable and accrued expenses	(16,095)
Deferred revenue	(10,962)
Lease liability	(2,512)
Other liabilities	(33,235)
Goodwill	407,050
Total	768,009
edX | Trade names and domain names
Business Acquisition [Line Items]
Identifiable-lived intangible assets	255,000
edX | Capitalized technology
Business Acquisition [Line Items]
Amortizable intangible asset	$ 15,400
Estimated Useful Life (in years)	3 years
edX | University client relationships
Business Acquisition [Line Items]
Amortizable intangible asset	$ 104,000
Estimated Useful Life (in years)	10 years
edX | Enterprise client relationships
Business Acquisition [Line Items]
Amortizable intangible asset	$ 14,300
Estimated Useful Life (in years)	10 years

Business Combination - Pro Form

Business Combination - Pro Forma Information (Details) - edX - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Business Acquisition [Line Items]
Pro forma revenue	$ 247,175	$ 492,994
Pro forma net loss	$ (49,729)	$ (123,991)
Pro forma net loss per share, basic (in dollars per share)	$ (0.67)	$ (1.67)
Pro forma net loss per share, diluted (in dollars per share)	$ (0.67)	$ (1.67)

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 904,918
Goodwill, accumulated impairment loss, beginning balance	(70,379)
Goodwill, beginning balance	834,539
Allocations	0
Adjustments	(16,502)
Goodwill, impairment charge	(28,782)
Foreign Currency Translation Adjustments	(1,234)
Goodwill, gross, ending balance	887,182
Goodwill, accumulated impairment loss, ending balance	(99,161)
Goodwill, ending balance	788,021
Unallocated goodwill
Goodwill [Roll Forward]
Goodwill, beginning balance	423,552
Allocations	(423,552)
Adjustments	0
Goodwill, impairment charge	0
Foreign Currency Translation Adjustments	0
Goodwill, ending balance	0
Degree Program Segment deferred revenue | Operating Segments
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0
Goodwill, accumulated impairment loss, beginning balance	0
Goodwill, beginning balance	0
Allocations	198,378
Adjustments	(5,519)
Goodwill, impairment charge	0
Foreign Currency Translation Adjustments	0
Goodwill, gross, ending balance	192,859
Goodwill, accumulated impairment loss, ending balance	0
Goodwill, ending balance	192,859
Alternative Credential Segment accounts receivable | Operating Segments
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	481,366
Goodwill, accumulated impairment loss, beginning balance	(70,379)
Goodwill, beginning balance	410,987
Allocations	225,174
Adjustments	(10,983)
Goodwill, impairment charge	(28,782)
Foreign Currency Translation Adjustments	(1,234)
Goodwill, gross, ending balance	694,323
Goodwill, accumulated impairment loss, ending balance	(99,161)
Goodwill, ending balance	$ 595,162

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($)	Mar. 31, 2022 reportingUnit	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units | reportingUnit		4
Goodwill impairment charge				$ 28,782
Net carrying amount	$ 386,886			386,886		$ 410,523
Amortization expense	28,500		$ 23,200	59,900	$ 44,800
edX
Finite-Lived Intangible Assets [Line Items]
Working capital adjustment				(5,000)
Acquired assets and assumed liabilities of edX				11,500
In Process Capitalized Technology and Content Development
Finite-Lived Intangible Assets [Line Items]
Net carrying amount	$ 50,700			$ 50,700		$ 46,300

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Amortizable Intangible Assets
Gross Carrying Amount		$ 722,713	$ 696,594
Accumulated Amortization		(335,827)	(286,071)
Net Carrying Amount		386,886	410,523
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets		255,000	255,000
Accumulated Impairments*		(30,000)	0
Net Carrying Amount		225,000	255,000
Impairment of intangible assets, indefinite-lived (excluding goodwill)	$ 30,000
Trade names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets		255,000	255,000
Accumulated Impairments*		(30,000)	0
Net Carrying Amount		225,000	255,000
Capitalized technology
Amortizable Intangible Assets
Gross Carrying Amount		209,976	199,766
Accumulated Amortization		(117,948)	(112,357)
Net Carrying Amount		$ 92,028	87,409
Capitalized technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		3 years
Capitalized technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		5 years
Capitalized content development
Amortizable Intangible Assets
Gross Carrying Amount		$ 258,285	243,687
Accumulated Amortization		(152,311)	(125,599)
Net Carrying Amount		$ 105,974	118,088
Capitalized content development | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		4 years
Capitalized content development | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		5 years
University client relationships
Amortizable Intangible Assets
Gross Carrying Amount		$ 211,171	211,680
Accumulated Amortization		(45,285)	(34,995)
Net Carrying Amount		$ 165,886	176,685
University client relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		9 years
University client relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		10 years
Enterprise client relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		10 years
Amortizable Intangible Assets
Gross Carrying Amount		$ 14,300	14,300
Accumulated Amortization		(1,073)	(179)
Net Carrying Amount		13,227	14,121
Trade names and domain names
Amortizable Intangible Assets
Gross Carrying Amount		28,981	27,161
Accumulated Amortization		(19,210)	(12,941)
Net Carrying Amount		$ 9,771	$ 14,220
Trade names and domain names | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		5 years
Trade names and domain names | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Average Useful Life (in years)		10 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Future Amortization Expense and License agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Future amortization expense
Net Carrying Amount	$ 386,886	$ 410,523
Excluding in process capitalized technology and content development
Future amortization expense
Remainder of 2022	49,109
2023	79,764
2024	59,764
2025	41,022
2026	28,016
Thereafter	78,575
Net Carrying Amount	$ 336,250

Other Balance Sheet Details - N

Other Balance Sheet Details - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Prepaid assets	$ 23.6		$ 23.6		$ 23
Deferred expenses incurred to integrate software	8.6		8.6		7
Amortization of capitalized software implementation costs	0.6	$ 0.6	1.3	$ 1.1
Due to university client	19.3		19.3		$ 21.9
Employee retention tax credits	0.5		0.5
Accrued payroll taxes CARES Act	$ 5		$ 5
Minimum | Capitalized technology
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Estimated useful life of intangible assets (in years)			3 years
Maximum | Capitalized technology
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Estimated useful life of intangible assets (in years)			5 years

Other Balance Sheet Details - A

Other Balance Sheet Details - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued university and instructional staff compensation	$ 28,884	$ 36,806
Accrued marketing expenses	33,430	26,469
Accrued transaction and integration expenses	18,545	4,072
Accrued compensation and related benefits	40,549	49,143
Accounts payable and other accrued expenses	28,673	48,233
Total accounts payable and accrued expenses	$ 150,081	$ 164,723

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Feb. 18, 2022	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Additional investment In educational technology, contingent payment		$ 15
Loss Contingency Accrual	$ 37

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 16,753	$ 1,334	$ 17,540	$ 1,819
2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	15,800		15,800
2022 Strategic Realignment Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges	$ 35,000		$ 35,000
Estimated remaining costs (in years)	1 year		1 year
2022 Strategic Realignment Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges	$ 40,000		$ 40,000
Estimated remaining costs (in years)	9 years		9 years

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Restructuring Charges by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Degree Program Segment deferred revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 10,252	$ 10,941
Degree Program Segment deferred revenue | 2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	9,326	9,326
Degree Program Segment deferred revenue | Severance and severance-related costs | 2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	8,772	8,772
Degree Program Segment deferred revenue | Professional and other fees relating to restructuring activities | 2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	554	554
Degree Program Segment deferred revenue | Other restructuring charges*
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	926	1,615
Alternative Credential Segment accounts receivable
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	6,501	6,599
Alternative Credential Segment accounts receivable | 2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	6,431	6,431
Alternative Credential Segment accounts receivable | Severance and severance-related costs | 2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	6,431	6,431
Alternative Credential Segment accounts receivable | Professional and other fees relating to restructuring activities | 2022 Strategic Realignment Plan
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	0
Alternative Credential Segment accounts receivable | Other restructuring charges*
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 70	$ 168

Restructuring Charges - Sched_2

Restructuring Charges - Schedule of Adjustments to the Accrued Restructuring Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2021	$ 1,735
Additional Costs	15,824
Cash Payments	(1,174)
Balance as of June 30, 2022	16,385
Other severance and severance-related costs
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2021	1,735
Additional Costs	728
Cash Payments	(1,174)
Balance as of June 30, 2022	1,289
2022 Strategic Realignment Plan | Severance and severance-related costs
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2021	0
Additional Costs	14,542
Cash Payments	0
Balance as of June 30, 2022	14,542
2022 Strategic Realignment Plan | Professional and other fees relating to restructuring activities
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2021	0
Additional Costs	554
Cash Payments	0
Balance as of June 30, 2022	$ 554

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Renewal term (in years)		5 years
Option to terminate, term (in years)		1 year
Loss on sublease	$ 4.8
Weighted average remaining lease term (in years)		7 years 6 months
Weighted average discount rate		11.20%
Operating lease payments		$ 13.1	$ 9.2
Lease liabilities arising from obtaining right-of-use assets		1.3	$ 11.3
Future sublease income expected to be earned		4
Lease liability, leases not yet commenced		$ 17.5
Sublease Of Office Space
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year 3 months 18 days
Sublease Of Office Space, Denver, Colorado
Lessee, Lease, Description [Line Items]
Remaining lease term		2 years 4 months 24 days
Minimum
Lessee, Lease, Description [Line Items]
Contract term (in years)		1 year
Contract term, leases not yet commenced (in years)		6 years
Maximum
Lessee, Lease, Description [Line Items]
Contract term (in years)		12 years
Contract term, leases not yet commenced (in years)		8 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease expense	$ 5,611	$ 4,345	$ 11,372	$ 8,627
Short-term lease expense	157	10	268	54
Variable lease expense	1,546	1,593	3,369	3,029
Sublease income	(228)	(56)	(456)	(110)
Total lease expense	$ 7,086	$ 5,892	$ 14,553	$ 11,600

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 11,152
2023	21,960
2024	21,707
2025	17,890
2026	18,404
Thereafter	69,751
Total lease payments	160,864
Less: imputed interest	(54,836)
Total lease liability	$ 106,028

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: unamortized debt discount and issuance costs	$ (21,864)	$ (107,777)
Total debt	935,025	852,520
Less: current portion of long-term debt	(7,279)	(7,204)
Total long-term debt	927,746	845,316
Term loan facilities
Debt Instrument [Line Items]
Net carrying amount	569,498	572,374
Convertible senior notes
Debt Instrument [Line Items]
Net carrying amount	380,000	380,000
Deferred government grant obligations
Debt Instrument [Line Items]
Net carrying amount	3,500	3,500
Other borrowings
Debt Instrument [Line Items]
Net carrying amount	$ 3,891	$ 4,423

Debt - Narrative (Details)

Debt - Narrative (Details)				1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 25, 2020 USD ($)	Apr. 30, 2020 USD ($) $ / shares	Apr. 23, 2020	Apr. 30, 2020 USD ($) day $ / shares	Jun. 30, 2022 USD ($) agreement	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) agreement	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 04, 2021 USD ($)	Jun. 29, 2021 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment					$ 0	$ (1,101,000)	$ 0	$ (1,101,000)
Proceeds from debt							385,000	469,595,000
Standby Letters of Credit
Debt Instrument [Line Items]
Borrowing capacity terminated					$ 16,200,000		$ 16,200,000
Prince Georges County Maryland
Debt Instrument [Line Items]
Interest rate (as a percent)					3%		3%
Number of contracts (in contracts) | agreement					2		2
Convertible senior notes
Debt Instrument [Line Items]
Net carrying amount					$ 380,000,000		$ 380,000,000		$ 380,000,000
Deferred government grant obligations
Debt Instrument [Line Items]
Net carrying amount					3,500,000		3,500,000		3,500,000
Interest payable					600,000		600,000		500,000
Deferred government grant obligations | Prince Georges County Maryland
Debt Instrument [Line Items]
Net carrying amount					$ 3,500,000		$ 3,500,000
Term Loan Agreement | Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount										$ 100,000,000	$ 475,000,000
Principal repayments (as a percent)										0.25%	0.25%
Debt instrument, effective interest rate percentage					8%		8%
Interest expense					$ 11,100,000		$ 22,200,000
Term Loan Agreement | Line of Credit | Base rate
Debt Instrument [Line Items]
Interest rate (as a percent)											4.75%
Term Loan Agreement | Line of Credit | Eurodollar
Debt Instrument [Line Items]
Interest rate (as a percent)											5.75%
Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity terminated	$ 50,000,000
Debt instrument, principal amount of the lenders' commitments	100,000,000
Loss on debt extinguishment	$ 1,100,000
Credit Agreement | Letter of Credit | Base rate
Debt Instrument [Line Items]
Variable rate, applicable margin (as a percent)	2.75%
Credit Agreement | Letter of Credit | LIBOR
Debt Instrument [Line Items]
Variable rate, applicable margin (as a percent)	3.75%
Credit Agreement | Letter of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Variable rate, applicable margin (as a percent)	0%
The Notes | Convertible senior notes
Debt Instrument [Line Items]
Interest rate (as a percent)		2.25%		2.25%	2.25%		2.25%
Aggregate principal amount		$ 380,000,000		$ 380,000,000	$ 380,000,000		$ 380,000,000		380,000,000
Proceeds from debt				$ 369,600,000
Debt instrument, interest rate, effective percentage					2.90%		2.90%
Debt issuance costs					$ 2,700,000	$ 7,600,000	$ 5,300,000	$ 15,200,000
Debt instrument, convertible, threshold percentage of stock price trigger				130%
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%
Debt instrument, convertible, conversion ratio			0.0353773
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares		$ 28.27		$ 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
Net carrying amount					374,060,000		374,060,000		291,287,000
Senior Secured Term Loan Facility | Line of Credit
Debt Instrument [Line Items]
Senior secured term loan facility				$ 250,000,000
Fair Value, Inputs, Level 2 | Convertible senior notes
Debt Instrument [Line Items]
Fair value					$ 322,700,000		$ 322,700,000		$ 403,300,000

Debt - Net Carrying Amount (Det

Debt - Net Carrying Amount (Details) - Convertible senior notes - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Net carrying amount	$ 380,000,000	$ 380,000,000
The Notes
Debt Instrument [Line Items]
Principal	380,000,000	380,000,000	$ 380,000,000
Unamortized debt discount for conversion option	0	(83,609,000)
Unamortized issuance costs	(5,940,000)	(5,104,000)
Net carrying amount	$ 374,060,000	$ 291,287,000

Debt - Future Principal Payment

Debt - Future Principal Payments (Details) - Term Loan Facility, Convertible Notes And Government Grants $ in Thousands	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Remainder of 2022	$ 2,876
2023	5,753
2024	560,869
2025	380,000
2026	0
Thereafter	3,500
Net carrying amount	$ 952,998

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate (as a percent)	1%	1%	1%	1%
Income tax benefit	$ 164	$ 127	$ 415	$ 129

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock and Stock-based Compensation (Details) $ in Millions	Aug. 06, 2020 USD ($) shares	Jun. 30, 2022 plan shares	Mar. 31, 2022 shares	Jan. 01, 2022 shares	Dec. 31, 2021 shares	Jun. 30, 2021 shares	Mar. 31, 2021 shares	Jan. 01, 2021 shares	Dec. 31, 2020 shares
Stockholders' Equity
Authorized shares of capital stock (in shares)		205,000,000
Authorized shares of common stock (in shares)		200,000,000			200,000,000
Authorized shares of preferred stock (in shares)		5,000,000			5,000,000
Common stock, issued (in shares)		77,219,835			75,754,663
Common stock, outstanding (in shares)		77,219,835			75,754,663
Available shares of common stock reserved for future issuance (in shares)		31,098,418
Net proceeds | $	$ 299.8
Number of stock-based compensation plans | plan		2
Common Stock
Stockholders' Equity
Common stock, outstanding (in shares)		77,219,835	76,616,534		75,754,663	74,507,853	74,038,208		72,451,521
Sale of common stock (in shares)	6,800,000
Outstanding restricted stock units
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)		5,477,279
Outstanding performance restricted stock units
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)		2,515,924
Outstanding stock options
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)		5,964,973
Reserved for convertible senior notes
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)		17,140,242
Employee Stock
Stockholders' Equity
Available shares of common stock reserved for future issuance (in shares)		379,670
Equity Incentive Plan 2014
Stockholders' Equity
Increase in shares in available for future issuance				3,782,719				3,619,344

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Total stock-based compensation expense	$ 22,349	$ 24,776	$ 46,773	$ 49,723
Curriculum and teaching
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Total stock-based compensation expense	49	17	96	33
Servicing and support
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Total stock-based compensation expense	4,321	3,964	8,680	7,813
Technology and content development
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Total stock-based compensation expense	2,635	3,095	6,497	6,369
Marketing and sales
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Total stock-based compensation expense	1,722	1,672	3,848	3,173
General and administrative
Stock-based compensation expense included in the unaudited condensed consolidated statements of operations
Total stock-based compensation expense	$ 13,622	$ 16,028	$ 27,652	$ 32,335

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted and Performance Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested RSUs	$ 64.3
Weighted average period for recognition of compensation cost	2 years
Number of awards outstanding (in shares)	5,477,279	2,613,063
Restricted Stock Units [Roll Forward]
Outstanding balance at the beginning of the period (in shares)	2,613,063
Granted (in shares)	4,176,272
Vested (in shares)	(1,081,341)
Forfeited (in shares)	(230,715)
Outstanding balance at the end of the period (in shares)	5,477,279	2,613,063
Grant Date Fair Value [Roll Forward]
Outstanding at the beginning of the period (in dollars per share)	$ 32.29
Granted (in dollars per share)	10.63
Vested (in dollars per share)	28.17
Forfeited (in dollars per share)	22.68
Outstanding at the end of the period (in dollars per share)	$ 16.99	$ 32.29
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested RSUs	$ 23.8
Weighted average period for recognition of compensation cost	1 year 4 months 24 days
Number of awards outstanding (in shares)	2,515,924	1,121,277
Restricted Stock Units [Roll Forward]
Outstanding balance at the beginning of the period (in shares)	1,121,277
Granted (in shares)	2,081,647
Vested (in shares)	(3,106)
Forfeited (in shares)	(683,894)
Outstanding balance at the end of the period (in shares)	2,515,924	1,121,277
Grant Date Fair Value [Roll Forward]
Outstanding at the beginning of the period (in dollars per share)	$ 48.62
Granted (in dollars per share)	16.63
Vested (in dollars per share)	40.74
Forfeited (in dollars per share)	52.98
Outstanding at the end of the period (in dollars per share)	$ 21.46	$ 48.62
Performance Restricted Stock Units, 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	0%
Performance Restricted Stock Units, 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		112.70%
Performance Restricted Stock Units, Performance Metrics Not Yet Defined
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards outstanding (in shares)	1,300,000	1,000,000
Restricted Stock Units [Roll Forward]
Outstanding balance at the beginning of the period (in shares)	1,000,000
Outstanding balance at the end of the period (in shares)	1,300,000	1,000,000

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Assumptions (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Performance restricted stock units
Fair value assumptions and methodology
Risk-free interest rate minimum		0.39%	0.10%
Risk-free interest rate maximum		1.88%	0.26%
Expected volatility minimum		49%	85%
Expected volatility maximum		97%	89%
Dividend yield		0%	0%
Weighted average grant date fair value (in dollars per share)	$ 18.67	$ 18.67	$ 61.33
Performance restricted stock units | Minimum
Fair value assumptions and methodology
Expected term (years)		1 year	1 year
Performance restricted stock units | Maximum
Fair value assumptions and methodology
Expected term (years)		3 years	3 years
Stock options
Fair value assumptions and methodology
Risk-free interest rate minimum	2.80%	1.90%
Risk-free interest rate maximum	3%	3%
Expected volatility minimum	75%	75%
Expected volatility maximum	77%	77%
Dividend yield	0%	0%
Weighted average grant date fair value (in dollars per share)	$ 7.03	$ 6.99
Stock options | Minimum
Fair value assumptions and methodology
Expected term (years)	5 years 7 months 17 days	5 years 7 months 17 days
Stock options | Maximum
Fair value assumptions and methodology
Expected term (years)	5 years 9 months 10 days	5 years 9 months 10 days

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Number of Options
Outstanding balance at the beginning of the period (in shares)	3,477,439
Granted (in shares)	3,043,789	0
Exercised (in shares)	(286,733)
Forfeited (in shares)	(227,384)
Expired (in shares)	(42,138)
Outstanding balance at the end of the period (in shares)	5,964,973		3,477,439
Exercisable at the end of the period (in shares)	3,187,768
Weighted-Average Exercise Price per Share
Outstanding balance at the beginning of the period (in dollars per share)	$ 36.13
Granted (in dollars per share)	10.76
Exercised (in dollars per share)	3.12
Forfeited (in dollars per share)	14.89
Expired (in dollars per share)	60.02
Outstanding balance at the end of the period (in dollars per share)	25.41		$ 36.13
Exercisable at the end of the period (in dollars per share)	$ 34.69
Weighted Average Remaining Contractual Term
Outstanding balance (in years)	6 years 6 months 29 days		3 years 10 months 13 days
Granted (in years)	8 years 10 months 9 days
Exercised (in years)	7 days
Weighted-average remaining contractual term of options exercisable at the end of the period (in years)	3 years 11 months 4 days
Aggregate Intrinsic Value
Outstanding balance at the end of the period	$ 1,806		$ 16,246
Exercisable at the end of the period	$ 1,802

Stockholders' Equity - Stock _2

Stockholders' Equity - Stock Option Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Granted (in shares)	3,043,789	0
Stock options
Stock-Based Compensation
Expiration period	10 years
Intrinsic value of options exercisable at the end of the period	$ 3.2	$ 5.2
Compensation cost related to the nonvested awards not yet recognized	$ 21.8
Weighted average period for recognition of compensation cost	2 years 6 months
Stock options | Minimum
Stock-Based Compensation
Vesting period	3 years
Stock options | Maximum
Stock-Based Compensation
Vesting period	4 years

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			27,401,550	21,559,124
Numerator:
Net loss	$ (62,852)	$ (21,831)	$ (188,632)	$ (67,395)
Denominator:
Weighted-average shares of common stock outstanding, basic (in shares)	77,059,157	74,421,911	76,667,681	74,051,220
Weighted-average shares of common stock outstanding, diluted (in shares)	77,059,157	74,421,911	76,667,681	74,051,220
Net loss per share, basic (in dollars per share)	$ (0.82)	$ (0.29)	$ (2.46)	$ (0.91)
Net loss per share, diluted (in dollars per share)	$ (0.82)	$ (0.29)	$ (2.46)	$ (0.91)
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)			5,964,973	3,634,078
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)			5,477,279	2,901,519
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)			2,515,924	1,580,153
Shares related to convertible senior notes
Potential dilutive securities that would have been anti-dilutive
Potential dilutive securities that would have been anti-dilutive due to net loss (in shares)			13,443,374	13,443,374

Segment and Geographic Inform_3

Segment and Geographic Information - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) | segment	2
Accounts receivable, net	$ 69,844	$ 67,287
University client 1 | Credit concentration risk | Accounts receivable, net | Degree Program Segment deferred revenue
Segment Reporting Information [Line Items]
Percentage of concentration of credit risk	10%	14%
Accounts receivable, net	$ 6,900	$ 9,800
University client 2 | Credit concentration risk | Accounts receivable, net | Degree Program Segment deferred revenue
Segment Reporting Information [Line Items]
Percentage of concentration of credit risk		13%
Accounts receivable, net		$ 8,800

Segment and Geographic Inform_4

Segment and Geographic Information - Segment Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 241,464	$ 237,209	$ 494,793	$ 469,682
Total segment profitability	$ 21,902	$ 17,112	$ 34,182	$ 30,860
Total segment profitability margin	9.10%	7.20%	6.90%	6.60%
Degree Program Segment deferred revenue
Segment Reporting Information [Line Items]
Total revenue	$ 143,090	$ 146,214	$ 297,257	$ 292,089
Total segment profitability	$ 39,539	$ 27,973	$ 75,357	$ 53,861
Total segment profitability margin	27.60%	19.10%	25.40%	18.40%
Alternative Credential Segment accounts receivable
Segment Reporting Information [Line Items]
Total revenue	$ 98,374	$ 90,995	$ 197,536	$ 177,593
Total segment profitability	$ (17,637)	$ (10,861)	$ (41,175)	$ (23,001)
Total segment profitability margin	(17.90%)	(11.90%)	(20.80%)	(13.00%)

Segment and Geographic Inform_5

Segment and Geographic Information - Reconciliation of Net Loss to Total Segment Profitability (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Net loss	$ (62,852)	$ (125,780)	$ (21,831)	$ (45,564)	$ (188,632)	$ (67,395)
Adjustments:
Stock-based compensation expense	22,349		24,776		46,773	49,723
Other (income) expense, net	1,367		(24,070)		2,397	(23,155)
Net interest expense	13,665		7,836		27,298	15,355
Income tax benefit	(164)		(127)		(415)	(129)
Depreciation and amortization expense	31,342		26,422		65,757	51,409
Impairment charges	0		0		58,782	0
Loss on debt extinguishment	0		(1,101)		0	(1,101)
Restructuring charges	16,753		1,334		17,540	1,819
Other	(558)		1,671		4,682	2,132
Total adjustments	84,754		38,943		222,814	98,255
Total segment profitability	21,902		17,112		34,182	30,860
Transaction and integration costs	1,000		1,700		3,400	1,700
Stockholder activism costs	$ (1,600)		$ 0		$ 1,300	$ 400

Segment and Geographic Inform_6

Segment and Geographic Information - Total Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 2,033,234	$ 2,109,006
Degree Program Segment deferred revenue
Segment Reporting Information [Line Items]
Total assets	525,076	546,572
Alternative Credential Segment accounts receivable
Segment Reporting Information [Line Items]
Total assets	$ 1,508,158	$ 1,562,434

Segment and Geographic Inform_7

Segment and Geographic Information - Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Geographical Information
Total revenue	$ 241,464	$ 237,209	$ 494,793	$ 469,682
Assets	2,033,234		2,033,234		$ 2,109,006
Non-US
Geographical Information
Total revenue	27,200	26,300
Alternative Credential Segment accounts receivable
Geographical Information
Total revenue	98,374	$ 90,995	197,536	177,593
Assets	1,508,158		1,508,158		1,562,434
Alternative Credential Segment accounts receivable | Non-US
Geographical Information
Total revenue			55,300	$ 49,400
Assets	$ 3,500		$ 3,500		$ 3,300

Receivables and Contract Liab_3

Receivables and Contract Liabilities - Trade Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Accounts receivable, before allowance for credit loss, current	$ 84,446	$ 78,973
Less: Provision for credit losses	(14,602)	(11,686)
Trade accounts receivable, net	69,844	67,287
Degree Program Segment
Segment Reporting Information [Line Items]
Accounts receivable, before allowance for credit loss, current	21,177	31,762
Degree Program Segment unbilled revenue	19,048	4,440
Alternative Credential Segment accounts receivable
Segment Reporting Information [Line Items]
Accounts receivable, before allowance for credit loss, current	$ 44,221	$ 42,771

Receivables and Contract Liab_4

Receivables and Contract Liabilities - Change in Provision for Credit Losses for Trade Receivables (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31, 2021	$ 11,686
Current period provision	3,334
Foreign currency translation adjustments	(16)
Other	(402)
Balance as of June 30, 2022	$ 14,602

Receivables and Contract Liab_5

Receivables and Contract Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Percentage of other receivables that are current	89%		89%
Degree Program Segment deferred revenue
Segment Reporting Information [Line Items]
Contract with customer, liability, revenue recognized	$ 0.1	$ 0	$ 1.4	$ 1.7
Capitalized contract cost	0.5		0.5		$ 0.5
Alternative Credential Segment accounts receivable
Segment Reporting Information [Line Items]
Contract with customer, liability, revenue recognized	$ 16.3	$ 16	$ 66.5	$ 71.9
Minimum
Segment Reporting Information [Line Items]
Term of other receivables			12 months
Maximum
Segment Reporting Information [Line Items]
Term of other receivables			42 months

Receivables and Contract Liab_6

Receivables and Contract Liabilities - Other Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables And Contract Liabilities Disclosure [Abstract]
Other receivables, amortized cost	$ 54,919	$ 52,428
Less: Provision for credit losses	(2,697)	(1,421)
Other receivables, net	52,222	51,007
Other receivables, net, current	30,938	29,439
Other receivables, net, non-current	$ 21,284	$ 21,568

Receivables and Contract Liab_7

Receivables and Contract Liabilities - Change in Provision for Credit Losses for Other Receivables (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Other Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31, 2021	$ 1,421
Current period provision	1,276
Balance as of June 30, 2022	$ 2,697

Receivables and Contract Liab_8

Receivables and Contract Liabilities - Other Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year	$ 28,942	$ 40,953
Origination year, one year before current fiscal year	19,456	7,429
Origination year, two years before current fiscal year	2,403	3,209
Origination year, three years before current fiscal year	3,281	837
Origination year, four years before current fiscal year	837
Total	54,919	52,428
High
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year	12,263	18,466
Origination year, one year before current fiscal year	7,760	1,635
Origination year, two years before current fiscal year	64	24
Origination year, three years before current fiscal year	21	115
Origination year, four years before current fiscal year	115
Total	20,223	20,240
Mid
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year	12,122	14,352
Origination year, one year before current fiscal year	7,457	2,992
Origination year, two years before current fiscal year	910	1,312
Origination year, three years before current fiscal year	1,345	392
Origination year, four years before current fiscal year	392
Total	22,226	19,048
Low
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year	4,557	8,135
Origination year, one year before current fiscal year	4,239	2,802
Origination year, two years before current fiscal year	1,429	1,873
Origination year, three years before current fiscal year	1,915	330
Origination year, four years before current fiscal year	330
Total	$ 12,470	$ 13,140

Receivables and Contract Liab_9

Receivables and Contract Liabilities - Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total contract liabilities	$ 132,472	$ 91,926
Degree Program Segment deferred revenue
Segment Reporting Information [Line Items]
Total contract liabilities	38,303	3,462
Alternative Credential Segment deferred revenue
Segment Reporting Information [Line Items]
Total contract liabilities	$ 94,169	$ 88,464

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Cash interest payments	$ 23.5	$ 4.5
Unpaid capital expenditures	$ 4.7	$ 2.6