Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.20.2
Revenue Recognition
9 Months Ended
Sep. 30, 2020
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition

Note 11 - Revenue Recognition

 

We recognize revenue when our customers obtain control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services, in accordance with implemented Topic 606 - an update to Topic 605. Revenue amounts presented in our condensed consolidated financial statements are recognized net of sales tax, value-added taxes, and other taxes.

 

In the normal course of business, we recognize revenue based on the customers' attendance of the course, mentoring training, coaching session or delivery of the software, data or course materials on-line. After a customer contract expires, we record breakage revenue less a reserve for cases where we allow a customer to attend after expiration. As of September 30, 2020, we have deferred revenue of $21.5 million related to contractual commitments with customers where the performance obligation will be satisfied over time, which ranges from six to eighteen months. The revenue associated with these performance obligations is recognized as the obligation is satisfied. As of September 30, 2020, we maintain a reserve for breakage of $2.2 million for the fulfillment of our obligation to students whose contracts expired during our COVID-19 60-day operational hiatus during Q2 (see Note 1 "General").

 

The following tables disaggregate our segment revenue by revenue source:

 

    Three Months Ended September 30, 2020     Three Months Ended September 30, 2019  
Revenue Type:   North America     U.K.     Other foreign markets     Total Consolidated Revenue     North America     U.K.     Other foreign markets     Total Consolidated Revenue  
    (In thousands)     (In thousands)  
Seminars     6,857       47       1,809       8,713       9,174       446       3,485       13,105  
Products     70                   70       2,753       371       1,457       4,581  
Coaching and Mentoring     7             3       10       1,394       35       1,626       3,055  
Online and Subscription     351             37       388       352       7       99       458  
Other                             779       76       1       856  
Total revenue     7,285       47       1,849       9,181       14,452       935       6,668       22,055  

 

    Nine Months Ended September 30, 2020     Nine Months Ended September 30, 2019  
Revenue Type:   North America     U.K.     Other foreign markets     Total Consolidated Revenue     North America     U.K.     Other foreign markets     Total Consolidated Revenue  
    (In thousands)     (In thousands)  
Seminars     17,921       457       5,073       23,451       26,059       2,125       7,645       35,829  
Products     477                   477       8,237       906       3,258       12,401  
Coaching and Mentoring     1,066             230       1,296       4,193       163       4,121       8,477  
Online and Subscription     1,301             138       1,439       1,280       8       248       1,536  
Other     423                   423       3,650       116       1       3,767  
Total revenue     21,188       457       5,441       27,086       43,419       3,318       15,273       62,010