Segment and Geographic Information The Company has two reportable segments: the Graduate Program Segment and the Alternative Credential Segment (formerly known as the Short Course Segment). The Companys 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 Companys Graduate Program Segment includes the technology and services provided to nonprofit colleges and universities to enable the online delivery of degree programs. The Companys Alternative Credential Segment includes the premium online short courses and technical skills-based boot camps provided through relationships with nonprofit colleges and universities. Graduate Program Segment For the three months ended March 31, 2020 , one university client accounted for 10% or more of the Companys consolidated revenue, with $17.5 million , or approximately 10% of the Companys consolidated revenue. For the three months ended March 31, 2019 , three university clients each accounted for 10% or more of the Companys consolidated revenue, as follows: $22.6 million , $12.9 million and $12.7 million , or approximately 18% , 11% and 10% of the Companys consolidated revenue, respectively. As of March 31, 2020 , one university client accounted for 10% or more of the Companys consolidated accounts receivable, net balance, with $8.7 million , or approximately 11% of the Companys consolidated accounts receivable, net balance. As of December 31, 2019 , two university clients each accounted for 10% or more of the Companys consolidated accounts receivable, net balance, as follows: $6.1 million and $4.9 million , or approximately 18% and 15% of the Companys consolidated accounts receivable, net balance, respectively. Alternative Credential Segment For the three months ended March 31, 2020 and 2019 , there were no customers or individual university clients that had associated offerings that accounted for 10% or more of the Companys consolidated revenue. In addition, as of March 31, 2020 and December 31, 2019 , no customers had accounts receivable, net balances that accounted for 10% or more of the Companys consolidated accounts receivable, net balance, as customers are individual students or third parties paying on their behalf, rather than university clients. For the three months ended March 31, 2020 , offerings associated with one university client accounted for 10% or more of the segments revenue, with $7.9 million , or approximately 14% of the segments revenue. For the three months ended March 31, 2019 , offerings associated with four university clients each accounted for 10% or more of the segments revenue, and when combined, accounted for approximately 88% of the segments revenue. Segment Performance The following table presents financial information regarding each of the Companys reportable segments results of operations for each of the periods indicated. Three Months Ended March 31, 2020 2019 (dollars in thousands) Revenue by segment* Graduate Program Segment $ 118,457 $ 104,174 Alternative Credential Segment 57,022 18,060 Total revenue $ 175,479 $ 122,234 Segment profitability** Graduate Program Segment $ 6,460 $ 710 Alternative Credential Segment (10,764 ) (3,916 ) Total segment profitability $ (4,304 ) $ (3,206 ) Segment profitability margin*** Graduate Program Segment 5.5 % 0.7 % Alternative Credential Segment (18.9 ) (21.7 ) Total segment profitability margin (2.5 )% (2.6 )% * The Company has excluded immaterial amounts of intersegment revenues from the three -month periods ended March 31, 2020 and 2019 . ** The Company defines segment profitability as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, foreign currency gains or losses, deferred revenue fair value adjustments, transaction costs, integration costs, restructuring-related costs, stockholder activism costs, impairment charges, 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 segments revenue. The following table presents a reconciliation of the Companys net loss to total segment profitability for each of the periods indicated. Three Months Ended March 31, 2020 2019 (in thousands) Net loss $ (60,106 ) $ (21,554 ) Adjustments: Interest expense (income), net 4,980 (2,294 ) Foreign currency loss 2,271 370 Income tax benefit (1,055 ) (941 ) Depreciation and amortization expense 23,485 9,698 Transaction and integration costs 724 1,931 Restructuring-related costs 288  Stockholder activism costs 4,239  Stock-based compensation expense 20,870 9,584 Total adjustments 55,802 18,348 Total segment profitability $ (4,304 ) $ (3,206 ) The following table presents the Companys total assets by segment for each of the periods indicated. March 31, 2020 December 31, 2019 (in thousands) Total assets Graduate Program Segment $ 516,021 $ 507,187 Alternative Credential Segment 665,940 679,643 Total assets $ 1,181,961 $ 1,186,830 Trade Accounts Receivable and Contract Liabilities The following table presents the Companys trade accounts receivable and contract liabilities in each segment for each of the periods indicated. March 31, 2020 December 31, 2019 (in thousands) Trade accounts receivable Graduate Program Segment accounts receivable $ 28,161 $ 3,454 Graduate Program Segment unbilled revenue* 25,035 12,123 Alternative Credential Segment accounts receivable 24,146 19,408 Provision for credit losses (1,931 ) (1,330 ) Total trade accounts receivable $ 75,411 $ 33,655 Contract liabilities Graduate Program Segment deferred revenue $ 16,839 $ 2,210 Alternative Credential Segment deferred revenue 52,983 46,623 Total contract liabilities $ 69,822 $ 48,833 * Unbilled revenue represents contract assets. For the Graduate Program Segment, revenue recognized during the three months ended March 31, 2020 and 2019 that was included in the deferred revenue balance at the beginning of each year was $2.2 million and $2.4 million , respectively. For the Alternative Credential Segment, revenue recognized during the three months ended March 31, 2020 and 2019 that was included in the deferred revenue balance at the beginning of each year was $34.4 million and $5.4 million , respectively. Contract Acquisition Costs The Graduate Program Segment had $0.5 million and $0.5 million of net capitalized contract acquisition costs recorded primarily within university payments and other assets, non-current on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 , respectively. Geographical Information The Companys non-U.S. revenue is based on the currency of the country in which the university client primarily operates. The Companys non-U.S. revenue was $11.3 million and $7.7 million , for the three months ended March 31, 2020 and 2019 , respectively, substantially all of which was sourced from the Alternative Credential Segments operations outside of the U.S. The Companys long-lived tangible assets in non-U.S. countries as of March 31, 2020 and December 31, 2019 totaled $2.0 million and $2.7 million , respectively.