Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

14. SEGMENT REPORTING

Our segments are determined in accordance with FASB ASC Topic 280—Segment Reporting and are based upon how the Company analyzes performance and makes decisions. Each segment is comprised of an accredited postsecondary education institution that offers a variety of academic programs. As of September 30, 2023, our two segments are:

♦ Colorado Technical University (CTU) is committed to providing quality and industry-relevant higher education to a diverse student population through innovative technology and experienced faculty, enabling the pursuit of personal and professional goals. CTU is focused on serving adult, non-traditional students seeking career advancement, as well as addressing employer’s needs for a well-educated workforce. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, project management, cybersecurity and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2023, students enrolled at CTU represented approximately 72% of our total enrollments. Approximately 97% of CTU’s students are enrolled in programs offered fully online. Students at CTU's ground-based campuses take both in-person and virtual classes.

♦ The American InterContinental University System (AIUS or AIU System) is committed to providing quality and accessible higher education opportunities for a diverse student population, including adult and other non-traditional learners and the military community. AIUS places emphasis on the educational, professional and personal growth of each student. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, education, health sciences and criminal justice. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2023, students enrolled at AIUS represented approximately 28% of our total enrollments. Approximately 96% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS' ground-based campus take both in-person and virtual classes.

Summary financial information by reporting segment is as follows (dollars in thousands):

	For the Quarter Ended September 30,
	Revenue										Operating Income (Loss)
	2023		% of Total			2022		% of Total			2023			2022
CTU (1)	$	120,552		67.0	%	$	97,562		57.9	%	$	34,491		$	31,506
AIUS (2)		59,226		32.9	%		70,582		41.9	%		15,602			9,590
Corporate and Other		145		0.1	%		276		0.2	%		(7,020	)		(11,772	)
Total	$	179,923		100.0	%	$	168,420		100.0	%	$	43,073		$	29,324

	For the Year to Date Ended September 30,
	Revenue										Operating Income (Loss)
	2023		% of Total			2022		% of Total			2023			2022
CTU (1)	$	364,336		64.8	%	$	311,171		59.9	%	$	118,632		$	107,540
AIUS (2)		197,128		35.1	%		207,034		39.9	%		44,683			29,846
Corporate and Other		621		0.1	%		858		0.2	%		(28,812	)		(30,423	)
Total	$	562,085		100.0	%	$	519,063		100.0	%	$	134,503		$	106,963

	Total Assets as of  (3)
	September 30, 2023		December 31, 2022
CTU	$	260,285	$	247,510
AIUS		193,118		185,943
Corporate and Other		572,631		523,915
Total	$	1,026,034	$	957,368

(1)CTU results of operations include the Coding Dojo acquisition commencing on the December 1, 2022 date of acquisition. Additionally, impairment of $7.4 million was recorded during the quarter ended September 30, 2023 related to certain definite-lived intangible assets.

(2)AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition.

(3)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.