Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

12. 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. These segments are organized by key market segments and to enhance brand focus within each segment to more effectively execute our business plan. As of March 31, 2021, our two segments are:

♦ Colorado Technical University (CTU) is committed to providing 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 the employer’s needs for a well-educated workforce. The university 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 March 31, 2021, students enrolled at CTU represented approximately 62% of our total enrollments. Approximately 95% of CTU’s students are enrolled in programs offered fully online. CTU’s campus-based and blended-format students are currently pursuing their education solely through CTU’s online platform as a result of the COVID-19 pandemic.

♦ The American InterContinental University System (AIU) is comprised of two universities: American InterContinental University and Trident University International (“Trident” or “TUI”). AIU is committed to providing quality and accessible higher education opportunities for a diverse student population, including adult or other non-traditional learners and the military community. AIU places emphasis on the educational, professional and personal growth of each student, and pursues this aim with a commitment to institutional integrity and ethics. AIU 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 March 31, 2021, students enrolled at AIU represented approximately 38% of our total enrollments. Approximately 97% of AIU’s students are enrolled in programs offered fully online. Substantially all of AIU’s campus-based and blended-format students are currently pursuing their education solely through AIU’s online platform as a result of the COVID-19 pandemic.

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

	For the Quarter Ended March 31,
	Revenue										Operating Income (Loss)
	2021		% of Total			2020		% of Total			2021			2020
CTU	$	105,822		57.6	%	$	103,588		60.6	%	$	36,143		$	34,619
AIU (1)		77,477		42.2	%		67,396		39.4	%		11,323			9,376
Corporate and Other (2)		339	NM				10	NM				(6,849	)		(6,692	)
Total	$	183,638		100.0	%	$	170,994		100.0	%	$	40,617		$	37,303

	Total Assets as of  (3)
	March 31, 2021		December 31, 2020
CTU	$	102,237	$	96,922
AIU		129,961		141,602
Corporate and Other (2)		518,167		482,993
Total	$	750,365	$	721,517

(1) AIU’s revenue and operating income for the quarter ended March 31, 2020, include results of operations related to Trident from the March 2, 2020 date of acquisition and therefore do not reflect a full quarter of activity for Trident.

(2) Corporate and Other includes results of operations and total assets for closed campuses.

(3) Total assets do not include intercompany receivable or payable activity between institutions and corporate and investments in subsidiaries.