Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

13. 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, 2022, 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 March 31, 2022, students enrolled at CTU represented approximately 63% of our total enrollments. Approximately 95% of CTU’s students are enrolled in programs offered fully online. Beginning in the first quarter of 2022, CTU’s ground-based campuses began to offer in-person instruction to students with the option to remain virtual.

♦ The American InterContinental University System (AIUS or AIU System) is comprised of two universities: American InterContinental University (“AIU”) and Trident University International (“Trident” or “TUI”). AIUS 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 March 31, 2022, students enrolled at AIUS represented approximately 37% of our total enrollments. Approximately 97% of AIUS’ students are enrolled in programs offered fully online. Students at AIUS’ ground-based campus are offered the opportunity to return to campus-based instruction or remain virtual.

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

	For the Quarter Ended March 31,
	Revenue										Operating Income (Loss)
	2022		% of Total			2021		% of Total			2022			2021
CTU (1)	$	113,148		61.8	%	$	105,822		57.6	%	$	43,026		$	36,143
AIUS (2)		69,532		38.0	%		77,477		42.2	%		9,523			11,323
Corporate and Other (3)		279		0.2	%		339		0.2	%		(8,856	)		(6,849	)
Total	$	182,959		100.0	%	$	183,638		100.0	%	$	43,693		$	40,617

	Total Assets as of  (4)
	March 31, 2022		December 31, 2021
CTU	$	152,252	$	153,072
AIUS		138,730		151,407
Corporate and Other (3)		552,845		542,954
Total	$	843,827	$	847,433

(1) CTU results of operations include the Hippo acquisition commencing on the September 10, 2021 date of acquisition.  

(2) AIUS results of operations include the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.

(3) Corporate and Other includes results of operations and total assets for closed campuses. Revenue recorded within Corporate and Other relates to miscellaneous non-student related revenue.

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