Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

18. 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.

Our two reporting segments are described below.

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 December 31, 2023, students enrolled at CTU represented approximately 75% 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 December 31, 2023, students enrolled at AIUS represented approximately 25% 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.

We evaluate segment performance based on operating results. Adjustments to reconcile segment results to consolidated results are included under the caption “Corporate and Other,” which primarily includes unallocated corporate activity and eliminations. Substantially all revenue earned by our reporting segments are generated in the United States of America (“U.S.”) and segment and total assets are substantially held in the U.S.

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

	Revenue		Operating Income (Loss)			Depreciation and Amortization		Capital Expenditures		Total Assets (1)
For the Year Ended December 31, 2023
CTU (2)	$	468,926	$	144,008		$	11,561	$	546	$	202,728
AIUS (3)		240,300		45,283			4,992		299		161,336
Corporate and Other		778		(38,845	)		334		5,566		643,252
Total	$	710,004	$	150,446		$	16,887	$	6,411	$	1,007,316
For the Year Ended December 31, 2022
CTU (2)	$	419,617	$	141,622		$	10,069	$	3,641	$	247,510
AIUS (3)		274,479		33,315			9,325		1,069		185,943
Corporate and Other		1,112		(45,300	)		340		7,910		523,915
Total	$	695,208	$	129,637		$	19,734	$	12,620	$	957,368
For the Year Ended December 31, 2021
CTU (2)	$	408,549	$	148,481		$	7,365	$	2,949
AIUS (3)		283,360		39,130			9,068		1,666
Corporate and Other		1,125		(38,595	)		333		5,838
Total	$	693,034	$	149,016		$	16,766	$	10,453

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

(2)CTU results of operations include the Coding Dojo acquisition commencing on the December 1, 2022 date of acquisition and the Hippo acquisition commencing on the September 10, 2021 date of acquisition.

(3)AIUS results of operations include the CalSouthern acquisition commencing on the July 1, 2022 date of acquisition and the DigitalCrafts acquisition commencing on the August 2, 2021 date of acquisition.