Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary Financial Information by Reporting Segment

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

	For the Quarter Ended March 31,
	Revenue										Operating Income (Loss)
	2025		% of Total			2024		% of Total			2025			2024
CTU	$	119,579		56.1	%	$	113,569		67.5	%	$	46,097		$	42,156
AIUS		54,059		25.4	%		54,505		32.4	%		11,884			9,286
USAHS (1)		39,183		18.4	%		-		0.0	%		(330	)		-
Corporate and Other		183		0.1	%		190		0.1	%		(5,924	)		(5,164	)
Total	$	213,004		100.0	%	$	168,264		100.0	%	$	51,727		$	46,278

	Total Assets as of  (2)
	March 31, 2025		December 31, 2024
CTU	$	210,909	$	189,663
AIUS		155,782		150,437
USAHS (1)		334,636		306,552
Corporate and Other		567,217		590,382
Total	$	1,268,544	$	1,237,034

(1)USAHS includes results of operations starting from the acquisition date on December 2, 2024.

(2)Total assets are presented on a condensed consolidated basis and do not include intercompany receivable or payable activity between segments and corporate and other.

Significant expense category by reporting segment is as follows (dollars in thousands):

	For the Quarter Ended March 31, 2025
Significant expense categories	CTU		AIUS		USAHS (1)
Academics and student related	$	15,972	$	10,300	$	15,416
Advertising and marketing		13,523		10,456		3,978
Admissions		12,532		8,547		1,387
Administrative (2)		22,814		9,441		5,148
Bad debt		5,874		1,624		61
Depreciation and amortization		2,136		719		8,870
All other expenses (3)		631		1,088		4,653
	For the Quarter Ended March 31, 2024
Significant expense categories	CTU		AIUS		USAHS (1)
Academics and student related	$	17,241	$	9,950	$	-
Advertising and marketing		13,210		11,029		-
Admissions		12,178		8,712		-
Administrative (2)		21,090		9,958		-
Bad debt		3,028		3,528		-
Depreciation and amortization		2,090		845		-
All other expenses (3)		2,576		1,197		-

_________________________

(1)USAHS includes financial information starting from the acquisition date on December 2, 2024.

(2)Administrative expense includes allocations from Corporate and Other.

(3)All other expenses primarily include occupancy and asset impairment.