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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary Financial Information by Reporting Segment 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, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

461,602

 

 

$

180,597

 

 

$

5,563

 

 

$

5

 

 

$

172,405

 

AIUS (2)

 

 

226,220

 

 

 

35,950

 

 

 

5,466

 

 

 

148

 

 

 

170,825

 

USAHS (3)

 

 

157,576

 

 

 

3,211

 

 

 

30,316

 

 

 

5,514

 

 

 

287,985

 

Corporate and Other

 

 

698

 

 

 

(23,758

)

 

 

282

 

 

 

2,909

 

 

 

616,502

 

Total

 

$

846,096

 

 

$

196,000

 

 

$

41,627

 

 

$

8,576

 

 

$

1,247,717

 

For the Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

443,374

 

 

$

174,686

 

 

$

5,618

 

 

$

125

 

 

$

175,115

 

AIUS (2)

 

 

227,072

 

 

 

32,756

 

 

 

6,186

 

 

 

143

 

 

 

164,985

 

USAHS (3)

 

 

10,041

 

 

 

(2,640

)

 

 

2,516

 

 

 

311

 

 

 

306,552

 

Corporate and Other

 

 

776

 

 

 

(30,549

)

 

 

325

 

 

 

4,046

 

 

 

590,382

 

Total

 

$

681,263

 

 

$

174,253

 

 

$

14,645

 

 

$

4,625

 

 

$

1,237,034

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CTU (2)

 

$

456,169

 

 

$

150,699

 

 

$

8,404

 

 

$

141

 

 

 

 

AIUS (2)

 

 

253,057

 

 

 

38,592

 

 

 

8,149

 

 

 

704

 

 

 

 

USAHS (3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

Corporate and Other

 

 

778

 

 

 

(38,845

)

 

 

334

 

 

 

5,566

 

 

 

 

Total

 

$

710,004

 

 

$

150,446

 

 

$

16,887

 

 

$

6,411

 

 

 

 

__________________

(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)
The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.
(3)
USAHS includes results of operations starting from the acquisition date on December 2, 2024.

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

 

 

 

For the Year Ended December 31, 2025

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

61,323

 

 

$

45,639

 

 

$

64,465

 

Advertising and marketing

 

 

54,771

 

 

 

42,904

 

 

 

15,183

 

Admissions

 

 

48,092

 

 

 

35,541

 

 

 

5,324

 

Administrative (3)

 

 

89,458

 

 

 

46,555

 

 

 

21,405

 

Bad debt

 

 

19,441

 

 

 

9,607

 

 

 

442

 

Depreciation and amortization

 

 

5,563

 

 

 

5,466

 

 

 

30,316

 

All other expenses (4)

 

 

2,357

 

 

 

4,558

 

 

 

17,230

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2024

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

59,904

 

 

$

45,331

 

 

$

5,343

 

Advertising and marketing

 

 

54,662

 

 

 

45,120

 

 

 

1,181

 

Admissions

 

 

46,118

 

 

 

35,141

 

 

 

524

 

Administrative (3)

 

 

78,701

 

 

 

42,021

 

 

 

1,476

 

Bad debt

 

 

19,907

 

 

 

13,612

 

 

 

201

 

Depreciation and amortization

 

 

5,618

 

 

 

6,186

 

 

 

2,516

 

All other expenses (4)

 

 

3,778

 

 

 

6,905

 

 

 

1,440

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2023

 

Significant expense categories

 

CTU (1)

 

 

AIUS (1)

 

 

USAHS (2)

 

Academics and student related

 

$

67,016

 

 

$

51,473

 

 

$

-

 

Advertising and marketing

 

 

63,198

 

 

 

39,390

 

 

 

-

 

Admissions

 

 

50,157

 

 

 

41,202

 

 

 

-

 

Administrative (3)

 

 

79,249

 

 

 

54,391

 

 

 

-

 

Bad debt

 

 

20,203

 

 

 

13,028

 

 

 

-

 

Depreciation and amortization

 

 

8,404

 

 

 

8,149

 

 

 

-

 

All other expenses (4)

 

 

17,243

 

 

 

6,832

 

 

 

-

 

__________________

(1)
The prior period operating results for CTU and AIUS were recast to reflect the transition of Hippo Education from CTU to AIUS.
(2)
USAHS includes financial information starting from the acquisition date on December 2, 2024.
(3)
Administrative expense includes allocations from Corporate and Other.
(4)
All other expenses primarily include occupancy and asset impairment.