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 represents a group of postsecondary education providers that offer a variety of degree and non-degree academic programs. These segments are organized by key market segments to enhance operational alignment and, for our two universities, to enhance brand focus within each segment to more effectively execute our strategic plan. As of September 30, 2018, our three segments are:

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Colorado Technical University (CTU) places a strong focus on providing industry-relevant degree programs to meet the needs of our students for career advancement and of employers for a well-educated workforce and offers academic programs in the career-oriented disciplines of business studies, nursing, computer science, engineering, information systems and technology, cybersecurity and healthcare management. Students pursue their degrees through fully-online programs, local campuses and blended formats, which combine campus-based and online education. As of September 30, 2018, students enrolled at CTU represented approximately 64% of our total enrollments. Approximately 93% of CTU’s enrollments are fully online.

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American InterContinental University (AIU) focuses on helping busy professionals get the degree they need to move forward in their career as efficiently as possible and offers academic programs in the career-oriented disciplines of business studies, information technologies, education 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 September 30, 2018, students enrolled at AIU represented approximately 36% of our total enrollments. Approximately 94% of AIU’s enrollments are fully online.

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All Other Campuses includes those campuses which are currently being taught out or which have completed their teach-out activities or have been sold subsequent to January 1, 2015. As a result of a change in accounting guidance, campuses which have closed or have been sold subsequent to January 1, 2015 no longer meet the criteria for discontinued operations and remain reported within continuing operations on our consolidated financial statements. Campuses in teach-out employ a gradual teach-out process, enabling them to continue to operate while current students have a reasonable opportunity to complete their course of study; they no longer enroll new students. Our All Other Campuses segment includes campuses in the following two categories:

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Our Le Cordon Bleu institutions in North America (“LCB”) which previously offered hands-on educational programs in the career-oriented disciplines of culinary arts and patisserie and baking. During 2017, the Company completed the teach-out activities of all remaining Le Cordon Bleu campuses. These campuses comprised our former Culinary Arts segment.

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Our non-LCB campuses which are in teach-out or those which have been closed or sold subsequent to January 1, 2015. These non-LCB campuses offer academic programs in career-oriented disciplines complemented by certain programs in business studies and information technology. These campuses comprised our former Transitional Group segment. Campuses that have not yet ceased operations as of September 30, 2018 will complete their teach-outs during the remainder of 2018. As of September 30, 2018, there were approximately 10 students enrolled at these campuses. During the third quarter of 2018, we completed the teach-out of one non-LCB campus.

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

	For the Quarter Ended September 30,

	Revenue										Operating Income (Loss)
	2018		% of Total			2017		% of Total			2018			2017
CTU	$	93,115		63.9	%	$	91,319		63.0	%	$	26,261		$	27,565
AIU		52,504		36.0	%		50,150		34.6	%		1,070			2,256
Total University Group		145,619		100.0	%		141,469		97.6	%		27,331			29,821
Corporate and Other		-	NM				-	NM				(4,362	)		(6,199	)
Subtotal		145,619		100.0	%		141,469		97.6	%		22,969			23,622
All Other Campuses		71		0.0	%		3,517		2.4	%		(3,686	)		(19,083	)
Total	$	145,690		100.0	%	$	144,986		100.0	%	$	19,283		$	4,539

	For the Year to Date Ended September 30,
	Revenue										Operating Income (Loss)
	2018		% of Total			2017		% of Total			2018			2017
CTU	$	280,988		64.5	%	$	276,558		61.0	%	$	80,562		$	78,649
AIU		154,204		35.4	%		150,618		33.2	%		3,621			7,987
Total University Group		435,192		99.9	%		427,176		94.2	%		84,183			86,636
Corporate and Other		-	NM				-	NM				(10,904	)		(16,595	)
Subtotal		435,192		99.9	%		427,176		94.2	%		73,279			70,041
All Other Campuses		599		0.1	%		26,141		5.8	%		(22,164	)		(46,617	)
Total	$	435,791		100.0	%	$	453,317		100.0	%	$	51,115		$	23,424

	Total Assets as of⁽¹⁾
	September 30, 2018		December 31, 2017
CTU	$	76,782	$	72,988
AIU		63,761		51,832
Total University Group		140,543		124,820
Corporate and Other		291,894		291,211
Subtotal		432,437		416,031
All Other Campuses		27,254		29,098
Discontinued Operations		1,662		1,967
Total	$	461,353	$	447,096

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