Segment Reporting

6 Months Ended

Jun. 30, 2021

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 June 30, 2021, our two segments are:

♦ Colorado Technical University (CTU) is committed to providing 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 the employer’s needs for a well-educated workforce. The university 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 June 30, 2021, students enrolled at CTU represented approximately 62% of our total student enrollments. Approximately 95% of CTU’s students are enrolled in programs offered fully online. CTU’s campus-based and blended-format students are currently pursuing their education solely through CTU’s online platform as a result of the COVID-19 pandemic.

♦ The American InterContinental University System (AIU) is comprised of two universities: American InterContinental University and Trident University International (“Trident” or “TUI”). AIU 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. AIU places emphasis on the educational, professional and personal growth of each student, and pursues this aim with a commitment to institutional integrity and ethics. AIU 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 June 30, 2021, students enrolled at AIU represented approximately 38% of our total student enrollments. Approximately 97% of AIU’s students are enrolled in programs offered fully online. A majority of AIU’s campus-based and blended-format students are currently pursuing their education solely through AIU’s online platform as a result of the COVID-19 pandemic.

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

	For the Quarter Ended June 30,
	Revenue										Operating Income (Loss)
	2021		% of Total			2020		% of Total			2021			2020
CTU	$	102,035		58.1	%	$	100,193		56.9	%	$	35,398		$	33,076
AIU		73,223		41.7	%		75,835		43.1	%		9,218			10,476
Corporate and Other (1)		281		0.2	%		7		0.0	%		(8,654	)		(6,184	)
Total	$	175,539		100.0	%	$	176,035		100.0	%	$	35,962		$	37,368

	For the Year to Date Ended June 30,
	Revenue										Operating Income (Loss)
	2021		% of Total			2020		% of Total			2021			2020
CTU	$	207,857		57.9	%	$	203,781		58.7	%	$	71,541		$	67,695
AIU (2)		150,700		42.0	%		143,231		41.3	%		20,541			19,852
Corporate and Other (1)		620		0.1	%		17		0.0	%		(15,503	)		(12,876	)
Total	$	359,177		100.0	%	$	347,029		100.0	%	$	76,579		$	74,671

	Total Assets as of  (3)
	June 30, 2021		December 31, 2020
CTU	$	113,450	$	96,922
AIU		146,863		141,602
Corporate and Other (1)		526,106		482,993
Total	$	786,419	$	721,517

(1) Corporate and Other includes results of operations and total assets for closed campuses.

(2) AIU’s revenue and operating income for the year to date ended June 30, 2020, include results of operations related to Trident from the March 2, 2020 date of acquisition and therefore do not reflect a full period of activity for Trident.

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