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Segment Information
 9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Segment Information
Segment Information
 
The Company has two operating segments that are managed in the following reportable segments:

•American Public Education Segment, or APEI Segment; and
•Hondros College of Nursing Segment, or HCN Segment.
 
In accordance with FASB ASC 280, Segment Reporting, the chief operating decision-maker has been identified as the Company’s Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results to make decisions about allocating resources and assessing performance for the APEI and HCN Segments.
 
A summary of financial information by reportable segment is as follows (in thousands):

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,

2019
 
2018
 
2019
 
2018
 
(Unaudited)
 
(Unaudited)
Revenue:
 
 
 
 
 
 
 
American Public Education Segment
$
61,217

 
$
63,849

 
$
190,386

 
$
193,209

Hondros College of Nursing Segment
6,696

 
9,143

 
21,584

 
27,548

Intersegment elimination
(25
)
 
—

 
(81
)
 
—

Total Revenue
$
67,888

 
$
72,992

 
$
211,889

 
$
220,757

Depreciation and amortization:
 
 
 
 
 
 
 
American Public Education Segment
$
3,525

 
$
3,970

 
$
10,995

 
$
12,126

Hondros College of Nursing Segment
239

 
319

 
763

 
1,032

Total Depreciation and amortization
$
3,764

 
$
4,289

 
$
11,758

 
$
13,158

(Loss) income from operations before interest income and income taxes:
 
 
 
 
 
 
 
American Public Education Segment
$
247

 
$
6,233

 
$
14,358

 
$
18,532

Hondros College of Nursing Segment
(3,158
)
 
651

 
(10,214
)
 
2,562

 Intersegment elimination
(2
)
 
—

 
3

 
—

Total (Loss) income from operations before interest income and income taxes
$
(2,913
)
 
$
6,884

 
$
4,147

 
$
21,094

Interest income, net:
 
 
 
 
 
 
 
American Public Education Segment
$
1,006

 
$
759

 
$
3,176

 
$
1,889

Hondros College of Nursing Segment
13

 
15

 
31

 
39

Total Interest income, net
$
1,019

 
$
774

 
$
3,207

 
$
1,928

Income tax (benefit) expense:
 
 
 
 
 
 
 
American Public Education Segment
$
1,368

 
$
1,633

 
$
5,166

 
$
5,320

Hondros College of Nursing Segment
(1,607
)
 
215

 
(3,570
)
 
673

Total Income tax (benefit) expense
$
(239
)
 
$
1,848

 
$
1,596

 
$
5,993

Capital expenditures:
 
 
 
 
 
 
 
American Public Education Segment
$
1,034

 
$
1,396

 
$
3,608

 
$
5,026

Hondros College of Nursing Segment
160

 
153

 
543

 
323

Total Capital expenditures
$
1,194

 
$
1,549

 
$
4,151

 
$
5,349



A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands):

 
As of September 30, 2019
 
As of December 31, 2018
 
(Unaudited)
 
 
Assets:
 
 
 
American Public Education Segment
$
308,320

 
$
322,523

Hondros College of Nursing Segment
52,786

 
48,435

Total Assets
$
361,106

 
$
370,958