XML 37 R22.htm IDEA: XBRL DOCUMENT v3.22.0.1
Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
In connection with the Rasmussen Acquisition (as further described in Note 3, “Acquisition Activity”), the Company revised its reportable segments to reflect the manner in which the chief operating decision-maker evaluates performance and allocates resources, and to include RU as a separately reportable segment. Prior to the third quarter of 2021, the Company had two reportable segments: the American Public Education, Inc. Segment, or APEI Segment, and the Hondros College of Nursing, or HCN Segment. Post-acquisition, the Company has three reportable segments: the APUS Segment, which was previously included within the former APEI Segment; the RU Segment; and the HCN Segment. The APEI Segment previously reported the results of both APUS and remaining unallocated Company expenses. Adjustments to reconcile segment results to the Consolidated Financial Statements are included in “Corporate and Other”, which primarily includes unallocated corporate activity and eliminations, which generally were previously reported within the APEI Segment. Prior periods have been updated to conform to the revised presentation.

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 APUS, RU, and HCN Segments.

The RU Segment reflects the operations of RU, which was acquired on the Closing Date, through December 31, 2021. The Company did not consolidate the financial results of the RU Segment prior to the Closing Date.
A summary of financial information by reportable segment is as follows (in thousands):

Year Ended December 31,
201920202021
Revenue
APUS Segment$257,050 $285,938 $283,700 
RU Segment— — 89,483 
HCN Segment29,479 36,091 45,803 
Corporate and Other(259)(244)(183)
Total Revenue$286,270 $321,785 $418,803 
Depreciation and Amortization
APUS Segment$14,617 $12,323 $9,064 
RU Segment— — 7,989 
HCN Segment937 620 738 
Corporate and Other42 41 $41 
Total Depreciation and Amortization$15,596 $12,984 $17,832 
Income (loss) from operations before interest and income taxes
APUS Segment$37,225 $43,438 $51,050 
RU Segment— — 1,630 
HCN Segment(10,768)722 1,829 
Corporate and Other(13,701)(19,403)(24,138)
Total income from operations before interest and income taxes$12,756 $24,757 $30,371 
Interest income (expense)
APUS Segment$473 $303 $210 
RU Segment— — 132 
HCN Segment42 17 9 
Corporate and Other3,393 772 (4,628)
Total Interest income (expense)$3,908 $1,092 $(4,277)
Income Tax Expense (Benefit)
APUS Segment$10,312 $11,127 $14,023 
RU Segment— — 509 
HCN Segment(2,567)193 522 
Corporate and Other(2,558)(4,300)(7,543)
Total Income Tax Expense $5,187 $7,020 $7,511 
Capital Expenditures
APUS Segment$6,472 $4,724 $3,902 
RU Segment— — 5,987 
HCN Segment776 202 1,939 
Corporate and Other7 — — 
Total Capital Expenditures$7,255 $4,926 $11,828 
A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands):

As of December 31,
20202021
Assets
APUS Segment$112,461 $126,926 
RU Segment— 429,299 
HCN Segment48,474 51,936 
Corporate and Other210,083 117,447 
Total Assets$371,018 $725,608