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Segment Information
 12 Months Ended
Dec. 31, 2022
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 include RU as a reportable segment to reflect the manner in which the chief operating decision-maker evaluates performance and allocates resources. 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 Segment, or HCN Segment. Subsequent to the Rasmussen 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 corporate expenses. GSUSA does not meet the quantitative thresholds to qualify as a reportable segment; therefore, its operational activities are presented below within “Corporate and Other”. Adjustments to reconcile segment results to the Consolidated Financial Statements, including unallocated corporate activity and eliminations, which generally were previously reported within the APEI Segment, are also included in “Corporate and Other”. 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.
A summary of financial information by reportable segment is as follows (in thousands):

Year Ended December 31,
202020212022
Revenue
APUS Segment$285,938 $283,700 $285,128 
RU Segment— 89,483 253,257 
HCN Segment36,091 45,803 47,078 
Corporate and Other(244)(183)20,865 
Total revenue$321,785 $418,803 $606,328 
Depreciation and amortization
APUS Segment$12,323 $9,064 $6,373 
RU Segment— 7,989 24,206 
HCN Segment620 738 958 
Corporate and Other41 41 590 
Total depreciation and amortization$12,984 $17,832 $32,127 
Income (loss) from operations before interest and income taxes
APUS Segment$43,438 $51,050 $58,452 
RU Segment— 1,630 (166,557)
HCN Segment722 1,829 (4,011)
Corporate and Other(19,403)(24,138)(25,232)
Total income (loss) from operations before interest and income taxes$24,757 $30,371 $(137,348)
Interest income (expense)
APUS Segment$303 $210 $219 
RU Segment— 132 79 
HCN Segment17 9 23 
Corporate and Other772 (4,628)(18,049)
Total interest income (expense)$1,092 $(4,277)$(17,728)
Income tax expense (benefit)
APUS Segment$11,127 $14,023 $16,465 
RU Segment— 509 (41,651)
HCN Segment193 522 (1,026)
Corporate and Other(4,300)(7,543)(10,064)
Total income tax expense (benefit)$7,020 $7,511 $(36,276)
Capital expenditures
APUS Segment$4,724 $3,902 $3,817 
RU Segment— 5,987 9,263 
HCN Segment202 1,939 3,134 
Corporate and Other— — 175 
Total capital Expenditures$4,926 $11,828 $16,389 
A summary of the Company’s consolidated assets by reportable segment is as follows (in thousands):

As of December 31,
20212022
Assets
APUS Segment$126,926 $113,551 
RU Segment429,299 300,625 
HCN Segment51,936 59,820 
Corporate and Other117,447 141,060 
Total assets$725,608 $615,056