Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Financial Information by Reportable Segment

A summary of financial information by reportable segment is as follows (in thousands):    

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Revenue:
APUS Segment	$	76,406	$	68,735	$	223,941	$	211,729
RU Segment	52,073		61,548		161,511		192,538
HCN Segment	13,741		11,409		41,147		34,436
Corporate and Other	8,618		7,843		21,142		15,187
Total Revenue	$	150,838	$	149,535	$	447,741	$	453,890
Depreciation and amortization:
APUS Segment	$	1,316	$	1,573	$	4,007	$	4,860
RU Segment	5,229		6,015		17,351		18,254
HCN Segment	314		248		927		693
Corporate and Other	167		146		450		442
Total Depreciation and amortization	$	7,026	$	7,982	$	22,735	$	24,249
Income (loss) from operations before interest and income taxes:
APUS Segment	$	21,948	$	12,532	$	57,963	$	39,338
RU Segment	(10,570)		(7,900)		(100,708)		(153,562)
HCN Segment	(641)		(1,392)		(2,179)		(3,017)
Corporate and Other	(4,337)		(4,266)		(19,314)		$	(19,845)
Total income (loss) from operations before interest and income taxes	$	6,400	$	(1,026)	$	(64,238)	$	(137,086)
Interest income (expense):
APUS Segment	$	728	$	69	$	1,557	$	146
RU Segment	10		30		11		38
HCN Segment	26		5		68		10
Corporate and Other	(1,556)		(3,698)		(5,304)		$	(10,533)
Total Interest expense, net	$	(792)	$	(3,594)	$	(3,668)	$	(10,339)
Income tax expense (benefit):
APUS Segment	$	5,969	$	(3,557)	$	15,689	$	11,628
RU Segment	(635)		(2,183)		(22,813)		(38,564)
HCN Segment	(271)		66		(456)		(816)
Corporate and Other	(1,351)		4,814		(5,259)		(7,400)
Total Income tax expense (benefit)	$	3,712	$	(860)	$	(12,839)	$	(35,152)
Capital expenditures:
APUS Segment	$	1,243	$	811	$	2,892	$	2,209
RU Segment	214		1,942		3,499		6,860
HCN Segment	331		776		1,363		1,666
Corporate and Other	1,164		67		1,751		170
Total Capital Expenditures	$	2,952	$	3,596	$	9,505	$	10,905

Summary of Consolidated Assets by Reportable Segment

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

	As of September 30, 2023		As of December 31, 2022
	(Unaudited)
Assets:
APUS Segment	$	93,918	$	113,551
RU Segment	220,819		300,625
HCN Segment	59,491		59,820
Corporate and Other	181,043		141,060
Total Assets	$	555,271	$	615,056