Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(In thousands)		(In thousands)
APUS Segment
Revenue	81,731	77,048	165,677	157,704
Instructional costs and services	28,518	27,527	55,829	53,315
Selling and promotional	15,945	15,243	31,646	30,427
General and administrative	14,808	14,724	29,042	30,078
Other (1)	1,018	1,263	3,592	2,506
Income from operations before interest and income taxes	21,442	18,291	45,568	41,378
RU Segment
Revenue	59,521	53,034	118,772	106,169
Instructional costs and services	35,360	33,381	68,504	66,478
Selling and promotional	16,350	16,212	32,802	31,334
General and administrative	7,635	8,021	15,025	15,658
Other (2)	2,152	4,246	4,489	10,491
Loss from operations before interest and income taxes	(1,976)	(8,826)	(2,048)	(17,792)
HCN Segment
Revenue	18,134	16,409	35,810	32,856
Instructional costs and services	11,573	11,278	22,883	21,829
Selling and promotional	1,731	1,155	3,678	2,260
General and administrative	4,699	4,355	9,359	9,128
Other (3)	533	365	1,038	687
Loss from operations before interest and income taxes	(402)	(744)	(1,148)	(1,048)
Corporate and Other
Revenue	3,380	6,404	7,058	10,598
Instructional costs and services	2,972	4,030	6,151	7,019
Selling and promotional	1,022	1,228	2,127	2,273
General and administrative	11,005	7,326	21,128	15,839
Other (3)	420	321	753	603
Loss from operations before interest and income taxes	(12,039)	(6,501)	(23,101)	(15,136)
Total reportable segment revenue	159,386	146,491	320,259	296,729
Corporate and other revenue	3,380	6,404	7,058	10,598
Total consolidated revenue	162,766	152,895	327,317	307,327
Total reportable segment income from operations before interest and income taxes	19,064	8,721	42,372	22,538
Corporate and other (loss) from operations before interest and income taxes	(12,039)	(6,501)	(23,101)	(15,136)
Total consolidated income from operations before interest and income taxes	7,025	2,220	19,271	7,402

(1) Includes loss on assets held for sale, loss on disposal of long-lived assets, and depreciation and amortization expense.

(2) Includes loss on disposal of long-lived assets, loss on leases (in 2024), and depreciation and amortization expense.

(3) Includes depreciation and amortization expense.

Summary of Financial Information

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(In thousands)		(In thousands)
Depreciation and amortization
APUS Segment	983	1,215	2,012	2,455
RU Segment	2,152	3,331	4,277	6,615
HCN Segment	533	365	1,038	687
Total reportable segment depreciation and amortization	3,668	4,911	7,327	9,757
Corporate and Other	420	321	753	603
Total consolidated depreciation and amortization	4,088	5,232	8,080	10,360
Interest expense, net
APUS Segment	362	468	681	880
RU Segment	133	(10)	514	(10)
HCN Segment	85	27	170	52
Total reportable segment interest expense, net	580	485	1,365	922
Corporate and Other	(1,688)	(1,270)	(3,360)	(1,833)
Total consolidated interest expense, net	(1,108)	(785)	(1,995)	(911)
Income tax expense (benefit)
APUS Segment	6,030	7,364	13,764	14,845
RU Segment	(605)	(3,366)	(767)	(6,097)
HCN Segment	(81)	(258)	(340)	(329)
Total reportable segment income tax expense	5,344	3,740	12,657	8,419
Corporate and Other	(3,923)	(3,756)	(8,770)	(7,222)
Total consolidated income tax expense	1,421	(16)	3,887	1,197