Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(In thousands)		(In thousands)
APUS Segment
Revenue	83,137	76,981	248,814	234,685
Instructional costs and services	26,087	25,353	81,916	78,668
Selling and promotional	16,809	14,882	48,455	45,309
General and administrative	13,954	14,765	42,996	44,843
Other (1)	1,007	1,216	4,599	3,722
Income from operations before interest and income taxes	25,280	20,765	70,848	62,143
RU Segment
Revenue	60,830	52,604	179,602	158,773
Instructional costs and services	35,923	34,814	104,427	101,292
Selling and promotional	16,715	15,846	49,517	47,180
General and administrative	7,266	6,462	22,291	22,120
Other (2)	2,166	3,091	6,655	13,582
Loss from operations before interest and income taxes	(1,240)	(7,609)	(3,288)	(25,401)
HCN Segment
Revenue	18,440	15,493	54,250	48,349
Instructional costs and services	11,762	11,100	34,645	32,929
Selling and promotional	2,236	1,471	5,914	3,731
General and administrative	4,778	3,182	14,137	12,310
Other (3)	537	511	1,575	1,198
Loss from operations before interest and income taxes	(873)	(771)	(2,021)	(1,819)
Corporate and Other
Revenue	808	8,044	7,866	18,642
Instructional costs and services	926	4,134	7,077	11,153
Selling and promotional	379	1,260	2,506	3,533
General and administrative	8,691	10,623	29,819	26,462
Other (4)	4,282	283	5,035	886
Loss from operations before interest and income taxes	(13,470)	(8,256)	(36,571)	(23,392)
Total reportable segment revenue	162,407	145,078	482,666	441,807
Corporate and other revenue	808	8,044	7,866	18,642
Total consolidated revenue	163,215	153,122	490,532	460,449
Total reportable segment income from operations before interest and income taxes	23,167	12,385	65,539	34,923
Corporate and other (loss) from operations before interest and income taxes	(13,470)	(8,256)	(36,571)	(23,392)
Total consolidated income from operations before interest and income taxes	9,697	4,129	28,968	11,531

(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, and depreciation and amortization expense.

(3) Includes depreciation and amortization expense.

(4) Includes loss on sale of subsidiary and depreciation and amortization expense.

Summary of Financial Information

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(In thousands)		(In thousands)
Depreciation and amortization
APUS Segment	939	1,216	2,951	3,671
RU Segment	2,065	3,069	6,342	9,684
HCN Segment	537	512	1,575	1,199
Total reportable segment depreciation and amortization	3,541	4,797	10,868	14,554
Corporate and Other	405	283	1,158	886
Total consolidated depreciation and amortization	3,946	5,080	12,026	15,440
Interest expense, net
APUS Segment	401	394	1,082	1,274
RU Segment	87	(9)	601	(19)
HCN Segment	71	71	241	123
Total reportable segment interest expense, net	559	456	1,924	1,378
Corporate and Other	(1,628)	(1,087)	(4,988)	(2,920)
Total consolidated interest expense, net	(1,069)	(631)	(3,064)	(1,542)
Income tax expense (benefit)
APUS Segment	8,556	8,580	22,320	23,425
RU Segment	(394)	(3,051)	(1,161)	(9,148)
HCN Segment	(263)	(187)	(603)	(516)
Total reportable segment income tax expense	7,899	5,342	20,556	13,761
Corporate and Other	(4,831)	(4,106)	(13,601)	(11,328)
Total consolidated income tax expense	3,068	1,236	6,955	2,433