SEGMENTS

3 Months Ended

Mar. 31, 2023

SEGMENTS [Abstract]

SEGMENTS

10. SEGMENTS

As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations; and (b) Transitional.  Based on trends in student demand and our program expansions, there have been more cross-offerings of programs among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure. As a result, the Company has shifted its focus to two new segments defined below:

Campus Operations – The Campus Operations segment includes all campuses that are continuing in operation and contribute to the Company’s core operations and performance.

Transitional – The Transitional segment refers to businesses that are marked for closure and are currently being taught-out.  As of March 31, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus, which has been marked for closure and is expected to be fully taught-out as of December 31, 2023.

We evaluate performance based on operating results.  Adjustments to reconcile segment results to consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.

Summary financial information by reporting segment is as follows:

	For the Three Months Ended March 31,
	Revenue										Operating Income (Loss)
	2023		% of Total			2022		% of Total			2023			2022
Campus Operations	$	86,352		98.9	%	$	80,782		97.9	%	$	10,109		$	8,614
Transitional		932		1.1	%		1,772		2.1	%		(197	)		(62	)
Corporate		-					-					(11,028	)		(8,878	)
Total	$	87,284		100.0	%	$	82,554		100.0	%	$	(1,116	)	$	(326	)

	Total Assets
	March 31, 2023		December 31, 2022
Campus Operations	$	179,017	$	190,473
Transitional		1,136		1,498
Corporate		100,940		99,595
Total	$	281,093	$	291,566