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SEGMENTS
 6 Months Ended
Jun. 30, 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 June 30, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus, which is no longer enrolling new students and will be fully taught-out and closed by 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 June 30,
  
   
Revenue
    
Operating Income (Loss)
  
   
2023
    
% of
Total
    
2022
    
% of
Total
    
2023
    
2022
  
Campus Operations
  
$
88,213
      
99.5
%
  
$
80,349
      
97.8
%
  
$
4,169
    
$
8,791
  
Transitional
    
433
      
0.5
%
    
1,793
      
2.2
%
    
(482
)
    
(88
)
Corporate
    
-
              
-
              
19,828
      
(8,307
)
Total
  
$
88,646
      
100.0
%
  
$
82,142
      
100.0
%
  
$
23,515
    
$
396
  


 
For the Six Months Ended June 30,
  
   
Revenue
    
Operating income (Loss)
  
   
2023
    
% of
Total
    
2022
    
% of
Total
    
2023
    
2022
  
Campus Operations
  
$
174,565
      
99.2
%
  
$
161,130
      
97.8
%
  
$
14,278
    
$
17,406
  
Transitional
    
1,364
      
0.8
%
    
3,567
      
2.2
%
    
(679
)
    
(150
)
Corporate
    
-
              
-
              
8,801
      
(17,186
)
Total
  
$
175,929
      
100.0
%
  
$
164,697
      
100.0
%
  
$
22,400
    
$
70
  


 
Total Assets
  
   
June 30, 2023
    
December 31, 2022
  
Campus Operations
  
$
178,374
    
$
190,473
  
Transitional
    
900
      
1,498
  
Corporate
    
132,144
      
99,595
  
Total
  
$
311,418
    
$
291,566