SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

16. SEGMENT REPORTING

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 program expansion, 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 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 December 31, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus.  The campus has been fully taught-out and total costs to close the campus were approximately $2.0 million.

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 Year Ended December 31,
	Revenue										Operating Income (Loss)
	2023		% of Total			2022		% of Total			2023			2022
Campus Operations	$	376,602		99.6	%	$	341,440		98.0	%	$	47,579		$	49,524
Transitional		1,468		0.4	%		6,847		2.0	%		(1,914	)		(430	)
Corporate		-					-					(12,307	)		(32,816	)
Total	$	378,070		100.0	%	$	348,287		100.0	%	$	33,358		$	16,278

	Total Assets
	December 31, 2023		December 31, 2022
Campus Operations	$	234,940	$	190,473
Transitional		262		1,499
Corporate		110,047		99,594
Total	$	345,249	$	291,566