SEGMENT REPORTING

9 Months Ended

Sep. 30, 2026

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

10.

SEGMENT REPORTING

The Company manages its business, evaluates performance and allocates resources based on two reportable business segments, Campus Operations and Transitional.

Campus Operations— The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of the campuses continuing in operation are classified in this segment. All of our campuses offer programs across various areas of study.

Transitional— The Transitional segment refers to campuses that are marked for closure and are currently being taught out, in addition to campuses that are held-for-sale. As of September 30, 2026, none of our campuses were classified in the Transitional segment.

The individual operating segments have been aggregated into two reportable segments based on the method by which our Chief Operating Decision Maker (“CODM”) 1) evaluates performance and allocates resources and 2) as a result of the Company’s judgment, that the reporting units have similar products, production processes, types of customers, methods of distribution, regulatory environment, and economic characteristics. The Company’s CODM is comprised of a team of executives deemed the “Executive Committee,” which is made up of the following individuals:

1. Scott M. Shaw – Chief Executive Officer and Director

2. Brian K. Meyers – Executive Vice President, Chief Financial Officer, and Treasurer

The CODM assesses segment financial performance by reviewing segment revenue and segment operating income, which includes certain corporate overhead allocations relating directly to the segments disclosed. Some of the allocated costs include the centralization of the Company’s financial aid process, national sales and receivables, and default costs. The CODM will make decisions to allocate resources based on the review of monthly, quarterly, and annual financial information categorized by segment. The financial information is presented to the CODM using actual-to-actual results and budget-to-actual results.

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

Summary financial information by reporting segment is as follows:

	Three Months Ended September 30,
	Consolidated				Campus Operations				Corporate
	2026		2025		2026		2025		2026			2025
REVENUE	$	159,177	$	141,389	$	159,177	$	141,389	$	-		$	-
COSTS AND EXPENSES:
Instructional		28,368		24,813		28,368		24,813		-			-
Books and tools		16,423		14,915		16,423		14,915		-			-
Facilities		14,506		12,239		14,506		12,239		-			-
Depreciation and amortization		7,825		5,316		7,825		5,316		-			-
Educational services and facilities		67,122		57,283		67,122		57,283		-			-
Sales and marketing		28,991		25,347		28,991		25,347		-			-
Student services		7,751		6,332		7,751		6,332		-			-
Provision for credit losses		17,344		17,572		17,344		17,566		-			6
Administrative		30,124		28,416		13,107		11,590		17,017			16,826
Depreciation and amortization		130		144		-		-		130			144
Selling, general and administrative		84,340		77,811		67,193		60,835		17,147			16,976
Loss on sale of assets		19		10		19		10		-			-
Total costs and expenses		151,481		135,104		134,334		118,128		17,147			16,976
OPERATING INCOME (LOSS)	$	7,696	$	6,285	$	24,843	$	23,261	$	(17,147	)	$	(16,976	)

	Nine Months Ended September 30,
	Consolidated						Campus Operations					Corporate
	2026			2025			2026		2025			2026			2025
REVENUE	$	445,695		$	375,369		$	445,695	$	375,369		$	-		$	-
COSTS AND EXPENSES:
Instructional		84,144			71,372			84,144		71,372			-			-
Books and tools		36,634			29,393			36,634		29,393			-			-
Facilities		41,388			37,257			41,388		37,257			-			-
Depreciation and amortization		22,982			13,461			22,982		13,461			-			-
Educational services and facilities		185,148			151,483			185,148		151,483			-			-
Sales and marketing		77,633			63,920			77,633		63,920			-			-
Student services		23,010			18,933			23,010		18,933			-			-
Provision for credit losses		47,062			42,584			47,062		42,542			-			42
Administrative		95,040			85,866			38,687		34,750			56,353			51,116
Depreciation and amortization		396			472			-		-			396			472
Selling, general and administrative		243,141			211,775			186,392		160,145			56,749			51,630
(Gain) loss on sale of assets		(8	)		(466	)		15		(500	)		(23	)		34
Total costs and expenses		428,281			362,792			371,555		311,128			56,726			51,664
OPERATING INCOME (LOSS)	$	17,414		$	12,577		$	74,140	$	64,241		$	(56,726	)	$	(51,664	)