Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2016

Summary Financial Information by Reporting Segment

Summary financial information by reporting segment is as follows (dollars in thousands):

	For the Quarter Ended September 30,
	Revenue										Operating (Loss) Income
	2016		% of Total			2015		% of Total			2016			2015
CTU ⁽¹⁾	$	90,921		54.2	%	$	85,433		42.0	%	$	21,486		$	18,616
AIU⁽²⁾		48,542		29.0	%		50,688		24.9	%		291			1,695
Total University Group		139,463		83.2	%		136,121		66.9	%		21,777			20,311
Corporate and Other		-	NM				39	NM				(5,587	)		(8,040	)
Subtotal		139,463		83.2	%		136,160		66.9	%		16,190			12,271
Culinary Arts ⁽³⁾		21,369		12.7	%		41,410		20.4	%		(1,801	)		(33,195	)
Transitional Group		6,793		4.1	%		25,914		12.7	%		(15,095	)		(23,065	)
Total	$	167,625		100.0	%	$	203,484		100.0	%	$	(706	)	$	(43,989	)

	For the Year to Date Ended September 30,
	Revenue										Operating (Loss) Income
	2016		% of Total			2015		% of Total			2016			2015
CTU ⁽¹⁾	$	274,623		50.0	%	$	256,734		39.7	%	$	70,693		$	57,495
AIU ⁽²⁾		152,123		27.7	%		155,778		24.1	%		9,036			3,982
Total University Group		426,746		77.7	%		412,512		63.7	%		79,729			61,477
Corporate and Other		-	NM				117	NM				(17,160	)		(20,936	)
Subtotal		426,746		77.7	%		412,629		63.7	%		62,569			40,541
Culinary Arts⁽³⁾		89,990		16.4	%		128,170		19.8	%		1,666			(43,512	)
Transitional Group		32,401		5.9	%		106,527		16.5	%		(40,672	)		(85,268	)
Total	$	549,137		100.0	%	$	647,326		100.0	%	$	23,563		$	(88,239	)

	Total Assets as of⁽⁴⁾
	September 30, 2016		December 31, 2015
CTU	$	73,695	$	76,577
AIU		53,521		53,087
Total University Group		127,216		129,664
Corporate and Other		332,902		372,405
Subtotal		460,118		502,069
Culinary Arts		61,425		71,197
Transitional Group		21,120		28,584
Discontinued Operations		8,810		9,065
Total	$	551,473	$	610,915

(1)

Bad debt increased approximately 2.0% and 2.3% as a percentage of revenue for the quarter and year to date ended September 30, 2016 as compared to the respective prior periods, primarily driven by students who are experiencing a greater time lag while completing the financial aid application process due to increased verification procedures implemented by ED.

(2)

Bad debt remained relatively flat as a percentage of revenue for the quarter and increased approximately 1.1% as a percentage of revenue for the year to date ended September 30, 2016 as compared to the respective prior periods, primarily driven by students who are experiencing a greater time lag while completing the financial aid application process due to increased verification procedures implemented by ED.

(3)	The prior year quarter and year to date included $33.4 million and $43.1 million of asset impairment charges, respectively.

(4)	Total assets do not include intercompany receivable or payable activity between schools and corporate and investments in subsidiaries.